SINGAPORE (Nov 7): UOB Kay Hian is maintaining its “buy” call on China Aviation Oil (CAO) with a target price of $2.26.

CAO on Thursday announced its 3Q17 earnings, posting a 7.7% decline in earnings to US$21.4 million ($29.2 million), driven mainly by lower gross profits from lower gains from trading and optimisation activities.

This came despite an increase in revenue of 32.6% to US$5.2 billion, due to increase in trading volume and oil prices.

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