Reported Earnings • 6h
First half 2026 earnings released: EPS: US$0.048 (vs US$0.058 in 1H 2025) First half 2026 results: EPS: US$0.048 (down from US$0.058 in 1H 2025). Revenue: US$7.81b (down 8.8% from 1H 2025). Net income: US$41.1m (down 18% from 1H 2025). Profit margin: 0.5% (down from 0.6% in 1H 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Jul 10
China Aviation Oil (Singapore) Corporation Ltd to Report First Half, 2026 Results on Aug 13, 2026 China Aviation Oil (Singapore) Corporation Ltd announced that they will report first half, 2026 results on Aug 13, 2026 Live News • Jul 10
China Aviation Oil Sees Control Shift as China Petrochemical Takes 51% Stake After Restructuring China National Aviation Fuel has completed a restructuring that transfers its entire equity to China Petrochemical Corporation, which now becomes the indirect controlling shareholder of China Aviation Oil (Singapore) with a 51.31% stake.
Regulators have decided that the change in indirect control does not require a mandatory takeover offer, and shareholders have approved an expanded mandate for related-party transactions following the restructuring.
China Aviation Oil (Singapore) shares last traded at SGD1.77, with the stock down 16.9% over the past 90 days.
The key question is how tighter alignment with China Petrochemical Corporation might affect China Aviation Oil (Singapore)’s access to supply, future related-party dealings and governance, given the larger shareholder’s influence and the expanded transaction mandate, balanced against management’s guidance that normal operations are not expected to be materially affected. Announcement • Apr 02
China Aviation Oil (Singapore) Corporation Ltd, Annual General Meeting, Apr 23, 2026 China Aviation Oil (Singapore) Corporation Ltd, Annual General Meeting, Apr 23, 2026, at 15:00 Singapore Standard Time. Location: room 700, stephen riady auditorium @ntuc, one marina boulevard, singapore 018989, Singapore Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. Executive Chairman Guohong Xu was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to S$2.28, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Oil and Gas industry in Asia. Total returns to shareholders of 178% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$2.96 per share. Major Estimate Revision • Mar 18
Consensus revenue estimates increase by 16%, EPS downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from US$17.3b to US$20.0b. EPS estimate fell from US$0.14 to US$0.138. Net income forecast to grow 7.7% next year vs 19% growth forecast for Oil and Gas industry in Singapore. Consensus price target up from S$2.33 to S$2.58. Share price rose 13% to S$2.21 over the past week. Major Estimate Revision • Mar 10
Consensus EPS estimates increase by 18%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from US$17.5b to US$17.3b. EPS estimate rose from US$0.119 to US$0.14. Net income forecast to grow 9.5% next year vs 16% growth forecast for Oil and Gas industry in Singapore. Consensus price target up from S$2.36 to S$2.63. Share price was steady at S$1.91 over the past week. New Risk • Feb 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 27
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: US$0.13 (up from US$0.091 in FY 2024). Revenue: US$16.4b (up 5.9% from FY 2024). Net income: US$110.5m (up 41% from FY 2024). Profit margin: 0.7% (up from 0.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Oil and Gas industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Jan 22
China Aviation Oil (Singapore) Corporation Ltd to Report Second Half, 2025 Results on Feb 26, 2026 China Aviation Oil (Singapore) Corporation Ltd announced that they will report second half, 2025 results on Feb 26, 2026 Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to S$1.49, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Oil and Gas industry in Asia. Total returns to shareholders of 150% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$2.28 per share. Reported Earnings • Aug 18
First half 2025 earnings released: EPS: US$0.058 (vs US$0.049 in 1H 2024) First half 2025 results: EPS: US$0.058 (up from US$0.049 in 1H 2024). Revenue: US$8.56b (up 14% from 1H 2024). Net income: US$50.0m (up 18% from 1H 2024). Profit margin: 0.6% (in line with 1H 2024). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to S$1.18, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Oil and Gas industry in Asia. Total returns to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$2.26 per share. Announcement • Jul 08
China Aviation Oil (Singapore) Corporation Ltd Provides Update on Litigation-Outcome of Appeal The Board of Directors (the "Board") of China Aviation Oil (Singapore) Corporation Ltd. refers to (1) the Company's announcement dated 20 August 2020 in relation to the legal proceedings commenced by Banque De Commerce Et De Placements SA, DIFC Branch ("BCP Dubai") and Banque De Commerce Et De Placements SA (collectively, "BCP") against the Company; (2) the Company's subsequent updates on the aforesaid legal proceedings announced together with the release of its half-yearly financial results announcements on 26 February 2021, 30 July 2021, 25 February 2022, 4 August 2022, 28 February 2023, 8 August 2023, 29 February 2024, 14 August 2024 and 27 February 2025; (3) the Company's announcement dated 5 June 2024 relating to the dismissal by the General Division of the High Court in HC/S 675/2020 dated 5 June 2024 of all BCP's claims against the Company (the "5 June 2024 Judgment"); and (4) the Company's announcement dated 1 November 2024 in relation to BCP's extension of time application to file notice of appeal against certain aspects of the 5 June 2024 Judgment concerning BCP's claim against the Company in deceit (the "BCP Appeal"), (collectively, the "Litigation Updates Announcements"). Further to the Litigation Updates Announcements, the Board announced that the Court of Appeal of the Republic of Singapore had on 7 July 2025 issued its written judgment on the BCP Appeal (the "CA Judgment"). In the CA Judgment, the Court of Appeal upheld the decision of the General Division of the High Court in relation
to the aspects of the 5 June 2024 Judgment which were the subject of the BCP Appeal, and dismissed the BCP Appeal in entirety, with costs of S$100,000 (all-in) awarded to the Company. The CA Judgment is final and not appealable. The salient points of the CA Judgment included inter alia, the following: (1) The BCP Appeal was premised on BCP's position that the representation relating to the existence, validity and authenticity of relevant documents in the Company's letter of indemnity (the "EAV Representation") was false and made without an honest belief in the truth of the EAV Representation. (2) The Court of Appeal held that the true construction of the EAV Representation was that advanced by the Company, i.e., that the Company had represented the existence, authenticity, and validity of a set of 3/3 original bills of lading ("OBLs"), and that the EAV Representation did not refer to the OBLs in their endorsed form, to the order of BCP. (3) The Court of Appeal also found that the Company had genuinely believed (amongst others) that there was a real shipment of Cargo and that the 3/3 OBLs had been issued, and that it would receive the OBLs from its supplier. The evidence also demonstrated that the Company adhered to its risk management measures at every stage of the transaction, and therefore there was no basis whatsoever to BCP's assertion that the Company had been reckless as to the truth of the EAV Representation. (4) The Court of Appeal also held that, by agreeing to accept the Company's letter of indemnity in lieu of endorsed OBLs, BCP had in effect accepted that it would no longer have the ability to control delivery of the Cargo and accordingly, the endorsement of the OBLs to BCP was not time-sensitive. The CA Judgment is not expected to have any material impact on the earnings per share and net tangible assets per share of the Company for the financial year ending 31 December 2025. Announcement • Jul 01
China Aviation Oil (Singapore) Corporation Ltd to Report First Half, 2025 Results on Aug 14, 2025 China Aviation Oil (Singapore) Corporation Ltd announced that they will report first half, 2025 results on Aug 14, 2025 Upcoming Dividend • May 02
Upcoming dividend of S$0.037 per share Eligible shareholders must have bought the stock before 09 May 2025. Payment date: 27 May 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Singaporean dividend payers (6.0%). Lower than average of industry peers (6.6%). Declared Dividend • Apr 11
Dividend of S$0.037 announced Shareholders will receive a dividend of S$0.037. Ex-date: 9th May 2025 Payment date: 27th May 2025 Dividend yield will be 4.7%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 6.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 8.0% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 06
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$0.091 (up from US$0.068 in FY 2023). Revenue: US$15.5b (up 7.5% from FY 2023). Net income: US$78.4m (up 33% from FY 2023). Profit margin: 0.5% (up from 0.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.2%. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Apr 01
China Aviation Oil (Singapore) Corporation Ltd, Annual General Meeting, Apr 24, 2025 China Aviation Oil (Singapore) Corporation Ltd, Annual General Meeting, Apr 24, 2025, at 15:00 Singapore Standard Time. Location: room 700, stephen riady auditorium @ntuc, one marina boulevard, singapore 018989, Singapore Reported Earnings • Feb 28
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$0.091 (up from US$0.068 in FY 2023). Revenue: US$15.5b (up 7.5% from FY 2023). Net income: US$78.4m (up 33% from FY 2023). Profit margin: 0.5% (up from 0.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.2%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 1.7% decline forecast for the Oil and Gas industry in Asia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Jan 21
China Aviation Oil (Singapore) Corporation Ltd to Report Second Half, 2024 Results on Feb 27, 2025 China Aviation Oil (Singapore) Corporation Ltd announced that they will report second half, 2024 results on Feb 27, 2025 Reported Earnings • Aug 17
First half 2024 earnings released: EPS: US$0.049 (vs US$0.023 in 1H 2023) First half 2024 results: EPS: US$0.049 (up from US$0.023 in 1H 2023). Revenue: US$7.54b (up 20% from 1H 2023). Net income: US$42.4m (up 115% from 1H 2023). Profit margin: 0.6% (up from 0.3% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jul 12
China Aviation Oil (Singapore) Corporation Ltd to Report First Half, 2024 Results on Aug 14, 2024 China Aviation Oil (Singapore) Corporation Ltd announced that they will report first half, 2024 results on Aug 14, 2024 Announcement • Jun 06
China Aviation Oil (Singapore) Corporation Ltd Provides Update on Legal Proceedings Commenced by Banque De Commerce Et De Placements SA, DIFC Branch and Banque De Commerce Et De Placements SA The Board of Directors of China Aviation Oil (Singapore) Corporation Ltd. refers to (1) the Company's announcement dated 20 August 2020 in relation to the legal proceedings commenced by Banque De Commerce Et De Placements SA, DIFC Branch and Banque De Commerce Et De Placements SA against the Company; and (2) the Company's subsequent updates on the aforesaid legal proceedings announced together with the release of its half-yearly financial results announcements on 26 February 2021, 30 July 2021, 25 February 2022, 4 August 2022, 28 February 2023, 8 August 2023 and 29 February 2024. The Company wishes to update that following the conclusion of the trial of Suit No. HC/S 675/2020 on 25 September 2023, the High Court of the Republic of Singapore has released the Honourable Judge's written judgment dated 5 June 2024. The Board announced that the Court had dismissed all of BCP's claims against the Company. The salient points of the Judgment are: (i) BCP Dubai, having been deregistered in Dubai, did not have the standing or legal capacity to sue the Company. (ii) The sales contract between the Company and Zenrock Commodities Trading Pte Ltd. dated 21 January 2020 ("CAO-ZR Contract") was not a sham or fraudulent transaction, as the evidence showed that the Company had clearly intended to enter into genuine contracts. Furthermore, the CAO-ZR Contract involved real physical cargo and genuine title transfer. (iii) BCP could not rely on the fraud exception as it had not pleaded it. In any event, BCP would not be able to invoke the fraud exception as its requirements were not satisfied. (iv) BCP's claims in deceit and negligent misrepresentation failed as the alleged representations and warranties made by the Company to BCP were not false. (v) The Company is not liable to BCP for breach of contract for the primary reason that there was no contract between BCP and the Company. (vi) BCP's claim in unjust enrichment failed as no misrepresentation was made to BCP, and therefore, there was neither a mistake of fact nor total failure of consideration. (vii) BCP's claim in unlawful means conspiracy failed as the evidence showed that the Company was not part of any conspiracy and that the CAO-ZR Contract was not a sham or fraudulent transaction. As the Company has been successful in defending BCP's claims against it, the Court consequently did not allow the Company's claims against Shandong Energy International (Singapore) Pte Ltd. since that claim is based on BCP succeeding in its claims against the Company. The Court further directed that unless the parties to the Suit can agree on costs, they are to tender written submissions on costs within 14 days of the Judgment. Reported Earnings • Apr 03
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$0.068 (up from US$0.039 in FY 2022). Revenue: US$14.4b (down 12% from FY 2022). Net income: US$58.9m (up 76% from FY 2022). Profit margin: 0.4% (up from 0.2% in FY 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 8% per year. Declared Dividend • Apr 03
Dividend of S$0.051 announced Shareholders will receive a dividend of S$0.051. Ex-date: 10th May 2024 Payment date: 27th May 2024 Dividend yield will be 5.5%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 4.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 01
China Aviation Oil (Singapore) Corporation Ltd, Annual General Meeting, Apr 25, 2024 China Aviation Oil (Singapore) Corporation Ltd, Annual General Meeting, Apr 25, 2024, at 15:00 Singapore Standard Time. Location: Room 700, Stephen Riady Auditorium @NTUC One Marina Boulevard Singapore Agenda: To receive and adopt the Directors' statement and the audited financial statements for the financial year ended 31 December 2023 together with the auditors' report thereon; to declare a first and final ordinary dividend of 2.71 Singapore cents per ordinary share and a one-tier, tax exempt special dividend of 2.34 Singapore cents per ordinary share for the year ended 31 December 2023; to approve Directors' fees of S$506,000 for the year ended 31 December 2023; to re-elect the following Directors, each of whom will retire by rotation pursuant to Regulation 94 of the Constitution of the Company and who, being eligible, will offer themselves for re-election; to re-elect Shi Yanliang, who will cease to hold office in accordance with Regulation 100 of the Constitution of the Company and who, being eligible, will offer himself for re-election; and to consider other matters. Reported Earnings • Mar 01
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$0.068 (up from US$0.039 in FY 2022). Revenue: US$14.4b (down 12% from FY 2022). Net income: US$58.9m (up 76% from FY 2022). Profit margin: 0.4% (up from 0.2% in FY 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 1.8% decline forecast for the Oil and Gas industry in Asia. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 6% per year. New Risk • Feb 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Announcement • Jan 29
China Aviation Oil (Singapore) Corporation Ltd to Report Fiscal Year 2023 Results on Feb 29, 2024 China Aviation Oil (Singapore) Corporation Ltd announced that they will report fiscal year 2023 results on Feb 29, 2024 Announcement • Dec 01
China Aviation Oil (Singapore) Corporation Ltd Announces Board Changes, Effective on December 15, 2023 The Board of Directors of China Aviation Oil (Singapore) Corporation Ltd. announces the following: The appointment of Mr. Shi Yanliang as the Executive Chairman of the Company in place of Mr. Gong Feng, Non-Executive, Non-Independent Chairman of the company from 15 December 2023. Consequent to the aforementioned change, the composition of the Board will be changed as follows: Consequent to the aforementioned change, the composition of the Board will be changed as follows: Board of Directors: Mr. Shi Yanliang - Chairman (Executive, Non-Independent), Mr. Teo Ser Luck - Lead Independent Director (Non-Executive, Independent), Mr. Shi Lei (Non-Executive, Non-Independent), Mr. Zhang Yuchen (Non-Executive, Non-Independent), Mr. Lin Yi - Chief Executive Officer/Executive Director (Executive, Non-Independent), Mr. Hee Theng Fong (Non-Executive, Independent), Dr. Fu Xingran (Non-Executive, Independent), Dr. Jeffrey Goh Mau Seong (Non-Executive, Independent) and Dr. Richard Yang Minghui (Non-Executive, Non-Independent). Buying Opportunity • Sep 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.8%. The fair value is estimated to be S$1.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 126% in the next 2 years. Major Estimate Revision • Aug 15
Consensus revenue estimates fall by 25% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$17.7b to US$13.3b. EPS estimate fell from US$0.07 to US$0.053 per share. Net income forecast to grow 75% next year vs 1.8% decline forecast for Oil and Gas industry in Singapore. Consensus price target down from S$1.23 to S$1.14. Share price fell 3.7% to S$0.91 over the past week. Reported Earnings • Aug 11
First half 2023 earnings released: EPS: US$0.023 (vs US$0.023 in 1H 2022) First half 2023 results: EPS: US$0.023 (in line with 1H 2022). Revenue: US$6.28b (down 32% from 1H 2022). Net income: US$19.7m (flat on 1H 2022). Profit margin: 0.3% (up from 0.2% in 1H 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 3.4% decline forecast for the Oil and Gas industry in Asia. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jul 08
China Aviation Oil (Singapore) Corporation Ltd to Report First Half, 2023 Results on Aug 08, 2023 China Aviation Oil (Singapore) Corporation Ltd announced that they will report first half, 2023 results on Aug 08, 2023 Buying Opportunity • May 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be S$1.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 36%. For the next 3 years, revenue is forecast to grow by 6.4% per annum. Earnings is also forecast to grow by 30% per annum over the same time period. Upcoming Dividend • May 02
Upcoming dividend of S$0.016 per share at 1.7% yield Eligible shareholders must have bought the stock before 09 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Singaporean dividend payers (6.4%). Lower than average of industry peers (4.8%). Reported Earnings • Apr 01
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: US$0.039 (down from US$0.047 in FY 2021). Revenue: US$16.5b (down 6.6% from FY 2021). Net income: US$33.5m (down 17% from FY 2021). Profit margin: 0.2% (in line with FY 2021). Revenue missed analyst estimates by 9.8%. Earnings per share (EPS) also missed analyst estimates by 2.7%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 6.3% decline forecast for the Oil and Gas industry in Asia. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Mar 01
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: US$0.039 (down from US$0.047 in FY 2021). Revenue: US$16.5b (down 6.6% from FY 2021). Net income: US$33.5m (down 17% from FY 2021). Profit margin: 0.2% (in line with FY 2021). Revenue missed analyst estimates by 9.8%. Earnings per share (EPS) also missed analyst estimates by 2.7%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 9.1% decline forecast for the Oil and Gas industry in Asia. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Jeffrey Goh was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 07
First half 2022 earnings released: EPS: US$0.023 (vs US$0.028 in 1H 2021) First half 2022 results: EPS: US$0.023 (down from US$0.028 in 1H 2021). Revenue: US$9.29b (up 7.0% from 1H 2021). Net income: US$19.7m (down 19% from 1H 2021). Profit margin: 0.2% (down from 0.3% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 50%, compared to a 27% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 02
Upcoming dividend of S$0.019 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 26 May 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Singaporean dividend payers (5.8%). Lower than average of industry peers (3.8%). Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Jeffrey Goh was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: US$0.047 (down from US$0.065 in FY 2020). Revenue: US$17.6b (up 68% from FY 2020). Net income: US$40.4m (down 28% from FY 2020). Profit margin: 0.2% (down from 0.5% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 21%. Over the next year, revenue is forecast to grow 55%, compared to a 32% growth forecast for the oil industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$21.4b to US$25.2b. EPS estimate fell from US$0.08 to US$0.06. Net income forecast to grow 22% next year vs 17% growth forecast for Oil and Gas industry in Singapore. Consensus price target down from S$1.15 to S$0.93. Share price fell 3.7% to S$0.91 over the past week. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: US$0.047 (down from US$0.065 in FY 2020). Revenue: US$17.6b (up 68% from FY 2020). Net income: US$40.4m (down 28% from FY 2020). Profit margin: 0.2% (down from 0.5% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 21%. Over the next year, revenue is forecast to grow 21%, compared to a 20% growth forecast for the oil industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Executive Departure • Oct 06
Non-Executive Independent Director Runsheng Li has left the company On the 30th of September, Runsheng Li's tenure as Non-Executive Independent Director ended after 7.4 years in the role. We don't have any record of a personal shareholding under Runsheng's name. A total of 6 executives have left over the last 12 months. The current median tenure of the management team is 9.25 years. Executive Departure • Sep 04
Non-Executive Non-Independent Director Yongji Li has left the company On the 1st of September, Yongji Li's tenure as Non-Executive Non-Independent Director ended after 3.6 years in the role. We don't have any record of a personal shareholding under Yongji's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 9.17 years. Reported Earnings • Aug 04
First half 2021 earnings released: EPS US$0.028 (vs US$0.027 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were weaker. First half 2021 results: Revenue: US$8.68b (up 62% from 1H 2020). Net income: US$24.3m (up 3.0% from 1H 2020). Profit margin: 0.3% (down from 0.4% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 15% per year. Executive Departure • Jun 05
Non-Executive Non-Independent Director Pit Lai Young has left the company On the 31st of May, Pit Lai Young's tenure as Non-Executive Non-Independent Director ended after 6.1 years in the role. We don't have any record of a personal shareholding under Pit Lai's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 8.92 years. Upcoming Dividend • Apr 30
Upcoming dividend of S$0.026 per share Eligible shareholders must have bought the stock before 07 May 2021. Payment date: 21 May 2021. Trailing yield: 2.2%. Lower than top quartile of Singaporean dividend payers (4.6%). Lower than average of industry peers (4.0%). Reported Earnings • Apr 04
Full year 2020 earnings released: EPS US$0.065 (vs US$0.12 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: US$10.5b (down 48% from FY 2019). Net income: US$56.2m (down 44% from FY 2019). Profit margin: 0.5% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 10% per year and the company’s share price has also fallen by 10% per year. Price Target Changed • Mar 02
Price target raised to S$1.28 Up from S$1.17, the current price target is an average from 3 analysts. The new target price is 13% above the current share price of S$1.14. As of last close, the stock is up 0.9% over the past year. Reported Earnings • Feb 27
Full year 2020 earnings released The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: US$10.5b (down 48% from FY 2019). Net income: US$56.2m (down 44% from FY 2019). Profit margin: 0.5% (in line with FY 2019). Analyst Estimate Surprise Post Earnings • Feb 27
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 31%, compared to a 16% growth forecast for the Oil and Gas industry in Singapore. Is New 90 Day High Low • Jan 14
New 90-day high: S$1.14 The company is up 17% from its price of S$0.97 on 16 October 2020. The Singaporean market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$0.45 per share. Is New 90 Day High Low • Nov 10
New 90-day high: S$1.03 The company is up 11% from its price of S$0.93 on 12 August 2020. The Singaporean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$0.45 per share. 
