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14th June 2013

th

June 2013
2011
7th14
October

38
Volume
Volume 24

Sri Lanka Focus

ASIA RESEARCH TEAM 1

Focus
Colombo Stock Exchange

Weekly Review by Asia Wealth Management Research

IN THIS ISSUE;

ASI Daily Closing

Colombo Bourse ends in negative territory amidst


a stumble in world stocks...

(LKR mn)

3000

Focu
Focu

Colombo Stock Exch

7 October 2011

The Colombo Bourse extended the previous weeks


lacklustre momentum to conclude yet another week in a
negative note.
Pg 02

Volume 38

(ASI)

6500

2500

6400
6350

2000

6300

1500

6250
6200

Colombo Bourse Billion Ruppee Club

1000

6150

Table below shows the members who have


qualified to be a part of Asia Wealth Researchs Billion Rupee
Club.
th

6450

500

6100
6050

28- 29- 30- 31- 3-Jun4-Jun5-Jun6-Jun7-Jun 10- 11- 12- 13- 14May May May May
Jun Jun Jun Jun Jun

Pg 03

Turnover ( RHS)

ASI closing ( LHS)

Analysis of Various Warrants Listed on CSE


Weekly overview of commodity trading

Pg 04

Commodity Prices

Pg 05

Market Statistics

Volume 38

LKR depreciates while foreign interest in CSE


retained

7 October 2011

th

Major Price Movements


Nation Lanka Finance (W 021)
Laugfs Gas (NV)

Capital Alliance Finance


Tea Smallholders
Agstar Fertilizers
Samson International
Mtd Walkers
Pc Pharma

2011

38

Kelsey Development
Pch Holdings

07-May

% Chg.

3,504.35
13,603.63
18,940.68
2,033.02
3,500.47
164.91
3,108.66
2,388.51
18.66
3,200.00
25.00
640.00
132.90
1,112.20
683.20

3,550.47
13,787.16
19,112.60
2,038.75
3,553.47
167.34
3,230.90
2,422.13
19.15
4,855.50
38.39
971.10
128.20
2,532.12
592.68

-1.3
-1.3
-0.9
-0.3
-1.5
-1.5
-3.8
-1.4
-2.6
-34.1
-34.9
-34.1
3.7
-56.1
15.2

Colombo Stock Exch

The market shed further value for the third


consecutive week, possibly due to profit taking witnessed in
large cap counters and greater.........
Pg 07

Company

14-June

6,219.39
6,307.43
W eekly R eview
by Asia
Wealth -1.4
Mana

All Share Index


S&P SL20 Index
Banking & Finance
Food & Beverage
Diversified
Hotels & Travels
Telecommunication
Manufacturing
Market Capitalisation (LKR bn)
(USD bn)
Turnover (LKR mn)
(USD mn)
Average Daily Turnover (LKR mn)
Volume (mn shares)
Foreign Purchases (LKR mn)
Foreign Sales(LKR mn)

Price

+/-LKR

0.1

-0.4

-80.0

Nation Lanka Finance

15,797,252

19.7

-3.5

-15.1

Nation Lanka Finance (W 021)

15,045,521

20

-3.3

-14.2

Panasian Power

14,324,376

-13.6

Pc House

6,953,541

Softlogic Holdings

5,561,426

Seylan Merchant Bank (NV)

4,007,107

16.7

Seylan Merchant Bank

2,967,141
2,901,325

43.2

-6.8

+/- %

Large Trades
Manag
CompanyWeekly Review by Asia WealthVolume

6.7

-1

-13.0

104.5

12.3

13.3

32.9

4.7

Colombo Stoc

0.8

19.0

Free Lanka Capital Holdings

24

4.7

24.4

Mtd Walkers

2,803,790

25.0

Amana Takaful

2,526,610

0.8

Sri Lanka Focus

14th June 2013

ASIA RESEARCH TEAM 2

Features
Colombo Bourse ends in negative territory amidst a stumble in world stocks...
The Colombo Bourse extended the previous weeks lacklustre momentum to conclude yet another week in a negative
note. The ASI shed 88 points WoW to close at 6,219.4 points (-1.4%), whilst the S&P SL 20 Index lost 46.12 points WoW to
close at 3,504.4 points (-1.3%). Indices dipped mainly on the back of losses made by Nestle Lanka (-4% WoW),
Commercial Bank of Ceylon (-3.8% WoW), Chevron Lubricants Lanka (-6.9% WoW), Dialog Axiata (-2.2% WoW) and
Cargills Ceylon (-3.3% WoW).
The week continued to witness downward momentum whilst most of the counters fell off the track due to profit booking
witnessed across the board. World stocks also witnessed heavy volatility during the week amidst the World Banks cut in
the global economic growth forecast for 2013, whilst concerns regarding a potential ease in the Central Banks efforts to
support global economy also loomed fear among the global equity markets. During the week MSCI Frontier Market Index
witnessed a WoW decline of 3.8% as at Thursday, whilst the MSCI Emerging Market Index also witnessed a WoW dip of
4.2%.
Moving our attention to the Colombo Bourse, the weekly turnover level was mainly enhanced by foreign and local
institutional interest witnessed in conglomerate John Keells Holdings. However, the counter witnessed only a marginal
WoW increase of 0.15% in its price to close at LKR266.0 as at Friday. In addition, institutional interest was also evident in
Sampath Bank which secured the second place in the weekly top turnover calibre. The counter witnessed a single
crossing during the week whilst ending at a WoW price decline of 6.1%. Further crossings were witnessed in counters
such as Cargills Ceylon, Ceylon Tobacco Company, United Motors Lanka & Commercial Bank. In light of these activities
bourse recorded an average turnover of LKR640mn during the week whilst the average volume was 26.6mn.
In addition, the week marked the full subscription of the first tranche of Anilana Hotels & Properties (AHAPL) IPO
amounting to LKR480mn, whilst the company has decided to accept the applications for the second tranche of its IPO
amounting LKR480mn.
Furthermore, Nation Lanka Finance, Nation Lanka Finance (W21), Pan Asian Power and PC House topped the list in
terms of volume traded during the week.
Meanwhile, the week witnessed a decline in foreign participation where foreign purchase witnessed a decline of 56.1%
WoW, whilst foreign sales witnessed WoW increase of 15.2% despite recording a net foreign inflow of LKR429mn.
However, Colombo bourse still remains attractive at a trailing market PE of 12.5X compared to its nearest counterparts
and the MSCI frontier emerging market index which trades at a PE of 13.6X.
Market capitalisation stood at LKR 2,388.5bn, and the YTD performance is 10.2%.

Both indices dipped during the week amidst profit taking as well as a heightened investor interest in corporate
debentures. The week marked the IPO forum hosted by Anilana Hotels & Properties (AHAPL) which would be the first
IPO for 2013. Further, the Central Bank in its Monetary Policy review for June 2013 stated that it is confident that the
monetary policy measures it has undertaken will place downward pressure on bank lending rates in order to facilitate

14th June 2013

Sri Lanka Focus

ASIA RESEARCH TEAM 3

Colombo Bourses Billion Rupee Club


Table below shows the members who have qualified to be a part of Asia Wealth Researchs Billion Rupee
Club. The eligibility criteria lie with their earnings reaching LKR1 bn mark. The list will be refreshed on a
quarterly basis identifying the new qualifying members whilst eliminating the disqualifying.
Company
JOHN KEELLS HOLDINGS
COMMERCIAL BANK [V]
COMMERCIAL BANK [NV]
NDB
DIALOG TELEKOM
CEYLON TOBACCO
HNB [V]
HNB [NV]
DISTILLERIES
BUKIT DARAH
SRI LANKA TELECOM
SAMPATH BANK
CARSON CUMBERBATCH
DFCC BANK
NESTLE LANKA
AITKEN SPENCE
PEOPLES LEASING
CENTRAL FINANCE
OVERSEAS REALTY
LANKA IOC
ASIAN HOTEL & PROPERTIES
CHEVRON LUBRICANTS
ACCESS ENGINEERING
TAPROBANE
HOLDINGS
LIMITED
SEYLAN BANK [V]
SEYLAN BANK [NV]
UNITED MOTORS
NATIONS TRUST BANK
CEYLON GUARDIAN
COLOMBO DOCKYARD
CEYLINCO INSURANCE [V]
CEYLINCO INSURANCE [NV]
CEYLON COLD STORES
RICHARD PIERIS
LOLC
HAYLEYS
AIT. SPENCE HOTEL HOLD.
ASIRI SURGICAL
LB FINANCE
ROYAL CERAMICS
HEMAS HOLDINGS
CEYLON TEA SERVICES
DIPPED PRODUCTS
VALLIBEL ONE LIMITED
CEYLON INVESTMENT
CEYLON THEATRES
JOHN KEELLS HOTELS
COMMERCIAL LEASING &
TRANS
ASIA
FINANCE
LAUGFS GAS
LAUGFS GAS [NV]
EXPOLANKA HOLDINGS
LION BREWERY
TEXTURED JERSEY

Price

Trailing
ROE

BVPS

Net Profit

Trailing
EPS

Trailing PE

PBV

Mkt Cap Mn

267.00
117.00
96.10
171.90
8.80
979.80
165.00
120.00
195.00
709.90
42.00
211.00
439.90
140.20
1,920.00
139.00
15.00
187.00
18.70
26.00
74.00
293.20
20.40
4.80
66.10
36.80
119.50
64.70
188.00
235.50
1,014.00
370.00
157.20
7.40
60.20
308.00
75.00
10.40
134.80
106.00
35.80
649.00
127.70
19.00
90.20
144.00
13.30
4.40
83.40
26.00
19.70
7.00
387.50
12.30

14%
18%
18%
38%
22%
223%
15%
15%
11%
16%
9%
0.17
12%
0.13
112%
12%
16%
19%
13%
22%
11%
53%
19%
77%
11%
11%
27%
20%
0.14
19%
14%
14%
21%
24%
9%
8%
14%
51%
32%
20%
14%
18%
21%
0.05
14%
9%
7%
14%
18%
16%
16%
12%
18%
18%

104.80
62.41
62.41
139.62
4.76
19.54
128.28
128.28
164.60
312.21
31.10
166.66
176.65
106.14
57.17
69.10
12.18
153.59
26.60
24.46
49.00
37.80
12.47
3.99
57.32
57.32
109.57
43.85
179.14
141.55
537.64
537.64
96.54
4.06
42.01
299.45
38.44
6.51
76.94
75.83
23.59
395.67
114.34
28.58
88.68
72.20
11.19
1.23
30.27
16.76
16.76
4.65
73.88
8.75

12,201.08
9,462.15
9,462.15
8,624.13
8,536.41
8,152.00
7,814.90
7,814.90
5,519.70
5,042.37
4,960.00
4,773.44
4,013.75
3,523.25
3,446.13
3,266.84
3,045.00
3,041.11
2,954.53
2,908.80
2,494.30
2,396.43
2,382.23
2,258.36
2,165.54
2,165.54
2,012.90
2,011.46
2,002.40
1,983.37
1,960.30
1,960.30
1,915.72
1,902.72
1,862.55
1,855.02
1,782.02
1,738.38
1,702.67
1,670.39
1,657.66
1,435.05
1,417.89
1,403.46
1,258.76
1,149.70
1,121.02
1,068.23
1,065.72
1,060.82
1,060.82
1,060.66
1,045.91
1,016.57

14.23
11.15
11.15
52.52
1.05
43.52
19.61
19.61
18.40
49.43
2.75
28.45
20.44
13.29
64.14
8.05
1.93
29.00
3.50
5.46
5.63
19.97
2.38
3.08
6.28
6.28
29.92
8.72
24.39
27.60
74.21
74.21
20.16
0.97
3.92
24.73
5.30
3.29
24.58
15.08
3.22
71.75
23.69
1.29
12.78
6.28
0.77
0.17
5.33
2.74
2.74
0.54
13.07
1.55

18.77
10.49
8.62
3.27
8.40
22.51
8.41
6.12
10.60
14.36
15.28
7.42
21.52
10.55
29.93
17.27
7.78
6.45
5.34
4.76
13.14
14.68
8.56
1.56
10.53
5.86
3.99
7.42
7.71
8.53
13.66
4.99
7.80
7.62
15.36
12.45
14.15
3.16
5.48
7.03
11.13
9.04
5.39
14.71
7.06
22.93
17.28
26.27
15.65
9.49
7.19
12.90
29.64
7.93

2.55
1.87
1.54
1.23
1.85
50.15
1.29
0.94
1.18
2.27
1.35
1.27
2.49
1.32
33.59
2.01
1.23
1.22
0.70
1.06
1.51
7.76
1.64
1.20
1.15
0.64
1.09
1.48
1.05
1.66
1.89
0.69
1.63
1.82
1.43
1.03
1.95
1.60
1.75
1.40
1.52
1.64
1.12
0.66
1.02
1.99
1.19
3.58
2.76
1.55
1.18
1.51
5.25
1.41

228,989.84
92,904.84
5,241.60
28,226.31
71,665.25
183,539.81
52,568.33
9,594.33
58,500.00
72,409.80
75,804.12
35,396.73
86,390.60
37,166.70
103,152.89
56,433.45
23,697.94
19,613.18
15,773.16
13,845.78
32,765.37
35,184.00
20,400.00
3,518.16
11,632.11
6,218.57
8,038.42
14,920.29
15,434.18
16,922.78
20,280.00
2,373.36
14,940.29
14,489.85
28,607.04
23,100.00
25,221.75
5,495.96
9,335.86
11,743.67
18,447.40
12,980.00
7,644.32
20,644.63
8,886.04
26,366.00
19,366.75
28,061.93
16,680.00
8,710.00
1,024.40
13,684.41
31,000.00
8,056.53

14th June 2013

Sri Lanka Focus

ASIA RESEARCH TEAM 4

Features
Analysis of Various Warrants Listed on the CSE
The below table depicts a comparison of the warrants trading price with its intrinsic value (derived through the Black
Scholes Call option valuation method). The 6th column to the right depicts the difference between the intrinsic value
and the traded price. Hence, the positive figures would explain the potential for the respective warrant to further
appreciate. (Price to be constant). However, it is noted that the intrinsic value is derived based on the current value
of the underlying stock price, its volatility, period to maturity and the risk free rate. Hence, any adverse movement of
the mentioned assumptions would have an adverse impact on the warrant value, and any favourable movement
would positively impact the warrant value (E.g.: if in case the asset price appreciates from the existing, it would
invariably increase the value of the warrant.Thus, the negative value would denote that the warrant is overvalued at
the current price (assuming the underlying stock.)

Warrants Valuation

Exercise
price
CLPL-W-0013
CLPL-W-0014
GREG-W-0003
GREG-W-0006
REEF-W-0019

118.00
142.00
36.00
39.00
40.00

Share Price
Expiry Date
(2013/06/14)
77.90
77.90
15.50
15.50
23.40

25-Aug-14
25-Aug-15
24-Feb-14
24-Feb-15
15-Jun-15

Price According to Black


Warrant Price
Scholes model (Intrinsic
(2013/06/14)
value)
1.80
0.00
3.60
0.00
1.10
0.00
2.30
0.00
2.80
0.00

Undervalued/
(Overvalued)
(1.80)
(3.60)
(1.10)
(2.30)
(2.80)

Sri Lanka Focus

14th June 2013

ASIA RESEARCH TEAM 5

Commodity Prices
Date as at

23.05.13

31.05.13

07.06.13

14.06.13

102.6

102.2

103.6

104.3

0.7%

Gold (USD/ounce)

1,372.5

1,418.9

1,412.9

1,380.7

-2.3%

Copper LME (USD/ton)

7,445.5

7,286.8

7,378.0

7,057.0

-4.4%

20.05.13

30.05.13

05.06.13

12.06.13

461.92

452.57

441.56

444.83

20.05.13

30.05.13

06.06.13

13.06.13

399.5

385.0

368.0

365.0

-0.8%

23.05.13

31.05.13

07.06.13

14.06.13

USD

126.40

126.50

126.37

128.60

WoW %
change
1.8%

EURO

162.23

165.01

167.57

171.35

2.3%

STG (GBP)

189.89

192.61

197.14

201.30

2.1%

1.22

1.25

1.31

1.35

3.1%

20.59

20.64

20.60

20.98

1.8%

Brent Crude Oil (USD/barrel)

WoW %
change

METALS

AGRI
Date as at
Tea LKR/Kg
Date as at
Rubber (RSS 1) LKR /Kg
Exchange Rates (LKR)

YEN
YUAN (CNY)

WoW %
change
0.7%
WoW %
change

Source: Bloomberg, AFP, Reuters, CBSL, RDDSL, Asia Siyaka

OIL
Price of crude oil continued to gain during the week on data which showed reduction in U.S. crude oil stock piles
which were hovering at its highest level since the 1980s. Further, the U.S stimulus measures are expected to boost
activity levels which signals a possible increase in future demand for the fuel by the worlds largest crude oil
consuming economy. In addition, the fears of ongoing political unrest in Turkey causing a possible disruption to the
supply of oil also fuelled the prices. However, profit booking by investors restricted the gain in price. Price of Brent
Crude oil spiked 0.7% WoW to USD 104.3/barrel on the back of these developments.

Gold
Gold price continued to tumble during the week on account of the third round of U.S bond buying programme to
stimulate growth in the worlds largest economy. The third round of QE measures are expected to further revive
economic activity and hence, price of U.S bonds as well as price of gold continued to fall as investors took position in
equities. On account of these changes price of gold fell as much as 2.3% WoW to USD 1,380.7/ounce at the London
Metal Exchange.

Sri Lanka Focus

14th June 2013

ASIA RESEARCH TEAM 6

Commodity Prices
Copper
Copper prices fell notably during the week as falling Asian shares put pressure on the industrial metal to fall in price.
The indication that Asian markets are faring badly, probably in the face of Bank of Japans move to discontinue its QE
efforts, tends to put downward pressure on the price of red metal as well as on Asian markets. It can be observed
that the price of copper is more sensitive towards the developments in the Asian region compared to the West.
Reflecting this fact, copper price on the LME fell as much as 4.4% WoW to USD 7,057.0/ton even amidst signs that
U.S demand is recovering.

USD
The greenback gained heavy ground against most of the internationally traded currencies including the Euro, the GBP
and the AUD as investors took position in U.S equities in the face of Feds third round of QE measures to boost
activity levels. U.S markets gained massively during the week further reflecting these developments. However, the
USD fell notably against the Japanese Yen on account of the Bank of Japans move to discontinue its large scale bond
buying programme.
Source: Bloomberg, AFP, Reuters, Eurostat

Sri Lanka Focus

14th June 2013

ASIA RESEARCH TEAM 7

Conclusion
LKR depreciates while foreign interest in CSE retained
The market shed further value for the third consecutive week, possibly due to profit taking witnessed in large cap
counters and greater domestic investor interest in corporate debentures which provides an attractive tax free
alternative to equity investments. Reaffirming this, corporate debentures issued by Lion Brewery and Central
Finance were oversubscribed during the week. The week continued to witness a decline in primary market yields of
treasury bills and bonds as the Central Bank used its moral suasion on Commercial Banks in an attempt to lower
market interest rates. Contemporaneously, the USD/LKR weakened by approx. 2% and hit a 6-month low over the
week with importers expecting the LKR to depreciate further. This could be partly explained by foreign investors of
domestic treasury securities locking in capital gains made in a declining interest rate environment prior to a further
depreciation of the LKR. A declining interest rate environment could contribute to a weakening of the LKR due to a
lack of demand for government securities as domestic rates becomes less attractive to foreign investors compared
with other developing countries in the region. Nevertheless foreign investor interest in the CSE continued to persist
as selected equities continued to trade at attractive multiples. As a result the YTD net foreign inflow was recorded
at LKR16.3 bn by the end of the week.
In conclusion, if the Central bank is successful in persuading commercial banks to lower market interest rates, all
firms in general would be positively impacted due to lower borrowing costs. However if the depreciation of the LKR
persists, its impact on firm earnings would be more mixed. Specifically if the LKR depreciation persists, export
oriented and tourism sector firms may be positively impacted whilst manufacturing firms which heavyliy rely on
imported raw materials and firms with large foreign borrowings may be negatively impacted.

14th June 2013

Sri Lanka Focus

ASIA RESEARCH TEAM 8

Focus on Investment
Key Buys

Charts Sourced from Asia Wealth Research

Manufacturing
X LKR 20.60

LKR

40

Tokyo Cement
N LKR 25.80

35
30
25

20
15

10
TKYO

0
6 / 1 5 / 2 0 1 2 7 / 3 0 / 2 0 1 2 9 / 1 2 / 2 0 1 21 0 / 2 4 / 2 0 1 2
1 2 / 1 0 / 2 0 1 2 1 / 2 8 / 2 0 1 3 3/ 13/ 2013 4/ 30/ 2013

25

LKR

TKYO, being the joint market leader in the cement industry, has its grinding
facility located in Trincomalee, ideally located for the rebuilding boom. TKYO, a
direct beneficiary of construction sector upturn, is in a strong position to take
advantage of increasing demand in current excess capacity. TKYO completed a
10 MW bio mass power plant which provides them significant cost advantage
together with additional boost to top line.

20
15
10
5
TKYOX
0

Banking & Finance

18
16
14

Largest specialized leasing company in Sri Lanka is a subsidiary of Peoples Bankthe 2nd largest commercial bank inthe country, a holding.Principal business
activity of PLC is the provision of finance leasing, operating leasing, HP facilities
etc...During 2012 most of the finance companies enjoyed much demand for
loans, due to credit ceiling imposed on LCBs. However the ceiling was lifted
from the beginning of 2013, yet we believe that theprjected decline in interest
rates would create more avenues for RFCs. PLC achieving the finance company
licenses, have opened opportunities to collect public deposits and minimise cost
of funds, where the company was earlier depending on more borrowings. Going
by these, we believe PLC is a medium to long term healthy investment to
consider.

8
6
4
2
0
6/15/2012 7/30/2012 9/12/2012 10/24/201212/10/2012 1/28/2013 3/13/2013 4/30/2013
PLC

Banking& Finance
300

The bank expects a moderate pace on branch expansions for 2013 as it has
achieved sufficient coverage while aggressively developing and promoting
electronic banking channels. As the pioneer in blending IT with banking, the
company will revamp its existing products and innovate new customer focus
products. The bank is well poised to take advantage of the current economic
developments taking place in the country. The credit ceiling that existed during
2012, limited the growth of LCBs, including Sampath bank. However, the
removal of the ceiling from 2013, and the anticipated drop in interest rates
coupled with SAMPs strong capital adequacies, would enable the bank to enter
another growth phase in its performance. Therefore considering these factors
we rate SAMP as a mid to longer term investment.

John Keells Holdings


N LKR 267.00

10

Diversified

LKR

Sampath Bank
N LKR 211.00

12

250
200
150

100
50

SAMP

0
6/15/2012 7/30/2012 9/12/2012 10/24/201212/10/20121/28/2013 3/13/2013 4/30/2013

350
300

LKR

Peopless Leasing & Finance


N LKR 15.00

LKR

6/15/2012 7/30/2012 9/12/2012 10/24/2012


1 2 / 1 0 / 2 0 1 21 / 2 8 / 2 0 1 3 3 / 1 3 / 2 0 1 3 4 / 3 0 / 2 0 1 3

250

The sustained performance of the group during FY13 inspite of its high
exposure to macro economic shocks is a testament to the firms commitment
towards value creation whilst maintaining a healthy balance sheet.Going
forward, with the growth in GDP, per capita income and the increase in tourist
arrivals we anticipate the consumer retail and the leisure sector to perform
admirably.

200

150
100
50

JKH

0
6/15/2012 7/30/2012 9/12/2012 10/24/2012 12/10/2012 1/28/2013 3/13/2013 4/30/2013

14th June 2013

Sri Lanka Focus

ASIA RESEARCH TEAM 9

Focus on Investment
Chemicals & Pharmaceuticals
X LKR 50.80

LKR

100

CIC Holdings
N LKR 69.20

80
60
40
20

CIC
0
6/15/2012 7/30/2012 9/ 12/ 201210/24/201212/10/2012 1/28/2013 3/ 13/ 2013 4/30/2013

80

LKR

CIC is considered as the only seed to shelf agricultural company in Sri


Lanka.The Company also has foot prints in consumer and pharmecuitical
industries, Paints, Industrial raw material and Packaging. Acquisition of dairy
farms in north & east region coupled with CICs plans to expand overseas will
strengthens companys earnings in the medium to long term.

70
60
50
40
30
20
10

CICX

0
6/ 15/ 2012 7/ 30/ 2012 9/ 12/ 201210/ 24/ 201212/ 10/ 2012 1/ 28/ 2013 3/ 13/ 2013 4/ 30/ 2013

Commercial Bank is the largest private sector commercial bank with an asset
base of LKR512.2 bn as at Dec 2012, and operates with above 550 ATM points,
which is also the largest single network in the country. With the expected drop in
interest rates in the economy consequent to the cut in policy rates and lifting of
the credit ceiling that prevailed during 2012, coupled with the strong capital
adequacies; the bank is expected to continue its growth momentum. Therefore
considering these factors we rate COMB as a mid to longer term investment.

140
120
100
80
60
40
20
0

LKR

Banking & Finance


X LKR 96.10

COMB

120

LKR

Commercial Bank
N LKR 117.00

100
80
60
40
20
0

Banking & Finance


X- LKR 120.00

HNB is the second largest private commercial bank with a total asset base of
LKR459.4bn as at end 2012, and number one private bank in terms of branches
with a strong network of over 247. HNB which has a relatively larger retail
deposit base is projected to enjoy higher interest spreads and would also benefit
from the growth in SME lending. With, the expected drop in interest rates in the
economy consequent to the cut policy rates and lifting the credit ceiling that
prevailed during 2012, coupled with the strong capital adequacies; the bank is
expected to continue its growth momentum. Therefore considering these
factors we rate HNB as a mid to longer term investment.

200
180
160
140
120
100
80
60
40
20
0

HNB

140
120

LKR

Hatton National Bank


N-LKR 165.00

LKR

COMBX

100
80

60
40
20

0
HNBX

Banking & Finance

LB Finance is a leading registered finance company engaged in Leasing and


Hire Purchase business. Company is operating with a total asset base of LKR
54bn as at Mar 2013, and an island wide branch net work of 89. With
satisfactory liquidity levels and capital adequacies, company is poised to take
advantage in any growth in credit demand.The projected decline in interest
rates in the economy and rising demand for credit is to provide many
opportunities for these business models. Further company would stay ahead
of other finance companies consequent to its strong fundamentals, high
interest margins, high ROE etc...Therefore we rate LFIN as a worthwhile
investment with a time span of medium to long term.

180
160
140
120
100
80
60
40
20
0

LKR

LB Finance
N LKR 134.80
.0

LFIN

14th June 2013

Sri Lanka Focus

ASIA RESEARCH TEAM 10

Focus on Investment
Manufacturing
8
7

The company is the sole glass manufacture in Sri Lanka who supplies
glasscontainers to thefood and beverages, cosmetics, perfumery and the
pharmaceutical sectors.
The company at present virtually holds a
monopolistic position in the Local market with an approximately 97% market
share. Further, with their state of the art manufacturing plant in Horana,
coupled with the growing demand derived from the rapid developments
taking place within the Sri Lankan economy, the company is likely to deliver
better returns to its shareholders.

LKR

Piramal Glass
N LKR 6.60

6
5

4
3
2
1

GLAS

Aitken Spence
N LKR 139.00

Diversified

160

140

Aitken Spence, after an illustrious tenure of over 100+ years of operations in


Sri Lanka is today one of the most-recognized brand names in Sri Lanka. Led by
a competent management team, the group has made successful investments
into a number of key sectors of the Sri Lankan economy, including Tourism,
Logistics, power generation and inward money transfer operations. The firm
has consistently recorded a growth in operating profit from core operations
and has maintained a high ROE resulting in value creation to shareholders.

LKR

6/15/2012 7/30/2012 9/12/2012 10/24/201212/10/2012 1/28/2013 3/13/2013 4/30/2013

120
100
80
60
40
20

SPEN

0
6/15/2012 7/30/2012 9/12/2012 10/24/2012 12/10/2012 1/28/2013 3/13/2013 4/30/2013

Construction

Access Engineering (AEL) is a total solutions provider in the construction industry


with activities ranging from engineering designs, geotechnical services, piling
and horizontal drilling. The firm is the premiere choice for large & specialized
construction activities such as roads & highways, ports & marine, water & waste
management, whilse its clientele includes government entities such as the Road
Development Authority (RDA), Urban Development Authority (UDA) and Board
of Investments (BOI) as well as private sector firms such as Dialog Axiata, Taisei
Corporation etc.. The firm is well poised to capitalize on the construction boom
taking place in the Island with its proven track record.

25
LKR

Access Engineering
N LKR 20.40

20
15

10
5
AEL
0
6/15/2012

7/30/2012

9/12/2012 10/24/2012 12/10/2012 1/28/2013

3/13/2013

4/30/2013

14th June 2013

Sri Lanka Focus

ASIA RESEARCH TEAM 11

Stock Exchange Announcements


As at 14th June 2013
Rights issues
Company

Proportion / Issue Price

Pelwatte Sugar

01 for 04 @ LKR18.00

Last Date Of
Acceptance &
Payment

XR date

* Rights issue would be delayed until the outcome of the


proposed Act with regard to acquisition of its land by the
State is known.

Dividends announcements
Company

Trading of rights
Commences on

Final/ Interim

Property Development

Dividend Per
share (LKR)
2.75

XD Date

Payment Date

First & Final

13-06-2013

21-06-2013

Piramal Glass

0.38

First & Final

16-07-2013

25-07-2013

The Lighthouse hotel

2.00

Final

01-07-2013

09-07-2013

DFCC Bank

5.00

First & Final

01-07-2013

09-07-2013

Ceylon Beverage Holdings

7.00

First & Final

10-06-2013

18-06-2013

Lion Brewery Ceylon

4.00

First & Final

10-06-2013

18-06-2013

Aitken Spence

1.50

First & Final

28-06-2013

08-07-2013

Aitken Spence Hotel Holdings

1.00

First & Final

28-06-2013

08-07-2013

Hunas Falls Hotel

1.00

First & Final

25-06-2013

02-07-2013

Haycarb

3.00

Final

27-06-2013

04-07-2013

Balangoda Plantation

1.00

First & Final

27-06-2013

04-07-2013

Dipped Products

3.00

Final

28-06-2013

08-07-2013

Malwatte Valley Plantation

0.075

First & Final

19-06-2013

27-06-2013

Pegasus Hotels of Ceylon

0.50

First & Final

18-06-2013

26-06-2013

Equity One

0.11

First & Final

20-06-2013

28-06-2013

Citizen Development Business

2.75

28-06-2013

08-07-2013

LB Finance

6.50

First and Final


(Voting Non-Voting)
First and Final

01-07-2013

09-07-2013

E B Creasy & Co

10.00

First and Final

01-07-2013

09-07-2013

Central Finance

1.20

Final

23-07-2013

31-07-2013

14th June 2013

Sri Lanka Focus

ASIA RESEARCH TEAM 12

Stock Exchange Announcements


Company

Final/ Interim

Hayleys

Dividend Per
share (LKR)
4.50

XD Date

Payment Date

First & Final

01-07-2013

08-07-2013

Kotagala Plantations

2.50

First & Final

27-06-2013

05-07-2013

John Keells Plc

3.50

First & Final

06-06-2013

17-06-2013

John Keells Holdings

1.50

Final

06-07-2013

17-06-2013

Keells Food Products

2.00

First & Final

06-06-2013

17-06-2013

Ceylon Cold Stores

4.00

First & Final

06-06-2013

17-06-2013

Trans Asia Hotels

2.00

Final

06-06-2013

17-06-2013

Hemas Holdings

0.45

Final

01-07-2013

09-07-2013

United Motors Lanka

4.00

Final

08-07-2013

15-07-2013

CIC Holdings

1.00

Final (Voting Non-Voting)

02-07-2013

10-07-2013

Chemanex

0.50

Final

02-07-2013

10-07-2013

Watawala Planation

0.25

Final

10-07-2013

18-07-2013

Dankotuwa Porcelain

0.40

Final

24-07-2013

31.-07-2013

Ceylon Tea Services

10.0

Final

CW Mackie

3.00

First & Final

28-06-2013

08-07-2013

Laugfs

1.50

First & Final (Voting Non-Voting)

10-06-2013

19-06-2013

ODEL

0.10

Final

10-06-2013

19-06-2013

Sunshine Holdings

0.50

Final

25-07-2013

02-08-2013

Singer Finance

0.65

Final

10-06-2013

19-06-2013

Horana Plantation

2.00

Interim

17-06-2013

26-06-2013

Vallibel Finance

1.50

Interim

25-06-2013

04-07-2013

Peoples Leasing & Finance

0.50

Final

19-07-2013

30-07-2013

Central Industries

3.00

Final

Sathosa Motors

5.00

Final

Sigiriya Village

2.00

First & Final

Colonial Motors

3.00

First & Final

To be notified

To be notified

14th June 2013

Sri Lanka Focus

ASIA RESEARCH TEAM

13

Valuation Guide
Company

YE

SH(mn)

M.CAP(Bn) Price

Earnings(LKR Mn)
FY10

FY11

165.00
120.00
117.00
96.10
211.00
171.90

4,786.8
4,786.8
5,508.0
5,508.0
3,484.5
2,102.6

6,148.8 8,111.0 10,003.5


6,148.8 8,111.0 10,003.5
8,094.7 10,079.8 10,791.3
8,094.7 10,079.8 10,791.3
4,150.6 5,342.6 6,818.3
2,705.5 8,853.8 3,997.5

857.64
406.00

229.0 267.00
56.4 139.00

5,201.5
2,059.6

Mar
Dec

300.00
187.32

58.5 195.00
183.5 979.80

TOURISM
Asian Hotels & Properties Mar
Aitken Spence Hotel
Mar

442.78
336.29

32.8
25.2

MANUFACTURING
Chevron Lubricants
Tokyo (V)
Tokyo (NV)
Piramal Glass

Dec
Mar
Mar
Mar

120.00
202.50
101.25
950.09

CHEMICAL &
PHARMACEUTICAL
CIC Holdings (V)
CIC Holdings (NV)

Mar
Mar

72.90
21.87
94.77

FINANCIAL SERVICES
HNB
HNB(NV)
Commercial Bank
Commercial Bank(NV)
Sampath Bank
NDB Bank

Dec
Dec
Dec
Dec
Dec
Dec

318.60
79.95
794.06
54.54
167.76
164.20

CONGLOMERATES
John Keells Hold.
Aitken Spence Hold.

Mar
Mar

FOOD & BEVERAGE


Distilleries
Ceylon Tobacco

PLANTATIONS
Kegalle Plantations
Mar
Namunukula Plantations Mar
Kotagala Plantations
Mar
POWER & ENERGY
Laugfs Gas (Voting)
Laugfs Gas (Non voting)

Mar
Mar

25.00
23.75
40.00

335.00
52.00

52.6
9.6
92.9
5.2
35.4
28.2

FY12

EPS

FY13

FY14YE

FY10

FY11

FY12

PE
FY13

FY14YE

FY10

FY11

FY12

FY13

FY14E

DPS

DY

ROE

BVPS

PBV

11,625.6
11,625.6
12,960.3
12,960.3
8,146.1
4,973.1

12.0
12.0
6.5
6.5
20.8
12.8

15.4
15.4
9.5
9.5
24.7
16.5

20.4
20.4
11.9
11.9
31.8
53.9

25.1
25.1
12.7
12.7
40.6
24.3

29.2
29.2
15.3
15.3
48.6
30.3

13.7
10.0
18.0
14.8
10.2
13.4

10.7
7.8
12.3
10.1
8.5
10.4

8.1
5.9
9.9
8.1
6.6
3.2

6.6
4.8
9.2
7.6
5.2
7.1

5.7
4.1
7.7
6.3
4.3
5.7

8.50
8.50
6.50
6.50
6.00
15.00

5.2%
7.1%
5.6%
6.8%
2.8%
8.7%

16%
16%
19%
19%
20%
36%

129.5
129.5
62.4
62.4
162.2
151.5

1.3
0.9
1.9
1.5
1.3
1.1

8,245.6
2,536.0

9,775.0 12,201.1 12,425.0


3,709.2 3,266.8 5,089.4

6.1
5.1

9.6
6.2

11.4
9.1

14.2
8.0

14.5
12.5

44.0
27.4

27.8
22.3

23.4
15.2

18.8
17.3

18.4
11.1

3.50
1.50

1.3%
1.1%

14%
12%

104.7
69.1

2.5
2.0

2,135.7
5,097.1

8,124.0
6,568.8

5,675.4
8,176.7

5,519.7
8,097.4

8,918.3
8,083.5

7.1
27.2

27.1
35.1

18.9
43.7

18.4
43.2

29.7
43.2

27.4
36.0

7.2
27.9

10.3
22.4

10.6
22.7

6.6
22.7

45

0.0%
4.6%

11%
239%

164.6
18.2

1.2
53.7

74.00
75.00

629.8
523.8

1,774.5
1,034.1

2,150.6
1,395.3

2,494.3
1,782.1

2,617.7
1,747.0

1.4
1.6

4.0
3.1

4.9
4.1

5.6
5.3

5.9
5.2

52.7
48.2

18.7
24.4

15.2
18.1

13.1
14.2

12.5
14.4

4.00
1.00

5.4%
0.0%

11%
14%

49.0
38.4

1.5
2.0

35.2 293.20
5.2 25.80
2.1 20.60
6.3
6.60

1,501.3
369.3
369.3
(61.1)

2,000.6
855.7
855.7
578.7

2,257.3
973.2
973.2
686.4

2,583.5
827.9
827.9
724.4

2,678.2
1,505.0
1,505.0
948.2

12.5
1.2
1.2
(0.1)

16.7
2.8
2.8
0.6

18.8
3.2
3.2
0.7

21.5
2.7
2.7
0.9

22.3
5.0
5.0
1.0

23.4
21.2
16.9
N/A

17.6
9.2
7.3
10.8

15.6
8.1
6.4
9.1

13.6
9.5
7.6
7.0

13.1
5.2
4.2
6.6

11.00
0.38

3.8%
0.0%
0.0%
5.8%

55%
12%
12%
20%

34.4
22.1
22.1
3.8

8.5
1.2
0.9
1.7

69.20
50.80

589.6
589.6

926.6
926.6

916.5
916.5

230.9
230.9

1,405.2
1,405.2

6.2
6.2

9.8
9.8

9.7
9.7
.

2.4
2.4

14.8
14.8

11.1
8.2

7.1
5.2

7.2
5.3

28.4
20.8

4.7
3.4

1.63
1.63

2.4%
3.2%

3%
3%

81.9
81.9

0.8
0.6

2.8 110.60
2.0 83.00
2.2 55.00

376.1
146.7
323.2

837.7
409.3
667.8

681.5
374.6
438.6

542.5
409.2
516.7

892.1
454.4
620.9

15.0
6.2
8.1

33.5
17.2
16.7

27.3
15.8
11.0

21.7
17.2
12.9

35.7
19.1
15.5

7.4
13.4
6.8

3.3
4.8
3.3

4.1
5.3
5.0

5.1
4.8
4.3

3.1
4.3
3.5

2.50

0.0%
0.0%
4.5%

16%
21%
15%

134.0
84.0
85.6

0.8
1.0
0.6

8.7
1.0

243.1
243.1

852.7
852.7

930.3
930.3

1,060.8
1,060.8

1,185.1
1,185.1

0.6
0.6

2.2
2.2

2.4
2.4

2.7
2.7

3.1
3.1

41.4
31.4

11.8
8.9

10.8
8.2

9.5
7.2

8.5
6.4

1.50
1.50

5.8%
7.6%

16%
16%

19.4
17.5

1.3
1.1

5,044.7
1,111.0

26.00
19.70

*Companies with their financial year ending in December would carry forecasted figure for FY13.

14th June 2013

Sri Lanka Focus

Broad Market
Guide
Company

MARKET
FINANCIAL SERVICES
Banking
COMMERCIAL BANK [V]
COMMERCIAL BANK [NV]
DFCC BANK
HNB [V]
HNB [NV]
NATIONS TRUST BANK
NDB
PAN ASIA BANK
SAMPATH BANK
SEYLAN BANK [V]
SEYLAN BANK [NV]
HDFC
UNION BANK
Finance Co.s & / Merchant Banks
ASIA CAPITAL
ALLIANCE FINANCE
ARPICO FINANCE
CENTRAL FINANCE
NATION LANKA
LOLC
LB FINANCE
MERCHANT BANK
PEOPLE'S MERCHANT
SMB LEASING PLC [V]
SMB LEASING PLC [NV]
THE FINANCE
THE FINANCE[NV]
SOFTLOGIC FINANCE
VALLIBEL FINANCE
SINHAPUTRA
SINGER FINANCE
BIMPUTH LANKA INVESTMENTS
TRADE FINANCE

Year
End

Price
(LKR)

1W(%)

ASIA RESEARCH TEAM

Price Performance
1M(%)
1Q(%)

1Y(%)

(1.40)
(1.33)

(2.53)
(4.76)

9.32
5.08

24.44
26.99

Shares
Mn

Trailing
ROE

BVPS

12.80%
14.32%

COMBN
COMBX
DFCCN
HNB N
HNB X
NTB N
NDB N
PABCN
SAMPN
SEYBN
SEYBX
HDFCN
UBC N

MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB

D
D
M
D
D
D
D
D
D
D
D
D
D

117.00
96.10
140.20
165.00
120.00
64.70
171.90
20.00
211.00
66.10
36.80
41.50
18.80

(2.83)
(1.03)
(0.35)
(3.25)
(4.34)
(2.41)
(0.52)
1.00
(2.76)
0.15
(1.60)
(4.60)
(1.05)

(1.93)
(0.41)
(7.50)
(4.44)
(5.03)
(4.56)
(4.42)
(5.16)
(7.41)
(6.37)
(6.84)
(8.19)
(6.44)

5.71
2.66
17.28
5.96
(5.41)
6.39
8.23
15.43
(9.74)
9.26
3.66
(7.37)
14.55

15.54
28.67
25.45
11.91
28.09
35.21
61.47
10.99
34.78
15.96
50.20
(8.79)
36.96

794.06
54.54
265.10
318.60
79.95
230.61
164.20
295.04
167.76
175.98
168.98
64.71
349.25

ACAPN
ALLIN
ARPIN
CFINN
CSF N
LOLCN
LFINN
MBSLN
PMB N
SEMBN
SEMBX
TFC N
TFC X
CRL N
VFINN
SFL N
SFINN
BLI N
TFILN

MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
DiriSaviB
MainB
DiriSaviB
MainB
DiriSaviB
DiriSaviB

M
M
M
M
M
M
M
D
M
D
D
M
M
M
M
M
M
M
M

25.80
928.10
101.00
187.00
10.20
60.20
134.80
16.80
14.60
0.80
0.40
13.40
4.80
34.50
33.60
81.00
14.00
21.90
14.20

(2.64)
(7.19)
(7.25)
(1.98)
(10.53)
2.38
1.74
(4.00)
(2.01)
(11.11)
(3.60)
(4.00)
1.47
0.30
1.26
(4.76)
(10.25)
(3.33)

(14.00)
4.28
(8.10)
(1.21)
0.99
(5.94)
1.58
(11.58)
(3.31)
(20.00)
(20.00)
(15.19)
(14.29)
2.99
2.73
(3.26)
(6.04)
(7.98)
(1.36)

3.61
16.01
9.78
4.28
10.87
3.79
(2.95)
3.07
12.31
9.84
4.35
50.00
14.92
9.12
11.11
54.23
22.88

(22.75)
63.11
19.67
45.39
29.11
50.50
13.09
(30.00)
12.31
(27.27)
33.33
(33.00)
4.35
(5.22)
(3.14)
4.84
13.82
(1.79)
21.85

110.00
2.43
4.46
104.88
249.91
475.20
69.26
135.00
67.50
1191.77
614.07
57.97
100.00
37.45
41.55
6.30
165.33
26.93
56.80

17.87%
17.87%
12.52%
15.29%
15.29%
19.89%
37.62%
18.73%
17.07%
10.95%
10.95%
1.48%
3.34%
13.68%
na
26.65%
15.95%
18.88%
na
9.33%
31.95%
1.44%
na
7.87%
7.87%
na
na
12.66%
31.21%
8.76%
12.41%
8.95%
19.33%

62.41
62.41
106.14
128.28
128.28
43.85
139.62
13.86
166.66
57.32
57.32
37.54
14.31
7.21
826.66
97.64
153.59
1.85
42.01
76.94
21.50
12.40
0.52
0.52
-34.41
-34.41
32.23
22.56
128.72
11.47
12.81
11.86

Net Profits
4 Qtrs trailing

Mar13

Net Profits (mn)


Dec12
Sep12

190,947.51
62,288.75
39,343.47
9,462.15
9,462.15
3,523.25
7,814.90
7,814.90
2,011.46
8,624.13
765.86
4,773.44
2,165.54
2,165.54
36.00
166.73
16,200.61
(627.32)
535.34
69.49
3,041.11
(173.82)
1,862.55
1,702.67
41.79
(89.27)
74.51
74.51
(1,611.16)
(1,611.16)
152.87
292.52
71.00
235.42
30.86
130.20

52,965.56
12,335.75
7,566.77
2,256.05
2,256.05
1,226.63
1,262.19
1,262.19
501.93
506.89
151.45
1,055.90
509.51
509.51
38.43
57.79
3,363.04
(240.79)
150.45
20.94
703.25
5.64
171.58
466.10
(2.29)
(25.71)
17.77
17.77
(349.08)
(349.08)
64.76
91.26
13.99
57.03
26.70
30.58

58,161.06 48,228.25
22,930.17 13,656.25
15,680.20 7,943.94
2,433.00 2,303.20
2,433.00 2,303.20
795.10
819.13
3,168.72 1,676.38
3,168.72 1,676.38
455.50
566.53
6,797.20
678.77
259.38
195.40
1,313.80 1,044.53
454.56
589.19
454.56
589.19
(7.80)
0.01
10.74
70.79
3,187.29 5,095.89
(101.30) (145.25)
147.63
144.21
20.00
10.38
756.28
796.33
2.03
(81.05)
513.84
605.22
442.40
429.15
6.92
30.48
(27.97)
1.28
19.00
27.83
19.00
27.83
(510.40) (357.76)
(510.40) (357.76)
32.78
55.33
72.60
66.92
15.30
31.19
63.04
61.19
1.23
3.94
27.88
71.12

Jun12
32,257.34
11,514.28
8,152.55
2,469.90
2,469.90
682.38
1,707.60
1,707.60
487.50
641.28
159.63
1,359.21
612.27
612.27
5.36
27.42
2,651.62
(139.98)
110.77
18.18
785.24
(100.43)
656.84
432.96
6.67
(36.87)
9.91
9.91
(393.92)
(393.92)
61.74
59.43

14

Trailing
EPS

Trailing
PE

PBV

Market Cap
(mn)

12.51
10.55

1.60
1.51

2,388,511.50

11.15
11.15
13.29
19.61
19.61
8.72
52.52
2.60
28.45
6.28
6.28
0.56
0.48

10.5
8.6
10.5
8.4
6.1
7.4
3.3
7.7
7.4
10.5
5.9
74.6
39.4

1.9
1.5
1.3
1.3
0.9
1.5
1.2
1.4
1.3
1.2
0.6
1.1
1.3

92,904.84
5,241.60
37,166.70
52,568.33
9,594.33
14,920.29
28,226.31
5,900.82
35,396.73
11,632.11
6,218.57
2,685.49
6,565.90

na
220.31
15.57
29.00
na
3.92
24.58
0.31
na
0.04
0.04
na
na
4.08
7.04
11.28
1.42
1.15
2.29

na
4.2
6.5
6.4
na
15.4
5.5
54.3
na
19.4
9.7
na
na
8.5
4.8
7.2
9.8
19.1
6.2

3.6
1.1
1.0
1.2
5.5
1.4
1.8
0.8
1.2
1.5
0.8
-0.4
-0.1
1.1
1.5
0.6
1.2
1.7
1.2

2,838.00
2,255.28
450.71
19,613.18
2,549.11
28,607.04
9,335.86
2,268.00
985.50
953.41
245.63
776.75
480.00
1,292.16
1,396.10
509.97
2,314.67
589.84
806.57

14th June 2013

Sri Lanka Focus

Broad Market
Guide
Company

CITIZENS DEVELOP. BUS.FINANCE


CITIZENS DEVELOP.BUS.FINANCE [NV]
SENKADAGALA FINANCE
SWARNAMAHAL FINANCE
CHILAW FINANCE LIMITED
COMMERCIAL CREDIT LIMITED
MERCANTILE INVESTMENTS
MULTI FINANCE
LANKA ORIX FINANCE
ABANS FINANCIAL SERVICES
CENTRAL INV & FINPLC
ASSOCIATED MOTOR FINANCE PLC
CAPITAL ALLIANCE FINANCE LIMITED
NANDA INVESTMENTS AND FINANCE
SOFTLOGIC CAPITAL LIMITED
ENTRUST
PEOPLES LEASING
ASIA ASSET FINANCE LIMITED
ORIENT FINANCIAL SERVICE
SANASA DEVELOPMENT BANK
COMMERCIAL LEASING & FINANCE
GEORGE STEUART FINANCE
Insurance
AMANA TAKAFUL INS.
ASIAN ALLIANCE
CEYLINCO INSURANCE [V]
CEYLINCO INSURANCE [NV]
AIA INSURANCE LANKA
HNB ASSURANCE
UNION ASSURANCE
JANASHAKTHI
Venture Capital Co.s
NDB CAPITAL
FIRST CAPITAL
LANKA VENTURES

ASIA RESEARCH TEAM

CDB N
CDB X
SFCLN
SFS N
CFL N
COCRN
MERCN
MFL N
LOFCN
AFSLN
CIFLN
AMF N
CALFN
NIFLN
SCAPN
ESL N
PLC N
AAF N
ORINN
SDB N
CLC N
GSF N

MainB
MainB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB
MainB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB
MainB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB

Year
End
M
49.80
M
39.00
M
50.00
M
2.70
M
11.50
M
13.00
M
2200.00
M
20.40
M
3.30
M
31.20
M
1.80
M
390.00
M
20.00
M
8.20
M
5.90
M
23.70
M
15.00
M
2.30
M
14.00
D
72.00
M
4.40
M
650.00

Price Performance
1W(%)
1M(%)
(3.30)
1.22
(4.41)
2.63
(10.00)
(18.18)
(6.50)
(10.85)
(3.68)
(9.48)
(23.91)
(2.94)
(10.81)
1.63
(5.45)
(5.56)
(29.17)
(1.27)
(13.79)
(19.03)
2.50
7.89
(3.28)
(9.23)
(4.45)
(5.22)
(0.67)
(11.54)
(1.41)
(6.04)
(3.36)
(16.97)
(10.42)
18.18
(2.99)

1Q(%)
24.50
34.48
(18.18)
0.88
(2.24)
(6.67)
3.31
(39.29)
11.43
33.33
36.67
(1.67)
34.86
12.88
(5.41)
7.96
(4.44)
-

1Y(%)
24.50
(12.95)
150.00
(64.47)
(22.82)
(16.56)
2.44
(17.50)
(9.30)
(57.50)
27.87
(16.67)
70.83
18.00
29.57
(23.33)
(7.89)
(37.21)
30.30
-

Shares
Mn
46.30
8.01
53.37
500.00
33.90
238.07
3.01
22.46
2800.00
37.00
83.43
5.61
38.77
100.72
299.20
33.00
1579.86
559.47
115.63
25.18
6377.71
22.50

Trailing
ROE
17.80%
17.80%
36.69%
9.24%
9.97%
48.74%
11.05%
na
12.65%
8.34%
na
24.43%
2.47%
5.46%
na
18.49%
15.83%
9.98%
21.05%
9.77%
13.63%
5.95%

BVPS
55.32
55.32
29.49
0.92
10.08
6.12
1898.30
16.65
1.94
12.01
4.48
111.35
8.10
5.29
5.90
22.43
12.18
1.33
6.92
149.38
1.23
14.87

ATL N
AAICN
CINSN
CINSX
CTCEN
HASUN
UAL N
JINSN

DiriSaviB
DiriSaviB
MainB
MainB
MainB
MainB
MainB
DiriSaviB

D
D
D
D
D
D
D
D

1.50
100.00
1014.00
370.00
300.00
52.00
101.00
13.30

(0.40)
(7.83)
(0.50)
(2.07)
(5.61)
(2.21)

(6.25)
(1.96)
(8.79)
(1.02)
(6.25)
(6.81)
(3.81)
(5.00)

25.16
(4.24)
19.16
(16.67)
1.96
18.54
13.68

(6.25)
14.16
12.67
21.31
100.00
30.00
1.51
33.00

1000.00
37.50
20.00
6.41
30.00
50.00
85.71
363.00

13.31%
7.17%
13.80%
13.80%
18.24%
20.74%
23.77%
30.24%

0.99
45.24
537.64
537.64
136.93
35.79
46.50
8.85

CDICN
CFVFN
LVENN

MainB
MainB
MainB

D
M
M

495.00
18.30
36.00

3.00
3.95
(0.28)

0.18
15.00
(3.74)

7.05
64.29
9.09

106.25
97.85
23.71

32.90
101.25
50.00

17.34%
21.46%
17.56%

158.25
18.73
20.73

Net Profit
4Qtrs
534.77
534.77
577.42
42.47
34.09
710.10
630.79
(78.86)
686.28
37.03
(330.44)
152.54
7.76
29.09
(225.76)
136.85
3,045.00
73.99
168.48
367.29
1,068.23
19.89

Mar'13
143.80
143.80
184.40
1.10
12.80
313.20
169.90
(54.70)
171.60
13.70
(182.64)
39.80
(2.10)
8.70
(65.80)
42.00
1,006.00
18.20
41.00
117.10
199.80
(17.00)

Dec'12
169.97
169.97
156.48
21.26
8.87
126.58
157.79
(10.48)
62.77
4.46
(117.04)
38.95
4.11
9.95
12.34
38.30
534.00
19.79
38.85
73.18
273.73
10.37

5,252.78
131.50
121.60
1,960.30
1,960.30
749.10
371.11
947.47
971.70
1,491.89
903.07
406.85
181.97

788.20
33.20
36.20
326.60
326.60
32.00
50.10
111.40
198.70
617.74
337.37
220.35
60.02

3,629.66
70.86
138.81
1,364.04
1,364.04
514.02
211.26
698.56
632.13
433.02
301.27
79.51
52.24

Net
Sep'12
148.50
148.50
178.10
71.65
12.42
270.32
416.78
(13.68)
543.10
27.55
(31.16)
37.07
5.77
12.26
(172.30)
56.55
806.00
36.00
88.62
65.36
594.70
15.12

Profits
Jun'12
97.04
97.04
136.29

394.71
10.36

490.68
17.08
(25.82)
109.16
109.16
99.99
54.89
71.61
163.77
219.43
145.90
33.95
39.59

160.50
160.50
103.09
54.86
65.90
221.70
118.53
73.04
30.13

0.41
36.73
5.99

710.00

111.65

15

Trailing
EPS
9.85
9.85
10.82
0.08
1.01
2.98
209.84
1.12
0.25
1.00
0.00
27.20
0.20
0.29
-0.93
4.15
1.93
0.13
1.46
na
0.17
0.88

Trailing
PE
5.1
4.0
4.6
31.8
11.4
4.4
10.5
na
13.5
31.2
na
14.3
99.9
28.4
na
5.7
7.8
17.4
9.6
na
26.3
735.1

PBV

Mkt Cap Mn

0.9
0.7
1.7
2.9
1.1
2.1
1.2
1.2
1.7
2.6
0.4
3.5
2.5
1.5
1.0
1.1
1.2
1.7
2.0
na
3.6
43.71

2,305.70
312.23
2,668.40
1,350.00
389.87
3,094.97
6,613.20
458.23
9,240.00
1,154.40
150.17
2,187.26
775.32
825.88
1,765.28
782.10
23,697.94
1,286.79
1,618.75
1,812.62
28,061.93
14,625.00

74.21
74.21
24.97
7.42
11.05
2.68

13.7
5.0
12.0
7.0
9.1
5.0

1.9
0.7
2.2
1.5
2.2
1.5

1,500.00
3,750.00
20,280.00
2,373.36
9,000.00
2,600.00
8,657.14
4,827.90

27.44
4.02
3.64

18.0
4.6
9.9

3.1
1.0
1.7

16,287.94
1,852.88
1,800.00

14th June 2013

Sri Lanka Focus

Broad Market
Guide
Company

Year
End

ASIA RESEARCH TEAM

Price Performance
1W(%)
1M(%)
(0.90)
5.66
(5.20)
(10.07)
(3.33)
1.40
(11.02)
8.92
(4.73)
(4.73)
(1.82)
(0.18)
2.53
12.65
(4.29)
(12.23)
(2.94)
(8.84)
(1.40)
6.00
(0.05)
5.01
1.48
(3.60)
(11.01)
(8.85)
(2.11)
(1.92)
(0.95)
4.70
2.40
9.31
(3.99)
0.96
(1.25)
(12.64)
(6.67)
(13.60)
(16.76)
4.00
(4.69)
(11.59)

1Q(%)
17.76
8.75
16.00
23.53
17.93
0.79
21.71
13.56
21.32
64.21
14.50
(10.90)
1.43
53.61
13.94
15.32
18.47
6.49
0.47
13.04
7.02

1Y(%)
48.95
9.45
16.00
97.81
56.73
0.62
49.56
(57.23)
(48.60)
32.58
50.46
(13.85)
(24.36)
62.42
80.19
50.59
74.56
(25.94)
(16.00)
(7.89)
4.00
7.96

Shares
Mn
16.00
224.00
20.99
95.04
20.00
187.32
89.77
4.77
2.75
300.00
0.96
25.50
31.40
80.00
40.00
53.73
23.55
561.75
30.00
282.21
66.43

Trailing
ROE
21.38%
9.35%
7.44%
17.24%
20.88%
18.13%
222.73%
3.34%
3.34%
25.53%
11.18%
10.78%
5.35%
15.68%
17.70%
4.55%
112.20%
na
10.09%
10.63%
4.56%
7.63%

BVPS

106.11
34.64
146.27
96.54
395.67
19.54
23.69
23.69
132.29
164.60
992.94
62.65
23.80
73.88
218.34
57.17
32.82
3.32
26.86
2.72
7.68

Net Profit
4Qtrs
23,735.40
158.793
577.54
529.15
1,915.72
1,435.05
8,152.00
74.92
74.92
92.87
5,519.70
102.75
85.55
117.19
1,045.91
397.47
3,446.13
(263.03)
188.04
85.66
35.06
38.94

Mar'13
5,857.07
84.62
123.48
110.55
1,422.92
319.97
1,463.00
(83.02)
(83.02)
62.94
968.45
31.27
27.48
38.58
232.28
82.56
914.02
21.75
(11.70)
29.62
7.42
10.87

Dec'12
5,449.31
5.63
127.20
98.37
62.51
231.42
1,984.00
31.31
31.31
26.20
1,472.85
29.66
37.87
35.16
185.68
188.58
949.80
(33.67)
6.06
1.50
5.70
3.49

Net
Sep'12
6,377.65
18.50
81.07
169.09
179.40
456.20
2,300.00
39.80
39.80
3.90
1,616.60
22.33
4.97
16.12
314.53
78.55
798.13
3.57
198.72
30.62
20.02
25.54

Profits
Jun'12
6,001.66
50.08
245.79
151.14
250.90
427.46
2,405.00
36.79
36.79
(0.17)
1,461.80
19.49
15.23
27.34
313.42
43.98
784.17
(254.68)

BEVERAGE FOOD AND TOBACCO


BAIRAHA FARMS
CARGILLS
CEYLON BREWERY
CEYLON COLD STORES
CEYLON TEA SERVICES
CEYLON TOBACCO
RENUKA SHAW WALLACE (N)
RENUKA SHAW WALLACE [NV]
CONVENIENCE FOOD
DISTILLERIES
HARISCHANDRA MILLS
KEELLS FOOD PRODUCTS
KOTMALE HOLDINGS
LION BREWERY
LANKA MILK FOODS
NESTLE LANKA
THREE ACRE FARMS
RENUKA AGRI
TEA SMALLHOLDERS
RAIGAM WAYAMBA SALTERNS LTD
HVA FOODS

BFL N
CARGN
BREWN
CCS N
CTEAN
CTC N
COCON
COCOX
SOY N
DISTN
HARIN
KFP N
LAMBN
LIONN
LMF N
NESTN
TAFLN
RAL N
TSMLN
RWSLN
HVA N

MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
DiriSaviB
MainB
DiriSaviB
DiriSaviB

M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M

140.00
174.00
525.00
157.20
649.00
979.80
20.00
16.50
212.00
195.00
2148.00
71.10
51.80
387.50
128.00
1,920.00
39.30
4.20
43.20
2.60
12.20

CHEMICALS & PHARMACEUTICALS


CHEMANEX
CHEMICAL INDUSTRIES [V]
CHEMICAL INDUSTRIES [NV]
HAYCARB
INDUSTRIAL ASPHALTS
J.L. MORISON [V]
J.L. MORISON [NV]
LANKEM CEYLON
SINGALANKA
MULLERS
UNION CHEMICALS
PC PHARMA

CHMXN
CIC N
CIC X
HAYCN
ASPHN
MORIN
MORIX
LCEYN
SINGN
MULLN
UCARN
PCP N

MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
DiriSaviB

M
M
M
M
M
M
M
M
M
M
D

78.10
69.20
50.80
200.10
253.90
350.50
212.70
159.00
65.00
1.50
549.80
5.00

(1.32)
(2.13)
(2.54)
(1.36)
(0.55)
(0.24)
0.14
1.29
(3.50)
(3.54)
(6.25)
12.83
-

(5.06)
(11.33)
(7.49)
0.59
0.10
(3.83)
30.10
30.41
(16.59)
(20.33)
(11.76)
9.96
(28.81)

14.60
(0.89)
11.79
12.89
14.34
33.77
94.83
95.68
13.46
0.32
12.20
(38.24)

4.16
16.87
(18.40)
(15.33)
29.35
(16.15)
99.15
81.79
14.30
18.30
(6.25)
4.72
(72.00)

15.75
72.90
21.87
29.71
0.67
5.81
1.74
24.00
5.54
283.00
1.50
101.00

6.78%
na
2.98%
2.98%
21.19%
2.61%
7.99%
7.99%
6.65%
na
15.62%
14.97%
na

79.51
81.88
81.88
148.67
134.79
266.04
266.04
185.81
53.51
0.60
199.08
1.59

1,554.73
(34.43)
230.93
230.93
935.99
2.35
160.45
160.45
296.70
(13.87)
26.55
44.70
(94.64)

328.15
(25.63)
55.28
55.28
305.87
0.82
52.52
52.52
72.81
(15.44)
0.26
9.40
(127.74)

702.71
(12.51)
152.10
152.10
196.73
0.52
46.24
46.24
307.20
(6.25)
4.12
11.27
3.29

378.49
9.86
48.63
48.63
243.24
0.47
36.52
36.52
(11.17)
11.03
13.43
5.94
20.54

127.64
(6.14)
(17.32)
(17.32)
179.15
0.55
25.17
25.17
(72.66)
(3.21)
8.74
13.37

CONSTRUCTIONS
COLOMBO DOCKYARD
LANKEM DEVELOPMENTS
MTD WALKERS
ACCESS ENGINEERING LIMITED

DOCKN
LDEVN
KAPIN
AEL N

MainB
MainB
MainB
MainB

D
M
M
M

235.50
6.90
32.90
20.40

(0.05)
(1.48)
(1.47)
16.67
(1.44)

(1.33)
(1.73)
(6.94)
25.57
(4.65)

6.96
5.91
17.54
46.88
2.50

26.93
25.01
(1.47)
62.07
24.24

71.86
60.00
114.36
1000.00

16.41%
19.50%
na
7.11%
19.10%

141.55
11.43
33.89
12.47

4,464.51
1,983.37
(176.67)
275.59
2,382.23

1,046.29
336.04
(204.33)
183.20
731.38

1,357.34
434.21
36.45
51.74
834.95

1,218.16
343.17
(26.82)
89.54
812.27

420.13
450.98
18.04
(48.89)

23.92

16

Trailing
EPS

PBV

Mkt Cap Mn

9.92
2.58
25.21
20.16
71.75
43.52
0.79
0.79
33.77
18.40
107.05
3.35
3.73
13.07
9.94
64.14
na
0.33
2.86
0.12
0.59

Trailing
PE
20.61
14.1
67.5
20.8
7.8
9.0
22.5
25.2
20.8
6.3
10.6
20.1
21.2
13.9
29.6
12.9
29.9
na
12.5
15.1
20.9
20.8

4.41
1.3
5.0
3.6
1.6
1.6
50.1
0.8
0.7
1.6
1.2
2.2
1.1
2.2
5.2
0.6
33.6
1.2
1.3
1.6
1.0
1.6

2,240.00
38,976.00
11,018.75
14,940.29
12,980.00
183,539.81
1,795.44
78.76
583.00
58,500.00
2,061.65
1,813.05
1,626.52
31,000.00
5,119.74
103,152.89
925.32
2,359.35
1,296.00
733.74
810.43

na
2.44
2.44
31.50
3.52
21.25
21.25
12.36
na
0.09
29.80
na

14.05
na
28.4
20.8
6.4
72.1
16.5
10.0
12.9
na
16.0
18.4
na

0.95
1.0
0.8
0.6
1.3
1.9
1.3
0.8
0.9
1.2
2.5
2.8
3.1

1,230.08
5,044.68
1,111.00
5,945.45
169.24
2,035.81
370.63
3,816.00
360.15
424.50
824.70
505.00

27.60
na
2.41
2.38

9.30
8.5
na
13.7
8.6

1.53
1.7
0.6
1.0
1.6

16,922.78
414.00
3,762.35
20,400.00

14th June 2013

Sri Lanka Focus

Broad Market
Guide
Company

Year
End

DIVERSIFIED
AITKEN SPENCE
CARSON CUMBERBATCH
CEYLON THEATRES
COLOMBO FORT LAND
FINLAYS COLOMBO
HAYLEYS
HEMAS HOLDINGS
JOHN KEELLS HOLDINGS
DUNAMIS CAPITAL
RICHARD PIERIS
SUNSHINE HOLDINGS
SOFTLOGIC HOLDINGS
EXPOLANKA HOLDINGS
FREE LANKA CAPITAL HOLDINGS
VALLIBEL ONE LIMITED
BROWNS INVESTMENTS PLC
PCH HOLDINGS LIMITED
TAPROBANE HOLDINGS

SPENN
CARSN
CTHRN
CFLBN
JFINN
HAYLN
HHL N
JKH N
CSECN
RICHN
SUN N
SHL N
EXPON
FLCHN
VONEN
BIL N
PCHHN
TAP N

MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB

M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M

139.00
439.90
144.00
35.00
300.00
308.00
35.80
267.00
14.70
7.40
36.10
10.00
7.00
2.60
19.00
3.20
4.00
4.80

FOOTWEAR AND TEXTILES


CEYLON LEATHER
HAYLEYS - MGT
KURUWITA TEXTILES
ODEL

CLPLN
MGT N
KURUN
ODELN

MainB
MainB
MainB
DiriSaviB

M
M
M
M

77.90
10.00
20.30
23.00

HOTELS AND TRAVELS


City Hotels
ASIAN HOTEL & PROPERTIES
GALADARI
HOTEL DEVELOPERS
HOTEL SERVICES
RENUKA CITY HOTEL
TAJ LANKA
TRANS ASIA

AHPLN
GHLLN
HDEVN
SERVN
RENUN
TAJ N
TRANN

MainB
MainB
DefaultB
MainB
MainB
MainB
MainB

M
D
M
M
M
M
M

74.00
13.20
94.80
15.80
275.10
30.00
83.40

ASIA RESEARCH TEAM

Price Performance
1W(%)
1M(%)
(0.28)
(4.82)
2.07
2.00
(0.50)
(2.36)
0.14
(6.49)
(2.23)
(6.65)
(2.91)
(1.94)
(2.10)
0.56
2.28
0.23
(6.77)
2.11
11.54
(2.70)
(6.49)
(3.49)
(10.00)
(18.18)
(2.86)
(6.85)
(3.70)
(10.34)
(0.52)
(7.77)
(3.03)
(8.57)
3.13
(28.26)
(2.04)
(4.00)

1Q(%)
8.94
16.48
(0.45)
7.46
15.08
(3.16)
7.76
34.46
11.32
30.63
5.88
34.33
(10.81)
4.00
17.28
(3.03)
(47.62)
14.29

1Y(%)
19.24
24.93
(6.19)
(4.00)
24.91
17.55
(7.42)
59.56
39.94
47.96
10.77
56.52
4.21
6.25
52.94
19.50
23.08
(7.69)

(4.14)
(4.30)
(1.96)
(17.14)
(3.36)

(10.56)
(12.47)
(4.76)
(12.88)
(10.85)

3.62
20.03
(10.96)
-

15.28
(2.26)
23.46
(18.80)
26.37

(1.49)

(4.20)

5.22

8.94

(5.27)
(0.76)
(8.13)
(2.76)
(1.99)
7.27

(3.97)
(9.72)
(9.82)
4.52
(1.99)
(6.46)

0.14
7.44
12.21
17.31
16.08
9.99

(1.96)
(7.14)
(2.65)
31.63
10.86
11.62

Shares
Mn
406.00
196.39
183.10
180.00
35.00
75.00
515.29
857.64
123.00
1958.09
133.33
779.00
1954.92
1368.00
1086.56
1860.00
252.00
732.95

Trailing
ROE
11.22%
11.65%
11.57%
8.70%
9.69%
6.62%
8.26%
13.64%
13.57%
12.57%
23.94%
16.85%
3.75%
11.68%
8.85%
4.52%
na
na
77.27%

34.23
152.34
25.00
272.13

-3.29%
2.92%
na
na
3.45%

BVPS

69.10
176.65
72.20
36.47
158.05
299.45
23.59
104.80
10.37
4.06
28.14
10.32
4.65
4.72
28.58
5.70
5.53
3.99

Net Profit
4Qtrs
33,100.83
3,266.84
4,013.75
1,149.70
635.91
365.93
1,855.02
1,657.66
12,201.08
160.43
1,902.72
632.13
301.17
1,060.66
571.16
1,403.46
(98.53)
(236.63)
2,258.36

Mar'13
11,696.96
1,193.17
2,408.60
388.39
78.68
85.12
490.84
590.54
5,232.99
132.00
330.59
145.24
11.98
277.51
224.70
242.33
(53.62)
(142.00)
59.90

Dec'12
9,928.45
701.69
823.25
418.12
369.10
108.80
772.62
345.01
2,897.64
17.66
557.07
204.44
84.62
200.09
167.61
364.60
(227.31)
(47.72)
2,171.17

Net
Sep'12
7,131.66
731.41
874.90
147.06
7.14
82.13
372.48
387.78
2,411.73
20.37
569.53
98.31
133.57
299.27
203.23
796.53
21.70
(52.17)
26.68

Profits
Jun'12
4,201.60
640.57
(93.01)
196.16
180.99
89.88
219.08
334.33
1,658.72
(9.59)
445.54
184.14
71.01
283.79

88.43
10.17
35.51
16.76

(329.77)
88.37
(499.69)
(75.77)
157.32

(249.94)
9.20
(262.93)
20.18
(16.39)

22.88
35.19
(110.00)
15.96
81.73

(29.84)
16.60
(85.11)
(65.46)
104.14

(60.71)
27.38
(41.65)
(46.45)

49.00
2.28
na
5.57
325.61
16.69
30.27

8,665.62
3,818.96
2,494.30
220.41
na
(448.71)
266.08
221.16
1,065.72

3,864.31
1,286.21
896.80
-5.26

2,346.98
1,111.11
622.66
209.00

-106.80
33.10
25.97
442.40

(138.90)
82.10
87.46
248.79

1,964.18
1,149.27
565.37
339.77
na
(106.40)
46.60
87.53
216.40

551.82
268.53
406.75
(323.10)
na
(96.74)
104.28
23.20
154.14

7.91%
442.78
500.83
45.23
176.00
7.00
139.64
200.00

11.50%
19.27%
na
na
11.67%
9.49%
17.61%

17

Trailing
EPS

PBV

Mkt Cap Mn

8.05
20.44
6.28
3.53
10.46
24.73
3.22
14.23
1.30
0.97
4.74
0.39
0.54
0.42
1.29
na
na
3.08

Trailing
PE
16.13
17.3
21.5
22.9
9.9
28.7
12.5
11.1
18.8
11.3
7.6
7.6
25.9
12.9
6.2
14.7
na
na
1.6

1.81
2.0
2.5
2.0
1.0
1.9
1.0
1.5
2.5
1.4
1.8
1.3
1.0
1.5
0.6
0.7
0.6
0.7
1.2

56,433.45
86,390.60
26,366.00
6,300.00
10,500.00
23,100.00
18,447.40
228,989.84
1,808.06
14,489.85
4,813.33
7,790.00
13,684.41
3,556.80
20,644.63
5,952.00
1,008.00
3,518.16

2.58
na
na
0.58

na
30.2
na
na
39.8

1.09
0.9
1.0
0.6
1.4

2,666.81
1,523.43
507.50
6,258.98

18.02

1.42

13.1
30.0
na
na
7.2
18.9
15.7

1.5
5.8
na
2.8
0.8
1.8
2.8

5.63
0.44
na
na
38.01
1.58
5.33

32,765.37
6,610.95
4,287.43
2,780.80
1,925.70
4,189.12
16,680.00

14th June 2013

Sri Lanka Focus

Broad Market
Guide
Company

Year
End

ASIA RESEARCH TEAM

Price Performance
1W(%)
1M(%)

1Y(%)

Shares
Mn

Trailing
ROE

BVPS

1Q(%)

Resort Hotels
AIT. SPENCE HOTEL HOLD.
AMAYA LEISURE
BROWNS BEACH HOTELS
CEYLON HOTELS CORP.
PALM GARDEN HOTEL
BERUWALA WALK INN
EDEN HOTELS
HOTEL SIGIRIYA
HUNAS FALLS
KANDY HOTELS
JOHN KEELLS HOTELS
LIGHT HOUSE HOTEL
MIRAMAR
MAHAWELI REACH
NUWARA ELIYA
PEGASUS
CITRUS LEISURE
ROYAL PALMS
SIGIRIYA VILLAGE
DOLPHIN HOTELS
TANGERINE
SERENDIB HOTELS [V]
SERENDIB HOTELS [NV]
MARAWILA RESORTS
FORTRESS RESORTS
KALPITIYA BEACH RESORT
WASKADUWA BEACH RESORT
BERUWALA RESORTS
HIKKADUWA BEACH RESORT

AHUNN
CONNN
BBH N
CHOTN
PALMN
BINNN
EDENN
HSIGN
HUNAN
KHC N
KHL N
LHLN
MIRAN
MRH N
NEH N
PEG N
REEFN
RPBHN
SIGVN
STAFN
TANGN
SHOTN
SHOTX
MARAN
RHTLN
CITKN
CITWN
BERUN
CITHN

MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
DiriSaviB
DefaultB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB
DiriSaviB

M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

75.00
80.20
19.30
20.00
90.70
86.50
36.30
79.10
55.00
9.30
13.30
48.00
71.00
19.50
1310.40
41.40
23.40
36.70
74.50
38.00
66.00
27.30
17.60
7.50
16.10
7.30
6.80
2.10
27.80

(2.55)
(1.23)
(4.93)
(2.91)
(1.20)
(10.44)
1.39
(6.94)
(2.48)
(2.11)
(2.44)
(11.25)
(1.52)
0.80
(3.83)
(0.43)
1.94
(1.84)
2.43
0.15
3.02
(0.56)
(2.42)
(3.90)
(4.23)
(4.55)
(0.71)

(4.50)
(1.47)
(8.10)
(6.98)
(9.30)
8.19
2.82
(1.13)
(4.84)
(11.43)
(0.75)
(1.84)
(19.04)
(4.88)
(5.04)
(0.74)
(10.00)
(0.81)
(2.23)
2.98
(4.20)
9.20
(1.68)
7.14
(5.29)
(10.84)
(5.56)
(12.50)
5.30

3.52
6.51
13.53
11.73
(9.30)
34.56
4.29
3.38
1.09
0.76
9.59
(2.74)
2.09
4.82
4.42
22.51
(7.32)
8.13
15.15
6.61
23.53
3.53
27.12
13.38
37.04
28.30
55.31

20.13
16.23
46.21
5.82
(42.88)
55.00
18.89
13.00
(8.33)
72.22
10.83
14.29
(40.83)
4.84
24.80
21.08
(7.14)
(13.03)
8.76
31.03
1.69
22.42
25.71
27.12
20.15
17.46
-

336.29
48.03
129.60
171.83
10.82
0.90
52.80
5.86
5.63
577.50
1456.15
46.00
2.75
47.07
2.00
30.39
96.48
50.00
9.00
31.62
20.00
75.51
36.01
122.50
110.89
161.20
155.60
600.00
57.57

13.79%
15.13%
5.39%
na
na
na
8.97%
28.41%
6.82%
2.83%
6.88%
4.67%
na
6.19%
10.99%
10.58%
na
6.54%
9.31%
19.64%
3.96%
15.15%
15.15%
2.54%
14.77%
na
0.15%
na
5.97%

38.44
51.47
26.86
33.67
118.00
na
44.72
40.55
56.57
10.14
11.19
52.25
na
19.97
1232.12
44.18
29.43
33.74
73.18
32.61
122.42
16.22
16.22
7.29
9.62
9.91
10.38
0.98
14.98

Net Profit
4Qtrs
4,846.66
1,782.02
374.07
187.74
(123.90)
(368.23)
(23.98)
211.85
67.51
21.70
165.80
1,121.02
112.16
na
58.20
271.38
142.00
(6.20)
110.30
61.33
202.50
97.04
274.10
274.10
22.70
157.50
(118.48)
2.38
(7.35)
51.50

INVESTMENT TRUST
ASCOT HOLDINGS
CEYLON GUARDIAN
CEYLON INVESTMENT
COLOMBO FORT INV.
COLOMBO INV. TRUST
LEE HEDGES
RENUKA HOLDINGS [V]
RENUKA HOLDINGS [NV]
GUARDIAN CAPITAL

ASCON
GUARN
CINVN
CFIN
CIT N
SHAWN
RHL N
RHL X
WAPON

MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
DiriSaviB

M
M
M
M
M
M
M
M
M

145.00
188.00
90.20
122.10
130.00
245.00
37.00
26.00
41.00

(4.43)
(9.38)
(5.57)
(6.14)
1.75
2.04
2.51
(1.86)
(6.79)

(5.78)
(10.77)
(3.14)
(6.53)
2.18
(7.14)
(1.05)
(7.75)
(10.65)
(3.96)

15.25
5.07
21.48
17.14
23.96
30.00
(5.77)
12.16
21.50
4.57

10.70
(27.50)
12.08
20.27
14.76
4.00
35.73
15.31
8.33
(21.82)

7.99
82.10
98.51
6.50
6.50
5.12
44.52
6.43
25.83

10.41%
2.36%
13.62%
14.41%
na
na
na
13.25%
13.25%
na

69.90
179.14
88.68
196.52
211.86
438.49
45.17
45.17
18.70

3,297.04
13.19
2,002.40
1,258.76
(34.86)
(113.10)
(100.56)
305.00
305.00
(33.79)

13.46
48.20
48.08
12.41
37.27
13.74
52.80
46.66
68.03
68.03
(0.70)
57.36
(41.77)
(2.26)
10.60
20.33

Net
Sep'12
814.92
227.60
110.82
50.60
9.60
(22.15)
(4.79)
26.23
16.50
11.17
50.60
116.49
12.10
na
19.53
107.56
17.60
4.60
16.97
12.15
30.00
17.68
40.75
40.75
(5.30)
35.35
(49.51)
12.14
(41.72)
(7.66)

Profits
Jun'12
283.29
171.51
53.47
45.04
(25.93)
(121.80)
(16.59)
15.11
7.77
7.70
26.87
40.36
14.29
na
1.01
36.72
21.23
(22.02)
(1.24)
(1.26)
26.49
9.34
(4.78)
(4.78)

524.63
(5.70)
200.10
196.14
2.29
0.71
(72.90)
263.06
263.06
(59.08)

539.00
22.47
324.44
148.66
10.50
12.18
(38.57)
47.90
47.90
11.42

(156.22)
31.09
(77.01)
(53.46)
2.48
3.30
(36.99)
30.34
30.34
(55.97)

Mar'13
2,578.10
946.20
127.40
41.20
-79.30
-130.00
-4.20
97.40
26.50
21.70
42.30
741.80
57.10

Dec'12
1,235.87
436.71
82.38
50.87
(16.33)
(89.87)
1.60
73.56
16.74
4.38
40.58
222.37
28.67

24.20
78.90
47.60
35.80
57.30
36.70
93.10
23.40
169.80
169.80
28.70
66.40
-27.20
-7.50
24.00
38.80
1,994.81
(2.89)
1316.50
763.20
-39.90
-56.30
47.90
-36.30
-36.30
2.60

18

Trailing
EPS

Trailing
PE

PBV

Mkt Cap Mn

5.30
7.79
1.45
na
na
na
4.01
11.52
3.86
0.29
0.77
2.44
na
1.24
135.43
4.67
na
2.21
6.81
6.40
4.85
2.46
2.46
0.19
1.42
na
0.02
na
0.89

14.2
10.3
13.3
na
na
na
9.0
6.9
14.3
32.4
17.3
19.7
na
15.8
9.7
8.9
na
16.6
10.9
5.9
13.6
11.1
7.2
40.5
11.3
na
444.8
na
31.1

2.0
1.6
0.7
0.6
0.8
na
0.8
2.0
1.0
0.9
1.2
0.9
na
1.0
1.1
0.9
0.8
1.1
1.0
1.2
0.5
1.7
1.1
1.0
1.7
0.7
0.7
2.1
1.9

25,221.75
3,852.35
2,501.28
3,436.50
981.08
77.85
1,916.64
463.45
309.38
5,370.75
19,366.75
2,208.00
195.25
917.80
2,625.87
1,258.21
2,257.57
1,835.00
670.50
1,201.62
1,320.00
2,061.55
633.79
918.75
1,785.28
1,176.76
1,058.08
1,260.00
1,600.55

1.65
24.39
12.78
na
na
na
5.99
5.99
na

9.48
87.8
7.7
7.1
na
na
na
6.2
4.3
na

0.99
2.1
1.0
1.0
0.6
0.6
0.6
0.8
0.6
2.2

1,157.90
15,434.18
8,886.04
793.65
845.00
1,254.53
1,647.14
167.14
1,059.19

14th June 2013

Sri Lanka Focus

Broad Market
Guide
Company

LAND AND PROPERTY


C T LAND
CARGO BOAT
CEYLINCO HOUSING
CEYLINCO SEYLAN
COLOMBO LAND
COMMERCIAL DEVELOP.
EAST WEST
EQUITY ONE
EQUITY TWO
HUEJAY
KELSEY DEVELOPMENTS
ON'ALLY HOLDINGS
OVERSEAS REALTY
PROPERTY DEVELOPMENT
SERENDIB LAND
YORK ARCADE
SERANDIB ENGINEERING GROUP
TOUCHWOOD

CTLDN
CABON
CHOUN
CSD N
CLNDN
COMDN
EASTN
EQITN
ETWON
HUEJN
KDL N
ONALN
OSEAN
PDL N
SLNDN
YORKN
IDL N
TWODN

MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
DiriSaviB
DiriSaviB

Year
End
M
M
M
M
D
D
M
M
M
M
M
M
D
D
M
M
M
M

28.00
115.10
14.30
10.90
49.00
71.30
15.80
32.00
29.50
67.70
24.00
54.90
18.70
58.90
1450.20
15.50
179.00
5.30

Price Performance
1W(%)
1M(%)
(3.57)
(0.34)
(11.67)
4.09
(8.07)
7.87
(1.38)
(1.38)
(4.35)
0.92
(5.04)
(7.72)
(1.13)
(1.68)
(3.03)
(5.88)
(0.62)
(8.57)
6.12
3.51
(13.32)
5.62
23.08
41.18
4.81
(7.47)
(4.10)
4.47
(0.84)
1.20
(3.32)
20.85
(4.85)
(10.80)
0.85
(7.27)
(13.56)

ASIA RESEARCH TEAM

1Q(%)
33.81
14.29
51.45
14.40
22.22
51.23
18.78
24.03
25.49
37.85
25.14
72.66
13.54
33.57
36.98
9.45
12.14
32.10
(15.00)

1Y(%)
36.93
15.23
45.88
43.00
59.42
50.31
3.24
21.21
18.52
50.51
4.15
88.98
20.58
42.75
59.19
(27.49)
23.62
19.41
(65.07)

Shares
Mn
48.75
10.20
13.38
147.96
199.88
12.00
138.24
40.32
31.00
1.80
17.43
17.50
843.48
66.00
0.36
12.00
6.48
106.91

Trailing
ROE
9.24%
10.32%
11.75%
15.49%
1.00%
1.30%
20.12%
na
8.38%
7.48%
na
na
5.72%
13.17%
12.10%
4.21%
0.83%
0.16
0.02

BVPS

52.61
79.02
10.62
28.62
18.57
101.90
9.41
41.93
19.21
na
3.26
66.10
26.60
43.81
656.12
13.42
23.92
28.91

Net Profit
4Qtrs
4,289.31
264.76
94.74
22.01
42.53
48.44
246.00
(35.92)
141.66
44.55
(4.29)
(55.08)
66.21
2,954.53
349.77
9.95
1.34
24.78
73.33

Mar'13
815.31
190.85
18.11
(41.42)
22.88
(3.31)
25.07
(20.74)
121.32
44.86
(1.32)
(9.86)
12.93
475.67
93.03
2.36
6.54
12.23
(133.89)

Dec'12
2,532.48
34.76
25.04
5.90
(30.39)
65.45
199.09
(7.30)
7.25
(0.39)
(1.12)
(18.94)
17.58
2,111.02
102.08
2.59
3.44
2.27
14.15

Net
Sep'12
685.54
38.52
27.20
31.77
26.80
(5.10)
17.89
18.58
6.91
(0.09)
1.00
(9.95)
17.48
273.58
87.96
2.79
2.65
22.26
125.30

Profits
Jun'12
271.68
39.19
24.39
25.67
23.25
(8.60)
3.94
(6.15)
6.63
0.17
(1.20)
(20.32)
18.23
94.27
66.70
2.21
3.31

19

Trailing
EPS
5.43
9.29
1.65
0.29
0.24
20.50
na
3.51
1.44
na
na
3.78
3.50
5.30
27.64
0.11
3.83
0.69

Trailing
PE
10.40
5.2
12.4
8.7
37.9
202.2
3.5
na
9.1
20.5
na
na
14.5
5.3
11.1
52.5
138.7
46.79
7.73

PBV

Mkt Cap Mn

0.96
0.5
1.5
1.3
0.4
2.6
0.7
1.7
0.8
1.5
na
7.4
0.8
0.7
1.3
2.2
1.2
7.5
0.2

1,365.00
1,174.02
191.33
1,612.82
9,794.17
855.60
2,184.19
1,290.30
914.50
121.86
418.30
960.79
15,773.16
3,887.40
522.07
186.00
1159.32
566.60

14th June 2013

Sri Lanka Focus

Broad Market
Guide
Company

MANUFACTURING
ABANS
ACL CABLES
ACL PLASTICS
ACME
ALUFAB
BLUE DIAMONDS [V]
BLUE DIAMONDS [NV]
BOGALA GRAPHITE
CENTRAL INDUSTRIES
GRAIN ELEVATORS
CHEVRON LUBRICANTS
DANKOTUWA
DIPPED PRODUCTS
HAYLEYS FIBRE
KELANI CABLES
KELANI TYRES
LANKA ALUMINIUM
LANKA CEMENT
LANKA CERAMIC
LANKA FLOORTILES
LANKA WALLTILES
LAXAPANA
SWISSTEK (CEYLON) PLC
PELWATTE SUGAR
PIRAMAL GLASS
PRINT CARE
REGNIS
RICH PIERIS EXPORTS
ROYAL CERAMICS
SAMSON INTERNATIONAL
SINGER INDUSTRIES
SWADESHI
TOKYO CEMENT [V]
TOKYO CEMENT [NV]
SIERRA CABLES
TEXTURED JERSEY
AGSTAR FERTILIZERS LIMITED
AGSTAR FERTILIZERS LIMITED
ORIENT GARMENTS

ABANN
ACL N
APLAN
ACMEN
ALUFN
BLUEN
BLUEX
BOGAN
CINDN
GRANN
LLUBN
DPL N
DIPDN
HEXPN
KCABN
TYREN
LALUN
LCEMN
CERAN
TILEN
LWL N
LITEN
PARQN
SUGAN
GLASN
CAREN
REG N
REXPN
RCL N
SIL N
SININ
SWADN
TKYON
TKYOX
SIRAN
TJL N
AGSTN
AGSTX
OGL N

MainB
MainB
MainB
MainB
DefaltB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
DiriSaviB
DiriSaviB
DiriSaviB

Year
End
M
M
M
M
M
M
M
D
M
D
D
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
D
M
M
M
D
M
M
M
M
M
M
M
M

147.90
71.10
95.00
12.00
18.00
3.40
1.40
24.50
70.30
45.50
293.20
15.20
127.70
31.00
85.00
46.00
30.00
8.60
115.30
71.20
67.90
5.00
15.50
23.50
6.60
31.50
74.50
40.00
106.00
104.50
134.30
7555.00
25.80
20.60
2.40
12.30
6.7
15
8.8

Price Performance
1W(%)
1M(%)
(3.78)
1.34
(2.42)
27.66
(0.56)
(8.85)
(10.29)
(11.21)
(1.63)
(9.70)
1.12
(5.26)
(2.86)
(15.00)
(6.67)
(12.50)
(7.89)
1.66
0.43
0.43
(2.56)
(10.59)
(7.42)
14.04
(5.66)
(15.25)
0.55
(3.98)
1.64
0.98
1.19
10.68
(2.95)
6.71
(5.36)
(14.04)
(4.44)
(9.47)
(0.69)
(3.11)
(8.48)
(7.65)
(0.44)
(6.73)
(10.71)
3.33
(1.90)
(1.47)
(1.47)
(5.97)
(1.97)
(1.59)
(3.38)
(5.21)
(0.47)
(3.11)
12.91
6.33
(4.14)
(7.51)
51.09
(5.86)
(2.36)
8.38
(4.17)
(11.54)
(0.81)
(0.81)
(12.99)
(15.19)
(1.12)
(9.28)

ASIA RESEARCH TEAM

1Q(%)
21.49
61.92
6.12
9.32
1.68
4.05
9.68
(6.67)
13.95
9.50
8.57
34.00
8.70
17.70
7.27
30.77
40.12
7.14
3.61
83.31
26.92
26.92
6.38
24.00
11.67
14.13
28.45
23.46
8.16
34.15
8.74
(7.87)
8.90
18.29
4.55
24.49
19.64
2.33

1Y(%)
30.18
54.68
29.27
18.01
(0.82)
(20.70)
(20.93)
(26.32)
27.60
9.33
(12.14)
72.47
17.19
33.72
16.54
22.48
60.63
28.76
7.50
67.59
6.27
10.23
(24.24)
8.39
28.85
23.53
(27.53)
139.52
17.78
38.80
(21.46)
98.82
(16.56)
1.97
(4.17)
50.62
(14.10)
(32.82)

Shares
Mn
4.26
59.89
4.21
25.61
12.06
103.30
153.37
47.32
9.88
60.00
120.00
72.25
59.86
8.00
21.80
80.40
13.70
173.51
30.00
53.05
54.60
39.00
27.37
67.98
950.09
85.97
11.27
11.16
110.79
3.85
3.85
0.13
202.50
101.25
537.51
655.00
307.53
17.47
54.92

Trailing
ROE
16.19%
25.70%
9.30%
6.58%
na
na
na
na
28.08%
10.23%
5.56%
52.84%
5.66%
20.72%
6.11%
9.39%
25.21%
na
na
10.93%
20.21%
11.26%
na
na
na
19.96%
12.00%
11.25%
94.42%
19.88%
11.44%
2.15%
0.36%
12.32%
12.32%
na
17.74%
10.10%
10.10%
6.02%

BVPS

135.45
95.47
144.36
19.61
21.36
1.17
1.17
3.93
95.41
44.74
37.80
10.43
114.34
53.55
99.44
21.82
40.76
na
91.91
59.67
84.57
3.66
22.25
na
3.82
25.64
68.50
13.10
75.83
102.87
234.34
999.68
22.13
22.13
3.08
8.75
6.71
118.08
13.01

Net Profit
4Qtrs
11,898.73
148.22
532.03
40.01
(41.26)
na
(26.31)
(26.31)
52.23
96.46
149.25
2,396.43
42.63
1,417.89
26.17
203.53
442.27
(9.96)
(17.80)
301.38
639.85
520.01
(42.20)
(10.57)
na
724.38
264.52
86.82
138.07
1,670.39
45.30
19.39
0.47
827.85
827.85
(6.77)
1,016.57
208.47
208.47
43.03

Mar'13
3,810.08
42.66
99.28
7.60
(7.89)

Dec'12
3,063.03
46.61
243.88
9.76
5.40

Net
Sep'12
2,829.13
50.92
81.21
1.28
(25.48)

(6.84)
(6.84)
15.60
25.87
17.52
769.86
0.62
379.48
7.30
60.12
114.58
(11.87)
137.18
265.67
260.77
2.72
17.33

(10.30)
(10.30)
(8.25)
18.39
(229.44)
571.41
(12.87)
407.70
3.85
25.38
116.40
(4.99)
(4.15)
88.83
161.15
123.96
0.18
(12.27)

0.24
0.24
16.88
30.98
(34.78)
521.99
31.20
345.02
6.92
57.21
130.24
(6.86)
(4.22)
90.02
159.02
151.07
(40.30)
2.09

110.79
74.60
41.74
24.57
573.70
6.49
6.14
25.18
447.63
447.63
(1.23)
322.95
(20.04)
(20.04)
53.90

206.66
61.28
19.62
25.58
497.19
12.32
10.83
(8.12)
224.64
224.64
0.69
365.0
106.74
106.74
12.37

265.13
60.27
7.44
51.63
420.40
13.74
0.56
(3.24)
175.57
175.57
(8.75)
156.7
125.04
125.04
(23.23)

Profits
Jun'12
2,253.83
8.04
118.11
26.77
(13.30)
3.06
(21.41)
(21.41)
27.99
21.22
395.95
533.17
23.67
285.68
7.21
60.82
81.06
13.76
(4.50)
(16.65)
54.00
(15.79)
(4.76)
(17.71)
148.94
70.28
18.03
36.29
260.77
12.76
1.87
(14.07)
(19.99)
(19.99)
0.63
171.94

20

Trailing
EPS
34.80
8.88
9.50
na
na
na
na
1.10
9.76
2.49
19.97
0.59
23.69
3.27
9.34
5.50
na
na
10.05
12.06
9.52
na
na
na
0.76
3.08
7.71
12.37
15.08
11.77
5.04
0.00
2.73
2.73
na
1.55
0.68
11.93
0.78

Trailing
PE
10.01
4.2
8.0
10.0
na
na
na
na
22.2
7.2
18.3
14.7
25.8
5.4
9.5
9.1
8.4
na
na
11.5
5.9
7.1
na
na
na
8.7
10.2
9.7
3.2
7.0
8.9
26.6
328
9.5
7.6
na
7.9
9.9
1.3
11.2

PBV

Mkt Cap Mn

1.62
1.1
0.7
0.7
0.6
0.8
2.9
1.2
6.2
0.7
1.0
7.8
1.5
1.1
0.6
0.9
2.1
0.7
na
1.3
1.2
0.8
1.4
0.7
na
1.7
1.2
1.1
3.1
1.4
1.0
0.6
7.6
1.2
0.9
0.8
1.4
1.0
0.1
0.7

629.88
4,258.44
400.19
307.36
217.05
351.22
214.72
1,159.25
694.86
2,730.00
35,184.00
1,098.14
7,644.32
248.00
1,853.00
3,698.40
411.08
1,492.19
3,459.00
3,777.19
3,707.34
195.00
424.27
1,597.46
6,270.57
2,707.95
839.46
446.55
11,743.67
402.11
516.56
987.18
5,224.50
2,085.75
1,290.03
8,056.53
2,060.43
262.11
483.27

14th June 2013

Sri Lanka Focus

Broad Market
Guide
Company

MOTORS
AUTODROME
COLONIAL MOTORS
DIMO
LANKA ASHOK
SATHOSA MOTORS
UNITED MOTORS

AUTON
COLON
DIMON
ASHON
SMOTN
UML N

MainB
MainB
MainB
MainB
MainB
MainB

M
M
M
M
M
M

870.00
107.30
565.00
1800.00
245.10
119.50

Price Performance
1W(%)
1M(%)
(0.11)
(1.90)
(0.33)
0.32
(5.13)
(6.45)
0.04
(4.04)
(6.13)
(1.96)
(2.04)
1.19
4.09

OIL PALMS
BUKIT DARAH
GOOD HOPE
INDO MALAY
SELINSING
SHALIMAR

BUKIN
GOODN
INDON
SELIN
SHALN

MainB
MainB
MainB
MainB
MainB

M
M
M
M
M

709.90
1102.00
1335.00
1070.00
900.00

(2.33)
(0.71)
(4.59)
(10.83)
(9.55)

(2.47)
(2.74)
0.18
1.14
(2.73)
(7.22)

(2.51)
(1.14)
(15.23)
(5.99)
(2.37)
5.76

(5.38)
(5.79)
(8.17)
(6.05)
(2.79)
1.12

102.00
6.87
7.00
6.94
6.94

10.50%
15.83%
2.61%
2.77%
3.97%
3.22%

312.21
818.43
786.82
933.71
800.95

5,778.00
5,042.37
146.61
152.69
257.40
178.94

2,255.03
2,146.35
21.97
21.68
37.10
27.93

1,182.34
1,071.82
18.19
20.07
44.32
27.94

1,001.86
832.97
34.69
31.80
63.85
38.56

685.30
353.77
72.40
73.48
105.66
79.99

AGALN
BALAN
BOPLN
HAPUN
HOPLN
KAHAN
KGALN
KVALN
KOTAN
MADUN
MAL N
MALX
MASKN
NAMUN
TPL N
UDPLN
WATAN
ELPLN
MPRHN
ASPMN

MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
MainB
DiriSaviB
MainB
DiriSaviB
DiriSaviB
DiriSaviB

D
D
M
D
M
D
M
D
M
D
D
D
M
M
D
D
M
M
M
M

28.60
30.60
12.20
35.90
29.40
34.10
110.60
82.00
55.00
14.30
4.70
4.60
14.10
83.00
22.80
27.00
12.80
18.80
27.10
45.50

(2.31)
(8.33)
(4.08)
(2.40)
(8.47)
(1.99)
(3.38)
(3.41)
0.87
1.85
(4.03)
(2.08)
(4.26)
0.71
0.24
(5.39)
(3.08)
(1.06)
(8.14)
-

(5.54)
(18.05)
(9.20)
(7.58)
(9.46)
2.79
(7.80)
(8.60)
(3.32)
(5.01)
(5.30)
(4.08)
(2.17)
4.44
(2.47)
(7.69)
(0.37)
(5.97)
1.08
(13.69)
-

3.37
(4.03)
(10.00)
4.27
11.74
(2.00)
0.55
(5.67)
9.56
18.18
9.30
9.76
10.16
9.67
(13.31)
22.17
11.50
5.06
10.61
-

16.85
(4.03)
33.04
52.50
(20.24)
48.99
14.33
18.92
(16.92)
(8.33)
64.37
34.29
36.36
12.80
35.74
33.33
40.63
59.49
49.60
50.56
-

25.00
23.64
83.75
46.32
25.00
79.89
25.00
34.00
40.00
29.00
224.59
23.00
53.95
23.75
23.75
19.40
236.67
72.87
17.26
21.30

16.26%
38.44%
2.37%
33.81%
3.74%
13.50%
9.39%
16.20%
25.90%
15.08%
3.18%
12.50%
12.50%
17.10%
20.50%
21.66%
4.23%
17.70%
17.25%
33.03%
19.57%

48.47
111.60
12.44
34.89
59.57
15.18
133.97
73.98
85.64
62.36
8.66
8.66
29.11
84.03
60.67
28.46
16.24
34.59
45.02
56.68

5,913.06
465.71
62.49
352.16
60.41
201.04
113.92
542.47
651.46
516.73
57.49
268.02
268.02
268.54
409.16
312.09
23.33
680.24
434.80
256.75
236.25

1,215.12
1.5
11.4
67.9
41.56
47.65
72.32
95.43
150.98
113.22
14.17
51.05
51.05
88.93
86.27
85.40
29.40
124.84
66.12
66.99

2,031.12
304.74
(10.62)
146.26
(46.86)
100.79
(0.86)
168.76
199.06
190.95
59.74
8.11
8.11
123.89
147.20
164.90
(43.91)
286.59
125.46
106.93

1,365.79
160.60
(12.17)
88.90
13.43
41.06
13.20
155.61
173.22
107.80
(42.92)
94.02
94.02
21.51
103.40
35.16
0.70
186.23
133.19
92.84

1,103.31
(1.16)
73.87
49.14
52.29
11.54
29.26
122.68
128.20
104.76
26.51
114.84
114.84
34.22
72.29
26.62
37.14
157.32
63.81
-

DiriSaviB
MainB
MainB
MainB
MainB
MainB
MainB

M
M
M
M
M
M
M

267.00
10.40
15.20
109.00
75.00
39.50
3.10

(3.22)
(8.84)
(0.95)
(1.94)
3.91
(5.00)
(3.23)

(4.58)
(9.18)
0.97
(1.94)
3.81
(1.45)
(9.32)
(9.09)

13.66
13.38
(7.14)
28.81
9.00
13.35
-

40.64
11.25
33.33
100.00
32.93
20.19
25.47
3.45

22.33
528.46
1099.09
25.53
8.35
223.73
1409.51

17.25%
na
50.56%
12.09%
9.74%
9.74%
12.66%
15.98%

86.91
6.51
5.85
72.7
72.7
17.00
2.68

3,785.98
(64.67)
1,738.38
777.25
249.01
249.01
481.66
604.34

847.06
(19.57)
157.58
268.52
74.16
74.16
175.32
191.05

1,822.74
(45.09)
1,365.90
220.29
54.48
54.48
99.12
128.05

510.06
(38.10)
104.26
112.21
49.92
49.92
94.57
187.20

577.66

ASHAN
AMSLN
ASIRN
CHL N
CHL X
LHCLN
NHL N

PLANTATIONS
AGALAWATTE
BALANGODA
BOGAWANTALAWA
HAPUGASTENNE
HORANA PLANTATION
KAHAWATTE
KEGALLE
KELANI VALLEY
KOTAGALA
MADULSIMA
MALWATTE VALLEY
MALWATTE VALLEY
MASKELIYA
NAMUNUKULA
TALAWAKELLE
UDAPUSSELLAWA
WATAWALA PLANTATIONS
ELPITIYA
MET.RES.HOL
AITKEN SPENCE PLANTATION
MANAGEMENTS
HEALTH SERVICES
ASIRI CENTRAL
ASIRI SURGICAL
ASIRI HOSPITAL
CEYLON HOSPITALS [V]
CEYLON HOSPITALS [NV]
LANKA HOSPITALS
NAWALOKA

Year
End

ASIA RESEARCH TEAM

1Q(%)
15.11
10.96
25.50
12.14
6.19
11.66
24.87

1Y(%)
10.59
16.78
(44.40)
(7.32)
(7.69)
37.00
58.91

Shares
Mn
1.20
15.20
8.88
3.62
6.03
67.27

Trailing
ROE
13.65%
5.28%
0.78%
6.06%
14.32%
26.20%
27.31%

BVPS

489.31
250.88
859.71
649.41
126.90
109.57

Net Profit
4Qtrs
3,073.22
31.00
29.80
462.09
336.80
200.63
2,012.90

Mar'13
639.40
6.30
174.60
-8.00
-143.10
69.40
540.20

Dec'12
352.07
8.14
5.60
4.50
143.31
53.32
137.20

Net
Sep'12
562.72
12.18
51.28
113.23
24.14
40.79
321.10

Profits
Jun'12
1,810.28
4.38
130.55
352.36
317.09
37.12
968.78

110.65
176.23
80.08
80.08
112.65
98.04

21

Trailing
EPS

PBV

Mkt Cap Mn

25.83
1.96
52.06
93.02
33.25
29.92

Trailing
PE
7.72
33.7
54.7
10.9
19.4
7.4
4.0

1.05
1.8
0.4
0.7
2.8
1.9
1.1

1,044.00
1,630.96
5,015.19
6,517.52
1,478.84
8,038.42

49.43
21.34
21.82
37.09
25.78

17.8
14.4
51.6
61.2
28.8
34.9

1.9
2.3
1.3
1.7
1.1
1.1

72,409.80
7,572.18
9,342.86
7,425.89
6,246.07

18.63
2.64
4.20
1.30
8.04
1.43
21.70
19.16
12.92
1.98
1.08
1.08
4.98
17.23
13.14
1.20
2.87
5.97
14.87
11.09

4.3
1.5
11.6
2.9
27.5
3.7
23.9
5.1
4.3
4.3
7.2
4.3
4.2
2.8
4.8
1.7
22.5
4.5
3.2
1.8
4.1

0.70
0.6
0.3
1.0
1.0
0.5
2.2
0.8
1.1
0.6
0.2
0.5
0.5
0.5
1.0
0.4
0.9
0.8
0.5
0.6
0.8

715.00
723.27
1,021.75
1,662.74
735.00
2,724.24
2,765.00
2,788.00
2,200.00
414.70
1,055.57
105.80
760.74
1,971.25
541.50
523.77
3,029.33
1,369.89
467.88
969.15

na
3.29
0.71
7.35
7.35
2.15
0.43

11.8
na
3.2
21.5
14.8
10.2
18.3
7.2

2.04
3.1
1.6
2.6
1.5
1.0
2.3
1.2

5,963.17
5,495.96
16,706.20
2,782.47
625.91
8,837.42
4,369.47

14th June 2013

Sri Lanka Focus

ASIA RESEARCH TEAM

22

Broad Market
Guide
Company

Year
End

Price Performance
1W(%)
1M(%)
(1.08)
(3.01)
(0.47)
(1.28)
(2.97)
(13.27)
(3.53)
0.37
6.60
(8.63)
(12.37)
(16.79)
(0.52)
(4.03)
(4.35)
(12.00)
(3.57)

1Q(%)
22.64
38.69
7.81
7.89
11.43
(36.18)
5.57
(10.20)
(6.90)

1Y(%)
31.39
41.00
15.29
10.44
966.00
(30.62)
(20.83)
(12.00)
-

Shares
Mn
60.80
2.94
2.84
0.04
0.05
0.10
114.00
260.00

Trailing
ROE
6.95%
22.68%
4.16%
na
na
na
na
19.98%
16.59%

BVPS

53.89
49.30
57.43
125.68
654.00
64.98
1.72
2.18

Net Profit
4Qtrs
305.22
742.89
6.03
(123.39)
(6.24)
(446.79)
(0.55)
39.23
94.04

Mar'13
590.62
560.02
(3.72)
(21.05)

Dec'12
(406.82)
48.66
1.02
(13.30)
(1.90)
(446.70)
0.30
5.10

Net
Sep'12
85.64
78.67
3.84
(39.85)
(1.05)
1.20
0.12
8.50
34.21

Profits
Jun'12
26.82
55.55
4.40
(49.20)
1.27
0.68
0.13
13.99

Trailing
EPS

PBV

Mkt Cap Mn

12.22
2.05
na
na
na
na
0.34
0.36

Trailing
PE
24.03
6.9
47.7
na
na
na
na
13.1
7.5

1.67
1.6
2.0
2.9
12.7
2.1
14.6
2.6
1.2

5,143.68
287.85
466.58
55.98
70.11
95.04
513.00
702.00

38.39
104.79
12.62
na

19.26
15.0
11.9
15.0
na

0.97
0.8
1.0
4.3
0.9

732.78
3,169.32
431.48
2,006.55

3.39
4.50
0.05
na
na
na
6.97
na
na

34.70
35.7
16.4
135.7
na
na
na
14.1
na
na

1.01
0.6
1.6
1.1
1.0
0.7
5.9
2.6
6.2
1.1

8,575.88
2,663.15
981.37
1,045.27
5,415.19
108.00
12,270.54
237.56
378.00

2.26
5.46
0.24
0.39
2.74
2.74
na
0.17
0.41

7.43
8.8
4.8
14.8
16.0
9.5
7.2
na
15.1
24.9

1.28
0.9
1.1
1.6
2.5
1.6
1.2
0.8
1.5
1.5

2,491.48
13,845.78
1,718.17
4,632.08
8,710.00
1,024.40
632.71
1,250.00
1,010.00

-4.7521
50.6
na

1.55
7.8
0.9

830.49
892.84

10.93
8.4
15.3

1.55
1.8
1.4

71,665.25
75,804.12

SERVICES
JOHN KEELLS LIMITED
LAKE HOUSE PRINTING
MERC. SHIPPINGS
CEYLON PRINTERS
KALAMAZOO
PARAGON
CEYLON TEA BROKERS
ASIA SIYAKA COMMODITIES

JKL N
LPRTN
MSL N
CPRTN
KZOON
PARAN
CTBLN
ASIYN

MainB
MainB
MainB
MainB
MainB
MainB
DiriSaviB
DiriSaviB

M
M
M
M
M
M
M
M

84.60
98.00
164.00
1599.00
1402.10
950.10
4.50
2.70

STORES AND SUPPLIES


COLOMBO PHARMACY
E B CREASY
GESTETNER
HUNTERS

PHARN
EBCRN
GESTN
HUNTN

MainB
MainB
MainB
MainB

M
M
M
M

575.70
1250.00
189.40
390.00

(3.91)
(2.57)
(1.57)
(5.14)
(7.90)

(4.86)
(12.53)
5.05
(10.87)
(14.48)

28.15
25.15
31.58
1.14
31.19

20.18
(2.61)
25.00
9.32
26.30

1.27
2.54
2.28
5.15

5.05%
5.20%
8.16%
28.76%
na

738.70
1284.06
43.90
432.45

329.21
48.87
265.70
28.76
(14.12)

110.66
36.41
80.69
12.94
(19.38)

222.51
(4.23)
188.43
12.73
25.58

54.70
20.02
30.70
2.04
1.94

(58.55)
(3.33)
(34.00)
1.04
(22.26)

TRADING
BROWNS
C W MACKIE
CEYLON FOREIGN TRADES
EASTERN MERCHANTS
ENVIRONMENTAL RESOURCES
RADIANT GEMS
SINGER SRI LANKA
OFFICE EQUIPMENT
TESS AGRO

BRWNN
CWMN
CFT N
EMERN
GREGN
RGEMN
SINSN
OFEQN
TESSN

MainB
MainB
MainB
DefaultB
MainB
MainB
MainB
MainB
DiriSaviB

M
D
M
M
M
M
D
M
M

121.00
74.00
7.00
8.90
15.50
45.00
98.00
2849.90
2.10

(2.75)
(6.35)
(1.21)
(6.32)
(0.64)
1.77
(0.51)
-

(4.05)
(6.79)
(4.94)
12.90
(15.24)
(11.93)
(11.05)
(2.10)
9.19
(4.55)

4.61
1.62
16.01
37.25
4.73
3.38
2.83
23.91
-

4.33
(3.16)
18.64
37.25
9.88
6.90
(27.14)
4.26
211.77
(8.70)

70.88
35.99
140.20
117.45
349.37
2.40
125.21
0.08
180.00

2.90%
1.63%
9.75%
0.82%
na
na
na
18.66%
na
na

207.36
46.18
6.26
8.66
23.27
7.63
37.39
463.07
1.94

912.89
240.04
161.98
7.23
(69.41)
(278.42)
(6.90)
873.24
(2.09)
(12.79)

662.68
768.13
46.85
1.10
(28.16)
(291.18)
(3.40)
174.84

294.12
190.84
11.59
6.83
(16.69)
(80.65)
(0.06)
194.17
(2.77)
(9.14)

300.32
(219.96)
85.92
(3.25)
39.55
83.85
0.34
310.05
3.81

(5.50)

(292.87)
(498.97)
17.61
2.55
(39.95)
31.72
(3.72)
194.18
1.80
1.91

POWER & ENERGY


HEMAS POWER
LANKA IOC
VIDULLANKA
VALLIBEL POWER
LAUGFS GAS
LAUGFS GAS [NV]
HYDRO POWER
PANASIAN POWER
MACKWOODS ENERGY LIMITED

HPWRN
LIOCN
VLL N
VPELN
LGL N
LGL X
HPFLN
PAP N
MEL N

MainB
MainB
MainB
MainB
DiriSaviB
DiriSaviB
MainB
MainB
DiriSaviB

M
M
M
M
M
M
M
M
M

19.90
26.00
3.60
6.20
26.00
19.70
5.80
2.50
10.10

(5.09)
(1.49)
(4.41)
(2.70)
1.64
(11.56)
(14.35)
(3.85)
-

(4.48)
(3.40)
(5.80)
(2.70)
1.64
(5.45)
(10.45)
(6.45)
(7.41)
(4.72)

13.22
(7.44)
26.21
2.86
16.98
9.24
13.22
(1.69)
(7.41)
(1.94)

24.43
10.56
51.16
(26.53)
19.23
24.40
50.38
(1.69)
(7.34)

125.20
532.53
477.27
747.11
335.00
52.00
109.09
500.00
100.00

17.25%
9.88%
22.33%
10.55%
15.86%
16.35%
16.35%
na
10.28%
5.89%

22.82
24.46
2.31
2.44
16.76
16.76
6.90
1.61
6.88

4,751.00
282.45
2,908.80
116.33
289.14
1,060.82
1,060.82
(29.98)
82.93
40.51

1,306.53
71.22
805.89
13.96
12.16
364.72
364.72
(12.46)
30.26
20.78

1,226.44
75.61
728.08
36.12
120.10
228.99
228.99
(8.04)
38.98
6.60

1,842.14
81.00
1,183.00
6.13
112.97
427.45
427.45
(1.80)
2.09
31.30

299.56
39.33
191.86
8.40
56.05

INFORMATION TECHNOLOGY
E-CHANNELLING
PC HOUSE

DiriSaviB M
MainB
M

6.80
2.60

(6.39)
(1.45)
(10.71)

(19.70)
(4.23)
(30.56)

(18.85)
6.25
(37.50)

(29.60)
54.55
(59.68)

122.13
343.40

-32.64%
15.36%
na

0.88
2.92

(362.64)
16.42
(379.06)

(387.13)
7.90
(395.03)

2.52
(6.60)
9.12

(2.35)
2.87
(5.22)

1.79

ECL N
PCH N

1.79

0.13
na

TELECOMMUNICATIONS
DIALOG TELEKOM
SRI LANKA TELECOM

DIALN
SLTLN

MainB
MainB

8.80
42.00

(1.45)
(2.22)
(0.71)

(7.90)
(10.20)
(5.62)

(1.09)
(2.22)
-

18.46
46.67
0.24

8143.78
1804.86

14.22%
22.01%
8.84%

4.76
31.10

13,496.41
8,536.41
4,960.00

3,180.52
1,594.52
1,586.00

1,805.68
928.68
877.00

6,545.20
4,744.20
1,801.00

1,965.01
1,269.01
696.00

1.05
2.75

D
D

Note:
Counters which are listed on Dirisavi board will reflect 6 months results under
3QCY2012.

16.72
38.65

(7.68)
11.60

Research
Manager - Research
BalakrishnanNirmalan

Assistant Manager - Research


(94-11)5320362
nirmalan@asiacapital.lk

AmaliPerera

Corporates

(94-11)5320256
amali@asiacapital.lk

Economy

Shan Silva
Yogini Yogarasa

(94-11)5320251
(94-11)5320361

DhanushaPathirana
Travis Gomez

(94-11)5320254
(94-11)5320254

Statistician
NuwanPradeep

(94-11)5320257

Sales
Institutional Sales

Retail Sales

SabriMarikar

(94-11) 5320224

077 3-576868 sabri@asiacapital.lk

ShiyamSubaulla

(94-11)5320218

0773-502016

shiyam@asiacapital.lk

NiroshanWijayakoon

(94-11) 5320208

0777-713645

PriyanthaHingurage

(94-11)5320217

0773-502015

priyantha@asiacapital.lk

ManjulaKumarasinghe

(94-11) 5320211

0777 -874310 manjula@asiacapital.lk

SubeethPerera

(94-11)5320227

0714-042683

subeeth@asiacapital.lk

ChelakaHapugoda

(94-11)5320240

0777 -256740 chelaka@asiacapital.lk

NelukaRodrigo

(94-11)5320214

0777-366280

neluka@asiacapital.lk

ChamindaMahanama

(94-11) 5320223

0777 -556582 mahanama@asiacapital.lk

GaganiJayawardhana

(94-11)5320236

0714-084953

gagani@asiacapital.lk

HiranBibile

(94-11) 5320238

0777 -352032 hiran@asiacapital.lk

ShamalPerera

(94-11)5320219

077-3717558

shamal@asaiacapital.lk

NiroshanRathnam

(94-11) 5320242

0773 -717515 ratnam@asiacapital.lk

NuwanEranga

(94-11)5320246

0777368012

eranga@asiacapital.lk

JeevanHettigoda

(94-11) 5320220

0773 -691256 jeevan@asiacapital.lk

RomeshPriyadarshana

(94-11)5320228

0772548795

priyadarshana@asiacapital.lk

FarajFouz
MiflalFarook

(94-11) 5320210
(94-11) 5320247

0773 -810159 faraj@asiacapital.lk


0772-253730 miflal@asiacapital.lk

RukshanLiyanage
NathashaMunasinghe
IreshaFernando
SharikaRathnayake

(94-11)5320235
(94-11)5320231
(94-11)5320232
(94-11)5320209

077-3413297
0777-569266
0777359012
0777567994

rukshan@asiacapital.lk
nathasha@asiacapital.lk
iresha@asiacapital.lk
sharika@asiacapital.lk

niroshan@asiacapital.lk

Branches
CSE Floor

CSE,01-04, World Trade Centre, Colombo 1.

ThusharaAdhikari
M G Suranjana

(011)-5735122
(011)-5763539

0773-688202
0773-954994

adhikari@asiacapital.lk

Kurunegala

Union Assurance Building, No.6,1stFloor,Rajapilla Rd, Kurunagala.

AsankaSamarakoon
GayanNishsanka

(037)-5628844
(037)-5642717

0773-690749
0777-105356

asanka@asiacapital.lk
nishshanka@asiacapital.lk

Matara

E.H.Cooray Building, Mezzanine Floor, No:24, AnagarikaDarmapala Mw,


Matara
Peoples Leasing Building,2nd Floor,No.118,Matara Road,Galle

(041)-5677525
(041)-5677526
(041)-5620727
(091)-5629998

0773-687307
0778-628798

Galle

SumedaJayawardena
LalindaLiyanapathirana
MaheshaMadurangi
RuchiraHasantha

0773-687027

sumeda@asiacapital.lk
rishan@asiacapital.lk
mahesha@asiacapital.lk
ruchira@asiacapital.lk

Negombo

Asia Asset Finance, 171/1, Station Road, Negombo.

UthpalaKarunatilake

(031)-5676881

0773-691685

uthpala@asiacapital.lk

Moratuwa

Asia Asset Finance, No.18, New De Zoysa Rd, Moratuwa.


CharithPerera

(011)-5238663

charithn@asiacapital.lk

Panadura

Asian Alliance Building, 293, Galle Road, Panadura

RanganathWijetunga
AsankaChaminda

(038)-5670400
(038)-5670407

0715-120723
0713-559552

ranganath@asiacapital.lk
chaminda@asiacapital.lk

Kandy

132 2/7, Hill City Complex,


D. S .Senanayake Street, Kandy.

NilupulHettiarachchi

(081)-5628500

0777410164

nilupul@asiacapital.lk

RadhikaHettiarachchi
TharinduPriyankara
Ravi De Mel
NalakaDhanushka
DanushkaBoteju
KasunNavoda

(081)-5625577
(081)-5625577
(063)-5679071
(063)-5679070
(011)-5634803

0773692242
0777282586
0772-681995
0771-520376
0716-270527

radhika@asiacapital.lk
priyankara@asiacapital.lk
ravide@asiacapital.lk
nalaka@asiacapital.lk
boteju@asiacapital.lk

Ampara

Bandula Cinema Shopping complex, No-103,D S Senanayaka Street, Ampara.

Kiribathgoda

Level 2-6,Udeshi City Shopping complex, No 94,Makola Rd,Kiribathgoda

Service Centers
Hambantota

Hambanthota Chamber of Commerce, ThangalleRoad,Hambantota.

SherminRanasinghe
SamithEdirisinghe

(047)-5679240

0777681866
0775-486869

shermin@asiacapital.lk
samith@asiacapital.lk

Jaffna

62/20, First Floor, Stanley Road, Jaffna

GratianNirmalan
S.Puviraj

(021)-5671800
(021)-5671801

0777-567933
0775-096969

nirmal@asiacapital.lk
puviraj@asiacapital.lk

ASIA WEALTH MANAGEMENT CO. (PVT) LTD.


21-01, West Tower, World Trade Center,
Echelon Square, Colombo 01
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