Financials Sinopec Oilfield Service Corporation

Equities

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Apr. 25	Sinopec Oilfield Service Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 10	Sinopec Oilfield Service Unit Bags 794 Million Yuan Crude Oil Storage Project	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	34,771	29,364	31,911	29,264	27,252	28,253	-	-
Enterprise Value (EV) ¹	56,367	48,120	49,198	47,347	45,098	41,655	38,818	28,253
P/E ratio	14.6 x	-257 x	75.7 x	15 x	-	21.2 x	20.3 x	-
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	0.5 x	0.43 x	0.46 x	0.4 x	0.34 x	0.33 x	0.32 x	0.28 x
EV / Revenue	0.81 x	0.71 x	0.71 x	0.64 x	0.56 x	0.48 x	0.44 x	0.28 x
EV / EBITDA	14.4 x	7.93 x	8.08 x	6.36 x	6.66 x	4.83 x	4.78 x	-
EV / FCF	-22.6 x	-	17.2 x	-	30.1 x	9.59 x	9.26 x	-
FCF Yield	-4.42%	-	5.83%	-	3.32%	10.4%	10.8%	-
Price to Book	2.11 x	1.47 x	1.47 x	-	-	0.64 x	0.51 x	-
Nbr of stocks (in thousands)	18,984,340	18,984,340	18,984,340	18,984,340	18,984,340	18,984,340	-	-
Reference price ²	0.7596	0.5134	0.5296	0.4504	0.4408	0.4813	0.4813	0.4813
Announcement Date	3/24/20	3/22/21	3/29/22	3/28/23	3/11/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	69,870	68,073	69,533	73,773	79,981	86,676	87,613	99,331
EBITDA ¹	3,920	6,069	6,088	7,444	6,773	8,628	8,125	-
EBIT ¹	731.5	283.3	347.7	724.7	900	1,308	1,212	2,051
Operating Margin	1.05%	0.42%	0.5%	0.98%	1.13%	1.51%	1.38%	2.06%
Earnings before Tax (EBT) ¹	1,428	233.3	490.5	837.2	928.3	1,337	1,224	2,079
Net income ¹	986.9	-35.74	179.8	571.6	589.2	848.4	777.6	1,320
Net margin	1.41%	-0.05%	0.26%	0.77%	0.74%	0.98%	0.89%	1.33%
EPS ²	0.0520	-0.002000	0.007000	0.0300	-	0.0227	0.0237	-
Free Cash Flow ¹	-2,489	-	2,866	-	1,499	4,343	4,190	-
FCF margin	-3.56%	-	4.12%	-	1.87%	5.01%	4.78%	-
FCF Conversion (EBITDA)	-	-	47.08%	-	22.13%	50.33%	51.57%	-
FCF Conversion (Net income)	-	-	1,594.2%	-	254.45%	511.93%	538.82%	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	3/24/20	3/22/21	3/29/22	3/28/23	3/11/24	-	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	21,596	18,757	17,286	18,083	17,846	13,402	10,566	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.509 x	3.091 x	2.839 x	2.429 x	2.635 x	1.553 x	1.3 x	-
Free Cash Flow ¹	-1,832	-	2,866	-	1,499	4,343	4,190	-
ROE (net income / shareholders' equity)	15.7%	-0.53%	2.65%	6.54%	7.63%	9.56%	6.94%	11.7%
ROA (Net income/ Total Assets)	1.61%	-0.06%	0.29%	0.69%	0.81%	1.1%	0.99%	1.6%
Assets ¹	61,487	61,616	62,580	83,350	73,185	77,123	78,192	82,500
Book Value Per Share ²	0.3600	0.3500	0.3600	-	-	0.7500	0.9300	-
Cash Flow per Share	0.0700	0.2400	0.3300	-	-	-	-	-
Capex ¹	3,866	1,602	3,341	3,831	4,078	4,300	3,939	6,500
Capex / Sales	5.53%	2.35%	4.8%	5.19%	5.1%	4.96%	4.5%	6.54%
Announcement Date	3/24/20	3/22/21	3/29/22	3/28/23	3/11/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.4813 CNY

Average target price

0.514 CNY

Spread / Average Target

+6.78%

	1st Jan change	Capi.
SINOPEC OILFIELD SERVICE CORPORATION	+7.22%	3.9B
ADNOC DRILLING COMPANY	+1.59%	16.73B
CHINA OILFIELD SERVICES LIMITED	+12.28%	9.69B
NOBLE CORPORATION PLC	-3.88%	6.61B
ADES HOLDING COMPANY	-20.17%	5.69B
VALARIS LIMITED	+0.92%	5.01B
TRANSOCEAN LTD.	-7.56%	4.86B
PATTERSON-UTI ENERGY, INC.	+4.17%	4.54B
HELMERICH & PAYNE, INC.	+11.51%	3.99B
ARABIAN DRILLING COMPANY	-21.99%	3.61B