---
title: "CNOOC: Cost-Leadership, Visible Growth, and Undemanding Valuation Support Buy Rating"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/280809686.md"
description: "DBS analyst Dennis Lam has reiterated a Buy rating on CNOOC (NC2B), citing its cost leadership, growth visibility, and undemanding valuation. The company boasts low production costs, steady output growth, and a commitment to clean energy investments. CNOOC offers mid-single-digit production growth, a solid dividend yield, and strong leverage to rising oil prices. Lam highlights the stock's attractive earnings multiples and ongoing share buybacks. UBS also supports the Buy rating with a price target of HK$37.80."
datetime: "2026-03-27T14:25:17.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280809686.md)
  - [en](https://longbridge.com/en/news/280809686.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280809686.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/280809686.md) | [English](https://longbridge.com/en/news/280809686.md)


# CNOOC: Cost-Leadership, Visible Growth, and Undemanding Valuation Support Buy Rating

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.

### 相關股票

- [CNOOC (00883.HK)](https://longbridge.com/zh-HK/quote/00883.HK.md)
- [CNOOC (600938.CN)](https://longbridge.com/zh-HK/quote/600938.CN.md)

## 相關資訊與研究

- [Cnooc Appoints Huang Yongzhang as Its Vice Chairman, Executive Director, President and Member of the Strategy and Sustainability Committee](https://longbridge.com/zh-HK/news/280207453.md)
- [CNOOC Limited Appoints Huang Yongzhang as CEO](https://longbridge.com/zh-HK/news/280207371.md)
- [CNOOC Limited Reshapes Board and Committee Roles to Sharpen Governance Focus](https://longbridge.com/zh-HK/news/279937379.md)
- [CNOOC's Actual Controller Boosts Shareholding](https://longbridge.com/zh-HK/news/277784378.md)
- [China’s CNOOC to boost oil and gas output amid Middle East strife](https://longbridge.com/zh-HK/news/280697073.md)