Lyon: CNOOC (00883.HK) shows the ability to cross the high dividend payout cycle, but target price reduced to 22.4 Hong Kong dollars.

According to the securities and finance app Securities Times, Lyon released a research report stating that it maintains a "outperform" rating for CNOOC (00883.HK), but based on forecasts for Brent crude oil prices of $75/barrel in 2025 and $70/barrel in 2026 (long-term anchor price of $70/barrel), the target price for H-shares has been lowered from 23.1 HKD to 22.4 HKD; the target price for A-shares of CNOOC (600938.SH) has been lowered from 32.4 CNY to 31.4 CNY, calculated by adding a 50% A-H premium to the H-share target price.