j.p. 摩根-美股-石油服务与设备行业-美国油服与设备2018年子部门展望

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1、Completed02Jan201811:07PMESTDisseminated03Jan201812:15AMESTNorthAmericaEquityResearch03January2018OilServices&Equipment2018SubsectorOutlooks:SelectFocuson'Enablers'ofDeflation,Completions;FTI,HALTopPicksWearehighlightinganexcerptfromour2018Outlook:AWatchedPotNeverOilServicesandE

2、quipmentBoils:LessBearishonFundamentals,ButNegativeRevisionsCycleStillLoomsACSeanCMeakim,CFAreportpublishedDecember13th.(1-212)622-6684sean.meakim@jpmorgan.comLargecapdiversifiedsbenefitfromimprovingreturnsandmoats,thoughBloombergJPMAMEAKIMpathsincreasinglydivergent.Whileth

3、ecompanieseachoffersomeuniqueJ.P.MorganSecuritiesLLCdrivers,weultimatelythinkstockperformancewillremaintiedtotheearningsJustinWHawkinsrevisioncycle.Assuch,hittinggrowthtargetsearlyin2018willbekeytode-(1-212)622-5248risking2019outlooks.Despiteapotentialbottomininternationalactivi

4、ty,wejustin.w.hawkins@jpmorgan.comstillbelieveNAMshaleoffersthebestgrowthprospectsinthenearterm,andJ.P.MorganSecuritiesLLCHALremainsourpreferredvehicletoplaytherelativelyfavorablecompletionsThomasHotchkiss,CFAtrendsintheNAMonshoremarket.SLB’spurchaseofWFT’spressure(1-212)622-220

5、1pumpingassetsshouldbenefitthecompany(modestly)inthenearterm,whilethomas.c.hotchkiss@jpmorgan.comgreaterfocusfromE&Psonautomation,technology,andintegratedofferingsJ.P.MorganSecuritiesLLCcanprovidealongertermtailwind.SLBandWFTcouldbetheprimaryVibhavZutshibeneficiariesofanyimprove

6、mentinint'lD&Cactivitygiventherecentrallyin(1-212)622-9398Brentcoupledwithrelativelylowexpectations.Weremaintacticallycautiousvibhav.zutshi@jpmorgan.comonBHGEinto2018asFCFandcashreturnexpectationshavescopetoJ.P.MorganIndiaPrivateLimiteddisappoint,offsettinganimprovementinOFSoper

7、ations.Capitalequipmentonshoreestimatesatrisk,whileoffshorelong/short-cycletradehasroomtorun.Theearningsrevisioncycleislikelytocontinuetodictatetheperformanceforcapitalequipmentstocksin2018,withordertrajectoryand2H18marginsremainingproxiesfor2019profitability.Adecentgrowthrampe

8、mbeddedwithinonshoreestimatesleavesrisktoestima