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00883 CNOOC
RTNominal up19.680 +0.680 (+3.579%)
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24/04/2018 11:06

[I-bank focus]Nomura lifts CNOOC (00883) to HK$16.6

[ET Net News Agency, 24 April 2018] Nomura lifted its target price for CNOOC (00883) to
HK$16.6 from HK$15.69, and reiterated its "buy" rating.
The research house revised its 2018/19 EBITDA forecasts by -2%/1% to reflect 2017
results. us. The stock currently trades at 4.8x 2018 EV/EBITDA, a 14% discount to the 5.6x
mid-cycle multiple, below the 5.5x when Brent was at US$70 and Asian E&P peers' average of
5.8x.
Nomura believes the current share price reflects Brent at only US$51-53.
Meanwhile, CNOOC reported 1Q oil and gas production of 120mmboe, +0.8% y-y. This
accounts for 25% of the company's full-year production target (470-485mmboe), and is on
track to meet its guidance, the research house said. (KL)

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