[ET Net News Agency, 2 September 2019] Daiwa Research lowered its target price for
CNOOC (00883) to HK$13.4 from HK$13.8 but upgraded its rating to "outperform" from "hold".
The research house said CNOOC's 1H net profit rose 18.7% on better cost control. Daiwa
believes the current share price has factored in the recent oil price weakness with an
attractive 2019 dividend yield of 5.3%.
Daiwa believes CNOOC's low-cost advantage makes it resilient to a fall in oil prices.
Daiwa trimmed its 2019-21 EPS forecasts by 1% to reflect lower oil price and all-in cost
forecasts. (KL)