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00857 PETROCHINA
RTNominal up7.370 +0.100 (+1.376%)
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16/04/2018 17:39

[I-bank focus]Credit Suisse ups PetroChina (00857) to HK$6.2

[ET Net News Agency, 16 April 2018] Credit Suisse lifted its target price for
PetroChina (00857) to HK$6.2 from HK$5.7, and reiterated its "neutral" rating.
The research house said PetroChina has significantly underperformed its big oil peers in
both 2017/1Q18 and Credit Suisse expects this trend to continue. The import gas loss
burden is certainly dragging on PetroChina amid increased spot LNG imports during gas
shortage in the winter. This burden should continue to drag on in 1Q pipeline earnings.
Under a higher oil price environment in 2018 as anticipated by Credit Suisse,
PetroChina's import gas loss burden should continue to worsen YoY. At US$71/bbl oil, it
estimated PetroChina's import gas loss to widen to Rmb28bn (versus Rmb24bn in 2017). (KL)

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