China Aviation Oil: 2Q10 results. Revenue +78% yoy to US$1.44bn, driven by higher volume of jet fuel supply and trading (+27% yoy to 1.91m MT), and higher jet fuel prices (+41% to US$91.39/barrel). Share of associate profit in Shanghai Pudong Int’l Airport Aviation Fuel Supply was up 57% to US$9.7m, on higher refueling volume, lower COGS and lower finance costs. Together, this boosted net profit to sh/h to US$18.1m (+53% yoy).
Mgt noted that CAO’s core business did well, despite uncertainties in the global economic recovery. Expects the high growth to taper off after the Shanghai World Expo ends, although guides for Group to sustain higher profits in FY10. Stock trades at 15.8x consensus FY10 PE.
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