[ET Net News Agency, 10 June 2020] HSBC Global Research lifted its target price for
CNOOC (00883) to HK$11.55 from HK$9.5 and maintained its "buy" rating.
Given the expected agreement to extend output cuts from the OPEC+, the research house
thinks there is a high probability that this will result in the market reaching balance by
the end of June, with inventories beginning to draw in July.
HSBC made a modest US$2/b increase in its Brent price assumption for 2020 to US$39/b
from US$37/b to reflect averages to date, but the increase has a meaningful impact on
CNOOC's near-term earnings outlook.
HSBC increased its 2020 net income by 21%, which seems large given a US$2/b (+5%)
increase in its Brent assumption, but the P&L is geared to changes in oil prices in
percentage terms given narrow profits. (KL)
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00883 CNOOC
Nominal 
19.000 -0.380 (-1.961%) Research Report
10/06/2020 11:36
{I-bank focus}HSBC lifts CNOOC (00883) to HK$11.55; "buy"
| Remark: | Real time quote last updated: 16/04/2024 17:34 |
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