[ET Net News Agency, 4 March 2021] HSBC Global Research lifted its target price for
CNOOC (00883) to HK$11.5 from HK$10.4 and maintained its "buy" rating.
The research house said CNOOC's targeted net production for 2021 is 545-555mboe
(China/overseas 68%/32%) and for 2022 and 2023, 590-600mboe and 640-650mboe, respectively.
The rolling three-year plan from the 2020 release was for 555mb/590mboe in 2021/2022,
suggesting the company is on track with the prior plan, but the new data point for 2023 is
another significant 8% growth.
HSBC increased its 2021 Brent oil price assumption by 8% or US$4.0/b to US$56/b to
reflect 1Q 2021 strength. In 2021, this produces a 14% Increase in earnings. It trimmed
its 2022 earnings forecast by 3% due to higher tax. (KL)