PetroChina's 2018 Results Within Guidance; Reducing FVE to HKD 5.20
No-moat PetroChina’s 2018 net profit of CNY 52.6 billion, up 131% year over year, was in line with preliminary guidance. The sharp turnaround was mainly attributable to higher oil and gas selling prices and better performance from the natural gas and pipeline segment. We are lowering our fair value estimate to HKD 5.20 per share ($66 per ADR, CNY 4.40 per share) from HKD 5.40 per share ($69 per ADR, CNY 4.76 per share) after taking into account higher-than-expected capital expenditure and our up...
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