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<Research>CICC: CNOOC (00883.HK) Output Growth Beats Forecasts; Cyclicality Impact Eased
Recommend 12 Positive 10 Negative 10 |
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CNOOC (00883.HK)'s 1Q24 revenue grew 14% YoY, while net profit even rose 23.7%, with higher-than-expected output, driving quarterly performance to beat the market's expectation, CICC issued a research report saying. Looking ahead, CICC remained optimistic about CNOOC's output growth, and expected full-year output to exceed the upper limit of the guidance of 720 million BOE by 2024. Oil price volatility in 2024 and 2025 may be reduced or fluctuate in the range of US$75 to US$95 level, with alleviated impact from cyclicality, CICC added. Therefore, CICC expected that the Company's visibility will be enhanced, and raised accordingly its earnings forecasts for 2024/ 2025 by 8%. CICC also elevated its target price by 9% to $24, with rating at Outperform. AAStocks Financial News |
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