[ET Net News Agency, 21 August 2020] Credit Suisse lifted its target price for CNOOC
(00883) to HK$12 from HK$8 and upgraded its rating to "outperform" from "underperform".
The research house said CNOOC's 1H net profit of Rmb10.3bn (down 66%) was extremely
resilient, tracking 73% of Credit Suisse's 2020 estimates. This strong performance was
driven by a positive surprise on costs, where all-in costs came in at US$25.7/boe (down
11%), a level not seen after 2008.
CNOOC's management re-iterated its lowered 505-515mmboe 2020 output target and is
confident that this is within reach. Credit Suisse revised up its 2020-22 EPS forecasts by
4%-66%. (KL)