[ET Net News Agency, 9 March 2020] Daiwa Research lowered its target price for CNOOC
(00883) to HK$9.9 from HK$11.8 and downgraded its rating to "underperform" from "hold".
The research house said Brent oil prices registered the largest single-day drop on 6
March, declining to US$36/bbl after Russia quit the OPEC+ deal. Daiwa believes the
disagreement of Russia, the largest oil supplier as of January 2020, from the OPEC+
cartel, will result in other OPEC+ members normalizing output and upsetting the
supply-demand balance resulting in consistently low oil prices.
It trimmed its Brent forecast from US$58-64/bbl to US$45-50/bbl for 2020-21. Daiwa also
cut its 2020-21 CNOOC EPS forecasts by 39-48% to reflect the lower oil-price assumptions.
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00883 CNOOC
Nominal 
20.050 +1.050 (+5.526%) Others
09/03/2020 11:46
{I-bank focus}Daiwa downgrades CNOOC (00883) to HK$9.9
| Remark: | Real time quote last updated: 26/04/2024 10:50 |
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