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This state owned company seems to be neglected these few years.
PE is only 6x, stock trades reasonably below bv
quite a good margin of safety.
Got stake in shanghai pudong aviation oil.
It is slowly reducing its petrochem business, and focusing back to aviation oil. China is planning to build 66 airports (source: WSJ) until 2020. With tourism sector doing well (domestic passenger up 10% and int passenger up 27% last year), CAO should do reasonably well these few years
Vested.
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After 5 years of $0.02 dividend, company finally increased it to $0.03. Company also announced a new dividend policy:
In order to afford shareholders a more direct participation in the Group’s earnings growth, the Board of Directors has approved the adoption of a dividend policy based on a growth-based dividend payout formula. Commencing from FY2015, CAO intends to declare dividends comprising 30% of CAO’s annual consolidated net profits attributable to shareholders (one-tier, tax exempt) for each financial year.
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good result in q1 2016
q1 2016 result :
3m eps usd 2.81c (q1-15: 1.67c) (up largely due to 46% increase in profit in its subsidiary, shanghai pudong int arprt avi fuel)
nav usd 71.98c
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China Aviation Oil (Singapore) Corporation Ltd, the largest physical jet fuel trader in the Asia Pacific region, is pleased to announce that CAO will be added to the Morgan Stanley Capital International (“MSCI”) Singapore Small Cap Index, effective after the close of market trading on 31 May 2017.
Specuvestor: Asset - Business - Structure.
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With jet fuel price falling over the Apr to June quarter, I wonder whether CAO will have a write down on the value of its inventories, with a corresponding negative impact on net profit.
Vested.
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