Cnooc's H Shares Look Undervalued -- Market Talk

Dow Jones10-30

0853 GMT - Cnooc's Hong Kong-listed shares look undervalued, Morningstar's Chokwai Lee writes in a note. Cnooc's attractive 2024 dividend yield of more than 7%, its cost-control efficiency and strong oil and gas production growth create further upside in shares, Lee says. The Chinese energy major's 3Q net profit exceeded estimates despite its average realized oil selling price falling 8%, Lee notes. That was due to strong output, higher gas prices and controlled operating expenses, he says. Net production is expected to grow 7% to 724.7 million barrels of oil equivalent this year, slightly beating Cnooc's earlier guidance, Lee adds. Morningstar lifts its fair-value estimate for H shares by 2.2% to HK$23.00 after raising its earnings forecasts through 2026 by 3% on average. Shares closed at HK$18.02. (kimberley.kao@wsj.com)

(END) Dow Jones Newswires

October 30, 2024 05:03 ET (09:03 GMT)

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Cnooc's attractive 2024 dividend yield of more than 7%, its cost-control efficiency and strong ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1242518857.USD","symbol_name":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2479950227","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2479950227","pubTimestamp":1730278980,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0853 GMT - Cnooc's Hong Kong-listed shares look undervalued, Morningstar's Chokwai Lee writes in a note. Cnooc's attractive 2024 dividend yield of more than 7%, its cost-control efficiency and strong oil and gas production growth create further upside in shares, Lee says. The Chinese energy major's 3Q net profit exceeded estimates despite its average realized oil selling price falling 8%, Lee notes. That was due to strong output, higher gas prices and controlled operating expenses, he says. Net production is expected to grow 7% to 724.7 million barrels of oil equivalent this year, slightly beating Cnooc's earlier guidance, Lee adds. Morningstar lifts its fair-value estimate for H shares by 2.2% to HK$23.00 after raising its earnings forecasts through 2026 by 3% on average. Shares closed at HK$18.02. 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