PetroChina’s First-Half 2018 Results In Line With Preliminary Guidance; Shares Fully Valued
No-moat PetroChina’s first-half 2018 net profit more than doubled from a year ago to CNY 27.1 billion. The strong results were within preliminary guidance given in July and broadly in line with our expectations. After updating our valuation model to incorporate our latest Brent oil prices and U.S. dollar exchange-rate assumptions, our fair value estimate is unchanged at HKD 5.80 (USD 74 per ADR). We think the firm is fairly valued currently. While PetroChina has increased its interim dividend (i...
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