PetroChina Co Ltd Class H

00857: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HKD 8.10	Mptqk	Hhflylryr

PetroChina Earnings: Robust Results Within Expectations; Attractive Dividend Payout

Chokwai Lee

Mar 26, 2024

PetroChina’s 2023 net profit of CNY 161.1 billion, up 8% year on year, is within with our expectation. We keep our fair value estimate at HKD 6.50 per H-share (CNY 6.10 per A-share) after incorporating our latest energy price and foreign exchange assumptions. We think PetroChina’s H-shares are fairly valued, although the estimated 2024 dividend yield of more than 7% should support its share price.

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