CNOOC Limited (600938.SS)
ValueMarkers Composite Index
65% below intrinsic value ($18)
CNOOC Limited (600938.SS) — VMCI valuation read
600938.SS screens at VMCI 64/100, a 14-point gap above the Energy sector median (50). For a mid-cap CNOOC Limited share, that placement says the multi-pillar composite is cheaper or higher quality than the typical peer on a like-for-like basis.
600938.SS has logged no Form 4 insider activity over the trailing 30 days. The tape reads neither bullish nor bearish on insider conviction. The next signal sits with the 10-Q schedule and the analyst calendar.
**Investor frame.** Value: 600938.SS trades at 18.0x earnings, 0% above the Energy median of 18.0x, while EV/EBITDA prints 9.0x against 12.0x for the Energy group. Quality: ROIC of 12.0% sits 2.0pp above the Energy median (10.0%), the cleanest like-for-like comparison on capital efficiency. Risk: net debt to EBITDA of 1.3x leaves covenant headroom, which sets the rate-cycle exposure for CNOOC Limited.
600938.SS held flat 0.0% over the trailing 7 days, with a -21.4% read on a 30-day basis.
CNOOC Limited, an investment holding company, engages in the exploration, development, production, and sale of crude oil and natural gas. It operates through, E&P and Trading Business segments. The company produces offshore crude oil and natural gas primarily in Bohai, the Western South China Sea, the Eastern South China Sea, and the East China Sea in offshore China. It also holds interests in various oil and gas assets in Asia, Africa, North America, South America, Oceania, and Europe. In addition, the company is involved in the sales and trading of petroleum and natural gas; oil sands exploration, development, and production; and exploration, development, and production of unconventional natural gas resources in onshore China, as well as shale gas exploration activities in the People's Republic of China. CNOOC Limited operates in China, Indonesia, Iraq, Russia, Canada, the United States, the United Kingdom, Nigeria, Uganda, Argentina, Brazil, Guyana, Australia, and internationally. The company was incorporated in 1999 and is based in Central, Hong Kong. CNOOC Limited is a subsidiary of China National Offshore Oil Corporation.
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