Credit Suisse lifted the forecast of PetroChina’s earnings-per-share in 2022-24 by 5% – 12% and hiked the H-share target price from HK$5.3 to HK$5.4, with an Outperform rating.
PetroChina posted a net profit of 43 billion yuan in the second quarter of 2022, which marked a 71% surge from a year earlier and the best quarterly result since its listing.
The interim dividend per share reached 20 fen, implying a growth of 55% from a year earlier, 45% payout ratio and annualized dividend yield of 12%, said Credit Suisse in a note.
PetroChina maintained the 2022 import gas loss guidance at 20 – 25 billion yuan, which was deemed as a conservative estimate by Credit Suisse, who believed that the actual loss will likely be lower.