Glory Times October 24th | Lyon's report points out that China Oilfield Services is heading towards its three-year production target by 2026, with a compound annual growth rate of 6% from this year to 2026. It is expected that China Oilfield Services' offshore business in China will continue to be robust, and its overseas business will also benefit from the strong demand for deep-sea drilling, which is an area of increasing interest for major global oil companies. The bank believes that China Oilfield Services is currently trading at a price-to-book ratio of 0.7 times, with a valuation that is not expensive. With the increase in seasonal exploration and production capital expenditures at the end of the year, the increase in profits in the second half of the year can drive a revaluation of its value. The bank has initiated coverage of China Oilfield Services, with an 'outperform' rating and a target price of 9 Hong Kong dollars for its H shares.