PetroChina’s Disappointing Upstream Mitigated by Better Refining Performance
PetroChina’s first-quarter 2018 net profit was up 78% year over year to CNY 10.2 billion on the back of a strong recovery in oil and gas prices. However, the earnings were below market and our expectations due to disappointing upstream and marketing performances, partly mitigated by better contributions from the refining and chemicals and natural gas and pipeline segments. After fine-tuning our valuation model, we reduce our fair value estimate for no-moat PetroChina to HKD 5.40 (USD 69 per ADR)...
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