[ET Net News Agency, 8 June 2020] Daiwa Research raised its target price for CNOOC
(00883) to HK$10.5 from HK$9.5 and maintained its "outperform" rating.
The research house said CNOOC's share price is up 11% since 18 May on the back of an
oil-price recovery (Brent now at US$40+/bbl). Daiwa expects a 1-2-month extension of the
current level of cuts to be confirmed during the upcoming OPEC+ meeting, giving even more
solid support to oil prices.
Daiwa believes both the confirmation of an earlier OPEC+ meeting and extension of output
cuts will instill renewed confidence in the oil market. In view of these evolving
catalysts, it lifted its 2020 Brent to US$42/bbl (from US$38/bbl), implying an average
price of US$43/bbl for the rest of 2020 while keeping our 2021 forecast at US$50.
Daiwa revised up its 2020 EPS forecast by 18% on higher Brent forecast partly offset by
a rise in the all-in cost. (KL)
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00883 CNOOC
Nominal 
19.000 0.000 (0.000%) Research Report
08/06/2020 10:45
{I-bank focus}Daiwa raises CNOOC (00883) to HK$10.5
| Remark: | Real time quote last updated: 26/04/2024 08:49 |
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