"Big Banks" Citigroup: CNOOC's net profit and dividend last year were below expectations, maintaining a "Buy" rating

AASTOCKS
2026.03.27 03:23

Citi published a research report indicating that CNOOC (00883.HK) saw a 11% year-on-year decline in net profit last year to RMB 122 billion, which was 6% lower than market expectations. This was mainly due to a 14% year-on-year drop in Brent crude oil prices, along with an investment loss of RMB 943 million during the period, with some losses stemming from the Argentina BC Energy joint venture.

The company declared a final dividend of HKD 0.55 per share, with an annual dividend of HKD 1.28 per share. Although the payout ratio remains at 45%, the actual dividend is significantly lower than the HKD 1.4 expected for 2024, which is disappointing. Management expects the payout ratio to remain no lower than 45% for 2026 to 2027. The bank maintains a "Buy" rating on CNOOC, with a target price of HKD 24

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