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  • Stock Market Indicators:
    Thursday, 29 January 2015


    ASI: 7,376.5 (down 19 points, -0.25%), S&P SL20: 4,134.7 (down 9 points, -0.22%)

    Turnover: Rs.1,274mn (-2%)

    Exchange Rate 1US$ = Rs.133.15

    Market Capitalization: US$23.5bn

    Foreign Purchases: Rs.602mn (-16%)

    Foreign Sales: Rs.480mn (+38%)

     

    Commercial Bank of Ceylon - Voting (COMB-N – Rs.180.0) emerged as the top contributor to turnover with Rs.448mn (2.5mn shares), followed by John Keells Holdings (JKH-N – Rs.225.0) with Rs.133mn turnover (0.6mn shares) and Sunshine Holdings (SUN – Rs.60.0) with Rs.67mn turnover (1.1mn shares)

  • Local Economy News:
    Thursday, 29 January 2015

    Interim National Budget 2015 - Key Highlights

     

    Fiscal Deficit for 2015E targeted at 4.4% of GDP

    Main Proposals Include:

    Super gain tax for any companies and individuals

    Excise duty revision on motor vehicle imports

    Special levy on casinos   

    Special levy on liquor and beer

    Dividends & levies on state owned institutions

    Reduction of taxes on 13 essential goods

    Salary increase for state sector employees

  • Corporate Announcements:
    Thursday, 29 January 2015


    Lanka Orix Finance (LOFC) announced the listing details of its five year fixed rate debentures

    http://www.cse.lk/cmt/upload_cse_announcements/1381422516141_.pdf

     

    Merchant Bank of Sri Lanka & Finance (MBSL) announced the application details of Pradeshiya Sanwardena Bank’s debenture issue

    http://www.cse.lk/cmt/upload_cse_announcements/9051422527338_.pdf

     

    Lanka Century Investments (GREG) announced that the 2015 warrants will cease to trade as at end of trading on 05 February 2015. The holders of the warrants are entitled to exchange warrants with an equal number of ordinary shares of the company at Rs.39.0

    http://www.cse.lk/cmt/upload_cse_announcements/1911422527897_.pdf

  • Results for the period ended 31 December 2014:
    Thursday, 29 January 2015

    Textured Jersey Lanka (TJL) reported a net profit of Rs.376mn for 3Q15 (+25% YoY), resulting in a net profit of Rs.822mn for 1-3Q15 (+2% YoY)

     

    Overseas Realty (OSEA) reported a net profit of Rs.584mn for 3Q15 (-1% YoY), resulting in a net profit of Rs.1,807mn for 1-3Q15 (+13% YoY)

  • Dividend Announcements:
    Thursday, 29 January 2015


    John Keells Holdings (JKH) – Second Interim Dividend of Re.1.0 per share – XD: 11/02/2015 – PD: 23/02/2015

     

    Textured Jersey Lanka (TJL) – Second Interim Dividend of Rs.0.5 per share – XD: 11/02/2015 – PD: 23/02/2015

  • Stock Market Indicators:
    Wednesday, 28 January 2015


    ASI: 7,395.3 (up 28 points, +0.38%), S&P SL20: 4,143.7 (up 13 points, +0.32%)

    Turnover: Rs.1,298mn (+15%)

    Exchange Rate 1US$ = Rs.133.10

    Market Capitalization: US$23.5bn

    Foreign Purchases: Rs.718mn (+44%)

    Foreign Sales: Rs.347mn (-41%)


    John Keells Holdings (JKH-N – Rs.233.8) emerged as the top contributor to turnover with Rs.440mn (1.9mn shares), followed by Chevron Lubricants Lanka (LLUB – Rs.417.0) with Rs.148mn turnover (0.4mn shares) and Hatton National Bank - Voting (HNB-N – Rs.210.0) with Rs.72mn turnover (0.3mn shares)

  • Local Economy News:
    Wednesday, 28 January 2015


    Sri Lanka’s 12-month, 6-month and 3-month Treasury Bill yields remained unchanged at 6.05%, 5.9% and 5.80%

    http://www.cbsl.gov.lk/pics_n_docs/latest_news/press_20150128e.pdf

  • Corporate Announcements:
    Wednesday, 28 January 2015


    The Board of Directors of Softlogic Capital (SCAP) has resolved to effect a reduction of the stated capital of the company by Rs.618mn to Rs.2,880mn in order to reduce the accumulated losses of the company (Subject to Approval). There will be no change to the number of shares in issue.

    http://www.cse.lk/cmt/upload_cse_announcements/41422440217_.pdf

     

    The CSE announced that 750,000 ordinary voting shares of A I A Insurance Lanka (CTCE) have been indexed, pursuant to the allotment of shares of the scrip dividend

    http://www.cse.lk/cmt/upload_cse_announcements/9591422413862_.pdf

Research Reports

Strategy Report 2015

Sri Lanka Strategy Report - January 2015 Maithripala Sirisena, the common opposition candidate won the Presidential Elections held and a smooth transition of power took place The 100 day plan includes constitutional amendments, to be implemented via the formation of an interim National Unity Alliance government Macro fundamental outlook positive and would to translate into stronger corporate earnings in 2015E GDP growth strengthening to 7-8%, inflation soft at ~3%, currency relatively stable with modest ~3% depreciation vs. US$ Recent declines in commodity prices, particularly oil brings in p...


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Hatton National Bank

HNB – N:Rs.195.10, X:Rs.150.00 - Results Summary 3Q2014 - 23 December 2014 3Q2014 EPS of Rs.6.3 for 3Q2014 (up 7% YoY), above our expectations, resulting in its 1-3Q2014 Net Profit (NP) rising 7% YoY to Rs.6,167mn. NP rose largely on account of a tourism sector NPA recovery amounting to Rs.1.2bn during 3Q2014§ Net Interest Spreads recover QoQ§ Loans up on DBU-term loan up take in 3Q2014, deposits fall marginally§ Prime Grameen (NBFI) was acquired during Nov 2014 at a book multiple of 1.4X Outlook Valuations § HNB’s NP revised for 2014E by 18% to Rs.7,838mn (up 11% YoY) on account of hi...


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Sampath Bank

SAMP - Rs 233 - 3Q 2014 Results Summary - 08 December 2014 3Q2014 EPS of Rs.6.6 (up 30% YoY), slightly above our expectations amid a steeper than expected rise in Non Interest Income (Non II)Pawning exposure fell to 10% of portfolio as at 30 Sep 2014 from 13% as at 30 Jun 2014 and 19% as at 31 Dec 2014 Outlook Valuations SAMP Net Profit (NP) forecast revised up by 2% to Rs.5,028mn for 2014E (up 38% YoY), factoring the higher than expected growth in Non II in 3Q2014, despite deterioration of Net Interest Spread (NIS). 2015E NP forecast also revised up marginally to Rs.5,426mn (up 8% YoY) wit...


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Monthly Report - December 2014

Sri Lanka Monthly Report - December 2014December 2014 Market Performance: The Colombo Bourse closed higher in December 2014 with the benchmark All Share Price Index (ASPI) rising +2.0% MoM, amid share price appreciations in index heavy stocks. Meanwhile, the more liquid S P SL20 index also increased +3.0% MoMDuring 2014, the ASPI and S P SL20 rose +23.4% YoY and +25.3% respectively (vs. +4.8% and +5.8% respectively in 2013), the highest annual gain since 2010 post-conflict end rally. 2014 net foreign inflow was Rs.22,069mn (-2.5%YoY) while foreign purchases rose up to historical high levels o...


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Aitken Spence Hotel Holdings

AHUN – Rs.75.90 - 5 December 2014 - 2Q15 Results SummaryQuarterly Highlights: 2Q15 reported Net Profit (NP) of Rs.212mn (-32% YoY). 2Q15 recurring NP of Rs.116mn (-63% YoY), below our expectations, mainly due to lower than anticipated returns from the key Maldives and Others (i.e. managed properties) segment§ Recurring earnings adjusted for the third insurance claim tranche of an estimated ~Rs.100mn received during the quarter for the damaged water villas of Adaaran Hudhurunfushi (which were partly damaged by a fire in July 2013) and adjusting for a gain on loss of control of a subsidiary o...


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Monthly Report - November 2014

Sri Lanka Monthly Report - November 2014Market Performance: The Colombo Bourse closed lower in November 2014 following eight consecutive months of gains, with the benchmark All Share Price Index (ASPI) declining -2.4% MoM to close at 7,154 points, amid political uncertainty around the 2015 Presidential Election. Meanwhile, the more liquid S P SL20 index also declined -2.8% MoM to close at 3,971 pointsAverage daily turnover recovered from the previous month’s decline, rising +10% MoM in November 2014Foreigners were net buyers for the second consecutive month with a net foreign inflow of +Rs.5,...


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Distilleries Co. of Sri Lanka

DIST - Rs.202.3 - 2Q15 Results Summary - 28 November 2014 DIST reported a 2Q15 net profit of Rs.1,858mn (+25% YoY and up marginally QoQ), broadly in line with our expectations. Strong YoY earnings growth is largely on account of the group enjoying net finance income during the quarter (vs. an expense in 2Q14), supported by higher contribution from the diversified sector, and from increased associate contribution. Consequently, 1H15 net profit +18% YoY to Rs.3,705mn Outlook Valuations § Group net profit forecasts broadly maintained at Rs.7,513mn for FY15E (+13% YoY) and at Rs.8,588mn for F...


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Commercial Bank of Ceylon

COMB – N:Rs.177, X:Rs.120.50 - Results Summary 3Q2014 - 20 November 20143Q2014 EPS of Rs.3.9 (up 21% YoY and up 50% QoQ), above our expectations. 3Q2014 NP was driven by better than expected Non II growth on account of relatively higher gains from financial and other investment income§ Net Interest Spreads fall to an all-time low§ Loans up on LT-term loan up take in 3Q2014§ Indra Finance was acquired during 3Q2014 for Rs.916mn Outlook Valuations § COMB’s NP forecasts revised up by 2% and 1% to Rs.11,020mn (up 4% YoY) and Rs.11,902mn (up 8% YoY) for 2014E and 2015E respectively on accoun...


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Hemas Holdings

HHL - 2Q15 Results Summary - Rs 75.5 - 20 November 2014 2Q15 recurring EPS of Rs.1.1 (+62% YoY) for a recurring 2Q15 Net Profit (NP) of Rs.556mn (+62% YoY), above our expectations due to stronger than anticipated performance in the core FMCG and Healthcare sectors. 2Q15 earnings adjusted for a non-recurring estimated capital gain of Rs.84mn from the disposal of FMCG sector paper business, Nimex. Furthermore, reported 2Q14 reported earnings included a one off capital gain of Rs.364mn, on the transfer of Peace Haven property to PH resorts and Spa (Pvt) Ltd, a JV company Outlook Valuations FY1...


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Nestle Lanka

NEST 3Q2014 Results Summary - Rs.2,140 - 18 November 2014§ 3Q2014 net profit of Rs.1,093mn (+21% YoY and +12% QoQ), slightly above our expectations amid higher than anticipated expansion in the gross profit margin to a record high – third consecutive quarter of GP margin expansion - led by favourable commodity prices and a relatively stable currency. Consequently, 1-3Q2014 net profit +22% YoY to Rs.3,172mn Outlook Valuations § NEST’s net profit forecasts revised up marginally to Rs.4,188mn for 2014E (+27% YoY) and Rs.4,779mn for 2015E (+14% YoY), amid upward revisions to our GP margins fo...


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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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