CNOOC Cost Cuts Impress; Raising Our Fair Value Estimate
CNOOC posted a decent set of interim results with more significant cost cuts than we had originally assumed, leading to an increase in our fair value estimate to HKD 9.30 (USD 119 per ADR) from HKD 8.50 (USD 109 per ADR). Although we still think the company will record a net loss of HKD 5.4 billion in 2016, this is mainly due to an impairment provision of HKD 10.4 billion for the group’s Canadian assets. We now expect a full-year DPS of HKD 0.22, given that the company would be profitable if not...
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