内容导读：MacquariereleasedareportstatingthatCOSL'snetprofitforthefirstquarterincreased57%year-on-yearto6.digital...……
Macquarie released a report stating that COSL's net profit for the first quarter increased 57% year-on-year to 6.digitalpinball.36 billion yuan, exceeding market expectationsdigitalpinballThe level of 500 million to 600 million yuan; revenue increased by 20% year-on-year to 10 billion yuan. Oilfield technical services accounted for 57% of total revenue and 87% of total profit. Overseas revenue accounted for 26% of total revenue, an increase from 21% last year.
The bank lowered COSL's 2024 - 2026 earnings per share forecast by 9.9%, 4.9% and 5.1% respectively to reflect the impact of the suspension of operations on four drilling platforms in Shadi. In view of COSL's low valuation, the bank maintained its "outperform" rating and lowered its target price by 11% to HK$14.8. It also believed that the company's semi-submersible drilling platform orders would drive profit growth next year.
