社区

$中国航油(新加坡)股份有限公司(G92.SI)$ 

Target Price (Return): SGD1.20

Significant recovery now pushed to 2022F. In China, amidst a rise in COVID-19 cases, the 7-day traffic average for commercial flights has now dropped below 2019 and 2020 levels (Figure 1). Now expect 2H21 earnings grow by a modest 2% YoY, as expect some improvement in GPM. While now expect 2022 profit to grow by 32% YoY to USD76m, Maintain the view that a return to pre-pandemic earnings could take 2-3 years, in line with the anticipated recovery in global aviation traffic.

RHB Bank Berhad (Singapore branch)

炒股策略之：守株待兔，以逸待劳。