Opinions
Mark Grammer
China Oilfield Services
2883-HK
PAST TOP PICK
Sep 16, 2015
N/A
Stock price when the opinion was issued
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TOP PICK
(Hong Kong exchange.) The driller and its parent also owns the oil company meaning they are going to get most of the business. Grew almost 30% last year, coming off a week year but he is expecting double-digit growth. Stock is on forward earnings at about 8X. Great exposure to deep water and shale development. Very cheap.
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TOP PICK
A really good growth company. Have done a great job of slow and steady growth. They do offshore drilling in China, and China needs a lot of oil. Even if there is a slowdown in housing, there will still be a huge demand for oil. Trading on single-digit multiples with double-digit growth. Yield of 2.69%.
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(A Top Pick July 10/14. Down 56.67%.) Oil was a bad place to be, and being in China was even worse. This company does all the exploration offshore, for China. China wants to decrease their dependency on imported oil, so they will continue to spend money offshore. Trading at about 60% of its tangible book value, which is more than 2 standard deviations below its norm. It is cheaper than it was during the crisis in 2008. He can’t sell at these levels, if anything, would be adding to his holdings.