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<Research>BOCI Hikes CNOOC (00883.HK) TP to $21.84; 1Q Results Beat
Recommend 14 Positive 13 Negative 9 |
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BOCI issued a report on CNOOC (00883.HK), of which 1Q24 net profit hiked 24% YoY to RMB39.7 billion, 9% ahead of the broker's forecast. The difference was mainly attributable to lower-than-expected cost, higher-than-expected realized oil price and higher-than-expected output. According to BOCI, CNOOC's 2Q24 earnings are likely to be higher due to the recent surge in oil prices. If there is no significant disruption from typhoons, the company's oil and gas production will exceed the high end of its guidance. The broker reiterated CNOOC's Buy rating, with target price raised to $21.84 from $19.95. The report noted that Brent oil stabilized above US$85/ barrel since mid-March, so the company's 2Q24 earnings should heighten. As long as Brent Oil can remain at an average level of US$81/ barrel, the broker foresaw upside risk in its earnings forecasts. AAStocks Financial News |
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