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CHINA AVIATION OIL(S) CORP LTD (G92) Fair Value & Analysis

Energy · SG · Market cap 1.6B SGD

CA CHINA AVIATION OIL(S) CORP LTD G92 · SG
Price1.56 SGD
Fair Value1.80 SGD
Upside+15.4%
Quality59/100
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Healthy Growth
Thin margins · 0.7% net margin
generates free cash flow
2.11% dividend yield
Mixed vs. peers (6/14)
Narrow moat 25/100
Evidence: High Range 1.35 SGD – 2.25 SGD Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 4 days ago

Share price −2.5% over the past month.

A solid business, screening 15% undervalued on our models.

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What matters now

  • Our model range runs from 1.35 SGD (bear) to 2.25 SGD (bull), base 1.80 SGD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 59/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

2.23 SGD 0.5593 SGD Fair Value 1.80 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.5593 SGD – 2.23 SGD · fair‑value band 1.35 SGD – 2.25 SGD · the 1.56 SGD price screens below the 1.80 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

CHINA AVIATION OIL(S) CORP LTD (G92) currently trades at 1.56 SGD, while our model-based Fair Value estimate is 1.80 SGD, implying the stock looks roughly 15.4% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Energy sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, CHINA AVIATION OIL(S) CORP LTD generated revenue of 16.4B SGD at a net margin of 0.7%. Revenue declined 1.3% year over year. It earns a return on equity of 10.7%. The stock trades on a trailing P/E of 9.2. Fundamentals as of Aug 13, 2026

Our scenario range runs from 1.35 SGD (bear case) to 2.25 SGD (bull case); at 1.56 SGD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 32% below its 52-week high and 76% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at -56% fair-value upside, at 15%, G92 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income 1.04 SGD 1.13 SGD 1.43 SGD 76
Growth DCF 2.38 SGD 2.90 SGD 3.51 SGD 72
Gordon GGM 0.2200 SGD 0.3700 SGD 0.5200 SGD 70
All 24 models by family
DCF Models
FCF DCF 2.36 SGD 2.93 SGD 3.65 SGD 38
Owner Earnings 1.99 SGD 2.43 SGD 2.97 SGD 31
5Y Revenue Exit 1.73 SGD 2.02 SGD 2.36 SGD 39
5Y EBITDA Exit 1.59 SGD 1.76 SGD 1.94 SGD 41
5Y P/E Exit 2.14 SGD 2.74 SGD 3.35 SGD 38
10Y Revenue Exit 1.97 SGD 2.27 SGD 2.61 SGD 36
10Y EBITDA Exit 1.90 SGD 2.11 SGD 2.33 SGD 37
10Y P/E Exit 2.22 SGD 2.72 SGD 3.28 SGD 35
Earnings-Based
Graham-Dodd 0.8700 SGD 2.18 SGD 2.83 SGD 54
PEG = 1.0 0.4000 SGD 0.5700 SGD 0.7400 SGD 46
EPV 1.21 SGD 1.27 SGD 1.32 SGD 59
Dividend Discount
Gordon GGM 0.2200 SGD 0.3700 SGD 0.5200 SGD 70
DDM Multi-Stage 0.2200 SGD 0.3100 SGD 0.4000 SGD 61
Multiples
P/E Multiple 1.35 SGD 1.80 SGD 2.25 SGD 63
P/S Multiple 1.64 SGD 2.18 SGD 2.73 SGD 58
P/B Multiple 1.64 SGD 2.18 SGD 2.73 SGD 55
EV/EBIT 1.23 SGD 1.38 SGD 1.52 SGD 53
EV/EBITDA 1.08 SGD 1.18 SGD 1.27 SGD 54
EV/Revenue 1.32 SGD 1.55 SGD 1.77 SGD 43
Asset-Based
NCAV (Graham) 0.6300 SGD 0.8400 SGD 1.25 SGD 50
Growth DCF
Growth DCF 2.38 SGD 2.90 SGD 3.51 SGD 72
Economic Profit
Residual Income 1.04 SGD 1.13 SGD 1.43 SGD 76
ROIC Compounder 1.21 SGD 1.28 SGD 1.35 SGD 67
Growth Earnings
Growth-Adj P/E 1.08 SGD 1.54 SGD 2.00 SGD 68

Widest divergence: Growth DCF (2.90 SGD) versus Dividend Discount (0.3100 SGD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 16.4B SGD
Revenue growth (YoY) -1.3%
Net margin 0.7%
Return on equity 10.7%
Free cash flow 150M SGD FY2025
P/E ratio 9.2
More key figures
Operating margin 0.4%
EPS (TTM) 0.1700 SGD
Dividend yield 2.1%
EPS growth (YoY) +68.2%

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 61 · Market factors (momentum, volatility) 49

Profitability 41
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 49
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

China Aviation Oil (Singapore) Corporation Ltd trades in and supplies jet fuel to civil aviation industry worldwide. It operates through three segments: Middle Distillates, Other Oil Products, and Investments in Oil-Related Assets. The company offers gas oil, fuel oil, crude oil, gasoline, and naphtha products. It also invests in oil-related assets.

Full company description

China Aviation Oil (Singapore) Corporation Ltd trades in and supplies jet fuel to civil aviation industry worldwide. It operates through three segments: Middle Distillates, Other Oil Products, and Investments in Oil-Related Assets. The company offers gas oil, fuel oil, crude oil, gasoline, and naphtha products. It also invests in oil-related assets. The company was incorporated in 1993 and is headquartered in Singapore. China Aviation Oil (Singapore) Corporation Ltd operates as a subsidiary of China National Aviation Fuel Group Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CHINA AVIATION OIL(S) CORP LTD reported revenue of 16.4B SGD in FY2025 versus 17.6B SGD in FY2021, a compound −1.7%/yr. Reported net income was 111M SGD in FY2025, compounding +28.6%/yr from FY2021.

Growth Quality 74/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
16.4B SGD
Latest YoY
+5.9%
Avg. growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.0%
Avg. growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.3%
Avg. growth/yr (12Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.5%
Revenue −1.7%/yr
FY21 17.6B SGD
FY22 16.5B SGD
FY23 14.4B SGD
FY24 15.5B SGD
FY25 16.4B SGD
Net income +28.6%/yr
FY21 40.4M SGD
FY22 33.5M SGD
FY23 58.9M SGD
FY24 78.4M SGD
FY25 111M SGD

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Cite: Fair Value Calculator (2026). "CHINA AVIATION OIL(S) CORP LTD Fair Value". https://www.fairvalue-calculator.com/stock/G92

Peer Group

Oil & Gas Refining & Marketing · 115 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 59 · Above median
Fair Value upside +15% · Above median
Return on equity (TTM) 11% · Above median
Return on assets 1% · Bottom 25%
Net margin (TTM) 1% · Below median
Operating margin (TTM) 0% · Bottom 25%
Revenue growth -1% · Below median
Dividend yield (TTM) 2.1% · Below median

Valuation Multiples vs Oil & Gas Refining & Marketing median · lower = cheaper

P/E (TTM) 9.2× · Cheaper than 75% of peers
P/B 1.17× · Cheaper than median
P/S (TTM) 0.08× · Cheaper than 75% of peers
P/FCF 8.4× · Pricier than median
EV/EBITDA 10.9× · Pricier than median
PEG 2.75× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 54 · sector 17
FUTURE 0 · sector 15
PAST 43 · sector 33
HEALTH 0 · sector 81
DIVIDEND 42 · sector 68

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Oil & Gas Refining & Marketing stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Reliance Industries Limited RELIANCE ₹1,329 ₹751.26 -43%
Valero Energy Corporation VLO $330.21 $127.32 -61%
Marathon Petroleum Corporation MPC $348.25 $133.18 -62%
Phillips 66 PSX $225.58 $99.41 -56%
Neste Oyj NESTE €29.61 €3.83 -87%
Formosa Petrochemical Corporation 6505 70.20 TWD 15.32 TWD -78%
Bharat Petroleum Corporation BPCL ₹317.00 ₹846.81 +167%
SK Innovation Co 096770 122,400 KRW 53,541 KRW -56%
S-Oil Corporation 010950 140,900 KRW 19,441 KRW -86%
HD Hyundai Co 267250 230,500 KRW 286,077 KRW +24%

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Frequently asked questions

Is CHINA AVIATION OIL(S) CORP LTD (G92) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 1.80 SGD versus a price of 1.56 SGD, about +15% (undervalued).
What is the fair value of G92?
Our model-based fair value for CHINA AVIATION OIL(S) CORP LTD is 1.80 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 1.56 SGD.
What is the quality score of G92?
CHINA AVIATION OIL(S) CORP LTD has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of CHINA AVIATION OIL(S) CORP LTD (G92)?
CHINA AVIATION OIL(S) CORP LTD reported trailing-twelve-month revenue of about 16.4B SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of G92?
The net profit margin of CHINA AVIATION OIL(S) CORP LTD is about 0.7%, meaning it keeps roughly 0.7% of revenue as net income. Based on the latest reported figures.
Does CHINA AVIATION OIL(S) CORP LTD pay a dividend?
CHINA AVIATION OIL(S) CORP LTD currently shows a dividend yield of about 2.11% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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