Weekly Plus - 2013 Issue 36 (06.09.2013)

7/29/2019 Weekly Plus - 2013 Issue 36 (06.09.2013)

1/12

2013 Issue 36 Week Ending 06-09-2013

Weekly Market Wrap UpStat Page Pg 02

Weekly Stock Trends Pg 03

S&P SL20 Watch Pg 04

Local Economy in BriefCurrency Moves Pg 05

Inflation & Interest Rates Pg 06

Colombo Tea Auction Pg 06

Tourism Pg 06

Global MarketEquity Market Outlook Pg 07

Global Commodity Trend Pg 08

Research Chat:Commercial BankQuick View on Earnings Pg 09

Our Core Coverage Pg 10- Pg 11


2/12

Current WoW %

ASPI 5672.64 -2.8%

S&P SL20 3177.17 -2.6%

Turnover (LKR 'bn) 1,728.5 -28.8%

Volume ('mn) 137.1 -16.4%

Market Cap. (LKR 'bn) 2,336.4 -2.8%

LKR ('mn) Current WoW %

Foreign Purchases 692.9 -10.6%

Foreign Sales 729.8 23.9%

Net Foreign Inflow -36.9 -119.8%

Foreign Participation 44% -13.2%

Net Foreign 989 -37

Current WoW %

PER 16.1 -2.8%

PBV 2.2 -2.8%

DY 2.8 3.7%

Current WoW %

BANKS FINANCE & INS. 12,377.3 -1.8%

BEV. FOOD & TOBACCO 19,499.1 -4.2%

CHEM. & PHARMA. 6,473.5 -3.4%

CONS. & ENG. 2,629.0 -2.3%

DIVERSIFIED 1,668.6 -2.7%

HEALTH CARE 635.5 -2.2%

HOTELS & TRAVELS 3,117.7 -1.2%

COMMERCIAL BANK (+) 0.19% JKH -0.10% LAND & PROPERTY 504.4 -4.6%

NESTLE (+) 0.02% NAT. DEV. BANK (+) -0.33% MANUFACTURING 2,694.4 -6.6%

TEXTURED JERSEY 0.3% WATAWALA -24.53% MOTORS 14,503.4 -1.0%

NATIONS TRUST (+) 0.43% S M B LEASING (+) -8.0% PLANTATIONS 673.0 -1.4%

CHEVRON (+) 0.06% DISTILLERIES -0.03% TELECOM 151.5 -2.7%

Growth in

Value

LKR 'mn

60.8

20.1

9.7

8.0

5.7

-31.2

-22.9

-5.1

-3.6

186

3261.33

2,427.6

16.6

2.2

2.7

Previous

12,599.6

20,351.9

186.1

51%

775.0

588.9

164.0

2,402.9

Previous

Weekly Stat Page

Previous

Weekly Market Statistics

Weekly Foreign Flow

Weekly Market Valuations

Weekly Sector Statistics

Decline in

Foreign

Holding 3,155.9

2,884.2

14,653.9

Previous

5834.04

682.4

155.6

1021

528.7

Change in Foreign Holding

Decline in

Value

LKR 'mn

Decline in Foreign Holding

Growth in

Foreign

Holding

Growth in Foreign Holding

2,691.4

1,715.2

649.9

6,701.2

-96.1

5,200

5,400

5,600

5,800

6,000

6,200

6,400

Daily Index Movement

ASPI

0

50

100

150

200

0

1,000

2,000

3,000

4,000

5,000

16-Aug 23-Aug 30-Aug 6-Sep

('Mn)

LKR('Mn)

Weekly Turnover and Volume

Turnover (LHS) Volume (RHS)

0

500

1,000

1,500

2,0002,500

3,000

16-Aug 23-Aug 30-Aug 6-Sep

LKR('Mn)

Weekly Foreign Purchases and Sales

Foreign Buying Foreign Sales

0%

10%

20%

30%

40%50%

60%

70%

80%

Daily Foreign Activity

Fo re ign Activity Line ar (F oreign Activity)

Page | 2


3/12

Company WoW %

ASIA SIYAKA 25.00%

BERUWELA WALKINN 15.11%

CEYLINCO INS. 12.20%

MERC. SHIPPING 9.47%KAHAWATTE 7.67%

Company WoW %

TOUCHWOOD -43.48%

FIRST CAPITAL -20.21%

SERENDIB ENG.GRP -19.83%

PCH HOLDINGS -18.18%

TEA SMALLHOLDER -16.99%

Company WoW %

JKH -2.51%

COMMERCIAL BANK -0.78%

TOUCHWOOD -43.48%

CHEVRON -11.98%

NAT. DEV. BANK -4.80%

Company WoW %

TOUCHWOOD -43.48%

CIFL 0.00%

S M B LEASING -14.29%

PANASIAN POWER 0.00%

PCH HOLDINGS -18.18%

0.70

2.40

1.10

Current

1.30

0.70

0.60

2.40

0.90

6,278,707

15,253,316

6,755,661

High

2.20

0.70

0.70

2.50

1.30

1.30

254.90

142.70

Turnover

64,540,605

6,101,994

Previous

2.30

0.70

36,100,482

2.20

289.60

150.00

2.30

289.60

Current

1.30

15.00

95.00

0.90

38.10

Current

209.40

114.50

High

2.20

19.00

104.10

1.30

40.10

149.90

Previous

2.30

18.80

118.50

1.10

45.90

High

215.00

115.90

Previous

214.80

115.40

Turnover

64,540,605

13,576,138

728,966

6,755,661

8,761

Volume

38,504,241

781,056

7,054

6,026,071

230

Previous

2.40

69.50

1,050.00

131.0030.00

Current

3.00

80.00

1,178.10

143.4032.30

Weekly Stock Trends

52 Low

2.20

Weekly Top Gainers

52 HighTurnover

9,893,329

76,150

2,842,194

14,20918,971

Volume

3,339,628

952

2,517

107597

High

3.20

82.00

1,190.00

150.0033.00

38,504,241

118.10

0.50

2.20

0.50

181.10

6,026,071

0.90

0.40

38,504,241

10,997,505

10,433,706

6,358,310

182.50

1.40

3.30

12.30

Weekly Top Losers

Weekly Top Performers

Weekly Top Volume

Low

Low

Low

0.90

14.90

95.00

138,735

249,154

Volume

Turnover

683,250,672

177,010,660

64,540,605

37,953,702

Volume

3,232,281

1,542,295

375.00

52 Low

0.90

197.00

22.00

109.00

1,300.00

224.4038.90

0.50

2.30

0.90

Low

2.20

79.00

52 High

22.00

299.80

1,050.00

130.1029.00

0.90

38.00

209.00

114.00

0.90

254.00

141.10

50.00

750.00

122.0025.90

52 High 52 Low

52 High 52 Low

11.80 0.40

19.90 10.80

210.00 81.50

12.30 0.50

64.50 37.00

22.00 0.90

126.00 99.00

22.00 0.90

Page | 3


4/12

DIVIDENDS

RIGHTS ISSUE

The Kingsbury

Pelwatte Sugar

S&P SL20 Companies Previous WoW % John Keells Holdings

JOHN KEELLS HOLDINGS 214.80 -2.51% ###

COMMERCIAL BANK 115.40 -0.78% ###THE BUKIT DARAH 680.00 -1.10% SCRIP DIVIDEND

HATTON NATIONAL BANK 152.30 -1.18%

CARSONS CUMBERBATCH 365.10 -1.94%

SAMPATH BANK 187.60 -1.39%

CEYLON TOBACCO COMPANY 1,170.00 -4.56%

DFCC BANK 122.40 -3.43% CAPITALIZATION OF RESERVES

AITKEN SPENCE 116.90 -2.48%

NATIONAL DEVELOPMENT BANK 149.90 -4.80%

C T HOLDINGS 140.00 -3.00%

DISTILLERIES 185.50 -0.38%HAYLEYS 293.00 -1.02% SUBDIVISION OF SHARES

CHEVRON LUBRICANTS LANKA 289.60 -11.98%

DIALOG AXIATA 8.20 -1.22%

CARGILLS (CEYLON) 157.00 -3.89%

AITKEN SPENCE HOTEL HOLDINGS 67.00 -4.33% CONSOLIDATION OF SHARES

NESTLE LANKA 2,134.70 -5.90%

ASIAN HOTELS & PROPERTIES 69.00 -0.29%

SRI LANKA TELECOM 40.10 -3.99%

114.00

142.70

135.80

184.80290.00

254.90

8.10

150.90

64.10

Current

209.40

114.50672.50

150.50

358.00

185.00

1,116.60

118.20

0

16-09-2013

02-09-2013

Delayed

20-09-2013

1.00

0.20

15.00

1.50

0.20

00

To be notified

0

30-09-2013

Renunciation

0

XR Date

Delayed

To be notified

26-09-2013

27-09-2013

30-09-2013

Abans Electricals 01 for 05

Company Proportion EGM Date XC Date

0-Jan-19000-Jan-1900

0-Jan-1900 0-Jan-1900

0-Jan-1900

0-Jan-1900

0

0

0-Jan-1900

EGM Date Trading Date

2,008.70

68.80

38.50

0-Jan-19000-Jan-1900

0-Jan-1900

Convinience Foods Lanka

HVA Foods

1.00

0.40

0

Lanka IOC

Asia Siyaka Commodities

Dunamis Capital

Dankotuwa Porcelain

11-09-2013

11-09-2013

12-09-2013

20-09-2013

23-09-2013

20-09-2013

Payment

Proportion

Announcements

Company Dividend (LKR)

17-09-2013

18-09-2013

25-09-2013

20-09-2013

0.38

XD Date

15,016,373

7,741,769

0-Jan-1900 0-Jan-1900 0-Jan-19000-Jan-1900

0-Jan-1900

0-Jan-1900

XD DateEGM DateProportionCompany

0-Jan-1900

0-Jan-19000-Jan-1900

177,010,66014,040,262

S & P SL20 Debrief

2,231,782

3,917,409

715,612

0-Jan-1900

Orient Finance

Alliance Finance Company

15-08-201303 for 08 @ LKR10.0

01 for 04 @ LKR18.0

02 for 13 @ LKR175.0Turnover

683,250,672

Company

0-Jan-1900

9,735,181

0-Jan-1900 0-Jan-1900 0-Jan-1900 0-Jan-1900

Company Proportion EGM Date Trading Date

0-Jan-1900

Company Proportion

6,098,784

36,100,482

1,182,432

2,289,548

37,953,702

1,989,931

254,458

2,324,611

23,733,056

295,670

337,213

0-Jan-1900 0-Jan-1900

To be notified

0 0

0-Jan-1900 0 0

To be notified

0-Jan-1900

3,000

3,100

3,200

3,300

3,400

3,500

3,600

Daily Index Movement

S&P SL20

Page | 4


5/12

Local Economy

CURRENCY MOVES

126

127

128

129

130

131

132

133134

LKR USD : LKR

1.24

1.261.28

1.30

1.32

1.34

1.36

1.38

LKR Japanese Yen : LKR

160

165

170

175

180

LKR EURO : LKR

99

100

101

102

103

104

105

LKR Singapore Dollar : LKR

185

190

195

200

205

210

LKR GBP : LKR

1.70

1.80

1.90

2.00

2.10

2.20

2.30

LKR Indian Rupee : LKR

Page | 5


6/12

BALANCE OF TRADE TOURISM

For the Month Ending: Jun-13 For the Month Ending:

Jun-13 MoM % Jun-12 2013 2012

Exports 807 2% 756 Jul-13 98,944 90,338

Imports 1,637 6% 1,419 YTD 611,225 543,205

Balance of Trade -829 -10% -663

COLOMBO TEA AUCTION STATISTICS

Sale of

28-Aug-13 WoW %

High Grown 437.67 5.71%

Mid Grown 413.28 3.55%

Low Grown 481.08 4.92%

Total 464.43 4.85%

COLOMBO RUBBER AUCTION STATISTICS

For the Month Ending: Aug-2013

Aug-13 Basis Points Sale of

Point to Point 6.3% -20 15-Aug-13 WoW %

Annual Average Chang 8.0% 30 RSS 1 411.50 0.00%

1-Yr T-Bill 10.56% 0 Brown Crepe 1X 410.00 0.00%

399.12

458.50

442.93

Jul-13

6.1%

8.3%

10.56%

Sale of

08-Jun-13

411.50

410.00

Sale of

30-Jul-13

Corres. 2012

0.00%

0.00%

WoW %

15%

-25%

423.35

377.48

420.46

414.96

Local Economy

Elevation

Jul-13

INFLATION & INTEREST RATE

May-13

-755

Sale of

794

1,549

10%

13%

11.92%

411.50

410.00

YoY %

7%

Elevation

3.38%

9.48%

14.42%

21-Aug-13

414.01

YoY %

Change %

-1,200

-800

-400

0

400

800

1,2001,600

2,000

Balance of Trade

Exports Imports Balance of Trade

20,000

40,000

60,000

80,000100,000

120,000

140,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Tourist Arrivals

2010 2011 2012 2013

2%

4%

6%

8%

10%

12%

14%

Aug-13Jun-13Apr-13Feb-13Dec-12Oct-12Aug-12

Inflation and Treasury Bill Rate

1-Yr T-Bill Point to Point Annual Average Change

Page | 6


7/12

Global Markets

EQUITY MARKET OUTLOOK

14,000

14,500

15,000

15,500

16,000

Index

Dow Jones Industrial Average

5,600

5,8006,000

6,200

6,400

6,600

6,800

Index FTSE 100 Index

1,500

1,550

1,600

1,650

1,700

1,750

Index S&P 500 Index

7,000

9,000

11,000

13,000

15,000

17,000Index Nikkei 225

2,300

2,400

2,500

2,600

2,700

2,800

2,900IndexEURO STOXX 50 Price EUR

18,000

19,000

20,000

21,000

22,000

23,000Index Hong Kong Hang Seng Index

Page | 7


8/12

WTI Crude USD/bbl 108.54 1.5%

Gold USD/t oz. 1,368.90 -1.7%Copper USd/lb. 327.15 -0.6%

Cotton USd/lb. 82.39 -1.3%

Wheat USd/bu. 644.00 -1.5%

106.98

Global Markets

83.49

654.00

CommodityThis

Week

Last

Week

WoW

Change

1,392.50329.15

GLOBAL COMMODITY TREND

85

90

95

100

105

110

115

USD/bbl

WTI CRUDE FUTURE

75

80

85

90

95

USd/lb. COTTON NO.2 FUTURE

1,0501,1001,1501,200

1,2501,3001,3501,4001,450

USD/t oz.

GOLD 100 OZ FUTURE

600

620

640

660

680

700

720

USd/bu. WHEAT FUTURE(CBT)

280

290

300

310

320

330

340

USd/lb.

COPPER FUTURE

Page | 8


9/12

Softlogic Equity ResearchPage | 9

COMB recorded net earnings of LKR2.2bn in 2Q2013, 5.1%%YoY dip, primarily due to the adverse effect on the mark to marketlosses on swaps with regard to overseas funding (down 240.3%YoY in net trading losses. The bank recorded a mediocre

growth in its core operations (NII) by 6%YoY in 1H2013 due to the significant 36.3%YoY hike in interest expense due to the

notable growth in deposits. Nevertheless, in 2Q2013 NII improved to 11%YoY buoyed by reduction in interest rates in the

general economic environment.

Dip in earnings owing to losses on swaps: COMB recorded 240.3%YoY dip in net trading in 2Q2013 (a loss of LKR833mn in

2Q2013 cf. gain of LKR594.2mn in 2Q2012) due to the adverse effect on the mark to market losses on swaps in overseas funding.

These losses were partially off-set by the 49%YoY improvement in other operating income which resulted from OBU (Overseas

Banking Unit) of the banks where a gain was registered primarily as a result of rupee depreciation during the quarter and

18%YoY increase in fees and commission income. Nevertheless, cumulative effect resulted in a 0.2%YoY drop in total operating

income in 2Q2013.

Lacklustre performances in core operations: COMB reported a 6.3%YoY increase in NII in 1H2013 and its NIMs dropped

to 4.5% as at 30th

June 2013 cf.4.9% as at 31st Dec 2013 stemming primarily from the 36.3%YoY growth in interest

expense which resulted from the 6.8% growth in deposits cf. 31st

Dec 2012 whereas loan book grew by 4.5%. However

COMBs NII picked up by 11% due to general reduction in interest rates in the economy during the period. In addition

Banks total CAR improved to 17.8% in 30th

June 2013 cf. 13.8% in 31st

Dec 2013 largely on account of the USD75mn IFC

loan raised by the bank which also increased the debt to equity of the bank to 35.9% cf. 17.3% in the same period.

We downgrade our earnings to LKR10.7bn (+6.0%YoY) from LKR11.8bn for 2013E and to LKR 12.6bn (+17.8%YoY) from

LKR14.5bn in 2014E. We reduce our loan growth to 18% for 2013E cf. our previous forecast of 21.5% while we havereduced NIMs as we expect interest rates to flatten out for the rest of the year and also coupled with COMBs moderate

NII growth in first six months. Our corporate update highlighted a Buy for both Voting and Non -Voting counters.

However given the lesser than expected performance in COMB, we downgrade our target price to LKR125 (10% return

with dividend) for Voting share and LKR95.0 (8%) for Non-Voting share 2014E. Hence we downgrade both counters to a

HOLD.

LKR ('mn) 1-2Q2013 1-2Q2012 YoY %

Net Interest Income 11,938 11,224 6%

Total Operating Income 16,200 17,339 -7%

Operating profit before VAT 7,481 8,554 -13%

Profit before tax 6,548 7,522 -13%Profit for equity holders 4,488 5,162 -13%

6 Month Performance

LKR ('mn) 2Q2013 2Q2012 YoY % 1Q2013 QoQ %

Net Interest Income 6,322 5,707 11% 5,615 13%

Total Operating Income 8,431 8,453 0% 7,768 9%

Operating profit before VAT 3,737 3,978 -6% 3,744 0%

Profit before tax 3,292 3,484 -6% 3,255 1%

Profit for equity holders 2,231 2,351 -5% 2,257 -1%

Quarterly Performance


10/12


Name Y/E Rec Mkt Price NAVPS P / BV DPS

6-Sep-13 M ar '1 2 M a r' 13 M ar '1 4E M ar '1 5E M ar '1 2 M ar '1 3 M ar '1 4E M ar '1 5E M ar '1 2 Ma r' 13 M ar '1 4E M ar '1 4E M ar '1 2 Ma r' 13 Ma r' 14 E M ar '1 5E M ar '1 3

( 'M n) ( 'M n) ( 'M n) Dec'11 Dec' 12 Dec '13E Dec '14E Dec' 11 Dec '12 Dec '13E Dec' 14E Dec '11 Dec' 12 Dec '13E Dec '13E Dec' 11 Dec' 12 Dec '13E Dec '14E Dec '12

Banking, Finance & Insurance

Ce nt ra l F i na n ce CF IN .N 0000 M Buy 183.10 17,646 104.9 19,204 168.24 1.09 2,675 3,041 3,437 3,829 3,098 25.51 2 9.00 3 2.77 36.51 29.54 46 14 13 11 7.2 6.3 5.6 5.0 6.2 2.9 1.6 15.2

Ceyl inco Insurance CINS.N0000 D 1,178.10 14,123 26.4 31,119 534.67 2.20 1,508 1,953 2,014 57.08 73.94 76.24 57 30 20.6 15.9 15.5 12.5 1.1 10.7

Co mm er ci a l B a nk CO MB .N 00 00 D Buy 114. 50 55, 572 8 48. 7 97 ,17 5 65. 48 1. 75 8, 048 1 0,0 80 10, 685 12, 591 9,2 23 9. 48 1 1. 88 1 2. 59 1 4. 84 10 .87 4 6 25 6 18 12 .1 9 .6 9. 1 7. 7 1 0.5 4. 5 3. 9 14. 5

Commercia l Bank [X] COMB.X0000 D Buy 88.10 55,572 848.7 74,769 65.48 1.35 8,048 10,080 10,685 12,591 9,223 9.48 1 1.88 1 2.59 1 4.84 10.87 46 25 6 18 9.3 7.4 7.0 5.9 8.1 4.5 5.1 14.5

DFCC Ba nk DFCC.N0000 M MTB 118.20 36,565 265.1 31,335 137.93 0.86 2 ,900 3,523 3,453 3,915 3,436 10.94 13.29 13.02 14.77 12.96 (43) 21 (2) 13 10.8 8 .9 9.1 8.0 9.1 5.0 4.2 7.9

H a tt on N a ti o n al B a nk H NB .N 00 00 D Buy 150. 50 53, 980 3 98. 9 60 ,03 2 135. 33 1. 11 6, 149 8,1 11 9, 258 11, 113 8,2 57 15. 42 2 0. 33 2 3. 21 2 7. 86 20 .70 2 8 32 1 4 20 9. 8 7 .4 6. 5 5. 4 7. 3 8. 5 5. 6 1 1. 4Hatton National Bank [X] HNB.X0000 D Buy 109. 10 53, 980 3 98. 9 43 ,51 8 135. 33 0. 81 6, 149 8,1 11 9, 258 10, 908 8,2 57 15. 42 2 0. 33 2 3. 21 2 7. 86 20 .70 2 8 32 1 4 20 7. 1 5 .4 4. 7 3. 9 5. 3 8. 5 7. 8 1 1. 4

La nk a Ori x Le as i ng Co mp an y LOLC.N0000 M 50.00 2 0,735 475.2 2 3,760 43.63 1.15 2,933 1,863 1,985 6.17 3.92 4.18 (24) (36) 8.1 12.8 12.0 0.5 1.0 14.1

LB Fi na nce LFIN.N0000 M Buy 1 04 .2 0 5 ,5 71 6 9. 3 7 ,2 17 8 0. 43 1 .3 0 1 ,7 14 1 ,7 03 2 ,1 14 2 ,4 94 1 ,5 66 2 4. 75 2 4. 58 3 0. 52 3 6. 01 2 2. 61 6 8 (1) 24 18 4.2 4.2 3.4 2.9 4.6 6.5 6.2 30.8

National Development Bank NDB.N0000 D Buy 142.70 23,785 164.7 23,502 144.42 0.99 2 ,706 8,854 3,533 4,286 8,817 16.43 53.76 21.45 26.03 53.53 26 227 (60) 21 8.7 2.7 6.7 5.5 2.7 15.0 10.5 11.4

N at io ns T ru s t B an k N TB .N 0000 D Buy 58.80 10,591 230.6 13,560 45.93 1.28 1,534 1,951 2,438 2,990 2,002 6.65 8.46 10.57 1 2.96 8.68 41 27 25 23 8.8 6.9 5.6 4.5 6.8 2.1 3.6 14.5

Pa n As ia Ba nk PABC.N0000 D Buy 16.20 4,100 295.0 4,780 13.89 1.17 824 811 859 995 617 2.79 2.75 2.91 3.37 2.09 1 28 (2) 6 16 5.8 5.9 5.6 4.8 7.7 1.0 6.2 20.1

Pe op l e' s Le a si n g PL C. N0000 M Buy 1 3. 50 1 8, 94 2 1, 57 9. 9 2 1, 32 8 11 .9 9 1. 13 4 ,5 42 3 ,0 73 3 ,0 15 3 ,5 90 3 ,0 16 2 .8 7 1 .9 5 1 .9 1 2 .2 7 1 .9 1 7 4 ( 32) ( 2) 19 4.7 6.9 7.1 5.9 7.1 1.3 9.3 24.0

S amp ath B an k S AMP.N0000 D Buy 185.00 27,971 167.8 31,035 166.73 1.11 4 ,151 5,212 4,089 5,339 4,066 24.74 31.07 24.37 31.83 24.24 19 26 (22) 31 7.5 6.0 7.6 5.8 7.6 6.0 3.2 14.8

Seyl an Ba nk SEYB.N0000 D 56.20 20,343 345.0 19,387 58.97 0.95 1 ,006 2,063 2,042 2.92 5.98 5.92 (17) 105 19.3 9.4 9.5 1.0 1.8 4.9

La nk a Ori x F in an ce LOF C.N0000 M 2.70 5,479 2,800.0 7,560 1.96 1.38 1,246 686 898 1,026 705 0.44 0.25 0.32 0.37 0.25 ( 0) ( 45) 31 14 6.1 11.0 8.4 7.4 10.7 - - 22.7

Sample Sector (16) 315,401 7,771.3 390,992 40.59 1.24 41,935 52,924 68,324 5.40 6.81 8.79 19 26 9.3 7.4 5.7 13.3

Full Sector (60) 512,313 1.32 7.8

Beverage, Food and Tobacco

Cargi l ls CARG.N0000 M 150.90 12,008 224.0 33,802 53.61 2.81 1,079 5 78 453 4.82 2.58 2.02 ( 1) ( 46) 31.3 58.5 74.6 2.0 1.3 9.0

Ce yl on T ob ac co Co mp an y CT C. N00 00 D 1, 116. 60 5, 041 1 87. 3 209 ,16 6 26. 91 41. 49 6, 569 8,1 76 8, 734 9, 545 8,5 70 35. 07 4 3. 65 46. 63 50. 95 45 .75 2 9 24 7 9 31 .8 25. 6 23 .9 21. 9 2 4.4 43. 6 3. 9 13 0. 3

Di sti ll eri es DIST.N0000 M LTB 184.80 50,390 300.0 55,440 167.97 1.10 5 ,675 5,520 5,816 6,452 5,701 18.92 18.40 19.39 21.51 19.00 ( 30) ( 3) 5 11 9.8 10.0 9.5 8.6 9.7 3.0 1.6 11.3

L io n B re we ry LI ON .N 000 0 M 355. 00 5, 878 80. 0 28 ,40 0 73. 47 4. 83 1, 262 1,0 46 1, 146 1, 553 1,0 20 15. 78 1 3. 07 1 4. 33 19. 41 12 .76 2 5 (17) 10 35 22.5 2 7.2 24.8 1 8.3 27.8 4.0 1.1 21.5

Ne stl e ( La nk a) NES T.N0000 D 2,008.70 2,569 53.7 107,918 47.82 42.00 2,633 2,994 3,513 3,822 3,449 49.01 5 5.73 6 5.39 7 1.14 64.21 39 14 17 9 41.0 36.0 30.7 28.2 31.3 54.0 2.7 102.5

Sample Sector (5) 75,887 845.0 434,726 89.80 5.73 17,219 18,313 19,194 20.38 21.67 22.71 0 6 25.2 23.7 22.6 22.7

Full Sector (20) 489,491 3.92 20.3

Chemicals & Pharmaceuticals

CIC Holdings CIC.N0000 M 54.00 7,685 9 4.8 5,118 81.09 0.67 863 2 31 181 9.11 2.44 1.91 ( 7) ( 73) 5.9 22.2 28.3 1.6 3.0 11.2

Lankem Ceylon LCEY.N0000 M 127.60 3,612 24.0 3,062 150.48 0.85 513 297 194 21.39 12.36 8.10 (55) (42) 6.0 10.3 15.8 0.0 0.0 14.2

Sample Sector (2) 11,296 118.8 8,180 95.11 0.72 1,376 528 375 11.59 4.44 3.16 (33) (62) 5.9 15.5 21.8 12.2

Full Sector (10) 18,079 0.90 12.6

Construction & Engineering

Co lo mb o Do ckya rd DOCK.N0000 D 194.50 10,172 71.9 13,977 141.55 1.37 1,804 1,977 1,229 25.10 27.51 17.11 (13) 10 7.7 7.1 11.4 8.0 4.1 17.7

Sample Sector (1) 10,172 71.9 13,977 141.55 1.37 1,804 1,977 1,229 25.10 27.51 17.11 (13) 10 7.7 7.1 11.4 17.7

Full Sector (4) 16,876 1.11 3.8

Diversified H oldings

Ai tken Spence SPEN.N0000 M 114.00 28,215 406.0 46,284 69.50 1.64 3,488 3,267 3,293 8.59 8.05 8.11 38 (6) 13.3 14.2 14.1 1.5 1.3 12.4

CT Hol di ngs CTHR.N0000 M 135.80 16,957 183.1 24,865 92.61 1.47 1,159 1,150 1,619 6.33 6.28 8.84 34 (1) 21.5 21.6 15.4 0.7 0.5 6.8

Ca rs on s Cu mb erb atch CARS .N0000 M 358.00 35,229 1 96.4 70,307 179.38 2.00 7,017 4,570 4,692 35.73 23.27 23.89 55 (35) 10.0 15.4 15.0 2.0 0.6 19.9

E xp o la n ka H o ld i n gs E XP O. N0 00 0 M LTB 6.80 9,359 1,954.9 13,293 4.79 1.42 1,033 1,061 1,302 1,100 0.53 0.54 0.67 0.56 (33) 3 23 12.9 12.5 10.2 12.1 0.1 1.8 11.0

Hayleys HAYL.N0000 M 290.00 22,638 75.0 21,750 301.84 0.96 1,038 1,854 2,054 13.84 24.72 27.39 43 79 21.0 11.7 10.6 4.5 1.6 4.6

Hema s Hol di ngs HHL.N0000 M 31.00 12,374 515.3 15,974 24.01 1.29 1,165 1,658 1,600 2.26 3.22 3.11 (4) 42 13.7 9.6 10.0 0.8 2.4 9.4

John Keel ls Holdings JKH.N0000 M 209.40 90,686 857.9 179,649 105.70 1.98 9,687 12,201 12,129 11.29 14.22 14.14 17 26 18.5 14.7 14.8 3.5 1.7 10.7

Ri cha rd Pei ri s RI CH.N0000 M 6.10 8 ,257 1,958.1 11,944 4.22 1.45 2,575 1,903 1,642 1.32 0.97 0.84 53 (26) 4.6 6.3 7.3 0.2 3.3 31.2

Softlogic Hol dings SHL.N0000 M 8.10 7,384 779.0 6 ,310 9.48 0.85 483 301 269 0.62 0.39 0.35 (42) (38) 13.1 21.0 23.4 0.3 3.7 6.5

Va ll ibe l On e VONE.N0000 M Buy 14. 70 30, 980 1,0 86. 6 15 ,97 2 28. 51 0. 52 2, 025 1,4 03 2, 323 1,5 50 1. 86 1. 29 2. 14 1 .43 2 50 (31) 66 7.9 11.4 6.9 10.3 0.0 0.0 6.5

Sample Sector (10) 262,079 8,012.3 406,348 32.71 1.55 29,669 29,367 29,948 3.70 3.67 3.74 30 (1) 13.7 13.8 13.6 11.3

Full Sector (18) 435,667 1.44 13.0

Healthcare

Asiri Hospita l Hold. ASIR.N0000 M 13.30 5,650 1,099.1 14,618 5.14 2.59 600 777 810 0.55 0.71 0.74 215 29 24.4 18.8 18.0 0.3 1.9 10.6

Nawaloka Hospita ls NHL.N0000 M 2.90 3,881 1,409.5 4,088 2.75 1.05 271 454 456 0.19 0.32 0.32 (75) 68 15.1 9.0 9.0 0.1 1.7 7.0

Lanka Hospi tals LHCL.N0000 D 37.30 27,164 223.7 8,345 121.41 0.31 437 384 537 1.95 1.72 2.40 51 (12) 19.1 21.7 15.6 0.5 1.3 1.6

Sample Sector (3) 36,695 2,732.3 27,051 13.43 0.74 1,308 1,616 1,803 0.48 0.59 0.66 (16) 24 20.7 16.7 15.0 3.6

Full Sector (6) 41,594 1.93 11.2

Book Val. Share

Cap.

Market

Cap.ROE

(%)

Trailing

DY (%)4Q

Trailing

4Q

Trailing

4Q

Trailing

Earnings EPS EPS Growth (%) PER


11/12


Name Y/E Rec Mkt Price NAVPS P / BV DPS

6-Sep-13 M ar '1 2 M ar '1 3 Ma r' 14 E M ar '1 5E M ar '1 2 M ar '1 3 M ar '1 4E M ar '1 5E M ar '1 2 Ma r' 13 M ar '1 4E M ar '1 4E M ar '1 2 Ma r' 13 Ma r' 14 E M ar '1 5E M ar '1 3

( 'M n) ( 'M n) ( 'M n) Dec'11 Dec' 12 Dec' 13E Dec' 14E Dec '11 Dec' 12 Dec '13E Dec '14E Dec '11 Dec' 12 Dec' 13E Dec '13E Dec' 11 Dec' 12 Dec '13E Dec '14E Dec '12

Hotels and Travels

Ai tken Sp. Ho. Hol d. AHUN.N0000 M 64.10 12,937 336.3 21,556 38.47 1.67 1,378 1,782 2,148 1,782 4.10 5.30 6.39 5.30 33 29 21 15.6 12.1 10.0 12.1 1.0 1.6 10.7

Ama ya Lei sure CONN.N0000 M 68.20 2,515 48.0 3,276 52.37 1.30 293 377 376 374 6.09 7 .84 7 .83 7.79 (38) 29 (0) 11.2 8 .7 8.7 8.8 4.0 5.9 11.6

As ian Hotel s & Prop. AHPL.N0000 M 68.80 20,762 442.8 3 0,463 46.89 1.47 2,149 2,494 2,623 2,492 4.85 5.63 5.92 5.63 21 16 5 14.2 1 2.2 11.6 12.2 4.0 5.8 10.3

Keel ls Hotel s KHL.N0000 M 10.40 16,421 1,456.1 15,144 11.28 0.92 1,105 1,121 1,496 1,121 0.76 0.77 1.03 0.77 111 1 33 13.7 13.5 10.1 13.5 0.0 0.0 6.7

Taj TAJ.N0000 M 26.40 2,223 139.6 3,686 15.92 1.66 125 2 46 2 93 224 0.89 1.76 2.10 1.61 26 97 19 29.5 15.0 12.6 16.4 0.0 0.0 5.6

Tra ns As ia TRAN.N0000 M 81.00 5,775 200.0 16,200 28.88 2.81 625 1,066 1,180 1,066 3.12 5 .33 5 .90 5.33 (5) 71 11 25.9 15.2 13.7 15.2 3.0 3.7 10.8

Sample Sector (6) 60,634 2,622.9 90,325 23.12 1.49 5,674 7,086 8,116 6,059 2.16 2.70 3.09 2.31 24 2 5 15 15.9 12.7 11.1 14.9 9.4

Full Sector (36) 302,953 2.39 35.8

Land and Property

Col ombo La nd CLND.N0000 D 36.90 2,699 199.9 7,376 13.50 2.73 10 335 -90 12 48 0.05 1.68 (0.45) 0.06 0.24 (98) 3,393 (127) 113 769.0 22.0 N/A 614.6 152.2 0.0 0.0 0.4

Ove rs ea s R ea l it y O SE A.N 0000 D 1 6.4 0 22, 697 843 .5 13, 833 26.9 1 0. 61 2 ,68 1 2 ,469 1,9 24 2, 158 2, 991 3 .18 2. 93 2 .28 2. 56 3. 55 2 18 ( 8) ( 22) 12 5.2 5.6 7.2 6.4 4.6 0.3 1.8 11.8

Sample Sector (2) 25,396 1,043.4 2 1,209 24.34 0.84 2,691 2,804 1,834 2,170 3,040 2.58 2.69 1.76 2.08 2.91 102 4 (35) 18 7.9 7.6 11.6 9.8 7.0 1.2 10.6Full Sector (18) 34,878 0.74 6.7

Manufacturing

ACL Cables ACL.N0000 M 63.00 5,802 59.9 3,773 96.87 0.65 485 532 513 8.10 8.88 8.56 127 10 7.8 7.1 7.4 1.0 1.6 8.4

Gra in El eva tors GRAN.N0000 D 33.50 2,742 60.0 2,010 45.71 0.73 388 135 87 93 -188 6.46 2.24 1.45 1.55 ( 3. 13 ) ( 18 ) ( 65 ) ( 35 ) 7 5.2 14.9 23.1 2 1.6 -10.7 0.1 0.4 14.1

Ch e vr on L ub ri c an ts L LU B. N0 00 0 D Hold 25 4.9 0 5, 098 120 .0 30, 588 4 2.4 8 6. 00 2 ,00 1 2 ,288 2,5 26 2, 621 2, 425 16 .67 1 9. 06 2 1.05 2 1. 84 2 0. 21 33 14 10 4 15 .3 13. 4 12 .1 11. 7 1 2. 6 11. 0 4. 3 39. 2

La nk a Wa ll ti le LWL.N0000 M LTB 53.10 4,871 54.6 2,899 89.21 0.60 731 520 545 600 474 13.39 9.52 9.98 10.99 8.68 51 (29) 5 10 4.0 5.6 5.3 4.8 6.1 3.0 5.6 15.0

Pi ra ma l Gl as s G LAS .N0000 M LTB 5.20 3,716 950.1 4,940 3.91 1.33 686 724 761 813 941 0.72 0.76 0.80 0.86 0.99 19 5 5 7 7.2 6.8 6.5 6.1 5.3 0.4 7.3 18.5

Roya l Ce ra mi c RCL.N0000 M LTB 80.10 8,384 110.8 8 ,874 75.67 1.06 1 ,243 1,670 1,844 2,190 1,411 11.22 15.07 16.64 19.77 12.74 (14) 34 10 19 7.1 5.3 4.8 4.1 6.3 2.0 2.5 14.8

Te xt ure d Je rs ey T JL.N0000 M Buy 1 3.4 0 6, 190 655 .0 8, 777 9.4 5 1. 42 62 8 1, 017 1,1 86 1, 483 1, 085 0 .96 1. 55 1 .81 2. 26 1. 66 (8) 62 17 25 14.0 8 .6 7.4 5.9 8.1 1.2 9.3 10.1

Tokyo Cement TKYO.N0000 M 23.40 7,793 334.1 7 ,819 23.32 1.00 979 828 1,447 2.93 2.48 4.33 14 (15) 8.0 9.4 5.4 1.0 4.3 12.6

Sample Sector (8) 44,596 2,344.5 69,681 19.02 1.56 7,141 7,713 8,108 3.05 3.29 3.46 15 8 9.8 9.0 8.6 4.7 16.0

Full Sector (36) 99,547 1.27 7.9

Motors

Colonia l Motors COLO.N0000 M 87.50 3,562 15.2 1,330 234.33 0.37 453 120 22 29.80 7.91 1.47 95 (73) 2.9 11.1 59.6 3.0 3.4 12.7

D ie se l & Mo to r En gi ne eri ng D IMO.N0000 M 456.20 7,571 8.9 4,049 852.93 0.53 2,702 462 462 304.36 52.06 52.05 2 7 (83) 1.5 8.8 8.8 10.0 2.2 35.7

Uni ted Motors UML.N0000 M 103.00 7,747 67.3 6,929 115.18 0.89 2,281 2,013 2,011 33.91 29.92 29.90 153 (12) 3.0 3.4 3.4 10.0 9.7 29.4

Sample Sector (3) 18,880 91.3 12,308 206.70 0.65 5,436 2,595 2,496 59.51 28.41 27.32 67 (52) 2.3 4.7 4.9 6.6 28.8

Full Sector (6) 20,689 0.92 8.8

Oil Palms

Buki t Da ra h BUKI.N0000 M 672.50 32,716 102.0 68,595 320.74 2.10 7,299 5,042 4,405 71.56 49.43 43.19 43 (31) 9.4 13.6 15.6 3.0 0.4 22.3

Sample Sector (1) 32,716 102.0 68,595 320.74 2.10 7,299 5,042 4,405 71.56 49.43 43.19 43 (31) 9.4 13.6 15.6 3.0 0.4 22.3

Full Sector (5) 98,661 1.74 18.1

Plantations

Balangoda BALA.N0000 D 24.00 2,660 23.6 567 112.53 0.21 25 118 62 1.08 5.01 2.64 (85) 366 22.3 4.8 9.1 1.0 1.0

Horana HOPL.N0000 M 20.40 1,391 25.0 510 55.63 0.37 87 220 201 3.49 8.82 8.04 (73) 152 5.8 2.3 2.5 2.0 6.3

Kegal le KGAL.N0000 M 93.00 3,439 25.0 2,325 137.54 0.68 769 544 542 30.77 21.74 21.70 ( 8) ( 29 ) 3.0 4.3 4.3 12.0 12.9 22.4

Kelani Val ley KVAL.N0000 D 81.90 2,524 34.0 2,785 74.24 1.10 460 584 650 13.54 17.19 19.12 44 27 6.0 4.8 4.3 6.0 7.3 18.2

Kotagal a KOTA.N0000 M 39.90 3,535 40.0 1,596 88.38 0.45 439 517 378 10.97 12.92 9.44 (34) 18 3.6 3.1 4.2 2.5 6.3 12.4

Watawala WATA.N0000 M 9.30 3,855 236.7 2,201 16.29 0.57 455 680 755 1.92 2.87 3.19 (29) 49 4.8 3.2 2.9 0.8 11.8

Sample Sector (6) 17,403 384.3 9,984 45.29 0.57 2,236 2,664 2,589 5.82 6.93 6.74 (24) 19 4.5 3.7 3.9 12.8

Full Sector (19) 22,138 0.60 5.0

Power and Energy

Lanka IOC LIOC.N0000 M 25.40 14,378 532.5 13,526 27.00 0.94 906 2,911 4,069 1.70 5.47 7.64 3 221 14.9 4.6 3.3 0.0 6.3Val l i bel VPEL.N0000 M 6.00 2,068 747.1 4,483 2.77 2.17 249 289 482 0.33 0.39 0.65 (41) 16 18.0 15.5 9.3 0.3 4.2 12.0

Laugfs Gas LGL.N0000 M 25.10 6,178 387.0 9 ,714 15.96 1.57 822 1,061 1,291 2.13 2.74 3.34 (4) 29 11.8 9.2 7.5 1.5 6.0 13.3

Sample Sector (3) 22,624 1,666.6 27,723 13.57 1.23 1,977 4,261 5,843 1.19 2.56 3.51 (8) 116 14.0 6.5 4.7 8.7

Full Sector (8) 33,173 1.14 5.1

Telecommunications

Dialog Axiata DIAL.N0000 D 8.10 37,086 8,143.8 65,965 4.55 1.78 5,354 6,521 7,569 8,156 0.66 0.80 0.93 1.00 6 22 16 12.3 10.1 8.7 8.1 0.3 4.1 14.4

Sri La nka Tel ecom SLTL.N0000 D 38.50 55,315 1,804.9 69,487 30.65 1.26 4,781 5,329 5,912 4,976 2.65 2.95 3.28 2.76 21 11 11 14.5 13.0 11.8 14.0 0.9 2.2 8.6

Sample Sector (2) 92,401 9,948.6 135,452 9.29 1.47 10,135 11,850 13,481 13,132 1.02 1.19 1.36 1.32 13 17 14 13.4 11.4 10.0 10.3 11.0

Full Sector (2) 135,452 1.47 10.2

Trading

Browns BRWN.N0000 M 83.70 15,058 70.9 5,932 212.47 0.39 1,164 240 240 16.43 3.39 3.39 (47) (79) 5.1 24.7 24.7 1.3 1.6 7.7

S in ge r S ri La nk a S INS .N0000 D 92.20 4,812 125.2 11,544 38.43 2.40 1,266 1,138 985 10.11 9.09 7.87 90 (10) 9.1 10.1 11.7 6.0 6.5 26.3

Sample Sector (2) 19,870 196.1 17,477 101.33 0.88 2,431 1,378 1,225 12.40 7.03 6.25 (15) (43) 7.2 12.7 14.3 12.2

Full Sector (8) 22,411 0.94 11.5

Sample Market (70) 1,046,050 37,951.4 1,734,025 27.56 1.66 138,331 150,117 169,632 195,077 167,769 3.64 3.96 4.47 5.14 4.42 1 7 9 13 15 12.5 11.6 10.2 8.9 10.3 13.2

Total Market (284) 2,336,485 1.62 11.9

Book Val. Share

Cap.

Market

Cap.ROE

(%)

Trailing

DY (%)4Q

Trailing

4Q

Trailing

4Q

Trailing

Earnings EPS EPS Growth (%) PER


12/12


Softlogic Equity Research

Dimantha Mathew

[email protected]

+94 11 7277030

Kavindu Ranasinghe

[email protected]

+94 11 7277031

Imalka Hettiarachchi

[email protected]

+94 11 7277032

Softlogic Equity Sales

Dihan Dedigama

[email protected]

+94 11 7277010, +94 77 7689933

Sonali Abayasekera

[email protected]

+94 11 7277051, +94 77 7736059

Eardley Kern

[email protected]

+94 11 7277053, +94 77 7348018

Thanuja De Silva

[email protected]

+94 11 7277059, +94 77 3120018

Chandima Kariyawasam

[email protected]

+94 11 7277058, +94 77 7885778

Branches

HoranaMadushanka Rathnayaka

No. 212, 1st floor, Panadura road, Horana

[email protected]

+94 34 7451000, +94 77 3566465

MataraNo. 8A, 2nd Floor, FN Building,

Station Road, Matara

+94 41 7451000,

NegomboKrishan Williams

No. 121, St. Joseph Street Negombo

[email protected]

+94 31 2224714-5, +94 77 3569827

KurunegalaBandula Lansakara

No.13, Rajapihilla Mawatha, Kurunegala

[email protected]

+94 37 2232875, +94 77 3615790

The report has been prepared by Softl ogic Stockbrokers (Pvt) Ltd. The inf ormati on and opinion s contain ed herein has been compil ed

or ar ri ved at based upon in formation obtai ned from sources believed to be reli able and in good faith . Such infor mation has not been

independently verif ied and no guaranty, representation or warr anty, express or impli ed is made as to its accuracy, completeness or

correctness. Al l such i nformation and opinions are subject to change without notice. This document i s for information purposes only,

descri ptions of any company or companies or their securit ies menti oned herein are not int ended to be complete and this document is

not, and should not be construed as, an offer, or solicitat ion of an off er, to buy or sell any securit ies or other fi nancial instr uments.

Softlogi c Stockbrokers (Pvt) L td may, to the extent permi ssible by applicable law or regulati on, use the above materi al, conclu sions,

research or analysis in wh ich they are based before the materiali zed disseminated to their cu stomers. Not all customers wil l r eceive

the material at the same time. Softl ogic Stockbrokers, their respective directors, off icers, representati ves, employees, related persons

and/or Softl ogic Stockbrokers, may have a long or short position i n any of the securiti es or other fi nancial i nstruments mentioned or

issuers described herein at any ti me and may make a purchase and/or sale, or of fer to make a purchase and/or sale of any such

securi ties or other fi nancial i nstruments fr om time to time in the open market or otherwise, in each case either as pri ncipal or agent.

Softlogi c Stockbrok ers may make markets in securi ties or other finan cial in struments descri bed in th is publication , in securi ties of

issuers described here in or i n securiti es underl ying or related to such securi ties. Softl ogic Stockbrokers (Pvt) L td may have recently

underwr itten the securi ties of an issuer mentioned herein. This document may not be reproduced, distribu ted, or publ ished for any

purposes.

Documents

Weekly Plus - 2013 Issue 36 (06.09.2013)