BOCI: Raises PETROCHINA (00857) H-share target price to HK$11.49, reiterates "Buy" rating
BOCI expects that, driven by the significant rise in oil prices, PETROCHINA's fourth-quarter earnings are expected to grow 17% quarter-on-quarter before accounting for any impairment charges, and has raised the company's 2026 to 2028 earnings forecasts by 1% to 3%.
BOCI released a research report stating that it has raised the H-share target price of PETROCHINA (00857) from HK$11.3 to HK$11.49, reiterating the "Buy" rating. The bank has raised the company's earnings forecasts for 2026 to 2028 by 1% to 3%, believing that third-quarter earnings were in line with expectations, and that positive signs emerged across the upstream, refining and chemicals, and natural gas sales businesses.
PetroChina's third-quarter earnings fell 7% quarter-on-quarter to RMB51.8 billion, in line with the bank's forecast of RMB52.3 billion. BOCI noted that due to the significant rise in oil prices, the company's fourth-quarter earnings are expected to grow 17% quarter-on-quarter before accounting for any impairment.
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