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  • Stock Market Indicators:
    Wednesday, 29 July 2015


    ASI: 7,314.0 (up 53 points, +0.73%), S&P SL20: 4,105.1 (up 27 points, +0.67%)

    Turnover: Rs.3,652mn (vs. Rs.1,097mn)

    Exchange Rate 1US$ = Rs.133.70

    Market Capitalization: US$23.2bn

    Foreign Purchases: Rs.2,252mn (vs. Rs.142mn)

    Foreign Sales: Rs.302mn (-15%)

     

    Ceylinco Insurance - Voting (CINS-N – Rs.1,570.0) emerged as the top contributor to turnover with Rs.1,924mn (1.2mn shares), followed by John Keells Holdings (JKH-N – Rs.197.5) with Rs.278mn turnover (1.4mn shares) and Bimputh Lanka Investments Limited (BLI – Rs.62.0) with Rs.156mn turnover (2.6mn shares)

  • Results for the period ended 30 June 2015:
    Wednesday, 29 July 2015


    Nations Trust Bank (NTB) 
    reported a net profit of Rs.765mn for 2Q2015 (+26% YoY), resulting in a net profit of Rs.1,258mn for 2H2015 (+9% YoY)

    Ceylon Cold Stores (CCS) reported a net profit of Rs.550mn for 1Q16 (+84% YoY)

     

    Piramal Glass Ceylon (GLAS) reported a net profit of Rs.147mn for 1Q16 (+70% YoY)

     

    Hayleys Fabric (MGT) reported a net profit of Rs.35mn for 1Q16 (vs. a net profit of Rs.5mn in 1Q15)

     

    Kelani Valley Plantations (KVAL) reported a net loss of -Rs.29mn for 1Q16 (vs. a net loss of -Rs.20mn in 1Q15)

  • Dividend Announcement:
    Wednesday, 29 July 2015


    Swadeshi Industrial Works (SWAD) – 
    Final Dividend of Re.1.0 per share – XD: 28/09/2015 – PD: 06/10/2015

  • Stock Market Indicators:
    Tuesday, 28 July 2015


    ASI: 7,261.1 (up 14 points, +0.19%), S&P SL20: 4,077.9 (up 10 points, +0.25%)

    Turnover: Rs.1,097mn (+1%)

    Exchange Rate 1US$ = Rs.133.70

    Market Capitalization: US$23.1bn

    Foreign Purchases: Rs.142mn (-56%)

    Foreign Sales: Rs.355mn (+37%)


    John Keells Holdings (JKH-N – Rs.195.0) emerged as the top contributor to turnover with Rs.255mn (1.3mn shares), followed by Overseas Realty (Ceylon) (OSEA – Rs.25.0) with Rs.75mn turnover (3.0mn shares) and Laugfs Gas Limited - Non-Voting (LGL-X – Rs.38.3) with Rs.52mn turnover (1.4mn shares)

  • Corporate Announcements
    Tuesday, 28 July 2015


    Commercial Leasing and Finance (CLC) 
    announced the listing details of its Five Year Fixed Rate Rs.5.0bn Debenture issue

    http://www.cse.lk/cmt/upload_cse_announcements/3861438059376_.pdf

     

    Marawila Resorts (MARA) announced that 105.5mn shares were listed on the CSE subsequent to its 1:1 rights issue

    http://www.cse.lk/cmt/upload_cse_announcements/5551438053305_.pdf

  • Results for the Period Ended 30th June 2015
    Tuesday, 28 July 2015


    Ceylon Tobacco Company (CTC) reported a net profit of Rs.3.0bn for 2Q2015 (+20% YoY), resulting in a net profit of Rs.5.5bn for 1H2015 (+21% YoY)


    Cargills (Ceylon) (CARG) 
    reported a net profit of Rs.391mn for 1Q16 (vs. a net loss of -Rs.145mn in 1Q15)


    Asian Hotels & Properties (AHPL) 
    reported a net profit of Rs.302mn for 1Q16 (-10% YoY)


    Trans Asia Hotels (TRAN) 
    reported a net loss of -Rs.32mn for 1Q16 (vs. a net profit of Rs.65mn in 1Q15)

  • Dividend Announcements
    Tuesday, 28 July 2015


    Ceylon Tobacco Company (CTC) – Second Interim Dividend of Rs.24.0 per share – XD:07/08/2015 – PD: 18/08/2015


    Convenience Foods (Lanka) (SOY) – 
    First and Final Dividend of Rs.5.5 per share – XD:28/08/2015 – PD: 07/09/2015

  • Stock Market Indicators:
    Monday, 27 July 2015


    ASI: 7,247.2 (down 22 points, -0.30%), S&P SL20: 4,067.7 (down 4 points, -0.10%)

    Turnover: Rs.1,088mn (-33%)

    Exchange Rate 1US$ = Rs.133.80

    Market Capitalization: US$23.0bn

    Foreign Purchases: Rs.324mn (-9%)

    Foreign Sales: Rs.259mn (-7%)

     

    Aitken Spence (SPEN – Rs.98.0) emerged as the top contributor to turnover with Rs.153mn (1.6mn shares), followed by John Keells Holdings (JKH-N – Rs.194.5) with Rs.135mn turnover (0.7mn shares) and Distilleries Company of Sri Lanka (DIST – Rs.285.0) with Rs.62mn turnover (0.2mn shares)

Research Reports

Aitken Spence Hotel Holdings

Aitken Spence Hotel Holdings (AHUN) 4Q15 Results Summary - 08 July 2015Quarterly Highlights:AHUN recurring 4Q15 Net Profit (NP) of Rs.1,100mn (+1% YoY), above our expectations, mainly due to higher contribution from key Maldives segment on account of marginally higher occupancy levels and ARRsFY15 recurring earnings down -7% YoY to Rs.2,044mn, adjusted for the insurance claim proceeds of an estimated ~Rs.300mn received for damaged water villas of Adaaran HudhuRan Fushi and adjusting for a Rs.45mn gain on disposal of control of a subsidiary Outlook Valuations: The AHUN share underperformed t...


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Distilleries Co. of Sri Lanka

Distilleries Co. of Sri Lanka (DIST) 4Q15 Results Summary - 30 June 20154Q15 net profit of Rs.2,057mn (+23% YoY on a recurring basis and +28% QoQ), broadly in line with our expectations. Earnings growth led by higher contribution from the core beverage sector, sharp decline in the effective tax rate. FY15 net profit of Rs.7,373mn (+12% YoY on a recurring basis)Outlook Valuations Group net profit forecasts broadly maintained at Rs.8,170mn FY16E (+11% YoY) and at Rs.9,285mn for FY17E (+14% YoY), with earnings driven by the recovery in the core beverage sector (~80% of group PBT)Amid being ide...


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National Development Bank

National Development Bank (NDB) 1Q2015 Results Summary - 17 June 20151Q2015 EPS of Rs.5.3 for 1Q2015 -27% YoY (+1% QoQ), below our expectations. NP fell due to declining (YoY) Spreads and Non-Interest IncomeNet Interest Spreads down YoY, however recovered QoQ off a low base. Loan book remained relatively flat QoQ, whilst deposits rose 7% during the same period. Within the SME and retail book, auto finance, housing, SME and personal loans rose 59%, 31%, 40% and 30% YoY respectively Outlook Valuations: NDB’s NP for 2015E has been revised down by 3% to Rs.5,097mn (+23% YoY) whilst its 2016E NP...


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Sampath Bank

Sampath Bank (SAMP) 1Q2015 Results Summary - 16 June 2015 1Q2015 EPS of Rs.9.4 (up +24% YoY), broadly in line with our expectations driven by the increase in Non-Interest Income (Non II) and decline in impairment charges Pawning exposure fell to 7% of portfolio as at 31 Mar 2015 from 8% as at 31 Dec 2014 and 19% as at 31 Dec 2013Outlook Valuations SAMP Net Profit (NP) forecast broadly maintained at Rs.6,268mn for 2015E (up +19% YoY). The growth in 2015E to be driven by increased Net II, steady contribution from Non II, and reduced impairments. Meanwhile, 2016E NP forecast maintained at Rs.7...


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Hatton National Bank

Hatton National Bank (HNB) 1Q2015 Results Summary - 15 June 2015 1Q2015 EPS of Rs.4.8 (+75% YoY, however -48% QoQ), slightly below our expectations. Strong YoY growth was boosted by relatively lower collective impairment amid lower pawning related impairment in 1Q2015, whilst the QoQ decline is attributable to shrinking marginsNet Interest Spreads came under pressure during the quarter following a recovery during 2H2014 on account of interest income written back due to recoveries made on some long outstanding NPAs. Core fund based growth at moderate levels with loans and deposits rising 3% Qo...


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John Keells Holdings

John Keells Holdings (JKH) 4Q15 Results Summary - 28 May 2015 4Q15 recurring EPS of Rs.4.0 (-7% YoY), below our expectations, due to below par performance in Others and Financial Services sectors Outlook Valuations - JKH’s FY16E group recurring net profit forecast broadly maintained at Rs.13,268mn, (+2% YoY), whilst FY17E net profit forecast at Rs.14,088mn (+6% YoY). The Leisure sector is the main contributor to group earnings (~35-38% of group PAT) followed by Transportation sector (~18% of group PAT). Lower contribution from Property sector, amid waterfront pre-sales are only recognised a...


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Tokyo Cement Lanka

Tokyo Cement Company (Lanka) (TKYO) 3Q15 Initiation Report - 28 May 2015Tokyo Cement Company (Lanka) (TKYO) is the market leader in the Sri Lankan cement industry with 35% market share and total installed capacity of ~2mn MT pa. Self-sufficiency in energy, ownership of a vessels fleet, sound distribution network, three decade long industry expertise and strong brand equity places TKYO at a major advantage over its peersTKYO’s is currently the only cement manufacturer in the “ready-mix” segmentOngoing US$50mn capacity expansion can be seen as the main catalyst for TKYO, providing scope to rem...


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Commercial Bank of Ceylon

Commercial Bank of Ceylon (COMB) 1Q2015 Results Summary - 27 May 20151Q2015 EPS of Rs.2.9 for 1Q2015 (+10% YoY but -26% QoQ), slightly below our expectations due to all time low spreads- Net Interest Spread falls to a record low of 3.5% in 1Q2015, however expected pick up in 2H2015E due to up-take in private credit- Non II growth to pick-up in 2H2015E, on account of forecast LKR depreciation driven FCBU revaluation reserve gainsOutlook Valuations - COMB’s NP forecasts marginally revised down to Rs.11,825mn (up +5% YoY) and to Rs.12,810mn (up +8% YoY) for 2015E and 2016E respectively, on ...


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Monthly Report - June 2015

Sri Lanka Monthly Report - June 2015June 2015 Market Performance: The Colombo Bourse closed lower in June 2015 with the benchmark All Share Price Index (ASPI) declining -3% MoM - across the board price declines, largely driven by political uncertainty. The more liquid S P SL 20 index also declined -2% MoM in June 2015 Average daily turnover declined -47% MoM in June 2015, after reaching five month high on previous month. Net foreign selling was seen in June 2015, following eight consecutive months of net foreign buyingPresident Maithripala Sirisena called for the dissolution of parliament w.e...


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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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