CNOOC 0883

Re: CNOOC 0883

Postby winston » Wed Mar 11, 2020 11:34 am

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Daiwa Upgrades CNOOC (00883.HK) to Hold, Target Trimmed to $9.5

CNOOC (00883.HK)'s price fell 17% on 9 March and rebounded 5% the day after.

Daiwa believed the oil price impact has already been factored in CNOOC's stock price, hence upgrading the company from Underperform to Hold.

The broker also cut CNOOC's target from $9.9 to $9.5.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Wed Mar 11, 2020 1:09 pm

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CNOOC (00883.HK) shed 4.1% to $8.68, on parent's possible injection of low-return gas-fired power plant assets.

Source: AAstocks.com
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Re: CNOOC 0883

Postby winston » Thu Mar 26, 2020 7:36 am

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CNOOC plans output spending cuts to survive

Source: SCMP

https://www.scmp.com/business/commoditi ... ts-survive
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Re: CNOOC 0883

Postby winston » Thu Mar 26, 2020 7:38 am

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CNOOC tightens belt as net rises 15pc

by Stella Zhai

Mainland oil and gas giant CNOOC (0883) said it will reduce capital spending and output target this year. amid the sharp drop in global oil prices.

The state-backed company saw its net profit grow 15.9 percent from a year ago to 61.05 million yuan (HK$66.65 million) last year, driven by production growth and cost control, higher than the market estimation.

Revenue from oil and gas sales increased 5.7 percent to 197.2 billion yuan.

Earnings per share were 1.37 yuan and a final dividend of 45 HK cents was declared.

The full-year dividend totaled 78 HK cents.

Capital expenditure expanded by 27.2 percent to 79.6 billion yuan in 2019. Chief executive Xu Keqiang said they previously set a Capex target at between 85 billion yuan and 95 billion yuan and an output target of 525 million barrels of oil equivalent, but have not decided the scale of reduction.

CNOOC produced a record of 506.5 million BOE last year and the all-in cost dropped for a six consecutive year to US$29.78 (HK$232.28) per BOE.

The company's realized oil prices dropped 5.8 percent to US$63.34 per barrel while gas prices slid 2.2 percent to US$6.27 per thousand cubic feet.

It said its reserve life remained above 10 years in 2019, with a reserve replacement ratio of 144 percent.

Chairman Wang Dongjin said CNOOC saw limited impacts on its operations from the epidemic in the first quarter and its February oil and gas production were higher than a year earlier.

The firm also said it is studying a plan to acquire the natural gas terminal assets of its parent company.

Source: The Standard

https://www.thestandard.com.hk/section- ... rises-15pc
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Re: CNOOC 0883

Postby winston » Thu Mar 26, 2020 1:37 pm

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Latest Brokers' TPs, Views on CNOOC (00883.HK) Post Results (Table)

Brokers│Ratings│TPs (HK$)
JPMorgan│Overweight│11.66
HSBC Global Research│Buy│9.6->9.5
UBS│Buy->Neutral│9.3->8.1
Morgan Stanley│Overweight│7.85
Citigroup│Neutral│9.30->7.8
BOCI│Hold│7.03->7.79
CCBI│Neutral│7.5
Credit Suisse│Underperform│7
Daiwa│Underperform│6.8

Brokers│Views
JPMorgan│Positive on keeping div yield
HSBC Global Research│Earnings, cash flow firmly backed by output growth, low cost
UBS│Near-term oil price visibility low; downside risk bigger
Morgan Stanley│2019 result beat on strong cost control
Citigroup│2020 capex guidance trimmed notably
BOCI│Outlook still murky
CCBI│2019 result slightly beats
Credit Suisse│Company confirms interest in natural gas & power; yet development negative
Daiwa│2019 result far beats; tweaks 2020 capex

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Fri Mar 27, 2020 11:24 am

What’s New

FY19 earnings grew 16% to Rmb61bn, 4% ahead of market expectations

Slashed FY20/21F earnings forecast by 84%/43% to reflect lower oil price assumptions

Expect oil price volatility to persist with downside risks; concerns on power and gas
asset injection plans by parent

Maintain HOLD; TP cut to HK$8.00

Source: DBS

https://researchwise.dbsvresearch.com/R ... cgeekfhgbh
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