市況評論

作者

譚思聰先生 (Gary Tam)
經理

現任輝立証券分行經理, 樂意為客戶提供投資股票策略及期權分析,對提高投資組合回報有豐富經驗, 歡迎各位來電交流心得。
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China National Offshore Oil Corporation – CNOCC (00883.HK)

2024年10月28日 星期一 觀看次數583

Business Summary:

 

CNOCC Limited is the largest producer of offshore crude oil and natural gas in China and one of the world’s largest independent oil and gas exploration and production groups. She mainly engages in exploration, development, production and sale of crude oil, natural gas and other petroleum products. The Group owns four major oil-producing areas offshore China: the Bohai Bay, the western South China Sea, the eastern South China Sea and the East China Sea. Her assets are spread across Asia, Africa, North America, South America, Oceania and Europe. The stock is also listed on the Shanghai Stock Exchange, as code of 600938.SS.  

 

 

Financial Summary:

 

Net profit attributable to the parent company in the first half of the year 2024 was RMB 79.73 billion, a year-on-year increase of 25%, the best level in the same period in history. The main cost of a barrel of oil is US$27.75/barrel of oil equivalent, maintaining a good cost competitive advantage. The interim dividend was HK$0.74 per share (tax included), a record high for the same period in history. During the period, the group’s net oil and gas production was 362.6 million barrels of oil equivalent, a year-on-year increase of 9.3%, and its oil and gas sales revenue was RMB 185.11 billion, a year-on-year increase of 22%. 

 

The group accelerated the construction of major projects and achieved new highs in oil and gas production.

 

 

Risk:

 

  1. Fluctuating oil price limit upside potential for stock prices
  2. In view of the increase in geopolitical risks, the group is replying more on domestic growth.

(c ) exposure to RMB currency fluctuations and any possibly related loss from

hedges

(d ) higher-than-expected cost for material sourcing, production cost & network expansion may occur.

 

Technical Analysis:

 

The stock prices hit 52-week high of $23.16 (including ex-dividend factor on Sep) on July, 2024. The price has dropped by 46.6% to recent-low of $17.26.  It is suggested to accumulate the share between the present price and $18.5. The target price for medium term and long term is $22 & $24 respectively. Cut-loss price will be $17.8.

References

www.hkex.com.hk 

www.etnet.com.hk

www.cnoocitd.com

 

I, Gary Tam, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.

 

研究報告由輝立証券集團旗下於香港證監會持牌的輝立証券(香港)有限公司及/ 或輝立商品有限公司(“輝立”)所發報。本文所包含的資料均為輝立從相信為準確的來源搜集。輝立對有關報告所引致之任何損失或虧損概不負責。本報告所載的資料只供参考用途,並沒有法律約束力,亦不構成投資建議、邀約、購入、出售任何產品。
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