Glonghui, March 26 | According to a report published by DBS, CNOOC's profit performance last year fell short of market expectations by 5%, mainly due to lower oil prices and higher tax rates, but at the same time, its reserves and production grew rapidly, which meant that all costs were reduced by 5% to $28.83 per barrel. Furthermore, the Group announced a final dividend of HK65 cents per share for the end of last year, with a dividend ratio of 44%, higher than the guideline of 40%, and an attractive dividend yield of 8%. DBS raised the target price of CNOOC's H shares from HK$16 to HK$19, reaffirming the “buy” rating, believing that the Group's valuation is still not expensive; it is only equivalent to 5 times this year's price-earnings ratio and 1 times the market-account ratio.