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

• Market Cap: S$1.63B
• Dividend Yield: 2.35%
• Average Volume (3M): 1.09M
• Price to Earnings (P/E): 9.9
• Beta (1Y): 0.76
• Revenue Growth: 3.60%
• EPS Growth: 3.60%
• Country: SG
• Employees: 150
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 0.09
• Shares Outstanding: 866,183,650
• 10 Day Avg. Volume: 888,290
• 30 Day Avg. Volume: 1,087,333
• PEG Ratio: 0.23
• Price to Book (P/B): 1.03
• Price to Sales (P/S): 0.07
• P/FCF Ratio: 5.13
• 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$2.06
• Price Target Upside: 9.25% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.12
• Revenue Forecast (FY): S$17.69B

• Rating: 78 Outperform
• Price Target: S$2.50 ▲(32.28% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is driven primarily by improving financial performance (strong recent revenue/earnings/FCF with very low leverage), supported by bullish technical momentum (price above key moving averages and positive MACD). Valuation is reasonable (P/E ~12) with a modest dividend yield, but thin margins and cash-flow volatility temper the overall rating.

Positive Factors

Conservative Balance Sheet

Very low leverage and rising equity reduce refinancing and solvency risk, giving the company durable financial flexibility. This supports capital allocation for working capital, opportunistic buying in markets, and resilience through aviation demand cycles over the next several months.

Rebounding Cash Generation

Sustained positive free cash flow after prior weak years indicates improved earnings quality and operational control. Strong FCF provides a lasting buffer to fund logistics, pay down obligations, and support distributions or reinvestment despite sector cyclicality.

Integrated Aviation Fuel Supply Model

An integrated supply/trading/ logistics model focused on aviation builds durable competitive advantages: established supplier networks, airport delivery capabilities, and contract relationships that help secure volumes and capture margins over the medium term.

Negative Factors

Structurally Thin Margins

Persistently sub‑1% margins provide minimal cushion against cost increases or spread compression. For a trading/supply business this structurally low margin profile makes profitability highly sensitive to small price swings and limits long‑term earnings resilience.

Historic Cash‑Flow Volatility

Prior negative cash years and large working capital swings mean liquidity can tighten quickly during market stress. Even with recent FCF, recurring volatility constrains capital planning and increases reliance on active treasury and counterparty credit management.

Revenue & Earnings Sensitivity to Market Factors

Business results hinge on traded spreads, volumes and aviation demand; structural exposure to oil price moves and travel cycles reduces predictability. Disruptions in supply, counterparty credit or travel demand can quickly erode thin trading margins and volumes.

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

Strong recent improvement in revenue, earnings, and free cash flow (FCF positive in 2024–2025), supported by a very low-debt balance sheet and rising equity/ROE. The main constraint is structurally very thin margins (well below 1%) and historically volatile cash flows, making results sensitive to small spread/volume swings.

Income Statement

Revenue has expanded meaningfully, with 2025 showing very strong growth (91%) on top of steady improvement in 2024, after a weaker 2022–2023 period. Profitability improved alongside the top line (net income rose from ~33.5M in 2022 to ~112.2M in 2025), but margins remain extremely thin for the business model (gross and net margins well below 1%), leaving earnings highly sensitive to small swings in spread/volume.

Balance Sheet

The balance sheet is conservatively positioned with very low leverage (debt-to-equity under 2% across all reported years, and ~0.9% in 2025), which reduces refinancing and downturn risk. Equity has grown (from ~901M in 2021 to ~1.08B in 2025) and returns on equity have strengthened (about 10% in 2025 vs. ~4% in 2021), though overall returns are still modest relative to the scale of revenue.

Cash Flow

Cash generation rebounded strongly: operating cash flow and free cash flow were solidly positive in 2024–2025 (FCF ~216.5M in 2025), following negative years in 2020 and 2022. Free cash flow closely tracked net income in most years (near 1.0 in 2024–2025), which supports earnings quality; however, the history of cash-flow volatility suggests working-capital swings can materially impact liquidity in weaker periods.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	16.54B	16.69B	15.52B	14.43B	16.46B	17.64B
Gross Profit	48.07M	73.95M	41.87M	50.60M	35.39M	30.70M
EBITDA	31.98M	59.03M	95.48M	74.79M	47.78M	54.15M
Net Income	85.98M	112.24M	78.36M	58.86M	33.53M	40.35M
Balance Sheet
Total Assets	2.21B	2.27B	1.99B	1.79B	1.50B	1.54B
Cash, Cash Equivalents and Short-Term Investments	515.33M	686.64M	500.33M	373.04M	308.19M	400.84M
Total Debt	2.35M	9.20M	3.32M	6.29M	12.56M	14.35M
Total Liabilities	1.19B	1.19B	1.00B	835.17M	592.21M	634.29M
Stockholders Equity	1.02B	1.08B	986.27M	948.40M	902.98M	901.37M
Cash Flow
Free Cash Flow	159.48M	216.46M	120.44M	43.00M	-89.09M	112.70M
Operating Cash Flow	160.24M	216.71M	121.36M	54.56M	-88.77M	113.00M
Investing Cash Flow	46.60M	-357.45K	44.64M	26.25M	24.45M	44.19M
Financing Cash Flow	-44.98M	-26.81M	-38.34M	-16.57M	-26.67M	-25.38M

China Aviation Oil (Singapore) Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.89
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 1.89 is above the 20-day moving average (MA) of 1.85, above the 50-day MA of 1.76, and above the 200-day MA of 1.35, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 54.20 is Neutral, neither overbought nor oversold. The STOCH value of 49.39 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	78 Outperform	S$1.63B	9.89	8.73%	2.35%	3.60%	3.60%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
RE4	59 Neutral	S$760.15M	16.67	5.10%	2.00%	43.96%	-54.78%
C9Q	55 Neutral	S$91.20M	16.86	2.82%	―	-17.82%	-75.83%
5WH	47 Neutral	S$247.44M	-2.02	-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.