PetroChina’s Preliminary Profit Guidance Within Expectation; Shares Fairly Valued
PetroChina guided that preliminary 2017 net profit will increase between 165% and 203% to CNY 20.9 billion and CNY 23.9 billion. Our earnings forecast is at the high end of the guidance. We increase our fair value estimate to HKD 5.40 per share (USD 69 per ADR) from HKD 5.10 (USD 65), after taking into account the strengthening Chinese yuan and time value of money. We think PetroChina is fully valued as recent strength in oil prices has been largely priced in. Our midcycle Brent oil price foreca...
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