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00857 PETROCHINA
RTNominal up7.360 +0.090 (+1.238%)
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12/02/2018 17:35

[I-bank focus]HSBC lifts PetroChina (00857) to HK$5.55

[ET Net News Agency, 12 February 2018] HSBC Global Research lifted its target price for
PetroChina (00857) to HK$5.55 from HK$5.05 because of a higher 2019 HKD:RMB cross of 1.26
(prior 1.18), and maintained its "hold" rating.
The research house said PetroChina's positive profit alert for 2017 (on 30 January)
produces a result that is below its prior estimate of RMB28bn.
HSBC lowered its estimates for 2017-2019 by -17%/-2%/-10% to RMB23/45/65bn in line with
the 2017 profit alert, and incorporated the latest estimate of a stronger CNY:USD rate of
6.2 by the end of 2018.
HSBC sees potential upside risks from E&P oil and profits, special dividend payments and
corporate reform actions. (KL)

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