Thursday, January 23, 2014

CNOOC purchased

Yesterday I made a further investment in CNOOC (HK:883). My rather simplistic view is that the sell off in response to news that reserves are growing at a slower pace than previously predicted is overdone. The company has a very strong balance sheet, is selling on a single digit PE and offers an acceptable trailing yield of  3.6%.

I paid HK$12.84 for the additional shares.

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