CNOOC (SEHK:883) Valuation Check As Buzios6 Production Starts In Brazil

Simply Wall St.01-11

CNOOC (SEHK:883) has reported first oil from the Buzios6 Project in Brazil’s pre salt Buzios field, a large deep water development that lifts the oilfield’s installed capacity to 1.15 million barrels ...

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See our latest analysis for CNOOC. Despite the Buzios6 milestone and recent board changes in late December, CNOOC’s HK$20.94 share price sits after a mixed patch, with a 1 day share price return of 1.26% but a 7 day share price return decline of 4.21%, while the 90 day share price return of 11.03% and 1 year total shareholder return of 19.62% suggest longer term momentum has been stronger than the latest pullback. If this kind of offshore energy story has your attention, it could be a good moment to widen your watchlist with aerospace and defense stocks that are also tied to global geopolitical and security themes. With CNOOC posting steady recent revenue and net income growth, and trading around HK$20.94 versus an indicated HK$22.88 target and a large modelled intrinsic discount, the question is whether this represents a buying opportunity or whether future growth is already priced in. AdvertisementMost Popular Narrative: 8.4% Undervalued With CNOOC’s fair value in the narrative set around HK$22.87 against the HK$20.94 last close, the valuation hinges on measured growth and margins rather than aggressive assumptions.  The analysts have a consensus price target of HK$21.534 for CNOOC based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of HK$27.64, and the most bearish reporting a price target of just HK$10.61.  Read the complete narrative. Want to see what sits behind that spread in views? Revenue growth, earnings power, margins, discount rate and future P/E all pull in different directions. Curious which assumptions really drive that HK$22.87 fair value? Result: Fair Value of $22.87 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this fair value story can be tested quickly if global energy transition policies hit long term oil and gas demand, or if operational or regulatory issues in offshore China disrupt production. Find out about the key risks to this CNOOC narrative.  Build Your Own CNOOC Narrative If you are not convinced by this view or you prefer to test the assumptions yourself, you can build a fresh story in minutes, starting with Do it your way. A great starting point for your CNOOC research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision. Looking for more investment ideas? If you are serious about building a stronger portfolio, do not stop at a single stock story. Tap into data driven ideas that many investors skip over.  Spot potential value early by checking out these 879 undervalued stocks based on cash flows that might be mispriced based on their cash flows. Ride powerful tech themes by scanning these 28 AI penny stocks that are exposed to artificial intelligence trends. Add income angles to your watchlist with these 12 dividend stocks with yields > 3% where yields sit above 3%.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: AI Stock Screener & AlertsOur new AI Stock Screener scans the market every day to uncover opportunities.• Dividend Powerhouses (3%+ Yield)• Undervalued Small Caps with Insider Buying• High growth Tech and AI CompaniesOr build your own from over 50 metrics.Explore Now for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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