PetroChina’s Interim Profit Helped by One-Off Gain; FVE Raised on Cost Cuts and Oil Price Rise
We raise our fair value estimate on PetroChina to HKD 4.30 (USD 56 per ADR) from HKD 3.80 (USD 50 per ADR) following adjustments up in our oil price assumptions and a deeper-than-expected cut in the company’s lifting cost. The company reported interim net profit of CNY 531 million, a recovery from a first-quarter net loss, but this was mainly due to a one-off gain of CNY 24.5 billion and continued strength in refining margins, neither of which is sustainable. Nonetheless, we expect improved earn...
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