PetroChina Co Ltd Class H

00857: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HKD 7.50	Zbxr	Jlwlyjph

PetroChina Earnings: Results Boosted by Robust Upstream and Marketing Performance

Chokwai Lee

May 1, 2023

PetroChina’s first-quarter 2023 net profit of CNY 43.6 billion, up 12% year on year, beat our expectation. We raise our fair value estimate to HKD 5.70 per H-share (CNY 4.98 per A-share) from HKD 4.80 (CNY 4.22) after incorporating our latest energy price and foreign exchange assumptions. We think PetroChina’s H-shares are currently fairly valued, although the estimated 2023 dividend yield of about 8% should continue to support its share price.

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