2013

Issue 30

Week Ending 26-07-2013

Weekly Market Wrap Up
Stat Page
Weekly Stock Trends
S&P SL20 Watch

Pg 02
Pg 03
Pg 04

Local Economy in Brief
Currency Moves
Inflation & Interest Rates
Colombo Tea Auction
Tourism

Pg 05
Pg 06
Pg 06
Pg 06

Global Market
Equity Market Outlook
Global Commodity Trend

Pg 07
Pg 08

Research Chat:
Piramal Glass – Quick view on earnings

Our Core Coverage

Pg 09
Pg 10- Pg 11

Weekly Stat Page
Weekly Market Statistics

Weekly Turnover and Volume

Daily Index Movement
6,200
6,150
6,100
6,050
6,000
5,950
5,900
5,850

3,500

150

2,500
2,000

100

1,500
1,000

('Mn)

LKR ('Mn)

3,000

ASPI
S&P SL20
Turnover (LKR 'bn)
Volume ('mn)
Market Cap. (LKR 'bn)

0

0
5-Jul

ASPI

12-Jul

Turnover (LHS)

19-Jul

26-Jul

Volume (RHS)

Weekly Foreign Purchases and Sales

60%

Net Foreign 490

50%

1,400
1,200
1,000
800
600
400
200
0

40%

126

860

20%
10%
0%

Linear (Foreign Activity)

SAMPATH (+)
CHEVRON (+)
JKH
DIALOG (+)
TEXTURED JERSEY

1.81%
0.38%
0.03%
0.06%
0.90%

WoW %
-66.8%
-69.0%
-65.7%
104.3%

WoW %
-0.4%
-1.1%
0.0%

Weekly Sector Statistics
12-Jul

Foreign Buying

Growth in Growth in
Value
Foreign Decline in Foreign Holding
LKR 'mn
Holding
65.1
44.4
43.5
38.7
31.9

Current Previous
439.9
1,325.9
144.4
465.7
295.5
860.2
33%
16%

Current Previous
16.0
16.1
2.2
2.2
2.6
2.6

PER
PBV
DY

19-Jul

26-Jul

Foreign Sales

Change in Foreign Holding
Growth in Foreign Holding

LKR ('mn)
Foreign Purchases
Foreign Sales
Net Foreign Inflow
Foreign Participation

Weekly Market Valuations

5-Jul

Foreign Activity

Weekly Foreign Flow

295

LKR ('Mn)

30%

WoW %
0.2%
0.5%
-49.4%
-38.7%
0.2%

50

500

Daily Foreign Activity

Current Previous
6051.77
6041.06
3427.87
3409.16
1,393.5
2,754.8
56.7
92.5
2,328.9
2,324.8

200

AITKEN SPENCE
KEGALLE
TOKYO CEMENT
AHOT PROPERTIES
NATIONS TRUST (+)

Decline in
Value
LKR 'mn
-10.6
-9.0
-2.9
-2.1
-1.6

Decline in
Foreign
Holding
-0.05%
-12.35%
-0.19%
-0.1%
-0.08%

BANKS FINANCE & INS.
BEV. FOOD & TOBACCO
CHEM. & PHARMA.
CONS. & ENG.
DIVERSIFIED
HEALTH CARE
HOTELS & TRAVELS
LAND & PROPERTY
MANUFACTURING
MOTORS
PLANTATIONS
TELECOM

Current Previous
12,174.2 12,051.5
15,675.1 15,397.6
7,167.8
6,934.3
2,610.9
2,580.3
1,821.1
1,796.8
582.1
575.6
3,554.3
3,493.7
506.0
490.4
2,606.0
2,576.4
15,430.7 15,058.4
808.2
800.8
163.5
161.4

WoW %
1.0%
1.8%
3.4%
1.2%
1.4%
1.1%
1.7%
3.2%
1.2%
2.5%
0.9%
1.3%
Page | 2

Weekly Stock Trends
Weekly Top Gainers
Company

Current

Previous

WoW %

High

Low

Volume

Turnover

52 High

52 Low

CEYLON PRINTERS

1,260.00

1,010.00

24.75%

1,260.00

1,260.00

1

1,260

3,270.00

337.50

CHILAW FINANCE

15.30

12.90

18.60%

15.60

13.00

1,465,296

21,295,418

23.40

9.80

ASIRI CENTRAL

272.50

230.10

18.43%

272.90

250.00

10

2,680

329.90

187.00

S M B LEASING

0.80

0.70

14.29%

0.90

0.70

1,159,588

917,852

1.40

0.70

309.90

275.30

12.57%

309.90

275.00

297

84,733

320.00

217.10

FINLAYS COLOMBO

Weekly Top Losers
Company

Current

S M B LEASING[NON VOTING]

Previous

WoW %

High

Low

Volume

Turnover

52 High

52 Low

0.30

0.40

-25.00%

0.40

0.30

221,506

73,793

0.60

0.30

118.60

139.80

-15.16%

138.80

115.00

4,011

477,494

164.20

85.00

1.30

1.50

-13.33%

1.60

1.30

523,479

720,002

13.90

1.30

TEA SMALLHOLDER

43.20

49.70

-13.08%

49.50

43.20

11

538

64.50

36.30

HUEJAY

62.00

70.90

-12.55%

70.90

62.00

787

48,901

110.90

48.00

CIT
PCH HOLDINGS

Weekly Top Performers
Company

Current

Previous

WoW %

High

Low

Volume

Turnover

52 High

52 Low

JKH

268.00

260.00

3.08%

273.20

260.00

845,395

227,341,724

299.80

177.00

SAMPATH

202.10

197.00

2.59%

204.90

198.00

456,491

91,897,500

242.00

151.00

14.00

13.90

0.72%

14.40

13.80

5,455,522

76,375,909

16.00

7.50

AITKEN SPENCE

124.90

124.70

0.16%

125.50

124.00

491,516

61,418,556

140.00

100.00

CHEVRON

316.20

315.40

0.25%

318.00

315.00

163,919

51,915,689

375.00

172.00

Volume

Turnover

52 High

52 Low

ASIRI

Weekly Top Volume
Company

Current

Previous

WoW %

High

Low

ASIRI

14.00

13.90

0.72%

14.40

13.80

5,455,522

76,375,909

16.00

7.50

TEXTURED JERSEY

13.10

12.50

4.80%

13.40

12.10

3,887,472

49,584,718

13.40

7.60

ACCESS ENG SL

21.00

20.30

3.45%

21.30

20.30

2,440,882

51,079,316

22.60

15.50

RICHARD PIERIS

7.00

7.10

-1.41%

7.30

6.80

2,104,501

14,980,426

9.10

6.50

PC HOUSE

1.20

1.20

0.00%

1.30

1.10

1,572,212

1,817,749

8.40

1.00
Page | 3

S & P SL20 Debrief

Announcements
DIVIDENDS

Daily Index Movement

Company

3,500
3,450
3,400
3,350
3,300
3,250

Dividend (LKR)
1.00

29-07-2013

06-08-2013

York Arcade Holdings PLC

0.40

29-07-2013

06-08-2013

Vallibel one PLC

0.70

30-07-2013

07-08-2013

Vallibel Power Erathna PLC

0.20

30-07-2013

08-08-2013

Ceylon Guardian Investment Trust PLC

2.50

31-07-2013

08-08-2013

Ceylon Investment PLC

1.75

31-07-2013

08-08-2013

Senkadagala Finance PLC

1.20

31-07-2013

08-08-2013

Kelani Cables PLC

1.50

31-07-2013

12-08-2013

RIGHTS ISSUE
S&P SL20

S&P SL20 Companies

Payment

Colombo Investment Trust PLC

Company

JOHN KEELLS HOLDINGS
COMMERCIAL BANK
THE BUKIT DARAH
HATTON NATIONAL BANK
CARSONS CUMBERBATCH
SAMPATH BANK
CEYLON TOBACCO COMPANY
DFCC BANK
AITKEN SPENCE
NATIONAL DEVELOPMENT BANK
C T HOLDINGS
DISTILLERIES
HAYLEYS
CHEVRON LUBRICANTS LANKA
DIALOG AXIATA
CARGILLS (CEYLON)
AITKEN SPENCE HOTEL HOLDINGS
NESTLE LANKA
ASIAN HOTELS & PROPERTIES
SRI LANKA TELECOM

XD Date

Current
268.00
116.10
686.30
154.00
419.90
202.10
980.10
128.90
124.90
166.10
144.90
190.20
302.00
316.20
8.60
162.00
72.00
1,912.70
68.50
40.30

Previous
260.00
116.70
687.40
152.00
425.00
197.00
999.50
130.00
124.70
165.00
140.00
188.10
302.00
315.40
8.60
163.50
69.00
1,928.00
70.00
40.30

WoW %
3.08%
-0.51%
-0.16%
1.32%
-1.20%
2.59%
-1.94%
-0.85%
0.16%
0.67%
3.50%
1.12%
0.00%
0.25%
0.00%
-0.92%
4.35%
-0.79%
-2.14%
0.00%

Turnover
227,341,724
33,796,929
34,929,310
10,886,091
2,115,222
91,897,500
15,526,337
3,476,774
61,418,556
18,118,753
2,434,170
21,817,708
2,096,813
51,915,689
80,084,175
214,176
624,685
2,945,793
2,447,010
702,365

Proportion

XR Date

Renunciation

The Kingsbury Plc

03 for 08 @ LKR10.0

15-08-2013

02-09-2013

Pelwatte Sugar

01 for 04 @ LKR18.0

Delayed

Delayed

###

0

0

0

###

0

0

0

###

0

0

0

Proportion

EGM Date

XD Date

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

Proportion

EGM Date

XC Date

01 for 10 @ LKR17.35

08-08-2013

12-08-2013

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

Proportion

EGM Date

Trading Date

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

Proportion

EGM Date

Trading Date

0-Jan-1900

0

0

0

0-Jan-1900

0

0

0

SCRIP DIVIDEND
Company

CAPITALIZATION OF RESERVES
Company
Tokyo Cement Company (Lanka)

SUBDIVISION OF SHARES
Company

CONSOLIDATION OF SHARES
Company

Page | 4

Local Economy
CURRENCY MOVES

LKR
132

USD : LKR

LKR
180

EURO : LKR

LKR
205

130

175

200

128

170

195

126

165

190

124

160

185

122

155

180

LKR
1.40

Japanese Yen : LKR

LKR
106

1.35

104

1.30

102

1.25

100

1.20

98

1.15

96

Singapore Dollar : LKR

LKR
2.40
2.35
2.30
2.25
2.20
2.15
2.10
2.05
2.00

GBP : LKR

Indian Rupee : LKR

Page | 5

Local Economy
BALANCE OF TRADE

TOURISM

Balance of Trade

Tourist Arrivals

140,000
120,000

2,000
1,600
1,200
800
400
0
-400
-800
-1,200

100,000
80,000

60,000
40,000
20,000
Jan

Exports

Imports

Balance of Trade

May-13

Exports
Imports
Balance of Trade

Apr-13
697
1,522
-825

MoM %
14%
2%
9%

May-12
806
1,575
-769

Apr

May

Jun

2011

Jul

Aug

2012

Sep

Oct

Dec

Jun-13
2013
73,628
512,281

Jun-13
YTD

Nov

2013

For the Month Ending:

YoY %
-1%
-2%
2%

INFLATION & INTEREST RATE

2012 Change %
65,245
13%
452,867
13%

COLOMBO TEA AUCTION STATISTICS

Inflation and Treasury Bill Rate

14%

Mar

2010

For the Month Ending:
May-13
794
1,549
-755

Feb

Elevation

12%

10%

High Grown
Mid Grown
Low Grown
Total

8%
6%
4%

Sale of
10-Jul-13
362.77
353.37
433.79
406.25

Sale of
03-Jul-13
352.43
361.82
434.61
404.54

WoW %
2.93%
-2.34%
-0.19%
0.42%

Corres. 2012
355.36
346.62
431.12
399.00

WoW %
4.00%
1.28%

Sale of
18-Jun-13
380.00
380.00

YoY %
2.09%
1.95%
0.62%
1.82%

2%
Jun-12

1-Yr T-Bill

Aug-12

Oct-12

Point to Point

Dec-12

Feb-13

For the Month Ending:
Point to Point
Annual Average Change
1-Yr T-Bill

Apr-13

Annual Average Change

Jun-13

COLOMBO RUBBER AUCTION STATISTICS

Jun-2013
May-13
7.3%
8.8%
10.86%

Jun-13
6.8%
8.6%
12.37%

Basis Points
50
20
-151

Elevation
RSS 1
Brown Crepe 1X

Sale of
11-Jul-13
390.00
395.00

Sale of
02-Jul-13
375.00
390.00

WoW %
2.63%
3.95%
Page | 6

Global Markets
EQUITY MARKET OUTLOOK

Index
16,000

Dow Jones Industrial Average

Index
1,750
1,700

15,500

1,650

15,000

1,600

14,500

1,550

14,000

1,500

Index
7,000
6,800
6,600
6,400
6,200
6,000
5,800
5,600

S&P 500 Index

FTSE 100 Index

Index
17,000

15,000
13,000
11,000

9,000
7,000

Nikkei 225

Index
2,900
2,800
2,700
2,600
2,500
2,400
2,300

Index
24,000
23,000
22,000
21,000
20,000
19,000
18,000
17,000

EURO STOXX 50 Price EUR

Hong Kong Hang Seng Index

Page | 7

Global Markets
GLOBAL COMMODITY TREND

USD/bbl
110
105
100
95
90
85
80

WTI CRUDE FUTURE

USd/lb.
90
88
86
84
82
80
78
76
74

COTTON NO.2 FUTURE

USD/t oz.
2,000

GOLD 100 OZ FUTURE

1,500
1,000
500
0

USd/bu.
740
720
700
680
660
640
620

USd/lb.
350
340
330
320
310
300
290
280

WHEAT FUTURE(CBT)

COPPER FUTURE

Commodity
WTI Crude

USD/bbl

Gold
Copper

USD/t oz.
USd/lb.

Cotton
Wheat

USd/lb.
USd/bu.

This
Week

Last
Week

WoW
Change

104.84

108.01

-2.9%

1,328.80
314.85

1,286.90
311.75

3.3%
1.0%

85.45
656.75

84.85
663.50

0.7%
-1.0%

Page | 8

GLAS earnings gained 142% YoY to LKR358 mn backed by the part sale of Rathmalana land at a consideration of LKR355
mn translating into a capital gain of LKR296 mn. Therefore excluding the capital gain on the land, profit for 1QFY14 reads LKR ('mn)
Revenue
LKR61.4 mn denoting a dip of 58% YoY.
Volumes down: Revenue for 1QFY14 denoted a 5.4% dip backed by slowdown in domestic and export segments. Domestic
revenue dipped 1.7% YoY to LKR916 mn due to low demand in the liquor and aerated water segments. Export revenue dipped 15%
YoY primarily due to the devaluation of the Indian rupee by 6% YoY during 1QFY14 resulting in exports to India being relatively
expensive (See Appendix 1 below).

Quarterly Performance
1QFY14 1QFY13 YoY % 4QFY13 QoQ %
1,223
1,293
-5% 1,345 -9%
Gross Profit
263
358 -26%
387 -32%
Gross Margin
21%
28%
29%
PBIT
424
207 105%
198 114%
PBIT margin
35%
16%
15%
Net Profit
358
148 142%
111 223%
Net Profit Margin
29%
11%
8%

GP Margin Erosion: GP Margin saw a dip of 620 bps YoY to 21% led by the weighted average industry electricity tariff hike of 15% with effect from 1st April 2013 (see Appendix 2
below) as highlighted in our 4QFY13 earnings review on GLAS. This resulted in a rise in direct and indirect costs of raw material and packaging. Operating costs dipped 10% YoY
reflecting a 17% YoY dip in administration costs resulting from the exchange gains stemming from the 3% YoY appreciation of the rupee.

The balance portion of the land is expected to be sold in 3QFY14 at a consideration of LKR415 to Ideal Motors Ltd as
disclosed today hence FY14E is expected to post higher earnings reflecting the one-off gains of land sales however
growth on normalized terms is likely to be marginal as a result of the post electricity hike effect.
We expect 2HFY14 revenue growth to be restored via new product development in Australian and New Zealand
Markets undertaken during 1QFY14 and a gradual decline in gearing level via utilizing the profit from sale of land to
payoff long term debt.
Our 4QFY13 earnings review on GLAS highlighted a downgrade in net earnings to a Long Term Buy as a result of
the expected impact from the electricity hike of 15% and the time taken to pass on these costs to consumers.
Hence we maintain our rating at Long Term Buy with marginal normalized earnings growth highlighting DY of
6.6% for FY14E and 7.0% for FY15E.
Softlogic Equity Research

Page | 9

Name

Y/E

Rec

Mkt Price Book Val.

Share

Market

26-Jul-13

Cap.
('Mn)

Cap.
('Mn)

('Mn)

NAVPS

Earnings

P / BV

EPS

EPS Growth (%)

Mar'12

Mar'13

Mar'14E

Mar'15E

4Q

Mar'12

Mar'13

Mar'14E Mar'15E

Dec'11

Dec'12

Dec'13E

Dec'14E

Trailing

Dec'11

Dec'12

Dec'13E Dec'14E Trailing

3,437

3,829

3,057

25.51

29.00

2,006

57.08

73.94

4Q

PER

DPS

Mar'12

Mar'13 Mar'14E Mar'14E

Mar'12

Mar'13

Mar'14E Mar'15E

Dec'11

Dec'12 Dec'13E Dec'13E

Dec'11

Dec'12

Dec'13E Dec'14E Trailing

4Q

Mar'13
Dec'12

Trailing

ROE

DY (%)

(%)

Banking, Finance & Insurance
Centra l Fi na nce

CFIN.N0000

M

Ceyl i nco Ins ura nce

CINS.N0000

D

Commerci a l Ba nk

COMB.N0000 D

Commerci a l Ba nk [X]

COMB.X0000

DFCC Ba nk

Buy

181.10

16,109

104.9

18,994 153.59

1.18

2,675

3,041

1,264.60

14,202

26.4

33,404 537.64

2.35

1,508

1,953

Buy

116.10

52,962

848.6

98,528

62.41

1.86

8,048

10,080

11,806

14,510

9,462

9.48

11.88

13.91

D

Buy

94.10

52,962

848.6

79,857

62.41

1.51

8,048

10,080

11,806

14,510

10,056

9.48

11.88

DFCC.N0000

M

MTB

128.90

28,139

265.1

34,171 106.14

1.21

2,900

3,523

3,453

3,915

3,523

10.94

Ha tton Na ti ona l Ba nk

HNB.N0000

D

Buy

154.00

51,055

398.8

61,415 128.02

1.20

6,149

8,111

9,607

11,113

7,815

Ha tton Na ti ona l Ba nk [X]

HNB.X0000

D

Buy

112.00

51,055

398.8

44,666 128.02

0.87

6,149

8,111

9,607

11,113

La nka Ori x Lea s i ng Compa ny LOLC.N0000

M

57.90

19,962

475.2

27,514

42.01

1.38

2,933

1,863

LB Fi na nce

LFIN.N0000

M

Buy

117.30

5,329

69.3

8,124

76.94

1.52

1,714

1,703

2,114

Na ti ona l Devel opment Ba nk NDB.N0000

D

Buy

166.10

22,926

164.7

27,356 139.21

1.19

2,706

8,854

Na ti ons Trus t Ba nk

NTB.N0000

D

Buy

63.50

10,113

230.6

14,644

43.85

1.45

1,534

Pa n As i a Ba nk

PABC.N0000

D

Buy

18.10

4,089

295.0

5,340

13.86

1.31

Peopl e's Lea s i ng

PLC.N0000

M

Buy

14.30

19,236

1,579.9

22,592

12.18

Sa mpa th Ba nk

SAMP.N0000

D

Buy

202.10

27,959

167.8

Seyl a n Ba nk

SEYB.N0000

D

64.70

19,775

La nka Ori x Fi na nce

LOFC.N0000

M

3.00

Sample Sector (16)

29.14

46

14

75.96

57

30

17.10

11.15

46

25

17

13.91

17.10

11.15

46

25

13.29

13.02

14.77

13.29

(43)

15.42

20.34

24.09

27.87

19.60

8,086

15.42

20.34

24.09

27.87

1,947

6.17

3.92

2,494

1,771

24.75

24.58

30.52

3,533

4,286

8,660

16.43

53.76

1,951

2,438

2,990

2,012

6.65

824

811

859

995

766

1.17

4,542

3,073

3,015

3,590

33,904 166.66

1.21

4,151

5,212

5,636

345.0

22,319

57.32

1.13

1,006

2,063

5,424

2,800.0

8,400

1.94

1.55

1,246

686

297,279

7,771.2

416,704

38.25

1.40

41,935

52,924

Full Sector (60)

546,582

898

1,026

32.77

7.1

6.2

22.2

17.1

23

12.2

9.8

8.3

17

23

9.9

7.9

21

(2)

13

11.8

28

32

18

16

19.60

28

32

18

16

4.10

(24)

(36)

36.01

25.57

68

(1)

24

21.45

26.03

52.58

26

227

8.46

10.57

12.96

8.72

41

2.79

2.75

2.91

3.37

2.60

3,045

2.87

1.95

1.91

2.27

4,773

24.74

31.07

33.60

2,170

2.92

5.98

629

0.44

0.25

69,778

5.40

6.81

0.32

36.51

0.37

13

6.2

1.7

0.9

16.6

16.6

12.5

1.0

10.6

6.8

10.4

4.5

3.9

15.2

6.8

5.5

8.4

4.5

4.8

15.2

9.7

9.9

8.7

9.7

5.0

3.9

10.3

10.0

7.6

6.4

5.5

7.9

8.5

5.5

12.0

7.3

5.5

4.6

4.0

5.7

8.5

7.6

12.0

9.4

14.8

14.1

0.5

0.9

14.7

18

4.7

4.8

3.8

3.3

4.6

5.0

4.3

32.2

(60)

21

10.1

3.1

7.7

6.4

3.2

15.0

9.0

11.8

27

25

23

9.5

7.5

6.0

4.9

7.3

2.1

3.3

15.2

128

(2)

6

16

6.5

6.6

6.2

5.4

7.0

1.0

5.5

20.2

1.93

74

(32)

(2)

19

5.0

7.4

7.5

6.3

7.4

0.8

5.2

23.6

28.45

19

26

8

8.2

6.5

6.0

7.1

6.0

3.0

14.8

6.29

(17)

105

22.2

10.8

10.3

1.0

1.5

5.1

0.22

(0)

(45)

6.7

12.2

13.4

-

-

23.0

8.98

19

26

9.9

7.9

31

11

14

5.5

9.4

5.0

8.2

6.0

1.48

14.1

8.3

Beverage, Food and Tobacco
Ca rgi l l s

CARG.N0000

M

162.00

7,760

224.0

36,288

Ceyl on Toba cco Compa ny

CTC.N0000

D

980.10

3,660

187.3

183,596

Di s ti l l eri es

DIST.N0000

M

190.20

49,381

300.0

57,060 164.60

Li on Brewery

LION.N0000

M

380.00

5,910

80.0

30,400

Nes tl e (La nka )

NEST.N0000

D

1,912.70

3,071

53.7

69,783

845.0

LTB

Sample Sector (5)
Full Sector (20)

34.64

4.68

1,079

578

577

4.82

2.58

2.58

(1)

(46)

19.54 50.16

6,569

8,176

8,685

9,432

8,152

35.07

43.65

46.36

50.35

43.52

29

24

1.16

5,675

5,520

5,816

6,452

5,520

18.92

18.40

19.39

21.51

18.40

(30)

5.14

1,262

1,046

1,146

1,553

1,046

15.78

13.07

14.33

19.41

13.08

25

102,761

57.17 33.46

2,633

2,994

3,281

3,711

3,446

49.01

55.73

61.07

69.08

64.15

39

14

410,105

82.58

17,219

18,313

18,742

20.38

21.67

22.18

0

6

73.88

475,468

5.88

33.6

62.8

6

9

27.9

22.5

62.9

2.0

1.2

13.9

19.5

22.5

45.2

4.6

179.5

(3)

5

11

10.1

10.3

(17)

10

35

24.1

29.1

9.8

8.8

10.3

3.0

1.6

11.5

26.5

19.6

29.1

4.0

1.1

10

13

39.0

34.3

31.3

21.4

27.7

29.8

54.0

2.8

23.8

22.4

85.7

21.1

21.9

4.28

24.7

19.6

Chemicals & Pharmaceuticals
CIC Hol di ngs

CIC.N0000

M

62.00

7,760

94.8

5,876

81.88

0.76

863

231

239

9.11

2.44

2.52

(7)

(73)

6.8

25.4

24.6

0.6

1.0

11.1

La nkem Ceyl on

LCEY.N0000

M

140.50

4,459

24.0

3,372 185.81

0.76

513

297

307

21.39

12.36

12.80

(55)

(42)

6.6

11.4

11.0

2.5

1.8

11.5

12,219

118.8

9,248 102.88

0.76

1,376

528

546

11.59

4.44

4.60

(33)

(62)

6.7

17.5

16.9

Sample Sector (2)
Full Sector (10)

20,594

0.98

11.3

13.3

Construction & Engineering
Col ombo Dockya rd

DOCK.N0000

D

218.00

Sample Sector (1)

10,172

71.9

15,665 141.55

1.54

1,804

1,977

1,564

25.10

27.51

21.77

(13)

10

8.7

7.9

10.0

10,172

71.9

15,665 141.55

1.54

1,804

1,977

1,564

25.10

27.51

21.77

(13)

10

8.7

7.9

10.0

19,605

1.33

Full Sector (4)

8.0

3.7

17.7
17.7

5.2

Diversified Holdings
Ai tken Spence

SPEN.N0000

M

124.90

28,053

406.0

50,709

69.10

1.81

3,488

3,267

3,267

8.59

8.05

8.05

38

(6)

14.5

15.5

15.5

1.5

1.2

CT Hol di ngs

CTHR.N0000

M

144.90

13,219

183.1

26,531

72.20

2.01

1,159

1,150

1,150

6.33

6.28

6.28

34

(1)

22.9

23.1

23.1

2.1

1.4

8.8

Ca rs ons Cumberba tch

CARS.N0000

M

419.90

34,692

196.4

82,463 176.65

2.38

7,017

4,570

4,014

35.73

23.27

20.44

55

(35)

11.8

18.0

20.5

2.0

0.5

20.2

Expol a nka Hol di ngs

EXPO.N0000

M

6.50

9,081

1,954.9

12,707

Ha yl eys

HAYL.N0000

M

302.00

22,459

75.0

Hema s Hol di ngs

HHL.N0000

M

33.30

12,153

515.3

John Keel l s Hol di ngs

JKH.N0000

M

268.00

89,819

857.8

Ri cha rd Pei ri s

RICH.N0000

M

7.00

7,949

1,958.1

13,707

Softl ogi c Hol di ngs

SHL.N0000

M

9.30

8,040

779.0

7,245

Va l l i bel One

VONE.N0000

M

18.00

27,640

1,086.6

19,558

253,107

8,012.1

482,607

LTB

Buy

Sample Sector (10)
Full Sector (18)

4.65

1.40

1,033

1,061

1,061

0.53

0.54

0.54

(33)

3

12.3

12.0

12.0

0.1

1.8

11.4

22,650 299.45

1.01

1,038

1,854

1,855

13.84

24.72

24.73

43

79

21.8

12.2

12.2

4.0

1.3

4.6

17,159

23.59

1.41

1,165

1,658

1,658

2.26

3.22

3.22

(4)

42

14.7

10.4

10.4

0.5

1.5

9.6

229,879 104.71

2.56

9,687

12,201

12,201

11.29

14.22

14.22

17

26

23.7

18.8

18.8

3.5

1.3

10.8

4.06

1.72

2,575

1,903

1,903

1.32

0.97

0.97

53

(26)

5.3

7.2

7.2

0.7

10.0

32.4

10.32

0.90

483

301

301

0.62

0.39

0.39

(42)

(38)

15.0

24.1

24.1

0.3

3.2

6.0

25.44

0.71

2,025

1,403

1,403

1.86

1.29

1.29

250

(31)

9.7

13.9

13.9

0.3

1.7

31.59

1.91

29,669

29,367

28,812

3.70

3.67

3.60

30

(1)

16.3

16.4

520,465

1,302

2,323

0.67

2.14

23

66

1.78

9.8

12.4

8.4

16.8

7.3
11.7

15.5

Healthcare
As i ri Hos pi ta l Hol d.

ASIR.N0000

M

14.00

6,430

1,099.1

15,387

5.85

2.39

600

777

777

0.55

0.71

0.71

215

29

25.6

19.8

19.8

0.3

1.8

9.3

Na wa l oka Hos pi ta l s

NHL.N0000

M

2.90

3,781

1,409.5

4,088

2.68

1.08

271

454

454

0.19

0.32

0.32

(75)

68

15.1

9.0

9.0

0.1

1.7

7.2

La nka Hos pi ta l s

LHCL.N0000

D

39.00

27,164

223.7

8,726 121.41

0.32

437

384

482

1.95

1.72

2.15

51

(12)

20.0

22.7

18.1

0.5

1.3

1.6

37,375

2,732.3

0.75

1,308

1,616

1,713

0.48

0.59

0.63

(16)

24

21.6

17.5

16.5

3.5

11.7

Page | 10

Sample Sector (3)

Softlogic Equity Research
Full Sector (6)

28,200
42,683

13.68

1.94

Name

Y/E

Rec

Mkt Price Book Val.

Share

Market

26-Jul-13

Cap.
('Mn)

Cap.
('Mn)

('Mn)

NAVPS

Earnings

P / BV

EPS

EPS Growth (%)

PER

DPS

Mar'12

Mar'13

Mar'14E

Mar'15E

4Q

Mar'12

Mar'13

Mar'14E Mar'15E

4Q

Mar'12

Mar'13

Mar'14E Mar'14E

Mar'12

Mar'13

Mar'14E Mar'15E

4Q

Mar'13

Dec'11

Dec'12

Dec'13E

Dec'14E

Trailing

Dec'11

Dec'12

Dec'13E Dec'14E

Trailing

Dec'11

Dec'12

Dec'13E Dec'13E

Dec'11

Dec'12

Dec'13E Dec'14E

Trailing

Dec'12

Trailing

ROE

DY (%)

(%)

Hotels and Travels
Ai tken Sp. Ho. Hol d.

AHUN.N0000 M

72.00

12,926

336.3

24,213

38.44

1.87

1,378

1,782

2,148

1,782

4.10

5.30

6.39

5.30

33

29

21

17.6

13.6

11.3

13.6

1.0

1.4

10.7

Ama ya Lei s ure

CONN.N0000

M

80.90

2,472

48.0

3,886

51.47

1.57

293

377

376

374

6.09

7.84

7.83

7.79

(38)

29

(0)

13.3

10.3

10.3

10.4

4.0

4.9

11.8

As i a n Hotel s & Prop.

AHPL.N0000

M

68.50

21,697

442.8

30,330

49.00

1.40

2,149

2,494

2,623

2,492

4.85

5.63

5.92

5.63

21

16

5

14.1

12.2

11.6

12.2

4.0

5.8

9.9

Keel l s Hotel s

KHL.N0000

M

13.20

16,294

1,456.1

19,221

11.19

1.18

1,105

1,121

1,496

1,121

0.76

0.77

1.03

0.77

111

1

33

17.4

17.1

12.8

17.1

0.3

2.3

6.8

Ta j

TAJ.N0000

M

27.40

2,330

139.6

3,826

16.69

1.64

125

246

293

224

0.89

1.76

2.10

1.61

26

97

19

30.7

15.6

13.1

17.1

0.0

0.0

5.4

Tra ns As i a

TRAN.N0000

M

78.70

6,054

200.0

15,740

30.27

2.60

625

1,066

1,180

1,066

3.12

5.33

5.90

5.33

(5)

71

11

25.2

14.8

13.3

14.8

2.0

2.5

10.3

61,773

2,622.9

97,216

23.55

1.57

5,674

7,086

8,116

6,059

2.16

2.70

3.09

2.31

24

25

15

17.1

13.7

12.0

16.0

Sample Sector (6)
Full Sector (36)

147,750

1.35

9.2

16.9

Land and Property
Col ombo La nd

CLND.N0000

D

44.50

3,712

199.9

8,895

18.57

2.40

10

335

-90

12

48

0.05

1.68

(0.45)

0.06

0.24

(98)

3,393

(127)

113

927.4

26.5

N/A

741.2

183.6

0.0

0.0

0.3

Overs ea s Rea l i ty

OSEA.N0000

D

18.50

22,437

843.5

15,604

26.60

0.70

2,681

2,469

1,924

2,158

2,991

3.18

2.93

2.28

2.56

3.55

218

(8)

(22)

12

5.8

6.3

8.1

7.2

5.2

0.3

1.6

11.9

26,149

1,043.4

24,499

25.06

0.94

2,691

2,804

1,834

2,170

3,040

2.58

2.69

1.76

2.08

2.91

102

4

(35)

18

9.1

8.7

13.4

11.3

8.1

1.0

10.3

Sample Sector (2)
Full Sector (18)

41,406

0.89

9.6

Manufacturing
ACL Ca bl es

ACL.N0000

M

69.70

5,718

59.9

4,175

95.47

0.73

485

532

543

8.10

8.88

9.06

127

10

Gra i n El eva tors

GRAN.N0000

D

40.20

2,684

60.0

2,412

44.74

0.90

388

135

100

106

150

6.46

2.24

1.67

1.77

2.49

(18)

(65)

(26)

Chevron Lubri ca nts

LLUB.N0000

D

Hold

316.20

4,536

120.0

37,944

37.80

8.37

2,001

2,288

2,526

2,621

2,396

16.67

19.06

21.05

21.84

19.97

33

14

La nka Wa l l ti l e

LWL.N0000

M

LTB

63.40

4,618

54.6

3,462

84.57

0.75

731

520

545

600

520

13.39

9.52

9.98

10.99

9.52

51

(29)

Pi ra ma l Gl a s s

GLAS.N0000

M

LTB

5.90

3,629

950.1

5,606

3.82

1.54

686

724

761

813

732

0.72

0.76

0.80

0.86

0.77

19

Roya l Cera mi c

RCL.N0000

M

LTB

97.40

8,401

110.8

10,791

75.83

1.28

1,243

1,670

1,844

2,190

1,752

11.22

15.07

16.64

19.77

15.81

Textured Jers ey

TJL.N0000

M

Buy

13.10

5,732

655.0

8,581

8.75

1.50

628

1,017

1,186

1,483

1,017

0.96

1.55

1.81

2.26

Tokyo Cement

TKYO.N0000

M

25.80

6,722

303.8

7,837

22.13

1.17

979

828

828

3.22

42,040

2,314.1

80,806

18.17

1.92

7,141

7,713

7,937

3.09

Sample Sector (8)
Full Sector (36)

107,203

8.6

7.8

7.7

1.0

1.4

8.5

6

6.2

17.9

24.1

22.8

16.1

0.0

0.0

14.4

10

4

19.0

16.6

15.0

14.5

15.8

11.0

3.5

44.1

5

10

4.7

6.7

6.4

5.8

6.7

4.0

6.3

15.8

5

5

7

8.2

7.7

7.4

6.9

7.7

0.4

6.1

18.9

(14)

34

10

19

8.7

6.5

5.9

4.9

6.2

2.0

2.1

14.8

1.55

(8)

62

17

25

13.7

8.4

7.2

5.8

8.4

0.7

5.0

11.0

2.73

2.73

14

(15)

8.0

9.5

9.5

1.3

5.0

14.6

3.33

3.43

15

8

11.3

10.5

10.2

3.7

17.0

1.43

8.7

Motors
Col oni a l Motors

COLO.N0000

M

99.00

3,813

15.2

1,505 250.88

0.39

453

120

Di es el & Motor Engi neeri ng

DIMO.N0000

M

508.40

7,631

8.9

4,513 859.71

0.59

2,702

462

Uni ted Motors

UML.N0000

M

110.20

7,371

67.3

7,413 109.57

1.01

2,281

2,013

2,011

18,815

91.3

13,430 205.98

0.71

5,436

2,595

2,496

22,677

1.01

Sample Sector (3)
Full Sector (6)

29.80

7.91

1.47

95

(73)

3.3

12.5

67.5

4.0

4.0

11.9

462 304.36

22

52.06

52.05

27

(83)

1.7

9.8

9.8

40.0

7.9

35.4

33.91

29.92

29.90

153

(12)

3.2

3.7

3.7

6.0

5.4

31.0

59.51

28.41

27.32

67

(52)

2.5

5.2

5.4

6.1

28.9

6.7

Oil Palms
Buki t Da ra h

BUKI.N0000

M

686.30

Sample Sector (1)

31,845

102.0

70,003 312.21

2.20

7,299

5,042

4,405

71.56

49.43

43.19

43

(31)

9.6

13.9

15.9

3.0

0.4

22.9

31,845

102.0

70,003 312.21

2.20

7,299

5,042

4,405

71.56

49.43

43.19

43

(31)

9.6

13.9

15.9

3.0

0.4

22.9

99,957

1.82

Full Sector (5)

19.5

Plantations
Ba l a ngoda

BALA.N0000

D

25.40

2,638

23.6

600 111.60

0.23

25

118

62

1.08

5.01

2.64

(85)

366

23.6

5.1

9.6

0.0

Hora na

HOPL.N0000

M

23.60

1,489

25.0

590

59.57

0.40

87

220

201

3.49

8.82

8.04

(73)

152

6.8

2.7

2.9

1.0

Kega l l e

KGAL.N0000

M

102.10

3,349

25.0

2,553 133.97

0.76

769

544

542

30.77

21.74

21.70

(8)

(29)

3.3

4.7

4.7

7.5

7.3

23.0

Kel a ni Va l l ey

KVAL.N0000

D

77.00

2,515

34.0

2,618

73.98

1.04

460

584

650

13.54

17.19

19.12

44

27

5.7

4.5

4.0

6.0

7.8

18.3

Kota ga l a

KOTA.N0000

M

48.60

3,426

40.0

1,944

85.64

0.57

439

517

378

10.97

12.92

9.44

(34)

18

4.4

3.8

5.1

2.0

4.1

12.8

Wa ta wa l a

WATA.N0000 M

11.70

3,843

236.7

2,769

16.24

0.72

455

680

755

1.92

2.87

3.19

(29)

49

6.1

4.1

3.7

0.4

17,261

384.3

11,074

44.91

0.64

2,236

2,664

2,589

5.82

6.93

6.74

(24)

19

5.0

4.2

4.3

Sample Sector (6)
Full Sector (18)

24,093

0.69

1.0
5.9

11.8
13.0

4.3

Power and Energy
La nka IOC

LIOC.N0000

M

25.20

13,028

532.5

13,420

24.46

1.03

906

2,911

2,911

1.70

5.47

5.47

3

221

14.8

4.6

4.6

0.0

Va l l i bel

VPEL.N0000

M

6.30

1,823

747.1

4,707

2.44

2.58

249

289

301

0.33

0.39

0.40

(41)

16

18.9

16.3

15.6

0.3

4.0

13.6

La ugfs Ga s

LGL.N0000

M

26.20

6,488

387.0

10,139

16.76

1.56

822

1,061

1,021

2.13

2.74

2.64

(4)

29

12.3

9.6

9.9

1.5

5.7

12.7

21,339

1,666.6

28,266

12.80

1.32

1,977

4,261

4,234

1.19

2.56

2.54

(8)

116

14.3

6.6

6.7

Sample Sector (3)
Full Sector (8)

33,549

1.22

7.0

9.3

7.2

Telecommunications
Di a l og Axi a ta

DIAL.N0000

D

8.60

38,776

8,143.8

70,036

4.76

1.81

5,354

6,521

7,569

8,156

0.66

0.80

0.93

1.00

6

22

16

13.1

10.7

9.3

8.6

0.3

3.8

Sri La nka Tel ecom

SLTL.N0000

D

40.30

56,136

1,804.9

72,736

31.10

1.30

4,781

5,329

5,912

4,976

2.65

2.95

3.28

2.76

21

11

11

15.2

13.6

12.3

14.6

0.9

2.1

94,912

9,948.6

142,772

9.54

1.50

10,135

11,850

13,481

13,132

1.02

1.19

1.36

1.32

13

17

14

14.1

12.0

10.6

10.9

Sample Sector (2)
Full Sector (2)

145,119

1.53

13.8
8.5
10.7

11.1

Trading
Browns

BRWN.N0000 M

Si nger Sri La nka

SINS.N0000

D

Sample Sector (2)
Full Sector (8)
Sample Market (70)

Softlogic Equity Research

Total Market (283)

110.00

14,696

70.9

3.39

(79)

6.7

32.5

32.5

1.3

1.2

7.9

11,970

37.39

2.56

985

10.11

9.09

3.39
7.87

(47)

125.2

240
1,138

16.43

4,681

1,164
1,266

240

95.60

7,796 207.36

90

(10)

9.5

10.5

12.1

6.0

6.3

27.1

19,378

196.1

19,766

98.82

1.02

2,431

1,378

1,225

12.40

7.03

6.25

(15)

(43)

8.1

14.3

16.1

25,926
1,013,448 37,920.7 1,850,362
2,334,602

0.53

1.11
26.73

1.83
1.69

12.5

19.5
138,331 150,117 169,632 195,077 166,270

3.65

3.96

4.47

5.14

4.38

17

9

13

15

13.4

12.3

10.9

9.5

11.1
12.0

13.6

Page | 11

Softlogic Equity Research

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