According to the Futu Securities app, CICC released a research report stating that the listed Hong Kong shares of PetroChina (00857) have an attractive dividend yield, reiterating a 'buy' rating with a target price lowered to 8.03 Hong Kong dollars.

The company's net income in the previous quarter increased by 2% to 43.9 billion RMB, exceeding the bank's forecast by 41%. This difference mainly comes from the upstream business, where despite the drop in oil prices, profits unexpectedly grew.

Looking ahead, due to further declines in oil prices and increased costs, the bank expects PetroChina's fourth-quarter profit to decline by 26% compared to the previous quarter. After the performance announcement, the bank revised its forecasts for 2024 to 2026 downwards by 5% to 11%, including a revision of the 2024 oil price forecast (Brent crude oil price lowered from $84 per barrel to $80 per barrel).