CNOOC's 1Q Operating Statistics Broadly In Line
No-moat CNOOC’s 2018 net profit was up 114% year over year to CNY 52.7 billion, underpinned by a 28% jump in realized oil price and the firm’s cost-cutting efforts. Stripping out impairment provision of CNY 5.4 billion related to certain exploration and evaluation assets in North America, the results were above our expectation. We increase our fair value estimate to HKD 14.50 per share (USD 186 per ADR) from HKD 13.70 (USD 176) after taking into account the latest results and stronger production...
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