7/30/2019 Weekly Plus - 2013 Issue 35 (30.08.2013)
1/12
2013 Issue 35 Week Ending 30-08-2013
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:Nations Trust BankQuick View on Earnings Pg 09
Our Core Coverage Pg 10- Pg 11
7/30/2019 Weekly Plus - 2013 Issue 35 (30.08.2013)
2/12
Current WoW %
ASPI 5834.04 -2.0%
S&P SL20 3261.33 -2.4%
Turnover (LKR 'bn) 2,427.6 -34.7%
Volume ('mn) 164.0 74.0%
Market Cap. (LKR 'bn) 2,402.9 -2.0%
LKR ('mn) Current WoW %
Foreign Purchases 775.0 -67.7%
Foreign Sales 588.9 -57.2%
Net Foreign Inflow 186.1 -81.8%
Foreign Participation 41% -7.3%
Net Foreign 362 186
Current WoW %
PER 16.6 -1.6%
PBV 2.2 -2.1%
DY 2.7 3.8%
Current WoW %
BANKS FINANCE & INS. 12,599.6 -1.6%
BEV. FOOD & TOBACCO 20,351.9 1.3%
CHEM. & PHARMA. 6,701.2 1.5%
CONS. & ENG. 2,691.4 -3.7%
DIVERSIFIED 1,715.2 -6.6%
HEALTH CARE 649.9 0.6%
HOTELS & TRAVELS 3,155.9 -0.5%
UNITED MOTORS 7.34% JKH -0.17% LAND & PROPERTY 528.7 -3.7%
SAMPATH (+) 2.66% NESTLE (+) -0.02% MANUFACTURING 2,884.2 -2.9%
DISTILLERIES 0.3% LANKA CERAMIC -93.50% MOTORS 14,653.9 -2.9%
COMMERCIAL BANK (+) 0.10% TOKYO CEMENT -0.5% PLANTATIONS 682.4 -3.0%
LB FINANCE 59.70% VALLIBEL ONE -16.37% TELECOM 155.6 -0.8%
989
548.9
Change in Foreign Holding
Decline in
Value
LKR 'mn
Decline in Foreign Holding
Growth in
Foreign
Holding
Growth in Foreign Holding
2,793.9
1,835.6
646.0
6,600.6
-175.7
Weekly Stat Page
Previous
Weekly Market Statistics
Weekly Foreign Flow
Weekly Market Valuations
Weekly Sector Statistics
Decline in
Foreign
Holding 3,171.8
2,969.3
15,091.2
Previous
5951.83
703.6
156.9
3342.96
3,715.3
16.9
2.3
2.6
Previous
12,799.6
20,099.1
1,021.3
44%
2,398.2
1,376.9
94.2
2,451.4
Previous
-22.0
-8.2
-6.7
1021
Growth in
Value
LKR 'mn
233.3
109.7
36.6
33.4
24.5
-22.0
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
9-Aug 16-Aug 23-Aug 30-Aug
('Mn)
LKR('Mn)
Weekly Turnover and Volume
Turnover (LHS) Volume (RHS)
0
500
1,000
1,500
2,0002,500
3,000
9-Aug 16-Aug 23-Aug 30-Aug
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
7/30/2019 Weekly Plus - 2013 Issue 35 (30.08.2013)
3/12
Company WoW %
SINHAPUTHRA FIN 31.07%
G S FINANCE 22.73%
PCH HOLDINGS 14.29%
AMF CO LTD 11.18%ASIA CAPITAL 9.50%
Company WoW %
CIFL -22.22%
SERENDIB ENG.GRP -22.22%
CEYLON TOBACCO -18.83%
CARGO BOAT -16.85%
CEYLINCO INS. -15.12%
Company WoW %
HNB[NON VOTING] 0.18%
JKH -6.43%
SAMPATH -1.46%
HDFC -2.00%
COMMERCIAL BANK -2.09%
Company WoW %
HDFC -2.00%
HNB[NON VOTING] 0.18%
S M B LEASING[NON V 0.00%
HEMAS HOLDINGS -3.61%
TEXTURED JERSEY -2.16%
200.00
0.50
300.0019.50
52 High 52 Low
52 High 52 Low
132.50 95.50
210.00 81.50
1,400.50 670.00
151.00 72.00
1,300.00 735.00
67.40 33.10
299.80 195.00
242.00 172.50
109.00
1,500.00
12.50
439.5038.00
0.30
32.00
13.50
Low
82.30
675.00
52 High
11.80
132.50
0.70
360.0020.00
110.50
1,100.70
114.00
240.00
188.50
33.10
116.50
Weekly Top Losers
Weekly Top Performers
Weekly Top Volume
Low
Low
Low
0.70
135.00
1,100.00
7,512,238
1,945,021
Volume
Turnover
855,803,214
844,652,981
529,298,937
300,419,494
Volume
7,289,980
3,451,221
67.40
52 Low
0.70
95.50
4,561,741
33.10
114.00
7,512,238
7,289,980
5,834,984
5,296,187
126.00
0.60
38.40
15.00
99.00
0.30
23.10
7.80
33.10
2,785,713
High
108.00
675.00
0.80
367.7021.90
Turnover
1,168,655
675
1,609,175
2,92513,188
Volume
13,202
1
2,242,312
8612
Previous
82.40
550.00
0.70
330.0020.00
Current
108.00
675.00
0.80
366.9021.90
Weekly Stock Trends
52 Low
67.00
Weekly Top Gainers
52 High
Turnover
1,251,670
792,202
16,931,207
594,441
172,002
Volume
1,498,245
5,659
13,514
5,170
156
High
1.00
178.00
1,385.00
130.00
1,105.40
119.50
Previous
0.90
180.00
1,365.30
132.90
1,299.00
High
115.00
260.00
Previous
114.10
256.80
Current
0.70
140.00
1,108.20
110.50
1,102.60
Current
114.30
240.30
189.00
34.30
117.00
Turnover
300,419,494
855,803,214
Previous
35.00
114.10
230,098,367
193.90
36.00
119.80
191.80
35.00
1,751,636
181,205,887
62,090,833
High
36.00
115.00
0.40
34.00
14.00
0.30
33.20
13.90
Current
34.30
114.30
0.30
32.00
13.60
Page | 3
7/30/2019 Weekly Plus - 2013 Issue 35 (30.08.2013)
4/12
DIVIDENDS
RIGHTS ISSUE
The Kingsbury
Pelwatte Sugar
S&P SL20 Companies Previous WoW % John Keells Holdings
JOHN KEELLS HOLDINGS 256.80 -6.43% ###
COMMERCIAL BANK 119.50 -2.09% ###THE BUKIT DARAH 690.00 -0.90% SCRIP DIVIDEND
HATTON NATIONAL BANK 155.00 -3.23%
CARSONS CUMBERBATCH 393.00 -0.76%
SAMPATH BANK 191.80 -1.46%
CEYLON TOBACCO COMPANY 1,365.30 -18.83%
DFCC BANK 129.50 -1.16% CAPITALIZATION OF RESERVES
AITKEN SPENCE 122.00 -0.82%
NATIONAL DEVELOPMENT BANK 162.20 -5.61%
C T HOLDINGS 140.10 -0.07%
DISTILLERIES 192.70 -0.36%HAYLEYS 300.00 -2.33% SUBDIVISION OF SHARES
CHEVRON LUBRICANTS LANKA 308.00 -2.60%
DIALOG AXIATA 8.60 -1.16%
CARGILLS (CEYLON) 152.00 -0.99%
AITKEN SPENCE HOTEL HOLDINGS 69.00 -3.33% CONSOLIDATION OF SHARES
NESTLE LANKA 2,441.30 -9.67%
ASIAN HOTELS & PROPERTIES 71.90 -4.73%
SRI LANKA TELECOM 40.90 -3.67%
1,204,578
8,320,441
496,657
36,495
20,852,780
2,171,384
10,963,617
1,811,928
52,857,653
252,026
101,977
0-Jan-1900 0-Jan-1900
0-Jan-1900
0 0
0-Jan-1900 0 0
0-Jan-1900
0-Jan-1900 0-Jan-1900
51,443,173
0-Jan-1900 0-Jan-1900 0-Jan-1900 0-Jan-1900
Company Proportion EGM Date Trading Date
0-Jan-1900
Company Proportion
14,479,011
21,287,072
278,845
0-Jan-1900
ACL Cables
Dankotuwa Porcelain
15-08-201303 for 08 @ LKR10.0
01 for 04 @ LKR18.0
02 for 13 @ LKR175.0Turnover
844,652,981
Company
XD Date
529,298,937
16,931,207
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
230,098,367286,616
S & P SL20 Debrief
Proportion
Announcements
Company Dividend (LKR)
06-09-2013
12-09-2013
16-09-2013
16-09-2013
2.00First Capital Holdings
Royal Palms Beach Hotels
Tangarine Beach Hotels
03-09-2013
04-09-2013
04-09-2013
12-09-2013
13-09-2013
13-09-2013
Payment
Lanka IOC
Orient Finance
0.80
0.50
0
Bairaha Farms
0-Jan-19000-Jan-1900
0-Jan-1900
EGM Date Trading Date
2,205.20
68.50
39.40
Delayed
To be notified
17-09-2013
20-09-2013
25-09-2013
0-Jan-1900 0-Jan-1900
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
0
05-09-2013
02-09-2013
Delayed
17-09-2013
1.50
1.00
0.40
1.00
0.20
00
To be notified
0
26-09-2013
Renunciation
0
XR Date
Current
240.30
117.00683.80
150.00
390.00
189.00
1,108.20
128.00
121.00
153.10
140.00
192.00293.00
300.00
8.50
150.50
66.70
3,000
3,100
3,200
3,300
3,400
3,500
3,600
Daily Index Movement
S&P SL20
Page | 4
7/30/2019 Weekly Plus - 2013 Issue 35 (30.08.2013)
5/12
Local Economy
CURRENCY MOVES
122
124
126
128
130
132134
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
98
99100
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
7/30/2019 Weekly Plus - 2013 Issue 35 (30.08.2013)
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 Jun-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
21-Aug-13 WoW %
High Grown 414.01 2.93%
Mid Grown 399.12 2.78%
Low Grown 458.50 1.20%
Total 442.93 1.28%
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%
YoY %
Change %
411.50
410.00
YoY %
7%
Elevation
-2.43%
9.89%
12.31%
14-Aug-13
402.23
794
1,549
10%
13%
9.39%
0.00%
0.00%
WoW %
15%
-25%
424.31
363.20
408.23
404.91
Local Economy
Elevation
Jun-13
INFLATION & INTEREST RATE
May-13
-755
Sale of
Sale of
30-Jul-13
Corres. 2012
388.31
453.08
437.32
Jul-13
6.1%
8.3%
10.56%
Sale of
08-Jun-13
411.50
410.00
-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
7/30/2019 Weekly Plus - 2013 Issue 35 (30.08.2013)
7/12
EQUITY MARKET OUTLOOK
Global Markets
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
7/30/2019 Weekly Plus - 2013 Issue 35 (30.08.2013)
8/12
WTI Crude USD/bbl 107.73 1.2%
Gold USD/t oz. 1,394.80 0.0%Copper USd/lb. 324.70 -3.7%
Cotton USd/lb. 83.52 -1.5%
Wheat USd/bu. 653.75 -0.8%
GLOBAL COMMODITY TREND
84.77
658.75
CommodityThis
Week
Last
Week
WoW
Change
1,394.40337.25
Global Markets
106.49
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
7/30/2019 Weekly Plus - 2013 Issue 35 (30.08.2013)
9/12
Softlogic Equity ResearchPage | 9
F/Y Dec (LKR mn) 2011 2012 2013E 2014E 2015E
Net Profit (LKR mn) 1,607 1,951 2,223 2,694 3,211
EPS (LKR) 7.0 8.5 9.6 11.7 13.9
% Growth 48.2% 21.4% 13.9% 21.2% 19.2%
PER (x) 9.0 7.4 6.5 5.3 4.5
PBV (x) 1.7 1.4 1.2 1.1 0.9
NAVPS (LKR) 37.4 43.8 50.3 59.4 68.7
DPS (LKR) 2.1 2.1 2.4 3.2 4.6
Div Yield (%) 3.4% 3.4% 3.9% 5.0% 7.4%
Div Payout 30.1% 24.8% 25.0% 27.0% 33.0%
LKR ('mn) 2Q2013 2Q2012 YoY % 1Q2013 QoQ %
Net Interest Income 1,840 1,270 45% 1,701 8%
Total Operating Income 2,354 1,912 23% 2,226 6%
Operating profit before VAT 803 840 -4% 854 -6%
Profit before tax 690 728 -5% 736 -6%
Profit for equity holders 478 497 -4% 502 -5%
Quarterly Performance
NTB recorded net earnings of LKR478.4mn in 2Q2013, a marginal drop of 4%YoY, largely due to the losses recorded in the net trading income (-226%YoY) resulting from the markto market losses on funding SWAPS and notable 28%YoY rise in total operating expenses. However NTB reported a healthy 45%YoY increase in Net Interest Income mainly on
account of the decline in the costs of deposits and a 24%YoY increase in net fees and commission income with contributions from the credit card related fees and commissions.
Drop in earnings due to marked to market losses and rise in other operating expenses: NTB reported a marginal 4%YoY dip in earnings in 2Q2013 resultant from a significant
decline (-226%YoY to a LKR163mn loss in 2Q 2013 cf. a gain of LKR129mn gain in the comparative quarter) in net trading income mainly arising from a marked to market loss in
forward premiums on funding SWAPS. In addition, rise in total operating expenses (+28%YoY) led by personal expenses (+37%YoY) and other operating expenses (+27%YoY)
negatively affected the bottom-line. Nevertheless, increase in costs were associated with strengthening the distribution channel through branch expansion (5 branches were added
during the 1H2013 taking the network to 62), introduction of lean concepts with the assistance from Boston Consultancy Group and further enhancing technological forefront
which could reap benefits in the future.
Core operations of the banks denoted healthy improvements: NTB reported a healthy 45%YoY increase in NII in 2Q2013 and a 32%YoY increase in 2H2013 due to the opportunity
to acquire low costs deposits during the latter part of the period with the interest rate decline. However loan book growth was moderate at 5% as at 31-06-2013 cf. 31-12-2012 in
commensurate with the general weakened credit demandwhich prevailed during the economy in the period.
Given NTBs moderate loan book growth, higher costs which prevailed during the period we
downgrade our earnings to LKR2.2bn (+13.9%YoY) from LKR2.4bn in 2013E and to LKR2.7bn
(+21.2%YoY) from LKR3.0bn for 2014E. Nevertheless, counter remains attractive given its branch
expansions, possible benefits accrued in productivity initiatives, efficient pricing policies in
challenging economic environments and its low exposure to pawning (3% of the loan book). Our
Corporate update highlighted a Strong Buy for the counter. With the downgrade in earnings, we
downgrade our target price to LKR95.0 with a gain of 55% for 2014E and maintain our rating at a
Strong Buy.
LKR ('mn) 1-2Q2013 1-2Q2012 YoY %
Net Interest Income 3,542 2,674 32%
Total Operating Income 4,580 3,881 18%
Operating profit before VAT 1,657 1,564 6%
Profit before tax 1,426 1,355 5%
Profit for equity holders 980 933 5%
6 Month Performance
7/30/2019 Weekly Plus - 2013 Issue 35 (30.08.2013)
10/12
Softlogic Equity ResearchPage | 10
Name Y/E Rec Mkt Price NAVPS P / BV DPS
30-Aug-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 M ar '1 3 M ar '1 4E M ar '1 4E M ar '1 2 M ar '1 3 M ar '1 4E M ar '1 5E M ar '1 3
( 'M n) ( 'M n) ( 'M n) D ec '1 1 D e c' 12 D ec '1 3E D ec '1 4E D ec '1 1 D ec '1 2 D ec '1 3E D ec '1 4E D ec '1 1 D ec '1 2 D ec '1 3E D ec '1 3E D ec '1 1 D ec '1 2 D ec '1 3E D ec '1 4E D ec '1 2
Banking, Finance & Insurance
Ce ntra l F in an ce CF IN .N 0000 M Buy 183.60 16,109 104.9 19, 257 153. 59 1.20 2,675 3,041 3, 437 3, 829 3, 057 25.51 2 9.00 3 2.77 3 6. 51 29. 14 46 14 13 11 7. 2 6. 3 5.6 5.0 6.3 2.9 1.6 16. 6
Ceyl inco Ins urance CINS.N0000 D 1,050.00 14,202 26.4 27,735 537.64 1.95 1,508 1,953 2,006 57.08 73.94 75.96 57 30 18.4 14.2 13.8 12.5 1.2 10.6
Co mm er ci a l B an k CO MB .N 000 0 D Buy 115.40 52,962 848.7 97, 939 62. 40 1.85 8,048 10,080 10, 685 12, 591 9, 462 9.48 1 1.88 1 2.59 1 4. 84 11. 15 46 25 6 18 12.2 9. 7 9.2 7.8 10.4 4.5 3.9 15. 2
Com merci a l B a n k [ X] C OM B. X0 00 0 D Buy 91.00 52,962 848.7 77, 231 62. 40 1.46 8,048 10,080 10, 685 12, 591 10, 056 9.48 1 1.88 1 2.59 1 4. 84 11. 15 46 25 6 18 9. 6 7. 7 7.2 6.1 8.2 4.5 4.9 15. 2
DFCC Ba nk DFCC.N0000 M MTB 122.40 28,139 265.1 32,448 106.14 1.15 2 ,900 3,523 3,453 3,915 3,523 10.94 13.29 13.02 14.77 13.29 (43) 21 (2) 13 11.2 9.2 9.4 8.3 9.2 5.0 4.1 10.3
Ha tt on N a ti on a l B a nk HN B. N0 00 0 D Buy 152.30 51,055 398.9 60, 750 127. 99 1.19 6,149 8,111 9, 258 11, 113 7, 815 15.42 2 0.33 2 3.21 2 7. 86 19. 59 28 32 14 20 9. 9 7. 5 6.6 5.5 7.8 8.5 5.6 12. 0
Hatton National Bank [X] HNB.X0000 D Buy 110.80 51,055 398.9 44, 196 127. 99 0.87 6,149 8,111 9, 258 10, 908 8, 086 15.42 2 0.33 2 3.21 2 7. 86 19. 59 28 32 14 20 7. 2 5. 4 4.8 4.0 5.7 8.5 7.7 12. 0
La nka Ori x Le as in g Co mp an y LOLC.N0000 M 50.10 1 9,962 475.2 23,808 42.01 1.19 2,933 1,863 1,947 6.17 3.92 4.10 ( 24 ) ( 36 ) 8.1 12.8 12.2 0.5 1.0 14.7
LB Fina nce LFIN.N0000 M Buy 1 08 .8 0 5 ,3 29 6 9. 3 7 ,5 35 7 6. 94 1 .4 1 1 ,7 14 1 ,7 03 2 ,1 14 2 ,4 94 1 ,7 71 2 4. 75 2 4. 58 3 0. 52 3 6. 01 2 5. 57 6 8 (1) 24 18 4.4 4.4 3.6 3.0 4.3 6.5 6.0 32.2
National Development Bank NDB.N0000 D Buy 1 49 .9 0 2 2, 92 6 1 64 .7 2 4, 68 7 1 39 .2 1 1. 08 2 ,7 06 8 ,8 54 3 ,5 33 4 ,2 86 8 ,6 60 1 6. 43 5 3. 76 2 1. 45 2 6. 03 5 2. 58 2 6 2 27 (60) 21 9.1 2.8 7.0 5.8 2.9 15.0 10.0 11.8
N at io ns T ru s t B an k N TB .N 00 00 D Buy 59.90 10,113 230.6 13,813 43.85 1.37 1,534 1,951 2,438 2,990 2,012 6.65 8.46 10.57 1 2.96 8.72 41 27 25 23 9.0 7.1 5.7 4.6 6.9 2.1 3.5 15.2
Pa n As ia Ba nk PABC.N0000 D Buy 16.70 4,089 295.0 4,927 13.86 1.20 824 811 859 995 766 2.79 2.75 2.91 3.37 2.60 1 28 (2) 6 16 6.0 6.1 5.7 5.0 6.4 1.0 6.0 20.2
Pe op le 's Le a si ng PLC.N 0000 M Buy 1 4. 30 1 9, 23 6 1 ,5 79 .9 2 2, 59 2 12 .1 8 1 .1 7 4 ,5 42 3 ,0 73 3 ,0 15 3 ,5 90 3 ,0 45 2 .8 7 1 .9 5 1 .9 1 2 .2 7 1 .9 3 7 4 ( 32 ) ( 2) 19 5.0 7.4 7.5 6.3 7.4 1.3 8.7 23.6
Sa mp ath B an k S AMP.N0000 D Buy 1 87 .6 0 2 7, 95 9 1 67 .8 3 1, 47 1 1 66 .6 6 1. 13 4 ,1 51 5 ,2 12 4 ,0 89 5 ,3 39 4 ,7 73 2 4. 74 3 1. 07 2 4. 37 3 1. 83 2 8. 45 1 9 2 6 (22) 31 7.6 6.0 7.7 5.9 6.6 6.0 3.2 14.8
Seylan Bank SEYB.N0000 D 58.90 19,775 345.0 20,318 57.32 1.03 1,006 2,063 2,170 2.92 5.98 6.29 (17) 105 20.2 9.8 9.4 1.0 1.7 5.1
La nk a Ori x F in an ce LOF C.N 0000 M 2.80 5,424 2,800.0 7, 840 1. 94 1.45 1,246 686 898 1, 026 629 0.44 0.25 0.32 0. 37 0. 22 ( 0) ( 45 ) 31 14 6.3 11.4 8.7 7.6 12.5 - - 23.0
Sample Sector (16) 297,279 7,771.3 395,121 38.25 1.33 41,935 52,924 69,778 5.40 6.81 8.98 19 26 9.4 7.5 5.7 14.1
Full Sector (60) 521,791 1.41 7.9
Beverage, Food and Tobacco
Ca rgi l l s CARG.N0000 M 157.00 7,760 224.0 35,168 34.64 4.53 1,079 578 577 4.82 2.58 2.58 ( 1) ( 46 ) 32.6 60.9 60.9 2.0 1.3 13.9
Ce yl on To ba cco Co mp an y CTC.N 0000 D 1,170.00 3,660 187.3 2 19, 169 19. 54 59.88 6,569 8,176 8, 734 9, 545 8, 570 35.07 43.65 46.63 50. 95 45. 75 29 24 7 9 33.4 26.8 25.1 23. 0 25.6 43.6 3.7 179. 5
Di sti ll eri es DI ST.N0000 M LTB 185.50 49,381 300.0 55,650 164.60 1.13 5 ,675 5,520 5,816 6,452 5,520 18.92 18.40 19.39 21.51 18.40 ( 30 ) ( 3) 5 11 9.8 10.1 9.6 8.6 10.1 3.0 1.6 11.5
Li on B re we ry LI ON .N 0000 M 353.20 5,910 80.0 28, 256 73. 88 4.78 1,262 1,046 1, 146 1, 553 1, 020 15.78 13.07 14.33 19. 41 12. 76 25 (17) 10 35 22.4 2 7.0 24.6 1 8.2 27.7 4.0 1.1 21.4
N es tl e ( La nk a) N ES T.N 0000 D 2,134.70 3,071 53.7 114, 688 57. 17 37.34 2,633 2,994 3, 513 3, 822 3, 449 49.01 5 5.73 65.39 7 1. 14 64. 21 39 14 17 9 43.6 38.3 32.6 30. 0 33.2 54.0 2.5 85. 7
Sample Sector (5) 69,783 845.0 452,931 82.58 6.49 17,219 18,313 19,137 20.38 21.67 22.65 0 6 26.3 24.7 23.7 24.7
Full Sector (20) 510,896 4.60 21.1
Chemicals & Pharmaceuticals
CIC Holdings CIC.N0000 M 60.00 7,760 9 4.8 5,686 81.88 0.73 863 2 31 239 9.11 2.44 2.52 ( 7) ( 73 ) 6.6 24.6 23.8 1.6 2.7 11.1
Lankem Ceylon LCEY.N0000 M 134.00 4,459 24.0 3,216 185.81 0.72 513 297 307 21.39 12.36 12.80 ( 55 ) ( 42 ) 6.3 10.8 10.5 0.0 0.0 11.5
Sample Sector (2) 12,219 118.8 8,902 102.88 0.73 1,376 528 546 11.59 4.44 4.60 (33 ) (62 ) 6.5 16.9 16.3 11.3
Full Sector (10) 18,687 0.89 12.1
Construction & Engineering
Co lo mbo Dockya rd DOCK.N0000 D 203.70 10,172 71.9 14,638 141.55 1.44 1,804 1,977 1,564 25.10 27.51 21.77 (13) 10 8.1 7.4 9.4 8.0 3.9 17.7
Sample Sector (1) 10,172 71.9 14,638 141.55 1.44 1,804 1,977 1,564 25.10 27.51 21.77 (13) 10 8.1 7.4 9.4 17.7
Full Sector (4) 17,760 1.21 4.7
Diversified Holdings
Aitke n Spence SPEN.N0000 M 116.90 28,053 406.0 47,461 69.10 1.69 3,488 3,267 3,267 8.59 8.05 8.05 38 (6) 13.6 14.5 14.5 1.5 1.3 12.4
CT Holdings CTHR.N0000 M 140.00 13,219 183.1 25,634 72.20 1.94 1,159 1,150 1,150 6.33 6.28 6.28 34 (1) 22.1 22.3 22.3 0.7 0.5 8.8
Ca rs on s Cu mb erb atch CARS .N0000 M 365.10 34,692 1 96.4 7 1,701 176.65 2.07 7,017 4,570 4,014 35.73 23.27 20.44 55 (35) 10.2 15.7 17.9 2.0 0.5 20.2
E xp o l an k a Ho l di n gs E XP O. N0 00 0 M LTB 7.10 9,081 1,954.9 13, 880 4 .65 1.53 1,033 1 ,061 1 ,302 1, 061 0 .53 0.54 0.67 0. 54 (33) 3 23 13.4 13.1 10.7 13.1 0.1 1.7 11.4
Hayleys HAYL.N0000 M 293.00 22,459 75.0 21,975 299.45 0.98 1,038 1,854 1,855 13.84 24.72 24.73 43 79 21.2 11.9 11.8 4.5 1.5 4.6
Hemas Holdings HHL.N0000 M 30.00 12,153 515.3 15,459 23.59 1.27 1,165 1,658 1,658 2.26 3.22 3.22 (4) 42 13.3 9.3 9.3 0.8 2.5 9.6
John Keel l s Holdings JKH.N0000 M 214.80 89,819 857.9 184,282 104.69 2.05 9,687 12,201 12,201 11.29 14.22 14.22 17 26 19.0 15.1 15.1 3.5 1.6 10.8
Richard Pei ri s RICH.N0000 M 6.40 7 ,949 1,958.1 12,532 4.06 1.58 2,575 1,903 1,903 1.32 0.97 0.97 53 (26) 4.9 6.6 6.6 0.2 3.1 32.4
Softlogic Holdings SHL.N0000 M 8.90 8,040 779.0 6 ,933 10.32 0.86 483 301 301 0.62 0.39 0.39 ( 42 ) ( 38 ) 14.3 23.0 23.0 0.3 3.4 6.0
Va ll ibe l One VONE.N0000 M Buy 15.60 27,640 1,086.6 16, 950 25. 44 0.61 2,025 1,403 2, 323 1, 403 1.86 1.29 2.14 1. 29 2 50 (31) 66 8.4 12.1 7.3 12.1 0.0 0.0 7.3
Sample Sector (10) 253,107 8,012.3 416,806 31.59 1.65 29,669 29,367 28,812 3.70 3.67 3.60 30 (1) 14.0 14.2 14.5 11.7
Full Sector (18) 447,830 1.54 13.3
Healthcare
As iri Hospi ta l Hold. ASIR.N0000 M 13.90 6,430 1,099.1 15,277 5.85 2.38 600 7 77 777 0.55 0.71 0.71 215 29 25.5 19.7 19.7 0.3 1.8 9.3
Nawaloka Hospi ta 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 ta ls LHCL.N0000 D 39.10 27,164 223.7 8,748 121.41 0.32 437 384 537 1.95 1.72 2.40 51 (12) 20.0 22.8 16.3 0.5 1.3 1.6
Sample Sector (3) 37,475 2,732.3 28,113 13.72 0.75 1,308 1,616 1,770 0.48 0.59 0.65 (16) 24 21.5 17.4 15.9 3.5
Full Sector (6) 42,519 1.92 11.7
Book Val. Share
Cap.
Market
Cap.ROE
(%)
Trailing
DY (%)4Q
Trailing
4Q
Trailing
4Q
Trailing
Earnings EPS EPS Growth (%) PER
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Softlogic Equity ResearchPage | 11
Name Y/E Rec Mkt Price NAVPS P / BV DPS
30-Aug-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 M ar '1 3 M ar '1 4E M ar '1 4E M ar '1 2 M ar '1 3 M ar '1 4E M ar '1 5E M ar '1 3
('Mn) ('Mn) ( 'Mn ) D ec '1 1 D e c' 12 D ec '1 3E D ec '1 4E D ec '1 1 D ec '1 2 D ec '1 3E D ec '1 4E D ec '1 1 D ec '1 2 D ec '1 3E D ec '1 3E D ec '1 1 D ec '1 2 D ec '1 3E D ec '1 4E D ec '1 2
Hotels and Travels
Aitken Sp. Ho. Hold. AHUN.N0000 M 67.00 12,926 336.3 2 2,531 38.44 1.74 1,378 1,782 2,148 1,782 4.10 5.30 6.39 5.30 33 29 21 16.4 1 2.6 10.5 12.6 1.0 1.5 10.7
Amaya Le isure CONN.N0000 M 70.00 2,472 48.0 3,362 51.47 1.36 293 377 376 374 6.09 7 .84 7.83 7.79 (38) 29 (0) 11.5 8 .9 8.9 9.0 4.0 5.7 11.8
As ian Hotels & Prop. AHPL.N0000 M 69.00 21,697 442.8 30,551 49.00 1.41 2,149 2,494 2,623 2,492 4.85 5.63 5.92 5.63 21 16 5 14.2 12.2 11.6 12.3 4.0 5.8 9.9
Keel l s Hote ls KHL.N0000 M 10.90 16,294 1,456.1 15,872 11.19 0.97 1,105 1,121 1,496 1,121 0.76 0 .77 1 .03 0.77 111 1 33 14.4 14.2 1 0.6 14.2 0.0 0.0 6.8
Taj TAJ.N0000 M 26.10 2,330 139.6 3 ,645 16.69 1.56 125 246 293 224 0.89 1.76 2.10 1.61 26 97 19 29.2 14.8 12.4 16.3 0.0 0.0 5.4
Tra ns As ia TRAN.N0000 M 81.90 6,054 200.0 16,380 30.27 2.71 625 1,066 1,180 1,066 3.12 5 .33 5 .90 5.33 (5) 71 11 26.2 15.4 13.9 15.4 3.0 3.7 10.3
Sample Sector (6) 61,773 2,622.9 92,342 23.55 1.49 5,674 7,086 8,116 6,059 2.16 2.70 3.09 2.31 24 2 5 1 5 16.3 13.0 11.4 15.2 9.2
Full Sector (36) 306,520 2.80 35.1
Land and Property
Colombo La nd CLND.N0000 D 40.00 3,712 199.9 7,995 18.57 2.15 10 335 -90 12 48 0.05 1.68 (0.45) 0 .0 6 0 .2 4 (98) 3,393 (127) 113 833.6 23.9 N/A 666.3 165.0 0.0 0.0 0.3
Ove rs e as R ea li ty OS EA.N 0000 D 17.00 22,437 843.5 14,339 26.60 0.64 2, 681 2, 469 1, 924 2, 158 2, 991 3. 18 2.93 2. 28 2.56 3.55 2 18 ( 8) ( 22 ) 12 5.3 5.8 7.5 6.6 4.8 0.3 1.8 11.9
Sample Sector (2) 26,149 1,043.4 22,334 25.06 0.85 2,691 2,804 1,834 2,170 3,040 2.58 2.69 1.76 2.08 2.91 102 4 (35) 18 8.3 8 .0 12.2 10.3 7.3 1.1 10.3Full Sector (18) 36,556 0.79 8.4
Manufacturing
ACL Ca bles ACL.N0000 M 68.40 5,718 59.9 4,097 95.47 0.72 485 532 543 8.10 8.88 9.06 127 10 8.4 7.7 7.6 1.0 1.5 8.5
Gra in El eva tors GRAN.N0000 D 35.60 2,742 60.0 2,136 45.71 0.78 388 135 87 93 -180 6.46 2.24 1.45 1.55 ( 2. 99 ) ( 18 ) ( 65 ) ( 35 ) 7 5.5 15.9 24.6 23.0 -11.9 0.1 0.4 14.1
C hevron L ub ri c an t s L LU B .N 00 00 D Hold 289.60 5,098 120.0 34,752 42.48 6.82 2, 001 2, 288 2, 526 2, 621 2, 425 16. 67 1 9.06 2 1. 05 2 1.84 20.21 33 14 10 4 17.4 15.2 13.8 13. 3 14.3 11.0 3.8 39.2
La nk a W al lti le LWL.N0000 M LTB 59.50 4,618 54.6 3,249 84.57 0.70 731 520 545 600 520 13.39 9.52 9.98 10.99 9.52 51 (29) 5 10 4.4 6.2 6.0 5.4 6.2 3.0 5.0 15.8
Pi ra ma l Gl as s GLAS.N0000 M LTB 5.50 3,716 950.1 5,225 3.91 1.41 686 724 761 813 941 0.72 0.76 0.80 0.86 0.99 19 5 5 7 7.6 7.2 6.9 6.4 5.6 0.4 6.9 18.5
Ro ya l Ce ra mi c RCL.N0000 M LTB 8 6. 40 8 ,4 01 1 10 .8 9 ,5 72 7 5. 83 1 .1 4 1 ,2 43 1 ,6 70 1 ,8 44 2 ,1 90 1 ,7 52 1 1. 22 1 5. 07 1 6. 64 1 9. 77 1 5. 81 (14) 34 10 19 7.7 5.7 5.2 4.4 5.5 2.0 2.3 14.8
Te xtu re d Je rs ey TJL.N0000 M Buy 13.60 6,190 655.0 8,908 9.45 1.44 628 1, 017 1, 186 1, 483 1, 085 0. 96 1.55 1. 81 2.26 1.66 (8) 62 17 25 14.2 8.8 7.5 6.0 8.2 1.2 9.1 10.1
Tokyo Cement TKYO.N0000 M 23.80 6,722 334.1 7 ,952 20.12 1.18 979 828 828 2.93 2.48 2.48 14 (15) 8.1 9.6 9.6 1.0 4.2 14.6
Sample Sector (8) 43,205 2,344.5 75,891 18.43 1.76 7,141 7,713 7,914 3.05 3.29 3.38 15 8 10.6 9.8 9.6 4.3 16.5
Full Sector (36) 102,475 1.35 8.3
Motors
Colonia l Motors COLO.N0000 M 90.10 3 ,813 15.2 1,370 250.88 0.36 453 120 22 29.80 7.91 1.47 95 (73) 3.0 11.4 61.4 3.0 3.3 11.9
Di es el & Mo tor Engi ne eri ng DI MO.N0000 M 478.00 7,571 8.9 4,243 852.93 0.56 2,702 462 462 304.36 52.06 52.05 2 7 (83) 1.6 9.2 9.2 10.0 2.1 35.7
Unite d Motors UML.N0000 M 106.00 7,371 67.3 7,130 109.57 0.97 2,281 2,013 2,011 33.91 29.92 29.90 153 (12) 3.1 3.5 3.5 10.0 9.4 31.0
Sample Sector (3) 18,755 91.3 12,743 205.32 0.68 5,436 2,595 2,496 59.51 28.41 27.32 67 (52) 2.3 4.9 5.1 6.3 29.0
Full Sector (6) 20,903 0.93 6.2
Oil Palms
Buki t Da rah BUKI.N0000 M 680.00 31,845 102.0 69,360 312.21 2.18 7,299 5,042 4,405 71.56 49.43 43.19 43 (31) 9.5 13.8 15.7 3.0 0.4 22.9
Sample Sector (1) 31,845 102.0 69,360 312.21 2.18 7,299 5,042 4,405 71.56 49.43 43.19 43 (31) 9.5 13.8 15.7 3.0 0.4 22.9
Full Sector (5) 99,727 1.81 19.5
Plantations
Ba langoda BALA.N0000 D 26.80 2,638 23.6 633 111.60 0.24 25 118 62 1.08 5.01 2.64 (85) 366 24.9 5.4 10.1 1.0 1.0
Hora na HOPL.N0000 M 21.00 1,489 25.0 525 59.57 0.35 87 220 201 3.49 8.82 8.04 (73) 152 6.0 2.4 2.6 2.0 5.9
Kega l le KGAL.N0000 M 96.00 3,349 25.0 2,400 133.97 0.72 769 544 542 30.77 21.74 21.70 ( 8) ( 29 ) 3.1 4.4 4.4 1 2.0 12.5 23.0
Kelani Val ley KVAL.N0000 D 79.70 2,515 34.0 2,710 73.98 1.08 460 584 650 13.54 17.19 19.12 44 27 5.9 4.6 4.2 6.0 7.5 18.3
Kotagala KOTA.N0000 M 40.50 3,426 40.0 1,620 85.64 0.47 439 517 378 10.97 12.92 9.44 (34) 18 3.7 3.1 4.3 2.5 6.2 12.8
Wa tawala WATA.N0000 M 10.00 3,843 236.7 2,367 16.24 0.62 455 680 755 1.92 2.87 3.19 (29) 49 5.2 3.5 3.1 0.8 11.8
Sample Sector (6) 17,261 384.3 10,255 44.91 0.59 2,236 2,664 2,589 5.82 6.93 6.74 (24) 19 4.6 3.8 4.0 13.0
Full Sector (18) 21,474 0.61 3.8
Power and Energy
Lanka IOC LIOC.N0000 M 26.40 14,378 532.5 14,059 27.00 0.98 906 2,911 4,069 1.70 5.47 7.64 3 221 15.5 4.8 3.5 0.0 6.3
Va l l ibel VPEL.N0000 M 5.80 2,068 747.1 4,333 2.77 2.10 249 289 494 0.33 0.39 0.66 (41) 16 17.4 15.0 8.8 0.3 4.3 12.0
Laugfs Gas LGL.N0000 M 26.00 6,488 387.0 10,062 16.76 1.55 822 1,061 1,291 2.13 2.74 3.34 (4) 29 12.2 9.5 7.8 1.5 5.8 12.7
Sample Sector (3) 22,934 1,666.6 28,454 13.76 1.24 1,977 4,261 5,855 1.19 2.56 3.51 (8) 116 14.4 6.7 4.9 8.6
Full Sector (8) 34,003 1.16 7.3
Telecommunications
Dialog Axia ta DIAL.N0000 D 8.20 38,776 8,143.8 66,779 4.76 1.72 5,354 6,521 7,569 8,156 0.66 0.80 0.93 1.00 6 22 16 12.5 10.2 8.8 8.2 0.3 4.0 13.8
Sri Lanka Telecom SLTL.N0000 D 40.10 56,136 1,804.9 72,375 31.10 1.29 4,781 5,329 5,912 4,976 2.65 2.95 3.28 2.76 21 11 11 15.1 13.6 12.2 14.5 0.9 2.1 8.5
Sample Sector (2) 94,912 9,948.6 139,154 9.54 1.47 10,135 11,850 13,481 13,132 1.02 1.19 1.36 1.32 13 17 14 13.7 11.7 10.3 10.6 10.7
Full Sector (2) 139,154 1.47 10.6
Trading
Browns BRWN.N0000 M 93.20 14,696 70.9 6,606 207.36 0.45 1,164 240 240 16.43 3.39 3.39 ( 47 ) ( 79 ) 5.7 27.5 27.5 1.3 1.4 7.9
S in ge r S ri La nk a S IN S.N 0000 D 93.50 4,681 125.2 11,707 37.39 2.50 1,266 1,138 9 85 1 0 .1 1 9 .0 9 7.87 90 (10) 9.2 10.3 11.9 6.0 6.4 27.1
Sample Sector (2) 19,378 196.1 18,313 98.82 0.95 2,431 1,378 1,225 12.40 7.03 6.25 (15 ) (43 ) 7.5 13.3 14.9 12.5
Full Sector (8) 23,199 0.99 17.5
Sample Market (70) 1,016,248 37,951.4 1,785,356 26.78 1.76 138,331 150,117 169,632 195,077 168,321 3.64 3.96 4.47 5.14 4.44 17 9 13 15 12.9 1 1.9 10.5 9.2 10.6 13.6
Total Market (283) 2,398,238 1.73 12.4
Book Val. Share
Cap.
Market
Cap.ROE
(%)
Trailing
DY (%)4Q
Trailing
4Q
Trailing
4Q
Trailing
Earnings EPS EPS Growth (%) PER
7/30/2019 Weekly Plus - 2013 Issue 35 (30.08.2013)
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Softlogic Equity ResearchPage | 12
Softlogic Equity Research
Dimantha Mathew
+94 11 7277030
Kavindu Ranasinghe
+94 11 7277031
Imalka Hettiarachchi
+94 11 7277032
Softlogic Equity Sales
Dihan Dedigama
+94 11 7277010, +94 77 7689933
Sonali Abayasekera
+94 11 7277051, +94 77 7736059
Eardley Kern
+94 11 7277053, +94 77 7348018
Thanuja De Silva
+94 11 7277059, +94 77 3120018
Chandima Kariyawasam
+94 11 7277058, +94 77 7885778
Branches
HoranaMadushanka Rathnayaka
No. 212, 1st floor, Panadura road, Horana
+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
+94 31 2224714-5, +94 77 3569827
KurunegalaBandula Lansakara
No.13, Rajapihilla Mawatha, Kurunegala
+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 inf ormati on obtained fr om sources believed to be reliable 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 informati on 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 f inan cial in struments.
Softlogi c Stockbrokers (Pvt) Ltd may, to the extent permissible by applicabl e law or regulati on, use the above material , conclusions,
research or analysis in wh ich they are based before the materiali zed disseminated to their customers. Not all customers will receive
the material at the same time. Softl ogic Stockbrokers, their respective director s, offi cers, representatives, employees, relat ed 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 otherwi se, 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.
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