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安东油田服务(3337.HK):聚焦轻资产业务 优化债券结构 业绩将继续复苏

Anton Oilfield Service (3337.HK): Focusing on asset-light business to optimize bond structure performance will continue to recover

光大證券 ·  Aug 29, 2021 00:00

The performance turned around smoothly, the bond structure was optimized, and the cost and efficiency was reduced to enhance profitability. Andong Oilfield Services achieved operating income of 1.42 billion yuan in the first half of 2021, down 2.2% from the same period last year. The net profit returned to the mother was 40 million yuan, turning losses into profits. Income per share is 0.02 yuan. The company continues to promote the strategy of fine management and cost reduction and efficiency, with a gross profit margin of 30.8%, an increase of 2.1 percentage points over the same period last year, and a net profit margin of 3.1%, an increase of 9.1 percentage points over the same period last year. According to the announcement, the company successfully optimized the bond structure, converting a US $290 million bond maturing at the end of 22 into two bonds of different sizes maturing at the end of 22 and 25, reducing the pressure on single repayment and ensuring long-term stability and sustainability.

The completion services and drilling services sectors gradually recovered, and the light assets business led to the growth of the oil production services sector. In the first half of 2021, international oil prices showed a fluctuating upward trend, and the global oil and gas market demand picked up. However, affected by the epidemic, some overseas order operations are still in the recovery period. In the first half of the year, the company's revenue from drilling services and completion services sectors was 480 million yuan and 320 million yuan respectively, down 20.0% and 3.7% respectively from the same period last year. The revenue from oil production services business reached 630 million yuan, an increase of 18.5% over the same period last year, mainly due to the rapid recovery of oil field supervision projects with overseas light assets and the efficient operation of operations in Iraq and Chad.

Domestic oil and gas market demand is strong, focus on light assets business, maintain a good cash flow in the domestic, energy security strategy, oil and gas development has a better guarantee. The company continues to focus on natural gas and unconventional oil and gas development, to strive for high-quality light asset service orders, to maintain a good cash flow. Among them, the company's revenue from technical services for testing and evaluation of light assets increased by 44.9% in the first half of the year compared with the same period last year.

Rapid recovery in overseas markets, substantial increase in Iraqi market orders, new breakthroughs in Niger and Australia markets according to interim results announcement, the company received new orders in Iraq market of about 1.7 billion yuan in the first half of 2021, an increase of 122.8% over the same period last year; the company successfully broke through the new market in northern Iraq and won light asset business orders At the same time, the company's integrated oil field management service project in southern Iraq completed the contract renewal on June 30, 2021, and obtained a HSE performance of 20 million yuan without lost man-hour accidents. According to the company's 21Q2 operation announcement, the company broke through the Niger market for the first time, obtained oil field operation and maintenance orders, and entered the Australian market for the first time to provide customers with light asset technical services.

Maintain a "buy" rating

The oil price remains high and the prosperity of the oil service industry recovers. However, as it will take time for the service price to fully recover, we have lowered the company's net profit forecast for 21-23 years by 16.7%, 10.9%, 6.6% to 1.5, 300, 000, 000, With the recovery of oil prices and the gradual normalization of overseas construction, the company's future performance is expected to continue to recover and maintain its "buy" rating.

Risk hints: oil price fluctuation risk, industry policy change risk, geo-situation risk, exchange rate risk

The translation is provided by third-party software.


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