Damo released a research report stating that it gave CNPC (00857.HK) an “additional” rating, and the target price was reduced from HK$7.9 to HK$7.8. Based on the results for the first quarter of this year, its net profit forecast for 2024 to 2026 was lowered by about 2% to reflect the adjusted profit expectations of the natural gas business under hedging. The bank said it believes that with the formation of a market-oriented pricing mechanism, the value of the gas business will increase. At the same time, in the current oil price environment, losses on imported natural gas are expected to be controlled.
大摩：予中石油(00857.HK)“增持”评级 目标价微降至7.8港元
Damo: Target price for CNPC (00857.HK) “increase in holdings” rating dropped slightly to HK$7.8
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