BOCI Raises CNOOC (00883) Target Price to HK$25.06 as Q3 Net Profit Beats Expectations
Stock News
Oct 31
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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.