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<Research>CITIC Securities: CNOOC (00883.HK) Maintains Stable Growth & Realises Long-term Value
Recommend 16 Positive 10 Negative 9 |
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CITIC Securities commented in a report that CNOOC (00883.HK) has maintained a high level of performance in 2023 and 1Q24, with significant results in exploration and development, realising long-term investment value. The broker believed that crude oil supply and demand will remain tight from this year to 2026, and crude oil price will still fluctuate at a high level. Meanwhile, the supply of natural gas will be loose, and the selling price is expected to be slightly lower. The broker maintained its net profit forecast of RMB141.3 billion on CNOOC for this year. In view of the company's expected faster growth in production next year, the broker raises its net profit forecast for next year to RMB155.0 billion, and for 2026 to RMB155.5 billion, with corresponding EPS forecasts of RMB2.97, RMB3.26, and RMB3.27 respectively. CITIC pointed out that CNOOC's steady growth demonstrated its long-term value, and maintained a Buy rating on CNOOC H-shares, with a target price of $24. The broker also highlighted that the company's dividend payout ratio reached 43.6% last year, and forecasted that the company's dividend payout ratio would maintain at a higher level in the next 3 years with good cash flow performance. AAStocks Financial News |
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