Gelonghui, April 28 | Bank of China International published a research report showing that CNOOC's net profit in the first quarter increased 57% year-on-year to 636 million yuan, but only reached 15% of the bank's annual budget target. Furthermore, the number of operating days of its rigs is surprisingly reduced by 3% year-on-year, indicating that although the market has improved, some of its rigs are still idle, or at least not fully operational. Meanwhile, four drilling platforms in the Middle East suspended operations in the second quarter, which may affect the Group's quarterly growth for the rest of the year. Although the bank believes that the Group can make progress in developing overseas markets, it is still cautious about its recent profits. The bank lowered the Group's profit forecast for 2024-26 by 5 to 15% and lowered the target price from HK$9.69 to HK$9.53, maintaining the “hold” rating.