China Aviation Oil - Phillip Securities 2025-05-30: Increasing Trading Volume

• International air traffic surged 32% year-to-date in Apr 25, and we expect profit from associates (SPIA) to rise at least 12% y-o-y in FY25e, supported by the continued recovery of inbound leisure and business travel.
• We expect a pickup in trading volume in 1H25 at the low teens, driven by rising jet fuel and Sustainable Aviation Fuel (SAF) demand. The EU mandates a 2% SAF blend in 2025, increasing to 70% by 2050. As SAF volumes grow, this should support margin improvement for the oil trading business.
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• China Aviation Oil currently holds US$500mil in cash, representing over 90% of its market cap.

The Positives

Increasing contribution from SPIA.

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Increasing trading volume with a higher margin.

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Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Previous report by Phillip:
2025-03-07 China Aviation Oil - No Money For You, Downgrade To NEUTRAL..

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 Dividend Payout Dates & Corporate Actions,
China Aviation Oil News