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China Oilfield Services Ltd Class A (601808) Fair Value & Analysis

Energy · CN · Market cap 57.6B CNY (≈ $8.6B) · ISIN CNE100000759

What is China Oilfield Services Ltd Class A really worth?

CO China Oilfield Services Ltd Class A 601808 · SHG
Price¥12.50
Fair Value¥12.64
Upside+1.1%
Quality60/100

A solid business, currently priced close to our fair value of ¥12.64.

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Strengths

Healthy Growth (revenue 5y +12.7 %/yr)
Low debt · generates free cash flow
Ranks above peers (12/15)

Risks

!Thin margins · 7.5% net margin
!Narrow moat 43/100
!Weak on future: 23 out of 100

For context

·2.26% dividend yield
Evidence: High Range ¥9.48 – ¥15.80

Fair value as of: Aug 21, 2026

From 26 valuation models · updated 15 days ago

Share price +2.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

¥20.68 ¥10.79 Fair Value ¥12.64 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range ¥10.79 – ¥20.68 · fair‑value band ¥9.48 – ¥15.80 · the ¥12.50 price screens below the ¥12.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.

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Analysis

China Oilfield Services Ltd Class A (601808) currently trades at ¥12.50, while our model-based Fair Value estimate is ¥12.64, implying the stock looks roughly 1.1% fairly valued today. The Quality Score stands at 60/100 (solid quality), in the Energy sector. Bull case: the DCF Models group reads highest at a median of ¥19.06 per share, and 18 of the 26 models we run sit above the ¥12.50 price. Bear case: the Dividend Discount group reads lowest at ¥3.71, and 8 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, China Oilfield Services Ltd Class A generated revenue of 50.8B CNY at a net margin of 7.5%. Revenue grew 4.6% year over year. It earns a return on equity of 8.6%. Net debt stands at 9.4B CNY. Fundamentals as of Aug 21, 2026

Our scenario range runs from ¥9.48 (bear case) to ¥15.80 (bull case); at ¥12.50, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 43% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at −50% fair-value upside, at 1%, 601808 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥0.3499 per share, which is 2.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF ¥14.25 ¥26.10 ¥47.15 76
Residual Income ¥8.18 ¥8.82 ¥10.56 75
Growth DCF ¥14.09 ¥24.82 ¥43.28 74
All 26 models by family
DCF Models
FCF DCF ¥14.25 ¥26.10 ¥47.15 76
Owner Earnings ¥14.23 ¥26.06 ¥47.07 72
5Y Revenue Exit ¥10.79 ¥18.24 ¥28.33 70
5Y EBITDA Exit ¥12.63 ¥22.08 ¥34.01 73
5Y P/E Exit ¥10.14 ¥16.87 ¥24.55 69
10Y Revenue Exit ¥11.52 ¥19.06 ¥30.61 64
10Y EBITDA Exit ¥13.06 ¥21.90 ¥35.44 66
10Y P/E Exit ¥11.40 ¥18.05 ¥27.41 62
Earnings-Based
Graham-Dodd ¥5.47 ¥26.75 ¥36.86 61
Lynch FV ¥7.18 ¥10.26 ¥13.33 58
PEG = 1.0 ¥7.18 ¥10.26 ¥13.33 55
EPV ¥10.38 ¥12.05 ¥13.50 72
Dividend Discount
Gordon GGM ¥2.12 ¥4.40 ¥6.98 64
DDM Multi-Stage ¥2.12 ¥3.71 ¥4.62 64
Multiples
P/E Multiple ¥8.45 ¥11.27 ¥14.09 61
P/S Multiple ¥9.48 ¥12.64 ¥15.80 56
P/B Multiple ¥10.27 ¥13.69 ¥17.11 53
EV/EBIT ¥9.92 ¥13.09 ¥16.27 65
EV/EBITDA ¥12.77 ¥16.89 ¥21.02 66
EV/Revenue ¥9.24 ¥13.03 ¥16.83 52
Asset-Based
NCAV (Graham) ¥4.88 ¥6.54 ¥9.76 52
Growth DCF
Growth DCF ¥14.09 ¥24.82 ¥43.28 74
Rev-Margin DCF ¥10.79 ¥18.09 ¥27.69 70
Economic Profit
Residual Income ¥8.18 ¥8.82 ¥10.56 75
ROIC Compounder ¥10.73 ¥14.58 ¥18.90 71
Growth Earnings
Growth-Adj P/E ¥9.13 ¥13.04 ¥16.96 66

Widest divergence: DCF Models (¥19.06) versus Dividend Discount (¥3.71). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 15.5 as of Jun 15, 2026
P/S ratio 1.18 P/E × margin
EPS (TTM) ¥0.8000 price ÷ EPS = P/E 15.5
Dividend yield 2.3% payout 35.4%
Net margin 7.6% FY2025
Return on equity 8.6% TTM
More key figures
Profitability
Return on assets (EBIT) 4.6% avg 5y
Operating margin 13.7% TTM
Growth
Revenue (TTM) 50.8B CNY TTM
Revenue growth (YoY) +4.6% 3y avg +12.1%
EPS growth (YoY) −3.6%
Balance sheet & cash flow
Free cash flow 5.0B CNY FY2025
Net debt 9.4B CNY FY2025 · ≈ 1.9 yrs of FCF

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 59 · Market factors (momentum, volatility) 37

Profitability 35
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 61
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

China Oilfield Services Limited, together with its subsidiaries, provides integrated oilfield services in China, Indonesia, Mexico, Norway, the Middle East, and internationally. The company operates through four divisions: Geophysical Services, Drilling Services, Well Services, and Marine and Transportation Services.

Full company description

China Oilfield Services Limited, together with its subsidiaries, provides integrated oilfield services in China, Indonesia, Mexico, Norway, the Middle East, and internationally. The company operates through four divisions: Geophysical Services, Drilling Services, Well Services, and Marine and Transportation Services. It offers drilling services, including drilling lift boats and accommodation and rigs; well services, such as directional drilling, logging, drilling and completion fluids, cementing, workover, production and optimization, and well completion; and geophysics and geotechnical surveying, as well as marine support vessels comprising anchor handling, towing, cargo (passenger) transportation, stand-by, and oil lifting assisting services. The company was incorporated in 2001 and is based in Sanhe, China. China Oilfield Services Limited is a subsidiary of China National Offshore Oil Corporation.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

China Oilfield Services Ltd Class A reported revenue of 50.3B CNY in FY2025 versus 29.2B CNY in FY2021, a compound +14.5%/yr. Reported net income was 3.8B CNY in FY2025, compounding +87.1%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
50.3B CNY
Latest YoY
+4.1%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.1%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.7%
Avg. revenue growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.1%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+11.3% (9.0 + 2.3)
Revenue +14.5%/yr
FY21 29.2B CNY
FY22 35.7B CNY
FY23 44.1B CNY
FY24 48.3B CNY
FY25 50.3B CNY
Net income +87.1%/yr
FY21 313M CNY
FY22 2.4B CNY
FY23 3.0B CNY
FY24 3.1B CNY
FY25 3.8B CNY
Character of growth · EPS growth decomposed (2014-2025) −2.7 % p.a.
Revenue per share +5.3 %

of which total revenue +5.5 % · buybacks/dilution −0.1 %

EBIT margin −4.7 %
Tax rate −1.5 %
Residual (interest, one-offs) −1.6 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "China Oilfield Services Ltd Class A Fair Value". https://www.fairvalue-calculator.com/stock/601808

Peer Group

Oil & Gas Equipment & Services · 185 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 60 · Above median
Fair Value upside +1% · Above median
Return on equity (TTM) 9% · Above median
Return on assets 5% · Above median
Net margin (TTM) 8% · Above median
Operating margin (TTM) 14% · Top 25%
Revenue growth 5% · Above median
Dividend yield (TTM) 2.3% · Above median
Debt / equity 0.12× · Lower than median

Valuation Multiples vs Oil & Gas Equipment & Services median · lower = cheaper

P/E (TTM) 15.5× · Cheaper than median
P/B 1.24× · Pricier than median
P/S (TTM) 1.14× · Pricier than median
P/FCF 1.7× · Cheaper than median
EV/EBITDA 4.9× · Cheaper than median
PEG 2.64× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE35 · sector 0
FUTURE23 · sector 0
PAST35 · sector 29
HEALTH94 · sector 92
DIVIDEND45 · sector 36

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

Similar stocks

10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
SLB N.V SLB $57.33 $28.66 −50%
Baker Hughes Company BKR $64.63 $32.40 −50%
TechnipFMC plc FTI $75.27 $27.43 −64%
Halliburton Company HAL $36.18 $21.50 −41%
Tenaris S.A TS $53.09 $45.68 −14%
Yantai Jereh Oilfield Services Group 002353 ¥144.58 ¥34.17 −76%
Saipem SpA SPM €4.57 €2.72 −40%
Subsea 7 S.A SUBC kr 341.20 kr 221.37 −35%
Gaztransport & Technigaz SA GTT €211.80 €95.01 −55%
Kodiak Gas Services, Inc KGS $59.55 $13.56 −77%

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Frequently asked questions

Is China Oilfield Services Ltd Class A (601808) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of ¥12.64 versus a price of ¥12.50, about +1% upside (fairly valued).
What is the fair value of 601808?
Our model-based fair value for China Oilfield Services Ltd Class A is ¥12.64 (as of Aug 21, 2026), built from audited fundamentals. The current price: ¥12.50.
What is the quality score of 601808?
China Oilfield Services Ltd Class A has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of China Oilfield Services Ltd Class A (601808)?
China Oilfield Services Ltd Class A reported trailing-twelve-month revenue of about 50.8B CNY (latest available figure, as of Aug 21, 2026).
What is the net profit margin of 601808?
The net profit margin of China Oilfield Services Ltd Class A is about 7.5%, meaning it keeps roughly 7.5% of revenue as net income. Based on the latest reported figures.
Does China Oilfield Services Ltd Class A pay a dividend?
China Oilfield Services Ltd Class A currently shows a dividend yield of about 2.26% relative to its recent price (as of Aug 21, 2026).
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