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<Research>Citi Keeps Buy on CNOOC; 2025 NP & DPS Miss
Recommend 5 Positive 6 Negative 13 |
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CNOOC (00883.HK) experienced an 11% YoY drop in its 2025 net profit to RMB122 billion, 6% below market expectations, according to a Citi research report. The underperformance was a result of a 14% YoY decrease in Brent oil prices, coupled with an investment loss of RMB943 million during the period, partly from the BC Energy joint venture in Argentina. A final dividend of HKD0.55 per share was declared by CNOOC, bringing the full-year dividend to HKD1.28 per share. Although the payout ratio remained at 45%, the actual dividend was disappointing that it dropped markedly from the HKD1.4 per share in 2024. Citi has kept a Buy rating on CNOOC, with a target price of HKD24. AAStocks Financial News |
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