Zhītōng Finance and Economics APP learned that Goldman Sachs released a research report stating that it maintains a "buy" rating for CNOOC (00883), expecting a free cash flow yield of 12% and 9% in 2024 and 2025, both with a dividend yield of 7% and a target price of 23.3 Hong Kong dollars. Goldman Sachs believes that compared to its peers, CNOOC's valuation is still relatively low, and the current stock price is at a discount relative to the $58 per barrel oil price.

The bank pointed out that CNOOC's third-quarter net profit increased by 9% year-on-year in case of an 8% decrease in Brent oil prices compared to the same period last year, achieving production growth higher than the guidance despite the impact of typhoon. The company's free cash flow so far this year has already reached 93% of Goldman Sachs' full-year forecast. Capital expenditure in the third quarter was moderate, decreasing by 2% year-on-year, accounting for 22% of Goldman Sachs' full-year expectation, lower than the historical average of 25% in the third quarter.