China Aviation Oil - Phillip Securities 2024-03-04: Net Profit & Dividend Beat Expectations

China Aviation Oil - Net Profit & Dividend Beat Expectations

China Aviation Oil (SGX:G92) | SGinvestors.ioChina Aviation Oil (SGX:G92)
  • China Aviation Oil (SGX:G92)'s FY23 results beat our estimates by 22%, due to stronger-than-expected contributions from 33%-owned SPIA.
  • Net profit rebounded 75.5% due to
    1. stronger demand for jet fuel with borders reopened from early 2023;
    2. - Read this at -
    3. SPIA’s net profit jumping 61% y-o-y.
  • China Aviation Oil's net cash at year-end was US$373mil (S$0.623 per share).
  • Full-year dividend was raised to 5.05 cents (FY22: 1.6 cents), a yield of 5.4%. See China Aviation Oil's dividend dates.

The Positives

Gross profit per metric ton jumped to US$2.53 in FY23 (FY22 US$1.75/mt).

  • - Read this at -

Contributions from 33%-owned associate SPIA grew 61% to US$31mil.

  • Contributions from China Aviation Oil's 33%-owned associate Shanghai Pudong International Airport Aviation Fuel Supply Co Ltd (SPIA) grew 61% to US$31mil.
  • SPIA also paid US$23mil to China Aviation Oil in FY23, 9.5% higher y-o-y. We expect a higher payout in FY24e after the strong FY23.

The Negative

Impairment of US$12mil

  •

Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @

Peggy Mak Phillip Securities Research | 2024-03-04

Previous report by Phillip:
2023-10-30 China Aviation Oil - Lift-off In International Flights.

Price targets by 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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