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Previously…

We wrote a comprehensive piece on CNOOC (883 HK) in Jan 2021 (see article here), as it was our preferred oil stock at that time. We had a position then (as disclosed) and subsequently exited for a 36% return in about a month. The stock is looking interesting again, having come off by 22% from its Feb-2021 peak, and we have bought back into the stock for the following three reasons… 1) Post oil price rally, CNOOC’s valuations are now dirt cheap 2) Upcoming China listing may drive rerating of HK-listed shares 3) Announcement of dividend policy looks likely (~10% yield?) Between 2016-2020, CNOOC’s share valuations have tracked movements in Brent prices very closely...