[ET Net News Agency, 29 November 2018] Citi maintained its target price for PetroChina
(00857) at HK$8.1 and the "buy" rating, but they raised the net profit estimates.
The research house raised the FY18/19/20 earnings by 1.8-3.1% as they lowered the import
gas losses estimates by factoring in a higher realised city gate gas price. Their DCF
based target price is virtually unchanged at HK$8.1 on 8.1% WACC. With another RMB0.1/cm
residential gas price hike in 2019, they estimated that PetroChina's realised city gate
gas prices should continue to be on an uptrend.
They estimated the import gas losses to slightly increase by 2% qoq to RMB6.7bn in 4Q18
on the back of 18% price hike in 4Q18 under their base case assumption. This will put the
full year import gas losses to RMB26.6bn in 2018E. (RC)
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00857 PETROCHINA
Nominal 
7.540 +0.180 (+2.446%) Others
29/11/2018 17:21
[I-bank focus]Citi raises PetroChina net profit estimates
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