[ET Net News Agency, 21 August 2020] HSBC Global Research raised its target price for
CNOOC (00883) to HK$12.5 from HK$12.1 and maintained its "buy" rating.
The research house said CNOOC's 1H results were a beat on all accounts. Management
indicated demand weakness due to COVID-19 is an external factor, and that they expect the
oil market will recover.
The plan to take parent company Pipeline/LNG Terminal assets remains under study, with
no conclusion. But HSBC thinks this is not an overhang to share performance. It raised its
net income forecasts by 85%/22%/13% over 2020/21/22. In 2022, production is expected to be
15% higher versus 2019, and with cost trends restrained, profitability should move to
record levels, HSBC added. (KL)
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00883 CNOOC
Nominal 
19.000 +0.280 (+1.496%) Research Report
21/08/2020 17:15
{I-bank focus}HSBC raises CNOOC (00883) to HK$12.5; "buy"
| Remark: | Real time quote last updated: 25/04/2024 17:16 |
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