Sell Caltex - CAL : 9M2013 EARNINGS NOTE
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Sell Caltex - CAL : 9M2013 EARNINGS NOTE
hariesha 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
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
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hariesha- Posts : 74
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Re: Sell Caltex - CAL : 9M2013 EARNINGS NOTE
hariesha 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
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Re: Sell Caltex - CAL : 9M2013 EARNINGS NOTE
hariesha 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.
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
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