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PetroChina Co Ltd Class A 601857

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Stock XSHG Rating as of
¥9.10 −0.06 (0.66%)
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As of Delayed Price Closed
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Company Report

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PetroChina: Takeaways From Reverse Roadshow

Chokwai Lee

We attended PetroChina’s reverse roadshow to visit Daqing oilfield and Jilin oilfield and came back with a few takeaways. There is no change in our view, and we keep our fair value estimate at HKD 6.80 per H-share (CNY 6.20 per A-share). We think the shares are currently overvalued. We see the recent OPEC+ production cut extensions as a sign of weakness, not strength. Hence, we believe the West Texas Intermediate oil price could ease to USD 65-USD 70 a barrel in 2024 and this is negative to the revenue outlook for oil companies.

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Price vs Fair Value

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601857 is trading at a 88% premium.
Price
¥9.10
Fair Value
¥8.10
Uncertainty
High
1-Star Price
¥8.36
5-Star Price
¥6.54
Economic Moat
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Capital Allocation
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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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Trading Information

Previous Close Price
¥9.16
Day Range
¥9.02–9.22
52-Week Range
¥6.67–11.06
Bid/Ask
¥9.10 / ¥9.11
Market Cap
¥1.67 Tril
Volume/Avg
166.0 Mil / 179.0 Mil

Key Statistics

Price/Earnings (Normalized)
9.66
Price/Sales
0.54
Dividend Yield (Trailing)
4.84%
Dividend Yield (Forward)
5.05%
Total Yield
4.84%

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
601857
XOM
00386
Price/Earnings (Normalized)
 9.6613.416.76
Price/Book Value
 1.122.250.68
Price/Sales
 0.541.430.16
Price/Cash Flow
 3.788.492.68
Price/Earnings
601857
XOM
00386

Financial Strength

Metric
601857
XOM
00386
Quick Ratio
 0.641.020.40
Current Ratio
 1.071.380.90
Interest Coverage
 10.6354.076.11
Quick Ratio
601857
XOM
00386

Profitability

Metric
601857
XOM
00386
Return on Assets (Normalized)
 6.88%9.46%2.57%
Return on Equity (Normalized)
 13.15%17.46%6.56%
Return on Invested Capital (Normalized)
 9.62%14.30%4.38%
Return on Assets
601857
XOM
00386
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Oil & Gas Integrated Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Exxon Mobil Corp
XOM
NmwrdcfnGpbgtjl$526.3 Bil
 Chevron Corp
CVX
JmrxyclzyMjppg$288.7 Bil
 Shell PLC
RYDAF
—Fwjv$223.5 Bil
 Shell PLC ADR (Representing - Ordinary Shares)
SHEL
CsfhxyvKsp$223.5 Bil
 PetroChina Co Ltd Class H
PCCYF
—Cvslr$222.1 Bil
 TotalEnergies SE ADR
TTE
QlhtjsgwLcrq$155.3 Bil
 BP PLC ADR
BP
RpwtnbsjRqxhv$96.4 Bil
 Petroleo Brasileiro SA Petrobras ADR
PBR
YpjsyqpLfth$90.2 Bil
 Equinor ASA ADR
EQNR
GxxvylccWgbmw$71.4 Bil
 Eni SpA ADR
E
YmpmtxvdkVftd$49.9 Bil

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