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<Research>JPM Keeps Overweight on CNOOC with TP Raised to HKD33, Higher Earnings Forecasts
Recommend 6 Positive 18 Negative 13 |
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According to a report from JPMorgan, CNOOC (00883.HK)'s 4Q25 net profit reached RMB20 billion, which was below the broker's and the market's expectations of RMB26 billion and RMB29 billion, respectively. The underperformance was a result of higher-than-expected impairment charges and a slight increase in overall costs from new project launches. After factoring in oil price forecasts, JPMorgan has raised CNOOC's EPS forecasts for 2026-28 by 9-11% and increased its target price from HKD31 to HKD33. Given the ongoing Middle East conflict disrupting global oil and gas supplies, JPMorgan maintained an Overweight rating on CNOOC for its pure upstream business exposure. PETROCHINA (00857.HK) remains the broker's top pick. AAStocks Financial News |
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