SRI LANKA EQUITY |DAILY REVIEW

26 January 2021
Indices close mixed; turnover remains healthy
The indices closed mixed during the day, with the ASPI recording a ASPI MARKET CAPITALIZATION TURNOVER
marginal decline of 28.53 points (-0.33%) to close at 8,665.82. The S&P
SL20 index gained 3.23 points (+0.09%) to close at 3,504.05. Activity 8,666 LKR 3,788bn LKR 11,437mn
levels remained strong with turnover coming in at LKR 11,436,930,968
(USD 58.5mn). Investors cashed in on certain counters such as JKH, EXPO S&P SL 20 Δ – LKR 12bn (-0.3%)
USD 59mn
and BIL. Capital Goods, Materials, Diversified Financials and Banks
sectors led activity, collectively accounting for 74.2% of turnover. 3,504 YTD Δ – LKR 828bn (+28.0%)
Foreigners recorded a net outflow of LKR 190.3mn while their
participation declined to 3.0% of turnover (previous day 4.0%). Estimated
net foreign buying topped in CARG at LKR 79.0mn (USD 404k). Estimated FOREIGN ACTIVITY Outflow Inflow
net foreign selling topped in HNB at LKR 75.1mn (USD 384k). Crossings
accounted for 2.3% of turnover with 2 crossings recorded in EXPO (LKR 26-Jan -443 252
87.6mn; USD 448k), 1 crossing in JKH (LKR 24.8mn; USD 127k), 1 crossing
in HNB (LKR 31.2mn; USD 160k) and 2 crossings in COMB (LKR 116.2mn; -974 220
USD 594k). Market P/E was 14.40.
25-Jan

ASPI: -0.3% | S&P SL 20: +0.1% Turnover: -23.7% Net foreign flow: +74.8% HNB.X leads foreign outflow
14,202 12,849 14,990
10,5 00
10,4 00
10,3 00
10,2 00 YTD Foreign outflow: LKR 4,882mn CARG.N 79.0
11,437
10,1 00
10,0 00
9,90 0 6,50 0

8,694 8,666
9,80 0
9,70 0

8,463
9,60 0
9,50 0

TKYO.N 39.9
9,40 0
9,30 0

8,131 9,370
9,20 0
9,10 0

7,884
9,00 0
8,90 0
8,80 0
8,70 0 5,50 0

8,60 0

RCL.N
8,50 0

28.1
8,40 0
8,30 0
8,20 0
8,10 0

(190)
8,00 0
7,90 0
7,80 0
7,70 0
7,60 0
4,50 0

EXPO.N 12.2
7,50 0
7,40 0
7,30 0
7,20 0
7,10 0
7,00 0
6,90 0
6,80 0
6,70 0
6,60 0

COMB.N -37.6
6,50 0
6,40 0
3,50 0
6,30 0

(466)
6,20 0
6,10 0
6,00 0
5,90 0

3,501 3,504
5,80 0
5,70 0

3,312 JKH.N
5,60 0

(583) -39.2
5,50 0

3,197
5,40 0

3,096
5,30 0
5,20 0 2,50 0
5,10 0
5,00 0

(650)
4,90 0
4,80 0
4,70 0

SAMP.N -62.6
4,60 0
4,50 0
4,40 0

(754)
4,30 0
4,20 0
4,10 0
4,00 0 1,50 0

20-Jan 21-Jan 22-Jan 25-Jan 26-Jan 20-Jan 21-Jan 22-Jan 25-Jan 26-Jan 20-Jan 21-Jan 22-Jan 25-Jan 26-Jan HNB.X -75.1
ASPI S&P SL 20 Domestic Foreign Total Net foreign flow (LKR mn) -120.0 0.0 120.0
1
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SRI LANKA EQUITY |DAILY REVIEW
26 January 2021
TOP 5 TRADED SECTOR PERFORMANCE GAINERS / LOSERS

TICKER VAL CMP (LKR) Δ% SECTOR 26-Jan 25-Jan Δ% YTD Δ % TICKER 26-Jan 25-Jan Δ%
(LKR mn)
Banks 731 734 -0.4 24.4 SEMB.X 0.50 0.40 25.0
LOLC.N 1,835 417.25 9.4
Capital Goods 1,395 1,398 -0.2 36.4 SEMB.N 1.00 0.80 25.0
EXPO.N 1,401 61.00 -1.5
Food & Staples Retailing 1,420 1,385 2.5 14.1 CIT.N 203.00 165.25 22.8
DIPD.N 802 728.00 6.0
Food Beverage & Tobacco 1,124 1,144 -1.8 16.2 ABAN.N 177.00 148.00 19.6
ASPH.N 518 0.90 -25.0
Insurance 1,483 1,466 1.1 4.7 CFI.N 127.50 108.75 17.2
JKH.N 491 172.75 -4.7
Telecommunications 1,032 1,041 -0.9 9.4 SOY.N 1,448.75 1,614.00 -10.2
S&P SL 20 TOP 10 PERFORMANCE GEST.N 119.25 134.00 -11.0

TICKER Market Cap Market Cap Val Traded % of total High Low Close YTD Δ HUNT.N 922.00 1,040.00 -11.3
Δ (%)
(LKR mn) (USD mn) (LKR mn) turnover (LKR) (LKR) (LKR) (%) PHAR.N 1,326.00 1,507.50 -12.0
JKH.N 227,780 1,165 491 4.3 182.00 170.00 172.75 -4.7 15.5 ASPH.N 0.90 1.20 -25.0
LOLC.N 198,277 1,014 1,835 16.0 437.00 363.00 417.25 9.4 209.1
EXPO.N 119,250 610 1,401 12.3 64.60 60.10 61.00 -1.5 110.3
COMB.N 110,443 565 378 3.3 103.50 100.00 100.50 -0.2 24.2
DIST.N 109,020 558 12 0.1 24.50 23.50 23.70 -1.7 15.6
DIAL.N 105,442 539 14 0.1 13.00 12.80 12.90 -0.8 4.0
MELS.N 83,442 427 293 2.6 75.90 70.00 71.60 -2.5 37.7
SAMP.N 64,943 332 214 1.9 175.00 169.00 170.25 -0.7 25.6
HNB.N 63,189 323 366 3.2 158.50 152.75 154.00 1.5 21.7
HHL.N 60,227 308 43 0.4 104.75 100.00 101.00 -3.3 1.1
2
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 Asia Securities’ Coverage Universe (1/3) 26-Jan-21

CONGLOMERATES
Year MC CMP TP Upside YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
Ticker Rec.
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
HHL Mar-22 308 101.00 130.00 +28.7 BUY +1.1 11.2 9.3 1.8 1.5 17.2 17.9 1.7 1.7
JKH Mar-22 1,165 172.75 175.00 +1.3 HOLD +15.5 21.0 23.3 1.1 1.1 5.1 4.5 3.5 3.5
SHL Mar-22 82 13.50 NR nm NR +8.9 122.7 16.9 1.4 1.3 1.1 8.0 3.7 3.7
MELS Mar-22 427 71.60 NR nm NR +37.7 11.3 9.0 0.9 0.8 8.4 9.8 2.8 2.8
SPEN Mar-22 160 77.00 NR nm NR +33.2 7.7 5.9 0.6 0.5 7.6 9.3 1.6 1.6
AVG +15.0 +19.3 34.8 12.9 1.1 1.1 7.9 9.9 2.7 2.7

BANKS
Year MC CMP TP Upside YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
Ticker Rec.
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
SAMP Dec-21 332 170.25 175.00 +2.8 HOLD +25.6 7.4 4.9 0.6 0.6 8.2 12.6 5.6 7.3
HNB Dec-21 323 154.00 165.00 +7.1 HOLD +21.7 5.5 4.9 0.5 0.5 9.1 10.0 4.9 5.2
COMB Dec-21 565 100.50 100.00 -0.5 HOLD +24.2 6.8 6.1 0.8 0.8 11.7 12.6 6.5 7.5
SEYB Dec-21 153 61.70 50.00 -19.0 SELL +34.1 8.0 6.5 0.6 0.6 7.8 9.1 2.4 4.1
NDB Dec-21 122 102.25 85.00 -16.9 HOLD +30.9 4.2 4.0 0.5 0.5 11.8 12.5 5.9 6.8
NTB Dec-21 98 66.10 UR nm UR +10.2 5.9 4.4 0.5 0.5 9.0 11.4 3.2 4.1
UBC Dec-21 78 14.10 UR nm UR +20.5 23.5 19.3 0.9 0.9 3.7 4.4 1.1 1.3
SDB Dec-21 30 64.90 72.00 +10.9 BUY +11.7 4.2 3.0 0.6 0.5 13.5 17.3 8.5 12.3
DFCC Dec-21 121 77.60 78.40 +1.0 HOLD +18.8 8.7 6.9 0.5 0.5 5.5 6.8 3.9 5.2
AVG -2.1 +22.0 8.3 6.7 0.6 0.6 8.9 10.7 4.6 6.0

COMBX Dec-21 565 89.20 83.00 -7.0 HOLD +27.2 6.0 5.4 0.7 0.7 11.7 12.6 7.3 8.4
HNBX Dec-21 323 124.50 130.00 +4.4 HOLD +23.8 4.5 4.0 0.4 0.4 9.1 10.0 6.0 6.4
SEYBX Dec-21 153 54.30 33.00 -39.2 SELL +59.7 7.0 5.7 0.5 0.5 7.8 9.1 2.8 4.6
NTBX Dec-21 98 75.30 UR nm UR +0.4 6.8 5.0 0.6 0.6 9.0 11.4 2.8 3.6
AVG -13.9 +27.8 6.1 5.0 0.6 0.5 9.4 10.8 4.7 5.8

FMCG/R
Year MC CMP TP Upside YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
Ticker Rec.
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
CARG Mar-22 310 235.25 UR nm UR +14.8 16.4 12.7 2.9 2.5 18.3 20.9 2.6 2.6
CCS Mar-22 345 710.00 UR nm UR +0.8 25.1 19.8 3.8 3.4 15.8 18.2 2.1 2.1
KFP Mar-22 19 148.00 UR nm UR +5.7 24.5 35.5 2.0 2.2 8.2 6.2 4.1 4.1
NEST Dec-21 349 1,271.00 1,020.00 -19.7 SELL -0.3 21.9 19.9 10.3 9.4 49.2 49.4 3.7 4.1
CTC Dec-21 1,057 1,103.00 1,250.00 +13.3 BUY +7.2 10.3 8.8 16.6 12.0 195.0 157.6 7.7 9.0
AVG -3.2 +5.6 19.6 19.3 7.1 5.9 57.3 50.5 4.0 4.4

CONSTRUCTION
Year MC CMP TP Upside YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
Ticker Rec.
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
TKYO Mar-22 175 88.50 120.00 +35.6 BUY +16.1 5.9 5.4 1.4 1.2 25.7 23.4 3.7 4.2
ACL Mar-22 68 111.00 82.00 -26.1 SELL +44.9 8.9 7.7 1.0 0.9 11.5 12.0 2.3 2.9
AEL Mar-22 156 30.60 34.00 +11.1 HOLD +24.4 12.8 10.0 1.3 1.2 10.3 12.2 3.3 3.9
TILE Mar-22 74 274.00 163.00 -40.5 SELL +90.5 8.7 7.7 1.5 1.3 17.9 17.7 3.6 3.8
RCL Mar-22 199 351.75 235.00 -33.2 SELL +98.6 7.4 7.0 1.2 1.1 17.5 16.5 4.0 4.3
PARQ Mar-22 20 139.75 110.00 -21.3 SELL +44.4 5.3 5.1 1.2 1.0 25.1 21.7 3.9 4.3
ALUM Mar-22 41 26.50 UR nm UR +25.6 9.4 8.2 2.8 2.5 31.4 32.3 7.2 8.3
AVG -12.4 +49.2 8.3 7.3 1.5 1.3 19.9 19.4 4.0 4.5

TKYOX Mar-22 175 79.00 104.00 +31.6 BUY +15.8 5.3 4.8 1.2 1.0 25.7 23.4 4.2 4.7

Source: Asia Securities | MC: Market Capitalization, CMP: Current Market Price, TP: Target Price, FY: Forecast Year
Note 1: BUY = Total return > 15%, SELL = Total return <-15%, HOLD = Total return >-15% but <15%, UR = Under Review, NR = Not Rated
Note 2: Recommendation may vary from analyst published rating due to price movements

This report is strictly for direct recipients from Asia Securities. Redistribution of this report is prohibited 3
3
Asia Securities’ Coverage Universe (2/3) 26-Jan-21
ENERGY
Ticker Year MC CMP TP Upside Rec. YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
LLUB Dec-21 139 113.25 100.00 -11.7 HOLD +4.9 11.5 11.7 6.3 6.0 54.2 52.7 8.8 7.9
LGL Mar-22 50 29.00 NR nm NR +9.8 nm nm nm nm nm nm nm nm
LIOC Mar-22 73 26.70 NR nm NR +19.2 14.1 6.3 0.8 0.7 5.7 11.9 2.8 3.7
AVG -11.7 +11.3 12.8 9.0 3.5 3.4 30.0 32.3 5.8 5.8
LGLX Mar-22 50 23.90 NR nm NR +19.5 nm nm nm nm nm nm nm nm

ALCOHOLIC BEVERAGES
Ticker Year MC CMP TP Upside Rec. YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
LION Mar-22 254 621.00 700.00 +12.7 HOLD +6.2 12.1 10.0 2.4 2.0 21.4 21.5 1.3 1.3
DIST Mar-22 558 23.70 26.00 +9.7 HOLD +15.6 12.3 10.3 8.0 6.0 73.2 66.1 4.2 4.6
AVG +11.2 +10.9 12.2 10.2 5.2 4.0 47.3 43.8 2.8 3.0

MANUFACTURING
Ticker Year MC CMP TP Upside Rec. YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
MGT Mar-22 39 36.30 UR nm UR +30.6 9.9 8.9 1.8 1.6 18.7 19.0 5.0 5.5
TJL Mar-22 167 46.10 38.00 -17.6 HOLD +21.3 12.3 10.1 1.8 1.6 15.0 16.9 4.1 5.0
GLAS Mar-22 52 10.70 10.00 -6.5 HOLD +13.8 22.8 18.4 1.9 1.8 8.6 10.0 2.2 2.6
HAYC Mar-22 196 1,288.75 UR nm UR +126.7 18.5 14.1 2.9 2.5 16.5 19.1 1.6 2.3
DIPD Mar-22 223 728.00 UR nm UR +109.6 18.6 42.8 2.7 2.6 15.5 6.3 1.6 0.8
AVG -12.1 +21.9 15.0 12.5 1.8 1.7 14.1 15.3 3.8 4.4

TELECOMMUNICATIONS
Ticker Year MC CMP TP Upside Rec. YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
DIAL Dec-21 539 12.90 13.50 +4.7 HOLD +4.0 8.8 8.7 1.4 1.2 14.3 13.3 4.6 4.7
SLTL Dec-21 366 39.70 NR nm NR +18.5 10.9 10.2 0.9 0.8 8.2 8.3 2.8 2.8
AVG +4.7 +11.3 9.8 9.4 1.1 1.0 11.3 10.8 3.7 3.7

INSURANCE
Ticker Year MC CMP TP Upside Rec. YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
CINS Dec-21 248 2,010.50 NR nm NR +0.6 5.6 5.4 0.8 0.7 15.5 14.3 2.0 2.0
PINS Dec-21 34 33.60 NR nm NR +19.1 8.5 6.8 1.3 1.1 15.8 17.7 3.7 6.5
AAIC Dec-21 65 34.00 45.00 +32.4 BUY -2.3 5.5 4.3 1.3 1.1 26.2 27.2 4.4 5.9
HASU Dec-21 49 63.30 63.40 +0.2 HOLD +8.8 7.0 6.0 1.1 1.0 16.6 17.4 4.4 5.1
JINS Dec-21 37 32.00 UR nm UR +6.7 nm nm nm nm nm nm nm nm
AVG +16.3 +6.6 6.7 5.6 1.1 1.0 18.5 19.2 3.6 4.9

NON-BANK FINANCIAL INSTITUTIONS

Ticker Year MC CMP TP Upside Rec. YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
PLC Mar-22 127 14.60 12.20 -16.4 HOLD +17.7 7.6 5.8 0.7 0.6 8.9 10.5 3.4 3.4
LFIN Mar-22 165 232.50 140.00 -39.8 SELL +59.2 6.9 6.0 1.1 1.0 16.8 17.0 4.3 4.3
CFIN Mar-22 122 106.75 90.00 -15.7 HOLD +28.6 6.7 5.4 0.5 0.4 7.4 8.4 1.9 2.2
CDB Mar-22 39 127.00 NR nm NR +42.5 6.5 6.6 1.0 0.7 12.7 11.2 3.1 3.1
COCR Mar-22 43 26.30 NR nm NR +5.2 6.0 5.6 0.5 0.5 8.6 8.7 2.9 3.8
AVG -24.0 +30.7 6.7 5.9 0.7 0.6 10.9 11.2 3.1 3.4
CDBX Mar-22 32 93.90 NR nm NR +44.5 4.8 4.9 0.7 0.5 12.7 11.2 4.3 4.3

Source: Asia Securities | MC: Market Capitalization, CMP: Current Market Price, TP: Target Price, FY: Forecast Year
Note 1: BUY = Total return > 15%, SELL = Total return <-15%, HOLD = Total return >-15% but <15%, UR = Under Review, NR = Not Rated
Note 2: Recommendation may vary from analyst published rating due to price movements

This report is strictly for direct recipients from Asia Securities. Redistribution of this report is prohibited
4
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Asia Securities’ Coverage Universe (3/3) 26-Jan-21

2
HEALTHCARE
Year MC CMP TP Upside YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
Ticker Rec.
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
ASIR Mar-22 183 31.50 UR nm UR -8.7 17.6 14.4 3.3 3.0 18.5 20.7 3.2 3.8
LHCL Dec-21 61 53.00 47.00 -11.3 HOLD -0.7 21.3 17.1 1.8 1.7 0.1 0.1 3.8 4.7
AVG -11.3 -4.7 19.5 15.7 2.5 2.4 9.3 10.4 3.5 4.3

PROPERTY
Year MC CMP TP Upside YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
Ticker Rec.
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
RIL Mar-22 34 8.20 NR nm NR -4.7 205.0 164.0 0.4 0.4 1.0 1.1 - -

LEISURE
Year MC CMP TP Upside YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
Ticker Rec.
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
AHUN Mar-22 61 35.50 NR nm NR +9.9 20.6 8.8 0.7 0.7 3.4 7.8 1.4 3.1
KHL Mar-22 85 11.40 UR nm UR +3.6 nm 36.8 0.7 0.7 (3.7) 1.9 - 0.7
AHPL Mar-22 100 44.00 NR nm NR +2.6 nm nm 0.6 0.6 (0.6) (4.6) - -
AVG nm +5.4 20.6 22.8 0.7 0.7 (0.3) 1.7 0.5 1.3
LOGISTICS
Year MC CMP TP Upside YTD price ∆ P/E (x) P/B (x) ROE (%) DY (%)
Ticker Rec.
end (USD mn) (LKR) (LKR) (%) (%) 2FY 3FY 2FY 3FY 2FY 3FY 2FY 3FY
EXPO Mar-22 610 61.00 UR nm UR +110.3 69.3 51.3 6.9 6.2 10.4 12.6 0.2 0.2
AVG nm +110.3 69.3 51.3 6.9 6.2 10.4 12.6 0.2 0.2
Source: Asia Securities | MC: Market Capitalization, CMP: Current Market Price, TP: Target Price, FY: Forecast Year
Note 1: BUY = Total return > 15%, SELL = Total return <-15%, HOLD = Total return >-15% but <15%, UR = Under Review, NR = Not Rated
Note 2: Recommendation may vary from analyst published rating due to price movements

This report is strictly for direct recipients from Asia Securities. Redistribution of this report is prohibited 5
3
 Company Certification
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covered in this report and does not receive any material benefit from the company for
publishing this report.

Disclaimer
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Research
Kavinda Perera – Head of Research Isuri Munasinghe Naveed Majeed
Strategy | Banks | Insurance | Leisure | Insurance | Healthcare Manufacturing | Energy |
Telecommunications isuri@asiasecurities.lk | Construction
kavinda@asiasecurities.lk +94 11 772 2036 naveed@asiasecurities.lk
+94 11 772 2044 +94 11 772 2043

Lakshini Fernando Shevon Mendis Semini Mendis

Economics | Finance shevon@asiasecurities.lk semini@asiasecurities.lk
lakshini@asiasecurities.lk +94 11 772 2047 +94 11 772 2048
+94 11 772 2045

Institutional Sales
Sabri Marikar Shiyam Subaulla Niroshan Wijekoon
Deputy Chairman COO, Equities niroshan@asiasecurities.lk
sabri@asiasecurities.lk shiyam@asiasecurities.lk +94 11 772 2007
+94 11 772 2022 +94 11 772 2011 +94 77 771 3645
+94 77 357 6868 +94 77 350 2016

Anushan Kandasamy Gagani Jayawardhana Charith Perera

anushan@asiasecurities.lk gagani@asiasecurities.lk charith@asiasecurities.lk
+94 11 772 2019 +94 11 772 2014 +94 11 772 2015
+94 77 722 2519 +94 71 408 4953 +94 77 359 8937

Foreign Sales
Lahiru Ariyaratne Udith Wickramasinghe Jeevan Hettigoda
CEO, Equities udith@asiasecurities.lk jeevan@asiasecurities.lk
lahiru@asiasecurities.lk +94 11 772 2031 +94 11 772 2080
+94 11 772 2002 +94 71868 8004 +94 77 378 2661
+94 77 3468103

Retail Sales
Subeeth Perera Priyantha Hingurage Romesh Priyadarshana
subeeth@asiasecurities.lk priyantha@asiasecurities.lk romesh@asiasecurities.lk
+94 11 772 2035 +94 11 772 2033 +94 11 772 2032
+94 71 404 2683 +94 77 350 2015 +94 77 254 8795

Kalana Hewawasam Ashan Silva

kalanag@asiasecurities.lk ashan@asiasecurities.lk
+94 11 772 2028 +94 11 772 2005
+94 77 395 9438 +94 77 045 8028

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Asia Securities (Pvt) Ltd., 4th Floor, Lee Hedges Tower, 349, Galle Road, Colombo 03, Sri Lanka. | Tel: +94 11 772 2000 | Web: www.asiasecurities.net 3