Key Indices
Top Stories
Company Results | China Aviation Oil (CAO SP/BUY/S$1.63/Target: S$1.88)
- CAO’s 1H26 revenue and net profit declined 8.8%/17.3% yoy respectively, reaching 45%/34% of our full-year forecasts, mainly due to weaker business volumes. Stronger associate contributions, particularly from SPIA, cushioned the weaker core business, with associate earnings rising 67.3% yoy. We maintain BUY on CAO but lower our target price to S$1.88, rolling valuation to 2027 at an unchanged 14.5x PE.
Market Spotlight
- US stocks were higher on Wednesday, with all indices rising as the healthcare, consumer discretionary and materials sectors gained. There were more advancers than decliners on both the NYSE and NASDAQ.
- The FSSTI fell 7.16pt to 5,694.24, supported by weakness in Singtel and OCBC Bank, with both mid- and smallcap indices falling with a broad market decline on S$1.96b turnover.
Technical Analysis
UMS Holdings (UMSH SP)
- Trading Buy Range: S$2.80-2.81
Singapore Exchange (SGX SP)
- Trading Buy Range: S$25.08-25.09
Top Stories
Company Results | China Aviation Oil (CAO SP/BUY/S$1.63/Target: S$1.88)
- CAO’s 1H26 revenue and net profit declined 8.8%/17.3% yoy respectively, reaching 45%/34% of our full-year forecasts, mainly due to weaker business volumes. Stronger associate contributions, particularly from SPIA, cushioned the weaker core business, with associate earnings rising 67.3% yoy. We maintain BUY on CAO but lower our target price to S$1.88, rolling valuation to 2027 at an unchanged 14.5x PE.
Market Spotlight
- US stocks were higher on Wednesday, with all indices rising as the healthcare, consumer discretionary and materials sectors gained. There were more advancers than decliners on both the NYSE and NASDAQ.
- The FSSTI fell 7.16pt to 5,694.24, supported by weakness in Singtel and OCBC Bank, with both mid- and smallcap indices falling with a broad market decline on S$1.96b turnover.
Technical Analysis
UMS Holdings (UMSH SP)
- Trading Buy Range: S$2.80-2.81
Singapore Exchange (SGX SP)
- Trading Buy Range: S$25.08-25.09
Key Indices
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