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China Aviation Oil (Singapore)
(SGX:G92)
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Rating:64Neutral
Price Target:
S$1.50
▲(4.90% Upside)
Action:Reiterated
Date:08/21/26
The score is supported primarily by strong balance-sheet health and reasonable valuation (low P/E and a moderate dividend yield). Offsetting this are weak technicals (price below key moving averages and negative MACD) and the sharp TTM decline in operating/free cash flow, which raises near-term quality and volatility concerns.
Positive Factors
Balance Sheet Strength
Very low leverage materially reduces balance-sheet risk and preserves financial flexibility for procurement, trading activities, and investment. The steady growth in equity also provides a stronger capital base, helping CAO absorb volatility while supporting future operating needs.
Negative Factors
Weak Revenue Trend
The inconsistent revenue trajectory indicates that CAO has not established dependable top-line momentum. Repeated declines and the latest TTM contraction can limit operating leverage, make earnings growth harder to sustain, and increase dependence on trading conditions and customer demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Very low leverage materially reduces balance-sheet risk and preserves financial flexibility for procurement, trading activities, and investment. The steady growth in equity also provides a stronger capital base, helping CAO absorb volatility while supporting future operating needs.
Read all positive factors
China Aviation Oil (Singapore) (G92) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.09B
Dividend Yield3.91%
Average Volume (3M)720.49K
Price to Earnings (P/E)8.4
Beta (1Y)0.90
Revenue Growth-8.12%
EPS Growth14.65%
CountrySG
Employees150
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)0.12
Shares Outstanding866,183,650
10 Day Avg. Volume1,018,310
30 Day Avg. Volume720,490
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$2.14Price Target Upside49.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.11
Revenue Forecast (FY)S$16.78B
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 its supply, trading, and related services across the aviation fuel value chain. Key revenue streams and drivers include: (1) Jet fuel and petroleum product trading: CAO buys and sells jet fuel (and, where applicable,...
China Aviation Oil (Singapore) Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
86
Very Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.68B | 16.69B | 15.52B | 14.43B | 16.46B | 17.64B |
| Gross Profit | 47.34M | 73.95M | 41.87M | 50.60M | 35.39M | 30.70M |
| EBITDA | 28.07M | 57.41M | 95.48M | 74.79M | 47.78M | 54.15M |
| Net Income | 101.64M | 112.24M | 78.36M | 58.86M | 33.53M | 40.35M |
Balance Sheet | ||||||
| Total Assets | 2.27B | 2.27B | 1.99B | 1.79B | 1.50B | 1.54B |
| Cash, Cash Equivalents and Short-Term Investments | 588.93M | 686.64M | 500.33M | 373.04M | 308.19M | 400.84M |
| Total Debt | 12.87M | 5.33M | 3.32M | 6.29M | 12.56M | 14.35M |
| Total Liabilities | 1.17B | 1.19B | 1.00B | 835.17M | 592.21M | 634.29M |
| Stockholders Equity | 1.09B | 1.08B | 986.27M | 948.40M | 902.98M | 901.37M |
Cash Flow | ||||||
| Free Cash Flow | 5.48M | 216.46M | 120.44M | 43.00M | -89.09M | 112.70M |
| Operating Cash Flow | 6.05M | 216.71M | 121.36M | 54.56M | -88.77M | 113.00M |
| Investing Cash Flow | 85.35M | -357.45K | 44.64M | 26.25M | 24.45M | 44.19M |
| Financing Cash Flow | -18.88M | -26.81M | -38.34M | -16.57M | -26.67M | -25.38M |
China Aviation Oil (Singapore) Technical Analysis
Neutral
1.43
Price Trends
1.34
Negative
1.55
Negative
1.74
Negative
Market Momentum
-0.03
Negative
47.08
Neutral
76.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:G92, the sentiment is Neutral. The current price of 1.43 is above the 20-day moving average (MA) of 1.26, above the 50-day MA of 1.34, and below the 200-day MA of 1.74, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 47.08 is Neutral, neither overbought nor oversold. The STOCH value of 76.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | S$91.20M | 3.65 | 7.93% | 3.55% | -12.55% | 8.33% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | S$1.09B | 8.40 | 9.38% | 3.91% | -8.12% | 14.65% | |
64 Neutral | S$21.22M | 14.02 | 2.61% | 3.88% | 6.00% | -25.81% | |
46 Neutral | S$18.52M | -0.11 | -12.20% | ― | ― | -1787.22% |
* Energy Sector Average
SG:G92
China Aviation Oil (Singapore)
1.27
-0.18
-12.65%
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0.00
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0.10
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0.70
27.58%
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.