---
title: "In \"The Big Banks,\" Citigroup: COSL's core profit last year exceeded expectations, raising the target price to 10.8 yuan"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/280409300.md"
description: "Citi released a research report stating that COSL's core earnings exceeded expectations last year, with net profit increasing by 22% to RMB 3.842 billion. Excluding the impact of one-time items, core net profit was RMB 4.4 billion, which was 6% and 9% higher than market expectations, respectively. The company declared a final dividend of HKD 0.33 per share, with a payout ratio of 35%. The drilling business performed well, with EBIT reaching a new high since 2018. Citi raised the target price to HKD 10.8, reflecting the recovery of the drilling business"
datetime: "2026-03-25T03:44:38.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280409300.md)
  - [en](https://longbridge.com/en/news/280409300.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280409300.md)
---

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# In "The Big Banks," Citigroup: COSL's core profit last year exceeded expectations, raising the target price to 10.8 yuan

Citi published a research report indicating that China Oilfield Services Limited (02883.HK) saw its net profit grow by 22% year-on-year to RMB 3.842 billion last year, but the performance fell short of expectations, mainly due to one-off items such as asset impairment and foreign exchange losses. Excluding these impacts, the core net profit last year was RMB 4.4 billion, exceeding the bank's and market expectations by 6% and 9%, respectively. The group declared a final dividend of HKD 0.33 per share, with a payout ratio of 35%, unchanged from last year, equivalent to a dividend yield of approximately 4%.

The report noted that the drilling business was a highlight, with EBIT in the second half of last year increasing by 14% half-on-half to RMB 783 million, reaching a new high since 2018. The utilization rate of semi-submersible drilling platforms increased by 18 percentage points year-on-year to 83%, and the day rate grew by 22% year-on-year. However, the oil well services business underperformed expectations, with EBIT in the second half remaining flat half-on-half, and the EBIT profit margin dropping from 17.1% in the first half to 14.1%. The bank believes that the drilling business is recovering from the oil market downturn in 2015/2016, but the oil well services have not improved in tandem. If both businesses can improve simultaneously, it will drive a more sustained valuation reassessment and is expected to support the stock price stabilizing above a 1x price-to-book ratio.

Citi raised the target price for China Oilfield Services Limited's Hong Kong stock from HKD 9.4 to HKD 10.8, based on an increase in the target price-to-book ratio to 0.9x (previously 0.8x) to reflect the recovery of the drilling business; the target price for China Oilfield Services Limited (601808.SH) A shares was raised from RMB 19.6 to RMB 22, maintaining an "outperform" rating

### 相關股票

- [COSL (601808.CN)](https://longbridge.com/zh-HK/quote/601808.CN.md)
- [CHINA OILFIELD (02883.HK)](https://longbridge.com/zh-HK/quote/02883.HK.md)

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