CNOOC 0883

CNOOC 0883

Postby winston » Wed May 14, 2008 3:12 pm

BROKER CALL - Hong Kong-listed CNOOC target price raised to 16.50 hkd

HONG KONG (XFN-ASIA) - JP Morgan raised its target price for CNOOC Ltd by 10 pct to 16.50 hkd while maintaining an "overweight" rating on the stock, factoring in higher earnings estimates for the upstream oil producer.

The new target price was calculated on the basis of an average realized oil price of 90 usd per barrel this year.

The investment bank now forecasts earnings per share of 0.92 yuan in 2008 versus last year's actual 0.72.

CNOOC's first quarter data showed strong production and revenue growth, the US house said, noting a 5 pct year-on-year and 8 pct quarter-to-quarter growth in production.

"CNOOC is on track for a strong production growth year," it added, noting the oil producer also continued to perform on the exploration front during the first quarter.

At 2:31 pm, shares of CNOOC were flat at 14.34 hkd.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CNOOC 0883

Postby winston » Wed May 21, 2008 10:46 am

BROKER CALL - HK-listed CNOOC rating raised to 'outperform' - Credit Suisse

HONG KONG (XFN-ASIA) - Credit Suisse said it has upgraded its rating on CNOOC to "outperform" from "neutral" and raised the target price to 17.5 hkd from 13.3 due to an upgrade in the forecast of crude oil prices.

The brokerage said it has raised its long-term oil price estimates to 100 usd per barrel.

"CNOOC is also among the few companies in Asia to benefit from high oil prices. As such, it could trade at a bigger premium to its China peers," it noted.

It expects CNOOC to record production growth of 16 pct this year and 27 pct in 2009 as Nigeria's OML130 Akpo field project will commence production by end-2008.

It has also raised CNOOC's 2008-2010 earnings per share (EPS) estimates by 15-27 pct to 1.13 yuan, 1.18 and 1.23 respectively.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CNOOC 0883

Postby eauyong » Wed May 21, 2008 12:37 pm

Just for reference:
Nominal Price: HK$15.48 +0.46 +3.063% P.E.19.45
User avatar
eauyong
Foreman
 
Posts: 353
Joined: Sat May 10, 2008 11:01 am

Re: CNOOC 0883

Postby winston » Mon May 26, 2008 11:40 am

Not vested. From UOB-Kay Hian:-

Downgrade CNOOC on expensive valuation.

CNOOC’s share price has approached our target level. Out of valuation concerns, we downgrade the stock from BUY to HOLD.

Meanwhile, as oil price has surpassed our estimates, we raise our fair price to HK$16.00 from HK$15.00. However, we maintain our production growth target of 16% for CNOOC.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CNOOC 0883

Postby winston » Tue Jun 10, 2008 2:00 pm

Offshore oil producer CNOOC (0883.HK: Quote, Profile, Research) bucked the trend to rise among a sea of red tickers, after oil prices shot up $12 a barrel in the previous three sessions.

The stock was up 0.9 percent after Merrill Lynch upgraded CNOOC to buy from neutral with a target price of HK$16.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CNOOC 0883

Postby sl2008 » Sat Jun 28, 2008 7:48 pm

Tips CNOOC (00883)
Date 24 / 6
Source Dao Heng Securities
CNOOC (883, $12.82) 12M Target $16.6 BUY

Event: CNOOC regains attractiveness after a 19% drop in share price from the peak.

CNOOC’s share price has dropped 19% from the peak of $15.9 on May 21. Crude oil futures price rose 8% during the same period. We believe current valuation of CNOOC offers good value to long-term investors.

CNOOC reported 1Q08 revenue of RMB24bn, up 61.8% yoy. Strong revenue growth was mainly driven by higher average realized oil and gas prices. The realized crude oil price rose 69.2% yoy while the gas price was up 14.4% yoy.

Total oil and gas production volume increased 5% yoy in 1Q08 (up 3.7% yoy for oil and up 9.3% yoy for gas).

Management expressed that all the company’s major development projects are proceeding on schedule. We believe CNOOC can meet its production volume growth target of 15-18% yoy for 2008.

Average crude oil futures price is estimated at US$111 a barrel in the first half of 2008, up 79% from US$62 a barrel in 1H07. Our earnings model has assumed average crude oil price at US$100 a barrel in 2008, up 39% from US$72 a barrel in 2007.

Given the increase in average realized oil price and production volume, we forecast CNOOC’s net profit to grow 39% to RMB43.4bn in 2008 with an EPS of RMB0.97 (HK$1.10). This implies the counter is trading at 2008 PER of 11.6x compared to historical average of 12.1x over the past three years.

Maintain BUY on CNOOC with a 12-month target price of $16.6 based on 15x 2008 earnings.
sl2008
Loafer
 
Posts: 8
Joined: Fri Jun 27, 2008 8:05 am

Re: CNOOC 0883

Postby winston » Thu Aug 28, 2008 7:43 am

CNOOC posts record earnings on soaring oil and gas
Stephanie Tong

CNOOC (0883), the mainland's largest offshore oil and gas producer, reported an 89.3 percent increase in 2008 interim net profit to a record 27.5 billion yuan (HK$31.38 billion).

According to seven analysts, the gas giant's net profit was expected to rise by between 35 and 89 percent.

"The encouraging result is due to the high oil price, increased production volume and our cost- control measures," said chairman Fu Chengyu.

Earnings per share rose to 62 fen. An interim dividend of 20 HK cents was declared, up 53.8 percent on last year.

In the six months to June 30, 2008, net production of oil and gas increased 8.3 percent to 92.4 million barrels of oil equivalent. Oil and gas sales rose 63.9 percent to 54.5 billion yuan as the realized oil price shot up 74.3 percent to US$102.49 (HK$799.42) per barrel and the realized gas price rose 14 percent to US$3.66 per thousand cubic feet.

"CNOOC is likely to maintain its profit growth momentum in the second half. Although oil prices will fluctuate, it will still be an upward trend," said CLSA head of China energy research Gordon Kwan.

The company is expected to report a net profit of 55 billion yuan for 2008, up 76 percent from last year's 31.3 billion yuan, Kwan said.

CNOOC shares closed at HK$11.62 before the results announcement, up 3.75 percent.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CNOOC 0883

Postby winston » Tue Oct 28, 2008 5:22 pm

CNOOC's Q3 revenue up 69 pct on higher oil price

HONG KONG, Oct 28 (Reuters) - China's top offshore oil and gas producer, CNOOC Ltd (0883.HK: Quote, Profile, Research, Stock Buzz), produced 15.2 percent more oil and gas in the third quarter while total revenue rose 69 percent to 30.9 billion yuan ($4.5 billion) on higher crude prices.

State-owned CNOOC (CEO.N: Quote, Profile, Research, Stock Buzz) is hunting for overseas assets to meet demand from China, the world's largest oil consumer after the United States.

CNOOC said in a statement that its overall output rose to 549,589 barrels of oil equivalent per day in the July to September period.

Its average oil selling price was 58.7 percent higher at $106.94 per barrel in the quarter.

Shares of CNOOC fell 34 percent in the third quarter, versus an 18 percent drop in the benchmark Hang Seng Index
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CNOOC 0883

Postby winston » Wed Oct 29, 2008 7:40 am

Crude prices fuel CNOOC bonanza KathyWang
Wednesday, October 29, 2008

CNOOC (0883), the listed arm of China's largest offshore oil producer, yesterday said third-quarter revenue increased 68 percent on record crude prices and production gains.

Oil and gas revenue climbed to 30.5 billion yuan (HK$34.6 billion) and total revenue hit 30.9 billion yuan, a 69.1 percent year-on-year increase.

The nation's third-largest oil producer achieved net daily production of 549,589 barrels of oil equivalent, an increase of 15.2 percent.

During the third quarter, CNOOC realized a crude oil price of US$106.94 (HK$834.13) per barrel, up 58.7 percent year-on-year. The realized price of gas was US$3.83 per thousand cubic feet, 11.7 percent higher than last year.

"We maintain a conservative investment plan and do not hold derivatives investments. We strive to control production costs and that is very important for us," chief financial officer Yang Hua said.

The international crude price has declined almost 56 percent from a peak of US$147 in July, but oil futures rebounded yesterday.

Oil for December delivery climbed as much as US$1.67 or 2.6 percent to US$64.89 a barrel on the New York Mercantile Exchange yesterday, having fallen to US$61.75 in earlier trading. It traded at US$64.68 a barrel in Singapore.

CNOOC shares jumped 6.6 percent yesterday to close at HK$4.52.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: CNOOC 0883

Postby winston » Thu Nov 06, 2008 11:21 am

Credit Suisse cut CNOOC (0883.HK: Quote, Profile, Research, Stock Buzz) to neutral from outperform on Thursday to reflect falling prices of crude oil amid slumping demand. The investment bank also slashed its target price on the stock to HK$7.10 from HK$9.42.

Credit Suisse revised its crude oil price estimate to US$60 per barrel for 2009 as its sees global demand for the commodity heading to negative growth in the first half of next year.
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Next

Return to C

Who is online

Users browsing this forum: No registered users and 8 guests

cron