[ET Net News Agency, 11 September 2019] HSBC Global Research lowered its target price
for CNOOC (00883) to HK$16.6 from HK$18.39 and maintained its "buy" rating.
The research house believes CNOOC is well-positioned to meet its mid-term output
targets, which is underappreciated by the market and supports a significantly higher
fair value.
Management guided for higher production of 540mboe in 2021 (from 475mboe in 2018),
implying a 3-year CAGR of 4.4%. These rising targets are the fruit of a rich global
exploration and development portfolio.
HSBC cut net income estimates by 3%/17%/4% in 2019/20/21, mainly on lower Brent oil
price to US$63.8/60.0/65.0/b from US$66.6/70.0/70.0. (KL)
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00883 CNOOC
Nominal 
19.000 +0.280 (+1.496%) Others
11/09/2019 17:42
{I-bank focus}HSBC trims CNOOC (00883) to HK$16.6; "buy"
| Remark: | Real time quote last updated: 25/04/2024 18:00 |
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