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  • Stock Market Indicators:
    Wednesday, 22 February 2017


    ASI: 6,129.7 (up 2 points, +0.04%), S&P SL20: 3,538.9 (down 6 points, -0.17%)

    Turnover: Rs.483mn (+61%)

    Exchange Rate 1US$ = Rs.151.68

    Market Capitalization: US$17.8bn

    Foreign Purchases: Rs.308mn (vs. Rs.151mn)

    Foreign Sales: Rs.270mn (vs. Rs.131mn)

     

    Commercial Bank of Ceylon - Voting (COMB-N – Rs.143.0) emerged as the top contributor to turnover with Rs.176mn (1.2mn shares), followed by John Keells Holdings (JKH-N – Rs.142.0) with Rs.51mn turnover (0.4mn shares) and Ceylon Tobacco Company (CTC – Rs.815.0) with Rs.40mn turnover (0.0mn shares)

  • CSE Announcement:
    Wednesday, 22 February 2017


    The Colombo Stock Exchange (CSE) announced details pertaining to a repurchase of shares carried out by Shalimar (Malay) (SHAL) and Indo Malay (INDO). Accordingly, 1.5mn and 2.2mn shares were repurchased at Rs.2,298.2 and 1,429.6 per share respectively.

    https://cdn.cse.lk/cmt/upload_cse_announcements/6501487735696_.pdf

  • Corporate Announcement:
    Wednesday, 22 February 2017


    People’s Merchant Finance (PMB) announced that the Board of Directors have decided to summon the Extraordinary General Meeting (EGM) of the shareholders of the company.

    https://cdn.cse.lk/cmt/upload_cse_announcements/9861487760543_.pdf

  • Dividend Announcements:
    Wednesday, 22 February 2017


    National Development Bank (NDB) – Final Dividend of Rs.2.0 per share – XD:06/03/2017 – PD: 15/03/2017.

     

    NDB – Scrip Dividend – 01 ordinary share for every 26.22 existing shares held – Dates to be notified.

     

    Sampath Bank (SAMP) (Announcement of dates) – Scrip Dividend – 01 ordinary share for every 19.22 existing shares held – XD – 01/03/2017.

  • Results for the Period Ended 31 December 2016:
    Wednesday, 22 February 2017


    Seylan Bank (SEYB) reported a net profit of Rs.1,195mn for 4Q2016 (+5% YoY), resulting in a net profit of Rs.4,013mn for 2016 (+4% YoY).

    Commercial Bank Of Ceylon (COMB) reported a net profit of Rs.4,307mn for 4Q2016 (+26% YoY), resulting in a net profit of Rs.14,510mn for 2016 (+22% YoY).

    Pan Asia Banking Corporation (PABC) reported a net profit of Rs.346mn for 4Q2016 (+19% YoY), resulting in a net profit of Rs.1,252mn for 2016 (+20% YoY).

  • Stock Market Indicators:
    Tuesday, 21 February 2017


    ASI: 6,127.5 (down 12 points, -0.20%), S&P SL20: 3,544.7 (up 7 points, +0.19%)

    Turnover: Rs.300mn (-59%)

    Exchange Rate 1US$ = Rs.151.85

    Market Capitalization: US$17.8bn

    Foreign Purchases: Rs.151mn (-34%)

    Foreign Sales: Rs.131mn (-50%)

     

    Cargills (Ceylon) (CARG – Rs.195.5) emerged as the top contributor to turnover with Rs.52mn (0.3mn shares), followed by Vallibel Power Erathna (VPEL – Rs.8.1) with Rs.42mn turnover (5.1mn shares) and Ceylon Cold Stores (CCS – Rs.749.9) with Rs.33mn turnover (0.0mn shares)


  • Local Economy News:
    Tuesday, 21 February 2017


    Sri Lanka’s 3-month, 6-month and 12-month Treasury Bill Yields rose by 10bps, 7bps and 3bps to 9.32%, 10.19% and 10.58% respectively

    http://www.cbsl.gov.lk/pics_n_docs/latest_news/press_20170221e.pdf

  • Dividend Announcements:
    Tuesday, 21 February 2017


    Commercial Development Company (COMD) – Second Interim Dividend of Rs.2.5 per share – XD: 03/02/2017 – PD: 14/03/2017

     

    Commercial Development Company (COMD) – Final Dividend of Rs.0.5 per share – Dates to be notified

     

    AIA Insurance Lanka (CTCE) – Final Dividend of Rs.2.0 per share - XD: 28/03/2017 – PD: 05/04/2017

Research Reports

Local Economy News:

Sri Lanka’s 3-month, 6-month and 12-month Treasury Bill Yields rose by 8bps, 2bps and 5bps to 9.16%, 10.07% and 10.47% repectivelyhttp://www.cbsl.gov.lk/pics_n_docs/latest_news/notice_20170207e.pdf


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Commercial Bank of Ceylon

CT CLSA – Commercial Bank of Ceylon (COMB) 4Q2015 Results Summary - 07 March 2016 Commercial Bank of Ceylon (COMB N – Rs.124.0, COMB X – Rs.111.0) COMB reported a 4Q2015 Net Profit (NP) of Rs.3,424mn (+1% YoY, +5% QoQ), broadly in line with our expectations, resulting in its 2015 NP rising +6% YoY to Rs.11,855mn. Profits improved on a QoQ basis due to improved asset quality§ Effective Tax Rate (ETR) increases on a YoY basis due to the tax credits received in 4Q2014 on COMB’s acquisition of NBFI Indra Finance Limited§ COMB reported fair value (M2M) losses from Govt securities held for trading...


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Asiri Hospitals

CT CLSA – Asiri Hospital Holdings (ASIR) Initiation Report - 17 March 2016ASIR – Rs.23.2 § Asiri Hospital Holdings (ASIR), a 50.7% owned subsidiary of listed conglomerate Softlogic Holdings (SHL), is Sri Lanka’s leading and the largest private listed hospital group in terms of market capitalization and bed capacity – with 610 beds in four hospitals - three in capital Colombo and the other in Southern city Matara, commanding one third of the bed capacity in the listed segment. Recording a revenue of Rs.8.6bn for FY15, recurring net profit of Rs.903mn for FY15 and Rs.972mn for 1-3Q16 (+26% YoY)...


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Nations Trust Bank

CT CLSA - Nations Trust Bank (NTB) 4Q2015 Results Summary - 24 Mar 2016NTB – Rs.77.0 4Q2015 EPS of Rs.2.9 (+21% YoY and -1% QoQ), slightly above our expectations, largely due to lower impairment provisions and higher Non Interest IncomeNet Interest Spread continued to contract amid increased price competition within the banking and financial sectorOutlook Valuations: We revise up our 2016E NP forecast by 12% to Rs.2,636mn (+1% YoY), largely due to upward revisions in interest spreads and loan book. Meanwhile, 2017E NP forecast at Rs.3,104mn (+18% YoY off a low base), supported by the growth...


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Aitken Spence

CT CLSA - Aitken Spence (SPEN) 3Q16 Results Summary - 28 March 2016SPEN – Rs.73.03Q16 net profit -27% YoY on a recurring basis to Rs.637mn, below our expectations, due to below par performance in tourism sector and lack of contribution from Ace Power Embilitiya (APE), under the Strategic Investments sector, on account of non-renewal of the Power Purchase Agreement (PPA), which expired in April 2015Outlook and ValuationsSPEN’s group recurring net profit forecasts revised down by -12% to Rs.2,396mn for FY16E (-43% YoY) and by -6% to Rs.3,028mn for FY17E (+26% YoY, off a low base) largely due to ...


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Tokyo Cement

CT CLSA - Tokyo Cement Company (Lanka) (TKYO) 3Q16 Results Summary - 28 March 2016 Tokyo Cement Company (Lanka) (TKYO-N: Rs.35.0, TKYO-X-Rs.33.0) TKYO reported a 3Q16 net profit of Rs.339mn (vs. Rs.100mn in 3Q15, although -31% QoQ), broadly in line with our expectations, largely due to higher growth in other income (which is not expected to be sustainable and lacks clear visibility). Meanwhile, cumulative earnings rose +16% YoY in 1-3Q16 Outlook Valuations: 3Q16 EPS of Rs.1.0 (vs. EPS of 0.3 in 3Q15, -31% QoQ), broadly in line with our expectations, largely driven by higher growth in other i...


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Peoples Leasing

People’s Leasing Finance (PLC - Rs.19.5) § PLC reported a net profit of Rs.1,150mn for 4Q16 (+2% YoY, although -5% QoQ), slightly above our expectations, largely due to continued impairment reversals for loans and receivables. Meanwhile, FY16 earnings grew +15% YoY Outlook Valuations: § PLC’s FY17E net profit forecast broadly maintained at Rs.4,289mn (-9% YoY), in anticipation of continued rise in interest rates and slowdown in local vehicle market. Meanwhile, FY18E net profit forecast at Rs.4,812mn (+12% YoY) with earnings largely recovering from anticipat...


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Peoples Leasing

People’s Leasing Finance (PLC - Rs.19.5) § PLC reported a net profit of Rs.1,150mn for 4Q16 (+2% YoY, although -5% QoQ), slightly above our expectations, largely due to continued impairment reversals for loans and receivables. Meanwhile, FY16 earnings grew +15% YoY Outlook Valuations: § PLC’s FY17E net profit forecast broadly maintained at Rs.4,289mn (-9% YoY), in anticipation of continued rise in interest rates and slowdown in local vehicle market. Meanwhile, FY18E net profit forecast at Rs.4,812mn (+12% YoY) with earnings largely recovering from anticipat...


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Lion Brewery - Initiation Report

CT CLSA - Lion Brewery Ceylon (LION) Initiation Report - 29 April 2016 Lion Brewery Ceylon (LION - Rs.452.4) Lion Brewery Ceylon (LION) is Sri Lanka’s largest producer and distributor of soft alcohol (beer) with a market share of ~86%. Currently, LION’s portfolio mainly includes three Lion Brands (Lion Lager, Lion Strong and Lion Stout), Carlsberg and Carlsberg Special Brew both of which are marketed under a license Outlook Valuations: LION’s NP forecast at Rs.2,055mn for FY16E (+13% YoY). Meanwhile, we expect 4Q16E earnings to decline -16...


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Hemas Holdings - Event Update

Hemas Holdings (HHL - Rs.88.9) Event Update - 29 April 2016 HHL appointed Evergreen’s exclusive shipping line agent · Hemas Maritime (Pvt) Ltd, a fully owned subsidiary of Hemas Holdings (HHL) announced that it has been appointed as the general agent of Evergreen Lines in Sri Lanka, through a formal tender process, via agency renewal · Evergreen has 190 ships with a capacity of ~850,000 twenty foot containers, with Colombo being one of the transhipment hubs in its network. Evergreen started operations in Colombo in 1986 and is the third largest mainl...


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Results for the Period Ended 31 December 2015:

John Keells Holdings (JKH) reported a net profit of Rs.3,895mn for 3Q16 (-10% YoY), resulting in a net profit of Rs.9,548mn for 1-3Q16 (+5% YoY). Softlogic Finance (CRL) reported a net profit of Rs.102mn for 3Q16 (+67% YoY), resulting in a net profit of Rs.227mn for 1-3Q16 (+48% YoY).


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Commercial Bank of Ceylon

CT CLSA - Commercial Bank of Ceylon (COMB) 3Q2015 Results Summary - 19 November 2015COMB reported an EPS of Rs.3.7 for 3Q2015 (-2% YoY and +23% QoQ), broadly in line with our expectationsTop line driven by growth in leasing portfolio, CASA improves to 50%, asset quality continues to improve with better NPA coverageEfficiency improves, despite slower growth seen in non-core incomeMarked to market losses continues to increase to Rs.6.4bn for 1-3Q2015 (with Rs.3.4bn reported during 3Q2015) amidst an unfavorable interest rate environment Outlook Valuations NP forecasts maintained at Rs.11,827m...


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Sampath Bank

CT CLSA - Sampath Bank (SAMP) 3Q2015 Results Summary - 18 November 2015 3Q2015 EPS of Rs.10.9 (+69% YoY and +16% QoQ), above our expectations on account of the foreign exchange gains recorded on foreign currency holdingsOutlook ValuationsSAMP NP forecast revised up by 3% for 2015E to Rs.6,415mn (+22% YoY), amid the upward revisions in Non-Interest Income. Meanwhile, 2016E NP forecast broadly maintained at Rs.7,367mn (+15% YoY)The SAMP share has outperformed the market 2015YTD rising +13% (vs. ASI’s decline of -7%), however declined in last three months by -7% (similar to ASI)SAMP trades at...


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Aitken Spence Hotel Holdings

CT CLSA - Aitken Spence Hotel Holdings (AHUN) 2Q16 Results Summary - 19 November 2015Quarterly Highlights:2Q16 Net Profit (NP) of Rs.210mn (+81% YoY on a recurring basis, off a low base, down -33% from 2Q14), in line with our expectations, led by profit growth in both the Sri Lanka and Maldives sectors. 1H16 recurring NP consequently up +33% YoY to Rs.406mn Outlook Valuations: AHUN recurring NP revised down by -8% to Rs.2,137mn for FY16E (+5% YoY) and by -9% to Rs.2,577mn for FY17E (+21% YoY); downward revision on account of political uncertainty and relatively modest growth in the Maldives...


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National Development Bank

CT CLSA – National Development Bank (NDB) 3Q2015 Results Summary - 07 December 2015NDB reported an EPS of Rs.5.1 (-32% YoY, +47% QoQ), below our expectations. Profits fell due to worsening (YoY) cost to income ratio and relatively higher impairmentNet Interest Spreads deteriorated slightly, deposits remained flat whilst loans grew 6% QoQ during 3Q20152016E fiscal proposals to increase NDB’s Effective Tax Rate by 5.5% Outlook Valuations: NDB’s NP forecasts revised down by -13% and -14% to Rs.3,575mn (-14% YoY) and Rs.4,168mn (+17% YoY) for 2015E and 2016E respectively. Profits revised down o...


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