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<Research> Citi: CNOOC (00883.HK) 1Q Results In Line; Rating Buy
Recommend 10 Positive 13 Negative 7 |
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Citi Research said in a report that CNOOC (00883.HK)'s first-quarter results were in line with expectations. Net profit reached RMB39.2 billion, up 7% YoY, mainly benefiting from a 4.5% increase in oil prices. Total production for the period rose 8.6% YoY to 205 million barrels of oil equivalent. Among this, production in China and overseas increased 7% and 12.2% YoY, respectively, in line with managements full-year production guidance of 780 million to 800 million barrels of oil equivalent (with about 25.6% to 26.3% already completed in the first quarter). The company maintained its full-year production target, with management having factored in planned maintenance and seasonal typhoon risks. The broker noted that management reiterated its strategy of prioritizing high-value exploration, steadily increasing output and strictly controlling costs. Given CNOOCs impressive capacity expansion pace and strong growth outlook, Citi maintained its Buy rating with a target price of HKD33. (hc/da) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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