I own 170,000 shares of China Petroleum (0386.HK) at an average cost of $3,90 HKD. The current price is $4.02 giving me a small gain.
The PE ratio is 6.28 and the dividend yield is 13.84%.
The forward PE ratio is 4.82. This suggest that the earnings will increase by 56% for the current financial year.
I have read several articles that suggest that oil companies in China will be making a large profit in 2022 as they were able to buy oil from Russia at discounted prices and sell them overseas at a large profit. This should be reflected in the earnings of the oil companies in China, which have a large stake owned by the state.
Considering the attractive financials, I bought another 70,000 shares at $4.02.
Note - This is a personal opinion. I am not giving investment advice.
Tan Kin Lian
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