Having delivered a record performance in FY18, China Aviation Oil (Singapore) Corporation (CAO) faces a year of more subdued progress. Confronted by more difficult markets in 2019, the management team appears to have adopted a more risk averse stance in oil trading, curtailing some of the optimisation strategies. Trade disputes are also affecting supply volumes and margins to the US. The core trading activity challenges are compounded by policy adjustments affecting growth at Shanghai Pudong airport, the main group associate. The result is a slower growth trajectory, as is reflected in H119 results. Nevertheless, CAO remains a proxy for the rapid growth of the Chinese air transport market.Den vollständigen Artikel lesen ...