Elevator Pitch
Hong Kong-listed integrated oilfield services provider China Oilfield Services Limited (CHOLF) (CHOLY) [2883:HK] is currently trading at 1.2 times P/B, which is slightly lower than the stock's historical 17-year average P/B of 1.3 times since its listing in November 2002. I am expecting China Oil Field Services to deliver ROEs in the mid-to-high single digits for FY2019 and FY2020, so China Oilfield Services' stock price has already priced in most of the positives (mentioned in this article) trading at above book value.
The company used to generate ROEs in