PetroChina Is Fairly Valued Despite Earnings Recovery; Dividend Yield Remains Decent
No-moat PetroChina’s cumulative nine months net profit of CNY 48.1 billion, up 177% year over year, was above market and our expectations. In particular, third-quarter earnings rose 24% quarter over quarter, largely attributable to higher oil and gas prices, and better performance of refining and chemicals segment. After incorporating our latest oil price forecasts and U.S. dollar exchange rate assumptions, we increase our fair value estimate to HKD 6.10 per share (USD 79 per ADR) from HKD 5.80 ...
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