SINGAPORE (June 11): RHB is reiterating its “buy” call on China Aviation Oil (CAO) with a target price of $1.60.
RHB remains upbeat on the long-term growth of China’s aviation passenger traffic, in line with its rising per capita income and expanding aviation infrastructure.
"We conservatively expect CAO’s near-term earnings to be driven by increasing jet fuel supply to China and more jet fuel being pumped by Shanghai Pudong International Airport (SPIA), which accounts for 65% of pre-tax profit," says analyst Shekhar Jaiswal in a Tuesday report.
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