[ET Net News Agency, 21 January 2020] DBS Group Research maintained its target price
for PetroChina (00857) unchanged at HK$4.2 and a "hold" rating.
The research house lowered its FY2019 estimate by 4% factoring in lower-than-expected
oil prices in 4Q 2019 but raised its FY2020/21 forecasts by 1% following a US$1/bbl
increase in oil price assumption, partially offset by weaker refining margins (-1ppt).
While sequential improvement could be expected, DBS is awaiting better clarity on
gas/pipeline reform. It prefers CNOOC (00883) as a pure upstream proxy or Sinopec (00386)
for downstream recovery and higher dividend yield (9%). (KL)
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00857 PETROCHINA
Nominal 
7.490 +0.170 (+2.322%) Research Report
21/01/2020 11:29
{I-bank focus}DBS cuts 2019 earnings for PetroChina (00857)
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