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China Aviation Oil (Singapore)

DB:VZ8
Snowflake Description

Undervalued established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VZ8
DB
SGD783M
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

China Aviation Oil (Singapore) Corporation Ltd. The last earnings update was 43 days ago. More info.


Add to Portfolio Compare Print
  • China Aviation Oil (Singapore) has significant price volatility in the past 3 months.
VZ8 Share Price and Events
7 Day Returns
6.6%
DB:VZ8
8.7%
DE Oil and Gas
4.3%
DE Market
1 Year Returns
-35.5%
DB:VZ8
34.4%
DE Oil and Gas
-14.2%
DE Market
VZ8 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Aviation Oil (Singapore) (VZ8) 6.6% -7.4% -31.1% -35.5% -48.6% 1.3%
DE Oil and Gas 8.7% -2.8% -19.4% 34.4% -14.7% 157%
DE Market 4.3% -9% -21.6% -14.2% -19.6% -25.6%
1 Year Return vs Industry and Market
  • VZ8 underperformed the Oil and Gas industry which returned 34.4% over the past year.
  • VZ8 underperformed the Market in Germany which returned -14.2% over the past year.
Price Volatility
VZ8
Industry
5yr Volatility vs Market

VZ8 Value

 Is China Aviation Oil (Singapore) undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of China Aviation Oil (Singapore) to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for China Aviation Oil (Singapore).

DB:VZ8 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:VZ8
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.97
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.972 (1 + (1- 17%) (2.71%))
0.996
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.996 * 5.44%)
5.03%

Discounted Cash Flow Calculation for DB:VZ8 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for China Aviation Oil (Singapore) is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:VZ8 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 5.03%)
2020 23.60 Analyst x1 22.47
2021 47.29 Analyst x1 42.87
2022 73.67 Analyst x1 63.59
2023 83.88 Est @ 13.86% 68.93
2024 91.92 Est @ 9.59% 71.93
2025 97.98 Est @ 6.59% 73.00
2026 102.39 Est @ 4.5% 72.63
2027 105.49 Est @ 3.03% 71.25
2028 107.61 Est @ 2.01% 69.20
2029 108.99 Est @ 1.29% 66.73
Present value of next 10 years cash flows $622.00
DB:VZ8 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $108.99 × (1 + -0.39%) ÷ (5.03% – -0.39%)
$2,003.85
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,003.85 ÷ (1 + 5.03%)10
$1,226.91
DB:VZ8 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $622.00 + $1,226.91
$1,848.91
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,848.91 / 860.18
$2.15
DB:VZ8 Discount to Share Price
Calculation Result
Exchange Rate USD/SGD
(Reporting currency to currency of SGX:G92)
1.425
Value per Share
(SGD)
= Value per Share in USD x Exchange Rate (USD/SGD)
= $2.15 x 1.425
SGD3.06
Non-primary Listing Adjustment Factor 1 share in DB:VZ8 represents 0.62088x of SGX:G92
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.62088x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (SGD) x Listing Adjustment Factor
= SGD 3.06 x 0.62088
€1.90
Value per share (EUR) From above. €1.90
Current discount Discount to share price of €0.57
= -1 x (€0.57 - €1.90) / €1.90
70.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price China Aviation Oil (Singapore) is available for.
Intrinsic value
>50%
Share price is €0.57 vs Future cash flow value of €1.9
Current Discount Checks
For China Aviation Oil (Singapore) to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • China Aviation Oil (Singapore)'s share price is below the future cash flow value, and at a moderate discount (> 20%).
  • China Aviation Oil (Singapore)'s share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for China Aviation Oil (Singapore)'s earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Aviation Oil (Singapore)'s earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:VZ8 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $0.12
SGX:G92 Share Price ** SGX (2020-04-08) in SGD SGD0.91
SGX:G92 Share Price converted to USD reporting currency Exchange rate (SGD/ USD) 0.702 $0.64
Europe Oil and Gas Industry PE Ratio Median Figure of 104 Publicly-Listed Oil and Gas Companies 6.5x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 17.07x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of China Aviation Oil (Singapore).

DB:VZ8 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:G92 Share Price ÷ EPS (both in USD)

= 0.64 ÷ 0.12

5.5x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Aviation Oil (Singapore) is good value based on earnings compared to the Europe Oil and Gas industry average.
  • China Aviation Oil (Singapore) is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does China Aviation Oil (Singapore)'s expected growth come at a high price?
Raw Data
DB:VZ8 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.5x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
0.1%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 66 Publicly-Listed Oil and Gas Companies 0.32x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.24x

*Line of best fit is calculated by linear regression .

DB:VZ8 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.5x ÷ 0.1%

96.29x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Aviation Oil (Singapore) is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on China Aviation Oil (Singapore)'s assets?
Raw Data
DB:VZ8 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $0.97
SGX:G92 Share Price * SGX (2020-04-08) in SGD SGD0.91
SGX:G92 Share Price converted to USD reporting currency Exchange rate (SGD/ USD) 0.702 $0.64
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 1.01x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.47x
DB:VZ8 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:G92 Share Price ÷ Book Value per Share (both in USD)

= 0.64 ÷ 0.97

0.66x

* Primary Listing of China Aviation Oil (Singapore).

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Aviation Oil (Singapore) is good value based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess China Aviation Oil (Singapore)'s value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. China Aviation Oil (Singapore) has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

VZ8 Future Performance

 How is China Aviation Oil (Singapore) expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
0.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Aviation Oil (Singapore) expected to grow at an attractive rate?
  • China Aviation Oil (Singapore)'s earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • China Aviation Oil (Singapore)'s earnings growth is positive but not above the Germany market average.
  • China Aviation Oil (Singapore)'s revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:VZ8 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:VZ8 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 0.1%
DB:VZ8 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts -4.9%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13.8%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 1.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:VZ8 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:VZ8 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 16,761 23 97 2
2021-12-31 18,270 25 96 3
2020-12-31 16,643 49 87 4
2020-04-09
DB:VZ8 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 20,343 50 100
2019-09-30 19,619 -79 97
2019-06-30 20,393 -35 92
2019-03-31 20,227 183 93
2018-12-31 20,612 151 94
2018-09-30 20,296 55 90
2018-06-30 19,186 -57 92
2018-03-31 17,059 -75 88
2017-12-31 16,268 -27 85
2017-09-30 15,483 -36 88
2017-06-30 14,199 79 90
2017-03-31 13,550 -19 88

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China Aviation Oil (Singapore)'s earnings are expected to grow by 0.1% yearly, however this is not considered high growth (20% yearly).
  • China Aviation Oil (Singapore)'s revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:VZ8 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from China Aviation Oil (Singapore) Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:VZ8 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.11 0.12 0.11 2.00
2021-12-31 0.11 0.13 0.10 3.00
2020-12-31 0.10 0.12 0.07 4.00
2020-04-09
DB:VZ8 Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 0.12
2019-09-30 0.11
2019-06-30 0.11
2019-03-31 0.11
2018-12-31 0.11
2018-09-30 0.10
2018-06-30 0.11
2018-03-31 0.10
2017-12-31 0.10
2017-09-30 0.10
2017-06-30 0.11
2017-03-31 0.10

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • China Aviation Oil (Singapore) is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess China Aviation Oil (Singapore)'s future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
China Aviation Oil (Singapore) has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

VZ8 Past Performance

  How has China Aviation Oil (Singapore) performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare China Aviation Oil (Singapore)'s growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • China Aviation Oil (Singapore)'s year on year earnings growth rate has been positive over the past 5 years.
  • China Aviation Oil (Singapore)'s 1-year earnings growth is less than its 5-year average (6.4% vs 13.1%)
  • China Aviation Oil (Singapore)'s earnings growth has exceeded the Europe Oil and Gas industry average in the past year (6.4% vs 1.9%).
Earnings and Revenue History
China Aviation Oil (Singapore)'s revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from China Aviation Oil (Singapore) Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:VZ8 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 20,343.49 99.83 19.40
2019-09-30 19,619.14 97.37 17.65
2019-06-30 20,392.85 92.44 17.29
2019-03-31 20,227.37 93.29 18.42
2018-12-31 20,611.95 93.86 19.08
2018-09-30 20,295.56 90.25 16.48
2018-06-30 19,186.18 91.89 16.32
2018-03-31 17,058.92 88.21 16.35
2017-12-31 16,267.61 84.93 16.22
2017-09-30 15,482.61 87.73 16.26
2017-06-30 14,199.42 90.38 16.58
2017-03-31 13,550.12 88.38 16.62
2016-12-31 11,703.19 88.91 16.28
2016-09-30 10,410.51 82.40 15.09
2016-06-30 8,870.07 76.91 14.22
2016-03-31 8,370.74 71.07 13.72
2015-12-31 8,987.49 61.28 13.59
2015-09-30 11,327.47 54.30 10.36
2015-06-30 13,705.32 43.89 11.69
2015-03-31 15,115.15 43.85 12.79
2014-12-31 17,061.03 49.16 12.52
2014-09-30 17,091.28 58.23 17.02
2014-06-30 15,981.56 72.73 19.53
2014-03-31 15,817.45 68.39 18.80
2013-12-31 15,571.87 70.22 19.45
2013-09-30 15,625.49 74.88 17.94
2013-06-30 15,742.45 66.28 14.45

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • China Aviation Oil (Singapore) has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • China Aviation Oil (Singapore) used its assets less efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • China Aviation Oil (Singapore) has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess China Aviation Oil (Singapore)'s performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
China Aviation Oil (Singapore) has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

VZ8 Health

 How is China Aviation Oil (Singapore)'s financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up China Aviation Oil (Singapore)'s finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Aviation Oil (Singapore) is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China Aviation Oil (Singapore)'s cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of China Aviation Oil (Singapore)'s finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are -8.3089836865114E+17x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from China Aviation Oil (Singapore) Company Filings, last reported 3 months ago.

DB:VZ8 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 834.96 0.00 378.78
2019-09-30 808.00 0.00 194.75
2019-06-30 793.26 0.00 210.40
2019-03-31 798.80 0.00 379.21
2018-12-31 769.14 0.00 357.69
2018-09-30 749.66 0.00 239.99
2018-06-30 740.32 0.00 206.44
2018-03-31 755.54 25.00 196.55
2017-12-31 720.73 120.00 300.04
2017-09-30 701.17 0.00 178.30
2017-06-30 676.35 0.00 260.32
2017-03-31 678.19 50.00 276.14
2016-12-31 649.69 100.00 323.72
2016-09-30 641.67 30.00 232.83
2016-06-30 616.92 41.71 211.39
2016-03-31 619.16 0.00 227.96
2015-12-31 592.64 0.00 172.72
2015-09-30 584.22 0.00 139.13
2015-06-30 572.26 5.00 101.88
2015-03-31 567.24 0.00 110.89
2014-12-31 553.51 0.00 98.82
2014-09-30 552.31 21.05 76.87
2014-06-30 544.37 23.26 67.79
2014-03-31 538.53 29.77 92.53
2013-12-31 523.56 28.61 66.83
2013-09-30 507.30 28.68 65.33
2013-06-30 482.62 62.78 149.94
  • China Aviation Oil (Singapore)'s level of debt (0%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if China Aviation Oil (Singapore)'s debt level has increased without past 5-year debt data.
  • Operating cash flow is negative therefore debt is not well covered.
  • China Aviation Oil (Singapore) has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess China Aviation Oil (Singapore)'s financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. China Aviation Oil (Singapore) has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

VZ8 Dividends

 What is China Aviation Oil (Singapore)'s current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.03%
Current annual income from China Aviation Oil (Singapore) dividends. Estimated to be 4.34% next year.
If you bought €2,000 of China Aviation Oil (Singapore) shares you are expected to receive €101 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • China Aviation Oil (Singapore)'s pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.63%).
  • China Aviation Oil (Singapore)'s dividend is above the markets top 25% of dividend payers in Germany (4.61%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:VZ8 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 8.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.6%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:VZ8 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.03 2.00
2021-12-31 0.03 3.00
2020-12-31 0.03 4.00
2020-04-09
DB:VZ8 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-26 0.032 5.215
2019-04-24 0.032 3.632
2018-04-25 0.032 3.273
2017-03-31 0.032 2.771
2017-02-23 0.032 3.008
2016-03-23 0.021 2.424
2015-03-26 0.014 2.816
2014-04-24 0.014 2.610
2013-05-08 0.013 1.743
2012-08-02 0.017 2.010
2012-04-02 0.013 1.631
2011-11-11 0.000 0.000
2011-03-24 0.025 3.022
2011-02-24 0.026 2.491
2010-11-10 0.025 2.134
2010-08-03 0.025 2.224
2010-02-26 0.012 1.201
2009-12-31 0.012 1.446

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of China Aviation Oil (Singapore)'s earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.2x coverage).
X
Income/ dividend checks
We assess China Aviation Oil (Singapore)'s dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can China Aviation Oil (Singapore) afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. China Aviation Oil (Singapore) has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

VZ8 Management

 What is the CEO of China Aviation Oil (Singapore)'s salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Yanjun Wang
COMPENSATION $282,362
AGE 56
TENURE AS CEO 1.6 years
CEO Bio

Dr. Wang Yanjun serves as the Chief Executive Officer of China Aviation Oil (Singapore) Corp. Ltd since September 12, 2018 and its Executive Director since February 5, 2018. Dr. Wang served Vice President of China Aviation Oil (Singapore) Corporation Ltd. since September 01, 2017 until September 11, 2018 and its Executive Director since February 5, 2018. He is responsible for the business operations of China Aviation Oil (Hong Kong) Company Limited. Since October 2016, Dr. Wang was the Chairman of China National Aviation Fuel South China Bluesky Corporation and General Manager of China National Aviation Fuel Southern Property Corporation. From December 2007 to October 2016, he served as Director and General Manager of Shenzhen Cheng Yuan Aviation Oil Company Limited. From April 1996 to December 2007, he served as General Manager of Shenzhen Cheng Yuan Aviation Oil Company Limited. He is the Chairman of North American Fuel Corporation. He serves as the Chairman and Director of CNAF Hong Kong Refuelling Limited and China Aviation Oil (Hong Kong) Company Limited. He served as a Director of Shenzhen Cheng Yuan Aviation Oil Company Limited. Mr. Wang has a wealth of experience in aviation industry's operations in the Asia Pacific region and has held several appointments with the China National Aviation Fuel Group Limited Group.

CEO Compensation
  • Insufficient data for Yanjun to compare compensation growth.
  • Yanjun's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the China Aviation Oil (Singapore) management team in years:

5.7
Average Tenure
  • The average tenure for the China Aviation Oil (Singapore) management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Yanjun Wang

TITLE
CEO & Executive Director
COMPENSATION
$282K
AGE
56
TENURE
1.6 yrs

Guohong Xu

TITLE
Chief Financial Officer
TENURE
2.3 yrs

Lily Choo

TITLE
Head of Human Resource & Administration

Elaine Ang

TITLE
Head of Investor Relations & Corporate Communications

Doreen Nah

TITLE
Head of Legal & Company Secretary

Jing Xieng Han

TITLE
Head of Business Development

Adrian Mark Chang

TITLE
Head of Audit and Internal Control

Siew Kim Tee

TITLE
Head of Finance
TENURE
13.8 yrs

Elizza Ding

TITLE
Head of Trading
TENURE
9 yrs

Leslie Lai

TITLE
Head of Aviation Marketing
Board of Directors Tenure

Average tenure and age of the China Aviation Oil (Singapore) board of directors in years:

2.2
Average Tenure
54
Average Age
  • The average tenure for the China Aviation Oil (Singapore) board of directors is less than 3 years, this suggests a new board.
Board of Directors

Zheng Ping Xi

TITLE
Non-Executive & Non-Independent Chairman
AGE
53
TENURE
3.2 yrs

Yanjun Wang

TITLE
CEO & Executive Director
COMPENSATION
$282K
AGE
56
TENURE
2.2 yrs

Runsheng Li

TITLE
Non-Executive & Independent Director
COMPENSATION
$80K
AGE
66
TENURE
6 yrs

Ser-Luck Teo

TITLE
Lead Independent Director
AGE
51
TENURE
1 yrs

Theng Fong Hee

TITLE
Non-Executive Independent Director
TENURE
1 yrs

Eugene Leong

TITLE
Non-Executive & Non Independent Director
TENURE
0.4 yrs

Yongji Li

TITLE
Non-Executive Non-Independent Director
AGE
51
TENURE
2.2 yrs

Feng Hai

TITLE
Non-Executive Non-Independent Director
AGE
54
TENURE
1.4 yrs

Bella Young

TITLE
Non-Executive & Non-Independent Director
AGE
54
TENURE
5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess China Aviation Oil (Singapore)'s management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. China Aviation Oil (Singapore) has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

VZ8 News

Simply Wall St News

VZ8 Company Info

Description

China Aviation Oil (Singapore) Corporation Ltd. engages in trading jet fuel and other petroleum products to airline companies worldwide. The company operates in three segments: Middle Distillates, Other Oil Products, and Investments in Oil-Related Assets. It engages in trading and supplying gas oils, fuel oils, and aviation gas. The company also invests in oil-related assets. The company was incorporated in 1993 and is based in Singapore. China Aviation Oil (Singapore) Corporation Ltd. is a subsidiary of China National Aviation Fuel Group Limited.

Details
Name: China Aviation Oil (Singapore) Corporation Ltd
VZ8
Exchange: DB
Founded: 1993
SGD505,000,404
860,183,628
Website: http://www.caosco.com
Address: China Aviation Oil (Singapore) Corporation Ltd
No. 31-02 Suntec Tower Three,
8 Temasek Boulevard,
Singapore,
038988,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX G92 Ordinary Shares Singapore Exchange SG SGD 06. Dec 2001
OTCPK CAOL.F Ordinary Shares Pink Sheets LLC US USD 06. Dec 2001
DB VZ8 Ordinary Shares Deutsche Boerse AG DE EUR 06. Dec 2001
Number of employees
Current staff
Staff numbers
105
China Aviation Oil (Singapore) employees.
Industry
Oil and Gas Storage and Transportation
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/09 02:16
End of day share price update: 2020/04/08 00:00
Last estimates confirmation: 2020/04/01
Last earnings filing: 2020/02/26
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.