China Aviation Oil (Singapore) (G92)

Business description

China Aviation Oil (Singapore) Corporation (CAO) is the largest physical jet fuel supplier and trader in Asia. It holds the sole import licence for bonded jet fuel into China, and has nascent businesses in the US and Europe. Of its five associates, the most important is SPIA, which supplies all jet fuel to Shanghai Pudong Airport.

Stock data

Market cap.S$1403.2m
Last closeS$1.62
High / Low (52 weeks)S$1.8 / S$1.3
Stock market listingSP
Forecast net cash (US$m)319.7
Forecast gearing ratio (%)N/A
TeamIndustrials
SectorIndustrial Support Services

Price performance

%1m3m12m
Actual4.9(3.6)21.3
Relative *6.3(3.7)7.2

* % Relative to local index

Other companies in sector Show

Company news

China Aviation Oil (Singapore) Corp Ltd's Latest Earnings: What's Next After A ...

Thu, 03 Nov 2016 12:03:05 GMT

China Aviation Oil Singapore: Strong Proxy For Burgeoning China Aviation Industry

Tue, 10 Jan 2017 21:00:00 GMT

China Aviation Oil Q4 profit up 57%

Thu, 23 Feb 2017 10:41:15 GMT

China Aviation Oil's Q2 profit up 4%

Thu, 27 Jul 2017 03:33:45 GMT

China Aviation Oil Singapore Corp Ltd's Earnings: Revenue Tumbles, But Strong ...

Fri, 22 Apr 2016 01:57:49 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2015A 8987.0 25.9 62.4 7.2 16.5 11.0
2016A 11703.0 30.2 89.9 10.4 11.4 27.1
2017E 13073.0 31.3 96.2 11.1 10.7 6.4
2018E 14680.0 41.4 108.8 12.5 9.5 12.1

Last updated on 23/08/2017

Investment summary

CAO operates as a physical jet fuel supplier as well as trader, providing a degree of stability to earnings from its core activity. While a healthy dividend income from the fuel supply joint venture at Shanghai’s rapidly expanding Pudong Airport provides the bulk of earnings, the growing trading and supply of oil is supportive of growth over the next two years. H117 results confirmed progress and a very strong cash inflow despite increasing our fair value to US$1.55 (S$2.11) per share despite a tougher H2 trading environment.

Last updated on 06/09/2017

Industry outlook

As the sole licensed importer and supplier of jet fuel to China’s civil aviation industry, CAO is a direct play on the rapidly rising demand for air travel in China, with growth augmented by both international and product expansion. Air transport is widely acknowledged to be an industry in a period of structural growth. International travel from China is increasing four times faster than the global average, so CAO is exposed to a sweet spot in the market.

Last updated on 06/09/2017

Key management

Meng Fanqiu, CEO
Wang Chunyan, CFO
Jean Teo, COO
Elaine Ange, Head of IR
Lilian Low, Investor Relations Manager

Company address

8 Temasek Boulevard
#31-02 Suntec Tower Three
Singapore
+65 6334 8979
View website