RHB Group Research has kept “buy” on China Aviation Oil (CAO) albeit with a lower target price of $1.15 from $1.20 as China faces a disruption in domestic aviation traffic in August.

The disruption was brought about by a resurgence in Covid-19 cases across several provinces.

On this, analyst Shekhar Jaiswal has also lowered his profit estimates for the FY2021 by 11% as he expects CAO’s earnings for the 2HFY2021 to “disappoint”.

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