报告名称：PetroChina(00857.HK)Strong free cash flows; reforms to bring more benefits
报告类型：港股研究
报告日期：2016-03-24
研究机构：中金公司
股票名称：中石油,中国石油,中国石油股份
股票代码：PTR,601857,00857
页数：9
简介：Earnings forecast and valuation
Raise 2016/17e earnings from -Rmb6.3bn /-Rmb16.8bn to Rmb6bn/Rmb3bn. Under our conservative oil price assumptions (US$33/30 in 2016/17), the OCF may stay at >Rmb170~200bn.
Risks: oil prices; policy risks; SOE reforms; reviews on RP transactions.
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