Higher Oil Prices Lifted PetroChina’s FVE to HKD 5.80; Challenges Remain
No-moat PetroChina’s analyst briefing did little to change our view on the firm. We raise our fair value estimate to HKD 5.80 (USD 74 per ADR) from HKD 5.40 (USD 69) after raising our near-term oil price forecast, while our midcycle Brent oil price forecast of USD 60 per barrel is unchanged. The higher oil prices were partly mitigated by higher capital expenditures. We think the firm remains fairly valued, as the recent strength in oil prices has been largely priced in. We still see the aging oi...
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