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<Research>UBS Slightly Trims PETROCHINA (00857.HK) TP to $9.5, Rating Buy
Recommend 8 Positive 14 Negative 10 |
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UBS stated that PETROCHINA (00857.HK) recorded a 2.0% YoY increase in net profit for 2024, reaching RMB164.7 billion. However, 4Q24 profit slumped 27% QoQ to RMB32.16 billion, which the broker attributed to sinking oil prices and hiking impairment charges. Based on the 2024 results and a more cautious outlook for refining fundamentals, UBS lowered its 2025 and 2026 profit forecasts for PETROCHINA by 1% each, reducing the target price from HKD9.7 to HKD9.5. The rating was Buy. AAStocks Financial News |
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