UBS: Raises target price for CNOOC Oilfield Services to 10.8 Hong Kong dollars, slightly adjusts profit forecast.

UBS released a research report stating that CNOOC Oilfield Services' net profit in the first half of the year was 19.64 billion yuan, with revenue of 23.3 billion yuan, performance in line with expectations. CNOOC Oilfield Services' domestic business will remain stable; contracts for overseas drilling platforms have been signed until 2027-2030, and overseas daily rental rates may remain strong. In the medium to long term, the company is designing fully domestic drilling platforms and seeking low-cost strategies to cope with the low oil price environment. UBS slightly raised its profit forecast for 2025-2027 by 1-2%, raised the target price from 9.8 Hong Kong dollars to 10.8 Hong Kong dollars, and rated it as "buy".