China Aviation Oil - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
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
09/30/20	CIMB	China Aviation Oil	0.895	0.87	Hold	PER8.5x FY21
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
01/06/21	DBS Vickers	China Aviation Oil	1.08	1.2	Buy
01/26/21	DBS Vickers	China Aviation Oil	1.19	1.38	Buy	PER11x FY21
01/26/21	DMG & Partners	China Aviation Oil	1.19	1.27	Buy
03/02/21	CIMB	China Aviation Oil	1.12	1.17	Hold	PER10x FY22
03/02/21	DMG & Partners	China Aviation Oil	1.12	1.3	Buy
03/02/21	DBS Vickers	China Aviation Oil	1.12	1.38	Buy
04/30/21	DMG & Partners	China Aviation Oil	1.14	1.3	Buy