PetroChina: Positive On FY2025 Beat And Potential Catalysts

I initiate PetroChina with a 'Buy' rating after assessing its full-year performance and identifying relevant catalysts. PCCYF's FY2025 bottom line was 2% above the consensus forecast, thanks to good cost management and a more optimal refining product mix. Key re-rating catalysts include higher oil prices and a faster pace of operating profit expansion for the Natural Gas Sales segment.