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高盛 中国能源研究报告 20109
September 8, 2010 China: Energy: Oil Services Position for 2011E: Buy OOE, Sell (CL) Honghua, Neutral on COSL Positioning for recovery in 2011E, differentiation among peers RELATED RESEARCH After the recent announcements of 2Q2010 results, we believe it’s time to position for 2011E. While we believe that OOE, COSL, and Honghua will all Honghua Group (0196.HK): Below expectations: 1H10 net loss, lowest revenues and gross profit; Aug 30, 2010 show growth and recovery in 2011E, we would differentiate among them. We believe that OOE’s growth outlook is the best among the three given China Oilfield Services (H) (2883.HK): Above expectations: 1H10 strong, drilling above, geophysical below; Aug 26, th the CNOOC Group’s aggressive investment proposal for the 12 Five-Year 2010 Plan, after a weak 2010E which we believe is temporary. COSL will also Offshore Oil Engineering (600583.SS): Below expectations: likely benefit from CNOOC investment, but it is more exposed to the 1Q10 weak due to difficult weather conditions; Apr 29, 2010 negative impact of the Gulf of Mexico oil spill incident and it has little room Offshore Oil Engineering (600583.SS): Below expectations: to raise drilling day rates. While we believe Honghua will also grow yoy, 2009 below due to project-specific conditions; Mar 29, 2010 this is from a very low base of around break-even
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