Eastern Lubricants Blenders financial analysis: base oil trading and bank interest, 9M FY26 EPS BDT 28.64 (Oct 2026)

Investment considerations: base oil gross profit of BDT 60.6m and bank interest made FY2025 profit; blending lost BDT 8.9m

Eastern Lubricants Blenders PLC (ELB) is a 51%-owned subsidiary of Bangladesh Petroleum Corporation (BPC) [1 p.97]. It was registered in 1963 by Burma Oil Company, became a BPC subsidiary in 1977, and BPC took the remaining 49% from Burma Oil in 1985 [1 p.24]. The company has three lines: it blends lubricating oil and grease for a fee, it imports and sells base oil to the BPC fuel marketers, and since October 2019 it markets bitumen [1 p.29]. Its customers are BPC itself and the three BPC marketing companies (Padma, Meghna and Jamuna), which are also the counterparties on its receivables [1 p.95].

Revenue was BDT 755.0m in FY2025 and profit after tax BDT 68.6m (EPS BDT 43.18 on 1.59m shares) [1 p.82]. In the first nine months of FY2026 profit after tax was BDT 68.2m, EPS BDT 28.64 on the 2.38m shares in issue after the 50% bonus issue [2 p.2]. The company has no borrowings; cash and FDRs were BDT 447.9m at 31-Mar-2026, BDT 188 a share [2 p.1] [14]. The FY2026 annual accounts go to the board on 4-Nov-2026 [6].

Business: a 1963 blender that now earns from base oil imports, bitumen resale and deposits

ELB is one of the oldest listed companies in Bangladesh: it was listed in 1976 [7] and its history runs from 'East Pakistan Lubricants Blenders Limited', registered in 1963 by Burma Oil Company, through its renaming in 1972 to its place in the BPC group [1 p.24]. The factory is at Guptakhal, North Patenga, Chattogram, and the head office is in Padma Bhaban on Strand Road [7]. It rents land and four tanks from Padma Oil (BDT 5,000 a month for land and BDT 25,000 a month for the tanks) [1 p.78].

The company's own directors' report describes the decline of the original business. Blending volume was 21,878 MT in 1996-97 and came down to 1,225 MT in 2024-25, against a blending capacity of 'near about 24,000 metric tons' [1 p.29]. To 'overcome and improve this awkward situation', in the report's words, ELB started importing base oil in FY2015-16 and marketing bitumen in October 2019 [1 p.29]. It also signed an agreement in 2019 with Ranks Petroleum Limited, the authorised Shell Lubricants distributor, to sell Shell-brand lubricants to government institutions, and a similar agreement with Rock Energy Limited for Castrol lubricants [1 p.29].

Each line works differently. In blending, ELB recovers a blending charge per tonne on lubricants blended for the BPC marketing companies; the FY2025 charge averaged BDT 7.28 thousand a tonne [1 p.101] [14]. In base oil, ELB imports and sells to the marketers; its notes describe revenue as 'Base Oil Price, Blending Charges and Storage Charges', and the packaging cost, dealer margin and marketing company margin in the BPC price circular are not ELB's revenue [1 p.102]. In bitumen, the BDT 478.9m of FY2025 purchases are described as 'purchases of bitumen from ERL' [1 p.102], and advances against sales come from 'Dealers of Battery/ Bitumen' [1 p.99].

The revenue mix therefore says little about where profit comes from. Bitumen was BDT 483.9m, 64% of FY2025 revenue, but earned BDT 5.0m of gross profit; base oil was BDT 262.1m of revenue and BDT 60.6m of gross profit; blending charges were BDT 8.9m against BDT 18.6m of blending expenses [1 p.100] [1 p.102]. Battery trading (Yuasa-branded batteries) has stopped: sales were BDT 0.1m in FY2024 and nil in FY2025 [1 p.100] [1 p.101].

Base oil: volume rose from 409 MT to 1,371 MT and gross profit to BDT 60.6m in FY2025

Base oil is the line that moved earnings. ELB imported 2,559 MT and sold 1,371 MT in FY2025, for BDT 262.1m, against 409 MT a year earlier [1 p.29] [1 p.30]. The average selling price was BDT 191.2 thousand a tonne, close to the BDT 187.0 thousand of FY2024, so the growth was volume [14]. The gross profit per tonne fell from BDT 58.8 thousand to BDT 44.2 thousand and the gross margin from 31.4% to 23.1% [14]. The company's EPS note attributes the FY2025 increase to sales up BDT 131.6m and non-operating income up BDT 8.4m [1 p.105].

The pattern continued in FY2026. In 9M FY2026 ELB sold 1,324 MT of base oil for BDT 253.1m, against 1,028 MT for BDT 196.5m in 9M FY2025, and the cost of base oil sold was BDT 187.6m against BDT 167.6m [2 p.5]. Gross profit per tonne was BDT 49.5 thousand against BDT 28.1 thousand [14]. The company's Q3 notes say EPS rose 'due to incresed sale of Base oil and non-operating income' [2 p.7].

The directors also record that volume is not in ELB's hands: base oil imports and sales 'are exclusively dependent on purchase order/demand created by oil marketing companies under BPC' [1 p.29]. The 2011 BPC decision entitles ELB to import base oil 'as per requirement of POPLC, MPL & JOCL to meet their urgent demand', and in FY2025 ELB 'fulfilled the requirement of POPLC' (Padma Oil) [1 p.100]. The revenue note calls base oil imports 'the turning point of company's revenue' [1 p.100]. ELB's note 24 says it 'does not have any foreign currency account' [1 p.104]; the filings do not disclose the currency or terms of the base oil imports or how the selling price is set against cost.

For scale: on FY2025 volume of 1,371 MT, each BDT 1,000 a tonne of base oil gross profit was BDT 1.4m, about 1.6% of FY2025 profit before tax of BDT 87.0m [1 p.82] [14]. History shows how much that margin has moved: gross profit on base oil was BDT 63.5m in FY2021, BDT 14.9m in FY2022, BDT 32.4m in FY2023, BDT 24.1m in FY2024 and BDT 60.6m in FY2025 [1 p.41].

Bitumen and blending: a 1.0% bitumen margin and a BDT 8.9m blending loss in FY2025

Bitumen is the largest line by revenue and the smallest by margin. ELB sold 6,877 MT in FY2025 against 7,034 MT in FY2024 [1 p.30], for revenue of BDT 483.9m against BDT 542.6m [1 p.100]. The gross margin was 1.0% in FY2025 and 0.7% in FY2024, or about BDT 727 a tonne [14]. In 9M FY2026 bitumen volume fell to 4,137 MT from 4,556 MT and gross profit was BDT 1.0m on BDT 293.2m of sales [2 p.5] [14]. Bitumen also brings customer advances: advance against sales from dealers of battery and bitumen rose from BDT 1.2m to BDT 71.9m in FY2025 [1 p.99].

Blending is where the plant sits. ELB blended 1,184 MT of lubricating oil and 41 MT of grease in FY2025, against 549 MT and 14 MT [1 p.29]; the largest grades were HVI industrial oil (431 MT) and automotive oil SF/CC high-additive (288 MT) [1 p.101]. Blending charges recovered rose from BDT 4.1m to BDT 8.9m, but blending expenses rose from BDT 13.4m to BDT 18.6m, and the directors' report puts the blending loss at Taka 89.48 lakh (BDT 8.9m) against Taka 93.21 lakh (BDT 9.3m) [1 p.30]; charges less note 21.01 blending expenses gives BDT 9.6m and BDT 9.3m [1 p.100] [1 p.103] [14]. The charge per tonne has stayed near BDT 7,300 in every period shown [14]. Fixed blending overhead (depreciation, insurance, rent and similar) was BDT 6.3m in both years; variable overhead rose from BDT 7.2m to BDT 12.3m, with repairs and maintenance up from BDT 0.9m to BDT 3.8m [1 p.103].

In 9M FY2026 blended volume was 819 MT against 903 MT, charges BDT 6.0m against BDT 6.6m, and blending expenses BDT 17.8m against BDT 13.2m [2 p.5], a loss of BDT 11.8m against BDT 6.7m [14]. FY2025 volume was about 5.1% of the stated capacity [14].

Bank interest: BDT 53.6m in FY2025, 59% of profit before WPPF, from FDRs in five main banks

Non-operating income was BDT 53.6m in FY2025: interest on FDRs BDT 39.9m, interest on savings/SND accounts BDT 13.4m, storage charges BDT 0.2m and other BDT 0.1m; in FY2024 it was BDT 45.2m, including BDT 1.1m of commission from RKPL [1 p.104]. That was 59% of profit before WPPF and tax in FY2025 and 98% in FY2024 [14]. Across FY2018-FY2025 the share ranged from 7% (FY2018) to 315% (FY2020, when the operating line was a loss) [14]. In 9M FY2026 interest on bank deposits was BDT 45.1m against BDT 40.4m [2 p.5], 50% of profit before WPPF [14]; in Q3 FY2026 alone non-operating income was BDT 21.1m against BDT 9.5m [2 p.2].

The deposits sit in a short list of banks. At 30-Jun-2025 FDRs were BDT 336.1m: Janata Bank BDT 140.0m at 11.00%, AB Bank BDT 110.0m at 12.50%, Union Bank BDT 40.0m at 11.50%, NRB Bank BDT 25.0m at 12.50%, Rupali Bank BDT 20.0m at 11.00% and ICB Islamic Bank BDT 1.1m [1 p.96]. Janata and AB Bank held 74% of the total, against 45% a year earlier, when the BDT 426.1m was spread over 13 banks including Islami Bank (BDT 60.0m), IFIC (BDT 40.0m) and Social Islami Bank (BDT 30.0m) [1 p.96] [14]. All FDRs are three-month deposits [1 p.96].

One deposit is an old loss. Of the FDR at ICB Islamic Bank (formerly The Oriental Bank), BDT 3.27m was converted into the bank's shares and BDT 9.81m was earmarked for instalment refund; BDT 8.7m had been recovered by FY2017 and BDT 1,106,573 'not yet recovered' [1 p.96]. The auditors noted that they 'were not provided with the FDR instruments and statements' and that the bank confirmation showed BDT 1,066,363 against the BDT 1,107,000 reported, so 'the FDR balance has been overstated by Tk. 40,637' [1 p.77].

For scale: on the average FY2025 FDR balance of about BDT 381m, each 1 percentage point of deposit rate equals about BDT 3.8m of interest a year, 4.4% of FY2025 profit before tax [1 p.96] [1 p.82] [14]. Interest on FDRs in FY2025 was 11.9% of the year-end FDR balance [14].

Ratios: ROE of 22.6% in FY2025 against 3.0% in FY2020; payout 18.5%

Eight years of accounts (FY2018-FY2025) show an irregular earnings path. Revenue went from BDT 349.6m (FY2018) to BDT 44.5m (FY2020), BDT 422.4m (FY2021), BDT 121.4m (FY2022) and BDT 755.0m (FY2025) [5 p.75] [4 p.77] [1 p.58]. Base oil had no sales in FY2020 and BDT 63.5m of gross profit in FY2021 [3 p.52]. Profit after tax ranged from BDT 5.4m (FY2020) to BDT 68.6m (FY2025) [3 p.52] [1 p.41].

Margins: gross margin was 7.4% in FY2025 against 3.0% in FY2024 and 14.0% in FY2018; net margin was 9.1% [14]. Bitumen was 64% of FY2025 revenue at a 1.0% gross margin, and net margin includes interest income that is not linked to revenue. Return on average equity was 22.6% in FY2025, 13.7% in FY2024, 5.0% in FY2022 and 3.0% in FY2020 [14]; the company's own measure, on year-end equity, was 20.63% for FY2025 [1 p.41].

Tax: the effective rate was 21.2% in FY2025, against an applicable rate of 20% in the tax reconciliation [1 p.100] [14]. Per-share data need care because of repeated bonus issues: 10% bonus shares in each of FY2022-FY2024 and 50% for FY2025, after 20% for FY2021 [7]. On today's 2.38m shares, EPS was BDT 28.79 for FY2025 and BDT 21.78 for FY2021 [14].

Operating cash flow has differed widely from profit. It was BDT 141.6m in FY2023 (derived from NOCFPS of BDT 107.90), BDT 8.1m in FY2024 and negative BDT 107.7m in FY2025 [1 p.58] [1 p.84] [14]. The company says FY2025 NOCFPS fell 'due to mainly inecrease in inventory Tk 212,204' thousand [1 p.105]. Inventory days on direct expenses rose from 38 to 144 while creditor-for-goods days were 149 and 151 [14].

Payout: the cash dividend was 18.5% of FY2025 profit (80% of par on 1.59m shares, BDT 12.7m), against 32% for FY2024 and 55% for FY2020 [7] [14]. The stock dividends were declared 'for utilizing the retained earnings of the Company as Capital for ongoing operations, i.e. working capital' [6].

FY2026 to date: 9M profit after tax of BDT 68.2m against BDT 41.2m; Q3 EPS amended to BDT 15.61

FY2026 so far: revenue in 9M FY2026 was BDT 552.3m against BDT 518.7m, gross profit BDT 54.6m against BDT 23.3m, operating profit BDT 44.7m against BDT 13.6m, and profit after tax BDT 68.2m against BDT 41.2m [2 p.2]. The company reported 9M EPS of BDT 28.64 against a restated BDT 17.28 [2 p.2]. Gross margin was 9.9% against 4.5% [14].

The quarters were uneven. Profit after tax was about BDT 24.9m in Q1 FY2026, BDT 6.1m in Q2 and BDT 37.2m in Q3 (derived from the reported EPS of BDT 15.68, 3.85 and the Q3 statement) [6] [2 p.2]. The Q3 figures were amended: the board met on 30-Apr-2026 to consider amended Q3 statements, and Q3 EPS became BDT 15.61 instead of BDT 17.98 [6]. The Q3 FY2026 quarter included BDT 21.1m of non-operating income and an operating profit of BDT 27.8m [2 p.2].

Operating cash flow was BDT 82.8m in 9M FY2026 against BDT 83.2m a year earlier, as inventories fell by BDT 190.1m while receivables rose BDT 136.9m and creditors fell BDT 116.0m [2 p.7]. The company says operating cash inflow 'decreased due to increase of accounts receivable' and payments to suppliers [2 p.7]. Receivables were BDT 174.5m at 31-Mar-2026 against BDT 54.1m at 30-Jun-2025 [2 p.1] [1 p.81].

Balance sheet and audit: BDT 447.9m of cash, no debt, and a qualified FY2025 opinion on VAT

The balance sheet is mostly cash and working capital. At 31-Mar-2026 total assets were BDT 796.0m, of which cash and bank balances BDT 447.9m, receivables BDT 174.5m, inventories BDT 85.7m and advances BDT 56.3m; non-current assets were BDT 31.6m [2 p.1]. Equity was BDT 388.0m and current liabilities BDT 406.8m [2 p.1]. At 30-Jun-2025 creditors for goods were BDT 288.3m, of which BPC BDT 222.8m and Padma Oil BDT 65.5m, and a further BDT 95.6m was payable to Padma Oil 'on account of VAT paid by them' [1 p.99].

Receivables are from the group. At 30-Jun-2025 trade receivables were BDT 50.5m: Meghna Petroleum BDT 39.1m, BPC BDT 7.7m and Jamuna Oil BDT 3.7m; BDT 10.2m of all receivables was two years old or more [1 p.95]. At 31-Mar-2026 the related-party schedule showed BPC as a debtor of BDT 7.7m and a creditor of BDT 171.3m, and Padma Oil, Meghna and Jamuna as debtors of BDT 116.5m, 33.4m and 12.7m [2 p.7]. A revolving fund of BDT 12.1m is security money from BPC, Meghna, Jamuna and Padma that 'can be utilized in future against non payment of bills' [1 p.99].

Audit. The FY2025 opinion is qualified. The basis: 'The entity reported sales of Tk. 754,978,390 in the financial statements, whereas sales declared in Mushak 9.1 amounted to Tk. 788,295,552', advance VAT of Tk. 42,762,369 against Tk. 49,207,611 in the return, and 'purchases of bitumen of Tk. 478,913,508.80 which shown in the FSs under note 21 were not reflected in the VAT return'; the auditors say these 'constitute non-compliance with the VAT Act 2012 and the related rules' [1 p.77]. The company's note says the differences arose from reporting under the BPC price circular until November 2024 and an 'uploading error', and that it has taken an initiative to amend the VAT return under section 66 [1 p.102]. The emphasis-of-matter paragraphs add the FDR confirmation gap, the NOCFPS and EPS changes, a general reserve of Tk. 667,000 and revolving fund of Tk. 12,107,000 'carried forward for several years without any movement', the Padma Oil land and tank rent not recognised as a lease under IFRS 16, no revaluation or impairment assessment of fixed assets, and the WPPF board of trustees, constituted on 19-Aug-2025 [1 p.77] [1 p.78]. For FY2024 the DSE notice reported emphasis-of-matter paragraphs in the auditor's report [6].

Filing consistency: the FY2025 segment note gives direct cost of BDT 698.3m and profit before tax of BDT 87.7m, against BDT 699.0m and BDT 87.0m in the income statement [1 p.102] [1 p.82]; the difference of BDT 0.7m is in the blending line.

Peers: ELB's non-operating share of 58.6% against 82.0% at Padma and 94.1% at Jamuna in FY2025

ELB's own report says that 'there is no such a similar company in the industry' across all its segments [1 p.58]. The table compares it on the same FY2025 (June) standalone basis with three fuel-sector companies, using each company's printed labels. Padma Oil's top line is 'Gross Earnings On Petroleum Products' and its 'Total Operating Profit' is after financial expenses of BDT 369.4m [8 p.102]. Jamuna Oil's top line is 'Net Earnings on Petroleum Products' and its 'Operating Profit' is before financial expenses of BDT 324.4m [9 p.93]. CVO Petrochemical Refinery reports 'Net Turnover' and an 'Operating Profit' before finance cost of BDT 21.4m [10 p.69]. ELB's operating profit includes a BDT 0.8m financial charge inside blending expenses [1 p.103].

On non-operating income as a share of profit before WPPF, ELB's 58.6% sits between CVOPRL (0.5%) and Padma (82.0%) and Jamuna (94.1%) [14]. Return on average equity was 22.6% for ELB, 22.6% for Padma, 23.4% for Jamuna and 18.8% for CVOPRL; CVOPRL's equity includes a BDT 476.6m land revaluation surplus booked in FY2025 [10 p.68] [14]. In size, ELB's FY2025 profit after tax of BDT 68.6m compares with BDT 5,628.8m at Padma and BDT 6,481.9m at Jamuna [8 p.102] [9 p.93]. All four charge a WPPF contribution before tax [1 p.82] [8 p.102] [9 p.93] [10 p.69].

Governance: BPC owns 51%, two chair changes since June 2025, and no capex approval in 24 months of DSE news

BPC holds 51.00% (809,754 shares at 30-Jun-2025); the report states there is no sponsor shareholder and that BPC holds its shares 'as the representative of government' [1 p.97] [1 p.98]. Public institutions held 19.83%, the largest being Jiban Bima Corporation with 15.04%; private institutions 7.66%, including Kishan Bangladesh Limited with 3.52%, which held no shares a year earlier; individuals 21.50% [1 p.97]. DSE's monthly data show institutions at 12.61% in June 2025 and 6.29% in September 2026, and the public at 21.35% and 27.67% [7].

Directors include Shaheen Mahbuba, a retired additional secretary appointed independent director in January 2026, and Shahina Sultana, secretary of BPC [1 p.15]. The chair changed twice in nine months: A H M Nurul Islam replaced Md. Rezanur Rahman from 18-Jun-2025, and Md. Wasim Jabber was appointed from 5-Mar-2026 [6]. The board met seven times in FY2025 [1 p.103]. The CEO and managing director is Engr. Mohammad Shahidul Alam and the CFO Md. Rezaul Karim Siddique [1 p.44].

The 24-month DSE news sweep (November 2024 to October 2026) shows these board decisions and corporate actions: dividends of 80% cash and 10% stock for FY2024 and 80% cash and 50% stock for FY2025; approval on 23-Jul-2025 of a draft deed with Rock Energy Limited, the authorised Castrol distributor, to sell Castrol lubricants to the government sector; and a signing on 9-Jul-2026 with Premier Petroleum Products & Lubricants Limited, the authorised distributor of ERGON transformer oil, 'provisionally for one year' [6]. DSE noted on 12-Jul-2026 that it had asked for the agreement and had not yet received it; the company later submitted it [6]. The sweep shows no board approval of capital expenditure, a new plant or a plant upgrade; FY2025 capex was BDT 0.5m [6] [1 p.84]. On 25-Mar-2025, answering a DSE query on an unusual price rise, the company said there was no undisclosed price-sensitive information [6].

What's next: FY2026 accounts on 4-Nov-2026, then the record date and AGM

Items with a date after 31-Oct-2026, and the line each one moves (direction only, no forecast). Inferred dates use the board-meeting precedents in the DSE archive and are labelled; no date has been notified for them.

Past items with no outcome in the filings: the Castrol arrangement with Rock Energy approved on 23-Jul-2025 (passed), outcome unknown; the amendment of the VAT returns described in the FY2025 notes (passed), outcome unknown [6] [1 p.102].

Risks: base oil orders, deposit rates, bank concentration and the VAT qualification

Each risk below is tied to the line it moves, with the evidence from the filings. FY2025 profit before tax of BDT 87.0m is the base for the sizes quoted [1 p.82].

Key questions: base oil orders, the VAT qualification and the FDR list

At BDT 2,013.5 on 29-Oct-2026, EASTRNLUB traded at 50.2x trailing EPS of BDT 40.15 (to March 2026, on 2.38m shares) and 12.4x March 2026 NAV per share of BDT 162.91; cash and FDRs were BDT 188 a share [13] [2 p.1] [14]. The FY2025 cash dividend of BDT 8 per pre-bonus share is BDT 5.33 per current share, 0.26% of the price [7] [14]. DSE shows a year-end P/E of 61.73x for FY2025 and 57.21x for FY2024 [7]. These are facts about the price.

FAQ

What does Eastern Lubricants Blenders do?

It blends lubricating oil and grease for the BPC fuel marketers, imports and sells base oil to them, and markets bitumen bought from Eastern Refinery [1 p.29] [1 p.102].

Who owns Eastern Lubricants Blenders?

Bangladesh Petroleum Corporation owns 51.00% and Jiban Bima Corporation 15.04% [1 p.97].

Where does its profit come from?

In FY2025, gross profit of BDT 60.6m on base oil and BDT 5.0m on bitumen, a blending loss, and BDT 53.6m of non-operating income, mostly bank interest [1 p.102] [1 p.104].

What was the FY2025 dividend?

80% cash and 50% stock, with record date 22-Dec-2025 [6].

Why was the FY2025 audit opinion qualified?

Differences between the accounts and the VAT returns (Mushak 9.1) for sales, advance VAT and bitumen purchases [1 p.77].

Does Eastern Lubricants Blenders have debt?

No; the DSE page shows no short- or long-term loans at 30-Jun-2025, and cash and bank balances were BDT 447.9m at 31-Mar-2026 [7] [2 p.1].

Which results does this note use?

Annual reports FY2018-FY2025 and the amended un-audited statements for the nine months to 31-Mar-2026. The FY2026 annual accounts go to the board on 4-Nov-2026; this note will be updated when they are filed.

Sources

1. Eastern Lubricants Blenders PLC Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-11-01
2. Eastern Lubricants Blenders PLC un-audited third-quarter statements to 31-Mar-2026 (amended, signed 30-Apr-2026) · link · accessed 2026-11-01
3. Eastern Lubricants Blenders PLC Annual Report 2023-24 · link · accessed 2026-11-01
4. Eastern Lubricants Blenders Limited Annual Report 2019-20 · link · accessed 2026-11-01
5. Eastern Lubricants Blenders Limited Annual Report 2018-19 · link · accessed 2026-11-01
6. Dhaka Stock Exchange news archive for EASTRNLUB (price-sensitive and corporate news, Nov-2024 to Oct-2026) · link · accessed 2026-11-01
7. Dhaka Stock Exchange company page for EASTRNLUB (shares, shareholding, dividend history), read 1-Nov-2026 · link · accessed 2026-11-01
8. Padma Oil PLC Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-11-01
9. Jamuna Oil Company Limited Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-11-01
10. CVO Petrochemical Refinery PLC Annual Report 2024-25 (year to 30-Jun-2025) · link · accessed 2026-11-01
11. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
12. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
13. AnalystBro price data (TradingView feed): DSE:EASTRNLUB daily and monthly bars to 29-Oct-2026 (bonus-adjusted) · link · accessed 2026-11-01
14. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01