PetroChina Interim Net Profit Estimated at CNY 9 Billion-11 Billion; Slight Risk to Our FVE
PetroChina has announced that its interim net profit will be around CNY 9 billion-11 billion, leaving the company with a wide gap to meet the market’s full-year expectations, particularly with crude oil prices staying soft. Although this is a huge rebound from the CNY 531 million net profit made in first-half 2016, prospects are likely weaker in the second half. We will probably lower our 2017 net profit forecast due to the pullback in the crude oil price, but this alone probably won’t change ou...
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