PetroChina’s Weak 3Q Marketing Results Offset By Strong Refining And Chemicals Performance
No-moat PetroChina’s cumulative nine months net profit of CNY 17.4 billion was largely in line with our expectations but below market consensus. In particular, third-quarter marketing profit barely broke even although this was offset by stronger refining and chemicals earnings. After taking into account our latest oil price forecasts and U.S. dollar exchange-rate assumptions, we increase our fair value estimate to HKD 5.10 per share (USD 65 per ADR) from HKD 5.00 per share (USD 65 per ADR). Alth...
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