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China Aviation
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China Avation Oil to hit above $1.60?
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tedlim
Veteran |
10-Dec-2022 06:57
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Airfares set for big jump again in business and economy in 2023 Asia, which was slower to lift Covid travel curbs, is set for some of the biggest changes as demand swells, Amex GBT said in its Air Monitor 2023. Airfares will increase around the world next year, by as much as 12% on Europe-Asia routes and 10% for North America-Asia flights, according to American Express Global Business Travel (Amex GBT). Asia, which was slower to lift Covid travel curbs, is set for some of the biggest changes as demand swells, Amex GBT said in its Air Monitor 2023. The region&rsquo s relatively strong economic prospects could also push up prices, it said. Drivers of fare increases globally include inflation, rising fuel costs and capacity constraints. Higher fares between Europe and Asia also reflect the impact of rerouting to avoid Russian airspace, which is off-limits to many airlines following the invasion of Ukraine. The detour can add as much as three hours to journeys, pushing up fuel consumption and costs. Ticket prices are already elevated from before the pandemic, which wreaked havoc on travel and forced airlines to slash capacity. Major markets like the US and Europe then struggled to cope with the surge in demand when restrictions were lifted. The 12% Asia-Europe increase relates to economy fares, while business-class tickets for flights between the continents are forecast to rise 7.6% on average. North America-Asia fares could jump 5.6% in business. One of the biggest changes will be for business-class tickets within Australia, which are forecast to rise about 19%, according to the report. While demand is back around pre-Covid levels, airlines have cut capacity to deal with issues such as staff shortages and high fuel costs, causing ticket prices to climb. With Europe also seeing a shortfall of airline capacity versus demand, intra-regional airfares are expected to climb 6% in business and 5.5% in economy next year, Amex GBT said. The increase won&rsquo t be as sharp within North America, where fares are set to rise about 3% in both cabin classes. North America-Europe fares will be 3.7% higher than 2022. Compared with 2019, economy-class airfares from Asia to North America will be almost 23% higher and business will be about 15% more expensive. &ldquo Travel is rebounding in Asia Pacific and expected to grow as countries continue to reopen, but the current global economic headwinds show continued turbulence lies ahead,&rdquo said Harris Manlutac, Asia-Pacific head of consulting at Amex GBT. People&rsquo s tolerance will be tested, but it won&rsquo t alter the fundamental need for travel, he said. |
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tedlim
Veteran |
07-Dec-2022 15:25
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China announces nationwide loosening of COVID-19 restrictions https://www.channelnewsasia.com/asia/china-covid-19-nationwide-loosening-restrictions-home-quarantine-pcr-testing-3127846 Local authorities across China have begun a slow rollback of COVID-19 restrictions that have governed daily life for years. BEIJING: China announced on Wednesday (Dec 7) a nationwide loosening of COVID-19 restrictions following protests against the hardline strategy that grew into calls for greater political freedoms. Anger over China' s zero-COVID policy - which involved mass lockdowns, constant testing and quarantines even for people who are not infected - stoked unrest not seen since the 1989 pro-democracy protests. Under the new guidelines, some asymptomatic and mild cases of COVID-19 can now quarantine at home, ending a requirement that all positive cases be isolated in centralised government facilities. Most of the cases are asymptomatic infections and mild cases, with no special treatment required, the National Health Commission (NHC) said in a statement. " Asymptomatic persons and mild cases can be isolated at home while strengthening health monitoring, and they can transfer to designated hospitals for treatment in a timely manner if their condition worsens," the NHC added. The frequency and scope of PCR testing - long a tedious mainstay of life in zero-COVID China - will also be reduced. People will no longer be required to show a green health code on their phone to enter public buildings and spaces, except for " nursing homes, medical institutions, kindergartens, middle and high schools" . " Mass PCR testing only carried out in schools, hospitals, nursing homes, and high-risk work units scope and frequency of PCR testing to be further reduced," the new rules added. " People travelling across provinces do not need to provide a 48-hour test result and do not need to test upon arrival." China will also accelerate the vaccination of the elderly, the NHC said, long seen as a major obstacle to the relaxation of Beijing' s no-tolerance approach to COVID-19. |
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tedlim
Veteran |
07-Dec-2022 15:14
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https://www.cls.cn/detail/1205387 国 务 院 联 防 联 控 机 制 综 合 组 ： 具 备 居 家 隔 离 条 件 的 无 症 状 感 染 者 和 轻 型 病 例 一 般 采 取 居 家 隔 离 财 联 社 12月 7日 讯 ， 国 务 院 应 对 新 型 冠 状 病 毒 肺 炎 疫 情 联 防 联 控 机 制 综 合 组 发 布 《 关 于 进 一 步 优 化 落 实 疫 情 防 控 的 通 知 》 。 其 中 提 出 ， 进 一 步 优 化 核 酸 检 测 。 不 按 行 政 区 域 开 展 全 员 核 酸 检 测 ， 进 一 步 缩 小 核 酸 检 测 范 围 、 减 少 频 次 。 根 据 防 疫 工 作 需 要 ， 可 开 展 抗 原 检 测 。 对 高 风 险 岗 位 从 业 人 员 和 高 风 险 区 人 员 按 照 有 关 规 定 进 行 核 酸 检 测 ， 其 他 人 员 愿 检 尽 检 。 除 养 老 院 、 福 利 院 、 医 疗 机 构 、 托 幼 机 构 、 中 小 学 等 特 殊 场 所 外 ， 不 要 求 提 供 核 酸 检 测 阴 性 证 明 ， 不 查 验 健 康 码 。 重 要 机 关 、 大 型 企 业 及 一 些 特 定 场 所 可 由 属 地 自 行 确 定 防 控 措 施 。 不 再 对 跨 地 区 流 动 人 员 查 验 核 酸 检 测 阴 性 证 明 和 健 康 码 ， 不 再 开 展 落 地 检 。 以 下 为 全 文 关 于 进 一 步 优 化 落 实 新 冠 肺 炎 疫 情 防 控 措 施 的 通 知 联 防 联 控 机 制 综 发 〔 2022〕 113号 各 省 、 自 治 区 、 直 辖 市 及 新 疆 生 产 建 设 兵 团 应 对 新 型 冠 状 病 毒 肺 炎 疫 情 联 防 联 控 机 制 （ 领 导 小 组 、 指 挥 部 ） ， 国 务 院 应 对 新 型 冠 状 病 毒 肺 炎 疫 情 联 防 联 控 机 制 各 成 员 单 位 ： 近 期 ， 各 地 各 部 门 深 入 贯 彻 落 实 党 中 央 、 国 务 院 决 策 部 署 ， 坚 持 第 九 版 防 控 方 案 ， 落 实 二 十 条 优 化 措 施 ， 持 续 整 治 层 层 加 码 问 题 ， 取 得 积 极 成 效 。 根 据 当 前 疫 情 形 势 和 病 毒 变 异 情 况 ， 为 更 加 科 学 精 准 防 控 ， 切 实 解 决 防 控 工 作 中 存 在 的 突 出 问 题 ， 现 就 进 一 步 优 化 落 实 疫 情 防 控 措 施 有 关 事 项 通 知 如 下 ： 一 是 科 学 精 准 划 分 风 险 区 域 。 按 楼 栋 、 单 元 、 楼 层 、 住 户 划 定 高 风 险 区 ， 不 得 随 意 扩 大 到 小 区 、 社 区 和 街 道 （ 乡 镇 ） 等 区 域 。 不 得 采 取 各 种 形 式 的 临 时 封 控 。 二 是 进 一 步 优 化 核 酸 检 测 。 不 按 行 政 区 域 开 展 全 员 核 酸 检 测 ， 进 一 步 缩 小 核 酸 检 测 范 围 、 减 少 频 次 。 根 据 防 疫 工 作 需 要 ， 可 开 展 抗 原 检 测 。 对 高 风 险 岗 位 从 业 人 员 和 高 风 险 区 人 员 按 照 有 关 规 定 进 行 核 酸 检 测 ， 其 他 人 员 愿 检 尽 检 。 除 养 老 院 、 福 利 院 、 医 疗 机 构 、 托 幼 机 构 、 中 小 学 等 特 殊 场 所 外 ， 不 要 求 提 供 核 酸 检 测 阴 性 证 明 ， 不 查 验 健 康 码 。 重 要 机 关 、 大 型 企 业 及 一 些 特 定 场 所 可 由 属 地 自 行 确 定 防 控 措 施 。 不 再 对 跨 地 区 流 动 人 员 查 验 核 酸 检 测 阴 性 证 明 和 健 康 码 ， 不 再 开 展 落 地 检 。 三 是 优 化 调 整 隔 离 方 式 。 感 染 者 要 科 学 分 类 收 治 ， 具 备 居 家 隔 离 条 件 的 无 症 状 感 染 者 和 轻 型 病 例 一 般 采 取 居 家 隔 离 ， 也 可 自 愿 选 择 集 中 隔 离 收 治 。 居 家 隔 离 期 间 加 强 健 康 监 测 ， 隔 离 第 6、 7天 连 续 2次 核 酸 检 测 Ct值 &ge 35解 除 隔 离 ， 病 情 加 重 的 及 时 转 定 点 医 院 治 疗 。 具 备 居 家 隔 离 条 件 的 密 切 接 触 者 采 取 5天 居 家 隔 离 ， 也 可 自 愿 选 择 集 中 隔 离 ， 第 5天 核 酸 检 测 阴 性 后 解 除 隔 离 。 四 是 落 实 高 风 险 区 &ldquo 快 封 快 解 &rdquo 。 连 续 5天 没 有 新 增 感 染 者 的 高 风 险 区 ， 要 及 时 解 封 。 五 是 保 障 群 众 基 本 购 药 需 求 。 各 地 药 店 要 正 常 运 营 ， 不 得 随 意 关 停 。 不 得 限 制 群 众 线 上 线 下 购 买 退 热 、 止 咳 、 抗 病 毒 、 治 感 冒 等 非 处 方 药 物 。 六 是 加 快 推 进 老 年 人 新 冠 病 毒 疫 苗 接 种 。 各 地 要 坚 持 应 接 尽 接 原 则 ， 聚 焦 提 高 60-79岁 人 群 接 种 率 、 加 快 提 升 80岁 及 以 上 人 群 接 种 率 ， 作 出 专 项 安 排 。 通 过 设 立 老 年 人 绿 色 通 道 、 临 时 接 种 点 、 流 动 接 种 车 等 措 施 ， 优 化 接 种 服 务 。 要 逐 级 开 展 接 种 禁 忌 判 定 的 培 训 ， 指 导 医 务 人 员 科 学 判 定 接 种 禁 忌 。 细 化 科 普 宣 传 ， 发 动 全 社 会 力 量 参 与 动 员 老 年 人 接 种 ， 各 地 可 采 取 激 励 措 施 ， 调 动 老 年 人 接 种 疫 苗 的 积 极 性 。 七 是 加 强 重 点 人 群 健 康 情 况 摸 底 及 分 类 管 理 。 发 挥 基 层 医 疗 卫 生 机 构 &ldquo 网 底 &rdquo 和 家 庭 医 生 健 康 &ldquo 守 门 人 &rdquo 的 作 用 ， 摸 清 辖 区 内 患 有 心 脑 血 管 疾 病 、 慢 阻 肺 、 糖 尿 病 、 慢 性 肾 病 、 肿 瘤 、 免 疫 功 能 缺 陷 等 疾 病 的 老 年 人 及 其 新 冠 病 毒 疫 苗 接 种 情 况 ， 推 进 实 施 分 级 分 类 管 理 。 八 是 保 障 社 会 正 常 运 转 和 基 本 医 疗 服 务 。 非 高 风 险 区 不 得 限 制 人 员 流 动 ， 不 得 停 工 、 停 产 、 停 业 。 将 医 务 人 员 、 公 安 、 交 通 物 流 、 商 超 、 保 供 、 水 电 气 暖 等 保 障 基 本 医 疗 服 务 和 社 会 正 常 运 转 人 员 纳 入 &ldquo 白 名 单 &rdquo 管 理 ， 相 关 人 员 做 好 个 人 防 护 、 疫 苗 接 种 和 健 康 监 测 ， 保 障 正 常 医 疗 服 务 和 基 本 生 活 物 资 、 水 电 气 暖 等 供 给 ， 尽 力 维 护 正 常 生 产 工 作 秩 序 ， 及 时 解 决 群 众 提 出 的 急 难 愁 盼 问 题 ， 切 实 满 足 疫 情 处 置 期 间 群 众 基 本 生 活 需 求 。 九 是 强 化 涉 疫 安 全 保 障 。 严 禁 以 各 种 方 式 封 堵 消 防 通 道 、 单 元 门 、 小 区 门 ， 确 保 群 众 看 病 就 医 、 紧 急 避 险 等 外 出 渠 道 通 畅 。 推 动 建 立 社 区 与 专 门 医 疗 机 构 的 对 接 机 制 ， 为 独 居 老 人 、 未 成 年 人 、 孕 产 妇 、 残 疾 人 、 慢 性 病 患 者 等 提 供 就 医 便 利 。 强 化 对 封 控 人 员 、 患 者 和 一 线 工 作 人 员 等 的 关 心 关 爱 和 心 理 疏 导 。 十 是 进 一 步 优 化 学 校 疫 情 防 控 工 作 。 各 地 各 校 要 坚 决 落 实 科 学 精 准 防 控 要 求 ， 没 有 疫 情 的 学 校 要 开 展 正 常 的 线 下 教 学 活 动 ， 校 园 内 超 市 、 食 堂 、 体 育 场 馆 、 图 书 馆 等 要 正 常 开 放 。 有 疫 情 的 学 校 要 精 准 划 定 风 险 区 域 ， 风 险 区 域 外 仍 要 保 证 正 常 的 教 学 、 生 活 等 秩 序 。 各 地 各 有 关 部 门 要 进 一 步 提 高 政 治 站 位 ， 把 思 想 和 行 动 统 一 到 党 中 央 决 策 部 署 上 来 ， 坚 持 第 九 版 防 控 方 案 、 落 实 二 十 条 优 化 措 施 、 执 行 本 通 知 要 求 ， 坚 决 纠 正 简 单 化 、 &ldquo 一 刀 切 &rdquo 、 层 层 加 码 等 做 法 ， 反 对 和 克 服 形 式 主 义 、 官 僚 主 义 ， 抓 严 抓 实 抓 细 各 项 防 控 措 施 ， 最 大 程 度 保 护 人 民 生 命 安 全 和 身 体 健 康 ， 最 大 限 度 减 少 疫 情 对 经 济 社 会 发 展 的 影 响 。 国 务 院 应 对 新 型 冠 状 病 毒 肺 炎 疫 情 联 防 联 控 机 制 综 合 组 2022年 12月 7日 |
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WBdisciple
Elite |
07-Dec-2022 14:47
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15 more mins for the China authorities new conference.. | ||||
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WBdisciple
Elite |
07-Dec-2022 13:24
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China&rsquo s reopening is a bigger driver for oil prices than cap on Russian crude, Singapore foreign minister says https://www.cnbc.com/2022/12/07/chinas-reopening-may-be-bigger-for-oil-prices-than-russian-price-cap.html |
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tedlim
Veteran |
07-Dec-2022 13:16
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https://www.cls.cn/detail/1205358
预 告 ： 国 务 院 联 防 联 控 机 制 将 于 今 日 下 午 3:00举 行 新 闻 发 布 会
财 联 社 12月 7日 电 ， 国 务 院 联 防 联 控 机 制 将 于 12月 7日 (周 三 )下 午 3:00举 行 新 闻 发 布 会 ， 主 题 为 &ldquo 进 一 步 优 化 落 实 疫 情 防 控 措 施 &rdquo 。 国 家 卫 生 健 康 委 、 国 家 疾 控 局 相 关 负 责 同 志 和 有 关 专 家 将 出 席 发 布 会 ， 并 回 答 媒 体 提 问 。
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WBdisciple
Elite |
07-Dec-2022 13:12
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Air China Limited (0753.HK)HKSE - HKSE Delayed Price. Currency in HKD
Follow
6.580+0.260 (+4.11%)
As of 11:59AM HKT. Market open.
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WBdisciple
Elite |
07-Dec-2022 12:43
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Feels familiar? We felt the same when the lock down didnt allow us to dine in or travel. The Chinese are already defying the rules...just imagine what will happen once rules are more relaxed. Underground restaurants, secret bars: Beijing residents dodge Covid curbs Dine-in services are still prohibited in much of China' s capital, but that has not stopped some Beijing residents and restaurants from skirting the rules. DINING in underground restaurants, drinking in secret bars known only by word of mouth, and hiding their Covid symptoms &ndash this is how Beijing residents are defying strict curbs as the government tentatively relaxes pandemic control measures. &ldquo It was quite secretive, you couldn&rsquo t see the lights on the second floor from the outside,&rdquo said a resident who visited a clandestine hotpot restaurant. She came across the purveyor of simmering stew on Xiaohongshu &ndash China&rsquo s equivalent of Instagram &ndash while searching for indoor dining options in Beijing. When she arrived at the restaurant, it was &ldquo full&rdquo of people. &ldquo I was very happy to eat out, but at the same time, I felt like I had to fight an underground battle,&rdquo she said, asking to stay anonymous. China is facing an inflection point in its virus response, having stuck to heavy-handed restrictions that were successful in containing initial outbreaks. But these measures have stoked widespread public resentment. In the wake of the country&rsquo s largest protests in decades, numerous cities, including Beijing, have begun relaxing testing requirements while state media downplays the risks of the virus. That relaxation has emboldened some residents to skirt the rules, with news of eateries and cafes offering dine-in services &ndash prohibited in much of the capital &ndash circulating on social media and drawing hundreds of likes. An expat who asked not to be named told AFP that he recently enjoyed a mutton stew and skewers at another underground restaurant. &ldquo The staff weren&rsquo t going to let me in and said they were only doing takeout,&rdquo he said. &ldquo But when I said my friends were already upstairs, they winked and told me to scan my QR code.&rdquo Another Beijing expat told AFP that he watched a World Cup match at a shuttered nightclub that organises clandestine, invitation-only screenings. After a labyrinthine journey through a neighbouring hotel and car park to reach the nightclub, which was locked from the outside, he found unmasked guests discreetly watching the game inside. &ldquo It was so surreal to jump through all of these hoops,&rdquo he said. And a Beijing food blogger who recently posted about visiting a bar that was secretly open said he was fed up with the situation. &ldquo I really can&rsquo t stand it anymore &ndash I hope they reopen as soon as possible,&rdquo the blogger, surnamed Sui, told AFP. Two of the residents also believed that they caught Covid recently, as they developed a fever and a cough, but refused to take a PCR test. Doing so would result in them getting locked down or, even worse, taken to central quarantine. Some communities in the downtown district of Chaoyang began quietly allowing Covid-positive residents to quarantine at home last week, in a major departure from China&rsquo s old Covid playbook. One expat said that &ldquo it&rsquo s better to wait it out and recover at home&rdquo without getting contact-traced through PCR testing or entering public spaces, admitting that the act &ldquo felt a little rebellious&rdquo . Another Beijinger, who planned to stay at home and wait out her symptoms, told AFP: &ldquo I really want to get Covid to get it over with, I have felt so sick in the past two days. &ldquo I know Covid-positive people can quarantine at home now. I don&rsquo t want the government to know if I get Covid or not.&rdquo AFP |
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WBdisciple
Elite |
07-Dec-2022 12:35
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CAO time to rocket up again?? With all the revenge travel building up in China...just travel within China will be very good biz for them..pls do your own DD... China to ease quarantine, unnecessary testing in new Covid moves WED, DEC 07, 2022 - 11:19 AM The home isolation concession was first introduced last week in Beijing, the capital, as centralised quarantine facilities ran out of space amid surging cases. PHOTO: BLOOMBERG CHINA is set to announce a further relaxation of Covid control measures as soon as today &mdash including allowing some infected people to home quarantine as a nationwide policy, and reining in unnecessary testing &mdash according to people familiar with the matter, as the government continues to quickly ease its zero-tolerance strategy amid growing public discontent. In one of the key changes to be announced this week, low-risk patients who test positive will be allowed to quarantine at home instead of being sent to an isolation facility, the people said, asking not to be named because they&rsquo re not authorised to speak publicly. PCR testing will also be dialled back except for high-risk groups, they said. China may also look at reducing or even scrapping the need for people to scan health codes via a smartphone app whenever they enter public places, one of the people said. The National Health Commission could not immediately be reached for comment. China&rsquo s planned changes come after major cities from Beijing to Shanghai and Shenzhen in the past two weeks rapidly wound back policies such as mass testing and broad, sweeping lockdowns that have been hallmarks of China&rsquo s punishing approach. The adherence to Covid Zero has hobbled the economy, led to unprecedented social unrest in recent weeks, and left the world&rsquo s second-largest economy increasingly isolated from the rest of the world, which has mostly moved on from the pandemic. The home isolation concession was first introduced last week in Beijing, the capital, as centralised quarantine facilities ran out of space amid surging cases. Expanding the rule nationwide so quickly represents a major shift away from a bedrock practice of the elimination strategy. When the virus first emerged in the central Chinese city of Wuhan in 2019, it was only when authorities started moving all infected people into quarantine camps that the outbreak was stamped out. It soon became a central tenet in places that managed to eliminate spread in the first phase of the pandemic, from Singapore to Australia. Reuters earlier reported that 10 new Covid easing measures would be announced this week and reopening rumours have continued to swirl among Chinese investors, sparking the best monthly rally in Hong Kong-listed Chinese stocks in November since 2003. The proposed moves also suggest the government is willing to tolerate higher case numbers to avoid more social and economic turmoil. The nation reported 24,440 cases for Tuesday (Dec 6), down from 27,164 for Monday, though that may understate the actual total given the end of mass testing drives. Infections have fallen each of the past nine days since peaking at a record 38,808 on Nov 27. The willingness to abide high case numbers is a far cry from earlier in the year when neighbourhoods or entire cities were locked down at the emergence of a single case. Shanghai endured a gruelling two-month lockdown earlier this year that confined most of the city&rsquo s 25 million people to their homes, and disrupted companies from Tesla to Sony. A more relaxed approach to the virus may also help shift public perception of Covid-19 from a serious health threat to a more commonplace illness, a crucial pivot that paves the way for China to rejoin the rest of the world in living with the virus. The fear of Covid by large parts of the Chinese public is mostly of the government&rsquo s own making, as state propaganda has painted the disease as fearsome and the West&rsquo s acceptance of it &mdash and the millions of deaths in the US and Europe &mdash as a moral failing. But as other countries have moved past the pandemic, more and more people have questioned why China is living in an alternate reality, raising pressure on the authorities. China&rsquo s adherence to Covid Zero has hit business activity, pushing down consumer and business confidence as people are stuck in a cycle of outbreaks and lockdowns. The cost of ubiquitous PCR testing has worsened the financial health of local governments, while tragic incidents blamed on Covid controls, like a fire in Xinjiang which killed 10 people, have intensified public anger. Social unrest erupted across major cities in recent weeks, ranging from hundreds on the streets shouting for President Xi Jinping to step down, to small shows of defiance as neighbours banded together to stop their housing compounds from being locked down. |
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SeePehJiaLat
Senior |
04-Nov-2022 17:02
Yells: "Can or not?" |
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x 0 Alert Admin |
Green shoots..... | ||||
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PhillipTan
Supreme |
07-Oct-2022 05:05
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Just rebounded from an all time low Safe to buy now? Heard rumours that China is going to end its zero-covid policy soon Could this finally be the ultimate good news that CAO has been waiting for years? |
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kandinsky
Master |
14-Mar-2022 09:22
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Are you guys still holding to this garbage? Thankfully I sold it above $1 and no looking back. | ||||
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bamboo300306
Veteran |
04-Mar-2022 15:03
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When you get the news for free.. then there is no value. Just accumulated for air travel to resume. When China lift the Zero COVID policy, it will be resume up trend. Most important the company still making money in such a tough time. Let review the price by end of 2022. | ||||
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Joelton
Supreme |
04-Mar-2022 11:21
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Analysts downgrade China Aviation Oil on uncertain outlook
DBS Group Research and RHB on Thursday (Mar 3) downgraded their calls on China Aviation Oil (CAO), as well as lowered their target prices amid a less optimistic outlook.
RHB has downgraded CAO to " neutral" from " buy" and lowered its target price to S$1 from S$1.09. The new target price implies a potential upside of 18.4 per cent from the counter' s last trading price of S$0.92 as at the midday trading break on Thursday. Shares of CAO were up 1.1 per cent or S$0.01 at the time.
DBS downgraded CAO to " hold" from " buy" and lowered its target price on the stock to S$0.85 from S$1.20, implying a potential downside of 7.6 per cent. The new target price is 11 times the research team' s estimates for CAO' s FY2022 earnings, which is 1 standard deviation above its 5-year mean.
The downgrades come as both research teams cut their earnings estimates on CAO. Delays or uncertainties surrounding China' s reopening to international travel has also led to less optimism on the stock.
Omicron will continue to drag on domestic and international flight activity in China, DBS said. It expects the variant to increase the frequency of lockdowns in China as the country maintains its zero Covid-19 policy.
RHB maintains that having this policy would mean that traffic recovery " will remain uneven and uncertain" .
DBS noted that CAO' s key associate, Shanghai Pudong International Airport Aviation Fuel Supply Company (SPIAAFSC), which typically accounts for more than half of its earnings, is highly dependent on international traffic.
" Hence, the sluggish relaxation of international border controls will likely impede SPIAAFSC' s earnings recovery," DBS said.
Both DBS and RHB have also cut their earnings estimates on CAO to account for recent events impacting oil prices and demand.
RHB has cut FY2022-23 estimates for CAO by 12-13 per cent to account for the uncertain outlook on China' s reopening and the research team' s new Brent crude oil price forecasts.
Meanwhile, DBS has slashed its FY2022 net profit estimate by 41 per cent to account for " protracted backwardation in crude oil product markets" which will weigh on trading profits.
Amid improving crude oil demand and supply disruption concerns due to sanctions on Russia, DBS believes the crude oil product market will " remain tight" for some time. This will make it challenging for the group' s trading operations and erode profitability even though it has no direct impact from the sanctions on Russia as they do not have trade exposure to Russian-based companies.
That being said, RHB expects CAO to report a 29 per cent year-on-year growth in profit in 2022, from a low base in 2021. The stock is trading at 11 times the research team' s FY2022 earrings estimates, which implies an " exciting" price/earnings-to-growth (PEG) ratio of 0.4.
The RHB research team has also applied an ESG (environmental, social and governance) discount of 6 per cent to its blended fair value of S$1.06 to arrive at its S$1 target price for CAO. While CAO' s valuation remains compelling, RHB does not see any near-term rerating catalysts.
Both DBS and RHB have expressed concerns on CAO' s ability to put its substantial net cash position (US$401 million) to work in a manner that would drive shareholder returns.
CAO has been holding on to a net cash position which is 69 per cent of its market capitalisation, but failed to deliver any inorganic growth, RHB said.
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kandinsky
Master |
01-Dec-2021 16:26
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This stock really gone case liao, crude oil rally doesn't move the price up, with omicron and possibly more new variants, think it will be another few years wait. | ||||
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investshare
Supreme |
15-Nov-2021 14:46
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This is the part worry me.. but then if this happen I think not only CAO but all stocks will crash..
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kandinsky
Master |
15-Nov-2021 14:14
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Xi will definitely want to reclaim Taiwan back in his lifetime, that's a legacy he is aiming. He wants to go down in history as the one to reunite Taiwan and China.
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TA_Expert
Supreme |
04-Nov-2021 21:18
Yells: "The World has changed" |
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x 0 Alert Admin |
Under Biden, absolutely no. Just look at the mess in Agan..... Under Trump, maybe.
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investshare
Supreme |
04-Nov-2021 20:02
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x 0 Alert Admin |
Thansk. What about US preemptive strike China? Possible at all? | ||||
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TA_Expert
Supreme |
04-Nov-2021 17:03
Yells: "The World has changed" |
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x 0
x 0 Alert Admin |
China attacking Taiwan...... lol..... this is just a smokescreen for China to have a better bargaining chip on the table with US. Nobody will attack Taiwan nor defence Taiwan by a foreign force. There is absolutely no gain in doing so.
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