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<Research>CLSA Lifts PETROCHINA (00857.HK) TP to $10, Sees Room to Increase Full-yr Div. Yield
Recommend 10 Positive 14 Negative 3 |
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PETROCHINA (00857.HK)'s share price recently hit a new high, approaching the $9 mark, a level not seen in the past 3 years despite declining oil prices, according to CLSA's research report. The broker believed that the Company's 3Q25 results are solid, and even if oil prices remain around US$60 per barrel for the rest of the year, it is still expected to beat the market's full-year results expectations. Moreover, the Company's guidance for 2025 capital expenditure is RMB262 billion, a 5% YoY decrease, marking the first YoY decline in three years. Coupled with a low gearing ratio, CLSA believed that there is indeed room for the Company to increase its full-year dividend yield, with 2024 dividend payout ratio at 52%. Therefore, the broker lifted its target prices for PETROCHINA's H-/ A-shares from $8.8/ RMB12 to $10/ RMB13.7, with ratings at Outperform. AASTOCKS Financial News Website: www.aastocks.com |
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