China Aviation Oil - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/21/20	DMG & Partners	China Aviation Oil	1.28	1.55	Buy
02/27/20	CIMB	China Aviation Oil	1.16	1.25	Hold	PER8.5x FY21
02/28/20	DBS Vickers	China Aviation Oil	1.16	1.65	Buy	PER10x FY20
03/12/20	DMG & Partners	China Aviation Oil	0.965	1.3	Buy	Sum of parts
04/22/20	DMG & Partners	China Aviation Oil	1.02	1.3	Buy	Sum of parts
04/23/20	DMG & Partners	China Aviation Oil	1.02	1.25	Buy	Sum of parts, PB0.9x
05/12/20	DMG & Partners	China Aviation Oil	1.02	1.25	Buy	Sum of parts, PER2.6x FY21 (ex-cash)
06/12/20	DMG & Partners	China Aviation Oil	1.14	1.25	Buy	PB0.9x, PER3.5x FY21 (ex-cash)
07/06/20	DMG & Partners	China Aviation Oil	1.02	1.25	Buy	Sum of parts
08/13/20	DMG & Partners	China Aviation Oil	0.93	0.95	Neutral	Sum of parts
08/25/20	DBS Vickers	China Aviation Oil	0.865	1.2	Buy	PER11x FY20/21
09/07/20	DBS Vickers	China Aviation Oil	0.94	1.2	Buy
09/30/20	DMG & Partners	China Aviation Oil	0.895	1.05	Buy
10/13/20	DBS Vickers	China Aviation Oil	1	1.2	Buy
10/14/20	DMG & Partners	China Aviation Oil	1	1.15	Buy
11/03/20	DBS Vickers	China Aviation Oil	0.92	1.2	Buy
12/02/20	DMG & Partners	China Aviation Oil	1.08	1.25	Buy