PetroChina Company Limited (601857.SS)
ValueMarkers Composite Index
28% below intrinsic value ($2)
PetroChina Company Limited (601857.SS) — VMCI valuation read
Headline read on 601857.SS: VMCI of 62/100 versus a Energy sector median of 50. The 12-point above-median position is what makes PetroChina Company Limited a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on 601857.SS: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on 601857.SS: value (601857.SS trades at 15.0x earnings, 17% below the Energy median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Energy median (10.0%)), and risk (net debt to EBITDA of -1.0x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Energy 12.0x baseline.
601857.SS fell 0.5% over the trailing 7 days, with a -6.0% read on a 30-day basis.
PetroChina Company Limited, together with its subsidiaries, engages in a range of petroleum related products, services, and activities in Mainland China and internationally. It operates through Exploration and Production, Refining and Chemicals, Marketing, and Natural Gas and Pipeline segments. The Exploration and Production segment engages in the exploration, development, production, and marketing of crude oil and natural gas. The Refining and Chemicals segment refines crude oil and petroleum products; and produces and markets primary petrochemical products, derivative petrochemical products, and other chemical products. The Marketing segment is involved in marketing of refined products and trading business. The Natural Gas and Pipeline segment engages in the transmission of natural gas, crude oil, and refined products; and sale of natural gas. As of December 31, 2021, the company had a total length of 26,076 km, including 17,329 km of natural gas pipelines, 7,340 km of crude oil pipelines, and 1,407 km of refined product pipelines. The company is also involved in the exploration, development, and production of oil sands and coalbed methane; trading of crude oil and petrochemical products; storage, chemical engineering, storage facilities, service station, and transportation facilities and related businesses; and production and sales of basic and derivative chemical, and other chemical products. The company was founded in 1999 and is headquartered in Beijing, the People's Republic of China. PetroChina Company Limited is a subsidiary of China National Petroleum Corporation.
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