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PetroChina: Q1 2021 Earnings Boosted By One-Off Factors

May 04, 2021 7:07 AM ETPetroChina Company Limited (PCCYF)5 Comments


  • PetroChina achieved its best first quarter earnings in seven years in 1Q 2021, which led to its stock price rising by +4.2% post-results announcement.
  • However, PetroChina's strong 1Q 2021 financial performance was partially boosted by certain one-off factors, which might not be repeated in subsequent quarters.
  • PetroChina's 2021 capital expenditure guidance seems low in relation to its output growth targets, and higher-than-expected capital expenditures could possibly lead to lower-than-expected dividends.
  • The market values PetroChina at 8.8 times consensus forward FY 2021 P/E, and the stock boasts a consensus forward FY 2021 dividend yield of 7.6%.
  • Looking for more investing ideas like this one? Get them exclusively at Asia Value & Moat Stocks. Learn More »

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Elevator Pitch

I maintain my Neutral rating for PetroChina Company Limited (PTR) [857:HK].

PetroChina's stock price rose by +25% from $29.02 as of November 2, 2020 to $36.50 as of May 3, 2021, following my

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The Value Pendulum is an Asian equity market specialist with over a decade of experience on both the buy and sell sides.

He is the author of the investing group Asia Value & Moat Stocks, providing ideas for value investors seeking investment opportunities listed in Asia, with a particular focus on the Hong Kong market. He hunts for deep value balance sheet bargains and wide moat stocks and provides a range of watch lists with monthly updates within his investing group.

Analyst’s Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Comments (5)

thank you for this clarification. can someone explain this!

the company has great optional to grow and all the numbers are positive ..
my concern here is the volume 140,396 day ?? is this a good number to trade in such a big company with billions in market cap ?? please help
Petrochina - I just don't get it.
SA currently shows PE Ratio for this company over 60. Yahoo finance says it's 8 and finviz shows 26! I checked out several other services and everyone estimates it differently. By a big margin. Is there a reasonable explanation to this?
09 May 2021
Anyone knows if pipeline being so positive Q1 means that petrochina doesnt have to bear import costs anymore? Was it even discussed in Q1 report? Thanks
Any idea why SNP trades at a premium? Especially as it has a lower profitability than CEO and CEO is on course for growth over the next few years
The Value Pendulum profile picture
There are two possible reasons for this. One is that SNP is an integrated energy company, while CEO is more of an upstream player which makes it relatively more vulnerable to changes in energy prices. Another factor is that CEO has been included in a list of companies linked to the Chinese military earlier, while SNP is not on the list. Hope this helps, thanks.
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