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<Research>HTSC Hikes PETROCHINA (00857.HK) TP to $8.8; 2Q NP Slight Miss
Recommend 11 Positive 19 Negative 8 |
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Huatai Securities' research report covered PETROCHINA (00857.HK), which delivered operating revenue of RMB1.45 trillion, a YoY downfall of 6.7%, and a net profit attributable to shareholders of RMB84 billion, a YoY decrease of 5.4%. For 2Q, operating revenue and net profit were RMB697 billion and RMB37.2 billion, respectively, representing YoY declines of 6.1% and 13.6%. PetroChina's 2Q net profit slightly missed the broker's forecast, mainly due to lower-than-expected refining margins and natural gas sales growth. In view of the potential for cost reduction and volume increase in the company's natural gas business, Huatai Securities maintained an Overweight rating on PetroChina's H shares. The target price for the stock was raised from HKD8.6 to HKD8.8. AASTOCKS Financial News Website: www.aastocks.com |
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