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00883 CNOOC
RTNominal down8.560 -0.070 (-0.811%)
Research Report

03/10/2019 09:39

{I-bank focus}Daiwa downgrades CNOOC (00883) to HK$12.5

[ET Net News Agency, 3 October 2019] Daiwa Research lowered its target price for CNOOC
(00883) to HK$12.5 from HK$14.7 and downgraded its rating to "hold" from "buy".
The research house said the price of Brent oil has fallen by more than 13% from the
recent peak to US$59.4/bbl after Saudi Aramco restored full production to above 9.7mmbpd.
The market was anticipating a prolonged production disruption after a missile and drone
attack on 14 September. However, the faster-than-expected production resumption restored
the temporary oil supply deficit to a balance.
Hence, Daiwa anticipates weak oil prices amid the slowing global economy. It lowered its
2019-21 earnings forecasts for CNOOC by 6-9% to reflect its lower oil price

Remark: Real time quote last updated: 03/04/2020 17:59
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