In their Aug 18 note, Tan and Lim expect room for continued China aviation recovery as international outbound flights from China had only reached 85% of 2019 levels at the third week of August, up from 72% at last August.
CGS International analysts Tan Jie Hui and Lim Siew Khee have kept their "add" call on China Aviation Oil, following its 1HFY2025 earning that beat expectations.
For the half year ended June, CAO reported earnings of US$50 million, up 18.4% y-o-y. Revenue in the same period was up 14% y-o-y to US$8.6 billion. While average selling price dropped by 16% in line with softer oil prices, CAO generated more trading volume revenue.
