DBS issued a research report stating that PETROCHINA (00857) delivered Q2 2025 results that slightly exceeded expectations, with net profit declining 13% year-on-year to RMB37 billion, primarily due to oil prices falling approximately 20%. The bank believes oil prices appear to have stabilized in the $65-70 per barrel range, with market attention focused on potential relief from downstream oversupply.

DBS noted that PETROCHINA's interim dividend of RMB0.22 per share was better than expected. The bank forecasts a full-year dividend of RMB0.44, representing a dividend yield of 6.5%. DBS maintains a "Buy" rating on the stock and raises its target price from HK$7.3 to HK$8.0, as the valuation model has been updated to fiscal year 2026 and the downstream business valuation has been slightly increased.