Changes in Hong Kong stocks | CNPC (00857) rose more than 4%, and the first three quarter results reached a new high. Lyon says the company's H shares were mispriced

The Zhitong Finance App learned that CNPC shares (00857) continued to rise. As of press release, it had risen 4.49% to HK$10.7 billion, with a turnover of HK$1,170 billion.

According to the news, CNPC recently released its 2026 three-quarter report. In the third quarter, revenue was 793,573 billion yuan, up 10.4% year on year; net profit to mother was 51.84 billion yuan, up 21.6% year on year. According to Everbright Securities, the advantages of CNPC's entire industry chain were highlighted in the first three quarters, and its performance reached a new high, in line with expectations. It was optimistic about the company's potential to “increase storage and production” and the long-term growth of the natural gas business, and maintained the “buy” rating of the company's A+H shares.

Lyon released a research report saying that CNPC's H shares were mispriced by the market. The stock has been generally rampant in the past two months, but oil prices and CNPC A shares have risen by about 25% and 19% respectively during the same period, and the A-H premium has widened from 27% to 57% since September. Based on the bank's oil price assumption, H shares are currently trading at about 9 times the predicted price-earnings ratio in 2027, with a dividend rate of about 6%.