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00883 CNOOC
RTNominal up18.600 +0.180 (+0.977%)
Research Report

22/02/2021 11:05

{I-bank focus}Goldman lifts CNOOC (00883) to HK$13.8

[ET Net News Agency, 22 February 2021] Goldman Sachs lifted its target price for CNOOC
(00883) to HK$13.8 from HK$12 and maintained its "buy" rating.
The research house sees deep value within CNOOC, with shares trading at 2.2x 2022
EV/DACF (versus 10-year mid-cycle/global peers 5.1x/5.5x). In addition to trading at a
deep discount to its own history and global peers, CNOOC offers a combination of
industry-leading E&P volume growth (coming from the lower part of the cost curve) as well
as a sharp inflection in cash returns, Goldman added.
Goldman revised its 2021/22 core EBITDA for CNOOC by 13%/-2%. (KL)

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