Sell Caltex - CAL : 9M2013 EARNINGS NOTE

Go down

Sell Caltex - CAL : 9M2013 EARNINGS NOTE  Empty Sell Caltex - CAL : 9M2013 EARNINGS NOTE

Post  hariesha on Thu Oct 24, 2013 11:23 pm

9M2013 EARNINGS NOTE - MAINTAIN A SELL



Chevron's 9M2013 profits were in-line with expectations at LKR 1.3bn (+13% YoY) despite revenue declining 5% YoY. As anticipated, profit growth materialized from expanding GP margins (33% in 9M2012 to 37% in 9M2013) due to stable base oil prices (-2% YoY) and growth in finance income (+58% YoY) due to a growing cash reserve (LKR 2.6bn). CAL maintains a SELL on LLUB based on declining sales volumes (-7% YoY in 2013E), a revised profit estimate of LKR 2.5bn for 2013E (+11% YoY vs. previous 9%) and a fair value of LKR 215. SELL
Attachments
Sell Caltex - CAL : 9M2013 EARNINGS NOTE  Attachment
LLUB - 9M2013 Earnings Review - SELL - 24Oct2013 .pdf You don't have permission to download attachments.(675 Kb) Downloaded 40 times

hariesha

Posts : 74
Reputation : 43

Back to top Go down

Sell Caltex - CAL : 9M2013 EARNINGS NOTE  Empty Re: Sell Caltex - CAL : 9M2013 EARNINGS NOTE

Post  hariesha on Thu Oct 24, 2013 11:29 pm

Their fair value Rs.215/- seem to be very much harsh on the regular dividend paying counter. Below Rs.250/- may be a reasonable price to acquire.

hariesha

Posts : 74
Reputation : 43

Back to top Go down

Sell Caltex - CAL : 9M2013 EARNINGS NOTE  Empty Re: Sell Caltex - CAL : 9M2013 EARNINGS NOTE

Post  hariesha on Fri Oct 25, 2013 1:30 pm

Amendment to CAL Research's LLUB 9M2013 Earnings Note

Please note that the 2014E revised revenue is LKR 11.7bn (+4% YoY) and not LKR 12.2bn (+8%). Appendix 5 (Income Statement) in our note reflect the correct estimates.

hariesha

Posts : 74
Reputation : 43

Back to top Go down

Sell Caltex - CAL : 9M2013 EARNINGS NOTE  Empty Re: Sell Caltex - CAL : 9M2013 EARNINGS NOTE

Post  Sponsored content


Sponsored content


Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum