Upcoming Dividend • Jun 11
Upcoming dividend of CN¥0.25 per share Eligible shareholders must have bought the stock before 18 June 2026. Payment date: 31 July 2026. Payout ratio is a comfortable 54% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Lower than top quartile of Hong Kong dividend payers (7.0%). In line with average of industry peers (5.1%). Reported Earnings • May 01
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: CN¥0.26 (up from CN¥0.26 in 1Q 2025). Revenue: CN¥736.4b (down 2.2% from 1Q 2025). Net income: CN¥48.3b (up 3.3% from 1Q 2025). Profit margin: 6.6% (up from 6.2% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.1%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Revenue is forecast to stay flat during the next 3 years compared to a 1.5% growth forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 25
PetroChina Company Limited, Annual General Meeting, Jun 09, 2026 PetroChina Company Limited, Annual General Meeting, Jun 09, 2026, at 09:00 China Standard Time. Location: No. 8, Beisihuan Middle Road, Chaoyang District, Beijing China Major Estimate Revision • Apr 07
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥2.88t to CN¥3.17t. EPS estimate increased from CN¥0.931 to CN¥1.07 per share. Net income forecast to grow 24% next year vs 41% growth forecast for Oil and Gas industry in Hong Kong. Consensus price target up from HK$10.39 to HK$11.12. Share price was steady at HK$10.77 over the past week. Declared Dividend • Apr 01
Final dividend of CN¥0.25 announced Shareholders will receive a dividend of CN¥0.25. Ex-date: 18th June 2026 Payment date: 31st July 2026 Dividend yield will be 4.7%, which is lower than the industry average of 9.0%. Sustainability & Growth Dividend is covered by both earnings (55% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased by an average of 6.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 7.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 30
PetroChina Company Limited to Report Q1, 2026 Results on Apr 30, 2026 PetroChina Company Limited announced that they will report Q1, 2026 results on Apr 30, 2026 Reported Earnings • Mar 30
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: CN¥0.86 (down from CN¥0.90 in FY 2024). Revenue: CN¥2.86t (down 2.5% from FY 2024). Net income: CN¥157.3b (down 4.5% from FY 2024). Profit margin: 5.5% (down from 5.6% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.0%. Revenue is forecast to stay flat during the next 3 years compared to a 1.8% growth forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 30
PetroChina Company Limited Proposes Final Dividend for the Year Ended December 31, 2025, Payable on July 31, 2026 PetroChina Company Limited proposed a final ordinary dividend of RMB 0.25 per share for the financial year ended December 31, 2025. The ex-dividend date is June 18, 2026, and the record date is June 25, 2026. The payment date is July 31, 2026. Date of shareholders' approval: To be announced. Buy Or Sell Opportunity • Mar 03
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to HK$10.43. The fair value is estimated to be HK$8.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Earnings per share has grown by 3.8%. For the next 3 years, revenue is forecast to decline by 0.4% per annum. Earnings are forecast to grow by 0.4% per annum over the same time period. Buy Or Sell Opportunity • Jan 05
Now 23% undervalued Over the last 90 days, the stock has risen 15% to HK$8.22. The fair value is estimated to be HK$10.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Earnings per share has grown by 3.8%. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings are also forecast to decline by 0.8% per annum over the same time period. Announcement • Dec 26
PetroChina Company Limited to Report Fiscal Year 2025 Results on Mar 30, 2026 PetroChina Company Limited announced that they will report fiscal year 2025 results on Mar 30, 2026 Announcement • Dec 18
PetroChina Company Limited Announces Appointment of Non-Executive and Executive Directors, Effective 18 December 2025 PetroChina Company Limited held its first extraordinary general meeting on December 18, 2025, where Mr. Zhou Xinhuai and Mr. Zhou Song were elected as non-executive directors, and Mr. Song Dayong was elected as an executive director with immediate effect until the expiry of the term of the ninth session of the Board. Amendments to the articles of association and procedural rules were approved, including the abolition of the supervisory committee. The Board comprises Mr. Dai Houliang as Chairman; Mr. Zhou Xinhuai, Mr. Duan Liangwei, Mr. Zhou Song and Mr. Xie Jun as non-executive directors; Mr. Ren Lixin, Mr. Zhang Daowei and Mr. Song Dayong as executive directors; and Mr. Jiang, Simon X., Mr. Ho Kevin King Lun, Mr. Yan, Andrew Y, Ms. Liu Xiaolei and Mr. Zhang Yuxin as independent non-executive directors. The EGM was convened in compliance with the Company Law of the PRC and the Articles of Association. The poll results were subject to scrutiny by representatives of shareholders, Wang Binquan, Supervisor, Gao Yimin of King & Wood Mallesons and Li Jia of Computershare Hong Kong Investor Services Limited. Computershare Hong Kong Investor Services Limited acted as the scrutineer for the vote-counting. Reported Earnings • Oct 31
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: CN¥0 (down from CN¥0.24 in 3Q 2024). Revenue: CN¥719.2b (up 2.4% from 3Q 2024). Net income: CN¥42.3b (down 3.7% from 3Q 2024). Profit margin: 5.9% (down from 6.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 1.2% growth forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Announcement • Sep 30
PetroChina Company Limited to Report Q3, 2025 Results on Oct 31, 2025 PetroChina Company Limited announced that they will report Q3, 2025 results on Oct 31, 2025 Declared Dividend • Aug 28
First half dividend of HK$0.24 announced Shareholders will receive a dividend of HK$0.24. Ex-date: 9th September 2025 Payment date: 23rd October 2025 Dividend yield will be 7.0%, which is lower than the industry average of 9.0%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 3.9% over the next 3 years. However, it would need to fall by 40% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 27
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: CN¥0.20 (down from CN¥0.23 in 2Q 2024). Revenue: CN¥697.0b (down 6.0% from 2Q 2024). Net income: CN¥37.2b (down 13% from 2Q 2024). Profit margin: 5.3% (down from 5.8% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 6.8%. Earnings per share (EPS) also surpassed analyst estimates by 2.6%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 26
Petrochina Company Limited Declares Interim Dividend for the Six Months Ended June 30, 2025, Payable on 23 October 2025 PetroChina Company Limited announced that the Board has resolved to declare an interim dividend of RMB 0.22 (inclusive of applicable tax) per share for 2025 on the basis of a total of 183,020,977,818 shares of the Company as of June 30, 2025. The total amount of the interim dividends payable is approximately RMB 40,265 million. Ex-dividend date; 09 September 2025, Record date 16 September 2025, Payment date; 23 October 2025. Announcement • Jun 30
PetroChina Company Limited to Report First Half, 2025 Results on Aug 27, 2025 PetroChina Company Limited announced that they will report first half, 2025 results on Aug 27, 2025 Announcement • Jun 20
Petrochina Company Limited Announces Change of Members of the Board Committees The board of directors of PetroChina Company Limited announced that, according to the work arrangement of the Company, the members of the Board committees have been adjusted as follows: Examination and Remuneration Committee: Mr. Zhang Yuxin as chairman, Mr. Duan Liangwei and Mr. Ho Kevin King Lun as members; and Sustainable Development Committee: Mr. Huang Yongzhang as chairman, Mr. Ren Lixin, Mr. Zhang Daowei and Mr. Zhang Yuxin as members. The chairman and members of other Board committees remain unchanged. Major Estimate Revision • May 13
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CN¥3.63t to CN¥3.24t. EPS estimate unchanged at CN¥0.843 per share. Net income forecast to shrink 7.6% next year vs 18% growth forecast for Oil and Gas industry in Hong Kong . Consensus price target broadly unchanged at HK$7.64. Share price rose 5.2% to HK$6.22 over the past week. Reported Earnings • May 01
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: CN¥0.26 (up from CN¥0.25 in 1Q 2024). Revenue: CN¥753.1b (down 7.3% from 1Q 2024). Net income: CN¥46.8b (up 2.3% from 1Q 2024). Profit margin: 6.2% (up from 5.6% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Revenue is forecast to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Hong Kong are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 14% per year. Announcement • Apr 17
PetroChina Company Limited, Annual General Meeting, Jun 05, 2025 PetroChina Company Limited, Annual General Meeting, Jun 05, 2025, at 09:00 China Standard Time. Location: v-continent wuzhou hotel, no. 8 north 4th circle middle road, chaoyang district, beijing China Announcement • Apr 16
PetroChina Company Limited to Report Fiscal Year 2024 Final Results on Apr 23, 2025 PetroChina Company Limited announced that they will report fiscal year 2024 final results at 4:00 PM, China Standard Time on Apr 23, 2025 Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$5.32, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 70% over the past three years. Declared Dividend • Apr 02
Final dividend of CN¥0.25 announced Shareholders will receive a dividend of CN¥0.25. Ex-date: 17th June 2025 Payment date: 24th July 2025 Dividend yield will be 7.7%, which is lower than the industry average of 9.0%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 14% over the next 3 years. However, it would need to fall by 42% to increase the payout ratio to a potentially unsustainable range. Announcement • Apr 01
Petrochina Company Limited Proposes Final Ordinary Dividend for the Year Ended 31 December 2024, Payable on 24 July 2025 PetroChina Company Limited proposed final ordinary dividend of RMB 0.25 per share for the Year Ended 31 December 2024. Payment date is 24 July 2025, ex dividend date is 17 June 2025. record date is 24 June 2025. Announcement • Mar 31
Petrochina Company Limited Announces Resignation of Zhang Laibin as an Independent Non-Executive Director, the Chairman of the Examination and Remuneration Committee and A Member of the Sustainable Development Committee The board of directors of PetroChina Company Limited hereby announces that, Mr. Zhang Laibin has tendered his resignation as an independent non-executive Director, the chairman of the examination and remuneration committee and a member of the sustainable development committee of the Board due to work arrangement. The Company will arrange changes in the member(s) of the relevant Board committees and the election and appointment of new independent non-executive Director(s) as soon as practicable to meet the relevant requirements under Rule 3.25 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Company will make further announcement(s) as and when appropriate. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: CN¥0.90 (vs CN¥0.88 in FY 2023) Full year 2024 results: EPS: CN¥0.90 (up from CN¥0.88 in FY 2023). Revenue: CN¥2.94t (down 2.4% from FY 2023). Net income: CN¥164.7b (up 2.2% from FY 2023). Profit margin: 5.6% (up from 5.4% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 16% per year. Announcement • Mar 28
PetroChina Company Limited to Report Q1, 2025 Results on Apr 30, 2025 PetroChina Company Limited announced that they will report Q1, 2025 results on Apr 30, 2025 Announcement • Jan 10
Petrochina Company Limited Resignation of Jiang Shangjun as Supervisor PetroChina Company Limited announced that, due to his age, Mr. Jiang Shangjun has submitted to the Supervisory Committee a written resignation report to resign as a supervisor of the Company. The resignation of Mr. Jiang Shangjun will not cause the number of the members of the Supervisory Committee to fall below the statutory quorum, his resignation took effect upon his resignation report being delivered to the Supervisory Committee. Announcement • Dec 27
PetroChina Company Limited to Report Fiscal Year 2024 Results on Mar 31, 2025 PetroChina Company Limited announced that they will report fiscal year 2024 results on Mar 31, 2025 Announcement • Nov 21
Petrochina Company Limited Announces Change of Members of the Board Committees The board of directors of PetroChina Company Limited announced that, according to the work arrangement of the Company, the members of the Board committees have been adjusted as follows: Investment and development committee of the Board: Mr. Hou Qijun as chairman, Mr. Huang Yongzhang, Mr. Xie Jun and Mr. Yan, Andrew Y as members; Audit committee of the Board: Ms. Liu Xiaolei as chairman, Mr. Duan Liangwei and Mr. Jiang, Simon X. as members. The chairmen and members of other Board committees remained unchanged. Reported Earnings • Oct 30
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: CN¥0.24 (down from CN¥0.25 in 3Q 2023). Revenue: CN¥702.4b (down 12% from 3Q 2023). Net income: CN¥43.9b (down 5.3% from 3Q 2023). Profit margin: 6.3% (up from 5.8% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates by 20%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Hong Kong are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 17% per year. Announcement • Oct 17
PetroChina Company Limited Announces Change of Members of the Board Committees The board of directors of PetroChina Company Limited announced that, in consideration of the work role and expertise of the directors of the Company, the members of the Board committees have been adjusted as follows: Nomination Committee: Mr. Dai Houliang as chairman, Mr. Jiang, Simon X. and Mr. Ho Kevin King Lun as members; Examination and Remuneration Committee: Mr. Zhang Laibin as chairman, Mr. Duan Liangwei and Mr. Ho Kevin King Lun as members. The chairman and members of other Board committees remained unchanged. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$5.93, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Oil and Gas industry in Hong Kong. Total returns to shareholders of 105% over the past three years. Declared Dividend • Aug 28
First half dividend of HK$0.24 announced Shareholders will receive a dividend of HK$0.24. Ex-date: 11th September 2024 Payment date: 28th October 2024 Dividend yield will be 6.9%, which is lower than the industry average of 9.0%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 4.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 9.5% over the next 3 years. However, it would need to fall by 44% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 27
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: CN¥0.23 (up from CN¥0.23 in 2Q 2023). Revenue: CN¥741.7b (flat on 2Q 2023). Net income: CN¥42.9b (up 3.1% from 2Q 2023). Profit margin: 5.8% (up from 5.6% in 2Q 2023). Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Aug 12
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Non-Executive Director Kevin Ho was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jun 28
PetroChina Company Limited to Report First Half, 2024 Results on Aug 26, 2024 PetroChina Company Limited announced that they will report first half, 2024 results on Aug 26, 2024 Announcement • Apr 20
PetroChina Company Limited, Annual General Meeting, Jun 05, 2024 PetroChina Company Limited, Annual General Meeting, Jun 05, 2024, at 09:00 China Standard Time. Location: V-Continent Wuzhou Hotel, No. 8 North 4th Circle Middle Road, Chaoyang District Beijing China Agenda: To consider and approve the resolution regarding the report of the board of directors of the Company for the year 2023; to consider and approve the resolution regarding the report of the supervisory committee of the Company for the year 2023; to consider and approve the resolution regarding the financial report of the Company for the year 2023; to consider and approve the resolution regarding the profit distribution plan of the Company for the year 2023; to consider and approve the resolution regarding the authorization to the Board to determine the 2024 interim profit distribution plan of the Company; to consider and approve the resolution regarding the guarantee scheme of the Company for the year 2024; and to consider other matters. Announcement • Mar 29
PetroChina Company Limited to Report Q1, 2024 Results on Apr 30, 2024 PetroChina Company Limited announced that they will report Q1, 2024 results on Apr 30, 2024 Announcement • Jan 02
PetroChina Company Limited (SEHK:857) acquired West Qurna 1 oilfield from Exxon Mobil Corporation (NYSE:XOM). PetroChina Company Limited (SEHK:857) acquired West Qurna 1 oilfield from Exxon Mobil Corporation (NYSE:XOM) on January 2, 2024.PetroChina Company Limited (SEHK:857) completed the acquistion of West Qurna 1 oilfield from Exxon Mobil Corporation (NYSE:XOM) on January 2, 2024. Announcement • Dec 29
PetroChina Company Limited to Report Fiscal Year 2023 Results on Mar 27, 2024 PetroChina Company Limited announced that they will report fiscal year 2023 results on Mar 27, 2024 Announcement • Dec 20
Petrochina Company Limited Announces Appointment of Zhang Daowei as the Member of Sustainable Development Committee PetroChina Company Limited announced that, in consideration of the work role and expertise of the directors of the Company, Mr. Zhang Daowei has been appointed as a member of the sustainable development committee of the Board. Announcement • Nov 18
PetroChina Company Limited Announces Board Changes PetroChina Company Limited announces that Mr. Cai Anhui has tendered his resignation and ceased to hold the positions of supervisor and the chairman of the supervisory committee of the Company (the "Supervisory Committee") with immediate effect due to changes in his work arrangements. The Company will complete the election of a supervisor and the chairman of the Supervisory Committee and other relevant work according to the legal procedures. Mr. Cai Anhui has been diligent, dedicated and meticulous at work since his appointment. He gave full play to the role of supervisor and actively contributed to the high-quality development of the Company. Announcement • Nov 10
PetroChina Company Limited Appoints Zhang Daowei as A Director PetroChina Company Limited at its annual general meeting held on November 9, 2023, announced the appointment of Mr. Zhang Daowei as a director of the Company. Announcement • Sep 30
PetroChina Company Limited to Report Q3, 2023 Results on Oct 31, 2023 PetroChina Company Limited announced that they will report Q3, 2023 results on Oct 31, 2023 Announcement • Sep 09
PetroChina Company Limited (SEHK:857) acquired Potevio New Energy Co.,Ltd. PetroChina Company Limited (SEHK:857) acquired Potevio New Energy Co.,Ltd on September 8, 2023.PetroChina Company Limited (SEHK:857) completed the acquisition of Potevio New Energy Co.,Ltd on September 8, 2023. Announcement • Sep 01
PetroChina Company Limited Announces Interim Dividend for the Six Months Ended June 30, 2023, Payable on October 30, 2023 PetroChina Company Limited announced interim dividend of RMB 0.21 per share for the six months ended June 30, 2023 payable on October 30, 2023. Ex- dividend date is on September 12, 2023. Record date is on September 19, 2023. Announcement • Jun 28
PetroChina Company Limited to Report First Half, 2023 Results on Aug 28, 2023 PetroChina Company Limited announced that they will report first half, 2023 results on Aug 28, 2023 Announcement • Jun 09
PetroChina Company Limited Approves Final Dividend for the Year Ended 31 December 2022, Payable on 28 July 2023 PetroChina Company Limited approves final dividend of RMB 0.22 per share for the year ended 31 December 2022, payable on 28 July 2023. Record date 27 June 2023 and Ex-dividend date 20 June 2023. Announcement • Jan 20
PetroChina Company Limited Provides Earnings Guidance for the Year Ended December 31, 2022 PetroChina Company Limited provided earnings guidance for the year ended December 31, 2022. For the year, the company expects net profit attributable to equity holders of the Company will reach between RMB 145.0 billion and RMB 155.0 billion and increase by an amount between RMB 52.8 billion and RMB 62.8 billion, representing an increase between 57% and 68%, as compared to the previous year. It is estimated that the net profit attributable to equity holders of the Company after deduction of nonrecurring loss/profit for 2022 will reach between RMB 167.0 billion and RMB 177.0 billion and increase by an amount between RMB 67.5 billion and RMB 77.5 billion, representing an increase between 68% and 78%, as compared to the previous year. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: CN¥0.24 (vs CN¥0.14 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.24 (up from CN¥0.14 in 2Q 2021). Revenue: CN¥835.3b (up 30% from 2Q 2021). Net income: CN¥43.3b (up 71% from 2Q 2021). Profit margin: 5.2% (up from 3.9% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.9%, compared to a 6.3% growth forecast for the Oil and Gas industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 13
Upcoming dividend of HK$0.11 per share Eligible shareholders must have bought the stock before 20 June 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 6.2%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (9.1%). Reported Earnings • May 02
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: CN¥0.21 (up from CN¥0.15 in 1Q 2021). Revenue: CN¥779.4b (up 41% from 1Q 2021). Net income: CN¥39.1b (up 41% from 1Q 2021). Profit margin: 5.0% (in line with 1Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 2.3%, compared to a 4.1% growth forecast for the industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Non Executive Director Jinyong Cai was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Apr 01
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.50 (up from CN¥0.10 in FY 2020). Revenue: CN¥2.61t (up 35% from FY 2020). Net income: CN¥92.2b (up 385% from FY 2020). Profit margin: 3.5% (up from 1.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 15%, compared to a 11% growth forecast for the oil industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorated over the past week After last week's 18% share price decline to HK$3.54, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Oil and Gas industry in Hong Kong. Total loss to shareholders of 20% over the past three years. Reported Earnings • Oct 29
Third quarter 2021 earnings released The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥683.8b (up 38% from 3Q 2020). Net income: CN¥22.1b (down 45% from 3Q 2020). Profit margin: 3.2% (down from 8.1% in 3Q 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 20% share price gain to HK$3.77, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Oil and Gas industry in Hong Kong. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$6.29 per share. Upcoming Dividend • Sep 02
Upcoming dividend of HK$0.16 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 29 October 2021. Trailing yield: 9.1%. Within top quartile of Hong Kong dividend payers (6.6%). Higher than average of industry peers (8.0%). Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS CN¥0.14 (vs CN¥0.075 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥644.7b (up 54% from 2Q 2020). Net income: CN¥25.3b (up CN¥39.1b from 2Q 2020). Profit margin: 3.9% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. 
