Bank of China International: The second-quarter results of CNPC (00857) are in line with expectations and the target price was reduced to HK$11.66

The Zhitong Finance App learned that the net profit of CNPC (00857) in the second quarter of 2026 increased 15% quarterly to 55.6 billion yuan, 2% lower than the bank's forecast, according to a research report. The upstream and natural gas sales segments fell short of expectations, while the other two sectors performed better than expected. Although BOCI lowered its dividend payout rate forecast for 2026 to 2028 by 5 percentage points and lowered the target price to HK$11.66, it maintained a “buy” rating. The bank expects that the company's profit for the second half of 2026 will drop 3% from the first half of 2026, assuming no impairment losses are taken into account during the period. The reduction in the dividend payout ratio may indicate that the company will stick to a 45% dividend payout ratio for profit to Hershey.