China Aviation Oil CAO SP

40% market share in import jet fuel in China

Cheatsheet

FCF 30-90m SGD, hard to pin point further, historically volatile

DCF

Risk: regulatory

Defense Spending

North Korea 15-25% of GDP 3.4-9.5bn USD
US 3.3% 596bn
South Korea 2.6% 36.4bn
China 1.9% 215bn
Japan 1% 40bn

Citi ELN

NKE UN strike $45.85
UA UN strike $33.52
AAPL UN $83.71

7 Aug 2017 Expiration

Current UA $25 - 35% below strike

Trades Dec 16

SIE SP
6k @ 3.35