Lyon: China Petroleum & Chemical Corporation (00857) stable first-quarter performance expected to be even stronger in the second quarter, target price of 12 Hong Kong dollars.

According to the Zhixin Finance APP, a report released by Lyondell indicated that the first quarter performance of PetroChina (00857) was stable. However, due to a one-month lag in exploration and production revenue realization, the positive impact of the oil price increase starting in March has not yet been reflected. It is expected that the second quarter results to be announced in August will show stronger quarterly growth. The bank believes that, amid the current geopolitical tensions, PetroChina is best positioned to capture the profit upside from rising oil prices; Reaffirming the "outperform the market" rating for PetroChina's H shares and A shares (601857.SH), with a target price of 12 Hong Kong dollars for H shares and 15.9 Chinese yuan for A shares.