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| Subject: LOL! | |
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Author: Oropan |
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Date Posted: 08:38:18 11/05/07 Mon In reply to: jw 's message, "Pop quiz hot shots - what is the highest valued company in the world?" on 08:24:31 11/05/07 Mon So it is our free maket capitalism that makes Petro China a demon! I guess you like a hardcore communist government better. How dare we allow all those people in China to have a taste of freedom and the ability to improve their lives....no matter how little that freedom might be at the present time. Anyway, now you lefties have a new BIG OIL to hate. > And you thought it was exxon mobil. Petro china is >now valued by "the market" at 3 times the total >valuation of exxon mobil, nothing beats a capitalist >enterprise working with one of the world's most >repressive dictatorships. Petro china aids and abetts >the genocide in sudan in order to aquire oil. Let's >thank our "free trade" capitalist fanatics for >building china into the super power it now is, they >could not do it without the useful idiots of american >capitalism. Kruschev was right, they are burying us! > >PetroChina's Value Tops $1 Trillion, Surpassing Exxon >(Update5) > >By Ying Lou > > Nov. 5 (Bloomberg) -- PetroChina Co. almost tripled >on its first day of trading in Shanghai, becoming the >world's first company to be valued at $1 trillion, >more than Exxon Mobil Corp. and General Electric Co. >combined. > >PetroChina shares rose to 43.96 yuan from the sale >price of 16.7 yuan, giving the state-owned oil >producer a greater market value than the entire >Russian stock market. > >The rally makes PetroChina shares four times more >expensive than those of Exxon, even though China's >biggest oil producer has a quarter of the revenue. >China's stock market was valued at less than $1.1 >trillion before tripling this year and giving the >communist nation five of the world's 10 biggest >companies. > >PetroChina's valuation is ``an indication of China >coming of age and also of its stock market bubble,'' >said Hugh Young, who oversees $50 billion at Aberdeen >Asset Management Asia Ltd. in Singapore. > >The oil producer's Shanghai listing pushes China's >stock market beyond the U.K. as the world's >third-largest. PetroChina trades at 55 times earnings, >four times Exxon's ratio of 13 times earnings and near >the 58 times for Google Inc., the world's most- used >Internet search engine. > >In Hong Kong, PetroChina fell 8.2 percent to HK$18. >Exxon shares rose 0.7 percent to $87.93, valuing the >company at $488 billion on the New York Stock >Exchange. > >`Sense of Responsibility' > >``I feel very excited today and also feel a very >strong sense of responsibility,'' Chairman Jiang >Jiemin said at the Shanghai Stock Exchange. ``This is >PetroChina returning to our investors and society.'' > >Jiang struck a gong as the market opened at 9:30 a.m., >then toasted the start of trading with a glass of red >wine. > >China's largest oil and gas producer had 20.5 billion >barrels of oil and gas reserves in 2006, compared with >22.1 billion for Irving, Texas-based Exxon, data >compiled by Bloomberg show. PetroChina has been adding >new reserves at an average annual rate of 5 percent >for the past three years, a faster pace than Exxon, >Royal Dutch Shell Plc and BP Plc, the world's largest >oil companies by sales. > >The share sale, the world's biggest this year, >surpassed the 66.6 billion yuan raised by China >Shenhua Energy Co. in September. PetroChina raised >66.8 billion yuan selling 4 billion shares last week >as investors applied for more than 3.3 trillion yuan >of stock, almost 50 times the amount PetroChina sold. > >Record Oil > >Those investors were until now prevented from directly >buying PetroChina stock, missing out on a 15-fold >surge as economic growth turned the nation into the >largest oil consumer after the U.S. and as crude >prices reached a record $96.24 a barrel in New York. > >The CSI 300 Index of shares listed on the Shanghai and >Shenzhen exchanges has increased about 170 percent >this year as mainland Chinese investors seek returns >on $2.3 trillion of savings, raising investor concerns >that the market is too expensive. > >Billionaire investor Warren Buffett's Berkshire >Hathaway Inc. sold its stake in PetroChina this year, >reaping an eightfold gain that contributed to a 64 >percent increase in third-quarter profit for the >Omaha, Nebraska-based company. Berkshire had 2.34 >billion shares as of the end of 2006, the largest >holding after state-owned China National Petroleum >Corp. > >Buffett said on Oct. 24 that Chinese share prices have >risen too fast. > >`Carried Away' > >``It's easy to be carried away in the stock market >when things are going very well,'' he said in the >northern Chinese city of Dalian. ``We at Berkshire >never buy stocks when we see prices soaring.'' > >Gains in PetroChina's shares in Shanghai may have more >to do with Chinese investors seeking better returns >than the outlook for the company's exploration and >production operations, or its refining business, known >as downstream, said Larry Grace, an oil analyst at Kim >Eng Securities Co. in Hong Kong. > >``Production is static with limited upside for the >next three to four years,'' Grace said. ``As for the >downstream, the price controls and overall regulatory >trend limit the company's earnings.'' > >China controls fuel prices to shield consumers in the >world's most-populous nation from accelerating >inflation. The policy limits the ability of PetroChina >and China Petroleum & Chemical Corp. to pass on the >burden of higher crude oil costs. > >The other Chinese companies that rank among the >world's 10 largest by market value are China >Petroleum, known as Sinopec, China Mobile Ltd., >Industrial & Commercial Bank of China Ltd. and China >Construction Bank Corp. > >``A-share prices don't reflect global benchmarks of >value,'' said Lorraine Tan, head of equity research at >Standard & Poor's Investment Services in Singapore. >``There should be other measures of a company's >position, including revenue and profitability. Market >cap is not necessarily accurate.'' > >PetroChina's share surge means it beat by years a >Russian pledge to create the world's largest company. > >OAO Gazprom, Russia's natural gas export monopoly, >would become the world's largest company by market >value and top $1 trillion in ``seven to 10 years,'' >Alexander Medvedev, the company's deputy chief >executive officer, said in April. Gazprom's market >valuation today is $296 billion. > >To contact the reporter on this story: Ying Lou in >Shanghai at ylou1@bloomberg.net . [ Next Thread | Previous Thread | Next Message | Previous Message ] |