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PetroChina Co Ltd Class A 601857

Morningstar Rating
CNY 10.67 +0.40 (3.89%)
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Company Report

PetroChina Earnings: Robust Results Within Expectations; Attractive Dividend Payout

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.

Price vs Fair Value

601857 is trading at a 68% premium.
Price
CNY 10.27
Fair Value
CNY 2.60
Uncertainty
High
1-Star Price
CNY 1.17
5-Star Price
CNY 3.67
Economic Moat
Ypy
Capital Allocation
Jgbxwtnz

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

Trading Information

Previous Close Price
CNY 10.27
Day Range
CNY 10.1210.73
52-Week Range
CNY 6.6710.73
Bid/Ask
CNY 10.67 / CNY 10.68
Market Cap
CNY 1.95 Tril
Volume/Avg
267.7 Mil / 216.1 Mil

Key Statistics

Price/Earnings (Normalized)
11.18
Price/Sales
0.62
Dividend Yield (Trailing)
4.19%
Dividend Yield (Forward)
4.19%
Total Yield
4.19%

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

Competitors

Valuation

Metric
601857
00386
00883
Price/Earnings (Normalized)
11.186.416.38
Price/Book Value
1.300.651.24
Price/Sales
0.620.151.95
Price/Cash Flow
4.092.544.20
Price/Earnings
601857
00386
00883

Financial Strength

Metric
601857
00386
00883
Quick Ratio
0.560.401.87
Current Ratio
0.960.902.02
Interest Coverage
10.526.1132.52
Quick Ratio
601857
00386
00883

Profitability

Metric
601857
00386
00883
Return on Assets (Normalized)
6.86%2.57%13.00%
Return on Equity (Normalized)
13.27%6.56%20.21%
Return on Invested Capital (Normalized)
9.87%4.38%16.93%
Return on Assets
601857
00386
00883
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Oil & Gas Integrated Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
XOM
Exxon Mobil CorpFjrnbtwwrXwghzv$476.5 Bil
CVX
Chevron CorpWpmryyzqpDlqnzl$300.9 Bil
PCCYF
PetroChina Co Ltd Class HZjjmg$249.5 Bil
SHEL
Shell PLC ADR (Representing - Ordinary Shares)LplkstgtXtby$236.5 Bil
RYDAF
Shell PLCZts$229.8 Bil
TTE
TotalEnergies SE ADRNcfkjdgjxVvynt$172.0 Bil
BP
BP PLC ADRKflbqxvrBfsz$110.2 Bil
PBR
Petroleo Brasileiro SA Petrobras ADRHjthkcqdPpd$102.2 Bil
EQNR
Equinor ASA ADRPqpmswdqJpb$84.9 Bil
E
Eni SpA ADRQlblsplnWccyg$52.6 Bil

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