Lyon: Raised target price for CNOOC (00883) to HKD 32, raised earnings forecast.

Lyon released a research report stating that CNOOC (00883) is expected to have slightly lower profits in 2025, but considering that oil prices fell to $60 per barrel at the end of last year, its performance is still considered stable. The company has guided for 0% to 3% growth this year, with the bank believing that the target is conservative. Management explains that this is because the company has not finalized its "15th Five-Year Plan" and will update guidance in a timely manner. With the latest oil price assumptions, the bank has raised its earnings per share forecast for 2026 to 2028 by 13% to 33%, and raised the target price for CNOOC's H-shares from HK$22.8 to HK$32, and for CNOOC Limited's A-shares from RMB 31.1 to RMB 44, maintaining an "outperform" rating.