Analysts from DBS Group Research and RHB Group Research have kept “buy” on China Aviation Oil (CAO) on its attractive valuation. The analysts also see the group making an eventual recovery amid the global roll-out on vaccinations.

That said, analysts from both brokerages have lowered their target price estimates on CAO to $1.20 from $1.38 and $1.26 from DBS and RHB respectively.

The lower target price estimates came as CAO’s earnings for the 1HFY2021 stood below expectations, at 30% of DBS analyst Jason Sum’s full-year estimates, and at 40% of RHB analyst Shekhar Jaiswal’s estimates.

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