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CNOOC

SEHK:883
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
883
SEHK
HK$597B
Market Cap
  1. Home
  2. HK
  3. Energy
Company description

CNOOC Limited, an investment holding company, explores for, develops, produces, and sells crude oil and natural gas. The last earnings update was 49 days ago. More info.


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883 Share Price and Events
7 Day Returns
-0.2%
SEHK:883
0.8%
HK Oil and Gas
-1.6%
HK Market
1 Year Returns
-2.2%
SEHK:883
-24.1%
HK Oil and Gas
-16.6%
HK Market
883 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CNOOC (883) -0.2% -9.5% -4.3% -2.2% 45.3% -3.5%
HK Oil and Gas 0.8% -8.2% -11.6% -24.1% 9.3% -35.4%
HK Market -1.6% -9.5% -5.2% -16.6% 24.8% 7.3%
1 Year Return vs Industry and Market
  • 883 outperformed the Oil and Gas industry which returned -24.1% over the past year.
  • 883 outperformed the Market in Hong Kong which returned -16.6% over the past year.
Price Volatility
883
Industry
5yr Volatility vs Market

883 Value

 Is CNOOC undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CNOOC to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for CNOOC.

SEHK:883 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 22 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.1%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:883
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.92
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.915 (1 + (1- 25%) (26.56%))
1.065
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.07
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.065 * 6.65%)
9.09%

Discounted Cash Flow Calculation for SEHK:883 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for CNOOC is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:883 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 9.09%)
2019 37,674.31 Analyst x10 34,535.96
2020 44,134.22 Analyst x11 37,087.53
2021 47,636.03 Analyst x8 36,695.62
2022 53,512.13 Analyst x3 37,788.28
2023 56,851.67 Analyst x3 36,802.24
2024 59,603.30 Est @ 4.84% 35,369.39
2025 61,980.82 Est @ 3.99% 33,716.37
2026 64,083.91 Est @ 3.39% 31,956.47
2027 65,991.11 Est @ 2.98% 30,166.26
2028 67,762.42 Est @ 2.68% 28,395.61
Present value of next 10 years cash flows CN¥342,513.73
SEHK:883 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CN¥67,762.42 × (1 + 2%) ÷ (9.09% – 2%)
CN¥975,688.79
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥975,688.79 ÷ (1 + 9.09%)10
CN¥408,858.97
SEHK:883 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥342,513.73 + CN¥408,858.97
CN¥751,372.70
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥751,372.70 / 44,647.46
CN¥16.83
SEHK:883 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:883)
1.137
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥16.83 x 1.137
HK$19.14
Value per share (HKD) From above. HK$19.14
Current discount Discount to share price of HK$13.34
= -1 x (HK$13.34 - HK$19.14) / HK$19.14
30.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price CNOOC is available for.
Intrinsic value
30%
Share price is HK$13.34 vs Future cash flow value of HK$19.14
Current Discount Checks
For CNOOC to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CNOOC's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CNOOC's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CNOOC's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CNOOC's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:883 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥1.18
SEHK:883 Share Price ** SEHK (2019-05-22) in HKD HK$13.34
SEHK:883 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.879 CN¥11.73
Hong Kong Oil and Gas Industry PE Ratio Median Figure of 28 Publicly-Listed Oil and Gas Companies 10.45x
Hong Kong Market PE Ratio Median Figure of 1,478 Publicly-Listed Companies 11.06x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CNOOC.

SEHK:883 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:883 Share Price ÷ EPS (both in CNY)

= 11.73 ÷ 1.18

9.94x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CNOOC is good value based on earnings compared to the HK Oil and Gas industry average.
  • CNOOC is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does CNOOC's expected growth come at a high price?
Raw Data
SEHK:883 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.94x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 22 Analysts
5.5%per year
Hong Kong Oil and Gas Industry PEG Ratio Median Figure of 11 Publicly-Listed Oil and Gas Companies 0.8x
Hong Kong Market PEG Ratio Median Figure of 463 Publicly-Listed Companies 0.8x

*Line of best fit is calculated by linear regression .

SEHK:883 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.94x ÷ 5.5%

1.81x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CNOOC is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CNOOC's assets?
Raw Data
SEHK:883 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥9.35
SEHK:883 Share Price * SEHK (2019-05-22) in HKD HK$13.34
SEHK:883 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.879 CN¥11.73
Hong Kong Oil and Gas Industry PB Ratio Median Figure of 45 Publicly-Listed Oil and Gas Companies 0.91x
Hong Kong Market PB Ratio Median Figure of 2,157 Publicly-Listed Companies 0.97x
SEHK:883 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:883 Share Price ÷ Book Value per Share (both in CNY)

= 11.73 ÷ 9.35

1.25x

* Primary Listing of CNOOC.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CNOOC is overvalued based on assets compared to the HK Oil and Gas industry average.
X
Value checks
We assess CNOOC's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. CNOOC has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

883 Future Performance

 How is CNOOC expected to perform in the next 1 to 3 years based on estimates from 22 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CNOOC expected to grow at an attractive rate?
  • CNOOC's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • CNOOC's earnings growth is expected to exceed the Hong Kong market average.
  • CNOOC's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:883 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:883 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 22 Analysts 5.5%
SEHK:883 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 22 Analysts 5.2%
Hong Kong Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 6.6%
Hong Kong Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 2.9%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average -5.7%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:883 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 22 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:883 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 296,834 150,564 68,504 2
2022-12-31 285,298 141,934 64,885 2
2021-12-31 262,367 124,881 62,498 15
2020-12-31 243,661 119,626 58,980 22
2019-12-31 229,330 103,853 54,708 21
SEHK:883 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 226,430 123,883 52,688
2018-09-30 213,057 114,088 43,296
2018-06-30 199,683 104,293 33,904
2018-03-31 193,040 99,514 29,291
2017-12-31 186,396 94,734 24,677
2017-09-30 178,987 91,959 24,650
2017-06-30 171,578 89,184 24,622
2017-03-31 158,813 81,024 12,630
2016-12-31 146,048 72,863 637
2016-09-30 147,443 76,444 -793
2016-06-30 148,838 80,025 -2,222
2016-03-31 160,217 80,060 9,012

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CNOOC's earnings are expected to grow by 5.5% yearly, however this is not considered high growth (20% yearly).
  • CNOOC's revenue is expected to grow by 5.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:883 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 22 Analyst Estimates (S&P Global) See Below

All data from CNOOC Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:883 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 1.53 1.53 1.53 1.00
2022-12-31 1.54 1.62 1.45 2.00
2021-12-31 1.41 1.64 1.00 15.00
2020-12-31 1.31 1.58 0.88 21.00
2019-12-31 1.21 1.32 0.91 19.00
SEHK:883 Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 1.18
2018-09-30 0.97
2018-06-30 0.76
2018-03-31 0.66
2017-12-31 0.55
2017-09-30 0.55
2017-06-30 0.55
2017-03-31 0.28
2016-12-31 0.01
2016-09-30 -0.02
2016-06-30 -0.05
2016-03-31 0.20

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • CNOOC is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CNOOC's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CNOOC has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

883 Past Performance

  How has CNOOC performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CNOOC's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CNOOC's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • CNOOC's 1-year earnings growth exceeds its 5-year average (113.5% vs -16.5%)
  • CNOOC's earnings growth has exceeded the HK Oil and Gas industry average in the past year (113.5% vs 10.8%).
Earnings and Revenue History
CNOOC's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CNOOC Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:883 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 226,430.00 52,688.00 14,379.00
2018-09-30 213,056.50 43,296.00 13,933.50
2018-06-30 199,683.00 33,904.00 13,417.00
2018-03-31 193,039.50 29,290.50 13,650.00
2017-12-31 186,396.00 24,677.00 13,954.00
2017-09-30 178,987.00 24,649.50 14,026.00
2017-06-30 171,578.00 24,622.00 14,098.00
2017-03-31 158,813.00 12,629.50 14,283.00
2016-12-31 146,048.00 637.00 14,468.00
2016-09-30 147,443.00 -792.50 14,872.00
2016-06-30 148,838.00 -2,222.00 14,354.00
2016-03-31 160,216.50 9,012.00 14,751.00
2015-12-31 171,595.00 20,246.00 15,609.00
2015-09-30 197,763.00 30,792.50 16,041.50
2015-06-30 223,931.00 41,339.00 16,997.00
2015-03-31 248,536.50 50,769.00 17,567.50
2014-12-31 273,142.00 60,199.00 18,107.00
2014-09-30 279,881.00 57,935.00 21,349.50
2014-06-30 285,258.00 55,671.00 25,509.00
2014-03-31 285,371.50 56,066.00 25,244.00
2013-12-31 286,166.00 56,461.00 24,505.00
2013-09-30 276,740.50 61,333.00 19,602.50
2013-06-30 267,996.00 66,205.00 14,226.00
2013-03-31 257,616.50 64,948.00 13,323.00
2012-12-31 247,237.00 63,691.00 12,420.00
2012-09-30 240,940.50 63,236.00 11,791.00
2012-06-30 234,644.00 62,781.00 11,162.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • CNOOC has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CNOOC used its assets more efficiently than the HK Oil and Gas industry average last year based on Return on Assets.
  • CNOOC has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CNOOC's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CNOOC has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

883 Health

 How is CNOOC's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CNOOC's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CNOOC is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CNOOC's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CNOOC's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CNOOC Company Filings, last reported 4 months ago.

SEHK:883 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 417,365.00 139,521.00 153,475.00
2018-09-30 417,365.00 139,521.00 153,475.00
2018-06-30 395,993.00 134,273.00 140,918.00
2018-03-31 395,993.00 134,273.00 140,918.00
2017-12-31 379,975.00 132,250.00 102,310.00
2017-09-30 379,975.00 132,250.00 102,310.00
2017-06-30 384,848.00 146,148.00 108,995.00
2017-03-31 384,848.00 146,148.00 108,995.00
2016-12-31 382,371.00 150,476.00 83,469.00
2016-09-30 382,371.00 150,476.00 83,469.00
2016-06-30 370,974.00 158,987.00 99,255.00
2016-03-31 370,974.00 158,987.00 99,255.00
2015-12-31 386,041.00 164,645.00 101,697.00
2015-09-30 386,041.00 164,645.00 101,697.00
2015-06-30 382,971.00 148,448.00 108,438.00
2015-03-31 382,971.00 148,448.00 108,438.00
2014-12-31 379,610.00 136,563.00 91,783.00
2014-09-30 379,610.00 136,563.00 91,783.00
2014-06-30 366,495.00 133,838.00 106,291.00
2014-03-31 366,495.00 133,838.00 106,291.00
2013-12-31 341,620.00 131,852.00 91,639.00
2013-09-30 341,620.00 131,852.00 91,639.00
2013-06-30 329,616.00 130,109.00 100,935.00
2013-03-31 329,616.00 130,109.00 100,935.00
2012-12-31 309,780.00 57,886.00 133,709.00
2012-09-30 309,780.00 57,886.00 133,709.00
2012-06-30 284,225.00 54,990.00 106,523.00
  • CNOOC's level of debt (33.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (38.6% vs 33.4% today).
  • Debt is well covered by operating cash flow (88.8%, greater than 20% of total debt).
  • CNOOC earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess CNOOC's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CNOOC has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

883 Dividends

 What is CNOOC's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.82%
Current annual income from CNOOC dividends. Estimated to be 5.43% next year.
If you bought HK$2,000 of CNOOC shares you are expected to receive HK$116 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • CNOOC's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.08%).
  • CNOOC's dividend is above the markets top 25% of dividend payers in Hong Kong (5.8%).
Upcoming dividend payment

Purchase CNOOC before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:883 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 22 Analyst Estimates (S&P Global) See Below
Hong Kong Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 5.7%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 968 Stocks 3.7%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:883 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.87 1.00
2022-12-31 0.78 2.00
2021-12-31 0.68 16.00
2020-12-31 0.63 22.00
2019-12-31 0.59 22.00
SEHK:883 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-03-21 0.682 5.637
2018-08-23 0.462 4.055
2018-03-29 0.399 3.891
2017-04-24 0.309 3.654
2017-04-21 0.309 3.855
2017-03-23 0.310 3.767
2016-08-24 0.206 2.473
2016-04-21 0.415 5.156
2016-04-05 0.417 5.366
2016-03-24 0.416 5.595
2015-08-26 0.465 6.863
2015-04-08 0.456 5.164
2015-03-27 0.456 5.166
2014-08-28 0.449 4.948
2014-04-09 0.452 4.180
2014-03-28 0.456 4.725
2013-08-20 0.444 4.015
2013-04-08 0.370 3.397
2013-03-22 0.376 3.169
2012-04-12 0.448 3.608
2012-03-28 0.453 3.543
2011-08-24 0.405 3.354
2011-03-23 0.410 2.802
2011-01-13 0.362 2.413
2010-08-19 0.356 2.598
2010-03-31 0.348 3.065
2009-08-26 0.351 3.386

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of CNOOC's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess CNOOC's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CNOOC afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CNOOC has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

883 Management

 What is the CEO of CNOOC's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Guangyu Yuan
COMPENSATION CN¥786,000
AGE 59
TENURE AS CEO 2.1 years
CEO Bio

Mr. Guangyu Yuan serves as Vice President and Party Leadership Group Member at China National Offshore Oil Corporation (CNOOC) since July 2016. Mr. Yuan served as the Chief Executive Officer of China National Offshore Oil Corporation (CNOOC) since April 18, 2017 and had served its Executive Director since June 15, 2016. Mr. Yuan joined China National Offshore Oil Corporation in 1982 and has over 30 years of experience in the oil and gas industry. Mr. Yuan has been the President China National Offshore Oil Corporation since August 2016 and has been its Party Leadership Group Member since August 01, 2016. He served as the President of China National Offshore Oil Corporation (CNOOC) since June 15, 2016 until April 18, 2017. He served as Vice President of China National Offshore Oil Corporation since August 01, 2016. He served as Executive Vice President and General Manager of CNOOC China Limited Tianjin Branch at China National Offshore Oil Corporation (CNOOC) since March 2009 until June 15, 2016. He has been General Manager of Cnooc China Limited since April 2013. He has been Assistant to General Manager of China National Offshore Oil Corporation (CNOOC) since November 2006. He is a senior engineer. He has over 27 years of experience in the oil and gas industry. He served as an Assistant President of China National Offshore Oil Corp from November 2006 to May 2016. Since July 2016, Mr. Yuan was appointed as the Vice President of China National Offshore Oil Corp. In April 2013, Mr. Yuan was appointed as Director of Bohai Petroleum Administrative Bureau of China National Offshore Oil Corporation. He served as President of China Oilfield Services Ltd. from 2003 to March 2007 and its Chief Executive Officer from 2003 to March 2009. He served as President and Chief Operating Officer of China Oilfield Services Ltd. from 2002 to 2003. He served as President of China Offshore Oil Northern Drilling Company from 1999 to 2001. He served as President and Chairman of the Board at China National Offshore Oil Corp. services from 2001 to 2002. Mr. Yuan joined China National Offshore Oil Corp. in 1982 and has been working in the PRC oil and gas industry for over 25 years. He served as a drilling-rig Team Head, Supervisor, Deputy Manager of China National Offshore Oil Corp.'s Bohai Drilling Company and Manager from 1982 to 1993. He served as Deputy General Manager of China Offshore Bohai Drilling Company from 1993 to 1994 and served as Deputy Manager of China National Offshore Oil Corp.'s Operations Department from 1996 to 1999. He served as Vice Chairman of the Board of Directors, Chief Executive Officer and President of China Oilfield Services Limited. He served as General Manager of China Offshore Oil Northern Drilling Company, a wholly owned subsidiary of China National Offshore Oil Corp. from September 1999 to October 2001 and served as its Deputy General Manager from 1995 to 1996. Mr. Yuan served as Vice-chairman of China Oilfield Services Ltd from March 2007 to June 2009. He Yuan serves as a Director of China Ocean Oilfields Services (Hong Kong) Limited. From 15 June 2016 to 5 May 2017, he was appointed as the Chairman of CNOOC International Limited. He serves as the Director of CNOOC China Limited, CNOOC International Limited, CNOOC Southeast Asia Ltd. and CNOOC Deepwater Development Limited. He served as a Non-Executive Director of China Oilfield Services Ltd. from March 2, 2009 to June 2009. Mr. Yuan served as an Executive Director of China Oilfield Services Ltd. from September 20, 2002 to March 2009. Mr. Yuan graduated from China University of Petroleum with a bachelor's degree in drilling engineering. He obtained a master degree from the Capital University of Economics and Business in 2001. He graduated from the CEO Class and the EMBA program of China Europe International Business School in 2004 and 2007 respectively.

CEO Compensation
  • Guangyu's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Guangyu's remuneration is lower than average for companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the CNOOC management team in years:

2.1
Average Tenure
53
Average Age
  • The tenure for the CNOOC management team is about average.
Management Team

Guangyu Yuan

TITLE
CEO & Executive Director
COMPENSATION
CN¥786K
AGE
59
TENURE
2.1 yrs

Keqiang Xu

TITLE
President & Executive Director
COMPENSATION
CN¥402K
AGE
47
TENURE
2.1 yrs

Weizhi Xie

TITLE
Chief Financial Officer
AGE
54
TENURE
1.8 yrs

Xiaonan Wu

TITLE
General Counsel
AGE
51
TENURE
0.8 yrs

Jing Liu

TITLE
Manager of Media & Public Relations

Guohua Zhang

TITLE
Senior Vice President
AGE
58
TENURE
13.6 yrs

Yuhong Xie

TITLE
Executive VP & Chief Safety Officer
AGE
57
TENURE
3 yrs

Xinjian Cao

TITLE
Executive Vice President
AGE
52
TENURE
2.2 yrs

May Tsue

TITLE
Joint Company Secretary
AGE
45
TENURE
10.5 yrs
Board of Directors Tenure

Average tenure and age of the CNOOC board of directors in years:

4
Average Tenure
61
Average Age
  • The tenure for the CNOOC board of directors is about average.
Board of Directors

Hua Yang

TITLE
Chairman of the Board
AGE
57
TENURE
4 yrs

Guangyu Yuan

TITLE
CEO & Executive Director
COMPENSATION
CN¥786K
AGE
59
TENURE
2.9 yrs

Dongjin Wang

TITLE
Vice Chairman
AGE
56
TENURE
0.4 yrs

Keqiang Xu

TITLE
President & Executive Director
COMPENSATION
CN¥402K
AGE
47
TENURE
2.1 yrs

Sung Hong Chiu

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥972K
AGE
71
TENURE
19.7 yrs

Aloysius Tse

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥972K
AGE
70
TENURE
13.9 yrs

Lawrence Lau

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥824K
AGE
74
TENURE
13.8 yrs

Zhi Qiu

TITLE
Independent Non-Executive Director
AGE
63
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
X
Management checks
We assess CNOOC's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CNOOC has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

883 News

Simply Wall St News

An Intrinsic Calculation For CNOOC Limited (HKG:883) Suggests It's 30% Undervalued

Today, we will estimate the stock's intrinsic value by projecting its future cash flows and then discounting them to today's value. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) forecast 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (CN¥, Millions) CN¥37.67k CN¥44.13k CN¥47.64k CN¥53.51k CN¥56.85k CN¥59.60k CN¥61.98k CN¥64.08k CN¥65.99k CN¥67.76k Growth Rate Estimate Source Analyst x10 Analyst x11 Analyst x8 Analyst x3 Analyst x3 Est @ 4.84% Est @ 3.99% Est @ 3.39% Est @ 2.98% Est @ 2.68% Present Value (CN¥, Millions) Discounted @ 9.07% CN¥34.54k CN¥37.10k CN¥36.71k CN¥37.81k CN¥36.83k CN¥35.40k CN¥33.76k CN¥32.00k CN¥30.21k CN¥28.44k Present Value of 10-year Cash Flow (PVCF)= CN¥342.81b "Est" = FCF growth rate estimated by Simply Wall St The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … SEHK:883 Intrinsic value, May 22nd 2019 Important assumptions We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.

Simply Wall St -

How Much Of CNOOC Limited (HKG:883) Do Institutions Own?

Taking a look at our data on the ownership groups (below), it's seems that institutional investors have bought into the company. … View our latest analysis for CNOOC SEHK:883 Ownership Summary, May 13th 2019 What Does The Institutional Ownership Tell Us About CNOOC? … Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual.

Simply Wall St -

If You Like EPS Growth Then Check Out CNOOC (HKG:883) Before It's Too Late

How Quickly Is CNOOC Increasing Earnings Per Share. … One way to double-check a company's growth is to look at how its revenue, and earnings before interest and tax (EBIT) margins are changing. … In the chart below, you can see how the company has grown earnings, and revenue, over time

Simply Wall St -

What Can We Make Of CNOOC Limited’s (HKG:883) High Return On Capital?

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … What is Return On Capital Employed (ROCE)? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

CNOOC Limited (HKG:883): Poised For Long Term Success?

As CNOOC Limited (HKG:883) released its earnings announcement on 31 December 2018, … with profits predicted to increase by 1.5% next year … the past 5-year average growth rate of -17%.

Simply Wall St -

Did CNOOC's (HKG:883) Share Price Deserve to Gain 61%?

For example, CNOOC Limited (HKG:883) shareholders have seen the share price rise 61% over three years, well in excess of the market return (32%, not including dividends). … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During three years of share price growth, CNOOC achieved compound earnings per share growth of 38% per year.

Simply Wall St -

CNOOC Limited (HKG:883): What Does The Future Look Like?

CNOOC Limited's (HKG:883) most recent earnings announcement in December 2018a … revealed … business

Simply Wall St -

How Does CNOOC Limited (HKG:883) Fare As A Dividend Stock?

Historically, CNOOC Limited (HKG:883) has paid a dividend to shareholders. … Does CNOOC tick all the boxes of a great dividend stock? … 5 questions to ask before buying a dividend stock

Simply Wall St -

Has CNOOC Limited (HKG:883) Got Enough Cash?

Common characteristics for these big stocks are their strong balance sheet and high liquidity, which means there's plenty of stocks available to the public for trading. … In times of low liquidity in the market, these firms won’t be left high and dry. … Today I will analyse the latest financial data for 883 to determine is solvency and liquidity and whether the stock is a sound investment.

Simply Wall St -

CNOOC Limited (HKG:883): A Fundamentally Attractive Investment

Help shape the future of investing tools and you could win a $250 gift card! … I've been keeping an eye on CNOOC Limited (HKG:883) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe 883 has a lot to offer.

Simply Wall St -

883 Company Info

Description

CNOOC Limited, an investment holding company, explores for, develops, produces, and sells crude oil and natural gas. The company operates through Exploration and Production, and Trading Business segments. It produces offshore crude oil and natural gas primarily in Bohai, Western South China Sea, Eastern South China Sea, and East China Sea in offshore China. The company also holds interests in various oil and gas assets in Asia, Africa, North America, South America, Oceania, and Europe. As of December 31, 2018, it had net proved reserves of approximately 4.96 billion barrels-of-oil equivalent. In addition, the company is involved in the issuance of bonds. The company was incorporated in 1999 and is based in Central, Hong Kong. CNOOC Limited is a subsidiary of China National Offshore Oil Corporation.

Details
Name: CNOOC Limited
883
Exchange: SEHK
Founded: 1999
HK$597,382,961,065
44,647,455,984
Website: http://www.cnoocltd.com
Address: CNOOC Limited
Bank of China Tower,
65th Floor,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 883 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 21. Oct 1999
OTCPK CEOH.F Ordinary Shares Pink Sheets LLC US USD 21. Oct 1999
DB NC2B Ordinary Shares Deutsche Boerse AG DE EUR 21. Oct 1999
SWX CNC Ordinary Shares SIX Swiss Exchange CH CHF 21. Oct 1999
SHSC 883 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 21. Oct 1999
SZSC 883 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 21. Oct 1999
NYSE CEO SPONSORED ADR New York Stock Exchange US USD 27. Feb 2001
DB NC2A SPONSORED ADR Deutsche Boerse AG DE EUR 27. Feb 2001
TSX CNU SPONSORED ADR The Toronto Stock Exchange CA CAD 27. Feb 2001
BMV CEO N SPONSORED ADR Bolsa Mexicana de Valores MX MXN 27. Feb 2001
Number of employees
Current staff
Staff numbers
18,103
CNOOC employees.
Industry
Oil and Gas Exploration and Production
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 12:31
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/21
Last earnings filing: 2019/04/03
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.