Impressive Cost-Cutting in CNOOC’s 1H 2017 Results; Shares Fairly Valued
No-moat CNOOC's first-half 2017 net profit of CNY 16.3 billion, a significant turnaround from net loss of CNY 7.7 billion a year ago, beats consensus and our original expectations on the back of impressive cost-cutting. Although production figures were broadly in line with our projection, we reduce our 2017 earnings forecast by 15%, after lowering our full-year 2017 Brent oil price assumption to USD 52.90 from USD 59.78 and updating our USD exchange rates assumption. Nonetheless, we maintain our...
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