Singapore Stock Market News
China Aviation Oil - 2Q18: Higher on other oil products; stable associates
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Publish date: Thu, 02 Aug 2018, 12:04 PM
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■ CAO's 2Q18/1H18 net profit of US$29.3m/US$56.2m came within expectations. 1H18 accounted for 60.8%/60.2% of our/consensus FY18F estimates.
■ The other oil product division shone in 2Q18 on better volumes, taking GP up 24% qoq and 55.1% yoy, mitigating SPIA's softer contributions impacted by forex losses.
■ Maintain Add. Our TP is based on 12.5x FY19F P/E, c.26% discount to peer average. Read More
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