Elevator Pitch
Hong Kong-listed integrated oilfield services provider China Oilfield Services Limited (OTCPK:CHOLF) (OTCPK:CHOLY) [2883:HK] is an 81%-owned subsidiary of China's national oil company, China National Offshore Oil Corporation or CNOOC Group (CEO). It currently trades at 14.8 times consensus forward FY2020 P/E and offers a consensus forward FY2020 dividend yield of 1.8%. China Oilfield Services is valued by the market at 1.54 times P/B, representing a premium to its historical five-year and 10-year average P/B of 0.87 times and 1.34 times, respectively.
This is an update of my initiation article