PETROCHINA (00857.HK)  -0.070 (-1.029%)    Short selling $200.02M; Ratio 12.751%   recently unveiled its contract pricing scheme for piped gas for 2025-2026, as JP Morgan released a research report noting. The broker viewed this as a net positive for its blended average ASP for 2025, anticipating that lower natural gas procurement costs will lift its domestic natural gas profit from RMB0.19 per cubic meter in 2024 to RMB0.21 per cubic meter in 2025. The broker lately forecast PETROCHINA's 4Q24 net profit to reach RMB34 billion.

With current oil prices approximately 8% below JP Morgan’s 2Q25 fair value estimate of USD77 per barrel, the broker regarded this as an opportune moment for investors to buy into PETROCHINA. It highlighted expectations of structurally improving gas earnings in PETROCHINA, an 8% dividend yield, and potential enhancements to mid- to long-term shareholder return policies.

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JP Morgan assigned a target price of HKD9 and an Overweight rating for PETROCHINA. Among Chinese natural gas distributors, the broker preferred KUNLUN ENERGY (00135.HK)  +0.020 (+0.258%)    Short selling $5.61M; Ratio 10.009%   and ENN ENERGY (02688.HK)  +0.200 (+0.315%)    Short selling $34.22M; Ratio 13.166%   over CHINA RES GAS (01193.HK)  -0.050 (-0.240%)    Short selling $8.55M; Ratio 9.016%   , rating both at Overweight with target prices of HKD8.35 and HKD63, respectively.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-19 16:25.)