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Daiwa Downgrades CNOOC (00883.HK) to Hold, with TP Cut to $13.8
2019-07-18 10:24:47
Daiwa downgraded CNOOC (00883.HK) from Outperform to Hold, with target cut from $15.7 to $13.8, reflecting weakening international oil prices.

The 2019 Brent oil price is estimated to be USD66 per barrel (down from USD68), while the 2020/21E oil price was lowered to USD67/ USD68 per barrel.

The broker projected a 3% YoY growth in CNOOC's annual net profit, driven by capacity increase and steady production costs. However, CNOOC's 2019-21 EPS forecasts were trimmed by 5-6% on lower international oil price projections.
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