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<Research>BofAS Upgrades CHINA OILFIELD (02883.HK) to Buy, Lifts TP to $12.6
Recommend 4 Positive 3 Negative 1 |
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The management of CHINA OILFIELD (02883.HK) expected moderate growth in revenue and profit for 2026, and maintained a cautious view on the oil investment cycle, assuming Brent oil futures prices range between US$50 to US$65 per barrel, BofA Securities issued a research report saying. Although oil prices have subsequently risen above US$70 per barrel, with upside risks remaining, the earnings of CHINA OILFIELD are linked to upstream capital expenditure, which typically lags behind oil prices and requires a more sustained period of higher oil prices to significantly accelerate growth. While the broker maintained its earnings forecast for CHINA OILFIELD unchanged, BofA Securities upgraded CHINA OILFIELD from Neutral to Buy, and lifted its target price from $9 to $12.6, equivalent to a comprehensive PB ratio of 1.06x. AASTOCKS Financial News Website: www.aastocks.com |
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