BNP Paribas: CNOOC 'Bullish' on Offshore China Prospects

BNP Paribas said CNOOC's 43% y-y capex increase and COSL's high utilization display bullishness towards the prospects of offshore China, according to ET Net News Agency, China.

"We expect COSL to produce steady EPS growth over the next three years, supported by high demand for seismic and marine services. With the stock having appreciated significantly, we see moderate, low-risk upside from here", its analyst Bradley Way said in a report.

Way maintained his "Buy" call on the stock, but raised his target price to HK$16.1 from HK$13.3.