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News & Announcements

  • Stock Market Indicators:
    Friday, 17 October 2014


    ASI: 7,234 (down 23 points, -0.3%), S&P SL20: 4,030 (down 27 points, -0.7%)

    Turnover: Rs.1,022mn (-34%) 

    Exchange Rate 1US$ = Rs.130.70

    Market Capitalization: US$23.5bn

    Foreign Purchases: Rs.288mn (-65%)

    Foreign Sales: Rs.272mn (+9%)

     

    Commercial Bank of Ceylon voting (COMB-N  – Rs.164.0) emerged as the top contributor to turnover with Rs.201mn (1.2mn shares), followed by First Capital Holdings (CFVF – Rs.53.2) with Rs.87mn turnover (1.6mn shares) and Alufab (ALUF – Rs.30.9) with Rs.60mn turnover (1.9mn shares)

  • Local Economy News:
    Friday, 17 October 2014


    The Central Bank of Sri Lanka (CBSL) in its Monetary Policy Review for September 2014 decided to maintain the key policy rates unchanged, with the Standing Deposit Facility Rate (SDFR) at 6.5% and Standing Lending Facility Rate (SLFR) rate at 8.0%

    http://www.cbsl.gov.lk/pics_n_docs/latest_news/press_20141017e.pdf

  • Corporate Announcements:
    Friday, 17 October 2014


    Chilaw Finance (CFL) announced that Richard Pieris Finance Ltd acquired a total of 27.7mn ordinary shares amounting to 81.8% of the total voting rights of CFL.

    http://www.cse.lk/cmt/upload_cse_announcements/9971413526630_.pdf

  • Results for the period ended 30 September 2014:
    Friday, 17 October 2014


    First Capital Holdings (CFVF) reported a net profit of Rs.613mn for 2Q15 (vs. a net profit of Rs.28mn for 2Q14), resulting in a net profit of Rs.822mn for 1H15 (vs. a net profit of Rs.90mn for 1H14)

     

    Sanasa Development Bank (SDB) reported a net profit of Rs.104mn for 3Q2014 (-1% YoY), resulting in a net profit of Rs.315mn for 1-3Q2014 (+4% YoY)

  • Stock Market Indicators:
    Thursday, 16 October 2014


    ASI: 7,257 (down 32 points, -0.4%), S&P SL20: 4,056 (down 8 points, -0.2%)

    Turnover: Rs.1,543mn (-3%) 

    Exchange Rate 1US$ = Rs.130.70

    Market Capitalization: US$23.6bn

    Foreign Purchases: Rs.821mn (+75%)

    Foreign Sales: Rs.249mn (-7%)

     

    Commercial Bank of Ceylon (COMB-N  – Rs.165.5) emerged as the top contributor to turnover with Rs.308mn (1.9mn shares), followed by John Keells Holdings (JKH-N – Rs.250.0) with Rs.154mn turnover (0.6mn shares) and Lanka IOC (LIOC – Rs.48.5) with Rs.90mn turnover (1.9mn shares)

  • Corporate Announcements:
    Thursday, 16 October 2014

    Samson International (SIL) announced that 384,797 ordinary voting shares of the company were listed on 16 October 2014

    http://www.cse.lk/cmt/upload_cse_announcements/9441413428068_.pdf

     

    Blue Diamonds Jewellery (BLUE) resolved to issue 103.3mn ordinary voting shares and 153.4mn ordinary non-voting shares at a price of Rs.1.30 per ordinary voting share and Rs.0.75 per ordinary non-voting share by way of 1:1 rights issue for both voting and non-voting shares

    http://www.cse.lk/cmt/upload_cse_announcements/3931413428158_.pdf

     

    It was announced that AARC Capital (Pvt) Ltd purchased 50mn shares of Softlogic Capital (SCAP) at Rs.7 per share on 14 October 2014. Consequently, AARC Capital (Pvt) Ltd holds 10.2% of SCAP

    http://www.cse.lk/cmt/upload_cse_announcements/1041413434572_.pdf

  • Stock Market Indicators:
    Wednesday, 15 October 2014


    ASI: 7,288.8 (up 83 points, +1.2%)

    S&P SL20: 4,064.8 (up 53 points, +1.3%)

    Turnover: Rs.1,589mn (-1%) 

    Exchange Rate 1US$ = Rs.130.70

    Market Capitalization: US$23.7bn

    Foreign Purchases: Rs.468mn (vs. Rs.162mn)

    Foreign Sales: Rs.267mn (-3%)

    Alufab (ALUF – Rs.23.7) emerged as the top contributor to turnover with Rs.224mn (9.8mn shares), followed by Lanka IOC (LIOC – Rs.49.0) with Rs.206mn turnover (4.2mn shares) and Watawala Plantations (WATA – Rs.17.5) with Rs.156mn turnover (9.1mn shares).

  • Local Economy News:
    Wednesday, 15 October 2014


    Sri Lanka’s 12-month Treasury Bill yields rose 11bps from the previous auction to 6.00%. Meanwhile, bids for the 3-month and 6-month T-Bill were rejected at this week’s auction.

    http://www.cbsl.gov.lk/pics_n_docs/latest_news/press_20141015e.pdf

Research Reports

Monthly Report - September 2014

Sri Lanka Monthly Report - September 2014Market Performance: The Colombo Bourse closed higher for the Seventh consecutive month in September 2014, with the benchmark All Share Price Index (ASPI) rising 3.1% MoM to close at 7,252 points. Meanwhile, the more liquid S P SL20 index also rose 4.3% MoM to 4,038 pointsAverage daily turnover rose 14% MoM to Rs.2,198mn in September 2014Foreigners were net sellers for the second consecutive month with a net foreign outflow of -Rs.1,238mn in September 2014 (vs. a net foreign outflow of -Rs.2,770mn in the previous month), resulting in a reduction of YTD ...


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Ceylon Tobacco Company

CTC – Rs.1,147.0 - Event Update - 10 October 2014Ceylon Tobacco Company (CTC - Rs.1,147.00), the sole legal manufacturer and distributor of cigarettes in Sri Lanka, increased prices of its cigarettes by Rs.1.00 - 2.00 per stick w.e.f 10 October 2014, subsequent to an excise duty revision by the Government of Sri Lanka (GoSL).· The latest excise duty led price revision was implemented a couple of months later than we had previously anticipated (early-4Q2014E vs. our original projection of mid-3Q2014). Further, the extent of the price increase is lower than we had forecast (+9% YoY for...


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Aitken Spence

SPEN – Rs.110.60 - 1Q15 Results Summary - 8 October 2014 1Q15 reported EPS of Rs.1.8 (+12% YoY). Recurring 1Q15 net profit of Rs.606mn (-9% YoY), below our expectations amid below par performance in key tourism sector due to exceptional circumstances facing the Maldives segment, though partly compensated by strong contribution from the strategic investments sector. Recurring earnings exclude the balance insurance income under the tourism sector amounting to ~Rs.200mn, received by subsidiary Aitken Spence Hotel Holdings (AHUN) for the Adaaran Hudhurunfushi resort in the Maldives, which was par...


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Hemas Holdings

HHL - Rs.60.70 - Event Update - 02 October 2014 · Hemas Holdings’ (HHL) 57% owned Leisure subsidiary, Serendib Hotels (SHOT) announced that its major shareholders, i.e. HHL and Minor International PCL (MINT), have made a proposal to the Board of Directors (BOD) of SHOT, with a view to consolidate the multiple Sri Lankan hotel property investments of SHOT and the two major shareholders under SHOT· The proposal has been considered by the BOD of SHOT and an independent valuer has been appointed to carry out valuations pertaining to the investments relevant to the proposal· ...


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Hemas Holdings

HHL - Rs.60.70 - Event Update - 02 October 2014 · Hemas Holdings’ (HHL) 57% owned Leisure subsidiary, Serendib Hotels (SHOT) announced that its major shareholders, i.e. HHL and Minor International PCL (MINT), have made a proposal to the Board of Directors (BOD) of SHOT, with a view to consolidate the multiple Sri Lankan hotel property investments of SHOT and the two major shareholders under SHOT· The proposal has been considered by the BOD of SHOT and an independent valuer has been appointed to carry out valuations pertaining to the investments relevant to the proposal· ...


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Sampath Bank

SAMP - Rs 241.80 - 2Q 2014 Results Summary - 30 September 2014 2Q2014 EPS of Rs.9.2 (up 139% YoY), above our expectations, due to impairment reversals, offsetting negative loan growth and deterioration in NIS§ SAMP reduced provisions to its pawning portfolio to Rs.0.9bn as at 30 Jun 2014 from Rs.2.1bn as at 31 Jun 2013 resulting in an impairment reversal of Rs.920mn in 2Q2014 (covers ~3% of total gold portfolio); an overall impairment reversal of Rs.804mn is expected for 2014E amidst reduction in pawning portfolioOutlook Valuations We revise up our SAMP NP forecast by 26% to Rs.4,956mn for...


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Hatton National Bank

HNB – N:Rs.186.00, X:Rs.142.90 - Results Summary 2Q2014 - 29 September 2014 Hatton National Bank (HNB) reported a recurring net profit (NP) of Rs.1,661mn in 2Q2014 (up 8% YoY, and up 51% QoQ), yet below our expectations, for our previous 2014E NP forecast of Rs.7,666mn (+9% YoY). Consequently, HNB’s recurring 1H2014 NP however fell 2% YoY to Rs.2,758mn. Non-recurring items included a capital gain of Rs.889mn in 2Q2014 on sale of shares held in Visa International and MasterCard Incorporated totaling to 21,008 and 30,810 shares respectively. In 2Q2013, HNB reversed an Employee Share Benefit Pr...


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Peoples Leasing

PLC - Rs.19.60 - 1Q15 Results Summary - 23 September 2014People’s Leasing Finance (PLC) reported a net profit of Rs.783mn in 1Q15 (+15% YoY and -33% QoQ) below our expectations, due to higher than anticipated provisioning made during the quarter while earnings growth was driven by expanding Net Interest Spreads (NIS) despite higher loan loss impairments Outlook Valuations: Due higher than anticipated provisioning and slow pick up in local consumption patterns, FY15E net profit forecast revised down by 7% to Rs.3.8bn (+10% YoY), with growth expected to be driven by expanding NIS, amid PLC’...


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Commercial Bank of Ceylon

COMB – N:Rs.159.00, X:Rs.115.00 - Results Summary 2Q2014 - 23 September 2014Commercial Bank of Ceylon (COMB) reported a net profit (NP) of Rs.2,216mn in 2Q2014 (down 1% YoY, and down 4% QoQ), broadly in line with our NP forecast of Rs.10,780mn (+2% YoY) for 2014E. Consequently, COMB’s 1H2014 NP however rose 1% YoY to Rs.4,517mn COMB’s estimated quarterly spreads fell to 3.8% in 2Q2014 from 4.6% in 2Q2013 and 4.1% in 1Q2014, resulting in 1H2014 NIS falling to 3.9% from 4.4% in 1H2013 due to relatively faster decline in asset yields vs. liability costsTotal Loan Loss Impairment (LLI) rose 8% Yo...


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Distilleries Co. of Sri Lanka

DIST - Rs.212.20 - 1Q15 Results Summary - 22 September 20141Q15 net profit of Rs.1,846mn (+12% YoY), in line with our expectations. Despite the decline in revenue on account of weaker performance from the core beverage sector, group earnings were supported by the sharp decline in net finance cost and higher contribution from the diversified sector and from share of associate Outlook Valuations: Group net profit forecasts broadly maintained at Rs.7,536mn for FY15E (+13% YoY) and at Rs.8,529mn for FY16E (+13% YoY), with earnings driven by continued contribution from core beverage sector supp...


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Aitken Spence Hotel Holdings

AHUN – Rs.85.90 - 19 September 2014 - 1Q15 Results SummaryQuarterly Highlights: § AHUN reported a NP of Rs.285mn for 1Q15 (+9% YoY), on account of higher other income, which includes the second and final claim of insurance proceeds of an estimated ~Rs.200mn received during the quarter for water villas of Adaaran Hudhurunfushi which were partly damaged by a fire in July 2013. AHUN received Rs.370mn in 4Q14 as the first tranche of insurance proceeds. Adjusting for same and AHUN’s foregone estimated profit from the damaged villas of Rs.7mn, AHUN’s 1Q15 recurring NP was Rs.190mn (-28% YoY), belo...


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Hemas Holdings

1Q15 Results Summary - HHL Rs.51.50 - 1 September 2014 Hemas Holdings (HHL) reported a Net Profit (NP) of Rs.247mn for 1Q15 (-11% YoY), the lowest quarterly NP since 2Q12 of Rs.225mn, below our expectations due to higher than anticipated losses in Power and Others sectors, which hampered the positive contribution in FMCG and Healthcare sectors Outlook Valuations: ­Based on our sectoral forecasts revisions, HHL FY15E NP forecast revised down by 6% to Rs.2,063mn (+16% YoY) and forecast a NP of Rs.2,354mn in FY16E (+14% YoY), amidst steady earnings growth in HHL's FMCG (~50% of FY15E total N...


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Nestle Lanka

NEST 2Q2014 Results Summary - Rs.2,110 - 15 September 20142Q2014 net profit of Rs.976mn (+24% YoY, but -12% QoQ - off a relatively high base; 1Q2014 net profit hit a record high of Rs.1,103mn), above our expectations. Strong YoY earnings growth amid higher than anticipated expansion in the GP margin to a record high, led by favourable commodity prices and a relatively stable currency. 1H2014 net profit +22% YoY to Rs.2,079mn Outlook Valuations: On account of an upward revision to our GP margin forecasts amid the near term outlook for NEST’s key commodity prices remaining soft and the curren...


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Nations Trust Bank

NTB - Rs.90 - 2Q2014 Results Summary - 12 September 2014 2Q2014 EPS of Rs.2.6 (up 27% YoY), above our expectations, supported by higher margin and non-interest income, offsetting sluggish credit growth§ CASA ratio improved to best since 3Q2011, however, portfolio quality (measured by NPA) deteriorated to worst since 2Q2011Outlook Valuations § Uncertainty related to promoter dilution continues, amid likely participation of banks in ongoing sector consolidation initiatives§ With the CBSL’s recent encouragement of consolidation within the banking sector, we believe there is a reasonable p...


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Dialog Axiata

DIAL Rs 11.20 - 2Q2014 Results Summary - 12 September 2014Dialog Axiata (DIAL) reported an EPS of Rs.0.2 for 2Q2014, up 69% YoY and up 28% QoQ, in line with our expectations. Profits driven by relatively lower YoY net finance costs ARPU under pressure, due to drop in minutes of usage owing to increased Telco levy – capex intensity at 15%Sector competition to remain intense on account of higher non price related competitionOn better 2H2014 ARPU expectations on account of forecast increase in real consumption levels, we maintain DIAL’s net profits at Rs.5,672mn (up 9% YoY) and Rs.6,623mn (up 17...


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