DBS analyst Dennis Lam has maintained their bullish stance on NC2B stock, giving a Buy rating today.
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Dennis Lam has given his Buy rating due to a combination of factors including CNOOC’s cost leadership and growth visibility. The company operates with a very low all‑in production cost while steadily expanding output, and it is also committing a meaningful share of capital expenditure to clean energy projects, enhancing its long‑term strategic positioning.
CNOOC offers mid‑single‑digit annual production growth, a solid dividend yield supported by a minimum payout commitment, and strong leverage to higher oil prices. Lam also notes that the shares trade at undemanding earnings and book multiples versus their high return on equity, with additional support from ongoing share buybacks and a discounted valuation relative to his DCF‑derived target price.
In another report released today, UBS also maintained a Buy rating on the stock with a HK$37.80 price target.