Macquarie initially rated the China Blue Chemical Ltd. (China Blue Chemical Ltd., 3983.HK, abbreviation: CNOOC) stock as “better than the market,” with a target price of HK$3.50. Macquarie said that as the degree of market liberalization increases and the recovery in coal prices supports urea prices, it is expected that the urea industry will experience structural improvements. Macquarie added that CNOOC is entering coal-based urea production to continue to reduce costs. Macquarie also said that due to investors' concerns about short-term weakness in urea/methanol prices and rising natural gas prices, the stock has been adjusted by 43% so far this year, while the Hang Seng Index has risen 3% over the same period. Macquarie added that the stock is expected to have a price-earnings ratio of 6.3 times in 2015, a record low, and a net market ratio of 0.6 times, and believes that the stock is now a good opportunity to buy.
麦格理将中海石油化学（3983.HK）初始评级定为强于大盘，看3.50港元
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