Core Viewpoint - Morgan Stanley has downgraded the earnings forecasts for CNOOC Services (02883) for the next two years by 3.5% and 5% due to lower-than-expected EBIT from oil well services in the first half of the year [1] Group 1: Financial Performance - The downgrade in earnings estimates is attributed to a correction in domestic onshore service pricing and a decrease in revenue from cementing and drilling fluid businesses [1] Group 2: Target Price and Rating - Morgan Stanley has reduced the target price for CNOOC Services (601808) from HKD 10 to HKD 9 while maintaining an "Overweight" rating [1]

Company Overview - CNOOC Services Co., Ltd. is primarily engaged in oil and gas exploration, development, and production, with key business segments including drilling services (27.34% of revenue), oilfield technical services (57.26%), marine services (9.87%), and geophysical exploration services (5.53%) [1] - The company was established on December 25, 2001, and was listed on September 28, 2007 [1] Financial Performance - For the first half of 2025, CNOOC Services reported a revenue of 23.32 billion yuan, representing a year-on-year growth of 3.51%, and a net profit attributable to shareholders of 1.964 billion yuan, which is a 23.33% increase year-on-year [2] - CNOOC Services has distributed a total of 15.492 billion yuan in dividends since its A-share listing, with 2.866 billion yuan distributed over the past three years [3] Stock Performance - As of August 28, CNOOC Services' stock price increased by 2.05% to 14.47 yuan per share, with a market capitalization of 69.045 billion yuan [1] - Year-to-date, the stock has decreased by 3.66%, but has seen a 3.95% increase over the past 20 days and an 8.97% increase over the past 60 days [1] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 4.90% to 68,200, with an average of 0 circulating shares per person [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 12.1671 million shares, and several ETFs, with notable changes in holdings among the top ten shareholders [3]

Core Viewpoint - UBS reports that CNOOC's oilfield services achieved a net profit of 1.964 billion yuan, an increase of 23% year-on-year, with revenue of 23.3 billion yuan, up 3.5% year-on-year, meeting expectations [1] Group 1: Financial Performance - CNOOC's net profit for the first half of the year is 1.964 billion yuan, reflecting a year-on-year growth of 23% [1] - The company's revenue stands at 23.3 billion yuan, showing a year-on-year increase of 3.5% [1] Group 2: Business Outlook - Domestic operations are expected to remain stable [1] - Contracts for overseas drilling platforms are secured until 2027 to 2030, indicating potential strength in overseas daily rental rates [1] Group 3: Strategic Initiatives - The company is designing fully domestically produced drilling platforms and is pursuing low-cost strategies to adapt to a low oil price environment [1] - UBS has slightly raised the earnings forecast for 2025 to 2027 by 1-2% and increased the target price from 9.8 HKD to 10.8 HKD, maintaining a "Buy" rating [1]

Core Viewpoint - UBS reports that CNOOC's oilfield services achieved a net profit of 1.964 billion yuan, an increase of 23% year-on-year, with revenue of 23.3 billion yuan, up 3.5% year-on-year, meeting expectations [1] Group 1: Financial Performance - CNOOC's net profit for the first half of the year is 1.964 billion yuan, reflecting a year-on-year growth of 23% [1] - The company's revenue stands at 23.3 billion yuan, showing a year-on-year increase of 3.5% [1] Group 2: Business Outlook - Domestic operations are expected to remain stable [1] - Contracts for overseas drilling platforms are secured until 2027 to 2030, indicating strong potential for overseas daily rental rates [1] Group 3: Strategic Initiatives - The company is designing fully domestically produced drilling platforms and is pursuing low-cost strategies to adapt to a low oil price environment [1] - UBS has slightly raised the earnings forecast for 2025 to 2027 by 1-2% and increased the target price from 9.8 HKD to 10.8 HKD, maintaining a "Buy" rating [1]

Group 1 - The company reported total revenue of 2.631 billion RMB for the six months ending June 30, 2025, representing a year-on-year growth of 20.9% [2] - Shareholder profit attributable to the company was 165 million RMB, an increase of 55.98% year-on-year [2] - Basic earnings per share were 0.0602 RMB [2] Group 2 - The company is headquartered in Dubai and is focusing on global market expansion, particularly in mature markets like Iraq and new markets in the Middle East, Africa, and Southeast Asia [2] - The company achieved a breakthrough in its gas utilization business in Sarawak, Malaysia, winning its first commercial utilization project, which lays the foundation for expansion in Southeast Asia [2] - The total value of new contracts signed during the reporting period was approximately 4.753 billion RMB, with overseas markets accounting for about 65.7% (approximately 3.124 billion RMB) and the Chinese market for about 34.3% (approximately 1.629 billion RMB) [2] - As of June 30, 2025, the company had a total order backlog of approximately 16.35 billion RMB [2]

Core Insights - Antong Oilfield Services (03337) reported a total revenue of 2.631 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 20.9% [1] - The company's net profit attributable to shareholders was 165 million RMB, reflecting a significant year-on-year growth of 55.98% [1] - Basic earnings per share stood at 0.0602 RMB [1] Business Strategy - The company continues to deepen its global market presence with Dubai as its operational headquarters, focusing on mature markets like Iraq while also exploring new markets in the Middle East, Africa, and Southeast Asia [1] - A breakthrough was achieved in the natural gas utilization business in Sarawak, Malaysia, where the company secured its first project for the commercialization of natural gas, setting a positive foundation for further expansion in Southeast Asia [1] Order Book and Future Growth - The company secured strong new orders totaling approximately 4.753 billion RMB during the first half of the year, with overseas orders accounting for about 3.124 billion RMB, or 65.7% of total new orders [1] - Domestic orders amounted to approximately 1.629 billion RMB, representing about 34.3% of the total [1] - As of June 30, 2025, the company's backlog of orders reached approximately 16.35 billion RMB, establishing a solid foundation for future growth [1]

Core Viewpoint - Antong Oilfield Services (03337) reported a significant increase in revenue and profit for the six months ending June 30, 2025, indicating strong operational performance and growth potential in both existing and new markets [1] Financial Performance - Total revenue reached 2.631 billion RMB, a year-on-year increase of 20.9% [1] - Shareholder profit amounted to 165 million RMB, reflecting a year-on-year increase of 55.98% [1] - Basic earnings per share were 0.0602 RMB [1] Market Expansion - The company is headquartered in Dubai and is focusing on global market expansion, particularly in mature markets like Iraq and new markets in the Middle East, Africa, and Southeast Asia [1] - A breakthrough was achieved in the natural gas utilization business in Sarawak, Malaysia, with the company winning its first project in the region [1] Order Growth - The company secured strong new orders totaling approximately 4.753 billion RMB, with overseas orders accounting for about 3.124 billion RMB (65.7% of total new orders) and domestic orders at approximately 1.629 billion RMB (34.3%) [1] - As of June 30, 2025, the total backlog of orders stood at approximately 16.35 billion RMB, laying a solid foundation for future growth [1]

Core Viewpoint - China Oilfield Services Limited (COSL) reported a 23% year-on-year increase in net profit for the first half of the year, reaching 1.964 billion RMB, aligning with the expectations of CCB International [1] Financial Performance - The net profit of COSL for the first half of the year is 1.964 billion RMB, which is 49% of CCB International's original full-year forecast [1] - CCB International anticipates that COSL's profitability in the second half of the year will remain stable compared to the first half, despite contributions from drilling equipment operating in high-rent areas [1] Forecast Adjustments - CCB International has revised its profit forecasts for COSL for the years 2025 to 2027 down by 3% to 11% [1] - The target price for COSL has been adjusted from 9.39 HKD to 9.05 HKD, while maintaining a "Buy" rating [1]

中银国际发布研报称，中海油田服务(02883)今年上半年净利润同比增长23%，至19.64亿元人民币，符 合该行预测，并已达该行对其原定全年预测的49%。该行预计公司下半年盈利将与上半年持平，尽管在 高租金区域开始营运的钻井设备将对盈利作出贡献，但其他业务板块面临的不利因素将抵销增长。虽然 中银国际将中海油田服务2025至2027年盈利预测下调3%至11%，并将其目标价从9.39港元下调至9.05港 元，惟重申"买入"评级。 ...

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) Services, the largest offshore drilling contractor in China, has demonstrated steady growth in its operating performance, with significant increases in both revenue and net profit in the first half of 2025 [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 23.32 billion yuan, a year-on-year increase of 3.51%, and a net profit attributable to shareholders of 1.964 billion yuan, up 23.33% year-on-year [1]. - The company has experienced four consecutive increases in mid-year revenue and net profit since mid-2022, with revenues of 15.213 billion yuan, 18.874 billion yuan, and 22.529 billion yuan from mid-2022 to mid-2024, reflecting growth rates of 19.45%, 24.07%, and 19.37% respectively [1]. - The net profits for the same period were 1.103 billion yuan, 1.339 billion yuan, and 1.592 billion yuan, with growth rates of 37.57%, 21.12%, and 18.92% respectively [1]. Group 2: Business Segments - The drilling services segment generated revenue of 7.238 billion yuan in the first half of 2025, marking a year-on-year increase of 12.8% [2]. - The oilfield technical services segment reported revenue of 12.378 billion yuan, a decline of 3.5% year-on-year [2]. - The marine services segment achieved revenue of 2.608 billion yuan, reflecting a growth of 19.8% year-on-year [2]. - The company maintained stable revenue of 1.095 billion yuan from geophysical data acquisition and engineering survey services [2]. Group 3: Market Position and Shareholder Confidence - CNOOC Services is recognized as one of the largest integrated oilfield service providers globally, with a complete service chain and strong offshore oil service equipment capabilities [2]. - The proportion of revenue from international markets has been gradually increasing, with 21.47% and 22.53% of revenue coming from international markets in 2023 and 2024 respectively, and 5.518 billion yuan in the first half of 2025, up 23.66% year-on-year [2]. - The major shareholder, China National Offshore Oil Group, has expressed confidence in the company's future, planning to increase its stake by 300 million to 500 million yuan, having already acquired 16.08 million shares, raising its holding to 50.86% [3].