(See also: China Aviation Oil posts 4.7% rise in 1Q earnings to $35.4 mil)
SINGAPORE (April 20): CIMB Research is maintaining its “add” call on China Aviation Oil with $2.28 target price given its jet fuel supply monopoly, expanding international footprint and strategic stake in exclusive fuel supplier for Shanghai Pudong Airport.
In its 1Q17 results announcement last night, CAO reported a net profit of US$25.3 million ($35.4 million). This came within CIMB’s expectations, accounting for 25.6% of its full-year estimate of US$98.8 million. Year on year, higher Shanghai Pudong International Airport Aviation Fuel Supply Company (SPIA) contribution drove the overall share of associate and JV contribution up by 5.1%.
