PetroChina Co Ltd Class H
00857: XHKG (HKG)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
HK$2.80 | Bfx | Tdrcmww |
PetroChina Earnings: Results Boosted by Robust Upstream and Marketing Performance
PetroChina’s first-quarter 2023 net profit of CNY 43.6 billion, up 12% year on year, beat our expectation. We raise our fair value estimate to HKD 5.70 per H-share (CNY 4.98 per A-share) from HKD 4.80 (CNY 4.22) after incorporating our latest energy price and foreign exchange assumptions. We think PetroChina’s H-shares are currently fairly valued, although the estimated 2023 dividend yield of about 8% should continue to support its share price.