[ET Net News Agency, 11 March 2020] Daiwa Research lowered its target price for CNOOC
(00883) to HK$9.5 from HK$9.9 and upgraded its rating to "hold" from "underperform" on
valuation.
The research house said CNOOC's share price registered a 17% single-day decline on 9
March, followed by a slight 5% recovery on 10 March. Daiwa believes the impact of the oil
price war has already been reflected in its share price.
Daiwa believes Brent will hover around US$35-45/bbl in the coming few months depending
on the actions of Russia and Saudi Arabia. It cut CNOOC's 2020 EPS forecast by 39% to
reflect our lower oil price assumptions. (KL)