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...
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