CNOOC 0883

Re: CNOOC 0883

Postby winston » Mon Aug 12, 2019 10:00 am

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Aug 2, 2019

<Research Report>Citi: CNOOC (00883.HK) Valuation of Assets Bought from Parent Quite Expansive; Impact on Profit Minimal

Citigroup viewed that CNOOC (00883.HK)'s acquisition of 100% equity interest of China United Coalbed Methane Corporation Limited (CUCBM) as held by the parent at approximately RMB5.3 billion conforms with its long-term development strategy.

The deal is deemed to be smaller in scale compared with RMB153 billion cash or cash equivalent on hand as of end 2018.

Despite slightly expansive valuation, the impact on CNOOC's profit is minimal.

The rating was reiterated at Buy with target price of $16.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Fri Aug 30, 2019 7:36 am

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Cnooc half-year profit rises to 30b yuan

China National Offshore Oil Corporation (0883) reported today that interim net profit grew by 19 percent from a year ago to 30.25 billion yuan (HK$33.19 billion).

Earnings per share for the period were 68 fen.

Revenue was 108.9 billion yuan, up 3 percent from the year before, among which oil and gas sales increased by 4.4 percent to 94.28 billion yuan.

Production of oil and gas also increased by 2.1 percent over the same period of last year to 243 million barrels of oil equivalent, while cost per BOE dropped by 8.9 percent to US$28.99 (HK$226.12).

Cnooc expects the macroeconomic conditions to remain uncertain in the second half.

Cnooc declared an interim dividend of 33 HK cents.

Source: The Standard

http://www.thestandard.com.hk/breaking- ... 0829&sid=2
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Re: CNOOC 0883

Postby winston » Mon Sep 02, 2019 3:37 pm

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<Research Report>Daiwa Upgrades CNOOC (00883.HK) to Outperform with TP Down to $13.4

Daiwa attributed CNOOC (00883.HK)'s 1H19 net profit rise of 18.7% YoY to better cost control.

The share price has shed 13% since mid-July in wake of market worry over global economic slowdown.

The broker chopped the 2019E-21E EPS by 1%, while cutting target price to $13.4 from $13.8.

The rating was raised to Outperform from Hold as the broker assumed the share has priced in recent waning oil prices with an attractive 2019E dividend yield of 5.3%.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Tue Sep 10, 2019 1:39 pm

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<Research Report>Macquarie Hikes CNOOC (00883.HK) TP to $15; Rated Outperform

CNOOC (00883.HK) targets to ramp up daily oil output to 2 million barrels in 2025 from 1.3 million barrels in 2018.

Finding this objective feasible, Macquarie expected CNOOC's daily output to grow to 1.9 million barrels in 2025, not far from the goal.

The 2021 EPS forecast for CNOOC was raised by 9%.

Overall, CNOOC was kept at Outperform, with target up from $14.2 to $15.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Thu Sep 12, 2019 1:14 pm

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<Research Report>JPM Hikes CNOOC (00883.HK) TP to $17.23; Rated Overweight

CNOOC (00883.HK)'s YTD performance has been basically flattish, underperforming the market by 3%.

JPMorgan continued to forecast Brent oil futures at US$60/bbl over 2019-21, seeing CNOOC pricing in around this level.

CNOOC was retained at Overweight, with target up from $16.19 to $17.23.

The broker projected CNOOC's output growth at 6% p.a. for FY19-25.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Thu Oct 03, 2019 11:49 am

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Sep 25, 2019

<Research Report>M Stanley: CNOOC (00883.HK) Future Output Growth Quality High; Kept Overweight with $16.28 TP

CNOOC (00883.HK) has adopted a series of proactive cost-saving initiatives including project design optimization, successfully cutting costs since 2013.

As of 2018, the company's major cost dropped by 3% YoY to US$24.65/bbl.

Morgan Stanley suggested stringent cost control could be the new norm, conducive to generating positive shareholder returns.

Well positioned to post high-quality output growth, CNOOC was retained at Overweight with a target of $16.28.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Fri Oct 11, 2019 6:10 pm

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CICC: CNOOC Slide Steeper than Oil Price Correction; Asset Value Underrated by Mkt

CNOOC (00883.HK) received very positive response after its management shared details on cost control, long-term planning and M&A strategy.

Overall, CICC retained CNOOC at Outperform with a target of $15.5.

Oil prices retreated to the level before the drone attack in Saudi Arabia.

Coupled with management change, CNOOC saw a weak price performance as its price slide was steeper than that of oil prices.

While the company strives to grow its investment discipline, the market has underestimated its quality asset value.

Source: AAstocks.com
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Re: CNOOC 0883

Postby winston » Fri Oct 25, 2019 7:26 am

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CNOOC quarterly revenue rises to 50b yuan

CNOOC (0883) said third-quarter revenue grew by 0.61 percent year-on-year to 50.13 billion yuan (HK$55.58 billion).

During the last quarter, unaudited oil and gas sales revenue increased by 0.8 percent to 48.34 billion yuan.

An increase in production offset the decrease in realized prices. Average realized oil price fell by 14.9 percent to US$60.89 (HK$474.94) per barrel.

The average realized gas price fell by 8.8 percent to US$5.70 per thousand cubic feet, mainly due to the increased proportion of gas production with lower realized gas price.

For the third quarter, CNOOC's capital expenditure increased by 27.9 percent to about 19.53 billion yuan, mainly due to the significant increase in workload.

The company achieved a total net production of 124.8 million barrels of oil (BOE) equivalent for the third quarter, representing an increase of 9.7 percent.

Production from offshore China increased by 8.9 percent to 80.2 million BOE, mainly attributable to production growth from the commencement of new projects.

Overseas production was up by 11.2 percent to 44.6million BOE, mainly due to the contribution from the new projects of Eginaand Appomattox.

Source: The Standard

http://www.thestandard.com.hk/breaking- ... 1024&sid=2
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Re: CNOOC 0883

Postby winston » Wed Nov 20, 2019 1:35 pm

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Oct 25, 2019

<Research Report>C Suisse Hikes CNOOC (00883.HK) TP to $16; Strong Output Growth in 3Q

According to its 3Q19 operational data, CNOOC (00883.HK)'s FY19 sales volume and capex are on track.

Sales volume grew at 10% YoY and 1.5% QoQ, being the strongest QoQ growth since 2015.

The management expected CNOOC's volume, already meeting 77% of the FY19 target in 1-3Q, to exceed its target.

Overall, CNOOC was maintained Outperform, with target lifted from $15.5 to $16.

Source: AAStocks Financial News
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Re: CNOOC 0883

Postby winston » Tue Mar 10, 2020 2:15 pm

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<Research Report>Daiwa Downgrades CNOOC (00883.HK) to Underperform with TP Cut to $9.9

Daiwa in its report downgraded CNOOC (00883.HK) to Underperform from Hold at the target price $9.9, cut from $11.8.

The broker revised down CNOOC's 2020-21 EPS estimates by 39-48%, pricing in its lower oil-price assumptions.

Source: AAStocks Financial News
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