CNOOC 1%uob to reaffirm bullish view

PetroChina's petrochemical industry opened a small 0.75% to HK $4.05 this morning, closing 1.35 million shares.　　UOB, a report by UOB, said it maintained the buying rating of the unit, with a target price of HK $4.8 to HK $6, which would raise the target price/earnings ratio for fiscal year 2010 from 12 times to 15 times times, at a price premium of 48%. UOB that the profit forecast for the CNOOC 2009-2011 fiscal year remains unchanged. Still bullish on the stock, as the company's lower costs will allow it to cross domestic fertiliser and methanol in two industries. At the same time, the unit is valued at less than its peers, with the current value of 10 times times the expected price/earnings ratio for the 2010 fiscal year, with the Chinese chemical fertilizer (00297-HK) earning a 13.5 times-fold earnings ratio of more than 15 times times its domestic peers.