RHB Research upgraded China Aviation Oil to"buy" from"neutral" with a target price of S$1.60 on Wednesday, citing signs of strong recovery in international passenger traffic growth in China.
Analyst Shekhar Jaiswal noted that China registered 15 per cent year-on-year growth in international passenger traffic in 2018, up from 7 per cent growth in 2017. Jet fuel imports also rose in tandem with passenger traffic, registering a 9 per cent year-on-year increase in 2018 versus 6 per cent growth in 2017.
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