汇丰银行-全球-能源设备与服务业-全球油田服务_适应60年代的生活-2019.9.11-32页_2mb.pdf

11 September 2019 用户上传 更多免费报告请查看研报客 Global Oilfield Services Equities Energy Equipment Services Adjusting to life in the 60s Global  We align our short cycle OFS expectations with our revised framework for oil – USD60/b for 2020e, USD65/b longer term  North American growth affected, but see limited impact on recovery in international and offshore markets  We lower forecasts and TPs for the ‘Big 3’ and WEIR; prefer SLB’s ex-US exposure and offshore/gas-driven SPM, FTI What’s changed : To reflect our revised oil price framework, we lower our EPS estimates for the ‘Big 3’ by on average 3% for 2019e, 5% for 2020e and 10% for 2021e (most for HAL, least for BHGE/SLB). We also cut our oil and gas estimates for Abhishek Kumar* W EIR, but see minor company-level impact due to the large Mineral business. These Analyst HSBC Securities and Capital Markets (India) Private Limited changes reflect lower growth and weaker margin incrementals from North American abhishek.kumar@hsbc.co.in LTO (light tight oil) markets. We now see the completed well count down 2% in +91 80 4555 2753 2020e (versus up 8% before) and up 7% in 2021e (versus up 4% before); overall we Tarek