[ET Net News Agency, 14 January 2020] Credit Suisse raised its target price for CNOOC
(00883) to HK$18 from HK$16.5 and maintained its "outperform" rating.
The research house said CNOOC yesterday painted an upbeat tone at its 2020 Strategy
Preview, which should be taken positively by the market. The company raised its 2020-21
production guidance by 4% and reiterated its 2mb/d output ambition by 2025 (+6% CAGR
2018-25).
Credit Suisse raised its 2019-21 EPS forecasts by 3%-5% after factoring in the
stronger-than-expected production guidance. (KL)