Petrochina 0857

Re: Petrochina 0857

Postby winston » Thu Feb 14, 2019 11:27 am

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PETROCHINA(857)

Analysis:

It is estimated that the net profit attributable to equity holders for 2018 will increase by an amount between RMB28bn and RMB30bn, representing a yoy increase between 123% and 132%.

The estimated profit growth is primarily due to the combined impact of the hiking prices of crude oil, natural gas and other main products, making provisions for asset impairment in accordance with the new accounting standards and incurring additional losses in the disposal of non-current assets.

Crude oil price is likely to remain stable or even climb given regional political conflicts may result in oil production cut in short term, which is positive for the company business.

Strategy:
Buy-in Price: $5.03, Target Price: $6.00, Cut Loss Price: $4.50

Source: Phillips
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Re: Petrochina 0857

Postby winston » Mon Feb 25, 2019 4:00 pm

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<Research Report>M Stanley: 3 Catalysts for PETROCHINA (00857.HK) This Yr; Rated Overweight with TP $5.89

Morgan Stanley was eyeing on three possible catalysts for PETROCHINA (00857.HK) this year, hence rating the company at Overweight with a $5.89 target.

Firstly, PETROCHINA is expected to make an oil output turnaround after three years of volume decline, with mid-to-high single-digit growth for gas volume this year.

However, competition in refinery and petrochemical may be more intense under excessive capacity expansion of certain non-SOE companies.

More importantly, potential formation of the National Gas Pipeline Company, will be a positive catalyst for PETROCHINA, suggested the broker.

Source: AAStocks Financial News
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Re: Petrochina 0857

Postby winston » Mon May 06, 2019 10:59 am

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May 2, 2019

<Research Report>HSBC Research Cuts PETROCHINA (00857.HK) TP to $7.52; Rated Buy

PETROCHINA (00857.HK) saw improved E&P volume and profitability, narrowed pipeline LNG loss and gas price increment in 1Q19.

HSBC Global Research trimmed PETROCHINA's 2019-21E earnings, while rating the stock at Buy with target down from $7.69 to $7.52.

For oil stocks, the broker recommended CNOOC (00883.HK), PETROCHINA and SINOPEC CORP (00386.HK) in pecking order.

Source: AAStocks Financial News
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Re: Petrochina 0857

Postby winston » Mon May 06, 2019 11:01 am

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Apr 29, 2019

<Blue Chip Results>PETROCHINA 1Q NP Climbs 1% to RMB10.26B

PETROCHINA (00857.HK) announced the results for the first quarter ended 31 March 2019.

Net profit grew 1% yearly to RMB10.255 billion, with EPS of RMB0.056.

Revenue ballooned 8.9% annually to RMB591.041 billion.

Crude oil output of the Group was 223.4 million barrels during the period, representing an annual increase of 4.6%.

Marketable natural gas output amounted to 999.9 billion cubic feet, representing an annual increase of 8.9%.

The oil and gas equivalent output was 390.1 million barrels, representing an annual increase of 6.4%.

Source: AAStocks Financial News
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Re: Petrochina 0857

Postby winston » Mon May 13, 2019 8:42 am

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Brokers' Latest TPs, Views on PETROCHINA (00857.HK) (Table)

2019/03/22

PETROCHINA (00857.HK) announced that the 2018 net profit soared 1.3 times yearly to RMB52.591 billion, consistent with its previous forecast of a 1.23-1.32 times annual growth.

Brokers│Investment Ratings│Target prices (HKD)

UBS│Buy│7.6
Jefferies│Buy│7.25
Nomura│Buy│7
Deutsche Bank│Buy│6.47
JPMorgan│Overweight│6.46
BOC International│Buy│6.63->6.34
Goldman Sachs│Neutral│6
Morgan Stanley│Overweight│5.89
Credit Suisse│Neutral│5.3->5.5
Citigroup│Neutral│5->5.4
Bank of America Merrill Lynch│Neutral│5.39

Source: AAstocks.com
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Re: Petrochina 0857

Postby winston » Wed May 15, 2019 4:04 pm

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<Research Report>G Sachs Upgrades PETROCHINA to Buy on Expected Production Growth Acceleration

Although PETROCHINA (00857.HK) has been underperforming Chinese fellows, recent sell-off suggested its risk-reward improvement, with upstream arm gathering momentum.

The company was upgraded to Buy at a $5.8 target.

PETROCHINA's 2019/20E FCF yield is 1%/1.5%, which will likely be enhanced with new production coming onstream after 2020.

Source: AAStocks Financial News
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Re: Petrochina 0857

Postby winston » Fri Mar 06, 2020 1:17 pm

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PetroChina Co Ltd: Country before self

PetroChina’s share price has been the weakest among the Big 3 China oil stocks and this is possibly because of China’s NDRC’s decision to cease the usual 20% city-gate price hike for winter from February 2020.

This is to reduce the cost burden or domestic enterprises due to COVID-19 and the end of the hike comes two months earlier, than the typical winter price hike window.

A back-of-the-envelope calculation shows that the shortened price hike window represents a loss of about RMB6b revenue for PetroChina, or a ~RMB2b bottom-line impact.

This development highlights PetroChina’s policy risk which has been weighing on the stock over the past few years.

Investors have been waiting for details on the National Pipeline Company (which should impact PetroChina via asset pipeline injections) but so far there is not enough substance to judge the outcome for stock prices.

Without these, an overhang on the stock price could continue to persist.

Upcoming 1Q results are also likely to be weak.

We adjust our SOTP-based estimates lower and our fair value falls to HK$3.40.

Source: OCBC
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Re: Petrochina 0857

Postby winston » Tue Nov 03, 2020 10:58 am

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3Q20 back in the black; encouraging signs of recovery across segments

Optimistic outlook underpinned by strong China economic recovery

Expect decent final dividend translating to 9% yield for FY20

Reiterate BUY; TP HK$ 4.00

Source: DBS

https://researchwise.dbsvresearch.com/R ... icfjkfhgbh
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Re: Petrochina 0857

Postby winston » Fri Mar 05, 2021 3:02 pm

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PetroChina Co Ltd - H (857 HK) - Pulled by the rising tide

Since the start of this year, PetroChina-H has delivered total returns of 18% vs. the Hang Seng Index’s 7% rise (based on the closing prices of 4 March 2021), supported by higher oil prices and a recovery in sentiment.

However, the stock has underperformed the rest of the Chinese Big Oils – CNOOC 883 HK is up 27% while Sinopec 386 HK is up 25% over the same period. This is in line with our relative preference for Sinopec-H and CNOOC over PetroChina-H.

Recall that the group announced a profit warning around end January that it expects net profit for 2020 to be down by 55-63%.

Although this may not be surprising under a tough operating environment, the underlying performance of the company is actually worse – 3Q was bumped up by disposal gains to PipeChina.

The stock should be supported by higher oil prices but we believe there are fundamentally stronger companies for investors to choose from to ride the industry recovery.

We update our estimates and our fair value estimate rises from HKD 2.37 to HKD 3.10. HOLD.

Source: OCBC
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Re: Petrochina 0857

Postby winston » Thu Oct 07, 2021 11:03 am

PetroChina Co Ltd (857 HK / 601857 CH) - Buoyed by supportive macro

Near-term natural gas prices have surged and the increase in energy costs has broadened to other commodities such as oil and coal.

Our bank has also recently increased the 3-month forecast for Brent crude to USD85/bbl, before drifting back to below USD80/bbl over a 12-month time frame.

PetroChina would benefit from its production of natural gas (as well as oil), but do note that the import gas business is likely to see wider losses going forward too.

This is because PetroChina may have to import higher-cost LNG during the winter peak demand period, which would worsen its import gas losses.

Recall that the import gas business fell back to losses in 2Q21 from a profit in 1Q21.

The company’s MSCI ESG rating has remained at “CCC” for the past five years and we believe this warrants an ESG discount for the company.

Positive catalysts include higher commodity prices and superior cost discipline resulting in lower break-evens. BUY (857 HK) / HOLD (601857 CH).

Source: OCBC
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