China Oilfield (2883)
52 Week High 21
52 Week Low 3.889
Last Week Close 19.6
Support: 16.8
Resistance: 23
Analysis: The company provides oilfield services, including drilling services, well services, marine support and transportation services, and geophysical services offshore China. It has the largest market share of the marine oilfield industry in China. Moreover, as the daily rate of drilling services is still 40% discount to the international level, this provide the company competitive strength. It issued 2.9b A shares to raise $6.599b yuan in earlier time, which will help to increase productivity. Its current A share prices at $46 yuan, which is 152% premium to H share price. The price spread is expected to reduce. Target at $24, stop loss at $16.8
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