[ET Net News Agency, 6 May 2021] HSBC Global Research lifted its target price for
PetroChina (00857) to HK$3.38 from HK$3 and upgraded its rating to "buy" from "hold".
The research house said the 1Q 2021 operating performance was an upside surprise, with
strength across the downstream segments, after more than a year of operating
disappointment and weak share price performance. The inventory gains were anticipated, but
the strength in the natural gas segment, even after asset divestitures, suggests it may
emerge as a profit driver.
HSBC raised its 2021 earnings forecast by 18% to reflect 1Q trends. (KL)