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RTNominal unchange3.940 0.000 (0.000%)

18/11/2019 15:25

{I-bank focus}Daiwa cuts PetroChina (00857) to HK$5.5; "buy"

[ET Net News Agency, 18 November 2019] Daiwa Research lowered its target price for
PetroChina (PTR)(00857) to HK$5.5 from HK$5.75 and maintained its "buy" rating.
The research house said PTR attended the Daiwa Investment Conference Hong Kong on 15
November. Management has no concrete timeline on the setup of the National Oil & Gas
Pipeline (NOC) but believes it will take some time as the deal is quite complex, involving
multiple parties.
Meanwhile, PTR is entering the final stage of winter gas price hike negotiations in
different regions. Similar to last year, the basic city-gate price hike is 20%. Management
tries to achieve at least a breakeven for the imported gas from Russia.
Daiwa cut its 2019-21 EPS forecasts by 8-12% by lowering its margin forecasts of the R&C
segment and oil price assumptions from US$68/69/70 to US$65/64/65 for 2019/20/21. (KL)

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