Goldman Sachs upgrades CNOOC earnings forecast this year to RMB7.5 bln

Goldman Sachs lifted the earnings forecast of China National Offshore Oil Corporation (0883) by 20% to RMB7.5 bln, down 42.48% from last year. Meanwhile, the reviewed earnings forecast was 10% higher than the market expectation and the investment rating was confirmed as ˇ§recommending listˇ¨. Besides, the fund house predicted that its net profit in 2002 would reach RMB7.934 bln, up 3.41% over this year and the figure in 2003 stand at RMB5.228 bln, down 34.07% from 2002.

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