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<Research>CLSA: PETROCHINA (00857.HK) 1Q Results Beat; Weak Downstream Biz Offset by Stronger Natural Gas Biz
Recommend 7 Positive 13 Negative 5 |
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PETROCHINA (00857.HK) is the most resilient Chinese oil and gas giant in this fiscal quarter, with its 1Q25 results far beating expectations, according to CLSA's research report. EBIT from exploration and production was exceptionally strong in 1Q25, while EBIT from natural gas also inclined YoY on the back of a YoY increase in natural gas sales, as well as higher average selling prices due to higher residential gas price during the winter. The broker added that the weakness in PETROCHINA's downstream business was offset by a stronger natural gas business. Therefore, CLSA kept its target price at $8 for PETROCHINA's H-shares, and reiterated rating at Outperform. AAStocks Financial News |
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