CNOOC’s 2019 Strategy Preview Reveals Higher Output Targets; Shares Fairly Valued
We increase no-moat CNOOC's fair value estimate to HKD 13.70 per share (USD 176 per ADR) from HKD 13.20 per share (USD 170 per ADR), largely due to higher production targets guided by the firm. Our midcycle Brent oil price assumption is unchanged at USD 60 per barrel, and we think CNOOC is currently fairly valued as we do not expect significant upside in oil prices going forward.According to the firm’s 2019 business strategy, 2018 oil & gas output is around 475 million barrels of oil equiva...
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