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00883 CNOOC
RTNominal up18.780 +0.360 (+1.954%)
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11/01/2018 09:28

[I-bank focus]Credit Suisse lifts CNOOC (00883) to HK$15

[ET Net News Agency, 11 January 2018] Credit Suisse lifted its target price for CNOOC
(00883) to HK$15 from HK$14.5, and maintained its "outperform" rating.
The research house said CNOOC's better-than-expected volume momentum should extend into
2018 and continue to drive outperformance versus Big Oils peers. All five new projects in
2017 have commenced production on schedule, and 2017 production should end the year at
470mmboe, 2-4% above its 450-460 mmboe target.
It cited management acknowledging over 3Q 2017 results call that production has
outperformed its budget. The recent start-up of Libra project in Brazil (CNOOC owns 10%)
should also add tailwind to the momentum. (KL)

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