China Aviation Oil - OCBC Investment Research 2025-07-25: Expecting A Strong 1H25

• China aviation volumes were stronger than we expected despite Chinese consumer sentiment seeming to remain fairly lacklustre amidst growing trade and geopolitical tensions and macroeconomic uncertainty – According to data from the Civil Aviation Administration of China (CAAC), there were 38.14m passengers passing through international routes in the first six months of the year, marking a 28.5% y-o-y increase. This should support jet fuel volume growth and profits at Shanghai Pudong International Airport (SPIA).
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CAO’s share price has rallied.

• China Aviation Oil's share price has rallied in recent weeks, perhaps in part due to market excitement over recent developments around the EQDP. We relook our assumptions ahead of China Aviation Oil’s 1H25 results, which are due to be released on 14 Aug 2025.
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Increase Fair Value estimate to S$1.40.

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

Read also OCBC's most recent report:
2025-08-19 China Aviation Oil - Fly Me To The Moon.

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