DBS Group Research is keeping its “buy” recommendation on China Aviation Oil (CAO) with an increased target price of $1.38 from $1.20 previously.

In a Jan 25 report, lead analyst Paul Yong says, “We continue to see strong value for CAO at less than 3 times FY2021 ex-cash P/E, and its share price could re-rate even further if the company can make a significant earnings-accretive acquisition.”

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