Atchuthan Srirangan

atchuthan@gihcapital.com
+94 117 452 800

Research Division
Level 01,No.14,16th Lane,
Colombo 03,Sri Lanka.

CSE Quoted Companies Beta Value As of Third Quarter of year 2014

Security ID

Name

Beta Value Against

ASI

Beta Value Against

S & P SL20

AAF-N-0000

ASIA ASSET FINANCE LIMITED

1.37

0.13

AAIC-N-0000

ASIAN ALLIANCE INSURANCE PLC

0.29

-0.43

ABAN-N-0000

ABANS ELECTRICALS PLC

2.30

1.84

ABL-N-0000

AMANA BANK PLC

0.22

0.12

ACAP-N-0000
ACL-N-0000

ASIA CAPITAL PLC

ACL CABLES PLC

-0.17
1.29

0.13
0.89

ACME-N-0000

ACME PRINTING & PACKAGING PLC

0.26

-0.00

AEL-N-0000

ACCESS ENGINEERING LIMITED

1.04

0.71

AFSL-N-0000
AGAL-N-0000

ABANS FINANCE PLC

AGALAWATTE PLANTATIONS PLC

1.47
0.03

1.29
-0.69

AGST-N-0000

AGSTAR FERTILIZERS PLC

-0.81

-0.40

AGST-X-0000
AHPL-N-0000

AGSTAR FERTILIZERS PLC

ASIAN HOTELS AND PROPERTIES PLC

-0.81
0.74

-0.40
0.50

AHUN-N-0000

AITKEN SPENCE HOTEL HOLDINGS PLC

0.91

0.89

AINV-N-0000

ADAM INVESTMENTS PLC

-0.63

-1.04

ALHP-N-0000
ALLI-N-0000

ANILANA HOTELS AND PROPERTIES PLC

ALLIANCE FINANCE COMPANY PLC

0.58
0.04

0.16
-0.03

ALUF-N-0000

ALUFAB PLC

1.00

-0.40

AMCL-N-0000
AMF-N-0000

AMW CAPITAL LEASING AND FINANCE PLC

ASSOCIATED MOTOR FINANCE COMPANY PLC

0.00
-2.61

0.00
-1.84

AMSL-N-0000
APLA-N-0000

ASIRI SURGICAL HOSPITAL PLC

ACL PLASTICS PLC

0.84
0.04

0.43
0.10

ARPI-N-0000
ASCO-N-0000

ARPICO FINANCE COMPANY PLC

ASCOT HOLDINGS PLC

-0.72
-1.41

-0.82
-0.90

ASHO-N-0000

LANKA ASHOK LEYLAND PLC

2.18

1.33

ASIR-N-0000
ASIY-N-0000

ASIRI HOSPITAL HOLDINGS PLC

ASIA SIYAKA COMMODITIES LIMITED

1.51
0.25

1.06
-0.12

ASPH-N-0000

INDUSTRIAL ASPHALTS (CEYLON) PLC

0.75

0.69

ASPM-N-0000

AITKEN SPENCE PLANTATIONS MANAGEMENT LTD

0.00

0.00

ATL-N-0000
AUTO-N-0000

AMANA TAKAFUL PLC

THE AUTODROME PLC

0.97
1.57

0.29
0.91

BALA-N-0000

BALANGODA PLANTATIONS PLC

0.19

0.09

BBH-N-0000
BERU-N-0000

BROWNS BEACH HOTELS PLC

BERUWALA RESORTS PLC

1.46
0.48

1.18
0.26

BFL-N-0000

BAIRAHA FARMS PLC

0.72

0.32

BIL-N-0000
BLI-N-0000

BROWNS INVESTMENTS PLC

BIMPUTH FINANCE PLC

1.48
-0.96

0.69
-0.46

BLUE-N-0000

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

1.17

0.48

BLUE-X-0000
BOGA-N-0000

BLUE DIAMONDS JEWELLERY WORLDWIDE PLC

BOGALA GRAPHITE LANKA PLC

1.17
0.18

0.48
-0.38

2014 GIH Capital is a Limited liability company registered with Securities and Exchange commission of Sri Lanka (SEC). All rights reserved.

Security ID

Name

Beta Value Against

ASI

Beta Value Against

S & P SL20

BOPL-N-0000

BOGAWANTALAWA TEA ESTATES PLC

0.60

0.33

BREW-N-0000

CEYLON BEVERAGE HOLDINGS PLC

1.12

0.31

BRR-N-0000
BRWN-N-0000

BANSEI ROYAL RESORTS HIKKADUWA PLC

BROWN & COMPANY PLC

1.78
2.21

2.20
1.78

BUKI-N-0000

BUKIT DARAH PLC

0.56

0.53

CABO-N-0000
CALF-N-0000

CARGO BOAT DEVELOPMENT COMPANY PLC

CAPITAL ALLIANCE FINANCE LIMITED

1.85
-0.05

1.65
0.06

CARE-N-0000

PRINTCARE PLC

0.32

-0.15

CARG-N-0000

CARGILLS (CEYLON) PLC

0.58

0.20

CARS-N-0000

CARSON CUMBERBATCH PLC

2.07

1.81

CCS-N-0000
CDB-N-0000

CEYLON COLD STORES PLC

CITIZENS DEVELOPMENT BUSINESS FINANCE

0.54
1.52

-0.05
0.96

CDB-X-0000

CITIZENS DEVELOPMENT BUSINESS FINANCE

1.52

0.96

CERA-N-0000
CFI-N-0000

LANKA CERAMIC PLC

COLOMBO FORT INVESTMENTS PLC

1..93
1.07

1.22
1.03

CFIN-N-0000

CENTRAL FINANCE COMPANY PLC

1.19

0.72

CFLB-N-0000
CFL-N-0000

THE COLOMBO FORT LAND AND BUILDING PLC

CHILAW FINANCE PLC

1.52
0.22

1.05
-0.20

CFT-N-0000
CFVF-N-0000

CEYLON AND FOREIGN TRADES PLC

FIRST CAPITAL HOLDINGS PLC

-0.06
1.40

0.36
1.09

CHL-N-0000

CEYLON HOSPITALS PLC

1.07

0.58

CHL-X-0000
CHMX-N-0000

CEYLON HOSPITALS PLC

CHEMANEX PLC

1.07
1.34

0.58
0.77

CHOT-N-0000
CHOU-N-0000

CEYLON HOTELS CORPORATION PLC

CITY HOUSING & REAL ESTATE COMPANY PLC

-0.54
-0.32

-0.74
-0.54

CIC-N-0000

C I C HOLDINGS PLC

0.98

0.72

CIC-X-0000
CIFL-N-0000

C I C HOLDINGS PLC
CENTRAL INVESTMENTS AND FINANCE PLC

0.98
4.48

0.72
2.01

CIND-N-0000

CENTRAL INDUSTRIES PLC

0.22

0.66

CINS-N-0000

CEYLINCO INSURANCE PLC

0.73

0.26

CINS-X-0000

CEYLINCO INSURANCE PLC

0.73

0.26

CINV-N-0000

CEYLON INVESTMENT PLC

1.07

0.82

CITH-N-0000

HIKKADUWA BEACH RESORT LIMITED

1.50

1.38

CITK-N-0000

KALPITIYA BEACH RESORT PLC

-0.36

-0.00

CIT-N-0000
CITW-N-0000

COLOMBO INVESTMENT TRUST PLC

WASKADUWA BEACH RESORT PLC

2.27
-0.26

1.50
-0.18

CLC-N-0000

COMMERCIAL LEASING & FINANCE PLC

3.25

2.33

CLND-N-0000
CLPL-N-0000

COLOMBO LAND AND DEVELOPMENT COMPANY PLC

CEYLON LEATHER PRODUCTS PLC

1.47
-1.17

0.94
-1.02

CLPL-W-0014
COCO-N-0000

CEYLON LEATHER PRODUCTS PLC

RENUKA SHAW WALLACE PLC

-1.17
-0.17

-1.02
0.23

COCO-X-0000

RENUKA SHAW WALLACE PLC

-0.17

0.23

COCR-N-0000

COMMERCIAL CREDIT AND FINANCE PLC

0.60

-0.05

COLO-N-0000

C M HOLDINGS PLC

1.22

1.15

COMB-N-0000
COMB-X-0000

COMMERCIAL BANK OF CEYLON PLC

COMMERCIAL BANK OF CEYLON PLC

1.68
1.68

1.55
1.55

COMD-N-0000

COMMERCIAL DEVELOPMENT COMPANY PLC

-0.80

-1.20

2014 GIH Capital is a Limited liability company registered with Securities and Exchange commission of Sri Lanka (SEC). All rights reserved.

Security ID

Name

Beta Value Against

ASI

Beta Value Against

S & P SL20

CONN-N-0000

AMAYA LEISURE PLC

1.01

0.95

CPRT-N-0000

CEYLON PRINTERS PLC

3.51

1.99

CRL-N-0000
CSD-N-0000

SOFTLOGIC FINANCE PLC

SEYLAN DEVELOPMENTS PLC

1.18
0.91

0.77
0.29

CSEC-N-0000

DUNAMIS CAPITAL PLC

0.33

0.51

CSF-N-0000
CTBL-N-0000

NATION LANKA FINANCE PLC

CEYLON TEA BROKERS PLC

0.54
0.25

0.22
0.46

CTCE-N-0000

AVIVA N D B INSURANCE PLC

1.54

0.47

CTC-N-0000

CEYLON TOBACCO COMPANY PLC

1.14

0.40

CTEA-N-0000

CEYLON TEA SERVICES PLC

-0.16

-0.20

CTHR-N-0000
CTLD-N-0000

C T HOLDINGS PLC
C T LAND DEVELOPMENT PLC

2.04
0.48

1.40
-0.12

CWM-N-0000

C. W. MACKIE PLC

2.44

1.03

DFCC-N-0000
DIAL-N-0000

DFCC BANK PLC

DIALOG AXIATA PLC

1.06
1.11

0.94
0.82

DIMO-N-0000

DIESEL & MOTOR ENGINEERING PLC

-0.02

-0.16

DIPD-N-0000
DIST-N-0000

DIPPED PRODUCTS PLC

DISTILLERIES COMPANY OF SRI LANKA PLC

0.64
0.23

0.50
0.28

DOCK-N-0000
DPL-N-0000

COLOMBO DOCKYARD PLC

DANKOTUWA PORCELAIN PLC

0.50
0.39

0.28
0.07

EAST-N-0000

EAST WEST PROPERTIES PLC

0.66

0.26

EBCR-N-0000
ECL-N-0000

E B CREASY & COMPANY PLC

E - CHANNELLING PLC

-0.30
0.22

-0.45
0.54

EDEN-N-0000
ELPL-N-0000

EDEN HOTEL LANKA PLC

ELPITIYA PLANTATIONS PLC

0.65
-0.54

0.76
0.34

EMER-N-0000

EASTERN MERCHANTS PLC

0.92

0.08

EQIT-N-0000
ESL-N-0000

EQUITY ONE PLC

ENTRUST SECURITIES PLC

0.36
0.09

0.76
-0.13

ETWO-N-0000

EQUITY TWO PLC

0.18

-0.06

EXPO-N-0000
FLCH-N-0000

EXPOLANKA HOLDINGS PLC

FREE LANKA CAPITAL HOLDINGS PLC

0.42
-0.58

0.13
-1.13

GEST-N-0000
GHLL-N-0000

GESTETNER OF CEYLON PLC

GALADARI HOTELS (LANKA) PLC

3.27
2.18

2.42
1.51

GLAS-N-0000

PIRAMAL GLASS CEYLON PLC

0.26

0.33

GOOD-N-0000
GRAN-N-0000

GOOD HOPE PLC

CEYLON GRAIN ELEVATORS PLC

2.74
0.65

0.66
0.02

GREG-N-0000

ENVIRONMENTAL RESOURCES INVESTMENT PLC

-1.06

-0.85

GREG-W-0006
GSF-N-0000

ENVIRONMENTAL RESOURCES INVESTMENT PLC

GEORGE STEUART FINANCE PLC

-1.06
1.98

-0.85
1.98

GUAR-N-0000

CEYLON GUARDIAN INVESTMENT TRUST PLC

0.84

0.43

HAPU-N-0000

HAPUGASTENNE PLANTATIONS PLC

-0.55

-0.37

HARI-N-0000

HARISCHANDRA MILLS PLC

1.06

1.18

HASU-N-0000

HNB ASSURANCE PLC

-0.41

-0.49

HAYC-N-0000

HAYCARB PLC

0.38

0.19

HAYL-N-0000
HDFC-N-0000

HAYLEYS PLC
HOUSING DEVELOPMENT FINANCE CORPORATION

0.70
1.02

0.49
0.89

HEXP-N-0000

HAYLEYS FIBRE PLC

2.01

1.85

2014 GIH Capital is a Limited liability company registered with Securities and Exchange commission of Sri Lanka (SEC). All rights reserved.

Security ID

Name

Beta Value Against

ASI

Beta Value Against

S & P SL20

HHL-N-0000

HEMAS HOLDINGS PLC

1.55

1.21

HNB-N-0000

HATTON NATIONAL BANK PLC

0.96

1.06

HNB-X-0000
HOPL-N-0000

HATTON NATIONAL BANK PLC

HORANA PLANTATIONS PLC

0.96
1.42

1.06
0.60

HPFL-N-0000

F L C HYDRO POWER PLC

1.92

0.33

HPWR-N-0000
HSIG-N-0000

HEMAS POWER PLC

HOTEL SIGIRIYA PLC

0.03
0.47

-0.10
-0.15

HUEJ-N-0000

HUEJAY INTERNATIONAL INVESTMENTS PLC

4.73

3.31

HUNA-N-0000

HUNAS FALLS HOTELS PLC

1.37

1.04

HUNT-N-0000

HUNTER & COMPANY PLC

1.21

0.75

HVA-N-0000
IDL-N-0000

HVA FOODS PLC

SERENDIB ENGINEERING GROUP PLC

0.16
-0.81

0.17
-0.48

INDO-N-0000

INDO-MALAY PLC

2.04

-0.34

JFIN-N-0000
JINS-N-0000

FINLAYS COLOMBO PLC

JANASHAKTHI INSURANCE PLC

-0.36
0.57

-0.35
0.53

JKH-N-0000

JOHN KEELLS HOLDINGS PLC

1.17

1.00

JKH-W-0022
JKH-W-0023

JOHN KEELLS HOLDINGS PLC - Wa rra nt

JOHN KEELLS HOLDINGS PLC - Wa rra nt

1.17
1.17

1.00
1.00

JKL-N-0000
KAHA-N-0000

JOHN KEELLS PLC

KAHAWATTE PLANTATIONS PLC

1.03
1.13

0.64
1.18

KAPI-N-0000

MTD WALKERS PLC

0.85

0.97

KCAB-N-0000
KDL-N-0000

KELANI CABLES PLC

KELSEY DEVELOPMENTS PLC

-0.09
1.74

0.02
1.40

KFP-N-0000
KGAL-N-0000

KEELLS FOOD PRODUCTS PLC

KEGALLE PLANTATIONS PLC

1.78
0.36

0.95
0.02

KHC-N-0000

THE KANDY HOTELS COMPANY (1938) PLC

1.51

0.73

KHL-N-0000
KOTA-N-0000

JOHN KEELLS HOTELS PLC

KOTAGALA PLANTATIONS PLC

0.95
1.98

0.77
1.29

KVAL-N-0000

KELANI VALLEY PLANTATIONS PLC

0.53

0.22

KZOO-N-0000
LALU-N-0000

KALAMAZOO SYSTEMS PLC

LANKA ALUMINIUM INDUSTRIES PLC

0.32
1.08

-0.55
0.45

LAMB-N-0000
LCEM-N-0000

KOTMALE HOLDINGS PLC

LANKA CEMENT PLC

1.44
-0.75

1.04
-1.22

LCEY-N-0000

LANKEM CEYLON PLC

2.48

1.76

LDEV-N-0000
LFIN-N-0000

LANKEM DEVELOPMENTS PLC

LB FINANCE PLC

2.74
0.95

1.30
0.47

LGL-N-0000

LAUGFS GAS PLC

0.69

0.68

LGL-X-0000
LHCL-N-0000

LAUGFS GAS PLC

THE LANKA HOSPITALS CORPORATION PLC

0.69
1.90

0.68
1.03

LHL-N-0000

THE LIGHTHOUSE HOTEL PLC

1.31

0.87

LIOC-N-0000

LANKA IOC PLC

0.96

0.45

LION-N-0000

LION BREWERY (CEYLON) PLC

3.27

1.77

LITE-N-0000

LAXAPANA BATTERIES PLC

0.75

0.76

LLMP-N-0000

LUCKY LANKA MILK PROCESSING COMPANY PLC

-0.11

0.41

LLMP-X-0000
LLUB-N-0000

LUCKY LANKA MILK PROCESSING COMPANY PLC - NV

CHEVRON LUBRICANTS LANKA PLC

-0.11
0.27

0.41
0.23

LMF-N-0000

LANKA MILK FOODS (CWE) PLC

0.39

0.28

2014 GIH Capital is a Limited liability company registered with Securities and Exchange commission of Sri Lanka (SEC). All rights reserved.

Security ID

Name

Beta Value Against

ASI

Beta Value Against

S & P SL20
0.13

LOFC-N-0000

LANKA ORIX FINANCE COMPANY PLC

0.42

LOLC-N-0000

LANKA ORIX LEASING COMPANY PLC

0.49

0.23

LPRT-N-0000
LVEN-N-0000

LAKE HOUSE PRINTERS & PUBLISHERS PLC

LANKA VENTURES PLC

0.42
-0.28

-0.29
0.58

LWL-N-0000

LANKA WALLTILE PLC

0.76

0.37

MADU-N-0000
MAL-N-0000

MADULSIMA PLANTATIONS PLC

MALWATTE VALLEY PLANTATION PLC

0.19
1.25

-0.00
1.23

MAL-X-0000

MALWATTE VALLEY PLANTATION PLC

1.25

1.23

MARA-N-0000

MARAWILA RESORTS PLC

-0.09

-0.19

MASK-N-0000

MASKELIYA PLANTATIONS PLC

0.80

0.20

MBSL-N-0000
MEL-N-0000

MERCHANT BANK OF SRI LANKA PLC

MACKWOODS ENERGY PLC

1.82
-0.19

1.08
-0.17

MERC-N-0000

MERCANTILE INVESTMENTS AND FINANCE PLC

0.00

0.00

MFL-N-0000
MGT-N-0000

MULTI FINANCE PLC

HAYLEYS-MGT KNITTING MILLS PLC

0.02
1.24

-0.50
1.00

MHDL-N-0000

MILLENNIUM HOUSING DEVELOPERS PLC

1.34

1.23

MIRA-N-0000
MORI-N-0000

MIRAMAR BEACH HOTELS PLC

J.L.MORISON, SON & JONES (CEYLON) PLC

0.31
1.03

-0.23
0.38

MORI-X-0000
MPRH-N-0000

J.L.MORISON, SON & JONES (CEYLON) PLC

METROPOLITAN RESOURCE HOLDINGS PLC

1.03
1.80

0.38
0.95

MRH-N-0000

MAHAWELI REACH HOTELS PLC

3.41

2.40

MSL-N-0000
MULL-N-0000

MERCANTILE SHIPPING COMPANY PLC

MULLER & PHIPPS (CEYLON) PLC

0.04
2.39

0.25
0.84

NAMU-N-0000
NDB-N-0000

NAMUNUKULA PLANTATIONS PLC

NATIONAL DEVELOPMENT BANK PLC

0.77
1.10

1.15
1.01

NEH-N-0000

THE NUWARA ELIYA HOTELS COMPANY PLC

1.53

0.67

NEST-N-0000
NHL-N-0000

NESTLE LANKA PLC

NAWALOKA HOSPITALS PLC

1.43
0.11

1.08
-0.37

NIFL-N-0000

BRAC LANKA FINANCE PLC

0.41

-0.15

NTB-N-0000
ODEL-N-0000

NATIONS TRUST BANK PLC

ODEL PLC

1.31
0.19

0.81
0.40

OFEQ-N-0000
OGL-N-0000

OFFICE EQUIPMENT PLC

ORIENT GARMENTS PLC

0.55
3.21

0.40
1.08

ONAL-N-0000

ON'ALLY HOLDINGS PLC

-2.19

-1.41

ORIN-N-0000
OSEA-N-0000

ORIENT FINANCE PLC

OVERSEAS REALTY (CEYLON) PLC

0.04
0.93

-0.29
0.92

PABC-N-0000

PAN ASIA BANKING CORPORATION PLC

1.25

1.04

PALM-N-0000
PAP-N-0000

PALM GARDEN HOTELS PLC

PANASIAN POWER PLC

0.20
0.18

-0.07
0.47

PARA-N-0000

PARAGON CEYLON PLC

0.55

0.10

PARQ-N-0000

SWISSTEK (CEYLON) PLC

0.87

0.62

PCHH-N-0000

PCH HOLDINGS LIMITED

5.09

2.19

PCH-N-0000

PC HOUSE PLC

-8.30

-5.71

PCP-N-0000

PC PHARMA PLC

-0.25

-0.69

PDL-N-0000
PEG-N-0000

PROPERTY DEVELOPMENT PLC

PEGASUS HOTELS OF CEYLON PLC

0.15
-0.00

0.63
0.11

PHAR-N-0000

COLOMBO CITY HOLDINGS PLC

1.50

1.08

2014 GIH Capital is a Limited liability company registered with Securities and Exchange commission of Sri Lanka (SEC). All rights reserved.

Security ID

Name

Beta Value Against

ASI

Beta Value Against

S & P SL20

PLC-N-0000

PEOPLE'S LEASING & FINANCE PLC

0.73

0.70

PMB-N-0000

PEOPLE`S MERCHANT FINANCE PLC

1.05

0.13

RAL-N-0000
RCL-N-0000

RENUKA AGRI FOODS PLC

ROYAL CERAMICS LANKA PLC

1.33
0.68

0.45
0.18

REEF-N-0000

CITRUS LEISURE PLC

1.85

1.04

REEF-W-0019
REG-N-0000

CITRUS LEISURE PLC

REGNIS (LANKA) PLC

1.85
2.65

1.04
1.14

RENU-N-0000

RENUKA CITY HOTELS PLC.

0.60

0.55

REXP-N-0000

RICHARD PIERIS EXPORTS PLC

1.19

0.97

RFL-N-0000

RAMBODA FALLS PLC

-1.70

-0.78

RGEM-N-0000
RHL-N-0000

RADIANT GEMS INTERNATIONAL PLC

RENUKA HOLDINGS PLC

0.68
1.26

-0.54
1.14

RHL-X-0000

RENUKA HOLDINGS PLC

1.26

1.14

RHTL-N-0000
RICH-N-0000

THE FORTRESS RESORTS PLC

RICHARD PIERIS AND COMPANY PLC

-0.10
1.86

0.30
0.85

RPBH-N-0000

ROYAL PALMS BEACH HOTELS PLC

2.06

0.67

RWSL-N-0000
SAMP-N-0000

RAIGAM WAYAMBA SALTERNS PLC

SAMPATH BANK PLC

-0.43
1.07

-0.30
0.96

SCAP-N-0000
SDB-N-0000

SOFTLOGIC CAPITAL PLC

SANASA DEVELOPMENT BANK PLC

1.12
1.11

0.92
1.21

SELI-N-0000

SELINSING PLC

0.36

-0.66

SEMB-N-0000
SEMB-X-0000

S M B LEASING PLC
S M B LEASING PLC

0.70
0.77

0.78
0.78

SERV-N-0000
SEYB-N-0000

THE KINGSBURY PLC

SEYLAN BANK PLC

1.73
1.75

1.26
1.15

SEYB-X-0000

SEYLAN BANK PLC

1.75

1.15

SFCL-N-0000
SFIN-N-0000

SENKADAGALA FINANCE COMPANY PLC

SINGER FINANCE LANKA PLC

2.27
-0.11

1.10
-0.52

SFL-N-0000

SINHAPUTHRA FINANCE PLC

-1.45

-1.32

SFL-P-0000
SFS-N-0000

SINHAPUTHRA FINANCE PLC - Preference Sha re

SWARNAMAHAL FINANCIAL SERVICES PLC

-1.45
1.17

-1.32
-0.08

SHAL-N-0000
SHAW-N-0000

SHALIMAR (MALAY) PLC.

SHAW WALLACE & HEDGES PLC

0.07
0.49

-0.50
0.34

SHL-N-0000

SOFTLOGIC HOLDINGS PLC

0.56

0.34

SHOT-N-0000
SHOT-X-0000

SERENDIB HOTELS PLC

SERENDIB HOTELS PLC

1.28
1.28

1.06
1.06

SIGV-N-0000

SIGIRIYA VILLAGE HOTELS PLC

2.38

1.57

SIL-N-0000
SING-N-0000

SAMSON INTERNATIONAL PLC

SINGALANKA STANDARD CHEMICALS PLC

2.15
1.13

1.69
0.73

SINI-N-0000

SINGER INDUSTRIES (CEYLON) PLC

-1.10

-0.61

SINS-N-0000

SINGER (SRI LANKA) PLC

0.78

0.48

SIRA-N-0000

SIERRA CABLES PLC

-0.35

-0.28

SLND-N-0000

SERENDIB LAND PLC

1.10

-0.61

SLTL-N-0000

SRI LANKA TELECOM PLC

1.11

0.13

SMOT-N-0000
SOY-N-0000

SATHOSA MOTORS PLC

CONVENIENCE FOODS LANKA PLC

0.74
-0.13

-0.01
-0.04

SPEN-N-0000

AITKEN SPENCE PLC

1.43

1.18

2014 GIH Capital is a Limited liability company registered with Securities and Exchange commission of Sri Lanka (SEC). All rights reserved.

Security ID

Name

Beta Value Against

ASI
0.85
0.98
-0.38
0.59
0.45
0.07
-1.44
2.34
2.34
3.28
3.28
0.29
0.12
0.39
1.12
1.12
1.08
0.63
0.80
3.86
0.34
0.89
1.62
1.39

Beta Value Against

S & P SL20
0.26
0.66
-0.08
0.26
0.61
-0.18
-1.53
1.48
1.48
2.87
2.87
-0.15
0.44
0.15
0.74
0.74
0.47
0.27
-0.21
0.64
0.30
-0.05
0.69
1.61

STAF-N-0000
SUN-N-0000
SWAD-N-0000
TAFL-N-0000
TAJ-N-0000
TANG-N-0000
TAP-N-0000
TESS-N-0000
TESS-X-0000
TFC-N-0000
TFC-X-0000
TFIL-N-0000
TILE-N-0000
TJL-N-0000
TKYO-N-0000
TKYO-X-0000
TPL-N-0000
TRAN-N-0000
TSML-N-0000
TWOD-N-0000
TYRE-N-0000
UAL-N-0000
UBC-N-0000
UCAR-N-0000

DOLPHIN HOTELS PLC

SUNSHINE HOLDINGS PLC
SWADESHI INDUSTRIAL WORKS PLC
THREE ACRE FARMS PLC
TAJ LANKA HOTELS PLC
TANGERINE BEACH HOTELS PLC
TAPROBANE HOLDINGS LTD
TESS AGRO PLC
TESS AGRO PLC - Non Voti ng
THE FINANCE COMPANY PLC
THE FINANCE COMPANY PLC
TRADE FINANCE AND INVESTMENTS PLC
LANKA FLOORTILES PLC
TEXTURED JERSEY LANKA PLC
TOKYO CEMENT COMPANY (LANKA) PLC
TOKYO CEMENT COMPANY (LANKA) PLC
TALAWAKELLE TEA ESTATES PLC
TRANS ASIA HOTELS PLC
TEA SMALLHOLDER FACTORIES PLC
TOUCHWOOD INVESTMENTS PLC
KELANI TYRES PLC
UNION ASSURANCE PLC
UNION BANK OF COLOMBO PLC
UNION CHEMICALS LANKA PLC

UDPL-N-0000

UDAPUSSELLAWA PLANTATIONS PLC

1.94

0.94

UML-N-0000

UNITED MOTORS LANKA PLC

3.42

1.28

VFIN-N-0000

VALLIBEL FINANCE PLC

1.35

0.83

VLL-N-0000

VIDULLANKA PLC

-0.38

-0.41

VONE-N-0000

VALLIBEL ONE PLC

0.70

0.50

VPEL-N-0000

VALLIBEL POWER ERATHNA PLC

1.15

0.88

WAPO-N-0000

GUARDIAN CAPITAL PARTNERS PLC

1.76

1.11

WATA-N-0000

WATAWALA PLANTATIONS PLC

0.63

0.54

YORK-N-0000

YORK ARCADE HOLDINGS PLC

1.76

0.84

2014 GIH Capital is a Limited liability company registered with Securities and Exchange commission of Sri Lanka (SEC). All rights reserved.

Stock Beta and Volatility

Perhaps the single most important measure of stock risk or volatility is a stock's beta. It's one of those
at-a-glance measures that can provide serious stock analysts with insights into the movements of a
particular stock relative to market movements.
We're going to first attempt to define the concept of beta values, including some of the theory upon
which it's based. Next, we're going to talk about the pros and cons of the measure, while providing
insights into the correct use of beta values when analyzing a stock.

Beta Values
The concept of beta is fairly simple; it's a measure of individual stock risk relative to the overall risk of
the stock market. It's sometimes referred to as financial elasticity. The measure is just one of several
values that stock analysts use to get a better feel for a stock's risk profile. As we'll see later on in our
discussion, the beta value is calculated using price movements of the stock we're analyzing. Those
movements are then compared to the movements of an overall market indicator, such as a market
index, over the same period of time.

Beta Rules of Thumb

Beta values are fairly easy to interpret too. If the stock's price experiences movements that are greater
- more volatile - than the stock market, then the beta value will be greater than 1. If a stock's price
movements, or swings, are less than those of the market, then the beta value will be less than 1.
Since increased volatility of stock price means more risk to the investor, we'd also expect greater
returns from stocks with betas over 1. The reverse is true if a stock's beta is less than 1. We'd expect
less volatility, lower risk, and therefore lower overall returns.

CAPM Theory and Beta

During our discussions of calculating stock prices, and our follow up discussion of the capital asset
pricing model, or CAPM, we explained how we could calculate the expected return on an investment
by examining risk-free investments, expectations of the stock market, and stock betas.
For example, by using the following CAPM formula we can calculate the expected rate of return on an
investment as:
Expected Rate of Return = r = rf + B (rm - rf)
Where:

rf = The risk-free interest rate is the interest rate the investor would expect to receive from a risk-free
investment. Typically, Treasury Bills rates are used.
B = A stock beta is used to mathematically describe the relationship between the movements of an
individual stock versus the market itself. Investors can use a stock's beta to measure the risk of a
security versus the market.
rm = The expected market return is the return the investor would expect to receive from a broad
stock market indicator such as the ASPI & S&P 20.

2014 GIH Capital is a Limited liability company registered with Securities and Exchange commission of Sri Lanka (SEC). All rights reserved.

If we were to translate this CAPM formula into words, we'd say the following:
"The expected return on an investment is equal to the return on a risk-free investment plus the risk
premium that's associated with the stock market itself, adjusted for the relative risk of the common
stock we've chosen."
Stock beta values are a key element when using the CAPM.

Advantages and Disadvantages of Beta

In the next two sections, we're going to discuss the advantages and disadvantages of beta values. The
outcome of this discussion should be an overall understanding of how to use this measure in practice.
For example, you may want to look at a stock's beta before making a purchase decision. That's a good
step to take as part of your stock research, as long as you understand what the value is telling you.

Advantages of Beta
The calculation of beta is based on extremely sound finance theory. The CAPM pricing theory is about
as good as it gets when it comes to pricing stocks, and is far easier to put into practice when compared
to the Arbitrage Pricing Theory, or APT. If you're thinking about investing in a company's stock, then
the beta allows you to understand if the price of that security has been more or less volatile than the
market itself. That's certainly a good factor to understand about a stock you're planning to add to your
portfolio.

Disadvantages of Beta
We're an advocate of value investing, which includes conducting stock research that focuses on a
company's fundamentals and an understanding of financial ratios before investing in a stock.
Unfortunately, if you're calculating stock beta values using price movements over the past three years,
then you need to bear in mind that the "past performance is no guarantee of future returns" rule
applies to beta values.
Beta is calculated based on historical price movements, which may have little to do with how a
company's stock is poised to move in the future. Because the measure relies on historical prices, it's
not even possible to accurately calculate the beta of newly issued stocks.
Beta also doesn't tell us if the stock's movements were more volatile during bear markets or bull
markets. It doesn't distinguish between large upswing or downswing movements. So while beta can
tell us something about the past risk of a security, it tells us very little about the attractiveness or the
value of the investment today or in the future.

2014 GIH Capital is a Limited liability company registered with Securities and Exchange commission of Sri Lanka (SEC). All rights reserved.

Beta Calculations
You'll find calculated values of beta on all of the major stock reporting websites: Yahoo Finance, MSN
Money, and Google Finance all report stock beta values. You can also calculate beta yourself using a
fairly straightforward linear regression technique that's available in a spreadsheet application such as
Microsoft's Excel or OpenOffice Calc.
In fact, to calculate a stock's beta you only need two sets of data:
Closing stock prices for the stock you're examining.
Closing prices for the index you're choosing as a proxy for the stock market.
Most of the time, beta values are calculated using the month-end stock price for the security you're
examining, and the month end closing price of the stock exchange.

The formula for the beta can be written as:

Beta = Covariance (stock versus market returns) / Variance of the Stock Market

2014 GIH Capital is a Limited liability company registered with Securities and Exchange commission of Sri Lanka (SEC). All rights reserved.

DISCLAIMER
Important Information
This publication, issued by GIH Capital Limited (GIHCapital) is based on publicly available information, information sources and data
(the information) whose reliability is beyond question. Nonetheless, GIHCapital accepts no responsibility, either express or implied,
for errors or incompleteness of the information provided. Possible errors in this information do not constitute grounds for liability,
either directly or indirectly. In particular, neither GIHCapital nor its shareholders or employees are responsible for the accuracy or
continuing accuracy of the opinion, appraisals, conclusions, plans or details of investment funds , their investment strategies, the
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Discrepancies may emerge in respect of our own financial researches from the preceding publication, relating to the same financial
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Investment
Before you make an investment, we recommend that you obtain detailed information about the investment and the nature of the risks
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GIH Capital Limited

Research Division
Level 01, No. 14, 16th Lane,
Colombo 03, Sri Lanka.
T: +94-11-7 45 28 00 F: +94-11-7 45 28 01
E: research@gihcapital.com
About Us
GIH Capital Limited (GIH Capital) is a boutique, multi-disciplinary Islamic investment management and advisory firm licensed by the
Securities & Exchange Commission (SEC) of Sri Lanka as a Market Intermediary under the category of an Investment Manager. GIH
Capital specializes in both traditional and alternative investment instruments and offers high degree of sophistication in managing
clients funds with an overall view of establishing a well diversified portfolio and generating an acceptable risk-adjusted rate of returns.
GIH Capital is a subsidiary of Guardian Investment Holdings (Pvt.) Limited (GIH).
Copyright GIH Capital Limited (All rights reserved)

2014 GIH Capital is a Limited liability company registered with Securities and Exchange commission of Sri Lanka (SEC). All rights reserved.