[ET Net News Agency, 19 May 2020] Daiwa Research lifted its target price for CNOOC
(00883) to HK$9.6 from HK$8.2 and upgraded its rating to "outperform" from "hold".
The research house noted that Brent crude surged to US$33/bbl yesterday, while WTI for
June and July deliveries both rose above the past month high of US$30/bbl.
With supply-side control and a gradual recovery in global economic activity, Daiwa
believes the darkest time for oil prices is over, despite inventory risk remaining,
particularly upon expiry of the WTI June delivery.
Daiwa lifted its 2020 Brent to US$38/bbl (from US$35/bbl), implying an average price of
US$36/bbl for the rest of 2020, and US$50/bbl for 2021 (from US$47). It lifted its 2020-21
EPS forecasts on our higher oil-price forecasts. (KL)
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00883 CNOOC
Nominal 
19.000 +0.280 (+1.496%) Others
19/05/2020 11:18
{I-bank focus}Daiwa upgrades CNOOC (00883) to HK$9.6
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