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STOCK COMPARISON

Cnooc vs Manila Electric: Fair Value & Quality

Both stocks run through our valuation models. Here is how Cnooc (0883) and Manila Electric (MER) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Manila Electric as the more attractively valued of the two: Cnooc trades at HK$25.06 versus a fair value of HK$26.54 (+6%), while Manila Electric trades at PHP 460 versus PHP 661 (+44%).
Cnooc
0883.HK · HKD · Energy
+6%
upside to fair value
fairly valued
PriceHK$25.06
Fair ValueHK$26.54
Quality63/100
Manila Electric
MER.PSE · PHP · Industrials
+44%
upside to fair value
undervalued
PricePHP 460
Fair ValuePHP 661
Quality55/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

CnoocManila Electric
Valuation
7.7×P/E (TTM)16.1×
2.67×P/S (TTM)—
1.35×P/B—
4.3×EV/EBITDA—
0.16×PEG—
+5.9%Fair value upside+43.5%
4.6%Dividend yield8.1%
HK$1.15Dividend per share—
Profitability
45%Operating margin0%
2.05×EBIT margin trend (5Y)0.95×
15%Return on equity—
9%Return on assets0%
Growth
9%Revenue growth (YoY)0%
-3.7%Avg. growth/yr (3Y)13.9%
20.0%Avg. growth/yr (5Y)8.7%
+17.4%Value creation/yr+22.9%
Balance & size
65.7×Interest coverage (EBIT/interest)11,258.3×
0.07×Debt / equity0.38×
$139BMarket cap$5B
weakGrowth qualitymixed
Valuation multiples (P/E, P/S, P/B, EV/EBITDA) are shown but not scored here: the two companies sit in different sectors, and multiples only compare fairly between similar business models. PEG stays scored, as it relates the P/E to growth.

Manila Electric leads: 5 to 6 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Cnoocof which business quality 64 · market factors 63 Manila Electricof which business quality 51 · market factors 33
ProfitabilityMargins and returns on capital today
55
63
Quality GrowthAre margins and returns improving?
36
50
CashflowEarnings quality: real cash, not paper profit
76
23
Fin. StrengthBalance sheet, leverage, solvency risk
84
49
InvestmentDisciplined investing over empire-building
40
49
Low VolatilityCalm price path (market factor)
83
66
MomentumPrice trend over the last 3–12 months (market factor)
47
24
52W MomentumDistance to the 52-week high (market factor)
69
11
Net IssuanceBuybacks instead of dilution
79
82

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyCnoocPrice HK$25.06Manila ElectricPrice PHP 460
DCF Models+65%above the priceHK$41.36+68%above the pricePHP 774
Earnings-Based+11%close to the priceHK$27.87+32%above the pricePHP 607
Dividend Discount+1%close to the priceHK$25.25+55%above the pricePHP 712
Multiples+33%above the priceHK$33.44+157%above the pricePHP 1,183
Asset-Based-52%below the priceHK$12.08-67%below the pricePHP 152
Growth DCF+33%above the priceHK$33.29-89%below the pricePHP 49.03
Economic Profit+30%above the priceHK$32.53+54%above the pricePHP 707
Growth Earnings+34%above the priceHK$33.61+202%above the pricePHP 1,392
Minimum-52%below the priceHK$12.08-89%below the pricePHP 49.03
Maximum+65%above the priceHK$41.36+202%above the pricePHP 1,392
Median+31%above the priceHK$32.91+54%above the pricePHP 710
Geometric mean+13%close to the priceHK$28.44+5%close to the pricePHP 482

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Cnooc: 10 of 26 models see the stock below the current price.

Manila Electric: 3 of 25 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Cnooc
Bear HK$19.94Fair Value HK$26.54Bull HK$33.98
HK$25.06 = current price (white tick)
Manila Electric
Bear PHP 378Fair Value PHP 661Bull PHP 1,439
PHP 460 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Cnooc · Energy

Quality score63 · Top 25%
Fair value upside+6% · above median

Manila Electric · Industrials

Quality score55 · above median
Fair value upside+44% · Top 25%

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees Manila Electric as the more attractively valued of the two: Cnooc trades at HK$25.06 versus a fair value of HK$26.54 (+6%), while Manila Electric trades at PHP 460 versus PHP 661 (+44%).

Cnooc has the higher quality score (63/100).

See the full analysis →
Cnooc · Manila Electric

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.