PetroChina’s First Half Outperforms Guidance With Dividend Surprise, Yet Shares Remain Fully Valued
We are transferring coverage of PetroChina with a no-moat rating, a negative moat trend rating, and a fair value estimate of HKD 5 per share (USD 65 per ADR). PetroChina’s first-half net profit of CNY 12.7 billion was a decent outperformance relative to management’s previous guidance of CNY 9 billion-11 billion. Although the market will likely view this positively, we think shares are fully valued at the current share price, as upside will be capped by the lack of near-term catalysts. We still e...
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