Citic Securities International: raises target price for China Offshore Oil (00883.HK) to 25.06 Hong Kong dollars, third-quarter net profit surpasses expectations.

Zhitong Finance APP learned that BOC International released a research report stating that CNOOC (00883.HK) recorded a third-quarter net profit of 32.4 billion yuan, a year-on-year decrease of 12%, a quarterly decrease of 2%, still exceeding the bank's expected 6%, mainly due to trading profits higher than expected; while the decline in profit was due to a slight decrease in production volume and an increase in unit cost for the quarter. The bank expects fourth-quarter profits to decrease by 21% quarter-on-quarter due to expected oil price declines and increased costs; it raised its profit forecast for 2025 by 1%, reiterated a "buy" rating, and raised the H-share target price from the original 24.87 Hong Kong dollars to 25.06 Hong Kong dollars.