CBL International Limited (BANL) | Investment Case

1. Company Snapshot

1.a. Company Description

CBL International Limited, a fuel logistics company, provides vessel refueling solutions in Malaysia, Hong Kong, China, South Korea, Singapore, and internationally.The company offers trade credit and arranges local physical delivery of marine fuel.It expedites vessel refueling between ship operators and local physical distributors/traders of marine fuel.

The company was founded in 2015 and is based in Kuala Lumpur, Malaysia.CBL International Limited operates as a subsidiary of CBL (Asia) Limited.

Show Full description

1.b. Last Insights on BANL

The recent 3-month performance of CBL International Limited was negatively impacted by a lack of transparency and communication from the company. The delayed release of its 2024 annual report and earnings call transcript on April 17, 2025, raised concerns among investors. Furthermore, the company's failure to provide clear guidance on its future growth prospects and strategic initiatives during the webcast on April 17, 2025, added to the uncertainty.

1.c. Company Highlights

Last Price	0.45
Change Percentage	0.90%
Open	0.44
Previous Close	0.44
Market Cap ( Millions)	12
Volume	8086
Year High	1.3
Year Low	0.4
M A 50	0.57
M A 200	0.8

FCF Yield	-45.25%
Dividend Yield	0.00%
ROE	-13.79%
Debt / Equity	0.46%
Net Debt / EBIDTA	218.45%
Price To Book	0.56
Price Earnings Ratio	-3.97
Price To FCF	-2.21
Price To sales	0.02
EV / EBITDA	-2.85

2. Transcript Summary

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3. NewsRoom

CBL International Limited Wins Prestigious “CGMA Excellent Sustainability Award” at the CGMA Annual Awards 2025

Nov -26

Source: globenewswire.com

Universal Logistics (NASDAQ:ULH) vs. CBL International (NASDAQ:BANL) Critical Contrast

Nov -21

Source: defenseworld.net

CBL Appoints Mr. Yuan He to Board of Directors

Nov -19

Source: globenewswire.com

Head-To-Head Analysis: CBL International (NASDAQ:BANL) versus Universal Logistics (NASDAQ:ULH)

Nov -04

Source: defenseworld.net

CLARIFICATION ANNOUNCEMENT

Oct -24

Source: globenewswire.com

CBL International Limited (BANL) Q2 2025 Earnings Call Transcript

Sep -16

Source: seekingalpha.com

CBL International Reports 1H 2025 Results Highlighting Strong Biofuel Growth, Reduced Net Loss, and Improved Gross Profit Margin

Sep -04

Source: globenewswire.com

CBL International Limited Announces 2025 Interim Results at Webcast

Sep -02

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Marine Fuel

Expected Growth: 4.5%

The growth of the marine fuel market is driven by increasing global trade, rising demand for cleaner fuels, and stringent emission regulations. The International Maritime Organization's (IMO) 2020 sulfur cap and the European Union's FuelEU Maritime initiative are key drivers of this growth.

7. Detailed Products

Education Services

CBL International Limited provides educational services to students, professionals, and institutions, offering a range of programs and courses in business, management, and technology.

Examination and Assessment Services

CBL International Limited offers examination and assessment services to educational institutions, corporations, and governments, providing a secure and reliable platform for evaluating knowledge and skills.

Digital Learning Solutions

CBL International Limited provides digital learning solutions to educational institutions, corporations, and governments, offering a range of online courses, assessments, and learning platforms.

Consulting Services

CBL International Limited offers consulting services to educational institutions, corporations, and governments, providing expertise in education, training, and development.

8. CBL International Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

CBL International Limited operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the availability of alternative products and services.

Bargaining Power Of Customers

CBL International Limited's customers have a high bargaining power due to their ability to switch to alternative products and services, and their large purchasing power.

Bargaining Power Of Suppliers

CBL International Limited has a diverse supplier base, which reduces the bargaining power of individual suppliers, and the company's large scale of operations also gives it bargaining power over its suppliers.

Threat Of New Entrants

The threat of new entrants in CBL International Limited's industry is moderate due to the presence of barriers to entry, such as high capital requirements and regulatory hurdles, but new entrants can still disrupt the market.

Intensity Of Rivalry

The intensity of rivalry in CBL International Limited's industry is high due to the presence of several established players, high fixed costs, and the need to constantly innovate to stay competitive.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	4.06%
Debt Cost	16.69%
Equity Weight	95.94%
Equity Cost	16.69%
WACC	16.69%
Leverage	4.23%

11. Quality Control: CBL International Limited passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Dynagas LNG Partners

A-Score: 5.6/10

Value: 9.4

Growth: 4.7

Quality: 7.1

Yield: 5.6

Momentum: 3.0

Volatility: 4.0

1-Year Total Return ->

CBL International

A-Score: 4.4/10

Value: 9.2

Growth: 3.9

Quality: 5.2

Yield: 0.0

Momentum: 4.5

Volatility: 3.7

1-Year Total Return ->

Vorwerk

A-Score: 4.2/10

Value: 3.0

Growth: 3.3

Quality: 7.5

Yield: 0.6

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

Maxeon Solar Technologies

A-Score: 4.1/10

Value: 9.6

Growth: 2.7

Quality: 4.9

Yield: 0.0

Momentum: 3.5

Volatility: 4.0

1-Year Total Return ->

Tidewater Midstream

A-Score: 3.3/10

Value: 5.5

Growth: 2.7

Quality: 1.5

Yield: 2.0

Momentum: 6.5

Volatility: 1.7

1-Year Total Return ->

Summit Midstream Partners

A-Score: 3.1/10

Value: 8.4

Growth: 1.0

Quality: 2.6

Yield: 0.0

Momentum: 5.0

Volatility: 1.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

25.59%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

16.69%

CBL International Limited - KYG1991X1097

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BANL

1.c. Company Highlights

Lower Growth

Lower Yield

Medium Volatility

Better Quality

Expensive

Average Quality

Fairly Valued

Average Yield

Strong Momentum

Stable Momentum

Average Growth

More Volatile

Cheaper

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Marine Fuel

Expected Growth: 4.5%

7. Detailed Products

Education Services

Examination and Assessment Services

Digital Learning Solutions

Consulting Services

8. CBL International Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: CBL International Limited passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.45$

Current Price

0.45$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA