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2026-03-31 14:17:46 BOCI published a research report stating that PetroChina (00857.HK) is expected to see a 4% year-on-year decrease in net profit to RMB157.3 billion in 2025, aligning with the firm's expectations. The growth in the downstream business largely offsets the decline in upstream earnings. The firm anticipates the average Brent oil price this year to rise 19% year-on-year to USD81 per barrel, driving a 25% year-on-year increase in earnings. Although the Middle East conflict affects some overseas upstream operations and oil and gas supply, the company's extensive international trade network will ensure sufficient oil and gas supply for the downstream business. PetroChina aims to become a world-class energy and chemical company by 2030, planning to increase ethylene production capacity from 10 million tons per year to 15 million tons, double new material production capacity to 10 million tons, and build a 2 million-ton bio-material production capacity. The firm has raised its 2026 dividend payout ratio assumption from 45% to 50%, and the H-share TP is raised from HKD11.62 to HKD12.12. The A-share TP for PetroChina (601857.SH) is raised from RMB13.68 to RMB14.22, maintaining a 'Buy' rating. (ec/u)~ AASTOCKS Financial News Website: www.aastocks.com | |