PetroChina’s Unexciting Results and Outlook Consistent With Challenges; FVE Raised to HKD 5.80
PetroChina’s fourth-quarter performance was mixed, with its upstream and marketing divisions beating our expectations but gas and pipelines disappointing, as losses resumed for its imported gas sales. Altogether, full-year 2016 net profit of CNY 7.8 billion was within our estimates. Compared with Sinopec, PetroChina’s performance failed to excite the market, as it benefited less from exceptionally robust refining and chemicals market conditions. However, we anticipate a much stronger 2017 perfor...
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