Slight Rise in PetroChina’s FVE on Strong U.S. Dollar, Higher Short-Term Oil Prices
We slightly raise our fair value estimate for PetroChina to HKD 5.20 from HKD 5.00 (to USD 67 per ADR from USD 64), following adjustments to our oil price forecast and the stronger U.S. dollar against the renminbi. With OPEC’s output cut expected to send oil prices up more quickly than we anticipated, but with shale oil producers likely to respond by raising supply, we now see Brent rising to USD 61 per barrel in 2017 but falling back to USD 48 in 2018. We had originally expected oil prices to r...
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