[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)