CNOOC's 1Q Operating Statistics Broadly In Line; Shares Fairly Valued
No-moat CNOOC's first-quarter operating figures were largely in line with our expectations. After factoring in higher near-term oil price assumptions and our updated foreign-exchange forecasts, we maintain our fair value estimate of HKD 14.50 per share ($186 per ADR). Our midcycle oil price forecast of $60 per barrel is unchanged. We think CNOOC’s shares are fairly valued at this level, with the recent strength in oil prices largely priced in.CNOOC’s oil and gas sales revenue declined 1.2% year...
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