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00883 CNOOC
RTNominal down18.400 -0.420 (-2.232%)
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13/03/2020 10:18

{I-bank focus}Daiwa lowers CNOOC (00883) to HK$7.8; "hold"

[ET Net News Agency, 13 March 2020] Daiwa Research lowered its target price for CNOOC
(00883) to HK$7.8 from HK$8.9 and maintained its "hold" rating.
The research house said Brent crude tumbled below US$34/bbl, shortly after President
Trump announced a 30-day suspension of all travel from Europe. Daiwa believes more
countries will follow suit. Disruption to economic activity will likely intensify as
countries step up efforts to contain the COVID-19 pandemic.
Daiwa trimmed its Brent forecasts to US$38/bbl for 2020 and US$48/bbl for 2021,
resulting in 60.4% and 16.6% downward revisions to CNOOC's 2020-21 earnings. (KL)

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