HK Stock Market Move | PetroChina (00857) rises over 4%, with first three quarters' results hitting a new high; CLSA says the company's H-shares are mispriced.

PETROCHINA (00857) continued to rise, up 4.49% as of press time at HK$10.7, with turnover of HK$1.17 billion. On the news front, PetroChina recently released its 2026 third-quarter report. In the third quarter, operating revenue was RMB793.573 billion, up 10.4% year on year; net profit attributable to shareholders was RMB51.84 billion, up 21.6% year on year. EB SECURITIES said that in the first three quarters, PetroChina's whole-industry-chain advantages stood out and its results hit a new high, in line with expectations. It is bullish on the company's potential for "increasing reserves and raising output" and the long-term growth of its natural gas business, and maintains a "Buy" rating on the company's A+H shares. CLSA released a research report saying that PETROCHINA's H-shares are mispriced by the market. The stock has been broadly range-bound over the past two months, but oil prices and PetroChina's A-shares rose about 25% and 19% respectively over the same period, and the A-H premium widened from 27% to 57% since September. Based on the brokerage's oil price assumptions, H-shares currently trade at about 9x 2027 forecast price-to-earnings ratio, with a dividend yield of about 6%.