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<Research>BOCI Cuts CNOOC (00883.HK) TP to $23.6, Reduces FY2025-FY2026 Profit Forecasts by 1%
Recommend 10 Positive 13 Negative 8 |
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CNOOC (00883.HK)'s FY2024 earnings grew 11% YoY, in line with BOCI's forecast, according to a research report issued by BOCI. Despite a 2-3% YoY decline in the realized oil and gas price, the Company is still able to post impressive earnings growth on strong output growth, lower other taxes and good cost control. BOCI expected average oil prices to fall 10% YoY, but decent output growth of CNOOC and nil further impairments will allow the Company's FY2025 earnings to be flat YoY. Therefore, the broker lowered its FY2025-FY2026 earnings forecasts for CNOOC by 1%, and cut its target price to $23.6, with rating reiterated at Buy. AAStocks Financial News |
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