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China Aviation Oil (Singapore)
(SGX:G92)
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Rating:73Outperform
Price Target:
S$2.00
▼(-5.21% Downside)
Action:Reiterated
Date:03/19/26
The score is driven primarily by improved financial performance (stronger earnings and free cash flow with very low leverage) and supportive technical momentum (price above key moving averages with positive MACD). Offsetting this is higher business sensitivity due to very thin margins and limited valuation insight because the provided P/E is not usable, with only a modest dividend yield.
Positive Factors
Balance Sheet Strength
Very low leverage and growing equity reduce refinancing and solvency risk for a capital‑intensive trading business. This structural strength gives CAO durable financial flexibility to fund working capital, honor supplier contracts, and absorb commodity cycles without forced asset sales.
Negative Factors
Structurally Thin Margins
Very low gross and net margins create a narrow buffer versus cost swings and basis movements. For a trading and supply business, tiny spreads mean modest volume or spread compression quickly erodes profits, limiting long‑term profit resilience and return generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Very low leverage and growing equity reduce refinancing and solvency risk for a capital‑intensive trading business. This structural strength gives CAO durable financial flexibility to fund working capital, honor supplier contracts, and absorb commodity cycles without forced asset sales.
Read all positive factors
China Aviation Oil (Singapore) (G92) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.42B
Dividend Yield2.35%
Average Volume (3M)1.09M
Price to Earnings (P/E)10.0
Beta (1Y)0.79
Revenue Growth3.66%
EPS Growth37.68%
CountrySG
Employees150
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)0.13
Shares Outstanding866,183,650
10 Day Avg. Volume888,290
30 Day Avg. Volume1,087,333
Financial Highlights & Ratios
PEG Ratio0.23
Price to Book (P/B)1.03
Price to Sales (P/S)0.07
P/FCF Ratio5.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$2.56Price Target Upside21.48% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.13
Revenue Forecast (FY)S$19.78B
China Aviation Oil (Singapore) Business Overview & Revenue Model
Company Description
China Aviation Oil (Singapore) Corporation Ltd is primarily involved in the international distribution and trade of jet fuel and other oil-based commodities for the civil aviation industry. Its business is structured across three distinct segments...
How the Company Makes Money
CAO makes money mainly through (1) jet fuel and petroleum product trading and marketing, where it earns trading margins by sourcing aviation fuel (and other refined products) from suppliers and selling to customers such as airlines, fuel distribut...
China Aviation Oil (Singapore) Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
84
Very Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 16.69B | 15.52B | 14.43B | 16.46B | 17.64B |
| Gross Profit | 73.95M | 41.87M | 50.60M | 35.39M | 30.70M |
| EBITDA | 57.41M | 95.48M | 74.79M | 47.78M | 54.15M |
| Net Income | 112.24M | 78.36M | 58.86M | 33.53M | 40.35M |
Balance Sheet | |||||
| Total Assets | 2.27B | 1.99B | 1.79B | 1.50B | 1.54B |
| Cash, Cash Equivalents and Short-Term Investments | 686.64M | 500.33M | 373.04M | 308.19M | 400.84M |
| Total Debt | 5.33M | 3.32M | 6.29M | 12.56M | 14.35M |
| Total Liabilities | 1.19B | 1.00B | 835.17M | 592.21M | 634.29M |
| Stockholders Equity | 1.08B | 986.27M | 948.40M | 902.98M | 901.37M |
Cash Flow | |||||
| Free Cash Flow | 216.46M | 120.44M | 43.00M | -89.09M | 112.70M |
| Operating Cash Flow | 216.71M | 121.36M | 54.56M | -88.77M | 113.00M |
| Investing Cash Flow | -357.45K | 44.64M | 26.25M | 24.45M | 44.19M |
| Financing Cash Flow | -26.81M | -38.34M | -16.57M | -26.67M | -25.38M |
China Aviation Oil (Singapore) Technical Analysis
Negative
2.11
Price Trends
1.89
Negative
1.95
Negative
1.74
Negative
Market Momentum
-0.06
Positive
32.16
Neutral
17.49
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:G92, the sentiment is Negative. The current price of 2.11 is above the 20-day moving average (MA) of 1.80, above the 50-day MA of 1.89, and above the 200-day MA of 1.74, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 32.16 is Neutral, neither overbought nor oversold. The STOCH value of 17.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:G92.
China Aviation Oil (Singapore) Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | S$1.42B | 9.96 | 6.64% | 2.35% | 3.66% | 37.68% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | S$22.71M | 14.38 | 3.53% | 3.62% | 3.71% | -23.20% | |
59 Neutral | S$92.16M | 9.86 | 6.68% | ― | -18.98% | -75.38% | |
45 Neutral | S$18.52M | -0.11 | -2.73% | ― | ― | -1928.57% |
* Energy Sector Average
SG:G92
China Aviation Oil (Singapore)
1.65
0.68
69.93%
SG:5AU
AP Oil International Limited
0.14
<0.01
4.55%
SG:5PD
Hengyang Petrochemical Logistics Ltd.
0.06
>-0.01
-7.69%
SG:C9Q
Sinostar PEC Holdings Limited
0.10
-0.05
-36.00%
SG:M05
MTQ Corporation Limited
0.22
-0.06
-22.81%
SG:HPCD
PetroChina Co Ltd Shs UnSp Singapore Depositary Receipt Repr 2/1 Sh
3.13
0.92
41.89%
China Aviation Oil (Singapore) Corporate Events
China Petrochemical Corp Becomes Indirect Controlling Shareholder of China Aviation Oil
Jul 9, 2026
China Aviation Oil (Singapore) Corporation Ltd announced that its controlling shareholder, China National Aviation Fuel Group Limited, has completed a restructuring under which the State-owned Assets Supervision and Administration Commission trans...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.