Shanghai Pudong to drive China Aviation Oil's earnings growth

SINGAPORE (Mar 2): Phillip Capital is reiterating its “buy” recommendation on China Aviation Oil (CAO) with a target price of $2.00.

The group on Wednesday reported 4Q17 earnings fell 21.7% y-o-y to US$14 million ($18.5 million), bringing FY17 earnings to US$85.3 million.

Revenue during the quarter increased by 24% to US$4.06 billion although trading volume dropped 0.6% y-o-y to 8.20 million tonnes.

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