Focus: Colombo Stock Market

th
Sri Lanka Focus

16 September 2011
The
Electronic Weekly from ASIA
WEALTH RESEARCH
ASIA RESEARCH TEAM 1
Colombo Stock Market
FOCUS
IN THIS ISSUE;
16th September 2011

Issue Number 35
ASI Daily Closing
Indices bounced
territory...
back
to
the
negative
The Colombo bourse predominantly remained in the red

during the week
Pg 2
The Fortress Resorts PLC

The revenue of RHTL witnessed an elevation of 47% YoY
that achieved a top line of LKR416.3mn for FY2011
Pg 3
Analysis of Various Warrants Listed on the CSE

Comparison of the warrants trading price with its
intrinsic value (derived through the Black Scholes Call option
valuation method)
Pg 4
Pg 5
Asia Wealths Billion Rupee Club
Commodity Prices
Pg 6
Weekly overview of commodity trading
Conclusion
During the current trading week, most speculative
counters dominated market.
Pg 8
Major Price Movements

Company
Price
HVA Foods
Blue Diamonds (X)
Blue Diamonds
Singalanka
Stafford Hotels
Env Resources Inv
Gestetner of Ceylon
Radiant Gems
Muller & Phipps
Regnis
Sathosa Motors
Tess Agro
57
4.4
9.7
265
53.1
61.5
375.5
140
3.6
218
412
6.3
*Market Statistics
All Share Index
Milanka Price 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)
16-Sep
6870.92
6209.24
16397.24
12172.79
2252.32
4479.52
177.11
3631.18
2,465.7
22.4
10,206.3
92.7
2,041.3
849.1
426.4
1,384.8
09-Sep
6990.33
6286.93
16703.21
12344.85
2286.78
4556.11
181.76
3700.55
2,499.3
22.7
19,728.1
179.5
3,945.6
1,589.1
1,322.0
5,763.3
% Chg.
-1.7
-1.2
-1.8
-1.4
-1.5
-1.7
-2.6
-1.9
-1.3
-1.5
-48.3
-48.4
-48.3
-46.6
-67.7
-76.0
Large Trades
+/-LKR
-14.5
-1.1
-2.2
-55
-8.9
-8.6
62.5
29.8
0.8
53
132
2.3
+/- %
(20.3)
(20.0)
(18.5)
(17.2)
(14.4)
(12.3)
20.0
27.0
28.6
32.1
47.1
57.5
Volume
3,866,300
81,687,900
40,684,300
4,600
254,200
1,052,800
30,900
983,700
116,962,500
524,000
67,600
134,501,000
Company
Tess Agro
Muller & Phipps
Blue Diamonds(X)
Amana Takaful
Seylan Merchant Bank
Free Lanka Capital Holdings
Seylan Merchant Bank(W)
Seylan Merchant Bank
Blue Diamonds Plc
Panasian Power
East West
Nawaloka
Raigam Saltierns
Volume
134,501,000
116,962,500
81,687,900
54,555,400
50,102,500
43,048,900
42,017,100
41,149,200
40,684,300
39,135,300
13,696,200
12,664,100
12,558,700
Sri Lanka Focus
16th September 2011
The Week in FOCUS

Indices bounced back to the negative territory...
The Colombo bourse predominantly remained in the red during the week as opposed to the upward run witnessed in
the first two weeks of September; although it recovered towards Friday. The All share price index shed 119.41 points
WoW closing at 6870.92 (-1.7% WoW) while the Milanka price index on liquid counters also lost 77.69 points WoW
closing at 6209.24 ( -1.24%) The major counters that contributed to this decline include; Sri Lanka Telecom (-5.39%
WoW), Carsons Cumberbatch (-2.48% WoW), Walk & Greig (-12.27% WoW), Ceylon Theatres (-5.05% WoW) and
Aitken Spence (-3.14% WoW).
Activities lost steam with the retailers losing enthusiasm as the brokers doggedly adhered to the SECs 25% rule that
brought in force selling.
Meanwhile, low valued counters were witnessed as the most sought after, with few small to mid-sized deals on
selected blue chips, such as John keels, Distilleries Company of Sri Lanka, Colombo dockyard and DFCC, drove the
daily turnovers and volumes. In addition transactions during the week witnessed 10 mn shares of Nawaloka changing
hand at a price of LKR 4.00, However the counter ended the week at a price of LKR 3.50. Further, with respect to the
top traded counters of the week, Tess agro topped the list with 134 mn shares changing hands as it witnessed a
16.3% stake being bought by Sri Lanka Insurance. The rest of the list comprised of penny stocks including, Muller and
Phipps, Blue Diamonds (Non-Voting), Amana Takaful and SMB leasing, of which Muller & Phipps grabbed attention
subsequent to the signing of a national distribution agreement with the Pakistani counterpart.
The market recorded an average daily turnover of LKR 2.04 bn over the past week with an average volume of 849.15
mn.
Foreign participation witnessed a staggering outflow of LKR 1.38 bn as the worsening situation in the Euro Zone
compels investors to seek to less riskier sources of investments to hedge their bets. Foreign purchases amounted to
just LKR 426.38 mn, resulting in a net foreign outflow of LKR 958.37 mn.
Sri Lanka Focus
16th September 2011
Features
The Fortress Resorts PLC
Fortress Hotels PLC which started operations in the recent past is positioned to cater to
the higher end market with a range of value added services. Located in the southern capital
city of Galle, hotels main clientele hails from UK which is the second largest tourism market
in Sri Lanka being followed by India. The Fortress which happens to be the Vallibel Groups
primary luxury tourism property has, 53 rooms. The hotel operated with a 65% occupancy
during FY2011, while was completely occupied during the peak season.
Financial Performance
The revenue of RHTL witnessed an elevation of 47% YoY that achieved a top line of
LKR416.3mn for FY2011 that brought in a profit of LKR 84.4mn compared to the loss of
78.9 million in the preceding year. This was shouldered by the revival of the tourism sector
that enabled the hotel in achieving an all time high occupancy rate of circa 65% in
comparison to 52% in the preceding year. This in turn increased the average room rate to
LKR20,217 compared to LKR 16,420in the preceding year. The gross profit margin
improved from 65% ( FY2010) to 73% in FY2011, mainly backed by the increase in ARR
while maintaining the total direct cost incurred. The net profit margin of the counter
improved from a negative of 28% to a positive circa of 20% during FY2011. Revenue from
restaurant sales has also shown a staggering growth of 34% compared to the 4% growth in
the last year which created a positive implication towards the net profit. Meanwhile the
interests cover of RHTL improved to 2.1X in comparison to the interest cover of 0.2X the
preceding year due to the debt re-payments. Moreover, EPS also improved from a
negative LKR -0.7 to a positive LKR 0.8.
Future Outlook
Sri Lanka's Hotel and Leisure industry is set for buoyant growth with the increased tourist
influx in to the country following the end of the three decade old armed conflict that made
two thirds of the coastal belt accessible. The period under review was an exceptional one
for Sri Lanka which welcomed 655,000 tourists to the island which is 47% increase
compared to the preceding year where government expects to achieve tourist arrivals of
2.5mn by 2016. The supply deficit that is expected to be witnessed by the hotel sector
would also be of benefit to existing leading five star hotels. Thus Fortress has the
advantage of reaching high room occupancy levels going forward. The global economic
revival together with the anticipated growth in the hotel sector will create a favourable
potential for the company.
Valuation
On a futuristic perspective, we forecast RHTL to post net earnings of LKR215.7mn for
FY2012 and an earnings figure of LKR299.4mn for FY2013 considering the anticipated
elevation of the hotel sector of the country and the refurbishments that are planned to go
through during the year. In terms of price earnings valuation the counter is currently trading
at a PER of 37.0X which we expect to improve to 14.5X in FY2012 and 10.4X in FY2013. In
addition the counter is trading at a PBV of 5.0X, which we expect to improve to a PBV of
3.7X in FY2012 and 2.7X in FY2013 respectively. Further this is as opposed to a sector
trailing PER of 38.5X and a sector PBV of 3.1X.
RHTL LKR 28.20
16th September 2011
Sri Lanka Focus
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. Thus, the negative value would denote that the warrant is overvalued at the current price
(assuming the underlying stock 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.
CLPL-W-0013
CLPL-W-0014
GREG-W-0002
GREG-W-0003
GREG-W-0006
REEF-W-0017
REEF-W-0018
REEF-W-0019
SEMB-W-0015
SEMB-W-0016
Exercise price
ASSET Price
(2011/09/16)
118.00
142.00
33.00
36.00
39.00
30.00
30.00
40.00
1.00
0.80
83.30
83.30
61.60
61.60
61.60
77.50
77.50
77.50
2.80
0.80
Expiry
Date
25-Aug-14
25-Aug-15
24-Feb-12
24-Feb-14
24-Feb-15
15-Oct-11
30-Jun-12
15-Jun-15
12-Dec-11
12-Dec-11
Price According
Warrant
to Black scholes
Price
model (Intrinsic
(2011/09/16)
Value)
12.8
0.752111
12.6
0.051503
30.5
37.861522
28.4
40.102588
26.5
40.101560
36.7
50.079223
29.1
51.750619
22.6
50.276515
1.5
1.419401
0.4
0.020214
Undervalued/
(Overvalued)
(12.05)
(12.55)
7.36
11.70
13.60
13.38
22.65
27.68
(0.08)
(0.38)
Sri Lanka Focus
16th September 2011
Colombo Bourses Billion Rupee Club

Table below shows the club of 35 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.
16th September 2011
Sri Lanka Focus
Commodity prices
WEEKLY (DATE AS AT)
19.08.11
27.08.11
02.09.11
09.09.11
16.09.11
WoW %
Change
0.69
Crude Oil (Barrel USD)
107.05
109.55
114.29
114.55
115.34
1759.99
1829.10
1870.62
1781.40
-4.77
8803
8950.8
9167.25
9117.25
8744.75
-4.06
342.39
(18August)
511
(August 18)
344.05
(Sept 09)
484.50
(Sept 06)
344.46
(12 August)
511
(9 August)
9.09
511
(August 26)
315.37
(Sept 02)
481.50
(August 30)
19.08.11
22.07.11
02.09.11
09.09.11
12.08.11
109.95
109.99
109.99
109.99
110.07
EURO
157.49
158.44
156.98
152.74
151.82
-0.60
STG (GBP)
181.43
179.22
177.94
175.60
173.66
-1.11
YEN
1.44
1.42
1.43
1.42
1.44
1.41
YUAN (CNY)
17.21
17.21
17.24
17.23
17.24
0.06
METAL
Gold (Ounce USD)
Copper( Ton.USD)
1836.46
AGRI
Tea SLR/Kg
Rubber (RSS 1) LKR
Exchange Rates
( LKR)
USD
0.62
WoW%
Change
0.65
OIL
Oil headed for a fifth weekly gain in London, the longest winning streak since March, on bets that a plan to contain
Europes debt crisis will help shore up fuel demand. Brent advanced after the European Central Bank said it worked
with the U.S., U.K., Japan and Switzerland to extend three-month loans to euro-area banks.
GOLD
Gold prices accelerated losses Thursday as a hot inflation reading for August suggested a halt to further stimulus
efforts from the Federal Reserve and world leaders jumped in to save the Eurozone. Gold for December delivery lost
$89.22 to close at $1,781.40 an ounce at the Comex division of the New York Mercantile Exchange.
COPPER
Shanghai copper is expected to open up on Friday, tracking firmer London prices, as a funding plan to help European
banks eased fears of the euro zone's sovereign debt crisis spreading. Three-month copper on the London Metal
Exchange dropped to $8,744.75 a tonne headed for a weekly drop of 4.06 percent.
Sri Lanka Focus
16th September 2011
Commodity prices
USD
The Rupee-dollar exchange rates gained in favor of the green back as calls by the IMF to relax the countrys soft peg
and allow the Rupee to depreciate finally materialized to a certain extent. Over the week dollar strengthened 0.65
percent against the rupee owing to increased demand for dollars by the importers.
Sri Lanka Focus
16th September 2011
Market Outlook
Conclusion
Credit clearance drives down market indices
During the current trading week, most speculative counters dominated market. This was prominently highlighted in the
daily top turnover list. It was evident that speculator favorite price band formula has created convenience to increase the
price and succumb profit booking among many overvalued and low valued counters.
In addition heavy forced selling during the week deeply brought down indices and market performance.
Meanwhile, the markets unstable situation has compelled a year to date net foreign outflow of LKR15.7 bn. We expect
this to have an adverse ripple effect on fundamental counters making those further less attractive among the market
community.
Overall with the continuation of the speculative rally we expect the foreign investor community to keep away from the
Colombo bourse when considering their global equity diversification.
16th September 2011
Sri Lanka Focus
FOCUS on investment
Charts Sourced from Direct FN
Key
Buys
........................................................................................
Stock
Sector
Asian Hotels
Hotel
Price (LKR)
94.50
Asian Hotels and Property Development PLC is well poised to ride the expected
growth in the hotel sector of the country. We expect to see a healthy growth in the
industry, shouldered by the improvement in both the tourist arrivals to the country as
well as the growth in the overall economy.
Chemical Industries
Chemicals & Pharmaceuticals V 132.00 NV 88.10
(Colombo)
With countrys agricultural sector achieving a phenomenal growth during the FY2010,
and with vast opportunities unfolding in North & East, CIC is well positioned to reap
benefits as a pioneering firm catering predominantly to agricultural sector.
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.
Commercial Bank
Banking
V 117.00 NV 80.00
Commercial Bank is the largest private sector commercial bank with an asset base of
LKR370.3bn and operates with a 400 ATM points, which is also the largest single
network in the country. Towards the future, bank is well positioned with capital, to
take advantage of the strong credit demand prevailing in the low interest rate
economy.
Distilleries
Food & Beverage
175.00
Distilleries with its insurance segment, power plant operating in full capacity, together
with its plantation segment generating higher earnings driven by the demand for tea
will result a bottom line growth. In addition its beverage segment that has a seasonal
impact which is shouldered by the expected foreign influx has great potential in the
forthcoming periods. In addition, with DISTs current cash rich position, we can expect
the company to expand their diversification strategies.
16th September 2011
Sri Lanka Focus
FOCUS on investment
Hatton National Bank
Banking
N-205.00
X-104.00
HNB, the second largest private commercial bank with a total asset base of LKR323.3
bn and a strong network of over 200 branches, is continuing its focus on expanding its
branch network. 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.
Banking sector earnings are expected to be robust with interest margins of around 6%
to be maintained in 2011E.
Chevron Lubricans
Manufacturing
161.50
LLUB with a renowned history in paying high dividends, during FY10 company paid
LKR1,470mn as dividends which is a payout of 98% opposed to 96% dividend payout
in FY09(LLUB paid LKR1440mn dividends in FY09). Going forward we do not expect a
drastic change in companys dividend policy. Hence, LLUB would definitely find its way
to an equity portfolio based on recurring income in terms of mammoth dividends, but
not in terms of value.
LB Finace
Banking
202.00
...................................................................................................................................................................................................................................................................................................................................................................................
LB Finance
Banking
165.00
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 3bn and an
island wide branch net work of 34. With satisfactory liquidity levels and capital
adequacies, company is poised to take advantage in the prevailing low interest rate
regime.
.
Royal Ceramics
Manufacturing
142.50
A reconstruction boom in the North and East would drum up the overall economic
growth whilst RCL would strongly benefit from the growing demand in the Western
and Southern provinces. Further, with the local tourism expected to rebound hotel
capacity building would prompt additional demand for highly quality tiles. Further,
cost rationalising process in the factories and value added product manufacturing
would strengthen company earnings.
Sampath Bank
Banking
228.60
Bank will continue its aggressive expansion to ensure its spread of service through
the island. As the pioneer in blending IT with banking, the company will revamp its
existing products and innovate new customer focus products. With the expansions
in construction of tourism related infrastructure and expansion of existing
industries loan book is expected to grow further.
16th September 2011
Sri Lanka Focus
FOCUS on investment
Tokyo Cement
Manufacturing
N-52.10 X-39.00
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.
.......................................................................................................................................................................................................................................................... .....................................................................................
Colonial Motors
Motors
449.80
COLO has penetrated into the domestic market by introducing KIA vehicles at
significantly reduced prices. That has been highly successful though it led to reduce
the gross profit margin of the company. Gross profit margin has slightly improved
from 24% to 25% on QoQ basis however it has dipped YoY to record a drop from
37.5% to 24.7% during 1QFY12. Nevertheless going forward, company would be
able to improve margins by simply skimming the prices of vehicles together with
attaining better margins in Sale of spare parts and repairs business.
Expolanka Holdings
Diversified
12.50
With the boom in the Sri Lankan economy and government expenditure on road,
sea, air and rail infrastructure which paves way towards tourism and international
trade, the revenue growth in transport and international trading expects to fatten
contributing to the overall earnings of the company. EXPOs asset light business
model couple with high future earnings anticipates delivering higher ROEs.
John Keells Holdigs
Diversified
217.00
Going forward, with the growth in GDP, per capita income and increase in tourist
arrivals we anticipate the consumer retail and the leisure sector to boom. Hence we
expect the forward PE multiples to be 17.3X and 14.0X in FY12 and FY13
respectively. Hence the heavy weight JKH is considered to be a value stock.
16th September 2011
Sri Lanka Focus
Stock Exchange Announcements

As at 16th September 2011
Rights issues
......................................................................................
Peoples Merchant
SUGA
:
:
04 for 05 rights issue @LKR15.00

01 for 04 rights issue @LKR18.00
Sub-division of shares
...........................................................................................
Eastern Merchant
: Seventy (70) shares for every one (01) share held
Capitalization of reserves
...........................................................................................
Alliance Finance Company
: One (01) new share for every Two (02) shares held
Consideration: LKR10.00
Share Swap
...........................................................................................
Ceylon and Foreign Trades
: One (01) share for every Ninety One point Three One Five (91.315) shares held
16th September 2011
Sri Lanka Focus

Dividend Announcements
.......................................................................................
Company
Distilleries Corporation of Sri Lanka
Sigiriya Village Hotels
Colonial Motors
Harischandra Mills
Swadeshi Industrial Works
Elpitiya Plantation
Lanka Ventures
Lanka Ashok Leyland
Eastern Merchants
Sierra Cables
Raigam Wayamba Salterns
York Arcade holdings
J.L. Morison Son & Jones
Gestetner of Ceylon
Cargills (Ceylon)
Metropolitan Resources Holdings
Finlays Colombo
Renuka City Hotels
Cargo Boat Development Co.
Lanka Aluminium Industries
E B Creasy
Lankem Ceylon
The Colombo Fort Land & Building Co
Brown & Company
Peoples Finance
Coco Lanka
Renuka City Hotels
Industrial Asphalts
Ceylon Printers
Kalamazoo Systems
Office Equipment
Sinhaputhra Finance
Lanka Ceramic
Browns Investments PLC
CT Holdings PLC
Senkadagala Finance Limited
The Autodrome PLC
Renuka Agri Foods PLC
Renuka Holdings PLC
E.B Creasy & Co.PLC
Lanka Ceramics PLC
Sinhaputhra Finance PLC
Multi Finance PLC
Abans Electricals
Chilaw Finance
Dividend per share

Final Dividend of LKR2.50
First & Final LKR1.00
First & Final Dividend of LKR1.50
Final Dividend LKR1.50
First and Final Dividend LKR30.00
First & Final dividend LKR0.10
First & Final Dividend LKR0.30
Second & Final Dividend LKR20
First & Final Dividend LKR 1.50
Interim Dividend of LKR1.25
Final Dividend(voting & Non Voting) LKR1.00
Interim Dividend of LKR 0.10
Final Dividend of LKR 1.00
Interim Dividend of LKR 4.00
Final(Voting & Nonvoting) of LKR 0.50
First and Final Dividend of LKR 0.10
XD Date
13.09.2011
19.09.2011
26.09.2011
26.09.2011
26.09.2011
27.09.2011
16.09.2011
22.09.2011
19.09.2011
16.09.2011
16.09.2011
20.09.2011
26.09.2011
26.09.2011
30.09.2011
02.09.2011
05.09.2011
26.09.2011
26.09.2011
27.09.2011
30.09.2011
03.10.2011
03.10.2011
08.09.2011
12.09.2011
19.09.2011
26.09.2011
26.09.2011
03.10.2011
03.10.2011
03.10.2011
30.09.2011
30.09.2011
16.09.2011
19.09.2011
22.09.2011
21.09.2011
21.09.2011
28.09.2011
30.09.2011
30.09.2011
30.09.2011
03.10.2011
03.10.2011
Payment Date
21.09.2011
27.09.2011
04.10.2011
04.10.2011
04.10.2011
05.10.2011
26.09.2011
30.09.2011
27.09.2011
26.09.2011
23.09.2011
28.09.2011
30.09.2011
30.09.2011
10.10.2011
13.10.2011
09.10.2011
29.10.2011
29.09.2011
05.10.2011
10.10.2011
12.10.2011
12.10.2011
19.09.2011
21.09.2011
21.09.2011
29.09.2011
04.10.2011
07.10.2011
07.10.2011
07.10.2011
10.10.2011
10.10.2011
27.09.2011
28.09.2011
30.09.2011
28.09.2011
30.09.2011
30.09.2011
10.10.2011
10.10.2011
10.10.2011
12.10.2011
12.10.2011
16th September 2011
Sri Lanka Focus

Scrip Dividend Announcements
Renuka Holdings PLC
Renuka Holdings (Non-Voting)
:
:
Scrip Dividend 1.75438 for every 100 shares XD:28.09.2011

Scrip Dividend 2.85714 for every 100 shares XD:28.09.2011
16th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
15
Valuation Guide
Price as at 16th September 2011
M.CAP.
Bn
YE SH(mn)
Company
FINANCIAL SERVICES
Earnings
Price
FY08
FY09
FY10
EPS (LKR)
FY11E
FY12E FY08
FY09
PER
FY10 FY11E FY12E FY08 FY09
FY10 FY11E FY12E
DPS
DY
ROE
BVPS
PBV
Commercial Bank
Dec
765
89.5
117.00
4,120
4,193
5,510
6,414
7,078
5.0
5.1
6.7
7.8
8.7
23.2
22.8
17.4
14.9
7.00
6%
16%
87.9
1.3
Commercial Bank
Dec
52
4.2
80.00
4,120
4,193
5,510
6,414
7,078
10.9
11.1
14.4
16.8
18.6
7.3
7.2
5.6
4.8
7.00
9%
16%
82.8
1.0
Sampath Bank
Dec
156
35.7
228.60
1,495
2,073
3,485
4,915
5,316
9.6
13.3
22.3
31.4
34.0
23.9
17.2
10.3
7.3
6.7
4.00
1.7%
20%
113.1
2.0
NDB Bank
Dec
164
22.5
137.00
2,150
2,085
4,267
4,593
5,281
13.1
12.7
26.0
28.0
32.2
10.5
10.8
5.3
4.9
4.3
8.00
5.8%
15%
93.6
1.5
LB Finance
Dec
69
11.4
165.00
206
360
500
1,020
1,613
3.0
5.2
7.2
14.7
23.3
55.5
31.8
22.8
11.2
7.1
3.50
2.1%
47%
37.7
4.4
Central Finance
Mar
105
28.3
270.10
1,211
1,127
1,046
1,500
1,781
17.5
16.3
15.1
21.7
25.7
9.4
10.1
10.9
7.6
6.4
6.0
2.2%
11%
449.6
0.6
CONGLOMERATES
Hayleys
Mar
75
28.6
381.10
453
311
1,731
725
957
6.0
4.1
23.1
9.7
12.8
63.1
91.9
16.5
39.4
29.9
2.0
0.5%
14%
164.7
2.3
John Keells Hold.
Mar
840
182.4
217.00
5,119
4,732
5,202
8,246
10,690
6.1
5.6
6.2
9.8
12.7
35.6
38.5
35.1
22.1
17.1
2.3
1.0%
9%
70.9
3.1
1955
24.4
12.50
310
518
1,578
1,803
0.0
0.2
0.3
0.8
0.9
na
78.9
47.2
15.5
13.6
na
na
12%
2.2
5.7
Expolanka
(50)
FOOD & BEVERAGE

Bairaha Farms
Mar
16
4.0
251.00
86
134
529
772
5.4
0.2
8.4
33.1
48.2
46.7 1549.0
29.9
7.6
5.2
3.0
1.2%
11%
74.8
3.4
Distilleries
Mar
300
52.5
175.00
4,101
3,387
2,136
8,146
4,824
13.7
11.3
7.1
27.2
16.1
12.8
15.5
24.6
6.4
10.9
2.5
1.4%
7%
106.8
1.6
Mar
442.78
41.8
94.5
847.39
531
630
1,774
2,091
1.9
1.2
1.4
4.0
4.7
49.4
78.8
66.4
23.6
20.0
2.0
2.1%
5%
31.0
3.0
Royal Ceramics
Mar
110.79
15.8
142.50
611
518
964
1,459
2,378
5.5
4.7
8.7
13.2
21.5
25.8
30.5
16.4
10.8
6.6
4.0
2.8%
18%
47.4
3.0
Chevron Lubricants
Dec
120.00
19.4
161.50
948
1,495
1,501
1,603
1,717
8.6
13.5
13.6
14.5
15.5
18.9
12.0
11.9
11.2
10.4
7.4%
54%
23.1
7.0
Tokyo (Voting)
Mar
202.50
10.6
52.10
572
347
291
1,093
1,270
1.9
1.1
1.0
3.6
4.2
27.6
45.7
54.3
14.5
12.5
1.65
3.2%
5%
18.7
2.8
Tokyo (NV)
Mar
101.25
3.9
39.00
572
347
291
1,093
1,270
1.9
1.1
1.0
3.6
4.2
20.7
34.2
40.6
10.8
9.3
1.65
4.2%
5%
18.7
2.1
Lanka Walltile
Mar
54.60
5.8
106.50
361
279
478
408
701
6.6
5.1
8.8
7.5
12.8
16.1
20.8
12.2
14.3
8.3
2.3
2.2%
15%
56.6
1.9
Piramal Glass
Mar
950.09
8.1
8.50
35
(261)
(61)
579
528
0.0
-0.3
-0.1
0.6
0.6
na
na
na
14.0
15.3
0.3
3.5%
-3%
2.3
3.6
Dec
843.48
12.5
14.80
1,783
1,342
724
1,004
1,056
2.1
1.6
0.9
1.2
1.3
7.0
9.3
17.2
12.4
11.8
4%
20.3
0.7
DIMO
Mar
8.88
12.4
1400.00
205
103
278
2,006
2,128
23.1
11.6
31.4
225.9
239.8
60.6
120.6
44.7
6.2
5.8
7.0
0.5%
8%
377.4
3.7
COLONIAL MOTORS PLC
Mar
9.12
4.5
489.80
40
229
842
1,232
-0.2
4.4
25.1
92.2
135.1
na
111
20
15.2
25.8
5.3%
15%
168.4
2.9
Kegalle Plantations
Mar
25.00
3.7
149.50
421
205
376
783
887
16.8
8.2
15.0
31.3
35.5
8.9
18.2
9.9
4.8
4.2
3.0
2.0%
22%
68.4
2.2
Namunukula Plantations
Mar
23.75
2.2
93.50
230
41
147
461
539
9.7
1.7
6.2
19.4
22.7
9.7
54.6
15.1
4.8
4.1
na na
16%
39.0
2.4
Laugfs GasV)
Mar
42.00
27.80
(85)
243
527
1,003
1,183
na
0.6
1.4
2.6
3.1
na
66.9
30.8
16.2
13.7
8%
18.9
2.2
Mar
335.00
52.00
14.1
Laugfs Gas(NV)
(85)
243
527
1,003
1,183
na
0.6
1.4
3.0
3.9
na
44.3
20.4
9.2
7.2
8%
122.1
0.2
TOURISM
Asian Hotels
MANUFACTURING
12.0
Land and Property

Overseas Realty
Mortor
(2)
PLANTATIONS
Power And Energy

1.4
CHEM & PHARMACEUTICALS

Chemical industries
Mar
72.90
9.6
132.00
510
408
601
935
1143
5.4
4.3
6.3
9.9
12.1
24.5
30.7
20.8
13.4
10.9
1.9
1.4%
12%
51.5
2.6
Chemical industries(NV)
Mar
21.87
1.9
88.10
510
408
601
935
1143
5.4
4.3
6.3
9.9
12.1
16.4
20.5
13.9
8.9
7.3
1.9
2.1%
12%
51.5
1.7
Haycarb
Mar
29.71
4.5
153.00
180
225
633
716
781
6.0
7.6
21.3
24.1
26.3
25.3
20.2
7.2
6.3
5.8
5.0
3.3%
10%
77.4
2.0
16th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
16
Broad Market Valuation Guide

Year
Company
End
MARKET
TELECOMMUNICATIONS
Price
Price Performance
(LKR) 1W(%) 1M(%) 1Q(%)
(1.71)
(2.55)
(2.06)
(2.56)
(5.04)
(9.36)
DIALOG TELEKOM
DIAL
8.40
SRI LANKA TELECOM
SLTL
49.10
FINANCIAL SERVICES
(4.45)
Shares Trailing
Mn
BVPS
ROE
17.59%
12.76%
COMMERCIAL BANK [NV]

DFCC BANK
HNB [V]
HNB [NV]
NATIONS TRUST BANK
Trailing
PBV
Mkt Cap Mn
Mar'11
37,510.54
2,453.78
Net Profits
Dec'10
40,860.37
2,817.30
Trailing
Jun'11
40,423.59
2,526.19
Sept'10
37,700.85
2,719.90
Jun10
26,922.21
2,143.10
EPS
PE
15.82
14.93
2.78
1.90
2,465,700.00
(5.56)
(9.57)
8143.78
17.66%
3.83
5,511.17
1,384.19
1,158.78
1,275.30
1,692.90
1,374.10
0.68
12.4
2.2
68,407.74
(4.63)
(9.19)
1804.86
9.77%
28.39
5,006.00
1,142.00
1,295.00
1,542.00
1,027.00
769.00
2.77
17.7
1.7
88,618.63
37,875.13
8,386.42
7,512.01
12,154.52
9,224.20
9,263.81
15.69
2.76
17.57%
Banking
COMMERCIAL BANK [V]
Net Profit
4Qtrs
155,844.76
10,517.17
24,583.72
4,861.60
6,373.94
6,934.46
5,405.23
7,610.75
COMB
117.00
(49.44)
(48.37)
(53.93)
765.09
19.80%
44.70
7,235.20
1,976.00
2,064.90
1,772.50
1,421.80
1,206.10
8.85
13.2
2.6
COMB X
80.00
(49.94)
(47.75)
(54.42)
52.36
19.80%
44.70
7,235.20
1,976.00
2,064.90
1,772.50
1,421.80
1,206.10
8.85
9.0
1.8
4,189.19
DFCC
135.00
(2.95)
(3.30)
(13.07)
265.10
88.28%
10.47
2,449.49
683.04
611.12
630.40
524.93
3,323.90
9.24
14.6
12.9
35,788.19
63,800.28
89,514.98
HNB
205.00
(4.67)
(7.14)
(8.92)
311.22
17.35%
80.58
5,430.54
1,292.53
1,221.31
1,868.80
1,047.90
1,220.00
13.98
14.7
2.5
HNB X
104.00
(7.14)
(7.88)
(14.75)
77.15
17.35%
80.58
5,430.54
1,292.53
1,221.31
1,868.80
1,047.90
1,220.00
13.98
7.4
1.3
8,023.91
NTB
62.90
(2.18)
(5.56)
(3.53)
230.61
16.98%
33.88
1,326.33
360.40
375.85
235.82
354.26
280.96
5.75
10.9
1.9
14,505.20
22,495.66
NDB
137.00
(1.37)
0.44
(14.49)
164.20
15.12%
97.37
2,417.52
396.68
605.34
607.28
808.22
433.40
14.72
9.3
1.4
PAN ASIA BANK
PABC
26.50
(1.85)
1.15
(2.21)
295.04
19.34%
10.81
617.07
210.03
196.02
81.84
129.17
83.20
2.09
12.7
2.5
7,818.59
SAMPATH BANK
SAMP
228.60
(4.59)
(5.50)
(10.46)
156.33
22.72%
119.80
4,254.78
1,134.80
980.05
1,350.60
789.33
746.07
27.22
8.4
1.9
35,736.87
11,266.67
NDB
SEYB
65.00
1.88
0.62
(7.91)
173.33
3.82%
49.94
645.03
(303.90)
249.04
387.23
312.66
311.80
1.91
34.1
1.3
SEYLAN BANK [NV]
SEYBX
36.20
3.43
12.42
2.84
164.75
3.82%
49.94
645.03
(303.90)
249.04
387.23
312.66
311.80
1.91
19.0
0.7
5,963.83
HDFC
HDFC
1800.00
(0.12)
24.44
20.26
6.47
10.59%
303.13
207.78
120.52
70.31
16.96
5.32
32.11
56.1
5.9
11,647.89
UBC
23.40
-3.75
SEYLAN BANK [V]
UNION BANK
-4.15
-14.76
349.25
Finance Co.s & / Merchant Banks
1.42%
71.23
71.23
27.20%
7,068.15
3,112.99
(0.01)
402.02
1,684.55
2,279.10
1,399.24
ACAP
94.00
(4.22)
(6.62)
11.23
110.00
63.42%
11.43
797.50
0.64
248.30
275.72
272.85
108.75
7.25
13.0
8.2
10,340.00
ALLIANCE FINANCE
ALLI
1100.00
(8.14)
10.00
10.00
1.62
23.74%
631.91
243.02
81.93
103.56
38.70
18.82
16.00
150.01
7.3
1.7
1,782.00
ARPICO FINANCE
ARPI
130.00
(0.08)
0.23
19.27
4.46
8.17%
73.52
26.82
3.76
5.61
6.64
10.80
5.40
6.01
21.6
1.8
580.13
CENTRAL FINANCE
CFIN
270.10
(0.11)
(80.35)
(80.68)
104.88
18.27%
109.22
2,092.34
618.20
532.13
472.10
469.91
276.24
19.95
13.5
2.5
28,328.99
(6.86)
(20.50)
(28.03)
199.93
28.95%
1.69
97.65
(23.25)
0.49
38.7
na
3,778.68
(3.23)
(3.79)
475.20
32.74%
31.10
4,839.06
1,725.04
600.02
718.10
1,795.89
726.19
10.18
9.7
3.2
47,044.80
ASIA CAPITAL
CSF
18.90
LOLC
99.00
LB FINANCE
LFIN
165.00
(1.54)
(4.76)
(4.71)
69.26
40.11%
42.84
1,190.09
351.02
391.18
227.71
220.18
181.16
17.18
9.6
3.9
11,427.43
MERCHANT BANK
MBSL
37.30
(3.85)
(13.19)
(17.04)
135.00
17.17%
21.59
500.52
48.23
126.55
164.28
161.46
103.00
3.71
10.1
1.7
5,035.50
PEOPLE'S MERCHANT
SEYLAN MERCHANT [V]
PMB
SEMB
M
D
19.70
2.80
(4.81)
7.69
(17.15)
16.67
(20.80)
12.00
37.50
826.49
23.39%
3.26%
16.10
na
141.23
17.53
135.06
(22.15)
(16.38)
18.76
25.30
3.22
(17.12)
22.00
3.77
0.01
5.2
221.4
1.2
na
738.75
2,314.16
SEMB X
TFC
D
M
0.80
38.60
1.31
16.62
(11.11)
29.10
560.00
57.97
3.26%
93.17%
na
na
(22.15)
26.39
18.76
(2,074.13)
22.00
0.01
63.3
na
0.8
na
448.00
2,237.50
CRL
48.50
-4.33
-11.48
-23.22
37.45
12.90%
14.18
68.54
45.98
22.56
1.83
26.5
3.4
1,816.52
PEOPLES LEASING FINANCE
SMLL
43.60
-8.70
-11.70
-3.59
68.14
12.31%
12.74
106.89
70.39
35.63
1.57
27.8
3.4
2,970.94
VALLIBEL FINANCE
SINHAPUTRA
SINGER FINANCE
CITIZENS DEVELOPMENT FINANCE
SENKADAGALA FINANCE
SWARNAMAHAL FINANCE
CHILAW FINANCE LIMITED
COMMERCIAL CREDIT LIMITED
MERCANTILE INVESTMENTS
MULTI FINANCE
LANKA ORIX FINANCE
ABANS FINANCIAL SERVICES
VALLIBEL ONE LIMITED
VFIN
SFL
SFIN
CDB
SFCL
SFS
CFL
COCR
MERC
MFL
LOFC
AFSL
VONE
M
M
M
M
M
M
M
M
M
M
M
45.20
114.00
33.30
74.00
20.00
83.50
24.40
31.40
1562.00
54.70
11.40
74.10
28.30
-2.80
-5.00
-9.02
-1.33
0.00
0.48
-6.51
-1.88
0.00
-8.49
0.88
1.35
-2.76
-0.22
-0.87
13.65
-2.12
0.00
-13.08
-2.79
8.30
0.00
46.67
6.54
-2.22
-6.00
-3.01
27.09
7.07
-12.63
0.00
125.07
17.87
6.83
0.00
83.33
0.00
0.00
0.00
41.55
6.30
106.67
46.30
53.37
25.00
28.08
218.07
3.01
22.46
2800.00
37.00
1086.56
26.33%
7.65%
12.54%
46.23%
22.72%
na
8.76%
96.40%
14.02%
2.71%
35.46%
12.12%
2.77%
12.43
76.05
8.82
23.82
20.89
0.00
10.56
1.04
1558.51
30.69
1.26
9.48
19.90
3.27
5.82
1.11
11.01
4.75
na
0.92
1.00
218.55
0.83
0.45
1.15
0.55
13.8
19.6
30.1
6.7
4.2
na
26.4
31.3
7.1
65.7
25.6
64.5
51.4
3.6
1.5
3.8
3.1
1.0
na
2.3
30.2
1.0
1.8
9.1
7.8
1.4
1,878.09
717.73
3,552.00
3,426.14
1,067.36
2,087.50
685.25
6,847.54
4,695.37
1,228.67
31,920.00
2,741.70
30,749.63
-
AMANA TAKAFUL INS.
ATL
2.80
0.00
21.74
33.33
1000.00
-1.06%
0.91
2,800.00
ASIAN ALLIANCE
AAIC
129.00
4.42
-9.20
-10.31
37.50
9.11%
34.02
116.21
CEYLINCO INSURANCE [V]
CINS
784.00
4.53
21.55
8.89
20.00
17.33%
319.30
1,461.93
344.36
286.31
732.34
NATION LANKA
LOLC
SEYLAN MERCHANT [NV]

THE FINANCE
CAPITAL REACH
17.53
(3,225.63)
Insurance
(34.77)
135.95
36.64
117.92
509.94
253.30
25.97
218.76
656.97
18.69
1,246.09
42.49
598.17
48.15
4,531.19
306.42
(9.70)
51.27
80.20
-
(3.16)
165.57
3.22
(440.50)
36.65
36.64
60.88
219.04
27.70
517.48
3,076.71
(29.99)
(2.76)
17.70
17.70
(737.39)
0.87
23.45
5.77
210.7
65.50
630.58
61.58
11.20
(20.90)
(14.70)
na
na
3.1
(172.50)
288.71
79.30
3.10
41.6
3.8
4,837.50
19.79
55.35
14.2
2.5
15,680.00
98.93
CINS X
335.00
-6.69
7.37
2.89
6.41
17.33%
319.30
1,461.93
344.36
286.31
732.34
98.93
19.80
55.35
6.1
2.0
2,148.85
AVIVA NDB
CTCE
280.00
0.00
-12.23
-0.74
30.00
32.23%
94.05
909.37
34.20
147.62
613.44
114.11
(47.00)
30.31
9.2
3.0
8,400.00
HNB ASSURANCE
HASU
59.10
-1.99
-10.18
-7.08
50.00
17.83%
27.69
246.83
24.62
24.74
180.80
16.67
24.19
4.94
12.0
2.1
2,955.00
UAL
JINS
D
D
110.20
15.90
-3.08
-2.47
-4.17
-2.47
-51.45
-7.60
75.00
363.00
41.08%
28.51%
33.63
7.44
1,036.20
770.35
64.55
58.81
511.97
770.35
400.87
-
na
13.82
2.12
8.0
7.5
3.3
2.1
8,265.00
5,771.70
1,692.07
105.40
218.57
458.81
909.28
192.24
CDIC
CDIC
393.00
-12.67
-7.53
-6.38
43.86
12.40%
115.66
628.92
30.97
106.44
221.14
270.38
104.43
14.34
27.4
3.4
17,235.02
FIRST CAPITAL
CFVF
18.70
-1.58
-10.53
-16.14
101.25
60.25%
5.94
947.55
56.94
79.92
208.80
601.90
51.05
9.36
2.0
1.2
1,893.38
LANKA VENTURES
LVEN
42.20
-7.46
-12.27
4.46
50.00
14.14%
16.36
115.59
17.50
32.22
28.87
37.01
36.76
2.31
18.3
2.6
2,110.00
CEYLINCO INSURANCE [NV]
UNION ASSURANCE
JANASHAKTHI
Venture Capital Co.s
16th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
17

Year
Company
End
BEVERAGE FOOD AND TOBACCO
Price
Price Performance
(LKR) 1W(%) 1M(%) 1Q(%)
-
Shares Trailing
Mn
ROE
31.64%
BVPS
Net Profit
4Qtrs
23,048.01
Trailing
PBV
Mar'11
8,335.00
Dec'10
5,506.66
Net Profits
Sept'10
4,107.10
Trailing
Jun'11
5,099.25
Jun10
3,483.03
EPS
PE
13.57
4.29
Mkt Cap Mn
BFL
251.00
(3.01)
(10.22)
(33.03)
16.00
34.93%
78.19
436.99
55.18
103.45
163.91
114.45
104.13
27.31
9.2
3.2
4,016.00
CARGILLS
CARG
217.90
(3.94)
6.58
3.38
224.00
15.61%
32.53
1,137.13
325.97
268.12
290.74
252.30
312.00
5.08
42.9
6.7
48,809.60
CEYLON BREWERY
BAIRAHA FARMS
BREW
436.00
9.14
11.54
(14.51)
20.99
22.57%
127.72
605.06
176.25
165.66
163.91
99.23
123.89
28.83
15.1
3.4
9,150.81
CEYLON COLD STORES
CCS
107.10
(3.96)
(73.34)
(84.75)
95.04
5.47%
47.21
245.26
124.29
38.07
45.43
37.47
78.57
2.58
41.5
2.3
10,178.78
CEYLON TEA SERVICES
CTEA
800.00
(6.32)
(4.86)
(5.88)
20.00
23.54%
320.08
1,506.87
250.58
658.60
300.80
296.88
130.00
75.34
10.6
2.5
16,000.00
CEYLON TOBACCO
CTC
400.00
1.14
1.27
7.70
187.32
191.82%
16.63
5,977.00
1,819.00
814.00
2,396.00
948.00
1,116.00
31.91
12.5
24.0
74,929.50
COCO LANKA [V]
COCO
68.50
(5.26)
(9.16)
(7.32)
21.60
24.42%
49.11
280.56
18.28
49.83
55.70
156.75
32.49
11.99
5.7
1.4
1,479.60
COCO LANKA [NV]
COCOX
57.70
3.96
5.87
(0.69)
1.80
24.42%
49.11
280.56
18.28
49.83
55.70
156.75
32.50
11.99
4.8
1.2
103.86
CONVENIENCE FOOD
SOY
310.00
(1.02)
(10.55)
(9.59)
2.75
29.63%
82.46
67.20
11.73
17.51
21.02
16.94
7.00
24.44
12.7
3.8
852.50
DISTILLERIES
DIST
175.00
0.46
0.81
(2.78)
300.00
26.17%
109.58
8,602.28
1,238.92
5,027.62
1,218.80
1,116.94
866.60
28.67
6.1
1.6
52,500.00
FERNTEA
FERN
3.50
6.00
na
HARISCHANDRA MILLS
HARI
1600.00
(44.83)
(46.65)
0.96
12.82%
117.00
na
na
na
na
na
na
na
na
21.00
533.90
65.71
13.13
12.60
13.35
26.64
10.72
68.46
23.4
3.0
1,535.68
13,689.00
0.00
KFP
117.00
(4.10)
(9.72)
117.00
15.29%
2.90
51.91
15.82
0.67
19.55
15.88
(5.45)
0.44
263.7
40.3
KOTMALE HOLDINGS
LAMB
47.20
(3.87)
(12.92)
(6.90)
31.40
13.51%
18.11
76.86
22.09
25.20
16.80
12.77
15.03
2.45
19.3
2.6
1,482.08
LION BREWERY
LION
200.10
(2.10)
0.35
(8.77)
80.00
20.79%
66.72
1,109.64
332.40
313.79
286.89
176.56
236.17
13.87
14.4
3.0
16,008.00
KEELLS FOOD PRODUCTS
LMF
112.00
2.38
8.54
(1.84)
40.00
4.64%
48.52
90.02
57.41
55.54
(74.50)
51.57
2.25
49.8
2.3
4,479.78
NESTLE LANKA
NEST
900.00
(2.17)
(4.81)
27.82
53.73
114.96%
36.48
2,252.96
644.35
615.49
421.80
571.32
415.00
41.93
21.5
24.7
48,352.92
THREE ACRE FARMS
TAFL
108.00
(2.01)
(22.75)
1.80
23.55
53.92%
19.55
248.28
3.03
41.26
124.67
79.32
24.57
10.54
10.2
5.5
2,542.86
RENUKA AGRI
RAL
6.80
(2.90)
6.80
6.80
401.25
14.72%
2.38
140.62
49.32
na
91.30
na
0.35
19.4
2.9
2,728.50
(1.78)
3.75
(55.92)
30.00
14.24%
20.84
89.02
30.65
41.80
25.75
22.50
2.97
28.0
4.0
2,490.00
2.08
11.36
8.89
282.21
9.68%
2.37
64.65
47.62
na
17.03
na
0.23
21.4
2.1
1,382.82
(18.13)
273.89
278.71
66.43
10.33%
6.75
46.33
45.89
na
na
na
0.70
81.7
8.4
3,786.43
(0.85)
(8.70) (12.66)
904.96
1,332.56
850.21
476.74
LANKA MILK FOODS
TEA SMALLHOLDERS
TSML
83.00
RAIGAM WAYAMBA SALTERNS LTD
RWSL
4.90
HVA
57.00
HVA FOODS
CHEMICALS & PHARMACEUTICALS
20.42%
3,629.28
(9.18)
541.55
(6.19)
8.29
1.69
CHMX
127.90
(1.16)
(6.51)
11.51
15.75
3.10%
80.36
39.19
1.14
0.61
13.50
23.94
4.12
2.49
51.4
1.6
2,014.43
CIC
132.00
(5.65)
(12.00)
72.90
14.04%
95.23
974.70
203.80
169.60
382.67
218.63
184.00
10.28
12.8
1.8
9,622.80
CHEMICAL INDUSTRIES [NV]
CIC X
88.10
(0.79)
(4.34)
(13.63)
21.87
14.04%
44.57
974.70
203.80
169.60
382.67
218.63
184.00
10.28
8.6
3.4
HAYCARB
HAYC
153.00
0.86
2.48
6.40
29.71
17.34%
91.69
472.51
124.77
111.22
89.08
147.44
157.35
15.90
9.6
1.7
INDUSTRIAL ASPHALTS
ASPH
520.00
1.81
0.57
31.17
0.67
4.03%
102.53
2.76
0.61
1.34
0.26
0.54
0.45
4.13
125.8
5.1
346.61
J.L. MORISON [V]
MORI
3701.00
(5.09)
(7.43)
10.47
0.58
20.72%
2223.68
347.83
37.45
93.20
28.10
189.08
20.72
598.85
6.2
1.7
2,149.65
J.L. MORISON [NV]
MORI X
2505.00
(6.60)
6.60
8.83
0.17
20.72%
2223.68
347.83
37.45
93.20
28.10
189.08
20.70
1,996.17
1.3
1.1
436.49
LANKEM CEYLON
LCEY
355.00
(1.11)
(10.74)
(23.51)
24.00
31.65%
124.35
944.44
111.22
202.20
567.12
63.90
69.20
39.35
9.0
2.9
8,520.00
SINGALANKA
SING
265.00
(17.63)
(46.87)
(86.81)
1.39
565.74%
53.63
420.25
(0.11)
215.55
205.31
(0.50)
(0.77)
303.39
0.9
4.9
367.08
MULLERS
MULL
3.60
28.57
28.57
44.00
283.00
19.99%
0.41
22.96
8.53
5.45
2.83
6.15
9.22
0.08
44.4
8.9
1,018.80
UNION CHEMICALS
UCAR
720.00
23.37%
162.10
37.88
19.0
4.4
1,080.00
CHEMANEX
CHEMICAL INDUSTRIES [V]
CONSTRUCTIONS
1.41
(1.86)
(5.26)
1.17
(4.00)
1.50
(0.79)
18.97%
16.70
12.58
15.58
11.96
11.75
150.71
437.18
859.61
775.64
275.73
2,211.53
210.49
466.80
739.25
795.00
283.00
(1.61)
(58.16)
(6.89)
(22.73)
(5.74)
126.10
(5.33)
(14.03)
11.33
2.15
COLOMBO DOCKYARD
DOCK
275.00
(0.04)
8.56
8.18
LANKEM DEVELOPMENTS
MTD WALKERS
LDEV
KAPI
M
M
18.80
45.90
(5.50)
(7.28)
(17.47)
(15.69)
(5.03)
(23.37)
(1.51)
(2.32)
(3.92)
25,494.77
6,436.00
6,864.95
5,569.52
6,624.30
3,889.85
AITKEN SPENCE
SPEN
135.60
(1.64)
(1.64)
(4.18)
406.00
12.23%
53.30
2,647.17
550.74
910.90
579.04
606.49
439.50
6.52
20.8
2.5
55,053.06
CARSON CUMBERBATCH
CARS
589.00
(2.96)
(7.81)
(3.60)
196.39
28.34%
128.20
7,136.10
3,506.32
1,747.41
906.83
975.54
1,186.90
36.34
16.2
4.6
115,671.89
CEYLON THEATRES
CTHR
188.00
(4.76)
1.08
0.75
183.10
10.36%
64.73
1,228.11
244.05
234.56
335.53
413.96
91.00
6.71
28.0
2.9
34,422.28
COLOMBO FORT LAND
CFLB
63.00
(4.47)
(8.82)
(19.17)
180.00
23.45%
24.09
1,016.81
90.32
367.41
425.89
133.20
184.00
5.65
11.2
2.6
11,340.00
FINLAYS COLOMBO
JFIN
300.00
20.00
23.97
35.00
4.80%
147.63
248.23
60.38
12.89
84.51
90.45
50.45
7.09
42.3
2.0
10,500.00
HAYLEYS
HAYL
381.10
(2.26)
3.03
3.53
75.00
5.32%
211.25
842.63
268.58
144.31
89.90
339.83
150.67
11.24
33.9
1.8
28,582.50
HEMAS HOLDINGS
HHL
40.60
(0.97)
(5.57)
(11.14)
512.04
12.95%
17.81
1,180.61
261.97
311.08
311.40
296.17
291.48
2.31
17.6
2.3
20,788.85
JOHN KEELLS HOLDINGS
JKH
217.00
0.88
1.40
(26.99)
840.42
14.44%
70.90
8,602.71
1,367.61
2,550.67
1,757.11
2,927.32
1,010.49
10.24
21.2
3.1
182,370.89
DUNAMIS CAPITAL
CSEC
17.60
(3.80)
(25.32)
53.91
123.00
52.47%
11.22
724.22
11.92
16.33
345.40
350.57
98.57
5.89
3.0
1.6
2,164.75
RICHARD PIERIS
RICH
10.30
(0.95)
(6.31)
(16.13)
1937.87
29.48%
2.49
1,421.02
10.84
335.34
640.60
434.25
270.49
0.73
14.0
4.1
19,960.07
SUNSHINE HOLDINGS
SUN
37.80
(0.53)
(5.50)
(12.30)
133.33
18.73%
17.91
447.17
63.28
234.05
93.32
56.53
116.30
3.35
11.3
2.1
5,040.00
SOFTLOGIC HOLDINGS
SHL
23.00
-2.54
-4.17
0.00
779.00
EXPOLANKA HOLDINGS
EXPO
12.50
-1.57
-7.41
0.00
1954.92
3.59
1,583.31
273.54
1,309.77
237.08
0.81
15.4
3.5
FREE LANKA CAPITAL HOLDINGS
FLCH
4.00
2.56
0.00
-11.11
1368.00
4.61
493.29
493.29
DIVERSIFIED
68.44
56.81
2,223.14
4,545.99
28.18%
60.00 -161.00%
114.36
0.81%
114.67
0.20
33.77
15.80%
(19.57)
31.18
(5.46)
(1.81)
32.31
8.5
2.4
18,820.19
na
0.27
na
168.3
92.8
1.4
1,128.00
5,248.99
19.059
3.01
0.9
16th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
18

Year
Company
End
Price
Shares Trailing
Price Performance
(LKR) 1W(%) 1M(%) 1Q(%)
Mn
ROE
(2.69) (3.96) (0.56)
-23.61%
BVPS
Net Profit
4Qtrs
(1,547.62)
Net Profits
Sept'10
119.82
Trailing
Trailing
Dec'10
(621.19)
Jun10
(89.88)
EPS
PE
PBV
Mkt Cap Mn
(148.46)
Mar'11
(809.51)
CEYLON LEATHER
CLPL
83.30
(7.96)
(12.32)
2.84
34.23
6.38%
55.57
121.44
20.41
16.58
36.79
47.66
22.80
3.55
23.5
1.5
2,851.67
HAYLEYS - MGT
MGT
34.00
(2.02)
1.49
(2.58)
49.18
-97.64%
32.01
(1,537.15)
(168.87)
(799.53)
(625.70)
56.95
(24.40)
na
na
1.1
1,672.03
KURUWITA TEXTILES
KURU
33.50
14.74
6.86
20.22
25.00
-23.46%
58.16
(341.10)
(59.12)
(108.30)
(48.40)
(125.28)
na
na
0.6
837.50
ODEL
ODEL
36.50
(2.65)
(3.17)
(3.42)
144.95
12.89%
11.20
209.19
32.56
76.02
63.61
37.00
1.44
25.3
3.3
5,290.68
ORIENT GARMENTS
OGL
31.50
54.92
FOOTWEAR AND TEXTILES
HOTELS AND TRAVELS
(6.55)
(27.31)
(1.68)
(4.10)
(2.68)
na
na
1.63
105.14
6.27%
City Hotels
4,743.12
505.82
3,189.87
1,183.20
1,035.71
(4.38)
1,999.19
475.72
1,386.33
678.11
617.40
251.79
38.49
3.11
AHOT PROPERTIES
AHPL
94.50
2.20
(47.75)
442.78
13.72%
30.98
1,882.72
296.67
803.63
456.59
325.84
188.47
4.25
22.2
3.0
41,842.27
GALADARI
GHLL
33.80
(1.46)
(8.42)
(9.16)
182.43
7.44%
8.51
115.53
(18.43)
43.71
35.47
54.78
(39.81)
0.63
53.4
4.0
6,166.27
HOTEL DEVELOPERS
HDEV
130.00
1.31
(8.12)
5.81
45.23
25.46%
-105.53
(1,215.22)
na
na
na
5,879.39
HOTEL SERVICES
SERV
22.10
(0.89)
(5.93)
(3.06)
176.00
2.11%
9.06
33.68
(2.32)
52.70
(13.10)
(3.60)
(7.78)
0.19
115.5
2.4
3,889.60
RENUKA CITY HOTEL
RENU
359.00
1.13
(4.27)
0.84
7.00
22.05%
222.94
344.14
177.65
28.76
15.98
121.76
35.30
49.16
7.3
1.6
2,513.00
TAJ LANKA
TAJ
48.20
(4.96)
(7.17)
(10.30)
139.64
7.43%
14.37
149.18
22.15
52.65
46.65
27.73
18.77
1.07
45.1
3.4
6,730.53
TRANS ASIA
TRAN
80.00
(0.75)
(6.03)
(59.02)
200.00
14.01%
24.60
689.15
404.90
136.53
90.89
56.84
3.45
23.2
3.3
16,000.00
2,743.94
30.10
1,803.53
505.09
418.31
(256.17)
AIT. SPENCE HOTEL HOLD.
AHUN
74.50
(2.73)
(3.97)
(2.22)
336.29
12.24%
26.74
1,100.48
85.18
590.15
272.70
152.45
(19.00)
3.27
22.8
2.8
25,053.61
AMAYA LEISURE
CONN
103.30
(5.09)
(8.18)
(5.09)
48.03
61.90%
15.11
449.36
50.93
67.60
66.60
264.23
61.69
9.36
11.0
6.8
4,961.94
BBH
17.60
(4.32)
(9.69)
(6.84)
129.60
0.85%
20.98
23.01
29.00
(51.97)
25.00
20.98
4.21
0.18
99.1
0.8
2,280.96
CEYLON HOTELS CORP.
CHOT
30.50
(2.56)
0.33
6.64
171.83
1.36%
35.74
83.55
(21.29)
117.56
(8.27)
(4.45)
(12.00)
0.49
62.7
0.9
5,240.67
CONFIFI HOTEL HLDG.
PALM
210.00
(22.16)
(31.12)
(31.12)
7.20
-3.50%
198.47
(49.99)
(63.37)
50.48
(4.49)
(32.62)
(37.00)
na
na
1.1
1,512.00
RIVERINA HOTELS
BHR
109.00
(3.72)
(2.77)
(16.31)
14.18
-3.06%
124.94
(54.21)
(47.66)
34.27
(15.50)
(25.33)
(48.64)
na
na
0.9
1,545.81
BERUWALA WALK INN
BINN
183.90
11.25
(0.05)
11.45
0.90
14.72%
-170.32
(22.57)
(4.45)
(6.94)
(3.05)
(8.13)
(6.92)
na
na
na
165.51
EDEN HOTELS
EDEN
43.10
(5.04)
(8.26)
0.46
52.80
7.23%
25.89
98.81
(21.13)
81.23
20.30
18.41
(18.42)
1.87
23.0
1.7
2,275.68
HOTEL SIGIRIYA
HSIG
71.00
(5.95)
(6.32)
(1.52)
5.86
9.82%
32.52
18.71
4.08
3.85
5.39
5.39
0.34
3.19
22.2
2.2
415.99
HUNAS FALLS
HUNA
79.10
(1.98)
(5.83)
(4.70)
5.63
22.34%
13.87
17.43
5.08
2.17
2.82
7.36
2.18
3.10
25.5
5.7
444.94
KANDY HOTELS
KHC
216.50
(6.68)
(14.76)
(13.40)
16.50
0.99%
340.98
55.96
9.42
16.85
9.84
19.85
2.20
3.39
63.8
0.6
3,572.25
JOHN KEELLS HOTELS
KHL
15.90
(2.45)
(6.47)
(0.63)
1456.15
5.84%
7.97
677.46
7.27
521.28
206.20
(57.28)
(167.95)
0.47
34.2
2.0
23,152.73
LIGHT HOUSE HOTEL
LHL
56.00
3.90
(1.75)
0.18
46.00
3.03%
49.57
69.13
(2.62)
48.06
17.10
6.59
(11.27)
1.50
37.3
1.1
2,576.00
MIRAMAR
MIRA
267.10
1.21
(12.08)
(25.18)
2.75
na
0.00
(13.10)
na
(13.10)
na
na
na
734.53
MAHAWELI REACH
MRH
33.50
(12.04)
(0.88)
1.82
47.07
-39.52%
18.68
(347.42)
NUWARA ELIYA
NEH
1500.00
(3.16)
(7.69)
(18.70)
2.00
8.41%
779.19
PEGASUS
PEG
65.00
(1.66)
(3.99)
(3.85)
27.35
6.21%
37.29
REEFCOMBERS
REEF
77.00
(2.88)
8.39
3.61
47.19
0.42%
ROYAL PALMS
RPBH
69.00
(2.68)
(5.48)
50.00
SIGIRIYA VILLAGE
SIGV
100.20
(2.72)
(9.73)
1.21
STAFFORD/DOLPHIN
STAF
53.10
(11.77)
(1.44)
TANGERINE
TANG
99.00
SERENDIB HOTELS [V]
SHOT
30.10
(6.83)
SHOT X
21.00
MARAWILA RESORTS
MARA
12.00
FORTRESS RESORTS
RHTL
28.00
Resort Hotels
BROWNS BEACH HOTELS
SERENDIB HOTELS [NV]
INVESTMENT TRUST
(13.67)
(161.00)
(186.61)
13.85
(6.72)
na
na
1.8
1,576.73
131.35
0.78
49.18
24.50
56.90
12.10
65.55
22.9
1.9
3,005.81
63.31
21.67
16.05
13.24
12.35
7.21
2.31
28.1
1.7
1,777.91
30.10
6.00
(17.20)
15.72
5.67
1.81
(5.48)
0.13
605.3
2.6
3,633.78
7.46%
27.40
102.15
1.17
64.97
26.94
9.08
(3.39)
2.04
33.8
2.5
3,450.00
9.00
7.15%
54.91
35.34
(3.83)
21.50
6.08
11.59
(6.72)
3.93
25.5
1.8
901.80
21.56
31.62
5.34%
22.19
37.50
11.54
43.90
(6.71)
(11.23)
(5.29)
1.19
44.8
2.4
1,679.10
10.12
4.21
20.00
4.42%
93.95
83.00
4.70
69.46
11.55
(2.72)
(12.48)
4.15
23.9
1.1
1,980.00
8.70
23.97
75.51
5.83%
12.66
82.41
(5.52)
75.28
15.80
(3.15)
28.26
0.74
40.7
2.4
2,272.99
(4.11)
4.48
21.00
36.01
5.83%
12.66
82.41
(5.52)
75.28
15.80
(3.15)
28.30
0.74
28.4
1.7
756.23
(6.25)
(14.29)
3.45
122.50
1.33%
7.31
11.86
(13.31)
na
0.10
123.9
1.6
1,470.00
16.05
110.89
13.41%
5.67
na
0.76
36.8
4.9
3,104.83
(7.24)
(3.81)
7.22
(8.66)
0.85
26.82%
25.18
84.40
6,360.23
108.69
2,550.84
955.83
(24.29)
364.45
2,489.12
1,028.68
8.27
2.22
ASIAN COTTON MILLS
ASCO
153.70
9.99
14.19
22.50
7.99
2.17%
73.36
12.70
(2.34)
46.60
(18.30)
(13.26)
5.00
1.59
96.7
2.1
1,227.37
CEYLON GUARDIAN
GUAR
325.00
1.56
(4.21)
4.74
82.10
33.23%
138.76
3,785.80
1,714.33
492.51
184.62
1,394.34
586.00
46.11
7.0
2.3
26,681.43
CEYLON INVESTMENT
CINV
127.20
(0.70)
(9.01)
(5.64)
98.51
24.30%
65.33
1,564.18
699.66
97.30
767.22
317.82
15.88
8.0
1.9
12,531.09
COLOMBO FORT INV.
CFI
329.00
(0.30)
9.67
(6.00)
5.00
7.70%
33.82
13.03
1.54
2.85
4.50
4.14
9.91
2.61
126.3
9.7
1,645.00
COLOMBO INV. TRUST
CIT
325.00
(7.14)
(4.41)
(13.56)
5.50
7.15%
22.85
8.99
1.47
1.54
3.60
2.38
8.40
1.63
198.8
14.2
1,787.50
SHAW
306.00
(9.20)
(1.29)
1.09
5.12
0.70%
437.86
15.76
35.28
1.18
(20.70)
(17.45)
3.08
99.4
0.7
1,566.89
RENUKA HOLDINGS [V]
RHL
61.50
(0.97)
(2.23)
0.82
43.75
40.31%
44.24
780.04
100.97
323.15
1.30
354.62
119.00
15.60
3.9
1.4
2,690.63
RENUKA HOLDINGS [NV]
RHL
38.00
(0.78)
(6.60)
(3.78)
6.25
40.31%
309.66
780.04
100.97
323.15
1.30
354.62
119.00
15.60
2.4
0.1
237.50
WAPO
163.00
(3.16)
(18.38)
(20.26)
25.83
21.76%
31.97
179.73
(0.07)
(9.31)
188.73
0.38
na
6.96
23.4
5.1
4,210.91
BLI
64.40
-1.56
-16.27
15.72
20.20
SHAW WALLACE
WATAPOTA INVESTMENTS
BIMPUTH LANKA INVESTMENTS
16th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
19

Year
Company
End
LAND AND PROPERTY
Price
Price Performance
(LKR) 1W(%) 1M(%) 1Q(%)
(4.96) (3.66) 20.68
Shares Trailing
Mn
ROE
5.80%
BVPS
Net Profit
4Qtrs
2,125.81
PBV
Mar'11
796.72
Dec'10
753.24
Net Profits
Sept'10
239.97
Trailing
June'12
341.47
Jun10
181.83
Trailing
EPS
PE
23.30
Mkt Cap Mn
1.35
32.74
52.27
22.84
23.13
20.79
2.69
11.2
0.7
1,467.38
8.58
16.89
115.26
15.63
15.33
8.1
1.9
1,267.86
C T LAND
CTLD
30.10
(3.83)
(9.61)
(0.99)
48.75
5.92%
45.35
130.98
CARGO BOAT
CABO
124.30
(2.81)
(10.58)
(9.34)
10.20
23.01%
66.61
156.36
CEYLINCO HOUSING
CHOU
23.80
(2.07)
(10.57)
21.54
13.38 -188.39%
5.63
(141.88)
(17.40)
(26.76)
(55.50)
(42.22)
(38.34)
na
na
4.2
318.44
CSD
14.50
(7.05)
(18.99)
15.08
147.96
0.57%
29.65
24.96
54.95
0.45
13.09
(43.52)
(25.33)
0.17
85.9
0.5
2,145.49
COLOMBO LAND
CLND
61.00
(8.93)
22.86
45.41
199.88
0.42%
13.98
11.68
5.93
0.96
2.40
2.40
0.06
1043.9
4.4
12,192.74
COMMERCIAL DEVELOP.
COMD
119.90
5.82
16.17
(0.08)
12.00
11.38%
60.38
82.46
21.19
13.64
37.69
9.94
11.00
6.87
17.4
2.0
1,438.80
EAST WEST
EAST
41.00
(6.45)
(19.44)
253.04
138.24
4.28%
3.19
18.86
17.28
4.37
23.70
(26.49)
0.14
300.6
12.9
5,667.84
EQUITY ONE
EQIT
48.50
(6.73)
(7.79)
(13.39)
40.32
3.67%
36.19
53.58
4.17
30.60
27.93
(9.11)
(7.66)
1.33
36.5
1.3
1,955.60
EQUITY TWO
ETWO
29.10
(3.64)
(11.82)
(8.20)
31.00
6.04%
16.47
30.84
2.45
10.91
15.51
1.96
1.10
0.99
29.3
1.8
902.10
HUEJAY
HUEJ
166.00
0.61
(3.15)
0.61
1.80
-19.42%
7.51
(2.63)
(1.41)
(1.21)
na
na
na
na
22.1
298.80
KDL
28.00
(8.17)
4.85
60.57
17.43
-10.70%
7.29
(13.59)
(3.96)
(6.66)
(4.70)
1.73
0.92
na
na
3.8
488.02
ON'ALLY HOLDINGS
ONAL
72.00
(8.14)
(21.52)
(9.07)
17.50
8.63%
58.74
88.71
13.77
56.24
9.04
9.67
10.05
5.07
14.2
1.2
1,260.06
OVERSEAS REALTY
OSEA
14.80
(2.63)
(9.20)
843.48
5.09%
20.37
874.99
162.57
124.72
499.95
87.74
160.00
1.04
14.3
0.7
12,483.57
PDL
66.00
(2.08)
(10.57)
14.19
66.00
14.76%
28.46
277.28
71.00
74.91
76.18
55.20
54.90
4.20
15.7
2.3
4,356.00
SERENDIB LAND
SLND
2999.00
9.05
0.36
3.05%
567.86
6.24
1.47
1.68
1.49
1.60
17.34
172.9
5.3
1,079.64
YORK ARCADE
YORK
30.30
(4.15)
(8.81)
(7.12)
12.00
13.30%
8.70
13.88
7.75
2.28
2.59
1.26
1.16
26.2
3.5
363.60
TOUCHWOOD
TWOD
23.40
(2.92)
(4.51)
71.27
18.04%
39.92
513.07
426.80
86.26
na
na
7.20
3.3
0.6
1,667.73
(1.87)
(4.58)
(6.83)
8,256.43
2,173.41
1,255.58
2,176.80
2,639.96
1,145.30
ABAN
258.00
(1.88)
(4.21)
(7.33)
4.26
28.85%
91.80
112.78
31.11
17.37
28.00
36.30
25.54
26.48
9.7
2.8
1,098.77
ACL CABLES
ACL
80.00
2.30
(7.83)
59.89
5.69%
77.01
262.21
85.90
(8.60)
118.16
66.74
37.21
4.38
18.3
1.0
4,791.49
ACL PLASTICS
APLA
147.00
(3.92)
1.38
(8.18)
4.21
14.32%
117.83
71.07
14.15
9.92
14.27
32.73
18.55
16.87
8.7
1.2
619.24
ACME
ACME
24.40
(8.40)
9.09
15.38
25.61
1.64%
16.64
6.99
(0.99)
5.74
4.63
(2.39)
(8.85)
0.27
89.4
1.5
624.96
ALUFAB
ALUF
75.00
(4.01)
(44.34)
(42.89)
4.02
-3.16%
-12.03
1.53
0.47
(0.48)
1.19
0.34
0.14
0.38
197.6
na
301.46
BLUE DIAMONDS [V]
BLUE
9.70
(17.65)
15.29
13.95
103.30
1.79%
1.25
5.76
22.33
(11.77)
1.74
(6.54)
(3.52)
0.02
431.9
7.7
1,002.02
BLUE DIAMONDS [NV]
BLUE X
4.40
(18.52)
57.14
69.23
153.37
1.79%
1.25
5.77
22.33
(11.77)
1.74
(6.54)
(3.52)
0.02
195.9
3.5
674.83
BOGALA GRAPHITE
BOGA
50.00
(2.15)
(12.13)
(11.82)
47.32
12.51%
3.35
19.85
3.49
2.42
21.45
(7.51)
30.17
0.42
119.2
14.9
2,365.82
CENTRAL INDUSTRIES
CIND
90.00
(0.55)
(8.63)
(5.26)
9.88
9.72%
1.34
79.05
18.51
24.01
23.26
13.27
13.49
8.00
11.3
1.1
889.58
GRAIN ELEVATORS
GRAN
113.50
(0.09)
(18.38)
2.06
60.00
23.68%
37.27
529.65
84.84
94.33
205.49
144.99
96.00
8.83
12.9
3.0
6,810.00
CHEVRON LUBRICANTS
LLUB
161.50
(0.98)
2.87
0.94
120.00
55.84%
23.11
1,548.52
422.63
413.10
317.68
395.11
413.49
12.90
12.5
7.0
19,380.00
DANKOTUWA
DPL
36.00
(8.86)
(17.81)
(16.47)
72.25
-2.53%
10.46
(19.14)
(32.52)
(16.29)
18.62
11.06
(15.57)
na
na
3.4
2,600.85
DIPPED PRODUCTS
DIPD
123.00
3.45
3.97
17.14
59.86
19.75%
65.97
779.82
390.37
122.97
171.20
95.28
57.16
13.03
9.4
1.9
7,362.97
HAYLEYS EXPORTS
HEXP
38.60
(2.00)
(8.41)
(9.26)
8.00
-10.35%
41.84
(34.65)
(7.51)
(26.63)
(2.60)
2.08
(22.33)
na
na
0.9
308.80
KELANI CABLES
KCAB
97.10
2.00
4.97
(1.22)
21.80
10.24%
77.02
171.90
48.78
53.33
47.39
22.40
5.67
7.89
12.3
1.3
2,116.78
KELANI TYRES
TYRE
48.00
(1.03)
6.90
(1.44)
80.40
17.41%
15.45
216.19
18.91
54.16
74.94
68.18
65.67
2.69
17.9
3.1
3,859.20
LANKA ALUMINIUM
LALU
53.10
(3.09)
(9.51)
(16.59)
13.70
4.56%
30.74
19.19
(5.43)
2.98
9.07
12.57
(5.82)
1.40
37.9
1.7
727.62
LANKA CEMENT
LCEM
23.00
(2.13)
(7.63)
(2.95)
173.51
-15.00%
0.42
(10.96)
(3.73)
(2.35)
(1.44)
(3.44)
na
na
54.6
3,990.75
LANKA CERAMIC
CEYLINCO SEYLAN
KELSEY DEVELOPMENTS
PROPERTY DEVELOPMENT
MANUFACTURING
ABANS
17.14%
na
15.15
2.60
125,086.69
CERA
105.10
(4.54)
(4.54)
(23.12)
30.00
16.18%
75.84
368.08
34.90
103.93
136.05
93.20
(73.79)
12.27
8.6
1.4
3,153.00
LANKA TILES
TILE
103.00
(6.28)
(11.66)
53.05
20.67%
43.03
471.77
69.33
149.73
148.58
104.13
103.56
8.89
11.6
2.4
5,464.19
LANKA WALLTILES
LWL
106.50
(6.08)
(10.50)
(26.40)
54.60
17.02%
63.74
592.48
53.97
161.11
226.80
150.60
(130.64)
10.85
9.8
1.7
5,814.90
LAXAPANA
LITE
12.00
(2.44)
(13.67)
26.32
39.00
1.29%
6.69
3.37
(3.38)
5.46
0.57
0.72
2.04
0.09
138.8
1.8
468.00
PARQUET
PARQ
24.60
(3.53)
(5.02)
(5.38)
27.37
-2.99%
20.22
(16.57)
(22.32)
3.64
17.32
(15.20)
0.87
na
na
1.2
673.35
PELWATTE SUGAR
SUGA
34.40
(3.37)
(6.01)
1.18
67.98
-62.15%
9.34
(394.42)
83.66
(723.45)
(168.72)
414.09
(197.69)
na
na
3.7
2,338.41
PIRAMAL GLASS
GLAS
8.50
(2.30)
(5.56)
(14.14)
950.09
22.72%
3.09
666.86
141.29
178.47
190.10
157.00
53.18
0.70
12.1
2.8
8,075.73
PRINT CARE
CARE
40.00
(0.50)
(8.72)
(82.18)
85.97
20.30%
11.83
206.43
38.13
47.03
60.58
60.70
38.28
2.40
16.7
3.4
3,438.67
REGNIS
REG
218.00
30.30
27.45
18.07
4.83
16.08%
104.47
81.13
18.01
27.44
21.81
13.87
15.71
16.80
13.0
2.1
1,052.74
RICH PIERIS EXPORTS
REXP
30.10
(4.14)
(20.58)
(8.23)
11.16
55.77%
-10.73
(66.79)
(11.03)
(69.15)
(1.18)
14.58
(16.75)
na
na
na
336.03
RCL
142.50
(3.13)
(5.00)
(12.58)
110.79
28.12%
47.12
391.48
439.69
412.89
224.05
382.45
13.25
10.8
3.0
15,787.49
SAMSON INTERNATIONAL
SIL
145.60
(0.07)
31.41
23.39
3.85
-12.40%
88.60
(42.27)
1.27
(13.43)
(12.53)
(17.58)
(6.36)
na
na
1.6
560.27
SINGER INDUSTRIES
SINI
228.00
1.67
(13.10)
(30.50)
3.85
20.11%
222.01
171.76
23.85
27.59
(31.31)
151.63
0.88
44.65
5.1
1.0
876.96
TKYO
52.10
0.38
(7.09)
(8.07)
202.50
14.22%
19.21
829.26
214.08
128.20
192.69
294.30
240.55
2.73
19.1
2.7
10,550.25
TKYO X
39.00
(2.50)
(6.70)
(6.25)
101.25
14.22%
19.21
829.26
214.08
128.20
192.69
294.30
240.55
2.73
14.3
1.4
3,948.75
SIRA
4.70
(4.00)
2.13
(4.00)
537.51
3.62%
2.50
48.61
48.87
55.10
(69.88)
14.52
15.32
0.09
52.0
1.9
2,526.31
TJL
14.1
ROYAL CERAMICS
TOKYO CEMENT [V]

TOKYO CEMENT [NV]
SIERRA CABLES
TEXTURED JERSEY
655.00
1,468.11
143.97
16th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
20

Year
Company
End
Price
Shares Trailing BVPS

Price Performance
(LKR) 1W(%) 1M(%) 1Q(%)
Mn ROE
0.96
3.00 (2.52)
39.87%
Net Profit
4Qtrs
5,105.13
Trailing Trailing
Dec'10
1,741.60
Net Profits
Sept'10
715.40
Jun10
415.34
EPS
PE
8.80
PBV
Mkt Cap Mn
1,528.35
Mar'11
1,119.78
AUTODROME
AUTO
852.40
0.04
(13.46)
(14.25)
1.20
9.12%
448.08
49.03
10.27
12.00
15.40
11.37
10.00
40.86
20.9
1.9
COLONIAL MOTORS
COLO
489.80
2.20
36.82
49.72
9.12
20.48%
168.39
314.64
143.01
112.89
46.20
12.54
25.38
34.48
14.2
2.9
4,469.09
DIMO
DIMO
1400.00
(1.47)
(4.35)
(3.42)
8.88
55.66%
522.31
2,580.31
636.40
664.37
973.90
305.64
151.20
290.69
4.8
2.7
12,427.01
LANKA ASHOK
ASHO
3610.00
0.28
(7.67)
(24.79)
3.62
53.99%
390.25
762.90
279.00
(66.90)
321.60
229.20
157.03
210.70
17.1
9.3
13,071.24
SATHOSA MOTORS
SMOT
412.00
44.71
50.07
40.94
6.03
29.33%
83.90
148.48
49.22
53.38
22.60
23.27
11.03
24.61
16.7
4.9
2,485.85
UNITED MOTORS
UML
170.00
(2.36)
10.73
16.04
67.27
29.93%
62.08
1,249.77
410.45
344.04
361.90
133.38
60.69
18.58
9.1
2.7
11,435.40
0.51
(2.25)
5.67
7,278.64
3,110.83
1,055.89
641.52
2,470.41
1,614.30
19.4
7.1
BUKIT DARAH
BUKI
1070.00
0.08
(2.55)
1.99
102.00
47.40%
138.84
6,712.64
2,943.95
900.51
506.83
2,361.36
1,363.50
65.81
16.3
7.7
109,140.00
GOOD HOPE
GOOD
1182.10
0.17
(1.33)
6.87
8.31%
220.00
125.67
33.40
34.46
31.63
26.18
67.96
18.29
64.6
5.4
8,122.57
INDO MALAY
INDO
1394.90
(0.01)
38.10
7.00
7.93%
184.79
102.51
26.20
28.15
25.40
22.76
55.30
14.65
95.2
7.5
9,762.07
SELINSING
SELI
1125.10
2.28
(9.99)
12.40
6.94
9.36%
313.37
203.46
68.41
54.32
45.22
35.51
70.01
29.32
38.4
3.6
7,808.28
SHALIMAR
SHAL
950.00
7.33
7.28
43.90
6.94
8.23%
235.13
134.36
38.87
38.46
32.43
24.60
57.53
19.36
49.1
4.0
6,593.08
3,981.17
(629.58)
2,381.06
1,566.98
662.72
910.53
MOTORS
OIL PALMS
PLANTATIONS
(3.22)
36.79%
(9.76) (21.71)
19.94%
8.6
3.51
1,022.88
1.72
AGALAWATTE
AGAL
55.30
(5.63)
(2.98)
(22.44)
25.00
29.82%
31.39
234.03
(22.36)
121.4
76.05
58.90
(15.43)
9.36
5.9
1.8
BALANGODA
BALA
38.00
(7.99)
(14.99)
(29.50)
23.64
17.12%
61.72
249.77
84.16
132.3
34.56
(1.25)
84.00
10.57
3.6
0.6
898.18
BOGAWANTALAWA
BOPL
17.00
(2.30)
(7.10)
(11.92)
83.75
-1.23%
11.39
(11.78)
(44.18)
62.9
69.15
(99.64)
28.59
na
na
1.5
1,423.75
HAPUGASTENNE
HAPU
61.50
0.65
(9.56)
(20.34)
46.32
6.50%
31.02
93.33
(35.60)
53.7
0.12
75.11
117.73
2.02
30.5
2.0
2,848.42
HORANA
HOPL
46.00
(3.75)
(12.99)
(31.35)
25.00
31.13%
41.91
326.17
(13.30)
154.9
135.31
49.22
(13.72)
13.05
3.5
1.1
1,150.00
KAHAWATTE
KAHA
31.50
(4.55)
(10.00)
(10.00)
79.89
20.75%
13.05
216.34
(115.74)
141.4
68.57
122.07
49.50
2.71
11.6
2.4
2,516.53
KEGALLE
KGAL
149.50
2.01
(5.86)
(22.27)
25.00
30.20%
98.51
743.81
31.37
270.1
227.41
214.90
125.31
29.75
5.0
1.5
3,737.50
KELANI VALLEY
KVAL
110.00
(8.18)
(20.81)
(28.10)
34.00
20.95%
55.90
398.23
(49.26)
246.2
165.19
36.07
7.39
11.71
9.4
2.0
3,740.00
KOTAGALA
KOTA
103.50
(1.90)
(14.17)
(32.50)
32.00
28.79%
69.34
638.89
26.37
175.5
238.61
198.38
55.77
19.97
5.2
1.5
3,312.00
MADULSIMA
MADU
20.10
(8.92)
(16.38)
(18.83)
29.00 -13.37%
57.63
(223.47)
(116.86)
37.5
(50.08)
(94.01)
14.59
na
na
0.3
582.90
MAL
6.90
(6.85)
(19.05)
22.70%
9.12
464.96
92.61
198.6
101.13
72.58
175.99
2.07
3.3
0.8
1,549.67
MASKELIYA
MASK
24.20
(2.81)
(3.59)
(10.37)
26.98 -41.67%
25.61
(287.88)
(317.75)
30.9
57.27
(58.34)
12.07
na
na
0.9
652.84
NAMUNUKULA
NAMU
93.50
(4.70)
(8.98)
(22.07)
23.75
25.26%
54.56
327.24
1.26
100.7
116.76
108.56
83.35
13.78
6.8
1.7
2,220.63
783.75
MALWATTE VALLEY
224.59
1,382.50
TPL
33.00
(1.49)
(5.71)
(15.17)
23.75
8.24%
46.62
91.20
(75.79)
71.8
101.93
(6.76)
(2.80)
3.84
8.6
0.7
UDAPUSSELLAWA
UDPL
37.50
(0.53)
(7.41)
(6.25)
19.40
1.36%
21.22
5.58
(33.79)
(9.2)
36.28
12.24
41.99
0.29
130.4
1.8
727.46
WATAWALA PLANTATIONS
WATA
18.80
(3.08)
(6.90)
(21.25)
236.67
17.69%
10.88
455.54
(40.73)
296.8
188.73
10.72
146.20
1.92
9.8
1.7
4,449.33
ELPITIYA
ELPL
25.50
(3.38)
(8.54)
(15.74)
72.87
18.44%
18.71
251.44
251.4
na
na
3.45
7.4
1.4
1,858.09
MET.RES.HOL
MPRH
32.00
6.67
13.88
5.96
17.26
1.14%
39.52
7.77
43.8
(36.02)
na
0.45
71.1
0.8
552.47
TALAWAKELLE
HEALTH SERVICES
(4.44) (12.42) 10.48
5.73%
958.19
308.85
182.66
295.63
171.04
1,160.44
40.2
2.30
ASIRI CENTRAL
ASHA
190.00
(5.00)
(9.35)
(15.56)
22.33
-9.82%
45.0
(176.52)
(116.04)
na
na
na
2.4
4,243.45
ASIRI SURGICAL
AMSL
8.50
(4.49)
(3.41)
6.25
528.46
13.08%
3.8
291.69
89.7
90.0
51.4
60.65
85.29
0.55
15.4
2.0
4,491.89
ASIRI HOSPITAL
ASIR
9.60
(4.00)
11.63
4.35
889.26
8.52%
2.9
238.85
73.8
64.3
77.3
23.38
24.59
0.27
35.7
3.0
8,536.93
CEYLON HOSPITALS [V]
CHL
95.00
(1.04)
(5.00)
25.53
4.39%
72.7
89.42
38.5
(3.836)
40.637
50.92
40.30
2.64
36.0
1.6
2,425.09
CEYLON HOSPITALS [NV]
CHL X
75.00
(4.70)
(1.32)
(6.25)
8.35
1.89%
72.7
38.50
38.5
(3.836)
40.637
40.30
2.64
28.4
9.2
625.91
LANKA HOSPITALS
LHCL
56.00
(6.91)
(31.15)
41.22
223.73
10.54%
9.8
301.63
66.2
65.2
106.0
64.30
67.96
1.35
41.5
4.4
12,529.00
NAWALOKA
NHL
4.00
2.56
2.56
1409.51
5.87%
2.0
174.62
2.2
23.7
60.9
87.83
902.00
0.12
32.3
1.9
5,638.02
-60.5
16th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
21

Year
Company
End
Price
Shares Trailing
Price Performance
(LKR) 1W(%) 1M(%) 1Q(%)
Mn ROE
(0.96)
2.19 (12.96)
31.36%
BVPS
Net Profit
4Qtrs
761.90
Trailing Trailing
Dec'10
112.09
Net Profits
Sept'10
118.18
Jun10
71.57
EPS
PE
10.54
PBV
Mkt Cap Mn
25.97
Mar'11
502.72
JOHN KEELLS LIMITED
JKL
88.60
(1.56)
(3.80)
(59.17)
60.80
45.33%
29.06
800.77
66.67
542.88
83.93
107.29
70.74
13.17
6.7
3.0
5,386.88
LAKE HOUSE PRINTING
LPRT
174.00
(5.77)
23.13
7.14
2.94
1.87%
43.20
2.38
2.00
(1.48)
0.56
1.29
(1.09)
0.81
215.1
4.0
511.08
MERC. SHIPPINGS
MSL
320.00
7.02
(2.44)
(1.57)
2.84
-17.24%
106.16
(52.07)
(10.40)
(38.68)
4.42
(7.41)
(1.42)
na
na
3.0
910.40
CEYLON PRINTERS
CPRT
100.00
0.04 -242.06%
376.66
(31.92)
(32.30)
0.38
na
0.40
na
na
0.3
3.50
KALAMAZOO
KZOO
3500.00
12.90
(56.20)
0.05
878.80
2.55
0. 79
na
2.55
51.00
68.6
4.0
175.00
PARAGON
PARA
1899.00
0.39
3.90
487.1
na
189.95
CEYLON TEA BROKERS
CTBL
7.50
1.55
39.80
na
22.79
17.01
na
0.35
21.5
4.8
855.00
130.27
333.07
53.99
90.16
SERVICES
STORES AND SUPPLIES
(24.04)
(2.60)
53.06
50.00
(0.54)
11.36
(12.93)
0.10
114.00
5.80%
na
22.55%
0.39
12.30%
606.01
88.69
22.10
3.31
2.72
COLOMBO PHARMACY
PHAR
1680.00
(10.18)
(14.96)
(32.76)
1.27
2.44%
622.10
19.35
3.29
4.69
3.37
8.00
5.16
15.20
110.5
2.7
2,138.40
E B CREASY
EBCR
2600.00
39.28
15.30
2.54
25.89%
733.48
481.57
64.60
123.41
293.56
220..22
82.12
189.93
13.7
3.5
6,592.19
GESTETNER
GEST
375.50
21.38
40.23
41.38
2.28
43.89%
22.91
22.91
5.85
1.13
5.34
10.59
(3.35)
10.06
37.3
16.4
855.44
HUNTERS
HUNT
740.00
0.64
(8.56)
(35.12)
5.15
3.69%
432.42
82.19
14.96
1.03
30.80
35.40
6.23
15.97
46.3
1.7
3,807.30
1.28
(2.73)
1.27
10,273.76
7,093.52
(231.33)
2,313.10
1,095.31
451.28
BROWNS
BRWN
276.90
0.69
(0.82)
(12.07)
70.88
12.88%
215.68
1,968.09
86.69
(459.96)
1,572.96
768.40
182.18
27.77
10.0
1.3
19,625.29
C W MACKIE
CWM
95.00
(0.63)
(8.97)
7.64
35.99
19.39%
38.90
271.45
102.19
121.84
0.42
47.00
43.66
7.54
12.6
2.4
3,418.91
CEYLON FOREIGN TRADES

EASTERN MERCHANTS
CFT
EMER
M
M
9.10
2684.00
(7.14)
7.89
(11.65)
(8.08)
(6.19)
85.53
140.20 1096.14%
1.68 2.71%
4.31
555.92
6,628.06
25.30
6,599.28
29.29
17.61
(12.87)
7.29
8.88
3.89
na
0.45
16.00
47.28
15.08
0.2
178.0
2.1
4.8
1,275.78
4,503.22
ENVIRONMENTAL RESOURCES
RADIANT GEMS
GREG
RGEM
M
M
61.50
140.00
(12.62)
24.26
(15.50)
35.14
7.50
68.33
315.48
2.40
6.53%
-1.09%
23.32
13.90
480.56
(0.36)
(16.77)
(149.83)
2.30
486.70
(2.19)
160.45
(1.04)
43.82
0.57
1.52
na
40.4
na
2.6
10.1
19,402.14
336.00
125.21
19.62%
35.43
870.50
292.84
249.58
225.55
102.53
162.00
6.95
17.3
3.4
15,025.15
0.08
9.15%
264.29
2.02
(0.58)
na
2.60
24.19
5.0
0.5
10.04
180.00
9.35%
1.67
28.15
na
14.07
14.08
na
0.16
40.3
3.8
1,134.00
TRADING
33.83%
6.30
2.13
SINGER SRI LANKA
SINS
120.00
(1.64)
(6.03)
2.83
OFFICE EQUIPMENT
OFEQ
120.40
TESS AGRO
TESS
6.30
60.00
128.57
113.33
(2.85)
(4.47)
(0.20)
1,929.14
183.04
35.96
900.10
810.04
139.08
HPWR
33.20
(6.23)
(1.49)
(9.81)
125.20
15.80%
21.78
430.67
86.85
112.12
107.40
124.31
80.01
3.44
9.7
1.5
4,156.64
LANKA IOC
LIOC
17.90
(3.23)
(0.55)
3.45
532.53
10.42%
17.23
956.38
(36.25)
(111.30)
602.36
501.57
(116.00)
1.80
10.0
1.0
9,532.29
VIDULLANKA
VLL
9.00
(1.10)
(1.10)
20.00
432.88
16.53%
2.15
153.93
38.31
(9.42)
69.40
55.63
56.87
0.36
25.3
4.2
3,895.90
VALLIBEL POWER
VPEL
9.40
(2.11)
(5.10)
(6.06)
747.11
21.03%
2.47
388.15
94.12
44.56
120.94
128.53
118.20
0.52
18.1
3.8
7,022.83
LAUGFS GAS
LGL
42.00
(1.87)
(10.09)
1.21
335.00
9.12%
579.02
251.48
327.54
LAUGFS GAS (X)
LGL
27.80
(2.78)
(14.37)
(8.79)
52.00
9.12%
579.02
251.48
327.54
HIDRO POWER
HPFL
13.80
(2.80)
0.72
5.30
109.09
7.38%
62.93
17.60
22.14
23.19
PANASIAN POWER
PAP
5.00
(5.66)
4.17
(13.79)
500.00
14.50%
108.33
60.13
48.20
(10.26)
(5.19)
(6.79)
2.20
E-CHANNELLING
ECL
7.50
(10.71)
5.63
8.70
PC HOUSE
PCH
17.60
(10.15)
(7.33)
(9.69) 228.9333
POWER & ENERGY

HEMAS POWER
INFORMATION TECHNOLOGY
13.14%
2.80%
122.13
2.80%
2.20
0.64
2.20
146.00
2.20
57.69
38.31
50.00
12.76
416.36
na
0.02
416.4
1.68
5.30
11.7
915.99
Research
Senior Analyst
Amali Perera
(94-11)5320256
amali@asiacapital.lk
Corporates
Economy
Minoli Mallwaarachchi
Nirmala Samarawickrama
Dilan Wijekoon
Thilina Ukwatta
Shan Silva
(94-11)5320259
(94-11)5320253
(94-11)5320253
(94-11)5320253
(94-11)5320251
Dhanusha Pathirana
Travis Gomez
(94-11)5320254
(94-11)5320000
Statistician
Nuwan Pradeep
(94-11)5320257
Sales
Institutional Sales
Sabri Marikar
Niroshan Wijayakoon
Niyaz Aboobucker
Anura Hedigallage
Chelaka Hapugoda
Chaminda Mahanama
Hiran Bibile
(94-11) 5320224
(94-11) 5320208
(94-11) 5320213
(94-11) 5320211
(94-11) 5320240
(94-11) 5320223
(94-11) 5320238
Retail Sales
077 3-576868
0777-713645
0777-727352
0777 -713663
0777 -256740
0777 -556582
0777 -352032
sabri@asiacapital.lk
niroshan@asiacapital.lk
niyaz@asiacapital.lk
anura@asiacapital.lk
chelaka@asiacapital.lk
mahanama@asiacapital.lk
hiran@asiacapital.lk
Shiyam Subaulla
Gagani Jayawardhana
Priyantha Hingurage
Neluka Rodrigo
Subeeth Perera
(011)- 5320218
(011)- 5320236
(011)- 5320217
(011)- 5320214
(011)- 5320227
0773-502016
0714-084953
0773-502015
0777-366280
0714-042683
shiyam@asiacapital.lk
gagani@asiacapital.lk
priyantha@asiacapital.lk
neluka@asiacapital.lk
subeeth@asiacapital.lk
Branches
CSE Floor
CSE,01-04, World Trade Centre, Colombo 1.
Kiribathgoda
Level 2-6,Udeshi City Shopping complex, No 94,Makola Rd,Kiribathgoda
Kurunegala
Union Assurance Building, No.6,1st Floor, Rajapilla Rd, Kurunagala.
Matara
Galle
E.H.Cooray Building, Mezzanine Floor, No:24, Anagarika Darmapala Mw,

Matara
Peoples Leasing Building, 2nd Floor, No.118,Matara Road, Galle
Negombo
Asia Asset Finance, 171/1, Station Road, Negombo.
Thushara Adhikari
M G Suranjana
Danushka Boteju
Suranga Harshana
Asanka Samarakoon
Gayan Nishsanka
Bandula Lansakkara
Sumeda Jayawardena
Lalinda Liyanapathirana
Ruchira Hasantha
Ushan Sachith
Uthpala Karunatilake
(011)-5735122
(011)-5763539
(011)-5634803
(011)-5734773
(037)-5628844
(037)-5642717
(037)-5643580
(041)-5677525
(041)-5677526
(091)-5629998
(091)-5676767
(031)-5676881
0773-688202
0773-954994
0716-270527
0783-452500
0773-690749
0777-105356
0773-925852
0773-687027
0778-628798
0773-687027
0778-628798
0773-691685
adhikari@asiacapital.lk
0772-544044
gayan@asiacapital.lk
Service Centers
Gayan Perera
(031)-5676880
Kandy
k3-L1,Level 01,kcc, No 5 ,Dalda Veediya, Kandy.
Hambantota
Hambanthota Chamber of Commerce, Thangalle Road, Hambantota.
(081)-5628500
(081)-5625577
(047)-5679240
(047)-5679241
Ampara
2nd Floor, T.K.S. Building, D.S. Senanayake Street, Ampara.
Jaffna
11-8, First Floor, Stanley Road, Jaffna
Wennappuwa
Asia Asset Finance, No.176, Negombo Road, Katuneriya.
Moratuwa
Asia Asset Finance, No.18, New De Zoysa Rd, Moratuwa.
Panadura
Asian Alliance Building, 293, Galle Road, Panadura
Nilupul Hettiarachchi
Radhika Hettiarachchi
Gayan Sanjeewa
Anusha Muthumali
Shermin Ranasinghe
Ravi De Mel
Madushanka Rathnayaka
Gratian Nirmalan
S.Puviraj
Sajith Iroshan
Sandun Athulathmudali
Hashan Lalantha
Charith Perera
Ranganath Wijetunga
Asanka Chaminda
0773-691816
0777-810694
0715-536309
0772-351716
0772-378352
(063)-5679071 0772-681995
(063)-5679070 0779-036577
(021)-5671800 0777-567933
(021)-5671801 0775-096969
(032)- 5673881 0773-740208
(032)- 5673882 0772-533331
(011)-5238662
(011)-5238663
(038)-5670400 0715-120723
(038)-5670407 0713-559552
boteju@asiacapital.lk
harshana@asiacapital.lk
asanka@asiacapital.lk
nishshanka@asiacapital.lk
sumeda@asiacapital.lk
rishan@asiacapital.lk
ruchira@asiacapital.lk
ushan@asiacapital.lk
uthpala@asiacapital.lk
nilupul@asiacapital.lk
radhika@asiacapital.lk
sanjeewa@asiacapital.lk
muthu@asiacapital.lk
shermin@asiacapital.lk
ravide@asiacapital.lk
shanka@asiacapital.lk
nirmal@asiacapital.lk
puviraj@asiacapital.lk
sajith@asiacapital.lk
sranga@asiacapital.lk
lalantha@asiacapital.lk
charithn@asiacapital.lk
ranganath@asiacapital.lk
chaminda@asiacapital.lk
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Focus: Colombo Stock Market

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Sri Lanka Focus

ASIA RESEARCH TEAM 1

Colombo Stock Market

16th September 2011

The Colombo bourse predominantly remained in the red

The Fortress Resorts PLC

Analysis of Various Warrants Listed on the CSE

Asia Wealths Billion Rupee Club

Weekly overview of commodity trading

Major Price Movements

Sri Lanka Focus

16th September 2011

ASIA RESEARCH TEAM 2

The Week in FOCUS

Sri Lanka Focus

16th September 2011

ASIA RESEARCH TEAM 3

RHTL LKR 28.20

16th September 2011

Sri Lanka Focus

ASIA RESEARCH TEAM 4

Sri Lanka Focus

16th September 2011

ASIA RESEARCH TEAM 5

Colombo Bourses Billion Rupee Club

16th September 2011

Sri Lanka Focus

ASIA RESEARCH TEAM 6

Crude Oil (Barrel USD)

Sri Lanka Focus

16th September 2011

ASIA RESEARCH TEAM 7

Sri Lanka Focus

16th September 2011

ASIA RESEARCH TEAM 8

16th September 2011

Sri Lanka Focus

ASIA RESEARCH TEAM 9

Chemicals & Pharmaceuticals V 132.00 NV 88.10

Food & Beverage

16th September 2011

Sri Lanka Focus

ASIA RESEARCH TEAM 10

Hatton National Bank

16th September 2011

Sri Lanka Focus

ASIA RESEARCH TEAM 11

John Keells Holdigs

16th September 2011

Sri Lanka Focus

ASIA RESEARCH TEAM 12

Stock Exchange Announcements

04 for 05 rights issue @LKR15.00

: Seventy (70) shares for every one (01) share held

Alliance Finance Company

Ceylon and Foreign Trades

16th September 2011

Sri Lanka Focus

ASIA RESEARCH TEAM 13

Stock Exchange Announcements

Dividend per share