[ET Net News Agency, 3 October 2018] Citi Research raised its target price for
PetroChina (00857) to HK$8.1 from HK$7.9, and maintained its "buy" rating.
The research house said PetroChina is raising city gate gas prices by 20-40% in the
coming winter in view of supply tightness & strong heating demand. While Citi expects a
higher import loss in FY2018 on more gas imports, the winter price hike will mostly offset
the increase in losses.
In FY19/20, Citi expects import losses to narrow on lower oil price and rising
contribution from cheaper Russian gas & new LNG contracts. Citi said PetroChina has
underperformed its peers by 20% year-to-date; and it expects PetroChina's share price to
catch up in near term on the winter price hike. The stock trades at 4.2x FY2019 EV/EBITDA,
at a discount to 5-year average of 4.7x. (KL)
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00857 PETROCHINA
Nominal 
7.360 0.000 (0.000%) Others
03/10/2018 14:49
[I-bank focus]Citi raises PetroChina (00857) to HK$8.1
| Remark: | Real time quote last updated: 26/04/2024 08:42 |
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