中银国际-中国石油-公司更新报告

-03.14- English

11% YoY EPS growth expected for 2006. After trimming our
forecasts to reflect the additional safety and environmental costs, we
now expect PetroChina to show an 11% YoY growth in 2006 earnings
to Rmb150bn when the company announces its 2006 results next
Monday. While we have maintained our Outperform call on
PetroChina, we have lowered our target price from HK$10.76 to
HK$10.18, representing 10.9x 2007E earnings