PetroChina’s Cash Flow Improves Leading to our Higher Fair Value Estimate
PetroChina’s third-quarter bottomline was somewhat disappointing with net profit for the cumulative three quarters at just CNY 1.7 billion. However, we anticipate a marked improvement in the fourth quarter with Brent oil price at around the USD 50 per barrel level likely to enable upstream operations to turn a profit. Our 2016 earnings forecast is lowered as we raise some cost and minority interest assumptions but other year numbers are largely unchanged while underlying cash flow is improved. S...
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