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News & Announcements

  • Stock Market Indicators:
    Tuesday, 25 November 2014

    ASI: 7,239.4 (up 4 points, +0.06%), S&P SL20: 4,045.7 (up 1 point, +0.02%)

    Turnover: Rs.1,084mn (-36%) 

    Exchange Rate 1US$ = Rs.131.45

    Market Capitalization: US$23.4bn

    Foreign Purchases: Rs.262mn (+59%)

    Foreign Sales: Rs.257mn (vs. Rs.64mn)


    Commercial Bank of Ceylon – Voting (COMB-N – Rs.170.0) emerged as the top contributor to turnover with Rs.144mn (0.8mn shares), followed by John Keells Holdings (JKH-N - Rs.244.9) with Rs.72mn turnover (0.3mn shares) and Hatton National Bank-Voting (HNB-N  – Rs.196.0) with Rs.59mn turnover (0.3mn shares)

  • Corporate Announcement:
    Tuesday, 25 November 2014


    Lanka Cement (LCEM) 
    announced that the Ministry of Defence has taken steps to acquire the property of LCEM located at Kankesanthurai. LCEM have requested for compensation for land and building from Ministry of Defence.

    http://www.cse.lk/cmt/upload_cse_announcements/521416900328_.pdf

  • Dividend Announcement:
    Tuesday, 25 November 2014


    Onally Holdings (ONAL) 
    -  Interim Dividend of Rs.1.10 per share – XD: 04/12/2014 – PD: 15/12/2014

  • Stock Market Indicators:
    Monday, 24 November 2014


    ASI: 7,235.3 (down 166 points, -2.25%), S&P SL20: 4,044.9 (down 82 points, -1.99%)

    Turnover: Rs.1,703mn (-21%) 

    Exchange Rate 1US$ = Rs.131.15

    Market Capitalization: US$23.4bn

    Foreign Purchases: Rs.165mn (-62%)

    Foreign Sales: Rs.64mn (-10%)


    Laugfs Gas-Voting (LGL-N – Rs.40.1) emerged as the top contributor to turnover with Rs.391mn (9.1mn shares), followed by Access Engineering (AEL – Rs.37.1) with Rs.85mn turnover (2.3mn shares) and People’s Leasing & Finance (PLC – Rs.22.8) with Rs.56mn turnover (2.4mn shares)

  • Corporate Announcements:
    Monday, 24 November 2014


    Colombo Stock Exchange (CSE) announced
     that 15.5mn shares of ACME Printing & Packaging (ACME) were listed subsequent to 1:1 rights issue at Rs.12.00 on 24 November 2014

    http://www.cse.lk/cmt/upload_cse_announcements/6831416798710_.pdf

     

    Dunamis Captal (CSEC) announced that Lanka Rating Agency Ltd has reaffirmed its long and short term corporate rating at “BBB+ and P2”

    http://www.cse.lk/cmt/upload_cse_announcements/7741416825786_.pdf

     

    Muthoot Finance Ltd announced that it has extended mandatory offer to purchase all the remaining shares of Asia Asset Finance (AAF) until 05 December 2014

    http://www.cse.lk/cmt/upload_cse_announcements/5601416825184_.pdf

  • Stock Market Indicators:
    Friday, 21 November 2014


    ASI: 7,402 (down 129 points, -1.7%), S&P SL20: 4,127 (down 64 points, -1.5%)

    Turnover: Rs.2,143mn (+27%) 

    Exchange Rate 1US$ = Rs.131.15

    Market Capitalization: US$24.0bn

    Foreign Purchases: Rs.429mn (+1%)

    Foreign Sales: Rs.71mn (+18%)

     

    Access Engineering (AEL – Rs.39.2) emerged as the top contributor to turnover with Rs.281mn (7.0mn shares), followed by Laugfs Gas-voting (LGL-N – Rs.42.0) with Rs.225mn turnover (5.0mn shares) and John Keells Holdings (JKH-N – Rs.253.0) with Rs.135mn turnover (0.5mn shares)

  • Corporate Announcements:
    Friday, 21 November 2014


    Lanka Orix Leasing Company (LOLC) announced the application details for its Rs.5bn debenture issue

    http://www.cse.lk/cmt/upload_cse_announcements/4581416548994_.pdf

     

    Hemas Power (HPWR) announced that HPWR will be renamed “Resus Energy”

    http://www.cse.lk/cmt/upload_cse_announcements/6671416567438_.pdf

     

    The CSE approved in principle an application for the listing of Rs.4bn debentures of Hatton National Bank (HNB)

    http://www.cse.lk/cmt/upload_cse_announcements/9441416568533_.pdf

  • Stock Market Indicators:
    Thursday, 20 November 2014

    ASI: 7,530 (up 5 points, +0.1%), S&P SL20: 4,191 (up 2 points, +0.1%)

    Turnover: Rs.1,693mn (-7%) 

    Exchange Rate 1US$ = Rs.131.05

    Market Capitalization: US$24.4bn

    Foreign Purchases: Rs.426mn (+93%)

    Foreign Sales: Rs.60mn (-21%)

    Piramal Glass (GLAS – Rs.5.2) emerged as the top contributor to turnover with Rs.133mn (25.3mn shares), followed by People’s Leasing and Finance (PLC – Rs.24.9) with Rs.121mn turnover (4.8mn shares) and John Keells Holdings (JKH-N – Rs.254.5) with Rs.100mn turnover (0.4mn shares)

Research Reports

Nations Trust Bank

NTB - Rs.100.20 - 3Q2014 Results Summary - 17 November 2014 3Q2014 EPS of Rs.3.6 (up 35% YoY), above our expectations, supported by higher margins and non-interest income§ CASA ratio improved to best since 2Q2011, and portfolio quality marginally improved from 2Q2014 which was the 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 probability of NTB acq...


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Ceylon Tobacco Company

CTC – Rs.1,149.00 - 3Q2014 RESULTS SUMMARY - 12 November 2014 § 3Q2014 net profit of Rs.2,094mn (-10% YoY and -17% QoQ), below our expectations, mainly due to the lack of an excise duty led price revision during the quarter as we had previously anticipated (Rs.1.0-2.0 per stick price increase implemented only w.e.f 10 Oct 2014). Whilst the lack of a price increase resulted in a relatively positive impact on quarterly volumes, the extent was not sufficient to compensate the additional revenue potentially earned from an earlier price increase, as CTC is more a margin than a volume growth busin...


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Dialog Axiata

DIAL Rs 12.50 - 3Q2014 Results Summary - 11 November 2014Dialog Axiata (DIAL), reported a net profit (NP) of Rs.1,772mn for 3Q2014 (+16% YoY), above our expectations, resulting in a NP of Rs.4,625mn for 1-3Q2014 (+13% YoY). Profits were boosted by better than expected revenue, lower forex losses and higher EBITDA marginsGroup revenue rose 6% YoY (2% QoQ) to Rs.17.0bn in 3Q2014 resulting in DIAL’s 1-3Q2014 revenue also rising 6% YoY to Rs.50.0bn on account of better growth seen in voice, data, pay tv and fixed line revenue despite the lower contribution from international revenue on account of...


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Textured Jersey

TJL Rs.20.20 - 2Q15 Results Summary - 10 November 2014TJL reported a net profit of US$2.2mn for 2Q15 (+8% YoY and +72% QoQ) below our expectations, due to lower than anticipated GP margins, while QoQ earnings growth was largely driven by recovery of volumes. Meanwhile, 1H15 net profit was -13% YoY to US$3.4mn, following a weak 1Q15 performance Outlook Valuations: Given lower than expected GP margins in 1H15 and factoring the delay in multi fuel boiler plant implementation, TJL’s FY15E net profit forecast revised down by 9% to US$9.4mn (+6% YoY) and FY16E net profit forecast is also revised ...


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John Keells Holdings

JKH-N – Rs.255 - Results Summary 2Q15 - 5 November 2014 § 2Q15 recurring EPS of Rs.2.6 (+3% YoY), in line with our expectations. Quarterly earnings were boosted by strong performances in Property, Consumer Foods Retail (CF R), Others and Finance sectors, offsetting below par performances in Leisure and Transportation sectors Outlook Valuations § JKH’s FY15E recurring Net Profit (NP) forecasts broadly maintained at Rs.12,677mn (+10% YoY on a recurring basis), with higher revenue recognition in Property sector and expected higher contribution from Leisure, CF R and Finance sectors offset...


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Chevron Lubricants

LLUB – Rs.345.00 - 3Q2014 Results Summary - 4 November 2014 Chevron Lubricants Lanka (LLUB) reported a net profit of Rs.750mn for 3Q2014 (up 23% YoY and 11% QoQ), above our expectations primarily due to the decline in global oil price expectations supporting margins and recovery in volumes combined with a shift in sales mix to the higher margin automotive segment Outlook Valuations: LLUB’s net profit forecasts revised up by 5% to Rs.2,918mn for 2014E (+15% YoY) and by 8% to Rs.3,311mn for 2015E (+14% YoY)The LLUB share witnessed steady interest during the past three months, rising 11% (vs. ...


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Peoples Leasing

PLC - Rs.22.2 - 2Q15 Results Summary - 4 November 2014People’s Leasing Finance (PLC) reported a net profit of Rs.1,091mn for 2Q15 (+39% YoY and QoQ), above our expectations, largely due to greater than expected expansion of NIS. Consequently, 1H15 net profit grew +28% YoY to Rs.1,874mn Outlook Valuations: Considering the higher than expected spreads recorded in 1H15 and factoring the possible boost in vehicle industry, PLC’s net profit forecast revised up by 10% and 5% for FY15E and FY16E to Rs.4.2bn (+21% YoY) and Rs.4.4bn (+6% YoY)Given likely high demand for new leases, disbursement gr...


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Peoples Leasing

PLC - Rs.22.2 - 2Q15 Results Summary - 4 November 2014People’s Leasing Finance (PLC) reported a net profit of Rs.1,091mn for 2Q15 (+39% YoY and QoQ), above our expectations, largely due to greater than expected expansion of NIS. Consequently, 1H15 net profit grew +28% YoY to Rs.1,874mn Outlook Valuations: Considering the higher than expected spreads recorded in 1H15 and factoring the possible boost in vehicle industry, PLC’s net profit forecast revised up by 10% and 5% for FY15E and FY16E to Rs.4.2bn (+21% YoY) and Rs.4.4bn (+6% YoY)Given likely high demand for new leases, disbursement gr...


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Budget 2015

Sri Lanka National Budget 2015Populist – Yet on Trackq The President of Sri Lanka, His Excellency Mahinda Rajapaksa, presented Sri Lanka’s National Budget for 2015 in Parliament on 24 Oct 2014 q The Government of Sri Lanka (GoSL) expects to achieve a fiscal deficit of 5.0% for 2014E (vs. 5.9% in 2013) compared to its original deficit target of 5.2% for 2014E on account of lower than expected public investment. Furthermore, the GoSL expects to reduce its fiscal deficit to 4.6% in 2015E keeping in line with the policy guide lines formulated within the Medium Term Macro Fiscal Framework (MTMFF...


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Hemas Holdings

HHL - Rs.64.70 - Event Update - 17 October 2014 Hemas to Exit Power SectorHemas Holdings (HHL) to sell its entire 75% stake in Hemas Power (HPWR) for a total consideration of Rs.1.7bnHPWR to sell its 50% stake in thermal power plant Heladhanavi to state-owned JV partner Lakdhanavi for Rs.532mn Financial Impact and OutlookHHL estimated to incur a non-recurring net loss of -Rs.600mn on transactionExcluding the non-recurring loss on the sale, HHL’s recurring net profit forecasts revised down by 4% to Rs.1,982mn for FY15E (+12% YoY) and by 6% to Rs.2,207mn for FY16E (+11% YoY) to reflect the net ...


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Results for the period ended 30 September 2014:

Alumex (ALUM) reported a net profit of Rs.136mn for 2Q15 (+17% YoY), resulting in a net profit of Rs.199mn for 1H15 (+2% YoY) Watawala Plantations (WATA) reported a net profit of Rs.31mn for 2Q15 (-64% YoY), resulting in a net profit of Rs.262mn for 1H15 (vs. net profit of Rs.99mn in 1H14)


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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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