CNOOC (00883) reported a Q3 net profit of RMB 32.4 billion, down 12% year-on-year and 2% quarter-on-quarter, but still 6% above BOCI's expectations, primarily due to higher-than-expected trading profits. The profit decline was attributed to a slight sequential drop in production and higher unit costs.
BOCI expects Q4 profits to decline 21% quarter-on-quarter, citing anticipated lower oil prices and rising costs. The bank raised its 2025 earnings forecast by 1%, reiterating a "Buy" rating, and lifted the H-share target price from HK$24.87 to HK$25.06.