The better showing can be attributed to stronger demand for jet fuel in tandem with the resumption of air travel, sold at better margins.
Peggy Mak of PhillipCapital has maintained her "buy" call for China Aviation Oil, and has raised her target price to $1.05 from $1.01 following the jet fuel supplier's better-than-expected FY2023 earnings and prospects for further improvements.
Despite lower revenue because of lower oil prices, CAO on Feb 29 reported earnings of US$58.4 million for the year ended Dec 31 2023, up 75.5% over the preceding year.
