[ET Net News Agency, 9 March 2021] Daiwa Research lifted its target price for
PetroChina (00857) to HK$3.3 from HK$2.7 and reaffirmed its "outperform" rating.
The research house sees PetroChina as likely to ride on elevated oil prices, thanks to
supply control by OPEC+, along with some positive surprises from its 2020 results.
Daiwa noted that Brent jumped past US$70/bbl on 8 March for the first time since the
start of COVID-19. It sees the surge in oil prices as a result of (1) Yemen's Houthi
attacks on Saudi Arabia's oil facilities on 7 March, (2) extreme Texas weather, and (3)
OPEC+'s roll-over of the existing 8.05mmbpd cut.
Daiwa lifted its Brent assumption for PetroChina to US$62/bbl for 2021 (from US$50/bbl)
and US$65/bbl for 2022 (from US$58/bbl). As such, it raised its 2021-22 EPS forecasts by
37-52%. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00857 PETROCHINA
Nominal 
7.490 +0.170 (+2.322%) Others
09/03/2021 10:14
{I-bank focus}Daiwa lifts PetroChina (00857) to HK$3.3
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