China Aviation Oil (Singapore) Corp. Ltd. – Value Analysis (SINGAPORE:G92) : December 4, 2017

Capitalcube gives China Aviation Oil (Singapore) Corp. Ltd. a score of 56.

Our analysis is based on comparing China Aviation Oil (Singapore) Corp. Ltd. with the following peers – Mewah International Inc., Raffles Medical Group Ltd, Asian Micro Holdings Limited and AnAn International Limited (MV4-SG, BSL-SG, 585-SG and Y35-SG).

Investment Outlook

China Aviation Oil (Singapore) Corp. Ltd. has a fundamental score of 56 and has a relative valuation of OVERVALUED.

Fundamental Score

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Company Overview

  • Compared to peers, relative outperformance over the last year has faded more recently.
  • It’s current Price/Book of 1.46 is about median in its peer group.
  • We classify G92-SG as Harvesting because of the market’s relatively low growth expectations despite its relatively high returns.
  • G92-SG‘s median net profit margins and relatively high asset efficiency give it some operating leverage.
  • The company’s year-on-year change in revenues and earnings are better than the median among its peer group.
  • Over the last five years, G92-SG‘s return on assets has improved from median to better than the median among its peers, suggesting the company has found relative operating advantages.
  • The company’s relatively low gross and pre-tax margins suggest a non-differentiated product portfolio and not much control on operating costs relative to peers.
  • G92-SG‘s revenues have grown more slowly than the peer median over the last few years, which combined with the stock price’s relatively low P/E ratio suggests substandard growth expectations relative to peers.
  • The company’s capital investment seems appropriate for a business with peer median returns.
  • G92-SG currently does not have any debt.

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Leverage & Liquidity

G92-SG currently does not have any debt.

  • We consider the company to have a Quick & Able profile as it currently does not have any debt. In comparison, the median level of debt as percent of enterprise value for its peer group is currently 3.77%.
  • All 4 peers for the company have an outstanding debt balance.

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Key Liquidity Items

Company Debt/Enterprise Value (%) Current Ratio Interest Coverage (x) Cash Flow To Total Debt (%)
Mewah International Inc. 53.79 1.37 12.69 17.54
Raffles Medical Group Ltd 3.77 1.02 444.21 130.92
Asian Micro Holdings Limited 2.13 1.12 -44.16 -211.23
AnAn International Limited 7.67 1.62 10.55 0.14
China Aviation Oil (Singapore) Corporation Ltd 0 1.34 15.31 999
Peer Median 3.77 1.34 12.69 17.54
Best In Class 2.13 1.62 444.21 999

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Company Profile

China Aviation Oil (Singapore) Corp. Ltd. operates as an investment holding company, which engages in jet fuel supply and trading, trading of other oil products and investments in oil related assets. It operates through the following segments: Middle Distillates, Other Oil Products, and Investments in Oil Related Assets. The Middle Distillates segment engages in jet fuel and gas oil supply and trading. The Other Oil Products segment supplies and trades fuel oil and petrochemicals products. The Investments in Oil Related Assets segment includes investments in oil related assets through the group’s holdings in associates. The company was founded on May 26, 1993 and is headquartered in Singapore.

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