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PetroChina Co Ltd Class H 00857

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Stock XHKG Rating as of
HKD 7.54 +0.18 (2.45%)
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As of Delayed Price Closed
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Company Report

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PetroChina Earnings: Robust Results Within Expectations; Attractive Dividend Payout

Chokwai Lee

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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Price vs Fair Value

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00857 is trading at a 11% premium.
Price
HKD 7.24
Fair Value
HKD 1.90
Uncertainty
High
1-Star Price
HKD 83.74
5-Star Price
HKD 1.40
Economic Moat
Cctgr
Capital Allocation
Sqvnyzv

Bulls Say, Bears Say

Bulls

Continuous improvement in China’s gas pricing reform could help to reduce PetroChina’s losses from imported gas.

Bears

As a monopoly and a state-owned company, PetroChina could place national interests such as maintaining full employment above investors' interests.

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News

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Trading Information

Previous Close Price
HKD 7.36
Day Range
HKD 7.43–7.63
52-Week Range
HKD 4.73–7.71
Bid/Ask
HKD 7.53 / HKD 7.54
Market Cap
HKD 1.38 Tril
Volume/Avg
165.1 Mil / 134.8 Mil

Key Statistics

Price/Earnings (Normalized)
7.24
Price/Sales
0.40
Dividend Yield (Trailing)
6.52%
Dividend Yield (Forward)
6.52%
Total Yield
6.41%

Company Profile

PetroChina, the national champion that inherited the majority of Chinese onshore oil and gas assets, has developed into an international supermajor. In 2023, it produced more than 1.7 billion barrels of oil equivalent of oil and gas, and processed 1.4 billion barrels of crude oil. It also has more than 22,000 service stations. The fluctuations in the prices of crude oil, refined products, chemical products, and natural gas have a significant impact on PetroChina’s revenue. State-owned China National Petroleum Corp is PetroChina’s controlling shareholder with a stake of more than 82%.
Sector
Energy
Industry
Oil & Gas Integrated
Stock Style Box
Large Value
Total Number of Employees
375,803
Website
http://www.petrochina.com.cn

Competitors

Valuation

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Metric
00857
00386
00883
Price/Earnings (Normalized)
 7.246.646.24
Price/Book Value
 0.840.671.21
Price/Sales
 0.400.151.91
Price/Cash Flow
 2.652.634.10
Price/Earnings
00857
00386
00883

Financial Strength

Metric
00857
00386
00883
Quick Ratio
 0.560.401.87
Current Ratio
 0.960.902.02
Interest Coverage
 10.526.1132.52
Quick Ratio
00857
00386
00883

Profitability

Metric
00857
00386
00883
Return on Assets (Normalized)
 6.86%2.57%13.07%
Return on Equity (Normalized)
 13.27%6.56%20.27%
Return on Invested Capital (Normalized)
 9.87%4.38%16.94%
Return on Assets
00857
00386
00883
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Oil & Gas Integrated Industry Comparables

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Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
XOM
Exxon Mobil CorpDydrhmthtGzvvk$469.1 Bil
CVX
Chevron CorpKplypwlxlcCcljhnn$305.1 Bil
PCCYF
PetroChina Co Ltd Class H—Lgh$250.8 Bil
RYDAF
Shell PLC—Lklj$231.6 Bil
SHEL
Shell PLC ADR (Representing - Ordinary Shares)MqwnswtmTpth$231.2 Bil
TTE
TotalEnergies SE ADRTsddrvhmwNjr$168.7 Bil
BP
BP PLC ADRVnrjrzckmFtq$110.0 Bil
PBR
Petroleo Brasileiro SA Petrobras ADRRjqybdxlcVjhk$106.6 Bil
EQNR
Equinor ASA ADRJzfsjxsmJtxm$78.8 Bil
E
Eni SpA ADRSpxtrrcTss$52.1 Bil

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