Edison Investment Research - China Aviation Oil (Singapore) (S Chip) (G92) China Aviation Oil (Singapore) - Constraints on growth persist

Report

Edison Investment Research

Andy Chambers

China Aviation Oil (Singapore) - Constraints on growth persist

Having delivered a record performance in FY18, China Aviation Oil (Singapore) Corporation (CAO) faces a year of more subdued progress. Confronted by more difficult markets in 2019, the management team appears to have adopted a more risk averse stance in oil trading, curtailing some of the optimisation strategies. Trade disputes are also affecting supply volumes and margins to the US. The core trading activity challenges are compounded by policy adjustments affecting growth at Shanghai Pudong airport, the main group associate. The result is a slower growth trajectory, as is reflected in H119 results. Nevertheless, CAO remains a proxy for the rapid growth of the Chinese air transport market.

03/09/2019 10 EN

Underlying

China Aviation Oil (Singapore) (S Chip)

China Aviation Oil Singapore is a holding company. Co. is engaged in trading in aviation oil and petroleum products, which include jet fuel supply and trading, trading of other oil products and investments in oil related assets. Co.'s segments include: Middle distillates, which is engaged in jet fuel and gas oil supply and trading; Other oil products, which is engaged in fuel oil and petrochemicals products supply and trading; and Others, which is engaged in the investments in oil-related assets. Co. supply jet fuel to the key international airports in China, including Beijing Capital International Airport, Shanghai Pudong International Airport and Guangzhou Baiyun International Airport.

See profile

SG1T06929205 Singapore Exchange Singapore

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Andy Chambers

Other Reports on these Companies

TheScreener

For CHINA AVIATION OIL, the environment deterioration entails a downgrade to Neutral

CHINA AVIATION OIL (SG), a company active in the Oil Equipment & Services industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date October 26, 2021, the closing price was SGD 1.02 and its expected value was estimated at SGD 0.99.

Free Trial

October 27, 2021 October 27, 2021 6 EN

Edison Investment Research

China Aviation Oil (Singapore) - Traffic growth supporting demand

FY17 saw record core trading volumes, driven by continued strong demand in jet fuel markets and diversification into other oil products. While margin optimisation execution was more difficult in H217 as markets moved into backwardation, gross margins remained positive and partially recovered from the Q3 low by the year end. Combined with the improved associatesâ€™ contribution driven by strong air transport growth in China, prospects for renewed progress in FY18 are encouraging. The healthy balance sheet also positions the group to pursue development of its supply chain infrastructure globally...

March 29, 2018 March 29, 2018 7 EN

Manx Financial Group - Termination of coverage

Edison Investment Research is terminating coverage on Manx Financial Group (MFX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 10, 2025 March 10, 2025 1 EN

Kate Heseltine

Kate Heseltine

musicMagpie - Termination of coverage

Edison Investment Research is terminating coverage on musicMagpie (MMAG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 5, 2025 March 5, 2025 1 EN

Kate Heseltine

Kate Heseltine

Topps Tiles - Accelerating growth through Q125

Topps Tiles (TPT) is enjoying a return to revenue growth following a very challenging FY24 due to wider macroeconomic weakness. The company’s recovery is clearly being boosted by new revenue streams from its self-help initiatives, notably from trade and online customers across all of its brands. While the macroeconomic environment remains uncertain, it is pleasing that the strategy is supporting growth. The valuation continues to look compelling, even with limited macroeconomic recovery included in management’s long-term financial goals. With the Q125 trading update, the CEO has announced his ...

January 10, 2025 January 10, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

China Aviation Oil (Singapore) - Constraints on growth persist

For CHINA AVIATION OIL, the environment deterioration entails a downgrade to Neutral

China Aviation Oil (Singapore) - Traffic growth supporting demand

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe