Haitong International: PETROCHINA 1Q Results Show Steady Profit Growth, TP HKD13.6
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Haitong International's report on PETROCHINAindicates steady profit growth in Q1, with a net profit of RMB48.333 billion, up 1.9% YoY. Revenue was RMB736.383 billion, down 2.2% YoY. The broker forecasts net profits for 2026-2028 at RMB201.62 billion, RMB186.99 billion, and RMB200.11 billion, respectively, with a target price of HKD13.6 and an Outperform rating. The average realized crude oil price was USD64.08 per barrel, down 8.5% YoY.
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