PetroChina Is Fairly Valued Despite Earnings Recovery; Dividend Yield Remains Decent
PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward the upstream activities, PetroChina is more sensitive to oil price swings than its peer, Sinopec. In addition, the firm’s downstream operations lag behind Sinopec, which has better scale and efficiency in the sector. That said, PetroChina will benefit more in a rising oil price environment.While we believe that government restrictions on dome...
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