PetroChina’s 2017 Results Within Guidance; Special Dividend a Pleasant Surprise
PetroChina’s 2017 net profit of CNY 22.8 billion was in line with our estimate and the firm’s guidance. The significant turnaround from 2016’s CNY 7.9 billion was mainly due to the higher oil and gas selling prices and the increase in sales volume. We retain our fair value estimate of HKD 5.40 (USD 69 per ADR), pending more details from an analyst briefing. However, we would like to highlight some of our key findings.The firm recorded asset impairment losses of CNY 26 billion in 2017, with the ...
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