HOLD CNOOC Closing price:$15.30 Target price: $15.30 Share price performance (%) 1wk: 7.36 3mths:13.33 1mth:10.46 1yr:58.54 After the company's release of output growth projections through to 2010, Daiwa has revised up its estimated net asset value by 12 per cent to $15.30, but maintains a six-month 'perform' rating. The oil and gas producer forecast 17-21 per cent production growth in 2005 as development projects started to contribute, above an earlier forecast of 11.5 per cent, analyst Keith Li said. The 2005 net income forecast has been revised 13.2 per cent higher. Daiwa Institute of Research
