UBS: PetroChina's first three quarters net profit hit a record high for the same period, target price raised to HK$13.3

UBS issued a research report stating that PetroChina's revenue and net profit for the first three quarters rose 7% and 22% year-on-year respectively, to RMB 2.32 trillion and RMB 155.8 billion, with net profit hitting a record high for the same period. Third-quarter net profit fell 7% quarter-on-quarter to RMB 51.8 billion, in line with the bank's expectations. The bank maintained its positive view on the company's operating trends, expecting upstream operations to continue benefiting from high oil prices, and forecast Brent crude average prices of USD 91.57 and USD 80 for 2026/27 respectively, and USD 100 for the fourth quarter of 2026. The bank raised PetroChina's 2026 earnings forecast by 5% and slightly adjusted its 2027 and 2028 earnings forecasts, raising the target price from HKD 12.8 to HKD 13.3, equivalent to 11x 2027 forecast price-to-earnings ratio, with a "Buy" rating.