RHB analyst Shekhar Jaiswal has maintained his “buy” call on China Aviation Oil (CAO) with a higher target price of $1.25 from $1.15, representing yield of 4% according to his FY2020F estimates.

The higher target price comes amid expectations of continued improvement in China’s aviation traffic in 2021.

Year-to-date, flight traffic at the Shanghai Pudong International Airport (SPA) is already moving ahead of Jaiswal’s expectations, he says.

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