China Aviation Oil - Lim & Tan Securities 2024-02-22: Time To Fly!

China Aviation Oil - Time To Fly!

Published:
China Aviation Oil (SGX:G92) | SGinvestors.ioChina Aviation Oil (SGX:G92)
  • We initiate a BUY rating on China Aviation Oil (SGX:G92) with a target price of S$1.20, pegged to 11.5x FY24F P/E (10% discount to 5-year average P/E of 12.7x), representing a potential upside of 29.7%.
  • - Read this at SGinvestors.io -
  • Current valuations of 8.9x FY24F P/E and 0.7x P/B are attractive with strong earnings growth potential ahead.

Recovery in domestic flights, international flights to follow suit.

  • While domestic flights within China have recovered to pre-COVID levels since mid- 2023, outbound flights are slower to recover at only ~65% of pre-COVID levels in Dec’23. The Civil Aviation Administration of China (CAAC) has estimated China’s international air travel market to hit 80% of pre-COVID levels by the end of 2024.
  • - Read this at SGinvestors.io -

China Aviation Oil’s key asset – SPIA, to benefit from return of international travellers.

  • Read more at SGinvestors.io.





Chan En Jie Lim & Tan Securities Research | Nicholas Yon Lim & Tan Securities | https://www.limtan.com.sg/ 2024-02-22



Read also LIM's most recent report:
2024-03-22 China Aviation Oil - Air Travel Rebound.

Price targets by 3 other brokers at China Aviation Oil Target Prices.

Listing of research reports at China Aviation Oil Analyst Reports.

Relevant links:
China Aviation Oil Share Price History,
China Aviation Oil Announcements,
China Aviation Oil Dividends & Corporate Actions,
China Aviation Oil News Articles





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