1 June 2011
C o r r p o r r a t t e F a c t t s h e e t
Current Activities: China Aviation Oil (Singapore) Corporation Ltd
(“CAO”) is the largest purchaser of jet fuel in the Asia Pacific region and key supplier of imported jet fuel to the PRC civil aviation industry. CAO also engages in the international trading of jet fuel, gas oil, fuel oil and petrochemical products. CAO owns investments in strategic oil-related businesses, which include a 33 percent equity stake in Shanghai Pudong International Airport Aviation Fuel Supply
Company, a 49 percent equity stake in China National Aviation Fuel
TSN-PEK Pipeline Transportation Corporation Ltd, and a 39 percent stake in China Aviation Oil Xinyuan Petrochemicals Co., Ltd.
Source: Company Data, SIAS Research
Key Shareholder Shareholding (%)
CNAF 50.88%
BP Investments Asia
Source: Bloomberg, SIAS Research
Shareholdings include treasury shares
20.00%
New Developments:
(1) CAO signed the 2011-2014 Collaboration Agreement with BP, which took effect from 1 January 2011. This business collaboration agreement provides CAO with access to new markets such as Middle East and Europe and is expected to have a positive impact on the earnings of CAO for FY2011.
(2) CAO is actively seeking assets that are synergetic to its oil trading business, such as oil storage tanks, airport refueling facilities and pipelines.
IR Contact Details
Website: http://www.caosco.com
Name: Ms. Loh Woon Yen
Email: woonyen@caosco.com
Tel: (65) 6334 8979
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Main Activities
S$1.230
China Aviation Oil (Singapore) Corporation Ltd is a subsidiary of China National Aviation Fuel Group Corp
(CNAF). CAO’s current activities include jet fuel supply and trading, trading of other oil products and investments in oilrelated assets. CNAF is a large state-owned enterprise and the largest aviation transportation logistics service provider in the PRC.
Financial Highlights
(Y/E Dec)(USD $m) FY09 FY10
Revenue
Gross Profit
Net Profit after Tax
EPS (US cents)
Current Assets
Non-Current Assets
Current Liabilities
Non-Current Liabilities
Total Equity
Operating cash flow
Investing cash flow
Financing cash flow
Source: Company, SIAS Research
Key ratios (Current)
PER (x)
P/BV (x)
ROE (%)
ROA (%)
Dividend (%)
Source: Bloomberg, SIAS Research
3634.3
29.7
45.2
6.25
599.6
159.1
449.0
-
309.7
53.1
-13.4
-10.6
11.51
1.99
16.71
6.42
3.25
5452.6
30.7
54.7
7.61
741.8
204.0
595.7
4.9
345.2
-132.3
1.9
6.2
Indexed Price Chart
Green ( FSSTI )
White ( China Aviation Oil )
Source: Bloomberg
52wks High-Low
Number of Shares
Market Capitalization
Analyst:
SIAS Research admin@siasresearch.com
Tel: 6227 2107
S$ 1.710 / S$1.210
721.489m
S$901.86m

Fax: (65) 6333 5283
1 June 2011
C o r r p o r r a t t e F a c t t s h e e t
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1 June 2011
C o r r p o r r a t t e F a c t t s h e e t
IMPORTANT DISCLOSURE
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As of the date of this report, the analyst and his immediate family may own or have positions in any securities mentioned herein or any securities related thereto and may from time to time add or dispose of or may be materially interested in any such securities. Portfolio structure should be the responsibility of the investor and they should take into consideration their financial position and risk profile when structuring their portfolio. Investors should seek the assistance of a qualified and licensed financial advisor to help them structure their portfolio. This research report is based on information, which we believe to be reliable. Any opinions expressed reflect our judgment at report date and are subject to change without notice. This research material is for information only. It does not have regards to the specific investment objectives, financial situation and the particular needs of any specific person who may receive or access this research material. It is not to be construed as an offer, or solicitation of an offer to sell or buy securities referred herein. The use of this material does not absolve you of your responsibility for your own investment decisions. We accept no liability for any direct or indirect loss arising from the use of this research material. We, our associates, directors and/or employees may have an interest in the securities and/or companies mentioned herein. This research material may not be reproduced, distributed or published for any purpose by anyone without our specific prior consent.
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