CNOOC's Strong 2017 Results Damped by Impairment and Provision; Raising FVE to HKD 11.70
No-moat CNOOC’s 2017 net profit of CNY 24.68 billion was a significant turnaround from 2016’s CNY 637 million, thanks to the recovery in oil prices and the firm’s cost-cutting efforts. Stripping out impairment and provision of CNY 9.13 billion and a one-time noncash deferred tax charge of CNY 3.38 billion due to the reduction of the U.S. income tax rate, the results were above our expectation. We are increasing our fair value estimate to HKD 11.70 per share ($151 per ADR) from HKD 10.20 ($131) a...Cnooc is an investment holding company. Through its subsidiaries, Co. is principally engaged in the exploration, development, production and sale of crude oil, natural gas and other petroleum products in offsore of the People's Republic of China. Co.'s core operation areas are Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. Co. has oil and gas assets in Asia, Africa, North America, South America, Oceania and Europe. As of Dec 31 2016, net proved reserves for oil, gas, and synthetic oil were 2,015.4 million barrels, 7,486.1 billion cubic feet, and 7,486.1 million barrels, respectively.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.