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The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

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Latest topics

» CCS.N0000 ( Ceylon Cold Stores)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyWed Mar 20, 2024 11:31 am by Hawk Eye

» Sri Lanka plans to allow tourists from August, no mandatory quarantine
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyWed Sep 13, 2023 12:16 pm by lauryfriese

» When Will It Be Safe To Invest In The Stock Market Again?
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyWed Apr 19, 2023 6:41 am by කිත්සිරි ද සිල්වා

» Dividend Announcements
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyWed Apr 12, 2023 5:41 pm by කිත්සිරි ද සිල්වා

» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyThu Apr 06, 2023 3:18 pm by කිත්සිරි ද සිල්වා

» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්‍රතික්ෂේප කළ ගණිතඥයා
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySun Apr 02, 2023 7:28 am by කිත්සිරි ද සිල්වා

» SEYB.N0000 (Seylan Bank PLC)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyThu Mar 30, 2023 9:25 am by yellow knife

» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyThu Mar 30, 2023 9:25 am by HaeroMaero

» The Korean Way !
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyWed Mar 29, 2023 7:09 am by කිත්සිරි ද සිල්වා

» In the Meantime Within Our Shores!
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyMon Mar 27, 2023 5:51 pm by කිත්සිරි ද සිල්වා

» What is Known as Dementia?
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyFri Mar 24, 2023 10:09 am by කිත්සිරි ද සිල්වා

» SRI LANKA TELECOM PLC (SLTL.N0000)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyMon Mar 20, 2023 5:18 pm by කිත්සිරි ද සිල්වා

» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyMon Mar 20, 2023 5:10 pm by කිත්සිරි ද සිල්වා

» Equinox ( වසන්ත විෂුවය ) !
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyMon Mar 20, 2023 4:28 pm by කිත්සිරි ද සිල්වා

» COMB.N0000 (Commercial Bank of Ceylon PLC)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySun Mar 19, 2023 4:11 pm by කිත්සිරි ද සිල්වා

» REXP.N0000 (Richard Pieris Exports PLC)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySun Mar 19, 2023 4:02 pm by කිත්සිරි ද සිල්වා

» RICH.N0000 (Richard Pieris and Company PLC)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySun Mar 19, 2023 3:53 pm by කිත්සිරි ද සිල්වා

» Do You Have Computer Vision Syndrome?
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySat Mar 18, 2023 7:36 am by කිත්සිරි ද සිල්වා

» LAXAPANA BATTERIES PLC (LITE.N0000)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyThu Mar 16, 2023 11:23 am by කිත්සිරි ද සිල්වා

» What a Bank Run ?
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» 104 Technical trading experiments by HUNTER
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyWed Mar 15, 2023 4:27 pm by katesmith1304

» GLAS.N0000 (Piramal Glass Ceylon PLC)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyWed Mar 15, 2023 7:45 am by කිත්සිරි ද සිල්වා

» Cboe Volatility Index
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyTue Mar 14, 2023 5:32 pm by කිත්සිරි ද සිල්වා

» AHPL.N0000
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySun Mar 12, 2023 4:46 pm by කිත්සිරි ද සිල්වා

» TJL.N0000 (Tee Jey Lanka PLC.)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySun Mar 12, 2023 4:43 pm by කිත්සිරි ද සිල්වා

» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySun Mar 12, 2023 4:41 pm by කිත්සිරි ද සිල්වා

» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyFri Mar 10, 2023 4:43 pm by yellow knife

» Bitcoin and Cryptocurrency
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyFri Mar 10, 2023 1:47 pm by කිත්සිරි ද සිල්වා

» CSD.N0000 (Seylan Developments PLC)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyFri Mar 10, 2023 10:38 am by yellow knife

» PLC.N0000 (People's Leasing and Finance PLC)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyThu Mar 09, 2023 8:02 am by කිත්සිරි ද සිල්වා

» Bakery Products ?
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyWed Mar 08, 2023 5:30 pm by කිත්සිරි ද සිල්වා

» NTB.N0000 (Nations Trust Bank PLC)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySun Mar 05, 2023 7:24 am by කිත්සිරි ද සිල්වා

» Going South
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySat Mar 04, 2023 10:47 am by කිත්සිරි ද සිල්වා

» When Seagulls Follow the Trawler
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyThu Mar 02, 2023 10:22 am by කිත්සිරි ද සිල්වා

» Re-activating
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySat Feb 25, 2023 5:12 pm by කිත්සිරි ද සිල්වා

» අපි තමයි හොඳටම කරේ !
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyTue Feb 14, 2023 3:54 pm by ruwan326

» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyTue Jan 03, 2023 6:43 pm by ruwan326

» SAMP.N0000 (Sampath Bank PLC)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyWed Nov 30, 2022 8:24 am by කිත්සිරි ද සිල්වා

» APLA.N0000 (ACL Plastics PLC)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyFri Nov 18, 2022 7:49 am by කිත්සිරි ද සිල්වා

» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyWed Nov 16, 2022 9:28 pm by කිත්සිරි ද සිල්වා

» Banks, Finance & Insurance Sector Chart
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyTue Nov 15, 2022 5:26 pm by කිත්සිරි ද සිල්වා

» VPEL.N0000 (Vallibel Power Erathna PLC)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySun Nov 13, 2022 12:15 pm by කිත්සිරි ද සිල්වා

» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyMon Nov 07, 2022 6:36 pm by කිත්සිරි ද සිල්වා

» WATA - Watawala
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySat Nov 05, 2022 8:44 am by කිත්සිරි ද සිල්වා

» KFP.N0000(Keels Food Products PLC)
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptySat Nov 05, 2022 8:42 am by කිත්සිරි ද සිල්වා

» Capital Trust Broker in difficulty?
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CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyThu Oct 20, 2022 10:13 am by කිත්සිරි ද සිල්වා

» What Industry Would You Choose to Focus?
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyTue Oct 11, 2022 6:39 pm by කිත්සිරි ද සිල්වා

» Should I Stick Around, or Should I Follow Others' Lead?
CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyTue Oct 11, 2022 9:07 am by කිත්සිරි ද සිල්වා

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CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research EmptyThu Oct 06, 2022 11:26 am by කිත්සිරි ද සිල්වා

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2 posters

    CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research

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    CSE.SAS


    Posts : 263
    Join date : 2014-02-23

    CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research Empty CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research

    Post by CSE.SAS Fri Nov 06, 2015 1:03 pm

    Click the below link to download the Report of CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research

    [You must be registered and logged in to see this link.]

    Chevron Lubricants Lanka PLC (LLUB) is a 51% owned subsidiary of Chevron Ceylon (part of the global lubricant giant Chevron Texaco Corporation) which commenced its initial business operations in 1994. LLUB is the current market leader in the Sri Lankan lubricant industry with an overall market share of c.49% engaged in manufacturing and distributing quality lubricants under the brand names Caltex, Havoline, Delo and Lanka for both local as well as exports markets.
    Revenue dipped marginally by 2.8% YoY to LKR2,997.6 mn during 3Q15 due to selective value added services and discounts offered to company’s distribution agents. However LLUB saw healthy sales volumes contributed from the local market, along with Bangladesh and Maldives accounting for 8%-9% of the total revenue with no price revisions performed during the quarter under review.

    The gross profit (GP) increased 9.1% YoY in 3Q15, largely due to the cost of sales dipping c.11% YoY to LKR1,621.3 mn. This was mainly on the back of lower raw material costs, as a result of the declining global oil prices and base oil prices compared to 2014. Moreover, GP margin also widened 500 bps YoY to 45.9% during the quarter under consideration. However though crude oil prices recovered at c.USD55-65 levels during the past quarter, oil prices have further dipped averaging to USD51.3 per barrel during 3Q15. Hence, with the anticipated declining trend of global oil prices and the corresponding base oil prices, lower raw material costs would aid LLUB to benefit from wider margins in the medium to long term.

    EBIT margin gained c.420 bps YoY to 36.4% which led company’s operating profit to grow 10.0% YoY to LKR1,090.2 mn in 3Q15. This was backed by the dip in administrative expenses of c.5% YoY to LKR145.5 mn in 3Q15 due to the rigorous cost management procedures utilized by LLUB. Meanwhile, other income from operating activities dipped marginally by 5.0% YoY to LKR2.6 mn However, LLUB witnessed a c.6% YoY growth in total OPEX for the quarter under consideration chiefly led by escalated distribution expenses ( up c.19% YoY), as a result of the aggressive advertising campaign used by LLUB to strengthen their brand name and gain market share in the highly competitive lube industry.

    LLUB saw its bottom line growing by 11.3% YoY from LKR675.3 mn on the back of net profit (NP) margin widening by 350 bps YoY to 27.8% despite the tax expenses rising by c.14% YoY to LKR303.5 mn. During a three year period, LLUB has been successfully able to widen its GP, EBIT and NP margins from 32%, 25% and 18% in 2012 to 45%, 36% and 28% respectively in 2015. Therefore, despite the intense industry pressures faced, LLUB would continue to maintain prevailing margins given the short term benefits on raw material costs, efforts put into moving towards high margin products, precautionary measures taken by the company well ahead of external cost increases together with other cost saving initiatives.

    We forecast 2015E and 2016E net profit at LKR3,157.8 mn (up 15.0% YoY) and LKR3,448.1 mn (up 9.2% YoY) respectively assuming GP and NP margins at 44-46% and 27-28% respectively taking into consideration the possible further direct cost advantages. Thus on a recurrent basis, LLUB trades on 14.3x forecast 2015E net profit and 13.1x forecast 2016E earnings with ROEs of 55-56%. Further with a c.85-87% dividend payout, the share attractively yields dividends of 6.6% for 2016E and a fair value of LKR435.0 and thus we revise up our recommendation to a BUY.
    nihal123
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    CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research Empty Re: CHEVRON LUBRICANTS LANKA PLC (LLUB.N : LKR376.10)------Softlogic Equity Research

    Post by nihal123 Fri Nov 06, 2015 1:07 pm

    Thanks CSE SAS

      Current date/time is Sat Jun 22, 2024 9:40 am