BOC International Reaffirms "Buy" Rating for PETROCHINA, Raises Target Price to HK$12.85

Stock News
05/04

BOC International has reiterated its "Buy" rating on PETROCHINA (00857) and increased the H-share target price to HK$12.85. The report noted that PETROCHINA's net profit for the first quarter of 2026 saw a slight year-on-year increase of 2%, reaching RMB 48.3 billion. While all downstream business segments achieved rapid profit growth, this was offset by a decline in upstream earnings due to lower realized oil prices. The firm anticipates that overall profit will grow sequentially in the second quarter of 2026, driven by a significant increase in upstream business profitability. Following adjustments to oil price forecasts and performance estimates, BOC International has raised its profit projections for 2026 to 2028 by 4% to 6%.

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