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00883 CNOOC
RTNominal down9.250 -0.610 (-6.187%)

05/11/2019 10:14

{I-bank focus}Daiwa upgrades CNOOC (00883) to HK$12.9

[ET Net News Agency, 5 November 2019] Daiwa Research raised its target price for CNOOC
(00883) to HK$12.9 from HK$12.5 and upgraded its rating to "outperform" from "hold".
The research house said CNOOC's share price has risen only 3% since 1 October, due to a
weaker oil price hike of 1.4%. Its production output for 3Q increased by 9.7% to
124.8mmboe, higher than Daiwa's expectation.
Daiwa thinks the oil price looks resilient at the current level due to the continued
geopolitical tension in the Middle East and the potential extension of OPEC's production
cut at the upcoming meeting in December amid a weak demand outlook.
It maintained its oil price forecasts at US$65/bbl for 2019, US$64/bbl for 2020 and
US$65/bbl for 2021. Daiwa lifted its 2019 EPS forecast by 3.5% to reflect our higher oil
and gas output assumption. (KL)

Remark: Real time quote last updated: 26/02/2021 17:59
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