China Aviation Oil (Singapore) (G92) AI Stock Analysis

• Market Cap: S$1.51B
• Dividend Yield: 2.35%
• Average Volume (3M): 1.09M
• Price to Earnings (P/E): 13.2
• Beta (1Y): 0.79
• Revenue Growth: 3.60%
• EPS Growth: 3.60%
• Country: SG
• Employees: 150
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 0.07
• Shares Outstanding: 866,183,650
• 10 Day Avg. Volume: 888,290
• 30 Day Avg. Volume: 1,087,333
• PEG Ratio: 0.22
• Price to Book (P/B): 0.58
• Price to Sales (P/S): 0.04
• P/FCF Ratio: 4.78
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$1.88
• Price Target Upside: 7.40% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: S$2.00 ▲(14.29% Upside)

China Aviation Oil (Singapore) presents a solid investment opportunity with a strong balance sheet and reasonable valuation. The technical indicators show bullish momentum, although caution is advised due to overbought signals. Financial performance is stable but faces challenges in revenue growth and cash flow stability.

Positive Factors

Strong balance sheet with low leverage

Very low leverage and a healthy equity ratio provide long-term financial resilience for a capital-intensive trading and storage business. This durability supports counterparty confidence, ability to withstand oil-price shocks, and flexibility to fund working capital or strategic storage/logistics investments.

Leading aviation fuel supplier in Asia

A focused business model serving airlines and airports creates durable revenue streams tied to essential fuel supply contracts. Strong presence in Asia and integrated supply-chain services generate stable customer relationships and competitive positioning versus generic fuel traders over a multi-month horizon.

Improving profitability metrics

Improving net and operating margins indicate better cost management and operational efficiency in core trading and supply operations. Sustained margin gains can enhance cash generation and buffer cyclical revenue swings inherent to commodity trading and aviation demand cycles.

Negative Factors

Declining revenue trend

Persistent revenue decline and a notable 2024 drop risk eroding scale advantages and bargaining power with suppliers and customers. If top-line weakness persists, fixed-cost absorption will worsen and pressure margins and reinvestment capacity over the medium term.

Mixed cash flow performance

Weak conversion of profits into operating cash creates structural funding risk for working capital, storage capex and dividend sustainability. For a trading-heavy fuel business, volatile cash flows can increase reliance on short-term financing and raise counterparty or liquidity stress in downturns.

Exposure to oil prices and travel demand cycles

Earnings sensitivity to global oil prices and air travel demand is a structural risk that drives revenue volatility and margin swings. Regulatory or demand shocks can materially affect throughput and trading profitability, requiring active hedging and working-capital management to stabilize results.

China Aviation Oil (Singapore) Business Overview & Revenue Model

Company Description

China Aviation Oil (Singapore) Corporation Ltd engages in trading jet fuel and other petroleum products to civil aviation industry worldwide. It operates through three segments: Middle Distillates, Other Oil Products, and Investments in Oil-Related Assets. The company engages in trading and supply of aviation fuel and gas, jet fuel, gas oil, fuel oil/gasoline, and crude oil. It also invests in oil-related assets. The company was incorporated in 1993 and is headquartered in Singapore. China Aviation Oil (Singapore) Corporation Ltd is a subsidiary of China National Aviation Fuel Group Limited.

How the Company Makes Money

China Aviation Oil generates revenue primarily through the procurement and sale of aviation fuel, which constitutes its core business. The company operates on a wholesale basis, purchasing jet fuel from refineries and suppliers, and then selling it to airlines and other customers at competitive prices. Additionally, it engages in trading activities that include the import and export of fuel products, allowing it to capitalize on price fluctuations in the global market. The company also earns revenue through storage and logistics services, providing fuel supply chain solutions that enhance operational efficiency for its clients. Strategic partnerships with major oil companies and airlines further bolster its revenue streams by ensuring a stable supply and competitive pricing. Market factors such as demand for air travel, global oil prices, and regulatory environments also significantly influence its earnings.

China Aviation Oil (Singapore) Financial Statement Overview

Summary

The company shows a stable financial position with low leverage and improving profitability metrics. However, challenges in revenue growth and cash flow stability persist. The income statement indicates declining revenue but improved net profit margin. The balance sheet is strong with low debt, while cash flow performance is mixed.

Income Statement

The company has shown a declining revenue trend over the past few years, with a significant drop in 2024. Despite this, the net profit margin has improved slightly, indicating better cost management. However, the gross profit margin remains low, reflecting challenges in maintaining profitability. The EBIT and EBITDA margins have shown slight improvements, suggesting operational efficiencies.

Balance Sheet

The balance sheet is strong with a very low debt-to-equity ratio, indicating minimal leverage and financial stability. The return on equity has improved over the years, reflecting efficient use of equity to generate profits. The equity ratio is healthy, showcasing a solid financial foundation.

Cash Flow

Cash flow performance is mixed, with significant fluctuations in free cash flow growth. The operating cash flow to net income ratio is low, suggesting challenges in converting profits into cash. However, the free cash flow to net income ratio is close to 1, indicating that most of the net income is being converted into free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	16.54B	15.52B	14.43B	16.46B	17.64B	10.52B
Gross Profit	48.07M	41.87M	50.60M	35.39M	30.70M	45.87M
EBITDA	31.98M	95.48M	74.79M	47.78M	54.15M	72.65M
Net Income	85.98M	78.36M	58.86M	33.53M	40.35M	56.19M
Balance Sheet
Total Assets	2.21B	1.99B	1.79B	1.50B	1.54B	1.89B
Cash, Cash Equivalents and Short-Term Investments	515.33M	500.33M	373.04M	308.19M	400.84M	269.11M
Total Debt	2.35M	3.32M	6.29M	12.56M	14.35M	4.74M
Total Liabilities	1.19B	1.00B	835.17M	592.21M	634.29M	1.01B
Stockholders Equity	1.02B	986.27M	948.40M	902.98M	901.37M	876.88M
Cash Flow
Free Cash Flow	159.48M	120.44M	43.00M	-89.09M	112.70M	-166.48M
Operating Cash Flow	160.24M	121.36M	54.56M	-88.77M	113.00M	-166.19M
Investing Cash Flow	46.60M	44.64M	26.25M	24.45M	44.19M	96.71M
Financing Cash Flow	-44.98M	-38.34M	-16.57M	-26.67M	-25.38M	-40.31M

China Aviation Oil (Singapore) Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.75
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:G92, the sentiment is Positive. The current price of 1.75 is above the 20-day moving average (MA) of 1.74, above the 50-day MA of 1.61, and above the 200-day MA of 1.25, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 57.30 is Neutral, neither overbought nor oversold. The STOCH value of 36.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:G92.

China Aviation Oil (Singapore) Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
G92	70 Outperform	S$1.51B	13.22	8.73%	2.35%	3.60%	3.60%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
C9Q	55 Neutral	S$97.92M	9.36	2.82%	―	-17.82%	-75.83%
RE4	54 Neutral	S$725.98M	17.28	5.10%	2.00%	43.96%	-54.78%
5WH	47 Neutral	S$201.86M	-2.69	-85.62%	―	11.94%	26.44%

China Aviation Oil (Singapore) Corporate Events

China Aviation Oil Says Parent CNAF to Undergo Restructuring with China Petrochemical

China Aviation Oil (Singapore) Corporation Ltd announced that its controlling shareholder, China National Aviation Fuel Group Limited, will proceed with a corporate restructuring together with China Petrochemical Corporation, following deliberation and approval from Chinese state authorities. The restructuring, which remains subject to further regulatory approvals and filings, is not expected to have any material impact on the company’s normal business operations, and CNAF currently continues to hold a 51.31% stake. The company said it will monitor developments, update the market as required, and cautioned investors about uncertainties and risks associated with the restructuring process.

The most recent analyst rating on (SG:G92) stock is a Buy with a S$1.75 price target. To see the full list of analyst forecasts on China Aviation Oil (Singapore) stock, see the SG:G92 Stock Forecast page.