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<Research>BOCI Hikes CNOOC (00883.HK) TP to $25.06; 3Q NP Beats
Recommend 7 Positive 9 Negative 6 |
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CNOOC (00883.HK) logged a net profit of RMB32.4 billion for 3Q, down 12% YoY and down 2% QoQ, yet still 6% above the broker's expectations, thanks to higher-than-expected trading profits, BOC International's research report indicated. The decline in earnings was attributed to a slight QoQ dip in production and an increase in unit costs. The broker anticipated a 21% QoQ downfall in profits for 4Q, due to expected decrease in oil prices and increase in costs. It raised its 2025 earnings forecast by 1% and reaffirmed its Buy rating, revising up the H-share target price from HKD24.87 to HKD25.06. AASTOCKS Financial News Website: www.aastocks.com |
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