BOCI Securities: Reaffirms "Buy" rating on PETROCHINA (00857) with target price raised to HK$12.85

BOCI Research released a report stating that it reaffirmed its "buy" rating on PETROCHINA (00857) and raised its H-share target price to HK$12.85. The report pointed out that PetroChina's net profit in the first quarter of 2026 increased slightly by 2% year-on-year to 48.3 billion yuan. Despite rapid profit growth in all downstream business sectors, the decline in profits in the upstream business due to the actual decrease in oil prices offset the overall profit growth. The bank predicts that due to the significant profit growth in the upstream business, the company's overall profit in the second quarter of 2026 will increase on a quarterly basis. With expected oil price increases and performance adjustments, BOCI International has raised its profit forecasts for 2026 to 2028 by 4% to 6%.