The Zhitong Finance App learned that CCB International released a research report stating that it maintains the CNOOC (00883) “outperforms the market” rating and believes that its valuation is attractive. The target price was raised from HK$15.65 to HK$21.3.

According to the report, the company's net profit fell 13% year on year last year, and its performance was slightly lower than market expectations. The decline was mainly due to the oil price correction, which led to an average drop of 19% year on year in oil prices. CNOOC's production was steady. Last year, it recorded a 9% year-on-year increase, exceeding the forecast. Meanwhile, the Group also kept costs under control. The unit production cost was reduced by 3% year over year to 7.7 US dollars per barrel, better than the bank's expectations of 8.13 US dollars per barrel.