Caltex (CTX) -4.6%; a soft first half for Caltex out today but little surprises given the guidance released in late June. NPAT of $135m was 54% below the first half of 2018 with low refinery margins and the retail chain coming under pressure. In an attempt to salvage the full year they announced lower CAPEX and a review of underperforming stores. Refinery margins will recover, and so will retail, however neither are showing signs of a significant bounce at this stage.
They will need a reasonable skew to the second half to hit consensus estimates with less than 40% of the expect profit generated at the half year.
Caltex (CTX) Chart