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China Aviation Oil target price slashed on crude oil & currency risks
SINGAPORE (Nov 2): CGS-CIMB Securities is maintaining its “add” call on China Aviation Oil (CAO), lowering its target price on the stock to $1.83 from $2.03 to account for a wider discount of 30% of peer average compared to 25%. The new target price is now based on 12 times FY19F earnings as opposed to 12.5 times previously, and comes after the release of CAO’s 3Q18 results which ...