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<Research>G Sachs: PETROCHINA 1Q Profit Beats; Valuation Still Attractive
Goldman Sachs issued a report, stating that PETROCHINA (00857.HK)'s 1Q24 EBITDA was 5% above the broker's forecast, mainly due to the better-than-expected performance of th...
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<Research>G Sachs: PETROCHINA 1Q Profit Beats; Valuation Still Attractive
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Goldman Sachs issued a report, stating that PETROCHINA (00857.HK)  0.000 (0.000%)    Short selling $237.44M; Ratio 22.228%   's 1Q24 EBITDA was 5% above the broker's forecast, mainly due to the better-than-expected performance of the natural gas sales and marketing department.

Even though overseas natural gas prices fell, PETROCHINA's domestic natural gas sales prices were estimated to record a YoY LSD hike in 1Q24, which was higher than the broker's assumption of remaining flat YoY.

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PETROCHINA's 1Q24 FCF remained healthy and reached 36% of the broker's full-year forecast. Even though PETROCHINA's share price has ascended YTD, Goldman Sachs' analysis showed that PETROCHINA's valuation was still one of the lowest among global peers.

PETROCHINA's 2024E dividend/ FCF yield remain robust at 7%/ 11%. The broker deemed PETROCHINA as a duration call for above US$80/ bbl oil which the broker expected to last through 2025E.

Goldman Sachs gave PETROCHINA's H shares a target price of $7.8 and rated it Buy.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-21 16:25.)

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