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China Aviation Oil | Buy

Target price: S$1.22

April 27 close: S$0.905

RHB, April 27

A COST-PLUS business model for supply of imported jet fuel into rapidly growing Chinese aviation market should support China Aviation Oil (CAO) and its associates' earnings growth despite volatile oil prices. Continuing expansion of its overseas businesses should also contribute positively to its organic business growth.

CAO's share price has increased 26 per cent year to date amid strong earnings growth during the last...

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