[ET Net News Agency, 6 January 2020] Daiwa Research raised its target price for CNOOC
(00883) to HK$15.1 from HK$12.9 and maintained its "outperform" rating.
The research house said CNOOC's share price has increased over 16% since 1 December 2019
on the back of a strong oil price, which increased by 14% during the same period. CNOOC
will host its 2020 Strategy Preview on 13 January. Given the ample project pipelines and
faster-than-expected ramp-up of new projects, Daiwa expects management will lift its
production target for 2020/21 by 3%.
In addition, given the geopolitical tension in the Middle East and the output cut from
OPEC, Daiwa lifted its oil price forecasts from US$64 to US$65 for 2020 and from US$65 to
US$66 for 2021. It, hence, lifted its 2020-21 EPS forecasts by 10% as it lifted up its
production and oil price estimates. (KL)
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00883 CNOOC
Nominal 
19.000 +0.280 (+1.496%) Others
06/01/2020 10:18
{I-bank focus}Daiwa raises CNOOC (00883) to HK$15.1
| Remark: | Real time quote last updated: 25/04/2024 17:45 |
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