CNOOC 0883

Re: CNOOC 0883

Postby winston » Tue Aug 29, 2017 4:00 pm

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<Research Report>M Stanley Lifts CNOOC (00883.HK) Target to $11.71; Cost Advantage to Sustain

Morgan Stanley, in its report, said after hosting CNOOC (00883.HK)'s NDR in Hong Kong, the company is more confident in the company's cost controls.

With lower cost assumptions, the broker saw higher intrinsic value.

The broker reiterated Overweight on the company with target price lifted from $10.85 to $11.71, equivalent to 1.2x 2017 P/BV (estimate).

CNOOC has achieved continuous cost reductions in the past four years. In light of such better-than-expected cost controls, Bank of America Merrill Lynch raised its earnings estimates by 32% in 2017 and 29% in 2018.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Mon Oct 09, 2017 1:34 pm

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Oct 4, 2017

<Research Report>C Suisse Reiterates CNOOC at Outperform with Positive Catalyst

Credit Suisse said in its report that CNOOC (00883.HK)'s share price has recently risen to above $10, the first time in this year, and that the performance of the company is the best among the three major Chinese oil enterprises YTD.

Additionally, CNOOC's share price registered a 19% increase since mid-August, outrunning PETROCHINA (00857.HK) and SINOPEC CORP (00386.HK). The research house reiterated Outperform on CNOOC with target price maintained at $14.5.

The research house added that CNOOC will release the 3Q operation data at end-October, during which the company may lift the full-year production target and the research house believed it will become a positive catalyst for further outgrowing of the company's share price.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Thu Oct 26, 2017 11:29 am

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<Research Report>M Stanley: CNOOC Free Cash Flow Strong; Reiterated Overweight

Morgan Stanley, in its report, said that CNOOC (00883.HK) announced its third quarter operating data, indicating that the company's free cash flow was strong with sound financial flexibility.

The company's balance sheet may see betterment with possible rise in dividend payout which are positive for shareholders.

The research house reiterated the investment rating of CNOOC at Overweight and set the target price at $11.71.

It is said that the production data of CNOOC for the first three quarters topped expectation with lower capital expenditure.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Mon Nov 27, 2017 11:26 am

Oil prices: US crude oil prices hit a two-year high last week following the shutdown of a major crude pipeline from Canada and a draw on fuel inventories pointed to a tightening market.

The fundamental rebalancing of oil supply-demand dynamics is providing a strong tailwind to energy stocks.

Oil markets have largely balanced out in the past two quarters, with stronger-than-expected oil demand growth driven by a near-synchronous expansion of the major global economies.

CNOOC Ltd (883 HK; Cons BUY TP HK$12.34) remains our favourite play to ride the recovery in oil prices.

We believe CNOOC provides an attractive risk-reward opportunity given that downside risk may be limited by its current 4.3 – 5.1% dividend yield over the next three years, one of the highest among its global peers.

Source: Business Times / Bloomberg / Straits Times / The Edge Markets / SGX
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Re: CNOOC 0883

Postby winston » Wed Jun 27, 2018 1:09 pm

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<Research Report>UBS Upgrades CNOOC (00883.HK) to Buy with Target Lifted to $15.2

UBS highlighted in its report that the share price of CNOOC (00883.HK) has retreated 15% from the peak set in mid-May.

Assuming the share price has 10% discount to the NAV per share, the valuation has priced in Brent oil futures at around US$60 per barrel.

UBS' forecast on CNOOC 2018E-2020E earnings was still 6-16% ahead of street consensus.

The target price was lifted to $15.2 from $15 with rating revised up to Buy from Neutral.

However, impact of overseas projects on CNOOC is the key risk.

PETROCHINA (00857.HK) remains the industry top pick of UBS.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Thu Aug 09, 2018 11:54 am

July 27, 2018

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<Research Report>Macquarie Expects CNOOC (00883.HK) Interim EPS Up 50%; Rated Outperform

Macquarie forecast CNOOC (00883.HK)'s interim EPS to increase 50% to 55 fen with DPS of 19 fen.

The group's EBITDA was expected to rise US70 cents per BOE for each US$1 rise in Brent oil futures per barrel.

The rating was Outperform with target price of HK$14.6.

Macquarie envisioned a stable dividend payout for the oil company.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Fri Aug 24, 2018 4:58 am

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CNOOC profit climbs to 25b yuan

Chinese Offshore Oil and Gas Co (0883) yesterday said its net profit climbed 56.8 percent to 25.48 billion yuan (HK$29.1 billion) in the first half of 2018, boosted by higher crude prices and robust gas sales.

CNOOC issued an interim dividend of 3 HK cents. Basic earnings per share were 57 fen.

The listed arm of state-owned China National Offshore Oil Corp's net earnings were its best half-year performance since the first six months of 2015, filings to the Hong Kong exchange showed.

Revenues for January to June rose to 105.65 billion yuan, CNOOC said, with oil and gas sales up more than 20 percent.

Despite a rebound in international oil prices and inflationary costs, CNOOC maintained all-in production expenses at US$31.83 (HK$248.27) per barrel, it said.

Total crude oil and gas output, however, was stagnant in the first half. Oil and gas output reached 238 million barrels in oil equivalent, flat compared to the previous year's level.

Natural gas production, however, rose 11 percent over the six months compared with the same period of 2017, CNOOC said. Looking forward to the second half of the year, the external environment is still complicated and volatile, with many uncertainties ahead, CNOOC chairman Yang Hua said.

The company will continue to acquire high-quality exploration blocks overseas, optimize its overseas asset portfolio, further promote global development and make solid progress to achieve its major production and operation targets for the year, he said.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0824&sid=2
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Re: CNOOC 0883

Postby winston » Fri Oct 26, 2018 4:22 am

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CNOOC sales rise 33pc to 49b yuan

by Tereza Cai

CNOOC's (0883) third-quarter sales increased by 33.8 percent year-on-year to 49.82 billion yuan (HK$56.23 billion), boosting revenues for the first three quarters up by 23.9 percent to 143.77 billion yuan, thanks to rising international oil prices.

The company's average realized oil price increased 40.7 percent to US$71.55 (HK$557.7) per barrel.

Chief financial officer Xie Weizhi pointed out that oil prices are mainly affected by Opec policy and the growth potential of the United States' shale oil supply. He believed that to some extent, current oil prices can be maintained.

Total net production was 113.8 million barrels of oil equivalent for the third quarter, a decrease of 2.1 percent year on year.

Capital expenditure in the third quarter increased 29.6 percent to 15.27 billion yuan due to the rising workload of exploring oilfields, and the total three-quarter Capex amounted to 36.25 billion yuan, up 9 percent.

Xie said the company didn't have the plan to change its full-year production target of 470 billion to 480 billion barrels and expected to have higher Capex in the coming months to fulfill the 2018 target of 70 billion yuan.

CNOOC shares dropped 2.95 percent to HK$13.18.

Source: The Standard

http://www.thestandard.com.hk/section-n ... r=20181026
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Re: CNOOC 0883

Postby winston » Tue Oct 30, 2018 11:16 am

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Oct 26, 2018

<Research Report>BofAML: CNOOC (00883.HK) Last Quarter Output Misses, Cost Control Appropriate

CNOOC (00883.HK)'s 3Q18 oil and gas output amounted to 113.8 million barrels of oil equivalents (mmboe) only, the lowest since 2Q15.

Such results were mainly driven by 3.1 mmboe output loss from South Sea production facilities during typhoons, opined Bank of America Merrill Lynch.

However, CNOOC maintained appropriate cost control in 3Q18, as its 9M18 capex increased by 9% YoY to RMB36.3 billion (only 52% of the full-year capex guidance).

Thanks to estimated oil price downside, the broker revised CNOOC's 2018 NPAT forecast by 3% to RMB53.8 billion.

CNOOC was reaffirmed at Buy, with a price objective of $17.2.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Wed Nov 14, 2018 3:40 pm

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<Research Report>Citi: CNOOC Mgmt Confirms Strict Cost Control in 2019; Breakeven US$35/bbl Oil

CNOOC (00883.HK)'s management said that stringent cost control measures will carry on next year, adding the break-even point (BEP) for each project is US$35 per barrel of oil.

Should a project fail to breakeven at such price, it may be ceased under a cost review.

Furthermore, CNOOC's 9M18 capex spending eased, for its refinery/pipeline construction talks with Uganda and neighboring countries were longer than expected.

Source: AAStocks Financial News
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