[ET Net News Agency, 26 February 2021] Goldman Sachs lifted its target price for
PetroChina (00857) to HK$4.7 from HK$2.88 and upgraded its rating to "buy" from "neutral".
The research house said PetroChina's earnings are highly sensitive to oil, and the
company looks set to benefit meaningfully from the rise in near and long-dated oil prices.
Goldman said PetroChina's share price has materially underperformed global peers. It
said the share price of PetroChina is discounting an oil price of US$54/bbl. Goldman
revised up its 2021/22/23 EPS forecasts by 24%/16%/14%, reflecting (1) higher oil price
forecasts, (2) marked-to-market and lowered refining opex costs, partly offset by (3)
increasing losses from imported contract gas. (KL)