CICC: CNOOC (00857.HK) oil prices lagging behind drag down book profits, rating "buy"

According to the Wise Finance APP, Morgan Stanley released a research report stating that the first quarter performance of China Petroleum (00857.HK) was below expectations, with earnings per share of 0.26 RMB, 4% lower than the bank's forecast, mainly due to a 14% lower oil price than expected. However, the bank believes that this is due to a lag in pricing, leading to a larger discount on oil prices relative to Brent crude oil in the first quarter, and the situation is expected to normalize in the second quarter. The stock was given a "hold" rating with a target price of 13.25 Hong Kong dollars.