PetroChina’s 1Q Results Disappoints on Refining Earnings; Shares Fairly Valued
We cut no-moat PetroChina’s fair value estimate to HKD 5.10 per share ($65 per ADR, CNY 4.38 per share) from HKD 5.20 ($66, CNY 4.40), following the announcement of its disappointing first-quarter results. We think the firm is fairly valued at the current price level with recent strength in oil prices largely priced-in. That said, the impending creation of a national pipeline company could be a catalyst for the stock. PetroChina’s first-quarter 2019 net profit was up 1% year over year to CNY 10....
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