SINGAPORE (Apr 3): Edison Investment Research has lowered its fair value on China Aviation Oil (CAO) to $1.82 from $1.88 after the research house rolled forward its peer group and DCF-based valuations by a year.
This is to reflect lower gross margins forecast for CAO’s core oil trading and supply operations, after the group in Feb posted a 21.7% fall in 4Q earnings to US$14 million on higher oil prices.
See: China Aviation Oil reports 21.7% fall in 4Q earnings to $18.5 mil on higher oil prices
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