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00883 CNOOC
RTNominal up8.940 +0.050 (+0.562%)
Others

25/10/2019 14:14

{I-bank focus}Goldman downgrades CNOOC (00883) to HK$14.5

[ET Net News Agency, 25 October 2019] Goldman Sachs erduced its target price for CNOOC
(00883) by 12% to HK$14.5 and downgraded its rating to "neutral" from "buy" on rising
capex and lower dividend prospect.
The research house said much of CNOOC's overseas growth projects are now in development
and its 5%, 3-year production growth profile is better understood. CNOOC has accelerated
its acquisition program, is raising capex (particularly domestically) to achieve its
2.0mboe/d by 2025 target.
Goldman cut its dividend forecasts by 8-38% in 2019-21 to reflect its view that during
this period of increased investment, the current dividend is unsustainable at US$60/bbl
Brent. It revised its 2019-2021 EPS forecasts by -1% to -4% on 3Q results and higher
forward capex. (KL)

Remark: Real time quote last updated: 07/04/2020 17:59
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