[ET Net News Agency, 1 November 2019] Citi Research lowered its target price for
PetroChina (00857) to HK$4.7 from HK$5.8 and maintained its "buy" rating.
The research house said PetroChina reported 3Q net profit of Rmb8.8bn was lower than
Citi's Rmb10bn estimate. Despite some improvement in refining and marketing, weakness in
E&P on lower oil prices and higher than expected import gas losses have led to a weaker
than expected result.
Citi added that PetroChina's 9-month profit of Rmb37bn only accounts for 56% of Citi's
full-year estimate before revision. It trimmed its FY2019 estimate by 20% on lower Brent
oil assumption by US$5/bbl to US$65/bbl. Its FY2020/21 forecasts were also lowered by 12%
on lower refining & marketing margin assumptions. (KL)
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00857 PETROCHINA
Nominal 
7.490 +0.170 (+2.322%) Others
01/11/2019 09:49
{I-bank focus}Citi lowers PetroChina (00857) to HK$4.7
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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