J.P.Morgan raises PETROCHINA(00857)target to HK$10.00 X
10/12/2025 12:15
(Infocast News)     J.P.Morgan raised  PETROCHINA(00857) H share's target price to HK$10.00 from HK$9.00 on Sichuan shale gas potential. Storage capacity ramp-up enhances  ability to take advantage of 'cheap spot LNG'.

The brokerage came away from their three-day visit to PetroChina’s (PTR) Southwest Oil & Gasfield pleasantly surprised by PetroChina’s ability to grow low-cost onshore gas production, and more confident in the company’s ability to successfully decouple from the fifth consecutive year of oil price decline.  The Southwest Oil & Gasfield has been the primary volume growth driver for PTR, with the FY25 growth target of 5.3Bcm representing 85% of the company’s overall 6.2Bcm y/y target). While achieving 9% p.a. volume growth, PTR also achieved a 9% reduction in gas production costs at Sichuan Basin over the 14th FYP.

J.P.Morgan forecasted FY25 DPS of Rmb0.48/share, representing the sixth consecutive year of increase and maintain Overweight ratings on both A/H share. (SY)

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