Financials Sinopec Oilfield Service Corporation Shanghai S.E.

Equities

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 13/05/2024 BST			5-day change	1st Jan Change
1.9 ^CNY	-1.04%		-0.52%	+3.83%

04-25	Sinopec Oilfield Service Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-10	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	28,689	-	-
Enterprise Value (EV) ¹	56,367	48,120	49,198	47,347	45,098	42,092	39,255	28,689
P/E ratio	14.6 x	-257 x	75.7 x	15 x	-	23.7 x	22.7 x	-
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	0.5 x	0.43 x	0.46 x	0.4 x	0.34 x	0.33 x	0.33 x	0.29 x
EV / Revenue	0.81 x	0.71 x	0.71 x	0.64 x	0.56 x	0.49 x	0.45 x	0.29 x
EV / EBITDA	14.4 x	7.93 x	8.08 x	6.36 x	6.66 x	4.88 x	4.83 x	-
EV / FCF	-22.6 x	-	17.2 x	-	30.1 x	9.69 x	9.37 x	-
FCF Yield	-4.42%	-	5.83%	-	3.32%	10.3%	10.7%	-
Price to Book	2.11 x	1.47 x	1.47 x	-	-	0.71 x	0.57 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	0.5370	0.5370	0.5370
Announcement Date	24/03/20	22/03/21	29/03/22	28/03/23	11/03/24	-	-	-

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	777.8	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%	512.15%	538.71%	-
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	24/03/20	22/03/21	29/03/22	28/03/23	11/03/24	-	-	-

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	77,091	78,209	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	24/03/20	22/03/21	29/03/22	28/03/23	11/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.537 CNY

Average target price

0.514 CNY

Spread / Average Target

-4.27%

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