BOCI Research: Upgraded CNOOC (00883) rating to "Buy", raised target price to HK$18.76.
After a sharp decline in the past four weeks, the stock price of CNOOC has become attractive again.
Citi Research has released a report stating that CNOOC (00883) saw a 50% increase in profits last year to 20.3 billion yuan, with core profits meeting expectations. After a 4-week decline in stock price, CNOOC's valuation has become attractive again. The bank has raised the company's core profit forecast for 2026 to 2027 by 7% to 9%, and the target price has been raised from HK$16.96 to HK$18.76, with the rating upgraded from "hold" to "buy".
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