RHB Research has upgraded China Aviation Oil to “buy” from “neutral” with a target price of $1.05, up from 95 cents previously.

Analyst Shekar Jasiwal said this is amidst continuing improvement in China’s aviation traffic, as well as expectations of y-o-y growth in domestic passenger volume and aircraft movements in the upcoming Golden Week holidays. 

Jasiwal said strong control on the COVID-19 cases in the country, rapid expansion of domestic capacity by Chinese airlines, and aggressive price promotions have boosted demand for domestic aviation in China. 

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