China Aviation Oil (Singapore) (SGX:G92) - Share price, News & Analysis

G92 fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	4/6
Past Performance	1/6
Financial Health	6/6
Dividends	3/6

G92 Stock Overview

China Aviation Oil (Singapore) Corporation Ltd engages in trading jet fuel and other petroleum products to civil aviation industry worldwide.

Rewards

Trading at 86% below our estimate of its fair value

Earnings are forecast to grow 21.16% per year

Risk Analysis

Profit margins (0.2%) are lower than last year (0.5%)

China Aviation Oil (Singapore) Competitors

Price History & Performance

Summary of all time highs, changes and price drops for China Aviation Oil (Singapore)
Historical stock prices
Current Share Price	S$0.85
52 Week High	S$1.13
52 Week Low	S$0.85
Beta	1.07
1 Month Change	-4.47%
3 Month Change	-8.56%
1 Year Change	-17.79%
3 Year Change	-32.14%
5 Year Change	-49.56%
Change since IPO	64.42%

Shareholder Returns

	G92	SG Oil and Gas	SG Market
7D	-1.7%	-7.9%	-3.0%
1Y	-17.8%	81.3%	-0.06%

Return vs Industry: G92 underperformed the SG Oil and Gas industry which returned 81.3% over the past year.

Return vs Market: G92 underperformed the SG Market which returned -0.1% over the past year.

Price Volatility

Is G92's price volatile compared to industry and market?
G92 volatility
G92 Average Weekly Movement	3.1%
Oil and Gas Industry Average Movement	10.0%
Market Average Movement	5.2%
10% most volatile stocks in SG Market	12.0%
10% least volatile stocks in SG Market	2.4%

Stable Share Price: G92 is less volatile than 75% of SG stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: G92's weekly volatility (3%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1993	121	Yanjun Wang	https://www.caosco.com

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.

China Aviation Oil (Singapore) Fundamentals Summary

How do China Aviation Oil (Singapore)'s earnings and revenue compare to its market cap?
G92 fundamental statistics
Market Cap	US$527.79m
Earnings (TTM)	US$40.35m
Revenue (TTM)	US$17.64b

13.1x

P/E Ratio

0.0x

P/S Ratio

Is G92 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
G92 income statement (TTM)
Revenue	US$17.64b
Cost of Revenue	US$17.61b
Gross Profit	US$30.70m
Other Expenses	-US$9.65m
Earnings	US$40.35m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	0.047
Gross Margin	0.17%
Net Profit Margin	0.23%
Debt/Equity Ratio	0%

How did G92 perform over the long term?

See historical performance and comparison

Dividends

2.2%

Current Dividend Yield

30%

Payout Ratio

Valuation

Is China Aviation Oil (Singapore) undervalued compared to its fair value and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: G92 (SGD0.86) is trading below our estimate of fair value (SGD6.1)

Significantly Below Fair Value: G92 is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: G92 is poor value based on its PE Ratio (13.1x) compared to the SG Oil and Gas industry average (6.1x).

PE vs Market: G92 is poor value based on its PE Ratio (13.1x) compared to the SG market (11.6x).

Price to Earnings Growth Ratio

PEG Ratio: G92 is good value based on its PEG Ratio (0.6x)

Price to Book Ratio

PB vs Industry: G92's PB Ratio (0.6x) is in line with the SG Oil and Gas industry average.

Future Growth

How is China Aviation Oil (Singapore) forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

21.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: G92's forecast earnings growth (21.2% per year) is above the savings rate (1.8%).

Earnings vs Market: G92's earnings (21.2% per year) are forecast to grow faster than the SG market (11.8% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: G92's revenue (8.4% per year) is forecast to grow faster than the SG market (7.5% per year).

High Growth Revenue: G92's revenue (8.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: G92's Return on Equity is forecast to be low in 3 years time (7.2%).

Past Performance

How has China Aviation Oil (Singapore) performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-11.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: G92 has high quality earnings.

Growing Profit Margin: G92's current net profit margins (0.2%) are lower than last year (0.5%).

Past Earnings Growth Analysis

Earnings Trend: G92's earnings have declined by 11.4% per year over the past 5 years.

Accelerating Growth: G92's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: G92 had negative earnings growth (-28.2%) over the past year, making it difficult to compare to the Oil and Gas industry average (104.2%).

Return on Equity

High ROE: G92's Return on Equity (4.5%) is considered low.

Financial Health

How is China Aviation Oil (Singapore)'s financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: G92's short term assets ($1.2B) exceed its short term liabilities ($619.9M).

Long Term Liabilities: G92's short term assets ($1.2B) exceed its long term liabilities ($14.4M).

Debt to Equity History and Analysis

Debt Level: G92 is debt free.

Reducing Debt: G92 has no debt compared to 5 years ago when its debt to equity ratio was 15.3%.

Debt Coverage: G92 has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: G92 has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

Dividend

What is China Aviation Oil (Singapore) current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

2.22%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: G92's dividend (2.22%) isn’t notable compared to the bottom 25% of dividend payers in the SG market (2.22%).

High Dividend: G92's dividend (2.22%) is low compared to the top 25% of dividend payers in the SG market (5.91%).

Stability and Growth of Payments

Stable Dividend: G92's dividend payments have been volatile in the past 10 years.

Growing Dividend: G92's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (30%), G92's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (10.4%), G92's dividend payments are thoroughly covered by cash flows.

Next Steps

Explore strong dividend paying companies in the Energy industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

10.5yrs

Average management tenure

CEO

Yanjun Wang (58 yo)

3.67yrs

Tenure

US$274,695

Compensation

Dr. Wang Yanjun serves as the Chief Executive Officer of China Aviation Oil (Singapore) Corp. Ltd since September 12, 2018 and its Executive Director since February 5, 2018. Dr. Wang served Vice President...

CEO Compensation Analysis

Compensation vs Market: Yanjun's total compensation ($USD274.69K) is below average for companies of similar size in the SG market ($USD624.34K).

Compensation vs Earnings: Yanjun's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: G92's management team is seasoned and experienced (10.5 years average tenure).

Board Members

Experienced Board: G92's board of directors are not considered experienced ( 1.4 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/16 00:00
End of Day Share Price	2022/05/13 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31