Damo: Lowering the target price of CNOOC Oilfield Services (02883) to HK$8, rating “in sync with the market”

The Zhitong Finance App learned that after CNOOC Oilfield Services (02883) announced its second-quarter results, the bank lowered the company's profit forecast and lowered the target price from HK$9.1 to HK$8 because the contract drilling business performance was higher than expected, but the performance of the oil well service and offshore business was lower than expected, and the rating remained “in sync with the market.”

According to the research report, CNOOC's performance for the first half of 2026 shows that in an environment of high oil prices, the contract drilling business operating environment is moderate. However, the performance of the oil well services and marine business fell short of expectations, and foreign exchange losses, so the bank lowered its 2026 profit forecast by 5%. Morgan Stanley believes that oil prices may be adjusted in 2027, which will put pressure on daily drilling costs and operating days, while lowering profit forecasts for 2027 and 2028 by 8% and 5%, respectively.