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Ective1983

Stock Tracker
QU A R T ER LY FINA NCIA LS
24-Jan -11
Ban k an d Fi n an c e 18. 57

mths QT R Mkt. Pr i c e Sh ar e s 2010 2009 Gr o w th Ne t A sse t s R OE EPS A n n u al i se d BV PBV D PS DY D e bt/Equ i ty Cash Pe r


21-Jan -11 ( Mn ) NP (mn ) NP (mn ) % ( mn ) PER Sh ar e
CFIN 6 Sep 950.00 20.30 725.41 432.38 68% 9,834.69 15% 71.47 13.29 484.47 1.96 6.00 1% 198.61% 19.66 BU Y
COMB 9 Sep 282.20 353.34 3,735.00 2,984.60 25% 31,495.10 16% 13.19 21.39 83.43 3.38 4.67 2% 1009.10% 15.52
COMB-x 9 Sep 174.00 24.18 3,735.00 2,984.60 25% 31,495.10 16% 13.19 13.19 83.43 2.09 4.67 3% 1009.10% 15.52
DFCC ** 6 Sep 200.00 264.87 3,848.84 1,302.77 195% 24,294.29 20% 18.49 10.81 91.72 2.18 6.00 3% 268.41% 3.33
CFVF ** 6 Sep 26.30 101.25 653.00 296.69 120% 1,233.79 74% 9.05 2.91 12.19 2.16 5.00 19% 874.06% (0.05)
HNB 9 Sep 395.00 191.31 2,917.97 2,653.09 10% 28,245.11 14% 16.35 24.16 118.67 3.33 5.00 1% 872.83% 25.00
HNB-x 9 Sep 215.00 46.70 2,917.97 2,653.09 10% 28,245.11 14% 16.35 13.15 118.67 1.81 5.00 2% 872.83% 25.00
LFIN 6 Sep 284.30 34.63 401.33 163.21 146% 1,989.65 40% 23.18 12.27 57.46 4.95 5.00 2% 866.21% 20.18
LOLC ** 6 Sep 137.60 475.20 2,522.09 734.62 243% 10,579.09 32% 7.04 19.55 22.26 6.18 - 0% 551.49% (4.37)
MBSL ** 9 Sep 46.80 135.00 338.73 235.24 44% 2,754.75 16% 3.22 14.53 20.41 2.29 0.75 2% 339.76% 10.87
NDB 9 Sep 360.00 82.10 1,542.25 1,600.18 -4% 15,105.89 14% 25.05 14.37 183.99 1.96 8.00 2% 543.21% 7.82
NTB* 9 Sep 83.90 209.64 848.41 504.88 68% 6,568.62 17% 5.57 15.06 31.33 2.68 1.50 2% 1103.91% 3.87
PABC 9 Sep 54.00 147.52 279.95 368.11 -24% 2,702.17 14% 2.53 21.34 18.32 2.95 - 0% 848.44% 9.31
SAMP* 9 Sep 292.70 152.81 2,133.82 1,383.53 54% 13,483.68 21% 17.14 17.08 88.24 3.32 3.13 1% 1158.63% 22.56
SEYB 9 Sep 94.00 130.00 820.00 585.73 40% 11,800.42 9% 4.31 21.80 46.54 2.02 0.50 1% 1071.20% 15.76
SEYB-x 9 Sep 48.00 123.56 820.00 585.73 40% 11,800.42 9% 4.31 11.13 46.54 1.03 0.50 1% 1071.20% 15.76
VFIN 6 Sep 110.60 20.78 43.56 17.45 150% 403.78 22% 4.19 26.38 19.44 5.69 1.00 1% 470.78% 1.13
JINS 6 Jun 17.50 363.00 145.44 265.62 -45% 2,076.85 14% 0.80 21.84 5.72 3.06 1.00 6% 334.62% (0.21)

Be ve r age Fo o d an d T o bac c o 34. 00


BFL 6 Sep 435.90 16.00 218.59 37.44 484% 962.66 45% 27.32 15.95 60.17 7.24 1.50 0% 5.67% 7.97
CARG* 6 Sep 231.70 224.00 564.27 301.93 87% 6,526.23 17% 6.11 37.92 29.13 7.95 1.60 1% 27.60% (3.26)
CCS 6 Sep 699.80 21.60 116.04 31.23 272% 2,666.98 9% 10.74 65.13 123.47 5.67 4.00 1% 17.79% (29.49)
CTC 9 Sep 355.00 187.32 2,702.00 2,094.00 29% 3,270.00 110% 19.23 18.46 17.46 20.34 16.20 5% 0.00% 36.98
COCO ** 6 Sep 68.00 21.60 189.24 84.83 123% 1,112.89 30% 14.04 4.84 47.56 1.43 1.00 1% 8.30% 15.56
COCO - x 6 Sep 56.00 1.80 189.24 84.83 123% 1,112.89 30% 14.04 3.99 47.56 1.18 1.00 2% 8.30% 15.56
DIST 6 Sep 177.10 300.00 1,949.46 1,156.79 69% 21,512.68 18% 13.00 13.63 71.71 2.47 2.50 1% 10.19% (1.98)
KFP 6 Sep 148.20 8.50 10.15 (53.80) 119% 300.43 7% 2.39 62.04 35.34 4.19 - 0% 27.26% (8.83)
NEST 9 Sep 690.70 53.73 1,468.87 1,298.74 13% 2,121.21 92% 36.45 18.95 39.48 17.49 21.00 3% 0.00% 10.09
TSML* 6 Sep 198.10 15.00 48.25 86.78 -44% 625.48 15% 13.00 15.24 41.70 4.75 8.00 4% 1.48% 1.47
LAMB 6 Sep 71.20 31.40 12.77 5.15 148% 499.16 5% 0.81 87.51 15.90 4.48 2.00 3% 7.68% 0.40
LION 6 Sep 189.70 80.00 390.87 193.31 102% 3,779.19 21% 9.77 19.41 47.24 4.02 3.00 2% 21.71% (7.90)
LMF 6 Sep 136.40 40.00 46.88 100.98 -54% 1,883.98 5% 2.34 58.19 47.10 2.90 1.13 1% 7.77% (6.30)
RAL 6 Sep 6.70 401.25 91.30 110.09 -17% 846.05 22% 0.46 14.72 2.11 3.18 0.10 1% 2.12% 0.74

Ch e mi c al an d Ph ar mac e u t i c al s 14. 85
CIC 6 Sep 152.60 72.90 376.33 151.12 149% 5,357.32 14% 7.94 19.21 56.53 2.70 1.85 1% 71.95% (3.31)
CIC-x 6 Sep 103.20 21.87 376.33 151.12 149% 5,357.32 14% 7.94 12.99 56.53 1.83 1.85 2% 71.95% (3.31)
HAYC* 6 Sep 186.30 29.71 304.78 268.55 13% 2,516.07 24% 17.78 10.48 84.68 2.20 5.00 3% 3.29% 2.71

Co n st r u c t i o n an d En gi n e e r i n g 12. 74
DOCK* 9 Sep 277.10 68.44 1,341.50 1,820.08 -26% 6,972.06 26% 21.75 12.74 101.88 2.72 8.00 3% 18.25% 71.05 BU Y

D i ve r si fi e d 26. 02
CARS 6 Sep 555.40 196.39 1,952.56 1,928.95 1% 20,563.43 19% 19.88 27.93 104.71 5.30 2.00 0% 58.74% (5.04)
CSEC ** 6 Sep 16.20 98.40 449.14 68.01 560% 654.54 117% 7.80 2.08 6.65 2.44 - 0% 1624.55% 0.20 BU Y
HAYL 6 Sep 390.20 75.00 490.50 552.59 -11% 15,627.51 6% 13.08 29.83 208.37 1.87 4.00 1% 29.56% (88.36)
HHL 6 Sep 46.80 512.04 586.25 315.06 86% 8,196.69 14% 2.29 20.44 16.01 2.92 0.45 1% 45.21% 2.09 BU Y
JKH* 6 Sep 295.70 623.14 3,937.81 1,225.93 221% 53,471.81 15% 12.11 24.42 85.81 3.45 2.00 1% 25.73% 25.91
RICH 6 Sep 12.60 1,935.48 704.74 (150.56) 568% 4,406.39 32% 0.73 17.30 2.28 5.53 0.07 1% 69.21% (1.03)
SPEN 6 Sep 186.50 406.00 1,046.01 763.88 37% 20,103.24 10% 5.15 36.19 49.52 3.77 0.67 0% 32.72% 4.33

Fo o t w e ar an d T e xt i l e s 33. 14
ODEL 6 Sep 46.00 144.95 100.60 68.00 48% 1,547.86 13% 1.39 33.14 10.68 4.31 0.25 1% 20.86% (2.01)

H e al th c ar e 21. 33
AMSL 6 Sep 9.00 528.46 124.94 69.22 80% 1,809.52 14% 0.47 19.03 3.42 2.63 0.10 1% 48.70% (0.34)
LHCL 9 Sep 40.20 223.73 168.25 30.89 445% 2,175.84 10% 1.00 40.09 9.73 4.13 - 0% 13.46% 1.45
NHL ** 6 Sep 4.00 1,409.51 985.69 (19.47) 5162% 2,853.78 41% 0.82 4.85 2.02 1.98 0.05 1% 22.01% (0.21)

H o te l s an d T r ave l s 60. 53
AHPL 6 Sep 192.30 221.39 514.31 176.08 192% 12,457.19 8% 4.65 41.39 56.27 3.42 2.00 1% 2.71% 1.80 BU Y
AHUN ** 6 Sep 107.00 336.29 156.37 (120.66) 230% 8,127.96 5% 1.12 95.88 24.17 4.43 1.50 1% 45.72% 6.87
KHL* 6 Sep 19.50 1,456.15 (203.55) (355.65) 43% 10,999.95 -4% 0.44 44.32 7.55 2.58 - 0% 34.14% (0.85)
SHOT 6 Sep 130.00 12.08 25.11 (13.55) 285% 822.27 6% 2.82 46.18 46.09 2.82 - 0% 94.57% 11.48
SHOT-x 6 Sep 103.00 5.76 25.11 (13.55) 285% 822.27 6% 2.82 36.59 46.09 2.23 - 0% 94.57% 11.48
STAF 6 Sep 62.00 31.62 (16.52) 15.71 -205% 645.94 -5% (1.04) (59.35) 20.43 3.04 0.50 1% 52.59% (0.46)
CHOT 6 Sep 37.30 171.83 (16.70) (28.69) 42% 4,720.40 -1% (0.19) (191.91) 27.47 1.36 - 0% 1.36% (0.31)
Inve stme nt T r ust 10. 66

mths QT R Mkt. Pri c e Share s 2010 2009 Gro wth Ne t A sse ts R OE EPS A nn uali se d BV PBV DPS DY De bt /Equi t y Cash Pe r
21-Jan-11 ( Mn) NP ( mn) NP ( mn) % (mn) PER Shar e
GUAR 6 Sep 257.00 82.09 1,979.89 713.04 178% 13,430.46 29% 24.12 10.66 163.61 1.57 9.00 4% 0.00% (0.08)
RHL ** 6 Sep 73.10 43.75 473.63 163.77 189% 1,588.30 47% 14.95 4.89 31.77 2.30 0.83 1% 6.90% 7.32
RHL - x 6 Sep 51.70 6.25 473.63 163.77 189% 1,588.30 47% 14.95 3.46 31.77 1.63 0.83 2% 6.90% 7.32

Land and Pro pe rty 285. 59


CLND 9 Sep 25.70 162.75 6.13 10.93 -44% 2,690.56 0% 0.05 511.58 16.53 1.55 - 0% 0.00% 13.13
OSEA 9 Sep 18.10 843.48 192.14 79.28 142% 12,382.39 2% 0.30 59.59 14.68 1.23 0.30 2% 23.53% 0.56

Manufac tur i ng 20. 02


ACL 6 Sep 91.40 59.89 103.96 35.31 194% 3,896.25 5% 3.40 26.88 65.05 1.41 - 0% 50.94% (1.87)
DIPD 6 Sep 120.00 59.86 152.44 112.37 36% 3,290.46 9% 5.09 23.56 54.97 2.18 2.25 2% 46.48% (43.48)
GRAN 9 Sep 131.10 60.00 298.04 91.44 226% 2,075.79 19% 6.62 19.79 34.60 3.79 - 0% 23.76% 0.80
GLAS 9 Dec 9.00 950.09 400.28 (89.33) 548% 2,615.25 20% 0.56 16.02 2.75 3.27 - 0% 105.08% (0.16)
LLUB* 9 Sep 180.00 120.00 1,183.60 1,118.96 6% 2,639.85 60% 12.66 14.22 22.00 8.18 12.00 7% 0.00% 5.10
LWL ** 6 Sep 157.80 45.50 19.94 115.67 -83% 3,090.42 8% 5.29 29.81 67.92 2.32 2.00 1% 41.23% 3.22
RCL ** 9 Dec 161.40 110.79 1,019.39 650.07 57% 4,628.75 28% 11.71 13.78 41.78 3.86 5.00 3% 35.42% (3.22) BU Y
TYRE 6 Sep 64.60 80.40 132.56 108.77 22% 869.26 30% 3.30 19.59 10.81 5.98 1.25 2% 35.57% (0.61)
TILE 6 Sep 140.00 53.05 207.69 117.92 76% 2,018.74 21% 7.83 17.88 38.05 3.68 2.50 2% 7.87% 1.67
SUGA ** 6 Sep 31.40 67.98 216.39 457.63 -53% 1,621.62 1% 0.24 130.21 23.86 1.32 - 0% 86.82% (6.25)
TKYO* 6 Sep 62.00 202.50 534.84 83.15 543% 5,565.30 19% 3.40 18.24 18.32 3.38 1.65 3% 60.73% 0.73 BU Y
TKYO-x* 6 Sep 45.20 101.25 534.84 83.15 543% 5,565.30 19% 3.40 13.29 18.32 2.47 1.65 4% 60.73% 0.73

Mo t o rs 13. 42
DIMO 6 Sep 1,500.90 8.70 486.80 19.31 2420% 2,652.92 37% 111.88 13.42 304.85 4.92 5.00 0% 21.38% (43.72)

Oi l Pal ms 23. 50
BUKI 6 Sep 845.00 102.00 1,833.96 2,130.69 -14% 13,211.88 28% 35.96 23.50 129.53 6.52 9.00 1% 92.68% (9.33)

Plantat i o ns 13. 20
BALA 9 Sep 62.30 23.64 170.07 186.39 -9% 1,380.24 16% 9.59 6.49 58.39 1.07 1.25 2% 14.71% 18.58
KGAL* 6 Sep 204.80 25.00 340.21 0.19 176176% 1,974.45 34% 24.25 8.45 78.98 2.59 3.00 1% 33.11% 34.28 BU Y
WATA* 6 Sep 28.40 236.67 156.97 46.89 235% 2,136.02 15% 2.22 12.79 9.03 3.15 0.28 1% 24.81% (1.35)
KOTA* 6 Sep 156.00 32.00 254.15 4.87 5122% 1,939.01 24% 14.51 10.75 60.59 2.57 3.00 3% 75.31% 5.01
KVAL 9 Sep 165.30 34.00 155.49 (221.35) 170% 1,678.08 12% 6.10 27.11 49.36 3.35 1.00 1% 40.45% 2.87

Po we r and Ene rgy 12. 61


HPWR 6 Sep 35.90 125.20 197.04 (0.92) 21509% 2,538.15 16% 3.15 11.41 20.27 1.77 1.30 4% 19.18% 1.26 BU Y
VPEL 9 Dec 10.20 747.11 370.46 420.80 -12% 1,848.47 27% 0.66 15.43 2.47 4.12 0.25 2% 16.24% 0.14
VLL 6 Sep 7.10 432.88 112.50 84.58 33% 709.68 32% 0.52 13.66 1.64 4.33 0.10 1% 0.00% 0.03
LIOC 6 Sep 20.00 532.53 385.49 (1,059.68) 136% 8,720.19 9% 1.45 13.81 16.38 1.22 - 0% 94.83% 1.60
LGL 9 Dec 50.00 335.00 750.25 386.86 94% 6,094.23 16% 2.58 19.34 15.75 3.18 - 0% 0.37% 5.16
LGL-x 9 Dec 34.60 52.00 750.25 386.86 94% 6,094.23 16% 2.58 13.39 15.75 2.20 - 0% 0.37% 5.16

T e le c o mmuni c at i o ns 26. 45
DIAL* 9 Sep 11.70 8,143.78 3,515.12 (10,739.54) 133% 27,873.40 17% 0.55 21.27 3.42 3.42 - 0% 88.52% 0.38
SLTL 9 Sep 56.10 1,804.86 2,401.00 1,164.00 106% 48,605.00 7% 1.77 31.63 26.93 2.08 0.25 0% 16.01% 4.02

T radi ng 14. 92
BRWN 6 Sep 254.50 70.88 950.59 (7.66) 12518% 10,366.58 18% 37.40 6.81 146.27 1.74 1.32 1% 21.44% 0.99
CWM 9 Sep 97.20 35.99 149.64 114.72 30% 1,089.65 18% 5.54 17.53 30.28 3.21 1.00 1% 57.18% (2.23)
SINS 9 Sep 213.90 62.60 435.93 9.16 4662% 3,390.82 17% 9.28 23.04 54.16 3.95 1.00 0% 107.53% (7.83)

* Fo re c ast EPS .
** EPS adj uste d fo r c yc li c al i t y
DOCK
The growth in profit recorded in FY10Q3 is expected to continue in FY10Q4. However the annual profit will be less compared to FY09. FY11 may prove to be better than FY10. The share is
trading at a trailing P/E below 15x. The share price has not moved up much over the last 12 months. The balance sheet is strong and the financial risk is less.

CFIN
Company is expected to do well in the low interest rate scenario. An increase in business activity is expected in view of the increase in demand for vehicles with the reduction in taxes. In
addition the company can benefit form the growth in SME sector throughout the country over the next 3 years.

HHL
The growth in profits witnessed in 1HFY10/11 is expected to continue with the 2HFY10/11 led by the hotel sector performance during the December season. FMCG and healthcare sectors
are also expected to continue profit growth. Power sector will also be impressive despite the dry season which will reduce the profits from the mini-hydro sector.

TKYO
An exceptional growth in profit is expected in FY10/11 in view of the growth in demand from increased construction activity and relatively low raw material prices. The growth momentum is
likely to continue over the next 3 years. The bio mass power plant seems to have reduced the electricity cost.

AHPL
The increase in occupancy rates and room rates are visible in the two premier city hotels "Cinnamon Grand" and "Cinnamon Lake". The property sector performance is also expected to
improve with the picking up of demand for "Emperor" apartment complex and the last installments of "Monarch" apartment complex. Price has been stagnant for few months.

HPWR
Profits have increased exceptionally in FY10/11H1. Both hydro and thermal sectors have improved performance. The newly acquired mini-hydro company and heavy rainfall have contributed
to the hydro sector performance while the lower maintenance (overhaul) costs have contributed for the improvement in thermal sector.

KGAL
The company has significant exposure in rubber plantations and rubber prices are expected to remain high over the next 2 years. Further the company's rubber plantations are less affected
by rain since they are located in the mild wet zone. Tea prices are also expected to remain high over the next few months. Production volumes of tea and rubber are also expected to be
satifactory over the next few months after satisfactory year in 2010. Valuations are attractive as P/E is under 10x.

RCL
The company has recorded a substantial growth in profits for FY10/11Q3. Although the performance of subsidiaries have declined, the Group profits are still impressive and the growth is
expected to continue in FY11/12 with the boom in the construction sector in Sri Lanka. The P/E valuation is at a significant discount to the market P/E.

CSEC
The company and its subsidiaries have made capital gains of Rs 290 Mn and Rs 170 Mn respectively in Fy10/11Q3 (on account of sale of Kotmale Holdings). The share price has not adjusted
to these gains. Based on these gains the P/E valuations are very low.
N D B Stockbrokers (Pvt) Ltd
5th Floor
# 40, NDB Building
Nawam Mawatha
Colombo 02
Tel: +94 11 2314170
Fax: +94 11 2314180
+94 11 2314181

Prasansani Mendis
prasansini@ndbs.lk

Research Sales

Waruna Singappuli Gihan R.


R. Cooray
waruna@ndbs.lk gihan@ndbs.lk

Viranthi Kumarage Aroos Faleel


viranthi@ndbs.lk aroosfaleel@ndbs.lk

Ranmini Vithanagamage Channaka Munasinghe


ranmini@ndbs.lk channaka@ndbs.lk

Damith Wasantha Auburn Senn


damith@ndbs.lk auburn@ndbs.lk

Jayantha
Jayantha Samarasinghe
jayantha@ndbs.lk

Sidath Kalyanaratne
sidath@ndbs.lk

Uditha De Silva
uditha@ndbs.lk

Taamara De Silva
taamara@ndbs.lk

The information contained in this update has been compiled or arrived at based on information obtained from sources believed to
be reliable. However, we do not make any representation as to its accuracy.