PETROCHINA CO LTD (CN), a company active in the Integrated Oil & Gas industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date February 4, 2022, the closing price was CNY 5.02 and its ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward the upstream activities, PetroChina is more sensitive to swings in the oil price than its peer, Sinopec. In addition, the firm’s downstream operations lag Sinopec, which has better scale and efficiency in the sector. However, PetroChina will benefit more in a rising oil price environment.While we believe government restrictions on domestic ...
Brent crude oil has fallen from over $70 a barrel in late April to about $61 today on the back of concerns on global demand amid the trade tension between the U.S. and China. We lower CNOOC's and PetroChina’s fair value estimates to HKD 14.30 per share ($183 per ADR) and HKD 4.70 per share ($60 per ADR, CNY 4.04 per share) from HKD 14.50 ($186) and HKD 5.10 ($65, CNY 4.38), respectively, after incorporating weaker near-term crude oil price assumptions in our valuation models. However, our midc...
Brent crude oil has fallen from over $70 a barrel in late April to about $61 today on the back of concerns on global demand amid the trade tension between the U.S. and China. We lower CNOOC's and PetroChina’s fair value estimates to HKD 14.30 per share ($183 per ADR) and HKD 4.70 per share ($60 per ADR, CNY 4.04 per share) from HKD 14.50 ($186) and HKD 5.10 ($65, CNY 4.38), respectively, after incorporating weaker near-term crude oil price assumptions in our valuation models. However, our midc...
Brent crude oil has fallen from over $70 a barrel in late April to about $61 today on the back of concerns on global demand amid the trade tension between the U.S. and China. We lower CNOOC's and PetroChina’s fair value estimates to HKD 14.30 per share ($183 per ADR) and HKD 4.70 per share ($60 per ADR, CNY 4.04 per share) from HKD 14.50 ($186) and HKD 5.10 ($65, CNY 4.38), respectively, after incorporating weaker near-term crude oil price assumptions in our valuation models. However, our midc...
We cut no-moat PetroChina’s fair value estimate to HKD 5.10 per share ($65 per ADR, CNY 4.38 per share) from HKD 5.20 ($66, CNY 4.40), following the announcement of its disappointing first-quarter results. We think the firm is fairly valued at the current price level with recent strength in oil prices largely priced-in. That said, the impending creation of a national pipeline company could be a catalyst for the stock. PetroChina’s first-quarter 2019 net profit was up 1% year over year to CNY...
We cut no-moat PetroChina’s fair value estimate to HKD 5.10 per share ($65 per ADR, CNY 4.38 per share) from HKD 5.20 ($66, CNY 4.40), following the announcement of its disappointing first-quarter results. We think the firm is fairly valued at the current price level with recent strength in oil prices largely priced-in. That said, the impending creation of a national pipeline company could be a catalyst for the stock. PetroChina’s first-quarter 2019 net profit was up 1% year over year to CNY...
We cut no-moat PetroChina’s fair value estimate to HKD 5.10 per share ($65 per ADR, CNY 4.38 per share) from HKD 5.20 ($66, CNY 4.40), following the announcement of its disappointing first-quarter results. We think the firm is fairly valued at the current price level with recent strength in oil prices largely priced-in. That said, the impending creation of a national pipeline company could be a catalyst for the stock. PetroChina’s first-quarter 2019 net profit was up 1% year over year to CNY...
No-moat PetroChina’s 2018 net profit of CNY 52.6 billion, up 131% year over year, was in line with preliminary guidance. The sharp turnaround was mainly attributable to higher oil and gas selling prices and better performance from the natural gas and pipeline segment. We are lowering our fair value estimate to HKD 5.20 per share ($66 per ADR, CNY 4.40 per share) from HKD 5.40 per share ($69 per ADR, CNY 4.76 per share) after taking into account higher-than-expected capital expenditure and our ...
No-moat PetroChina’s 2018 net profit of CNY 52.6 billion, up 131% year over year, was in line with preliminary guidance. The sharp turnaround was mainly attributable to higher oil and gas selling prices and better performance from the natural gas and pipeline segment. We are lowering our fair value estimate to HKD 5.20 per share ($66 per ADR, CNY 4.40 per share) from HKD 5.40 per share ($69 per ADR, CNY 4.76 per share) after taking into account higher-than-expected capital expenditure and our ...
No-moat PetroChina’s 2018 net profit of CNY 52.6 billion, up 131% year over year, was in line with preliminary guidance. The sharp turnaround was mainly attributable to higher oil and gas selling prices and better performance from the natural gas and pipeline segment. We are lowering our fair value estimate to HKD 5.20 per share ($66 per ADR, CNY 4.40 per share) from HKD 5.40 per share ($69 per ADR, CNY 4.76 per share) after taking into account higher-than-expected capital expenditure and our ...
KEY HIGHLIGHTS CHINA Results New Oriental Education & Technology Group (EDU US/BUY/US$65.90/Target: US$80.00) 2QFY19: Results beat expectations, margins recovering much faster; upgrade to BUY. TRADERS’ CORNER Zhongsheng Group (881 HK): Trading Sell Range PetroChina (857 HK): Trading Sell Range
No-moat PetroChina guided that preliminary 2018 net profit will increase 123%-132% to CNY 50.8 billion-52.8 billion. Stripping out nonrecurring items, earnings should increase 142%-149% to CNY 64.8 billion-66.8 billion. The results are in line with our forecast. We keep our fair value estimate of HKD 5.40 per share ($69 per ADR, CNY 4.76 per share) while our midcycle Brent oil price forecast of $60 per barrel is unchanged. We will issue an update pending more detailed information from the firmâ€...
No-moat PetroChina guided that preliminary 2018 net profit will increase 123%-132% to CNY 50.8 billion-52.8 billion. Stripping out nonrecurring items, earnings should increase 142%-149% to CNY 64.8 billion-66.8 billion. The results are in line with our forecast. We keep our fair value estimate of HKD 5.40 per share ($69 per ADR, CNY 4.76 per share) while our midcycle Brent oil price forecast of $60 per barrel is unchanged. We will issue an update pending more detailed information from the firmâ€...
We have refreshed the fair value estimates for our oil and gas coverage after incorporating meaningfully weaker crude prices. To be clear, there is no change in our midcycle price forecast of USD 60 per barrel for Brent. But the recent declines in global crude prices still weigh on our valuation because our methodology incorporates strip prices over the next three years. Our fair value estimates for CNOOC and PetroChina are lowered to HKD 13.20 per share (USD 170 per ADR) from HKD 14.70 per sha...
We have refreshed the fair value estimates for our oil and gas coverage after incorporating meaningfully weaker crude prices. To be clear, there is no change in our midcycle price forecast of USD 60 per barrel for Brent. But the recent declines in global crude prices still weigh on our valuation because our methodology incorporates strip prices over the next three years. Our fair value estimates for CNOOC and PetroChina are lowered to HKD 13.20 per share (USD 170 per ADR) from HKD 14.70 per sha...
No-moat PetroChina’s cumulative nine months net profit of CNY 48.1 billion, up 177% year over year, was above market and our expectations. In particular, third-quarter earnings rose 24% quarter over quarter, largely attributable to higher oil and gas prices, and better performance of refining and chemicals segment. After incorporating our latest oil price forecasts and U.S. dollar exchange rate assumptions, we increase our fair value estimate to HKD 6.10 per share (USD 79 per ADR) from HKD 5.8...
PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward the upstream activities, PetroChina is more sensitive to oil price swings than its peer, Sinopec. In addition, the firm’s downstream operations lag behind Sinopec, which has better scale and efficiency in the sector. That said, PetroChina will benefit more in a rising oil price environment.While we believe that government restrictions on do...
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