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<Research>Citi: CNOOC 3Q NP In Line; 4Q Profit Estimated to Fall QoQ
Recommend 13 Positive 15 Negative 8 |
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CNOOC (00883.HK) reported a 3Q net profit of RMB32.4 billion, down 2% QoQ and 12% YoY, in line with the broker’s expectations and achieving 76% of its full-year forecast, Citi's research report said. The results contrasted with a 2% QoQ hike in Brent crude prices, mainly due to a 1% QoQ decline in crude oil production and a one-time negative impact of RMB876 million. Despite the slight dip in production, total production for 1-3Q reached a record high of 578 million BOE, the broker said. The management was confident in reaching the upper limit of the annual production guidance set at the beginning of the year. Looking ahead to 4Q, the broker expected profit to subside QoQ on falling oil prices. It maintained a target price of HKD24 on CNOOC and a Buy rating. AASTOCKS Financial News Website: www.aastocks.com |
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