2013
Issue 46
Week Ending 15-11-2013
Weekly Market Wrap Up
Stat Page
Weekly Stock Trends
S&P SL20 Watch
Pg 02
Pg 03
Pg 04
Local Economy in Brief
Currency Moves
Inflation & Interest Rates
Colombo Tea Auction
Tourism
Pg 05
Pg 06
Pg 06
Pg 06
Global Market
Equity Market Outlook
Global Commodity Trend
Pg 07
Pg 08
Research Chat:
Sampath Bank - Quick View
Pg 09
Our Core Coverage
Pg 10- Pg 11
Weekly Stat Page
Weekly Market Statistics
Weekly Turnover and Volume
Daily Index Movement
6,000
5,000
5,950
350
300
4,000
5,850
5,800
5,750
250
3,000
200
2,000
150
100
1,000
5,700
('Mn)
LKR ('Mn)
5,900
50
0
25-Oct
ASPI
1-Nov
Turnover (LHS)
8-Nov
15-Nov
Volume (RHS)
Weekly Foreign Purchases and Sales
Daily Foreign Activity
ASPI
S&P SL20
Turnover (LKR 'bn)
Volume ('mn)
Market Cap. (LKR 'bn)
70%
60%
Net Foreign 675
50%
40%
2,000
445
-572
WoW %
-1.0%
-2.1%
-36.5%
-10.9%
-0.7%
Weekly Foreign Flow
LKR ('mn)
Foreign Purchases
Foreign Sales
Net Foreign Inflow
Foreign Participation
Current Previous
520.0
1,351.0
636.3
1,923.0
-116.3
-572.0
22%
23%
WoW %
-61.5%
-66.9%
-79.7%
-4.2%
-116
Weekly Market Valuations
2,500
Current Previous
15.2
15.5
2.0
2.1
3.0
2.8
PER
PBV
DY
LKR ('Mn)
30%
20%
10%
0%
Current Previous
5810.97
5870.47
3174.68
3243.71
2,247.7
3538.19
131.1
147.21
2,417.4
2435.04
1,500
1,000
WoW %
-2.0%
-2.2%
7.1%
500
Weekly Sector Statistics
0
25-Oct
Foreign Activity
Linear (Foreign Activity)
1-Nov
Foreign Buying
8-Nov
15-Nov
Foreign Sales
Change in Foreign Holding
Growth in Foreign Holding
Growth in Growth in
Value
Foreign Decline in Foreign Holding
LKR 'mn
Holding
JKH
C T HOLDINGS
NESTLE (+)
HNB[X.0000] (+)
AITKEN SPENCE
12815.0
114.7
32.1
26.3
24.8
12.41%
4.37%
0.0%
0.75%
0.12%
RICHARD PIERIS
TEXTURED JERSEY
TOKYO CEMENT
PCH HOLDINGS
NATION LANKA
Decline in
Value
LKR 'mn
-13.8
-6.3
-6.0
-3.0
-2.8
Decline in
Foreign
Holding
-0.18%
-0.15%
-0.40%
-36.5%
-2.81%
BANKS FINANCE & INS.
BEV. FOOD & TOBACCO
CHEM. & PHARMA.
CONS. & ENG.
DIVERSIFIED
HEALTH CARE
HOTELS & TRAVELS
LAND & PROPERTY
MANUFACTURING
MOTORS
PLANTATIONS
TELECOM
Current Previous
12,596.2 12,699.9
18,870.1 18,960.2
6,429.8
6,459.5
2,803.8
2,789.3
1,733.3
1,785.7
707.5
683.3
3,213.3
3,201.9
548.5
552.9
2,867.1
2,884.9
14,767.1 14,656.0
706.9
728.9
158.6
158.9
WoW %
-0.8%
-0.5%
-0.5%
0.5%
-2.9%
3.5%
0.4%
-0.8%
-0.6%
0.8%
-3.0%
-0.2%
Page | 2
Weekly Stock Trends
Weekly Top Gainers
Company
Current
S M B LEASING[NON VOTING]
Previous
WoW %
High
Low
Volume
Turnover
52 High
52 Low
0.40
0.30
33.33%
0.40
0.30
1,889,750
613,710
0.50
0.30
SAMSON INTERNAT.
102.00
80.50
26.71%
103.00
81.50
8,175
763,425
104.90
70.50
THREE ACRE FARMS
36.00
30.70
17.26%
39.20
29.90
341,189
12,389,965
57.00
24.50
ASIRI CENTRAL
290.00
251.00
15.54%
295.00
252.20
147
42,783
329.90
205.00
S M B LEASING
0.80
0.70
14.29%
0.90
0.70
2,782,764
2,214,916
1.10
0.50
Volume
Turnover
Weekly Top Losers
Company
Current
Previous
WoW %
High
Low
52 High
52 Low
MASKELIYA
10.30
12.70
-18.90%
12.70
10.10
92,620
962,353
16.20
9.70
MADULSIMA
11.20
13.00
-13.85%
12.50
11.20
6,905
80,891
18.60
9.30
MIRAMAR
45.80
53.00
-13.58%
50.50
45.50
892
43,026
100.90
38.00
TOUCHWOOD
3.30
3.80
-13.16%
3.90
3.20
4,492,922
15,687,538
15.70
0.90
MALWATTE[NON VOTING]
4.00
4.60
-13.04%
5.30
4.00
1,004,102
4,394,517
5.30
3.10
Volume
Turnover
Weekly Top Performers
Company
Current
Previous
WoW %
High
Low
52 High
52 Low
JKH
210.40
219.40
-4.10%
220.00
206.50
2,774,972
578,637,630
299.80
204.00
CEYLON GUARDIAN
198.90
191.90
3.65%
199.90
190.00
732,903
145,238,913
211.50
149.90
9.10
9.00
1.11%
9.20
8.90
15,866,609
142,852,308
9.90
7.90
C T HOLDINGS
149.90
149.70
0.13%
150.00
143.00
766,935
114,980,764
160.00
120.00
SAMPATH
165.00
171.20
-3.62%
170.50
164.60
641,470
106,523,157
242.00
164.60
Volume
Turnover
52 High
52 Low
DIALOG
Weekly Top Volume
Company
Current
Previous
WoW %
High
Low
DIALOG
9.10
9.00
1.11%
9.20
8.90
15,866,609
142,852,308
9.90
7.90
PCH HOLDINGS
1.50
1.50
0.00%
1.60
1.30
8,897,438
12,907,654
9.20
0.50
TOUCHWOOD
3.30
3.80
-13.16%
3.90
3.20
4,492,922
15,687,538
15.70
0.90
15.90
15.30
3.92%
15.90
15.10
3,993,806
63,100,263
16.00
10.50
2.50
2.50
0.00%
2.50
2.40
3,800,605
9,495,162
3.10
2.20
ASIRI
PANASIAN POWER
Page | 3
S & P SL20 Debrief
Announcements
DIVIDENDS
Daily Index Movement
Company
3,350
3,300
3,250
3,200
3,150
Dividend (LKR)
27-11-2013
Hemas Holdings PLC
0.30
18-11-2013
27-11-2013
Ceylon Tobacco Company PLC
12.40
19-11-2013
27-11-2013
Odel PLC
0.12
19-11-2013
28-11-2013
Metropolitan Resource Holdings PLC
0.58
21-11-2013
29-11-2013
The Nuwara Eliya Hotels Company PLC
22.50
21-11-2013
02-12-2013
Office Equipment PLC
30.00
28-11-2013
06-12-2013
0.00
00-01-1900
00-01-1900
RIGHTS ISSUE
Company
S&P SL20
S&P SL20 Companies
JOHN KEELLS HOLDINGS
COMMERCIAL BANK
THE BUKIT DARAH
HATTON NATIONAL BANK
CARSONS CUMBERBATCH
SAMPATH BANK
CEYLON TOBACCO COMPANY
DFCC BANK
AITKEN SPENCE
NATIONAL DEVELOPMENT BANK
C T HOLDINGS
DISTILLERIES
HAYLEYS
CHEVRON LUBRICANTS LANKA
DIALOG AXIATA
CARGILLS (CEYLON)
AITKEN SPENCE HOTEL HOLDINGS
NESTLE LANKA
ASIAN HOTELS & PROPERTIES
SRI LANKA TELECOM
Payment
John Keells Holdings PLC (On the enhanced capital1.00
post the Rights Issues)
18-11-2013
0-Jan-1900
3,100
XD Date
Current
210.40
113.00
675.00
144.30
375.00
165.00
1,055.00
119.60
110.10
150.20
149.90
184.00
291.00
265.50
9.10
150.00
68.40
1,931.70
68.00
37.50
Previous
219.40
115.40
690.00
145.00
385.00
171.20
1,061.30
122.00
113.60
152.00
149.70
181.70
290.00
265.00
9.00
152.50
65.60
1,939.20
68.00
38.10
WoW %
-4.10%
-2.08%
-2.17%
-0.48%
-2.60%
-3.62%
-0.59%
-1.97%
-3.08%
-1.18%
0.13%
1.27%
0.34%
0.19%
1.11%
-1.64%
4.27%
-0.39%
0.00%
-1.57%
Turnover
578,637,630
11,485,361
911,940
13,587,280
2,068,147
106,523,157
11,807,766
8,733,283
26,946,721
8,149,358
114,980,764
12,336,413
180,532
8,107,845
142,852,308
2,734,678
4,478,407
32,527,919
668,944
506,996
Proportion
XR Date
Renunciation
Taprobane Holdings
01 for 03 @ LKR3.0
11-11-2013
28-11-2013
Senkadagala Finance
01 for 10 @ LKR40.0
25-11-2013
12-12-2013
Nanda Investments & Finance
01 for 20 @ LKR9.0
28-11-2013
18-12-2013
Pelawatte Sugar
1 for 4 @ LKR18.0
To Be Notified
To Be Notified
Proportion
EGM Date
XD Date
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
Proportion
EGM Date
XC Date
01 for 03 @ LKR1.0
20-12-2013
23-12-2013
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
Proportion
EGM Date
Trading Date
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
Proportion
EGM Date
Trading Date
0-Jan-1900
0-Jan-1900
###
SCRIP DIVIDEND
Company
CAPITALIZATION OF RESERVES
Company
Tess Agro [V & NV]
SUBDIVISION OF SHARES
Company
CONSOLIDATION OF SHARES
Company
Page | 4
Local Economy
CURRENCY MOVES
LKR
134
USD : LKR
LKR
182
180
133
178
132
176
131
174
130
172
129
170
LKR
1.38
1.36
1.34
1.32
1.30
EURO : LKR
Japanese Yen : LKR
LKR
107
106
105
104
1.28
103
1.26
102
Singapore Dollar : LKR
LKR
216
214
212
210
208
206
204
202
LKR
2.20
2.15
2.10
2.05
2.00
1.95
1.90
1.85
1.80
GBP : LKR
Indian Rupee : LKR
Page | 5
Local Economy
BALANCE OF TRADE
TOURISM
Balance of Trade
Tourist Arrivals
140,000
120,000
2,000
1,600
1,200
800
400
0
-400
-800
-1,200
100,000
80,000
60,000
40,000
20,000
Jan
Exports
Imports
Balance of Trade
Sep-13
Exports
Imports
Balance of Trade
Aug-13
918
1,616
-698
MoM %
-3%
0%
-4%
Sep-12
802
1,315
-513
Apr
May
Jun
2011
Jul
Aug
2012
Sep
Oct
Dec
Sep-13
2013
89,761
801,210
Sep-13
YTD
Nov
2013
For the Month Ending:
YoY %
11%
23%
-41%
INFLATION & INTEREST RATE
2012 Change %
71,111
26%
693,772
15%
COLOMBO TEA AUCTION STATISTICS
Inflation and Treasury Bill Rate
14%
Mar
2010
For the Month Ending:
Sep-13
890
1,614
-724
Feb
Elevation
12%
10%
High Grown
Mid Grown
Low Grown
Total
8%
6%
4%
Sale of
06-Nov-13
446.38
442.19
515.18
492.46
Sale of
30-Oct-13
443.39
448.76
559.38
521.10
WoW %
0.67%
-1.46%
-7.90%
-5.50%
Corres. 2012
426.83
370.83
392.02
396.08
WoW %
-11.30%
1.20%
Sale of
15-Aug-13
411.50
410.00
YoY %
4.58%
19.24%
31.42%
24.33%
2%
Oct-12
1-Yr T-Bill
Dec-12
Feb-13
Point to Point
Apr-13
Jun-13
For the Month Ending:
Point to Point
Annual Average Change
1-Yr T-Bill
Aug-13
Annual Average Change
Oct-13
COLOMBO RUBBER AUCTION STATISTICS
Oct-2013
Sep-13
6.2%
7.8%
10.52%
Oct-13
6.7%
7.6%
11.30%
Basis Points
-50
20
-78
Elevation
RSS 1
Brown Crepe 1X
Sale of
22-Oct-13
365.00
420.00
Sale of
26-Sep-13
411.50
415.00
WoW %
-11.30%
2.44%
Page | 6
Global Markets
EQUITY MARKET OUTLOOK
Index
16,000
Dow Jones Industrial Average
15,500
15,000
14,500
14,000
Index
7,000
FTSE 100 Index
Index
1,850
1,800
1,750
1,700
1,650
1,600
1,550
Index
17,000
6,800
15,000
6,600
13,000
6,400
11,000
6,200
9,000
6,000
7,000
S&P 500 Index
Nikkei 225
Index
3,100
3,000
2,900
2,800
2,700
2,600
2,500
Index
24,000
23,500
23,000
22,500
22,000
21,500
21,000
20,500
EURO STOXX 50 Price EUR
Hong Kong Hang Seng Index
Page | 7
Global Markets
GLOBAL COMMODITY TREND
USD/bbl
115
110
105
100
95
90
85
80
WTI CRUDE FUTURE
USD/t oz.
1,450
1,400
1,350
1,300
1,250
1,200
1,150
GOLD 100 OZ FUTURE
USd/lb.
90
COTTON NO.2 FUTURE
USd/bu.
720
700
680
660
640
620
600
WHEAT FUTURE(CBT)
85
80
75
70
USd/lb.
340
335
330
325
320
315
310
305
COPPER FUTURE
Commodity
WTI Crude
USD/bbl
Gold
Copper
USD/t oz.
USd/lb.
Cotton
Wheat
USd/lb.
USd/bu.
This
Week
Last
Week
WoW
Change
93.88
94.44
-0.6%
1,280.80
316.45
1,283.70
326.65
-0.2%
-3.1%
77.79
648.00
78.75
654.00
-1.2%
-0.9%
Page | 8
SAMP recorded net earnings of LKR859.2mn in3Q2013, 19%YoY dip, owing to a significant impairment provisioning which resulted in the rise in collective impairment by a
considerable 1861%%YoY to LKR1.1bn due to the dip in global gold prices. However, amidst this challenging environment SAMP recorded a healthy 44%YoY growth in its Net
Interest Income.
Quarterly Performance
3Q2012
YoY %
2Q2013 QoQ %
3,049
45%
3,848 15%
3,824
49%
5,174 10%
1,645
-9%
1,113 34%
1,645
-9%
902 65%
1,064
-19%
652 32%
Notable drop in earnings due to pawning impairments: SAMP reported a significant 20%YoY dip in earnings in 3Q2013 due to
an impairment provisioning of LKR1.1bn which was a notable 1862%YoY rise primarily resulted from the provisions made on
pawning portfolio. SAMP also recorded 33.6%YoY decline in earnings for the first 9 months in 2013 due to revaluation losses
resulted from rupee fluctuations and a pawning impairment provisioning of LKR2.0bn which resulted in a 1096%YoY increase in
collective impairment provision to LKR2.3bn. This pawning provisioning covered both fallen due more than 12 months LKR11bn
and current pawning advances which are not yet fallen due less than 12 months LKR47.7bn. The bank had a 25% exposure to
pawning advances as at 30-09-2013.
LKR ('mn)
Net Interest Income
Total Operating Income
Operating profit before VAT
Profit before tax
Profit for equity holders
Core operations of the banks denoted healthy improvements: Amidst all these challenges SAMP made a healthy 45%YoY
growth in NII in 3Q2013 and a 33%YoY growth in 1st 9 months in 2013 led by a healthy expansion in the loan book of 18.2% and
30 basis point improvements in NIMs to 4.5% cf. to the base date at 31-12-2012 owing to effective management of fund base
through ALCO and reduction in interest rate economy which favorably affected the banks maturity mismatch. In addition, fee
and commission income grew by 25%YoY in 3Q2013 to support the bottom line. Furthermore cost-to-income ratio denoted a
healthy improvement to 49.8% in 3Q2013 cf. 62.5% in the comparative quarter.
9 Month Performance
LKR ('mn)
1-3Q2013 1-3Q2012 YoY %
Net Interest Income
11,580
8,706
33%
Total Operating Income
15,328 13,900
10%
Operating profit before VAT
4,376
6,430
-32%
Profit before tax
3,644
5,521
-34%
Profit for equity holders
2,567
3,867
-34%
We expect SAMP to record net earnings of LKR4.0bn (-23.7%YoY) in 2013E driven primarily by the healthy
loan book expansion and the positive impact of the interest rate cut which would further favourably
impact SAMP in the final quarter and hence set-off some of the hit resulted from impairment provisioning.
In 2014E we forecast a net earnings of LKR6.2bn. (+53%YoY) with the expected increase in NII resulting
from loan book expansion leveraging on its rapid branch expansion in the last few years and highly likely
absence of significant impairment provisioning. This translates to a forward PER of 7.0x in 2013E and 4.5x
in 2014E at a market price of LKR169.1. We rate BUY.
Softlogic Equity Research
3Q2013
4,409
5,689
1,492
1,492
859
Y/E Dec (LKR mn)
Net Profit
Adjusted EPS (LKR)
% Growth
PER (x)
PBV (x)
2011
3,683
22.0
5.7%
7.7
1.2
2012
5,343
31.8
45.1%
5.3
1.0
2013E
4,074
24.3
-23.7%
7.0
0.9
2014E
6,241
37.2
53.2%
4.5
0.8
2015E
7,609
45.4
21.9%
3.7
0.7
NAVPS (LKR)
Adjusted DPS
Div Yield (%)
Dividend Payout
136.0
9.0
5.3%
39.7%
162.2
12.0
7.1%
36.5%
178.4
8.3
4.9%
34.0%
202.3
13.4
7.9%
36.0%
231.3
16.3
9.7%
36.0%
Page | 9
Name
Y/E
Rec
Mkt Price Book Val.
Share
Market
15-Nov-13
Cap.
('Mn)
Cap.
('Mn)
('Mn)
NAVPS
Earnings
P / BV
EPS
Mar'12
Mar'13
Mar'14E
Mar'15E
Dec'11
Dec'12
Dec'13E Dec'14E
EPS Growth (%)
4Q
Mar'12
Mar'13
Mar'14E Mar'15E
Trailing
Dec'11
Dec'12
Dec'13E Dec'14E Trailing
3,098
25.51
29.00
2,014
57.08
73.94
4Q
PER
DPS
Mar'12
Mar'13 Mar'14E Mar'14E
Mar'12
Mar'13
Mar'14E Mar'15E
Dec'11
Dec'12 Dec'13E Dec'13E
Dec'11
Dec'12
Dec'13E Dec'14E Trailing
4Q
Mar'13
Dec'12
Trailing
ROE
DY (%)
(%)
Banking, Finance & Insurance
Centra l Fi na nce
CFIN.N0000
Ceyl i nco Ins ura nce
CINS.N0000
Commerci a l Ba nk
COMB.N0000 D
Commerci a l Ba nk [X]
COMB.X0000
DFCC Ba nk
Buy
180.00
17,646
104.9
18,879 168.24
1.07
2,675
3,041
1,333.20
14,123
26.4
35,216 534.67
2.49
1,508
1,953
3,437
3,829
32.77
Buy
113.00
55,572
849.0
95,936
65.46
1.73
8,048
10,080
10,685
12,591
9,223
9.48
11.87
12.59
Buy
89.20
55,572
849.0
75,730
65.46
1.36
8,048
10,080
10,685
12,591
9,223
9.48
11.87
DFCC.N0000
MTB
119.60
36,565
265.1
31,706 137.93
0.87
2,900
3,523
3,453
3,915
3,436
10.94
Ha tton Na ti ona l Ba nk
HNB.N0000
Buy
144.30
53,980
399.4
57,636 135.15
1.07
6,149
8,111
9,258
11,113
8,257
Ha tton Na ti ona l Ba nk [X]
Buy
111.50
53,980
399.4
44,535 135.15
0.83
6,149
8,111
9,258
10,908
63.10
20,735
475.2
29,985
43.63
1.45
2,933
1,863
7,127
80.43
1.28
1,714
1,703
2,114
36.51
29.54
46
14
76.24
57
30
7.1
6.2
23.4
18.0
14.83
10.86
46
25
18
11.9
9.5
9.0
12.59
14.83
10.86
46
25
18
9.4
7.5
13.29
13.02
14.77
12.96
(43)
21
(2)
13
10.9
15.39
20.31
23.18
27.82
20.67
28
32
14
20
9.4
8,257
15.39
20.31
23.18
27.82
20.67
1,985
6.17
3.92
4.18
28
32
14
20
(24)
(36)
2,494
1,566
24.75
24.58
30.52
36.01
22.61
68
(1)
24
HNB.X0000
La nka Ori x Lea s i ng Compa ny LOLC.N0000
LB Fi na nce
LFIN.N0000
Buy
102.90
5,571
69.3
Na ti ona l Devel opment Ba nk NDB.N0000
Buy
150.20
23,785
164.7
24,737 144.42
1.04
2,706
8,854
3,533
4,286
8,817
16.43
53.76
21.45
26.03
53.53
26
227
Na ti ons Trus t Ba nk
NTB.N0000
Buy
60.60
10,591
230.6
13,975
45.93
1.32
1,534
1,951
2,438
2,990
2,002
6.65
8.46
10.57
12.96
8.68
41
Pa n As i a Ba nk
PABC.N0000
Buy
16.10
4,100
295.0
4,750
13.89
1.16
824
811
859
995
617
2.79
2.75
2.91
3.37
2.09
Peopl e's Lea s i ng
PLC.N0000
Buy
13.50
18,942
1,579.9
21,328
11.99
1.13
4,542
3,073
3,015
3,590
3,016
2.87
1.95
1.91
2.27
Sa mpa th Ba nk
SAMP.N0000
Buy
165.00
27,971
167.8
27,685 166.70
0.99
4,151
5,212
3,500
5,339
4,066
24.74
31.06
20.86
31.82
Seyl a n Ba nk
SEYB.N0000
65.00
20,343
345.0
22,422
58.97
1.10
1,006
2,063
2,042
2.92
5.98
La nka Ori x Fi na nce
LOFC.N0000
2.80
5,479
2,800.0
7,840
1.96
1.43
1,246
686
705
0.44
0.25
315,401
7,772.2
399,222
40.58
1.27
41,935
52,924
68,324
5.40
6.81
Sample Sector (16)
Full Sector (60)
521,752
898
1,026
0.32
0.37
13
11
5.5
6.1
2.9
1.6
15.2
17.5
12.5
0.9
10.7
7.6
10.4
4.5
4.0
14.5
7.1
6.0
8.2
4.5
5.0
14.5
9.0
9.2
8.1
9.2
5.0
4.2
7.9
7.1
6.2
5.2
7.0
8.5
5.9
11.4
4.8
4.0
7.2
5.5
10.2
16.1
18
4.2
4.2
3.4
(60)
21
9.1
2.8
27
25
23
9.1
128
(2)
16
1.91
74
(32)
(2)
24.23
19
26
(33)
5.92
(17)
105
0.25
(0)
(45)
8.79
19
26
31
4.9
5.4
8.5
7.6
11.4
15.1
0.5
0.8
14.1
2.9
4.6
6.5
6.3
30.8
7.0
5.8
2.8
15.0
10.0
11.4
7.2
5.7
4.7
7.0
2.1
3.5
14.5
5.8
5.9
5.5
4.8
7.7
1.0
6.2
20.1
19
4.7
6.9
7.1
5.9
7.1
1.3
9.3
24.0
53
6.7
5.3
7.9
5.2
6.8
6.0
3.6
14.8
22.3
10.9
11.0
1.0
1.5
4.9
6.3
11.4
11.1
22.7
9.5
7.5
14
8.7
7.6
5.8
1.35
13.3
7.9
Beverage, Food and Tobacco
Ca rgi l l s
CARG.N0000
150.00
12,008
224.0
33,600
Ceyl on Toba cco Compa ny
CTC.N0000
1,055.00
5,041
187.3
197,627
Di s ti l l eri es
DIST.N0000
184.00
50,390
300.0
55,200 167.97
Li on Brewery
LION.N0000
348.00
5,878
80.0
27,840
Nes tl e (La nka )
NEST.N0000
1,931.70
2,569
53.7
75,887
845.0
LTB
Sample Sector (5)
Full Sector (20)
53.61
2.80
1,079
578
453
4.82
2.58
2.02
(1)
(46)
26.91 39.20
6,569
8,176
8,734
9,545
8,570
35.07
43.65
46.63
50.95
45.75
29
24
1.10
5,675
5,520
5,816
6,452
5,701
18.92
18.40
19.39
21.51
19.00
(30)
(3)
4.74
1,262
1,046
1,121
1,465
1,020
15.78
13.07
14.01
18.31
12.76
25
(17)
103,781
47.82 40.39
2,633
2,994
3,513
3,822
3,449
49.01
55.73
65.39
71.14
64.21
39
14
17
418,048
89.80
17,219
18,313
19,194
20.38
21.67
22.71
73.47
473,703
5.51
31.1
58.2
30.1
24.2
11
9.7
10.0
9.5
31
22.1
26.6
24.8
39.4
34.7
29.5
27.2
24.3
22.8
22.6
74.2
2.0
1.3
9.0
23.1
45.2
4.3
130.3
8.6
9.7
3.0
1.6
11.3
19.0
27.3
4.0
1.1
21.5
30.1
54.0
2.8
102.5
20.7
21.8
3.79
22.7
19.6
Chemicals & Pharmaceuticals
CIC Hol di ngs
CIC.N0000
52.00
7,685
94.8
4,928
81.09
0.64
863
231
181
9.11
2.44
1.91
(7)
(73)
5.7
21.3
27.3
1.6
3.1
11.2
La nkem Ceyl on
LCEY.N0000
136.90
3,612
24.0
3,286 150.48
0.91
513
297
194
21.39
12.36
8.10
(55)
(42)
6.4
11.1
16.9
1.5
1.1
14.2
11,296
118.8
8,214
0.73
1,376
528
375
11.59
4.44
3.16
(33)
(62)
6.0
15.6
21.9
Sample Sector (2)
Full Sector (10)
95.11
17,897
0.89
12.2
12.5
Construction & Engineering
Col ombo Dockya rd
DOCK.N0000
182.40
Sample Sector (1)
10,172
71.9
13,107 141.55
1.29
1,804
1,977
1,229
25.10
27.51
17.11
(13)
10
7.3
6.6
10.7
10,172
71.9
13,107 141.55
1.29
1,804
1,977
1,229
25.10
27.51
17.11
(13)
10
7.3
6.6
10.7
39,753
2.61
Full Sector (4)
8.0
4.4
17.7
17.7
9.1
Diversified Holdings
Ai tken Spence
SPEN.N0000
110.10
28,215
406.0
44,700
69.50
1.58
3,488
3,267
3,293
8.59
8.05
8.11
38
(6)
12.8
13.7
13.6
1.5
1.4
CT Hol di ngs
CTHR.N0000
149.90
16,957
183.1
27,446
92.61
1.62
1,159
1,150
1,619
6.33
6.28
8.84
34
(1)
23.7
23.9
17.0
0.7
0.4
6.8
Ca rs ons Cumberba tch
CARS.N0000
375.00
35,229
196.4
73,645 179.38
2.09
7,017
4,570
4,692
35.73
23.27
23.89
55
(35)
10.5
16.1
15.7
2.0
0.5
19.9
Expol a nka Hol di ngs
EXPO.N0000
7.40
9,359
1,954.9
14,466
Ha yl eys
HAYL.N0000
291.00
22,638
75.0
Hema s Hol di ngs
HHL.N0000
32.60
12,374
John Keel l s Hol di ngs
JKH.N0000
210.40
Ri cha rd Pei ri s
RICH.N0000
Softl ogi c Hol di ngs
SHL.N0000
Va l l i bel One
VONE.N0000
LTB
Buy
4.79
1.55
1,033
1,061
1,100
0.53
0.54
0.56
(33)
14.0
13.6
13.2
0.1
1.6
11.0
21,825 301.84
0.96
1,038
1,854
2,054
13.84
24.72
27.39
43
79
21.0
11.8
10.6
4.5
1.5
4.6
515.3
16,798
24.01
1.36
1,165
1,658
1,600
2.26
3.22
3.11
(4)
42
14.4
10.1
10.5
0.8
2.3
9.4
90,686
990.0
208,291
91.60
2.30
9,687
12,201
12,129
9.78
12.32
12.25
17
26
21.5
17.1
17.2
3.5
1.7
10.7
6.50
8,257
1,958.1
12,728
4.22
1.54
2,575
1,903
1,642
1.32
0.97
0.84
53
(26)
4.9
6.7
7.7
0.2
3.1
31.2
8.50
7,384
779.0
6,622
9.48
0.90
483
301
269
0.62
0.39
0.35
(42)
(38)
13.7
22.0
24.6
0.3
3.5
6.5
17.00
30,980
1,086.6
18,472
28.51
0.60
2,025
1,403
1,550
1.86
1.29
1.43
250
(31)
9.1
13.2
11.9
0.0
0.0
262,079
8,144.3
444,993
32.18
1.70
29,669
29,367
29,948
3.64
3.61
3.68
30
(1)
15.0
15.2
Sample Sector (10)
Full Sector (18)
475,170
1,302
10,952
2,323
10,653
0.67
11.06
2.14
10.76
23
(10)
66
(3)
1.57
11.1
12.4
19.0
8.0
19.6
14.9
6.5
11.3
14.1
Healthcare
As i ri Hos pi ta l Hol d.
ASIR.N0000
15.90
5,650
1,099.1
17,476
5.14
3.09
600
777
810
0.55
0.71
0.74
215
29
29.1
22.5
21.6
0.5
3.1
10.6
Na wa l oka Hos pi ta l s
NHL.N0000
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
La nka Hos pi ta l s
LHCL.N0000
42.00
27,164
223.7
9,397 121.41
0.35
437
384
537
1.95
1.72
2.40
51
(12)
21.5
24.5
17.5
0.5
1.2
1.6
36,695
2,732.3
0.84
1,308
1,616
1,803
0.48
0.59
0.66
(16)
24
23.7
19.2
17.2
Softlogic Equity Research
Sample Sector (3)
Full Sector (6)
30,960
46,235
13.43
2.15
18.9
3.6
Page | 10
Name
Y/E
Rec
Mkt Price Book Val.
Share
Market
15-Nov-13
Cap.
('Mn)
Cap.
('Mn)
('Mn)
NAVPS
Earnings
P / BV
EPS
Mar'12
Mar'13
Mar'14E
Mar'15E
Dec'11
Dec'12
Dec'13E Dec'14E
EPS Growth (%)
4Q
Mar'12
Mar'13
Mar'14E Mar'15E
Trailing
Dec'11
Dec'12
Dec'13E Dec'14E Trailing
4Q
PER
DPS
Mar'12
Mar'13 Mar'14E Mar'14E
Mar'12
Mar'13
Mar'14E Mar'15E
Dec'11
Dec'12 Dec'13E Dec'13E
Dec'11
Dec'12
Dec'13E Dec'14E Trailing
4Q
Mar'13
Dec'12
Trailing
ROE
DY (%)
(%)
Hotels and Travels
Ai tken Sp. Ho. Hol d.
AHUN.N0000 M
68.40
12,937
336.3
23,002
38.47
1.78
1,378
1,782
2,148
1,782
4.10
5.30
6.39
5.30
33
29
21
16.7
12.9
10.7
12.9
1.0
1.5
10.7
Ama ya Lei s ure
CONN.N0000 M
75.00
2,515
48.0
3,603
52.37
1.43
293
377
376
374
6.09
7.84
7.83
7.79
(38)
29
(0)
12.3
9.6
9.6
9.6
4.0
5.3
11.6
As i a n Hotel s & Prop.
AHPL.N0000
68.00
20,762
442.8
30,109
46.89
1.45
2,149
2,494
2,386
2,493
2,492
4.85
5.63
5.39
5.63
5.63
21
16
(4)
14.0
12.1
12.6
12.1
12.1
4.0
5.9
10.3
Keel l s Hotel s
KHL.N0000
12.00
16,421
1,456.1
17,474
11.28
1.06
1,105
1,121
870
994
1,121
0.76
0.77
0.60
0.68
0.77
111
(22)
14
15.8
15.6
20.1
17.6
15.6
0.0
0.0
6.7
Ta j
TAJ.N0000
29.30
2,223
139.6
4,091
15.92
1.84
125
246
293
224
0.89
1.76
2.10
1.61
26
97
19
32.8
16.6
14.0
18.3
0.0
0.0
5.6
Tra ns As i a
TRAN.N0000
87.00
5,775
200.0
17,400
28.88
3.01
625
1,066
884
1,066
3.12
5.33
4.42
5.33
(5)
71
(17)
27.8
16.3
19.7
16.3
3.0
3.4
10.8
60,634
2,622.9
95,679
23.12
1.58
5,674
7,086
6,957
6,059
2.16
2.70
2.65
2.31
24
25
(2)
16.9
13.5
13.8
Sample Sector (6)
Full Sector (36)
313,252
927
4.64
18.8
15.8
2.47
9.4
37.0
Land and Property
Col ombo La nd
CLND.N0000
38.80
2,699
199.9
7,755
13.50
2.87
10
335
-90
12
48
0.05
1.68
(0.45)
0.06
0.24
(98)
3,393
(127)
113
808.6
23.1
N/A
646.3
160.1
0.0
0.0
0.4
Overs ea s Rea l i ty
OSEA.N0000
18.00
22,697
843.5
15,183
26.91
0.67
2,681
2,469
1,924
2,158
2,991
3.18
2.93
2.28
2.56
3.55
218
(8)
(22)
12
5.7
6.1
7.9
7.0
5.1
0.3
1.7
11.8
25,396
1,043.4
22,938
24.34
0.90
2,691
2,804
1,834
2,170
3,040
2.58
2.69
1.76
2.08
2.91
102
(35)
18
8.5
8.2
12.5
10.6
7.5
1.1
10.6
Sample Sector (2)
Full Sector (18)
37,927
0.80
7.3
Manufacturing
ACL Ca bl es
ACL.N0000
65.00
5,802
59.9
3,893
96.87
0.67
485
532
513
8.10
8.88
8.56
127
10
Gra i n El eva tors
GRAN.N0000
37.10
2,742
60.0
2,226
45.71
0.81
388
135
87
93
-188
6.46
2.24
1.45
1.55
(3.13)
(18)
(65)
(35)
Chevron Lubri ca nts
LLUB.N0000
Hold
265.50
5,098
120.0
31,860
42.48
6.25
2,001
2,288
2,526
2,621
2,425
16.67
19.06
21.05
21.84
20.21
33
14
La nka Wa l l ti l e
LWL.N0000
LTB
55.00
4,871
54.6
3,003
89.21
0.62
731
520
545
600
474
13.39
9.52
9.98
10.99
8.68
51
(29)
Pi ra ma l Gl a s s
GLAS.N0000
LTB
4.60
3,716
950.1
4,370
3.91
1.18
686
724
361
532
941
0.72
0.76
0.38
0.56
0.99
19
Roya l Cera mi c
RCL.N0000
LTB
88.80
8,384
110.8
9,838
75.67
1.17
1,243
1,670
1,844
2,190
1,411
11.22
15.07
16.64
19.77
12.74
Textured Jers ey
TJL.N0000
Buy
15.20
6,190
655.0
9,956
9.45
1.61
628
1,017
1,186
1,483
1,085
0.96
1.55
1.81
2.26
Tokyo Cement
TKYO.N0000
26.30
7,793
334.1
8,787
23.32
1.13
979
828
1,447
2.93
44,596
2,344.5
73,934
19.02
1.66
7,141
7,713
8,108
3.05
Sample Sector (8)
Full Sector (36)
104,897
8.0
7.3
7.6
1.0
1.5
8.4
5.7
16.5
25.6
23.9
-11.8
0.1
0.4
14.1
10
15.9
13.9
12.6
12.2
13.1
11.0
4.1
39.2
10
4.1
5.8
5.5
5.0
6.3
3.0
5.5
15.0
(50)
47
6.4
6.0
12.1
8.2
4.6
0.4
8.3
18.5
(14)
34
10
19
7.9
5.9
5.3
4.5
7.0
2.0
2.3
14.8
1.66
(8)
62
17
25
15.9
9.8
8.4
6.7
9.2
1.2
8.2
10.1
2.48
4.33
14
(15)
9.0
10.6
6.1
1.0
3.8
12.6
3.29
3.46
15
10.4
9.6
9.1
4.4
16.0
1.34
8.3
Motors
Col oni a l Motors
84.80
3,562
15.2
1,289 234.33
0.36
453
120
Di es el & Motor Engi neeri ng DIMO.N0000 M
COLO.N0000
495.00
7,571
8.9
4,394 852.93
0.58
2,702
462
Uni ted Motors
110.80
7,747
67.3
7,453 115.18
0.96
2,281
2,013
2,011
18,880
91.3
13,136 206.70
0.70
5,436
2,595
2,496
21,065
0.93
UML.N0000
Sample Sector (3)
Full Sector (6)
29.80
7.91
1.47
95
(73)
2.8
10.7
57.8
3.0
3.5
12.7
462 304.36
22
52.06
52.05
27
(83)
1.6
9.5
9.5
10.0
2.0
35.7
33.91
29.92
29.90
153
(12)
3.3
3.7
3.7
10.0
9.0
29.4
59.51
28.41
27.32
67
(52)
2.4
5.1
5.3
6.1
28.8
9.0
Oil Palms
Buki t Da ra h
BUKI.N0000
675.00
Sample Sector (1)
32,716
102.0
68,850 320.74
2.10
7,299
5,042
4,405
71.56
49.43
43.19
43
(31)
9.4
13.7
15.6
3.0
0.4
22.3
32,716
102.0
68,850 320.74
2.10
7,299
5,042
4,405
71.56
49.43
43.19
43
(31)
9.4
13.7
15.6
3.0
0.4
22.3
Full Sector (5)
103,049
1.82
19.0
Plantations
Ba l a ngoda
BALA.N0000
30.10
2,660
23.6
711 112.53
0.27
25
118
62
1.08
5.01
2.64
(85)
366
28.0
6.0
11.4
1.0
Hora na
HOPL.N0000
22.60
1,391
25.0
565
55.63
0.41
87
220
201
3.49
8.82
8.04
(73)
152
6.5
2.6
2.8
2.0
Kega l l e
KGAL.N0000
94.00
3,439
25.0
2,350 137.54
0.68
769
544
542
30.77
21.74
21.70
(8)
(29)
3.1
4.3
4.3
12.0
12.8
22.4
Kel a ni Va l l ey
KVAL.N0000
73.60
2,524
34.0
2,502
74.24
0.99
460
584
650
13.54
17.19
19.12
44
27
5.4
4.3
3.8
6.0
8.2
18.2
Kota ga l a
KOTA.N0000
37.00
3,535
40.0
1,480
88.38
0.42
439
517
378
10.97
12.92
9.44
(34)
18
3.4
2.9
3.9
2.5
6.8
12.4
Wa ta wa l a
WATA.N0000 M
10.00
3,855
236.7
2,367
16.29
0.61
455
680
755
1.92
2.87
3.19
(29)
49
5.2
3.5
3.1
0.8
17,403
384.3
9,976
45.29
0.57
2,236
2,664
2,589
5.82
6.93
6.74
(24)
19
4.5
3.7
3.9
Sample Sector (6)
Full Sector (19)
23,130
0.63
1.0
6.3
11.8
12.8
5.3
Power and Energy
La nka IOC
LIOC.N0000
28.90
14,378
532.5
15,390
27.00
1.07
906
2,911
4,069
1.70
5.47
7.64
221
17.0
5.3
3.8
1.0
Va l l i bel
VPEL.N0000
5.90
2,068
747.1
4,408
2.77
2.13
249
289
482
0.33
0.39
0.65
(41)
16
17.7
15.2
9.1
0.3
4.2
12.0
La ugfs Ga s
LGL.N0000
29.80
6,178
387.0
11,533
15.96
1.87
822
1,061
1,291
2.13
2.74
3.34
(4)
29
14.0
10.9
8.9
1.5
5.0
13.3
22,624
1,666.6
31,331
13.57
1.38
1,977
4,261
5,843
1.19
2.56
3.51
(8)
116
15.8
7.4
5.4
Sample Sector (3)
Full Sector (8)
36,815
1.26
6.3
8.7
5.7
Telecommunications
Di a l og Axi a ta
DIAL.N0000
9.10
37,086
8,143.8
74,108
4.55
2.00
5,354
6,521
8,156
0.66
0.80
0.00
1.00
22
(100)
13.8
11.4
9.1
0.3
3.6
Sri La nka Tel ecom
SLTL.N0000
37.50
55,315
1,804.9
67,682
30.65
1.22
4,781
5,329
4,976
2.65
2.95
0.00
2.76
21
11
(100)
14.2
12.7
13.6
0.9
2.3
92,401
9,948.6
141,791
9.29
1.53
10,135
11,850
13,132
1.02
1.19
0.00
1.32
13
17
(100)
14.0
12.0
10.8
Sample Sector (2)
Full Sector (2)
141,791
1.53
14.4
8.6
11.0
10.7
Trading
Browns
BRWN.N0000 M
90.00
15,058
70.9
3.39
(79)
5.5
26.6
26.6
1.3
1.5
7.7
4,812
125.2
11,169
38.43
2.32
985
10.11
9.09
3.39
7.87
(47)
89.20
240
1,138
16.43
SINS.N0000
1,164
1,266
240
Si nger Sri La nka
90
(10)
8.8
9.8
11.3
6.0
6.7
26.3
19,870
196.1
17,547 101.33
0.88
2,431
1,378
1,225
12.40
7.03
6.25
(15)
(43)
7.2
12.7
14.3
22,366
0.94
Sample Sector (2)
Full Sector (8)
Softlogic Equity Research
Sample Market (70)
Total Market (284)
6,379 212.47
1,046,050 38,084.3 1,789,725
2,437,312
27.47
0.42
1.71
1.68
12.2
11.4
138,331 150,117 166,629 188,291 167,769
3.63
3.94
4.38
4.94
4.41
17
11
13
12.9
11.9
10.7
9.5
10.7
12.5
13.2
Page | 11
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