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  • Stock Market Indicators:
    Thursday, 02 July 2015


    ASI: 6,982.8 (down 38 points, -0.54%), S&P SL20: 3,893.9 (down 14 points, -0.36%)

    Turnover: Rs.436mn (-33%)

    Exchange Rate 1US$ = Rs.133.80

    Market Capitalization: US$22.2bn

    Foreign Purchases: Rs.148mn (+56%)

    Foreign Sales: Rs.166mn (-6%)

     

    People`s Leasing & Fin Company (PLC – Rs.23.0) emerged as the top contributor to turnover with Rs.67mn (2.9mn shares), followed by Hemas Holdings (HHL – Rs.82.0) with Rs.56mn turnover (0.7mn shares) and Access Engineering (AEL – Rs.24.0) with Rs.54mn turnover (2.2mn shares)

  • Corporate Announcements:
    Thursday, 02 July 2015


    The Colombo Stock Exchange (CSE) has approved in principle an application submitted by
     Commercial Leasing & Finance (CLC) for the listing of its debenture to raise Rs.5.0bn. CLC offered 50.0mn Rated, Senior, Unsecured, Redeemable Debentures at Rs.100 each.

    The date of opening of the subscription list is 14 July 2015.

    http://www.cse.lk/cmt/upload_cse_announcements/141435808459_.pdf

  • Dividend Announcements:
    Thursday, 02 July 2015


    Senkadagala Finance (SFCL) – 
    Final Dividend of Rs.0.8 per share - XD: 27/08/2015 – PD: 04/09/2015

  • Stock Market Indicators:
    Tuesday, 30 June 2015

    ASI: 7,020.8 (down 11 points, -0.16%), S&P SL20: 3,908.0 (down 4 points, -0.10%)

    Turnover: Rs.651mn (+65%)

    Exchange Rate 1US$ = Rs.133.80

    Market Capitalization: US$22.3bn

    Foreign Purchases: Rs.95mn (+8%)

    Foreign Sales: Rs.177mn (vs. Rs.61mn)

     

    Commercial Bank of Ceylon - Voting (COMB-N – Rs.160.9) emerged as the top contributor to turnover with Rs.207mn (1.3mn shares), followed by Access Engineering (AEL – Rs.23.9) with Rs.42mn turnover (1.8mn shares) and CIC Holdings - Voting (CIC-N – Rs.86.0) with Rs.27mn turnover (0.3mn shares)

  • Local Economy News:
    Tuesday, 30 June 2015


    Sri Lanka’s 3-month and 6-month
     Treasury bill yields increased by 3bps to 6.11% and 6.21%, while 12-month T-Bill yields remained unchanged at 6.28% at this week's auction

    http://www.cbsl.gov.lk/pics_n_docs/latest_news/press_20150630e.pdf

     

    The Colombo Consumer Price Index (CCPI - Base year 2006) increased to 181.6bps in June 2015. Meanwhile, point to point inflation decreased to 0.1% in June 2015 (from 0.2% in May 2015), and annual average inflation declined to 1.7% (from 1.9% in May 2015)

    http://www.cbsl.gov.lk/pics_n_docs/latest_news/press_20150630ea.pdf

  • Corporate Announcement:
    Tuesday, 30 June 2015


    Asian Alliance Insurance (AAIC) 
    announced the date of Extraordinary General Meeting (EGM) as20 July 2015 to obtain shareholder approval for sub division of every one existing issued ordinary shares into ten ordinary shares. Dealing of Voting Shares will be suspended during 21 July 2015 to 23 July 2015

     

    Access Engineering (AEL) announced that it has invested in 100% and 50% ordinary shares of Horizon Holdings Ventures (Pvt.) Ltd. for a consideration of Rs.274mn and Rs.250mn respectively

    http://www.cse.lk/cmt/upload_cse_announcements/3481435658305_.pdf

     

    National Development Bank (NDB) announced the listing details of its Rs.10.0bn rated, unsecured, subordinated, redeemable debenture issue

    http://www.cse.lk/cmt/upload_cse_announcements/1161435658780_.pdf

  • Dividend Announcements:
    Tuesday, 30 June 2015


    ACL Plastics
     (APLA) – Interim Dividend of Rs.4.00 per share - XD: 10/07/2015 – PD: 21/07/2015

    Nawaloka Hospitals (NHL) – Interim Dividend of Rs.0.07 per share - XD: 10/07/2015 – PD:20/07/2015

  • Stock Market indicators:
    Monday, 29 June 2015


    ASI: 7,032.2 (up 16 points, +0.23%), S&P SL20: 3,912.0 (up 11 points, +0.29%)

    Turnover: Rs.394mn (-54%)

    Exchange Rate 1US$ = Rs.133.80

    Market Capitalization: US$22.3bn

    Foreign Purchases: Rs.87mn (-52%)

    Foreign Sales: Rs.61mn (-90%)

     

    Laugfs Gas Limited - Voting (LGL-N – Rs.38.5) emerged as the top contributor to turnover with Rs.59mn (1.5mn shares), followed by Cargills (Ceylon) (CARG – Rs.140.0) with Rs.50mn turnover (0.4mn shares) and Laugfs Gas Limited - Non-Voting (LGL-X – Rs.34.0) with Rs.39mn turnover (1.1mn shares)

Research Reports

Dialog Axiata

DIAL Rs 12.50 - 1Q2015 Results Summary - 25 May 2015EPS of Rs.0.2 for 1Q2015, up +56% YoY and up +34% QoQ, above our expectations. Profits driven by improved operational efficiencies centered on cost management initiativesGroup EBITDA rose to Rs.5,978mn (up +9% QoQ and up +27% YoY) due to operational efficiencies centered around cost management initiatives resulting in DIAL’s group EBITDA margin rising to 34.5% in 1Q2015 (from 31.8% in 4Q2014 and 28.8% in 1Q2014)QoQ EBITDA improvement was due to lower network costs on account of lower electricity tariffs and improved efficiency during 1Q2015O...


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Nations Trust Bank

NTB - Rs.100.90 - 3Q2014 Results Summary - 21 May 2015 § 3Q2014 EPS of Rs.3.6 (up 35% YoY), above our expectations, supported by higher margins and non-interest income§ One off impairment charge of Rs.365mn related to lending to some customers against security that has been fraudulently provided increased impairment charges to Rs.530mnOutlook Valuations § Uncertainty related to promoter dilution continues, amid likely participation of banks in ongoing sector consolidation initiatives§ We have revised down our 2015E NP forecast by -8% to Rs.2,712mn (up +7% YoY) due to the higher i...


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Ceylon Tobacco Company

CTC – Rs.1,011.90 - 1Q2015 RESULTS SUMMARY - 14 May 2015 1Q2015 net profit of Rs.2,490mn (+23% YoY and +25% QoQ), above our expectations, amid higher than anticipated recovery in volumes, resulting in a record high quarterly revenue. The strong +11% YoY pickup in domestic volumes is attributable to higher consumer confidence and an increase in consumer disposable income subsequent to sweeping consumer relief measuresOutlook Valuations CTC’s 2015E and 2016E net profit forecasts revised up by ~3% to Rs.9,499mn (+10% YoY) and Rs.10,202mn (+7% YoY), mainly on account of higher volume expectati...


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Nestle Lanka

NEST 1Q2015 Results Summary - Rs.2,240 - 19 May 20151Q2015 record high quarterly net profit of Rs.1,158mn (+5% YoY – off a high base, surpassing the previous record high in 1Q2014 and +88% QoQ – off a low base), slightly above our expectations. Strong quarterly earnings on account of revenue growth – on a pickup in overall sales volumes - and expansion in profit margins, particularly at the gross profit level Outlook Valuations NEST net profit forecasts revised up marginally to Rs.4,306mn for 2015E (+14% YoY) and to Rs.4,756mn for 2016E (+10% YoY), amid upward revision to the GP margin, mai...


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Textured Jersey

TJL Rs.28.80 - 4Q15 Results Summary - 12 May 2014TJL reported a steep recovery in earnings with a net profit of US$3.9mn for 4Q15 (+44% YoY and +35% QoQ) - above expectations, largely due to higher than anticipated margin expansion (GP margin expanded 308bps YoY in 4Q15). Benefiting from the continued recovery in volumes and expansion of margins, company secured a +15% YoY growth for FY15, reporting a cumulative net profit of US$10.2mn (following only +1% YoY growth during 1-3Q15) Outlook Valuations: TJL’s FY16E net profit forecast broadly maintained at US$11.3mn (+11% YoY), amid continued ...


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Chevron Lubricants

LLUB – Rs.408.00 - 1Q2015 Results Summary - 5 May 20151Q2015 NP of Rs.743mn (-3% YoY, although up +33% QoQ – off a low base), below our expectations on account of lower than anticipated volumes in the industrial segment amidst political uncertainty surrounding major government projects. Lower base oil prices and distribution costs however resulted in highest ever quarterly Net Profit margin of 26.4%.Outlook Valuations: LLUB’s market share declined to ~49.0% by end 2014 (from 52.6% in 2013 and 55.1% in 2012)GP margin of 42.5% (vs. 41.5% in 1Q2014) on account of reduced base oil prices combin...


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National Development Bank

NDB – Rs.245.30 - 4Q2014 Results Summary - 15 April 2015NDB reported a 4Q2014 net profit (NP) of Rs.858mn +93% YoY (however down 31% QoQ), above our expectations, resulting in NDB’s 2014 NP rising 56% YoY to Rs.4,134mn. NP rose largely due to lower YoY impairment charges on account of relatively higher one off loan loss impairment provisions in 4Q2013 Net Interest Spreads down QoQ and YoY. Loan book up 6% QoQ. Loan loss impairment declines YoY resulting in a credit cost of just 0.3% of advances for 2014 albeit gradually rising NPA levels (at 2.5% as at 31 Dec 2014) Outlook Valuations: NDB’s...


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Chevron Lubricants

LLUB – Rs.94.00 - 4Q2014 Results Summary - 1 April 2015Chevron Lubricants Lanka (LLUB) reported a 4Q2014 EPS of Rs.4.6 (-5% YoY and -26% QoQ), below our expectations amid lower than anticipated volumes which resulted in low capacity utilisation at the new blending plant amidst low demand from distributors following strong 3Q2014 sales. Consequently, 2014 net profit grew +9% YoY to Rs.2,747mn.Outlook Valuations: LLUB’s net profit forecasts revised down by -8% to Rs.3,276mn for 2015E (+19% YoY) and by -9% to Rs.3,482mn for 2016E (+6% YoY), on account of sluggish lubricant volumes and declinin...


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Sampath Bank

SAMP - Rs 268- 4Q 2014 Results Summary - 23 March 2015 4Q2014 EPS of Rs.7.9 (up +23% YoY), above our expectations largely on account of lower impairment charges Pawning exposure fell to 8% of portfolio as at 31 Dec 2014 from 10% as at 30 Sep 2014 and 19% as at 31 Dec 2013 Outlook Valuations SAMP NP forecast revised up by +16% to Rs.6,300mn for 2015E (up +20% YoY), factoring the higher than anticipated credit growth. Meanwhile, 2016E NP forecast at Rs.7,058mn (up +12% YoY), aided by the anticipated expansion of interest margins and continuation of credit growth The Super Gain Tax (SGT) impos...


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Monthly Report - April 2015

Sri Lanka Monthly Report - April 2015Market PerformanceThe Colombo Bourse closed higher in April 2015, with the benchmark All Share Price Index (ASPI) rising +5% MoM – the highest monthly gain since July 2014 - recovering from previous month’s -7% MoM decline and returning to the 7,000 levelsThe market rebound is primarily attributable to the 50bps interest rate cut in AprilThe more liquid S P SL20 also gained +5% MoM during the monthForeigners were net buyers for the seventh consecutive month, with net foreign buying of +Rs.832mn in April 2015 (vs. +Rs.1,398mn in March 2015), expanding 2015Y...


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Hatton National Bank

HNB – N:Rs.235.90, X:Rs.185.00 - Results Summary 4Q2014 - 18 March 2015 HNB reported a 4Q2014 net profit of Rs.3,653mn (up 93% YoY, 45% QoQ), above our expectations, resulting in its 2014 NP rising 28% YoY to Rs.9,820mn. However, recurring 2014 NP rose only 27% YoY to Rs.8,931mn. NP rose on account of improving QoQ net interest margins, higher Non II growth and higher loan loss impairment (LLI) reversals YoYNet Interest Spreads continued its QoQ upward momentum, partly due to recognition of interest written back on a bad debt reversal in 4Q2014. CASA continues its increasing trend amid lower...


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Nestle Lanka

NEST 4Q2014 Results Summary - Rs.2,300 - 17 March 20154Q2014 net profit of Rs.615mn (-13% YoY and -44% QoQ), below our expectations – lowest quarterly net profit since 1Q2012 - amid a further slowdown in revenue growth and marketing, selling and distribution (MSD) expenses rising to a record high. Consequently, 2014 net profit +14% YoY to Rs.3,787mn (2014 EPS of Rs.70.5), amid favourable commodity prices Outlook Valuations 2015E NEST net profit forecast revised down by ~12% to Rs.4,196mn (+11% YoY), amid downward revisions to the gross profit margin forecast, due to the increase in floor pr...


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Aitken Spence

SPEN – Rs.102.0 - 3Q15 Results Summary - 16 March 2015 Aitken Spence (SPEN) reported a 3Q15 net profit of Rs.870mn (-20% YoY), below our expectations, due to sharp underperformance in the volatile strategic investments sector amid lower contribution from the thermal power segment and minority interest rising higher than anticipated amid restatement of FY14 values. 1-3Q15 recurring net profit -20% YoY to Rs.1,857mn, excluding ~Rs.338mn non-recurring items in the tourism sector Outlook Valuations: Amid higher minority interest expectation and reduced expectation for maritime cargo logistics a...


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Peoples Leasing

PLC - Rs.23.5 - 30Q15 Results Summary - 11 March 2015People’s Leasing Finance (PLC) reported a net profit of Rs.1,102mn for 3Q15 (+32% YoY and +1% QoQ), slightly above our expectations, largely due to greater than expected expansion of Net Interest Spread (NIS). Consequently, 1-3Q15 net profit grew +29% YoY to Rs.2,978mn Outlook Valuations: Net profit forecast revised up by 2% for FY15E to Rs.4,258mn (+23% YoY), while FY16E net profit forecast was revised up marginally to Rs. 4,444mn (+4% YoY)NIS forecasts revised down by 19bps for FY15E and by 36bps for FY16E to 8.8% and 8.3%. Disbursem...


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Aitken Spence Hotel Holdings

AHUN – Rs.77.90 - 3Q15 Results Summary - 2 March 2015Quarterly Highlights:AHUN reported a 3Q15 Net Profit (NP) of Rs.638mn (+17% YoY), above our expectations, mainly due to earnings growth from its key Maldives segment on the back of lower operating expenses despite a 1% YoY decline in revenueCumulative recurring earnings adjusted for Rs.300mn insurance income for damaged water villas of Adaaran HudhuRan Fushi and for a gain on loss of control of a subsidiary of Rs.45mn. 1-3Q15 recurring NP of Rs.944mn (-16% YoY) Outlook Valuations: AHUN recurring NP forecasts revised up by +16% for both FY...


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