not vested
<Research Report>CNOOC (00883.HK) maintained Neutral with target lifted to $14.5 by UBS
UBS raised CNOOC (00883.HK)'s 2014-2016 EPS forecasts by 2.4%, 2.8% and 13.8%, trailing the market estimated by 5%-6%, mainly due to the expected decline in oil price in 2H2014 and 2015 as well as the good future cost estimate.
The company has risks of low return on capital, higher leverage, greater volatility resulted from change of oil price and the increase in supply of non-oil units, so there should not be any premium in its share price.
The target price was raised from $14.1 to $14.5 and the Neutral rating was unchanged.
Source: AAStocks Financial News
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CNOOC 0883
Re: CNOOC 0883
by winston » Wed Oct 15, 2014 1:56 pm
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Re: CNOOC 0883
by winston » Wed Oct 15, 2014 1:57 pm
not vested
<Research Report>CNOOC (00883.HK) target hiked to $14.26, kept Hold - Deutsche
Sep 1, 2014
Deutsche Bank said oil price and production capacity are the two major factors for CNOOC (00883.HK)'s earnings growth, while the stock's surge in price with the declining oil price last week was quite a surprise.
The bank noted that the company's cash revenue saw slight improvement, and it hopes to see reduction in speed rate of drilling rigs and/or number in the future.
Target price was lifted from $13.87 to $14.26. The Hold rating was unchanged.
Source: AAStocks Financial News
<Research Report>CNOOC (00883.HK) target hiked to $14.26, kept Hold - Deutsche
Sep 1, 2014
Deutsche Bank said oil price and production capacity are the two major factors for CNOOC (00883.HK)'s earnings growth, while the stock's surge in price with the declining oil price last week was quite a surprise.
The bank noted that the company's cash revenue saw slight improvement, and it hopes to see reduction in speed rate of drilling rigs and/or number in the future.
Target price was lifted from $13.87 to $14.26. The Hold rating was unchanged.
Source: AAStocks Financial News
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Re: CNOOC 0883
by winston » Wed Oct 15, 2014 1:59 pm
not vested
<Post Result>Summary of latest ratings & targets of CNOOC (00883.HK)
Aug 29, 2014
CNOOC (00883.HK) reported interim net profit had dropped 2.3% yearly to RMB33.593 billion, and EPS amounted to RMB0.75, topping market consensus of RMB0.68.
The followings are the latest ratings and target prices of CNOOC:
Name of broker / Rating / Target price (HK$)
Citibank: Buy; $19.2
Barclays: Overweight; $19
CIMB: Overweight; $19 (raised from $13.6)
Macquarie: Outperform; $17.7
HSBC: Overweight; $17.5
JP Morgan: Overweight; $16.5 (raised from $15.75)
BOCI: Hold; $14.73 (raised from $14.09)
UBS: Neutral; $14.1
BOCOM International: Buy; $13.6
Nomura: Underweight; $11.4
Bank of America Merrill Lynch: Underperform; $11
Source: AAStocks Financial News
<Post Result>Summary of latest ratings & targets of CNOOC (00883.HK)
Aug 29, 2014
CNOOC (00883.HK) reported interim net profit had dropped 2.3% yearly to RMB33.593 billion, and EPS amounted to RMB0.75, topping market consensus of RMB0.68.
The followings are the latest ratings and target prices of CNOOC:
Name of broker / Rating / Target price (HK$)
Citibank: Buy; $19.2
Barclays: Overweight; $19
CIMB: Overweight; $19 (raised from $13.6)
Macquarie: Outperform; $17.7
HSBC: Overweight; $17.5
JP Morgan: Overweight; $16.5 (raised from $15.75)
BOCI: Hold; $14.73 (raised from $14.09)
UBS: Neutral; $14.1
BOCOM International: Buy; $13.6
Nomura: Underweight; $11.4
Bank of America Merrill Lynch: Underperform; $11
Source: AAStocks Financial News
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Re: CNOOC 0883
by winston » Thu Oct 30, 2014 4:09 pm
<Research Report>M Stanley: CNOOC (00883.HK) kept Overweight; natural growth can be sustained
In a research report, Morgan Stanley said CNOOC (00883.HK) has included Nexen into the group's 2011-15 CAGR of 6-10%, which is different from the previous guidance, so it is possible to cause short-term volatility in its share price.
However, the broker still believed that the group's production growth is likely to exceed 15% next year. Hence, the Overweight rating was maintained.
Source: AAStocks Financial News
In a research report, Morgan Stanley said CNOOC (00883.HK) has included Nexen into the group's 2011-15 CAGR of 6-10%, which is different from the previous guidance, so it is possible to cause short-term volatility in its share price.
However, the broker still believed that the group's production growth is likely to exceed 15% next year. Hence, the Overweight rating was maintained.
Source: AAStocks Financial News
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Re: CNOOC 0883
by winston » Tue May 05, 2015 8:27 pm
not vested
Apr 26, 2015
CNOOC: To Meet 2015 Output Target, CapEx Cut, Best Play On Oil Recovery By Shuli Ren
In the first quarter this year, CNOOC (0883.HK/CEO) produced 118.3 million barrels of oil equivalent, a 9.4% rise from a year ago, or a 2.6% quarterly increase.
Revenue fell 39.9% from a year ago to 35.5 billion yuan due to lower oil prices.
Wall Street analysts now widely expect CNOOC to meet its own 10-15% year-on-year guidance.
“Such rapid production growth also supports our view that CNOOC has a good track record on delivering its 5-year plan,” noted Morgan Stanley‘s Andy Meng and Daisy Li this morning.
Meanwhile, CNOOC is cutting its capital expenditure and adjusting to the new reality of lower oil prices. In the first quarter, capital expenditure at CNOOC fell 16% from a year ago. The company guides a 26-35% decline for the year.
Morgan Stanley, which is bullish on CNOOC, says the company can weather almost half of the headwinds from lower oil prices by cutting capital expenditure and paying less tax:
We believe the capex cut, together with windfall and resource tax saving, can offset at least ~40% of negative impact at operating profit level.
But Barclays‘s Somshankar Sinha and team have a different take, saying that CNOOC is not cheap: At its current valuation, market is now pricing in a Brent crude of $90 per barrel.
Now that estimate varies from analyst to analyst, but Goldman Sachs last week seconded the view, saying that Asian oil majors are not cheap yet: “How To Position For Oil Recovery In Asia“.
But for investors who want to play an oil recovery, CNOOC, and to a less extent PetroChina (0857.HK/PTR), is a good choice.
The pair will see their earnings boosted by 5% and 4% respectively for every $1 rise in Brent, estimates Goldman.
“With ~100% upstream exposure and highest production growth in 2015e, CNOOC remains the best play on our crude oil price recovery thesis,” wrote Morgan Stanley.
Source: Barron's Asia
Apr 26, 2015
CNOOC: To Meet 2015 Output Target, CapEx Cut, Best Play On Oil Recovery By Shuli Ren
In the first quarter this year, CNOOC (0883.HK/CEO) produced 118.3 million barrels of oil equivalent, a 9.4% rise from a year ago, or a 2.6% quarterly increase.
Revenue fell 39.9% from a year ago to 35.5 billion yuan due to lower oil prices.
Wall Street analysts now widely expect CNOOC to meet its own 10-15% year-on-year guidance.
“Such rapid production growth also supports our view that CNOOC has a good track record on delivering its 5-year plan,” noted Morgan Stanley‘s Andy Meng and Daisy Li this morning.
Meanwhile, CNOOC is cutting its capital expenditure and adjusting to the new reality of lower oil prices. In the first quarter, capital expenditure at CNOOC fell 16% from a year ago. The company guides a 26-35% decline for the year.
Morgan Stanley, which is bullish on CNOOC, says the company can weather almost half of the headwinds from lower oil prices by cutting capital expenditure and paying less tax:
We believe the capex cut, together with windfall and resource tax saving, can offset at least ~40% of negative impact at operating profit level.
But Barclays‘s Somshankar Sinha and team have a different take, saying that CNOOC is not cheap: At its current valuation, market is now pricing in a Brent crude of $90 per barrel.
Now that estimate varies from analyst to analyst, but Goldman Sachs last week seconded the view, saying that Asian oil majors are not cheap yet: “How To Position For Oil Recovery In Asia“.
But for investors who want to play an oil recovery, CNOOC, and to a less extent PetroChina (0857.HK/PTR), is a good choice.
The pair will see their earnings boosted by 5% and 4% respectively for every $1 rise in Brent, estimates Goldman.
“With ~100% upstream exposure and highest production growth in 2015e, CNOOC remains the best play on our crude oil price recovery thesis,” wrote Morgan Stanley.
Source: Barron's Asia
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Re: CNOOC 0883
by winston » Tue May 05, 2015 8:27 pm
not vested
Apr 26, 2015
CNOOC: To Meet 2015 Output Target, CapEx Cut, Best Play On Oil Recovery By Shuli Ren
In the first quarter this year, CNOOC (0883.HK/CEO) produced 118.3 million barrels of oil equivalent, a 9.4% rise from a year ago, or a 2.6% quarterly increase.
Revenue fell 39.9% from a year ago to 35.5 billion yuan due to lower oil prices.
Wall Street analysts now widely expect CNOOC to meet its own 10-15% year-on-year guidance.
“Such rapid production growth also supports our view that CNOOC has a good track record on delivering its 5-year plan,” noted Morgan Stanley‘s Andy Meng and Daisy Li this morning.
Meanwhile, CNOOC is cutting its capital expenditure and adjusting to the new reality of lower oil prices. In the first quarter, capital expenditure at CNOOC fell 16% from a year ago. The company guides a 26-35% decline for the year.
Morgan Stanley, which is bullish on CNOOC, says the company can weather almost half of the headwinds from lower oil prices by cutting capital expenditure and paying less tax:
We believe the capex cut, together with windfall and resource tax saving, can offset at least ~40% of negative impact at operating profit level.
But Barclays‘s Somshankar Sinha and team have a different take, saying that CNOOC is not cheap: At its current valuation, market is now pricing in a Brent crude of $90 per barrel.
Now that estimate varies from analyst to analyst, but Goldman Sachs last week seconded the view, saying that Asian oil majors are not cheap yet: “How To Position For Oil Recovery In Asia“.
But for investors who want to play an oil recovery, CNOOC, and to a less extent PetroChina (0857.HK/PTR), is a good choice.
The pair will see their earnings boosted by 5% and 4% respectively for every $1 rise in Brent, estimates Goldman.
“With ~100% upstream exposure and highest production growth in 2015e, CNOOC remains the best play on our crude oil price recovery thesis,” wrote Morgan Stanley.
Source: Barron's Asia
Apr 26, 2015
CNOOC: To Meet 2015 Output Target, CapEx Cut, Best Play On Oil Recovery By Shuli Ren
In the first quarter this year, CNOOC (0883.HK/CEO) produced 118.3 million barrels of oil equivalent, a 9.4% rise from a year ago, or a 2.6% quarterly increase.
Revenue fell 39.9% from a year ago to 35.5 billion yuan due to lower oil prices.
Wall Street analysts now widely expect CNOOC to meet its own 10-15% year-on-year guidance.
“Such rapid production growth also supports our view that CNOOC has a good track record on delivering its 5-year plan,” noted Morgan Stanley‘s Andy Meng and Daisy Li this morning.
Meanwhile, CNOOC is cutting its capital expenditure and adjusting to the new reality of lower oil prices. In the first quarter, capital expenditure at CNOOC fell 16% from a year ago. The company guides a 26-35% decline for the year.
Morgan Stanley, which is bullish on CNOOC, says the company can weather almost half of the headwinds from lower oil prices by cutting capital expenditure and paying less tax:
We believe the capex cut, together with windfall and resource tax saving, can offset at least ~40% of negative impact at operating profit level.
But Barclays‘s Somshankar Sinha and team have a different take, saying that CNOOC is not cheap: At its current valuation, market is now pricing in a Brent crude of $90 per barrel.
Now that estimate varies from analyst to analyst, but Goldman Sachs last week seconded the view, saying that Asian oil majors are not cheap yet: “How To Position For Oil Recovery In Asia“.
But for investors who want to play an oil recovery, CNOOC, and to a less extent PetroChina (0857.HK/PTR), is a good choice.
The pair will see their earnings boosted by 5% and 4% respectively for every $1 rise in Brent, estimates Goldman.
“With ~100% upstream exposure and highest production growth in 2015e, CNOOC remains the best play on our crude oil price recovery thesis,” wrote Morgan Stanley.
Source: Barron's Asia
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Re: CNOOC 0883
by winston » Thu Aug 27, 2015 6:24 am
not vested
The top offshore oil producer, CNOOC Ltd (0833), reported a net profit of 14.73 billion yuan for the first half, down 56.1 percent from 33.6 billion a year earlier.
CNOOC's net production of oil and gas for the first-half was up 13.5 percent on year to 240.1 million barrels of oil equivalent, with the company maintaining production targets.
Profits from the exploration and production segment fell to 19.8 billion yuan from 40.9 billion yuan a year ago.
CNOOC chairman Yang Hua said the severe operating environment is expected to continue in the second half and the company will focus more on economic efficiency rather than just volume.
Source: REUTERS
The top offshore oil producer, CNOOC Ltd (0833), reported a net profit of 14.73 billion yuan for the first half, down 56.1 percent from 33.6 billion a year earlier.
CNOOC's net production of oil and gas for the first-half was up 13.5 percent on year to 240.1 million barrels of oil equivalent, with the company maintaining production targets.
Profits from the exploration and production segment fell to 19.8 billion yuan from 40.9 billion yuan a year ago.
CNOOC chairman Yang Hua said the severe operating environment is expected to continue in the second half and the company will focus more on economic efficiency rather than just volume.
Source: REUTERS
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Re: CNOOC 0883
by winston » Wed Oct 28, 2015 6:16 pm
not vested
CNOOC (00883.HK) 3Q Operating Revenue Down 31.48% YoY
CNOOC (00883.HK) -0.170 (-1.945%) Short selling $69.05M; Ratio 13.984% announced its key operating statistics for the third quarter ended 30 September 2015.
During the period, the company achieved a total net production of roughly 128 million barrels of oil equivalent, up 23.8% yearly.
Production from offshore China increased 28.2% yearly to 83.3 million BOE, mainly attributable to the production contribution from new projects in Bohai and Eastern South China Sea.
In the third quarter, the company's total operating revenue amounted to RMB37.721 billion, down 31.48% yearly.
In particular, the revenue generated from the gas and oil sales was roughly RMB36.25 billion, down 32.3% yearly, mainly due to the significant decrease in the average realized oil price.
During the quarter, the company’s average realized oil price decreased 50.7% yearly to US$48.84 per barrel.
During the period, the company's capital expenditure amounted to approximately RMB14.75 billion (capitalized interests RMB0.34 billion were not included), representing a decrease of 44.0% yearly.
Source: AAStocks Financial News
CNOOC (00883.HK) 3Q Operating Revenue Down 31.48% YoY
CNOOC (00883.HK) -0.170 (-1.945%) Short selling $69.05M; Ratio 13.984% announced its key operating statistics for the third quarter ended 30 September 2015.
During the period, the company achieved a total net production of roughly 128 million barrels of oil equivalent, up 23.8% yearly.
Production from offshore China increased 28.2% yearly to 83.3 million BOE, mainly attributable to the production contribution from new projects in Bohai and Eastern South China Sea.
In the third quarter, the company's total operating revenue amounted to RMB37.721 billion, down 31.48% yearly.
In particular, the revenue generated from the gas and oil sales was roughly RMB36.25 billion, down 32.3% yearly, mainly due to the significant decrease in the average realized oil price.
During the quarter, the company’s average realized oil price decreased 50.7% yearly to US$48.84 per barrel.
During the period, the company's capital expenditure amounted to approximately RMB14.75 billion (capitalized interests RMB0.34 billion were not included), representing a decrease of 44.0% yearly.
Source: AAStocks Financial News
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Re: CNOOC 0883
by winston » Wed May 18, 2016 3:11 pm
not vested
<Research Report>Nomura Upgrades CNOOC to Buy; Target at $11
Nomura upgraded CNOOC (00883.HK) to Buy from Neutral because recent production declines in China and the U.S could help accelerate the demand/ supply re-balancing of the global oil prices.
The OPEC no longer needs to freeze production following the oil prices recovery.
The research house said that CNOOC's pure upstream E&P business model makes the firm a leveraged play on higher oil prices ahead.
Nomura reiterated the forecasts of an Brent crude price of US$60/ bbl and US$70/ bbl for 2017-2018.
The target price of CNOOC was raised to $11 from $7.7, which is equivalent to 1.2x 2017 P/B and 12.7x 2017 P/E.
Source: AAStocks Financial News
<Research Report>Nomura Upgrades CNOOC to Buy; Target at $11
Nomura upgraded CNOOC (00883.HK) to Buy from Neutral because recent production declines in China and the U.S could help accelerate the demand/ supply re-balancing of the global oil prices.
The OPEC no longer needs to freeze production following the oil prices recovery.
The research house said that CNOOC's pure upstream E&P business model makes the firm a leveraged play on higher oil prices ahead.
Nomura reiterated the forecasts of an Brent crude price of US$60/ bbl and US$70/ bbl for 2017-2018.
The target price of CNOOC was raised to $11 from $7.7, which is equivalent to 1.2x 2017 P/B and 12.7x 2017 P/E.
Source: AAStocks Financial News
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Re: CNOOC 0883
by winston » Mon Aug 08, 2016 12:59 pm
not vested
Why CNOOC Has 25% Downside: Credit Suisse
By Shuli Ren
Credit Suisse today downgraded China upstream oil producer CNOOC (883.Hong Kong/CEO) to Sell.
The bank’s new price target of 7 Hong Kong dollars (previously HK$11.50) promises another 24% downside.
Why is Credit Suisse turning bearish?
First, oil prices have corrected around 20% since peaking in June, but CNOOC’s share prices barely budged. As the summer driving season draws to a close, Credit Suisse estimates U.S. gasoline demand will see a 500kb/d retreat.
“The extremely weak Asia refining margin (US$5.8/bbl, a five-year low) could also induce more refinery outages, dampening crude oil demand in Asia. A peak in oil prices typically marks a peak in CNOOC’s share price,” wrote analysts Horace Tse and Jessie Xu.
Second, CNOOC is hitting a glass ceiling in terms of cost-cutting. While “CNOOC has done a remarkable job in cost discipline over the downturn”, operating expenditure is now at $8.80 per barrel, close to the trough level in 2009. So there is hardly any room left for further cost cutting.
Third, CNOOC is not as cheap as it looks. While it trades at only 4 times enterprise value-to-earnings (EV/EBITDA), versus global average of 8 times, CNOOC is running out of oil to drill.
Its oil reserve life is only 5.6 years, versus the global average of 12 years. This is a point raised at this year’s Hong Kong Sohn Conference.
Source: Barron's Asia
http://blogs.barrons.com/asiastocks/201 ... it-suisse/
CNOOC fell 0.7% today, while the Hang Seng Index rose 1.2%. Brent crude gained 0.2% to $44.35 in Asia hours.
Why CNOOC Has 25% Downside: Credit Suisse
By Shuli Ren
Credit Suisse today downgraded China upstream oil producer CNOOC (883.Hong Kong/CEO) to Sell.
The bank’s new price target of 7 Hong Kong dollars (previously HK$11.50) promises another 24% downside.
Why is Credit Suisse turning bearish?
First, oil prices have corrected around 20% since peaking in June, but CNOOC’s share prices barely budged. As the summer driving season draws to a close, Credit Suisse estimates U.S. gasoline demand will see a 500kb/d retreat.
“The extremely weak Asia refining margin (US$5.8/bbl, a five-year low) could also induce more refinery outages, dampening crude oil demand in Asia. A peak in oil prices typically marks a peak in CNOOC’s share price,” wrote analysts Horace Tse and Jessie Xu.
Second, CNOOC is hitting a glass ceiling in terms of cost-cutting. While “CNOOC has done a remarkable job in cost discipline over the downturn”, operating expenditure is now at $8.80 per barrel, close to the trough level in 2009. So there is hardly any room left for further cost cutting.
Third, CNOOC is not as cheap as it looks. While it trades at only 4 times enterprise value-to-earnings (EV/EBITDA), versus global average of 8 times, CNOOC is running out of oil to drill.
Its oil reserve life is only 5.6 years, versus the global average of 12 years. This is a point raised at this year’s Hong Kong Sohn Conference.
Source: Barron's Asia
http://blogs.barrons.com/asiastocks/201 ... it-suisse/
CNOOC fell 0.7% today, while the Hang Seng Index rose 1.2%. Brent crude gained 0.2% to $44.35 in Asia hours.
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