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PetroChina +1.6%; UOB Raises Target To HK$18.50
PetroChina (0857.HK) +1.6% at HK$15.56, in line with HSI's 1.4% gain. UOB KayHian lifts target price to HK$18.50 from HK$15.50, keeps on Buy call. Notes stock has corrected 25% vs November peak of HK$20 along with H-shares' pullback, expects market sentiment will improve with China's economic policies for 2008 turning clear; expects China to "promote resource price reform more actively in the next twelve months," which will benefit PetroChina's natural gas, refining businesses. PetroChina 4th most heavily traded with HK$1.096 billion; Sinopec (0386.HK) +3.2% at HK$12.38, CNOOC (0883.HK) +0.9% at HK$13.68. Sinopec has been outperforming recently on crude fall, heightening expectations of fuel price hike.
PetroChina (0857.HK) +1.6% at HK$15.56, in line with HSI's 1.4% gain. UOB KayHian lifts target price to HK$18.50 from HK$15.50, keeps on Buy call. Notes stock has corrected 25% vs November peak of HK$20 along with H-shares' pullback, expects market sentiment will improve with China's economic policies for 2008 turning clear; expects China to "promote resource price reform more actively in the next twelve months," which will benefit PetroChina's natural gas, refining businesses. PetroChina 4th most heavily traded with HK$1.096 billion; Sinopec (0386.HK) +3.2% at HK$12.38, CNOOC (0883.HK) +0.9% at HK$13.68. Sinopec has been outperforming recently on crude fall, heightening expectations of fuel price hike.
