Loading...

You're on the old version of Simply Wall St. We will no longer be supporting this site, so we recommend you switch to our brand new platform.

China Oilfield Services

DB:CO9
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CO9
DB
HK$53B
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

China Oilfield Services Limited, together with its subsidiaries, provides integrated offshore oilfield services in Mainland China and internationally. The last earnings update was 12 days ago. More info.


Add to Portfolio Compare Print
  • China Oilfield Services has significant price volatility in the past 3 months.
CO9 Share Price and Events
7 Day Returns
20.7%
DB:CO9
8.1%
Europe Energy Services
-0.6%
DE Market
1 Year Returns
-24.4%
DB:CO9
-57.2%
Europe Energy Services
-20.9%
DE Market
CO9 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Oilfield Services (CO9) 20.7% -37.1% -50.3% -24.4% -20.7% -64.4%
Europe Energy Services 8.1% -27.8% -50.1% -57.2% -65.6% -87.6%
DE Market -0.6% -16.6% -26% -20.9% -25.8% -31.8%
1 Year Return vs Industry and Market
  • CO9 outperformed the Energy Services industry which returned -57.2% over the past year.
  • CO9 underperformed the Market in Germany which returned -20.9% over the past year.
Price Volatility
CO9
Industry
5yr Volatility vs Market

Value

 Is China Oilfield Services undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of China Oilfield Services to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for China Oilfield Services.

DB:CO9 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:CO9
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.3%
Energy Services Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.912 (1 + (1- 25%) (54.02%))
1.188
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.19
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.188 * 6.33%)
7.13%

Discounted Cash Flow Calculation for DB:CO9 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for China Oilfield Services is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:CO9 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 7.13%)
2020 3,468.50 Analyst x2 3,237.63
2021 3,009.00 Analyst x2 2,621.76
2022 3,364.50 Analyst x2 2,736.38
2023 3,371.43 Est @ 0.21% 2,559.50
2024 3,372.35 Est @ 0.03% 2,389.79
2025 3,369.04 Est @ -0.1% 2,228.53
2026 3,362.79 Est @ -0.19% 2,076.33
2027 3,354.49 Est @ -0.25% 1,933.34
2028 3,344.77 Est @ -0.29% 1,799.43
2029 3,334.07 Est @ -0.32% 1,674.28
Present value of next 10 years cash flows CN¥23,256.00
DB:CO9 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CN¥3,334.07 × (1 + -0.39%) ÷ (7.13% – -0.39%)
CN¥44,157.93
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥44,157.93 ÷ (1 + 7.13%)10
CN¥22,174.92
DB:CO9 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥23,256.00 + CN¥22,174.92
CN¥45,430.92
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥45,430.92 / 4,771.59
CN¥9.52
DB:CO9 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:2883)
1.093
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥9.52 x 1.093
HK$10.41
Non-primary Listing Adjustment Factor 1 share in DB:CO9 represents 0.11606x of SEHK:2883
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.11606x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 10.41 x 0.11606
€1.21
Value per share (EUR) From above. €1.21
Current discount Discount to share price of €0.73
= -1 x (€0.73 - €1.21) / €1.21
39.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price China Oilfield Services is available for.
Intrinsic value
40%
Share price is €0.73 vs Future cash flow value of €1.21
Current Discount Checks
For China Oilfield Services to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • China Oilfield Services's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • China Oilfield Services's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for China Oilfield Services's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Oilfield Services's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CO9 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CNY CN¥0.52
SEHK:2883 Share Price ** SEHK (2020-04-06) in HKD HK$6.29
SEHK:2883 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.915 CN¥5.75
Europe Energy Services Industry PE Ratio Median Figure of 31 Publicly-Listed Energy Services Companies 8.85x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.45x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of China Oilfield Services.

DB:CO9 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:2883 Share Price ÷ EPS (both in CNY)

= 5.75 ÷ 0.52

10.97x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Oilfield Services is overvalued based on earnings compared to the Europe Energy Services industry average.
  • China Oilfield Services is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does China Oilfield Services's expected growth come at a high price?
Raw Data
DB:CO9 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
12.2%per year
Europe Energy Services Industry PEG Ratio Median Figure of 20 Publicly-Listed Energy Services Companies 0.51x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.16x

*Line of best fit is calculated by linear regression .

DB:CO9 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.97x ÷ 12.2%

0.9x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Oilfield Services is good value based on expected growth next year.
Price based on value of assets
What value do investors place on China Oilfield Services's assets?
Raw Data
DB:CO9 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CNY CN¥7.92
SEHK:2883 Share Price * SEHK (2020-04-06) in HKD HK$6.29
SEHK:2883 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.915 CN¥5.75
Europe Energy Services Industry PB Ratio Median Figure of 70 Publicly-Listed Energy Services Companies 0.4x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:CO9 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:2883 Share Price ÷ Book Value per Share (both in CNY)

= 5.75 ÷ 7.92

0.73x

* Primary Listing of China Oilfield Services.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Oilfield Services is overvalued based on assets compared to the Europe Energy Services industry average.
X
Value checks
We assess China Oilfield Services's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Energy Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Energy Services industry average (and greater than 0)? (1 check)
  5. China Oilfield Services has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is China Oilfield Services expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Oilfield Services expected to grow at an attractive rate?
  • China Oilfield Services's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • China Oilfield Services's earnings growth is positive but not above the Germany market average.
  • China Oilfield Services's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CO9 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CO9 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 12.2%
DB:CO9 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 5.3%
Europe Energy Services Industry Earnings Growth Rate Market Cap Weighted Average 21.1%
Europe Energy Services Industry Revenue Growth Rate Market Cap Weighted Average -0.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:CO9 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CO9 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 34,670 8,745 3,128 1
2022-12-31 37,433 8,585 3,830 7
2021-12-31 34,768 7,524 3,502 11
2020-12-31 32,803 7,430 3,092 11
2020-04-06
DB:CO9 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-12-31 31,135 6,968 2,502
2019-09-30 29,562 6,064 2,466
2019-06-30 27,369 3,884 1,419
2019-03-31 24,426 5,015 753
2018-12-31 21,946 4,172 71
2018-09-30 19,458 3,624 -61
2018-06-30 18,543 4,250 53
2018-03-31 17,886 4,447 -51
2018-01-01 17,516 5,492 43
2017-09-30 16,124 3,757 -2,538
2017-06-30 15,276 2,833 -3,438
2017-03-31 14,836 2,032 -11,087

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China Oilfield Services's earnings are expected to grow by 12.2% yearly, however this is not considered high growth (20% yearly).
  • China Oilfield Services's revenue is expected to grow by 5.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:CO9 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from China Oilfield Services Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CO9 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.66 0.66 0.66 1.00
2022-12-31 0.81 1.19 0.61 8.00
2021-12-31 0.67 0.93 0.17 12.00
2020-12-31 0.64 0.89 0.41 12.00
2020-04-06
DB:CO9 Past Financials Data
Date (Data in CNY Millions) EPS *
2019-12-31 0.52
2019-09-30 0.50
2019-06-30 0.30
2019-03-31 0.16
2018-12-31 0.01
2018-09-30 -0.01
2018-06-30 0.01
2018-03-31 -0.01
2018-01-01 0.01
2017-09-30 -0.57
2017-06-30 -0.72
2017-03-31 -2.35

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • China Oilfield Services is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess China Oilfield Services's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
China Oilfield Services has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has China Oilfield Services performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare China Oilfield Services's growth in the last year to its industry (Energy Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • China Oilfield Services's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • China Oilfield Services's 1-year earnings growth exceeds its 5-year average (3434.1% vs -4.5%)
  • China Oilfield Services's earnings growth has exceeded the Europe Energy Services industry average in the past year (3434.1% vs 0.7%).
Earnings and Revenue History
China Oilfield Services's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from China Oilfield Services Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CO9 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 31,135.15 2,502.24 738.42 932.66
2019-09-30 29,562.27 2,466.31 1,170.15 813.52
2019-06-30 27,368.67 1,418.85 1,140.41 783.61
2019-03-31 24,425.78 752.89 1,111.80 753.24
2018-12-31 21,945.88 70.80 1,120.69 742.10
2018-09-30 19,458.24 -60.51 743.57 704.37
2018-06-30 18,542.50 53.01 765.29 647.72
2018-03-31 17,885.70 -51.15 703.97 705.69
2018-01-01 17,516.29 42.77 676.03 599.03
2017-09-30 16,124.47 -2,537.93 1,741.94 291.27
2017-06-30 15,276.23 -3,438.25 1,680.12 186.27
2017-03-31 14,835.66 -11,086.79 1,727.28
2016-12-31 15,152.19 -11,456.19 1,720.53
2016-09-30 16,461.55 -9,266.93 1,143.87
2016-06-30 18,293.57 -8,224.02 969.79
2016-03-31 20,731.04 -822.75 1,145.20
2015-12-31 23,653.98 1,073.91 1,166.56
2015-09-30 26,901.81 2,192.45 767.80
2015-06-30 29,792.37 3,962.78 943.97
2015-03-31 33,268.77 7,052.14 831.53
2014-12-31 33,720.19 7,492.06 850.40
2014-09-30 32,461.42 7,901.72 684.34
2014-06-30 31,528.90 7,959.67 710.68
2014-03-31 28,987.20 6,921.61 671.56
2013-12-31 27,957.93 6,715.97 637.98
2013-09-30 26,614.09 6,093.00 633.04
2013-06-30 25,080.23 5,341.93 602.65

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • China Oilfield Services has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • China Oilfield Services used its assets less efficiently than the Europe Energy Services industry average last year based on Return on Assets.
  • China Oilfield Services has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess China Oilfield Services's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Energy Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
China Oilfield Services has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is China Oilfield Services's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up China Oilfield Services's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Oilfield Services is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China Oilfield Services's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of China Oilfield Services's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from China Oilfield Services Company Filings, last reported 3 months ago.

DB:CO9 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 36,910.28 25,590.33 7,977.04
2019-09-30 36,586.78 27,757.33 5,803.46
2019-06-30 35,277.63 27,024.31 6,338.16
2019-03-31 34,659.51 29,179.59 4,302.18
2018-12-31 34,677.41 27,925.07 11,626.12
2018-09-30 34,330.38 29,093.47 5,547.64
2018-06-30 34,102.38 28,706.52 9,830.53
2018-03-31 33,831.53 27,858.73 4,652.96
2018-01-01 34,682.07 28,755.29 11,099.09
2017-09-30 34,582.14 29,010.71 5,335.18
2017-06-30 34,501.07 29,646.05 7,076.93
2017-03-31 34,759.37 34,650.66 6,652.86
2016-12-31 35,296.38 33,327.12 10,737.70
2016-09-30 37,524.11 33,793.01 7,797.32
2016-06-30 38,215.01 33,207.29 8,209.52
2016-03-31 45,871.35 34,881.05 11,626.01
2015-12-31 46,828.67 35,324.91 16,711.49
2015-09-30 46,718.23 36,033.22 13,395.48
2015-06-30 45,964.35 28,883.78 8,942.34
2015-03-31 48,336.46 26,968.49 5,589.19
2014-12-31 47,322.10 27,137.20 11,555.85
2014-09-30 46,452.78 28,921.29 9,957.13
2014-06-30 44,320.53 29,188.95 14,026.61
2014-03-31 43,323.24 30,829.41 11,302.50
2013-12-31 37,259.80 30,830.17 12,459.79
2013-09-30 36,018.51 31,611.64 12,722.36
2013-06-30 33,874.97 32,020.94 14,123.68
  • China Oilfield Services's level of debt (67.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (57.3% vs 67.6% today).
  • Debt is well covered by operating cash flow (27.9%, greater than 20% of total debt).
  • China Oilfield Services earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess China Oilfield Services's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. China Oilfield Services has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is China Oilfield Services's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.22%
Current annual income from China Oilfield Services dividends. Estimated to be 3.22% next year.
If you bought €2,000 of China Oilfield Services shares you are expected to receive €24 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • China Oilfield Services's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.69%).
  • China Oilfield Services's dividend is below the markets top 25% of dividend payers in Germany (4.85%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:CO9 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Europe Energy Services Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 6.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 315 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:CO9 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.20 1.00
2022-12-31 0.21 7.00
2021-12-31 0.17 12.00
2020-12-31 0.18 11.00
2020-04-06
DB:CO9 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-05-30 0.070 0.854
2018-05-30 0.060 0.926
2017-06-01 0.050 0.807
2016-05-31 0.068 1.117
2015-06-03 0.480 7.807
2014-05-23 0.430 3.407
2013-08-19 0.310 1.899
2013-06-21 0.310 2.418
2012-03-20 0.180 1.629
2011-08-23 0.180 1.859
2011-04-28 0.180 1.581
2010-04-01 0.140 1.330

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of China Oilfield Services's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (7.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.8x coverage).
X
Income/ dividend checks
We assess China Oilfield Services's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can China Oilfield Services afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. China Oilfield Services has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of China Oilfield Services's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Shujie Cao
COMPENSATION CN¥1,457,000
AGE 55
TENURE AS CEO 2.1 years
CEO Bio

Mr. Shujie Cao has been CEO, President and Executive Director of China Oilfield Services Limited since March 28, 2018. Mr. Cao served as Executive Vice President at China Oilfield Services Limited since January 2017 and served as its Vice President since March 2010 until January 2017. Mr. Cao has around 24 years of experience in the oil and natural gas industry. From April 2006 to March 2010, Mr. Cao served as the General Manager of the Drilling Division of China Oilfield Services. From November 2001 to April 2006, he served as the Deputy General Manager of the Drilling Division of China Oilfield Services. He served as the Drilling Team Leader, Deputy Superintendent, Platform Deputy Manager and Platform Manager in Bohai Oil Corporation and China Offshore Oil Northern Drilling Company from July 1987 to November 2001. He graduated from the East China Petroleum Institute in 1987 and received his MBA and EMBA degree from Tianjin University and China Europe International Business School, respectively.

CEO Compensation
  • Shujie's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Shujie's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the China Oilfield Services management team in years:

2.1
Average Tenure
48.5
Average Age
  • The tenure for the China Oilfield Services management team is about average.
Management Team

Meisheng Qi

TITLE
Chairman
COMPENSATION
CN¥2M
AGE
51

Shujie Cao

TITLE
CEO, President & Executive Director
COMPENSATION
CN¥1M
AGE
55
TENURE
2.1 yrs

Yonggang Zheng

TITLE
Chief Financial Officer
COMPENSATION
CN¥971K
AGE
46
TENURE
2.2 yrs

Yanyan Wu

TITLE
Company Secretary
AGE
40
TENURE
0.7 yrs
Board of Directors Tenure

Average tenure and age of the China Oilfield Services board of directors in years:

2.2
Average Tenure
59.5
Average Age
  • The average tenure for the China Oilfield Services board of directors is less than 3 years, this suggests a new board.
Board of Directors

Shujie Cao

TITLE
CEO, President & Executive Director
COMPENSATION
CN¥1M
AGE
55
TENURE
2.1 yrs

Mark Fong

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥400K
AGE
68
TENURE
4.8 yrs

Meisheng Qi

TITLE
Chairman
COMPENSATION
CN¥2M
AGE
51
TENURE
2.1 yrs

Hanming Wu

TITLE
Chairman of Supervisory Committee
AGE
60
TENURE
1.8 yrs

Lawrence Law

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥400K
AGE
65
TENURE
5.9 yrs

Albert Wong

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥400K
AGE
68
TENURE
3.9 yrs

Jun Meng

TITLE
Non-Executive Director
AGE
59
TENURE
2.3 yrs

Wukui Zhang

TITLE
Non-Executive Director
AGE
60
TENURE
2.1 yrs

Xinsheng Cheng

TITLE
Independent Supervisor
AGE
56
TENURE
4.8 yrs

Bi Zhao

TITLE
Employee Supervisor
AGE
38
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
20. Mar 20 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 17. Mar 20 17. Mar 20 -3,022,619 €0.74 €-2,232,001
16. Mar 20 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 11. Mar 20 11. Mar 20 -22,000 €0.95 €-20,876
16. Mar 20 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 11. Mar 20 11. Mar 20 15,163,443 €0.95 €14,388,684
16. Mar 20 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 11. Mar 20 11. Mar 20 -20,065,283 €0.95 €-19,040,070
16. Mar 20 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 11. Mar 20 11. Mar 20 4,000 €0.95 €3,796
16. Mar 20 Sell J.P. Morgan Asset Management, Inc. Company 11. Mar 20 11. Mar 20 -8,168,126 €0.95 €-7,750,785
16. Mar 20 Buy J.P. Morgan Asset Management, Inc. Company 11. Mar 20 11. Mar 20 12,000 €0.95 €11,387
13. Mar 20 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 10. Mar 20 10. Mar 20 1,657,559 €0.95 €1,578,881
05. Mar 20 Buy GIC Pte. Ltd. Company 02. Mar 20 02. Mar 20 664,000 €1.19 €788,248
28. Feb 20 Buy J.P. Morgan Asset Management, Inc. Company 25. Feb 20 25. Feb 20 512,000 €1.31 €670,453
28. Feb 20 Buy BlackRock, Inc. Company 25. Feb 20 25. Feb 20 2,248,000 €1.32 €2,963,997
11. Feb 20 Sell GIC Pte. Ltd. Company 07. Feb 20 07. Feb 20 -782,000 €1.39 €-1,087,467
04. Feb 20 Buy Capital Research and Management Company Company 31. Jan 20 31. Jan 20 4,166,000 €1.32 €5,511,033
03. Feb 20 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 29. Jan 20 29. Jan 20 2,777,047 €1.36 €3,784,461
24. Jan 20 Buy Capital Research and Management Company Company 22. Jan 20 22. Jan 20 3,000,000 €1.44 €4,330,124
18. Jan 20 Buy Capital Research and Management Company Company 16. Jan 20 16. Jan 20 5,302,000 €1.46 €7,744,672
16. Jan 20 Sell Capital Group International Inc. Company 21. Nov 19 21. Nov 19 -2,148,000 €1.23 €-2,643,259
03. Dec 19 Sell BlackRock, Inc. Company 28. Nov 19 28. Nov 19 -6,154,000 €1.24 €-7,613,441
03. Dec 19 Buy BlackRock, Inc. Company 28. Nov 19 28. Nov 19 4,000 €1.24 €4,949
29. Nov 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 26. Nov 19 26. Nov 19 -3,883,355 €1.24 €-4,816,683
22. Nov 19 Sell BlackRock, Inc. Company 19. Nov 19 19. Nov 19 -8,061,564 €1.24 €-10,025,003
21. Nov 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 18. Nov 19 18. Nov 19 6,057,996 €1.26 €7,609,053
31. Oct 19 Sell GIC Pte. Ltd. Company 30. Oct 19 30. Oct 19 -2,012,000 €1.19 €-2,402,396
21. Oct 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 16. Oct 19 16. Oct 19 751,971 €1.11 €831,503
21. Oct 19 Buy J.P. Morgan Asset Management, Inc. Company 16. Oct 19 16. Oct 19 442,000 €1.11 €488,748
18. Oct 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 15. Oct 19 15. Oct 19 -351,683 €1.13 €-396,117
17. Oct 19 Sell Capital Group International Inc. Company 15. Oct 19 15. Oct 19 -2,500,000 €1.13 €-2,820,744
20. Sep 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 17. Sep 19 17. Sep 19 971,045 €1.14 €1,104,688
28. Aug 19 Sell BlackRock, Inc. Company 23. Aug 19 23. Aug 19 -858,000 €0.92 €-791,215
02. Jul 19 Buy Capital Group International Inc. Company 28. Jun 19 28. Jun 19 1,208,000 €0.87 €1,047,779
X
Management checks
We assess China Oilfield Services's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. China Oilfield Services has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

China Oilfield Services Limited, together with its subsidiaries, provides integrated offshore oilfield services in Mainland China and internationally. The company operates through four segments: Drilling Services, Well Services, Marine Support Services, and Geophysical Acquisition and Surveying Services. The Drilling Services segment provides drilling, module rigs, land drilling rigs, and drilling rigs management services. As of December 31, 2018, it operated and managed 48 drilling rigs, which include 36 jackup drilling rigs and 12 semi-submersible drilling rigs; 3 accommodation rigs; and 5 module rigs. The Well Services segment offers onshore and offshore well services, including logging, drilling and completion fluids, directional drilling, cementing, well completion and workover, stimulation, etc. The Marine Support Services segment owns and operates offshore vessels that provide services for offshore oil and gas exploration, development, construction, and production. This segment also offers anchor handling for various water level, towing of drilling rigs/engineering barges, oil lifting, offshore transportation, standby, firefighting, rescue, oil spill assisting, and other marine support services. It operates and manages approximately 130 vessels, including AHTS vessels, platform supply vessels, and oilfield standby vessels. The Geophysical Acquisition and Surveying Services segment provides offshore seismic acquisition, offshore geo-surveying, seismic data processing and interpretation, and underwater support services. It owns five towing streamer seismic vessels, one professional source vessel, two ocean bottle cable teams, five integrated marine surveying vessels, and two support vessels. It also issues bonds. The company is based in Beijing, China. China Oilfield Services Limited is a subsidiary of China National Offshore Oil Corporation.

Details
Name: China Oilfield Services Limited
CO9
Exchange: DB
Founded:
HK$6,325,538,299
4,771,592,000
Website: http://www.cosl.com.cn
Address: China Oilfield Services Limited
CNOOC Plaza,
9th Floor, Room 902,
Beijing,
100027,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 2883 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 20. Nov 2002
OTCPK CHOL.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 20. Nov 2002
DB CO9 Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 20. Nov 2002
SHSC 2883 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 20. Nov 2002
SZSC 2883 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 20. Nov 2002
SHSE 601808 Domestic Shares Shanghai Stock Exchange CN CNY 28. Sep 2007
XSSC 601808 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 28. Sep 2007
Number of employees
Current staff
Staff numbers
0
China Oilfield Services employees.
Industry
Oil and Gas Drilling
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/06 23:34
End of day share price update: 2020/04/06 00:00
Last estimates confirmation: 2020/04/06
Last earnings filing: 2020/03/25
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.