Anton valuation bullish

On the first trading day of the new year, I wish you every success. Hong Kong stocks softened on New Year’s Eve on Tuesday, the HSI closed at 28189, down 129 points

However, the invasion claimed that the first phase of the China-US trade agreement will be signed in the middle of this month, and the People’s Bank of China announced a 0.5 percentage point reduction yesterday.

Yesterday I talked about the most promising 5G sector this year, and today I talk about oilfield services stocks. Global oil and gas exploration investment entered the cold winter in 2014, and oil service stocks also fell into the ice age, but last year entered a recovery period, and it is expected that it will continue to be good in the next few years. One of the main reasons is that China has promoted the “Seven-year Action Plan” to encourage enhanced oil and gas exploration. .

Recently introduced oil service stocks include CNOOC (02883) and Honghua (00196)

The former is a robust choice; the latter has a fine-grained explosive power. Anton Oil Service (03337) is introduced today. Unlike Honghua, Anton does not produce and sell land drilling rigs. Its business is mainly to provide oilfield technical services. However, Anton and Honghua also have similarities. The market value is small, only 2.675 billion yuan, which is easy to explode.

The market value is fine and explosive

Anton has two major markets, one is Iraq; the other is China. Under the recovery of the industry, Anton’s performance in the first half of last year was very good, with revenue of 1.651 billion yuan (RMB; the same below), an increase of 41.6% year-on-year; net profit of 145 million yuan, a significant increase of 71.1%. The operating conditions in the third quarter remained satisfactory. During the period, new orders were approximately 1.164 billion yuan, a year-on-year increase of 85.7%. Among them, the new orders in the Chinese market were about 506 million yuan, an increase of 96.8% year-on-year; the new orders in the Iraqi market were about 149 million yuan, a year-on-year decrease of 24.7%; the new orders in other overseas markets were about 510 million yuan, an increase of 195.7% year-on-year. . The increase in new orders in Iraq declined year-on-year, mainly due to the slow progress of tendering by oil companies.

As of the end of September last year, Anton’s total value of orders on hand was about 2.071 billion yuan, of which about 35.8% came from China, 51.5% from Iraq, and other markets accounted for 12.7%. Iraq is still the main market of Anton. The local political situation is unstable recently. If you invest in Anton, you should pay attention to whether the development of the situation will affect business. Anton’s track record is about 9.8 times PE. It is expected that net profit will increase by 50% to 340 million yuan last year. PE will fall to 6.6 times. There is a lot of room for upward valuation. The midline can be targeted at 1.2 yuan.


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