研报 | 中国航油 China Aviation Oil (新加坡):表现持平

wechat omage


买入 (维持)

收盘价:SGD 1.370 | 预测DIV:SGD 0.004

目标价:SGD 1.670 | 总回报:22.2%


2019年一季度收入和净利润符合我们的预期。中间馏分油的产量温和增长,但其它石油产品的产量暴跌。由于平均油价下跌,浦东的表现不佳。基于12个月的市盈率为11.5倍,我们将2019财年末的每股盈利维持在10.7 美分,并维持买入评级建议,目标价不变仍为新元1.67。





整体供应和贸易利润率持平。以毛利润/吨计算的供应和贸易利润率,在2019年一季度,同比下降1.4% 至1.71美元/吨 (1018年一季度:1.74美元/吨)。风险较高的交易头寸减少,导致利润的增幅降低。其它石油产品的产量骤降。如图1所示,其它石油产品的大幅度下降是由于燃料油产量不足造成的。2020年国际海事组织的燃料含硫量新法规将逐步淘汰高硫燃料油。因此,对这类燃料油的需求急剧下降。展望未来,其它油产品产量预计将徘徊在当前水平。

来自浦东的利润贡献略有减少:受平均油价下跌和燃油补给量持平的影响,2019年一季度,来自浦东的利润为1720万美元 (同比减少8.9%)。在此期间,燃油补给量达到110万吨,与2018年一季度的数量相当。






本文为英文翻译版本,仅供参考,一切请以英文版本为准。如果有想了解更多全球股市资讯,请关注微信公众共 “辉立资本新加坡” (SGPSPL)。同时提供在线免费开设股票账户,一个账户轻松交易美股,港股,新加坡股





This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

This advertisement has not been reviewed by the Monetary Authority of Singapore.  


Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com