BEIJING (AFX-ASIA) – HSBC has downgraded its rating on China Oilfield Services Ltd (HK 2883) (COSL) to “reduce” from “add”, despite the company reporting a 51% year-on-year rise in first-half net profit. “[COSL’s] sensational headline figure was boosted by a 46 million yuan tax rebate and higher drilling day rates that might not be sustainable…

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