CNOOC Impresses on Cost Controls but Declining Reserves Life Is a Constraint; Raising FVE to HKD 9.6
We are transferring coverage of no-moat CNOOC to a new analyst. CNOOC’s 2016 net profit of CNY 637 million was above our expectation, thanks to the firm’s cost-cutting efforts and tax credit. Earnings fell sharply from 2015’s CNY 20.25 billion, mainly on lower oil prices and impairment and provision charges totaling CNY 12.17 billion. Our 2017-18 earnings forecasts are largely unchanged, but we raise our fair value estimate to HKD 9.60 per share (USD 124 per ADR) from HKD 8.20 (USD 105) after ro...
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