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Credit Suisse ups China Oilfield to HK$10.5
Credit Suisse lifted its target price for China 
Oilfield Services (COSL)(02883) to HK$10.5 from HK$5.3, and upgraded its rating to 
"outperform" from "underperform" with the recovery in fundamentals, plus improved
sentiment.
  The research house said CNOOC (00883) increased its infill drilling activities in
Offshore China in 4Q 2017, thanks to the year-end oil price rally. Credit Suisse assessed
that, with the improved work volume in 4Q 2017 plus continued cost focus through to the
last quarter, COSL's full-year breakeven target, as highlighted by management, is likely 
to come through.
  It believes CNOOC could be setting a capex budget of Rmb70bn+ for 2018 at its 2018 
Strategy Preview (February 2018), which implies a 27% YoY increase, assuming the 2017
actual capex closes at Rmb55bn. This will likely be a huge positive for COSL. 

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