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News & Announcements

  • Stock Market Indicators:
    Wednesday, 17 September 2014


    ASI: 7,179.2 (up 3 points, +0.04%), S&P SL20: 3,976.8 (unchanged)

    Turnover: Rs.2,181mn (vs. Rs.2,056mn) 

    Exchange Rate 1US$ = Rs.130.25

    Market Capitalization: US$23.3bn

    Foreign Purchases: Rs.710mn (+65%)

    Foreign Sales: Rs.286mn (-9%)

     

    John Keells Holdings (JKH-N – Rs.258.0) emerged as the top contributor to turnover with Rs.479mn (1.9mn shares), followed by Royal Ceramics Lanka (RCL – 117.0) with Rs.256mn turnover (2.2mn shares) and Lanka IOC (LIOC – 44.5) with Rs.136mn turnover (3.0mn shares)

  • Local Economy News:
    Wednesday, 17 September 2014


    Sri Lanka’s External Trade Performance for July 2014 was released with export earnings growing 11% YoY to US$955mn and import expenditure growing 29% YoY to US$1,845mn.Consequently, the Balance of Trade deficit for July 2014 grew 55% YoY to –US$891mn.

    Cumulative export earnings for January-July rose 16% YoY to US$6,394mn, whilst import expenditure rose 3% YoY to US$10,830mn, resulting in a -12% YoY contraction in the balance of trade deficit to –US$4,437mn.

    http://www.cbsl.gov.lk/pics_n_docs/latest_news/press_20140917ea.pdf

     

    Sri Lanka’s 3-month Treasury Bill yield fell 3bps to 6.15% points. Meanwhile, 6-month and 12-month T-Bill yields fell 4bps and 3bps to 6.23% and 6.26% respectively at this week’s auction

    http://www.cbsl.gov.lk/pics_n_docs/latest_news/press_20140917e.pdf

     

    Corporate Announcements:

     

    Ceylon Leather Products (CLPL) announced that 285 ordinary voting shares of the company were listed on 17 September 2014, pursuant to the conversion of warrants

    http://www.cse.lk/cmt/upload_cse_announcements/561410926218_.pdf

     

    Bank of Ceylon (BOC) announced that its issue of 80mn Unsecured, Subordinated, Redeemable Rupee Debenture issue of Rs.100 each was oversubscribed on receipt of applications exceeding Rs.8.0bn on 16 September 2014

    http://www.cse.lk/cmt/upload_cse_announcements/7181410928850_.pdf

     

    Commercial Leasing & Finance (CLC) acquired 59.6mn ordinary voting shares of BRAC Lanka Finance (NIFL), constituting approximately 56% of the total shares in issue of NIFL. A mandatory offer will be made to the remaining shareholders of NIFL

    http://www.cse.lk/cmt/upload_cse_announcements/1741410935815_.pdf

  • Stock Market Indicators:
    Tuesday, 16 September 2014


    ASI: 7,176.10 (up 1 point, +0.02%), S&P SL20: 3,976.76 (up 2 points, +0.06%)

    Turnover: Rs.2,056mn (+31%) 

    Exchange Rate 1US$ = Rs.130.20

    Market Capitalization: US$23.3bn

    Foreign Purchases: Rs.431mn (+164%)

    Foreign Sales: Rs.314mn (+12%)

     

    Commercial Bank of Ceylon - Voting (COMB-N – Rs.157.00) emerged as the top contributor to turnover with Rs.205mn (1.3mn shares), followed by Hemas Holdings (HHL – Rs.54.0) with Rs.152mn turnover (2.8mn shares) and John Keells Holdings (JKH-N – Rs.258.0) with Rs.143mn turnover (0.6mn shares)

  • Local Economy News:
    Tuesday, 16 September 2014


    The Department of Census and Statistics (DCS) announced that Sri Lanka’s Gross Domestic Product (GDP) grew 7.8% in 2Q2014 (vs. 6.8% in 2Q2013 and 7.6% in 1Q2014). The Agriculture sector (11% of total GDP) rose 6.5% in 2Q2014 (vs. a decline of -1.1% in 2Q2013). The Industry sector (32% of total GDP) rose 12.2% in 2Q2014 (vs. 10.1% in 2Q2013), whilst the Services sector (57% of total GDP) rose 5.8% in 2Q2014 (vs. 6.6% in 2Q2013).

  • Corporate Announcements:
    Tuesday, 16 September 2014


    Lanka Orix Leasing Company (LOLC) announced that its fully owned subsidiary, LOLC Micro Investments Ltd (LOMI), which is the micro finance investment arm of LOLC acquired a 60% stake in Cambodian microfinance  company, Thaneakea Phum Cambodia (TPC) for US$20.3mn.

    http://www.cse.lk/cmt/upload_cse_announcements/8271410837867_.pdf

     

    It was announced that Adam Investments Ltd (AINV) has resolved to increase their shareholding in Network Communications (Pvt) Ltd, up to 51% at a consideration of Rs.37.5mn.

    http://www.cse.lk/cmt/upload_cse_announcements/9241410841366_.pdf

     

    Further to the announcement made on 10 September 2014 with regard to the voluntary offer made by Cargills (Ceylon) (CARG) to acquire the Ordinary (Voting) shares of Kotmale Holdings (LAMB) not already owned by CARG and its subsidiaries at Rs.62.50 per shareCARG announced that it purchased 118,726 Ordinary Voting shares (0.38% stake) of LAMB at prices ranging between Rs.61.00 and Rs.62.50 per share. Consequently, the shareholding owned by CARG and its fully owned subsidiaries, Cargills Quality Foods Ltd and Cargills Quality Dairies (Pvt) Ltd has increased from  94.69% to 95.07%.

    http://www.cse.lk/cmt/upload_cse_announcements/9261410859352_.pdf

  • Dividend Announcements:
    Tuesday, 16 September 2014


    Vallibel Power Erathna (VPEL) – Interim Dividend of Rs.0.50 per share – XD : 25/09/2014 – PD : 06/10/2014

    Guardian Capital Partners (WAPO) – First Interim Dividend of Rs.0.50 per share – XD : 25/09/2014 – PD : 06/10/2014

  • Stock Market Indicators:
    Monday, 15 September 2014

    ASI: 7,175.0 (down 44 points, -0.6%), S&P SL20: 3,974.4 (down 41 points, -1.0%)

    Turnover: Rs.1,574mn (-14%) 

    Exchange Rate 1US$ = Rs.130.20

    Market Capitalization: US$23.3bn

    Foreign Purchases: Rs.163mn (-46%)

    Foreign Sales: Rs.280mn (+19%)

     

    Peoples Leasing & Finance (PLC – Rs.19.1) emerged as the top contributor to turnover with Rs.144mn (7.6mn shares), followed by Access Engineering (AEL – Rs.28.0) with Rs.142mn turnover (5.1mn shares) and Janashakthi Insurance Company (JINS – Rs.19.5) with Rs.137mn turnover (7.1mn shares)

  • Corporate Announcements:
    Monday, 15 September 2014

    The Colombo Stock Exchange (CSE) announced that 1,860.0mn shares of Browns Investments (BIL) were listed with effect from 15 September 2014, pursuant to the rights issue in the proportion of 1:1 at a consideration of Rs.1.25 per share.

    http://www.cse.lk/cmt/upload_cse_announcements/1671410749522_.pdf

     

    People’s Leasing & Finance (PLC) announced that its issue of Rated, Senior, Unsecured, Redeemable Debentures (2014) closed today, 15 September 2014, at 4.30PM as it was oversubscribed, with the company receiving applications for over Rs.3bn

    http://www.cse.lk/cmt/upload_cse_announcements/5641410758933_.pdf

     

    Softlogic Holdings (SHL) announced the mandatory offer to purchase all the remaining ordinary shares of Odel (ODEL), amounting to 149.2mn shares (54.8%) at a price of Rs.22.0 per share

    http://www.cse.lk/cmt/upload_cse_announcements/4421410762471_.pdf

     

    Beruwela Walk Inn (BINN) announced that pursuant to the mandatory offer made to buy back shares under the delisting rules of the SEC, a total of 81 forms of acceptance were received by the offeror, Banyan Tree Holding Ltd for a total of 124,680 shares of BINN.

    After making payments to shareholders, 122,930 shares held by Central Depositary System (Pvt) Ltd (CDS) were transferred to offeror’s CDS account. For the remaining shares, which had not been lodged with the CDS, share certificates will be issued to Banyan Tree Holdings Ltd.

    http://www.cse.lk/cmt/upload_cse_announcements/5611410763234_.pdf

Research Reports

Monthly Report - August 2014

Sri Lanka Monthly Report - August 2014August 2014 Market Performance: The Colombo Bourse closed higher for the sixth consecutive month in August 2014, with the benchmark All Share Price Index (ASPI) rising 3.2% MoM surpassing the 7,000 mark for the first time since post conflict-end rally and closing at 7,034 points. Meanwhile, the more liquid S P SL20 index also rose 2.7% MoM to 3,873 pointsAverage daily turnover rose 24% MoM to Rs.1,935mn in August 2014Foreigners were net sellers, following three consecutive months of net foreign buying, with a net foreign outflow of -Rs.2,770mn in August 2...


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Textured Jersey

TJL Rs.19.30 - 1Q15 Results Summary - 28 August 2014TJL reported a net profit of Rs.164mn for 1Q15 (-32% YoY and -53% QoQ) the lowest quarterly earnings since 2Q13, below our expectations, largely due to decline in sales volumes to the US and GP margin contractionOutlook ValuationsDue to higher than anticipated margin contraction and volume decline in 1Q15, TJL’s FY15E net profit forecast revised down by 7% to US$10.4mn (+17% YoY). Meanwhile, as a result of revisited GP margin assumptions FY16E net profit forecast is also revised down by 3% to US$12.3mn (+19% YoY) GP margin forecast revised...


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Strategy Report 2014

Sri Lanka Strategy Report - August 2014Market Outlook Increased local interest in equities in record low interest rate environmentImproving macro outlook and lower interest rates in particular to translate into stronger corporate earnings from 2H2014EGDP growth strengthening to ~7.5%, inflation soft at ~5% and currency stabilizing with modest ~2% depreciation vs. US$The upgrade of Qatar and UAE from frontier to emerging status in June 2014 has also increased the concentration of the flow of foreign cash into fewer countriesAmongst frontier markets, whilst Sri Lanka rates low in scale and liqu...


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Monthly Report - July 2014

Sri Lanka Monthly Report - July 2014July 2014 Market Performance: The Colombo Bourse closed higher for the fifth consecutive month in July 2014, with the benchmark All Share Price Index (ASPI) rising 6.8% MoM to 6,814 points while the more liquid S P SL20 index rose 7.6% MoM to 3,773 pointsAverage daily turnover rose 68% MoM to Rs.1,560mn in July 2014Foreigners were net buyers for the third consecutive month, with a net foreign inflow of Rs.4,725mn in July 2014 (up 26% MoM), resulting in YTD net foreign inflow of Rs.10,974mnSector Performance: Highest Performing: Motors (+19.5%), Chemicals ...


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Ceylon Tobacco Company

CTC – Rs.1,135.00 - 2Q2014 RESULTS SUMMARY - 06 August 2014 1Q2014 EPS of Rs.10.8 (+39% YoY, but -20% QoQ), broadly in line with our expectations; sharp YoY rise is off a relatively low base, supported by revenue growth, despite the 3.6% YoY drop in volumes, and a decline in other opex. CTC’s first quarter earnings are generally its lowest, partly due its relatively conservative accounting approach of allotting other opex 2Q2014 net profit of Rs.2,511mn (-11% YoY; off a relatively high base; 2Q2013 net profit hit a record high of Rs.2,823mn), below our expectations, largely due to higher than...


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National Development Bank

NDB – Rs.215.80 - 2Q2014 Results Summary - 5 August 2014National Development Bank (NDB) reported a net profit (NP) of Rs.843mn in 2Q2014 (up 6% YoY, however down 29% QoQ), broadly in line with our expectations, for our FY2014E NP forecast of Rs.3,674mn (+39% YoY). Consequently, NDB’s 1H2014 NP rose 56% YoY to Rs.2,034mn § NDB’s loan book grew 6% QoQ (2014YTD up 12%) to Rs.153bn while its deposit base grew 3% QoQ (2014YTD up 8%) to Rs.139bn as at 30 June 2014§ Non-Interest Income (Non II) fell 5% YoY (down 24% QoQ) to Rs.1,036mn in 2Q2014 largely due to a decline in net fees and commission i...


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Chevron Lubricants

LLUB – Rs.314.00 - 2Q2014 Results Summary - 30 July 2014 2Q2014 EPS of Rs.5.6 (+20% YoY off a low base however down -12% QoQ), slightly below our expectations, amidst ~6% YoY decline in 1H2014 sales volumes subsequent to the 12% upward product price revision implemented w.e.f. from 27 January 2014. Gross Profit margin reached a record high of 42.7% during 2Q2014 Outlook Valuations: LLUB’s net profit forecast revised down marginally to Rs.2,782mn for 2014E (+10% YoY) and to Rs.3,080mn for 2015E (+11% YoY), due to higher than expected volume declinePE multiples of 13.5X 2014E and 12.2X 2015E,...


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National Development Bank

NDB – Rs.212.00 - 1Q2014 Results Summary - 28 July 2014National Development Bank (NDB) reported a net profit of Rs.1,191mn in 1Q2014 (up 135% YoY and up 167% QoQ on account of to low base effect), above our expectations, due to higher business volumes and a lower effective tax rate § NDB’s loan book grew 6% QoQ (sector up ~3% QoQ) to Rs.145bn while its deposit base grew 4% QoQ (sector up ~3% QoQ) to Rs.135bn as at 31 March 2014 § Total loan loss impairment rose 435% YoY (down 88% QoQ) to Rs.126mn in 1Q2014 (albeit relatively low vs. Rs.1.26bn in 2013). Impairment rose l...


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John Keells Holdings

JKH-N – Rs.238.70 - Results Summary 1Q15 - 25 July 2014 JKH’s 1Q15 EPS of Rs.2.2 (+17% YoY), in line with our expectations. YoY growth led by strong performance in the leisure and consumer, food retail sectors coupled with above par performance in others sector, comprising a capital gain of Rs.389mn from disposal of shares and high interest income earned from JKH’s significant cash pile, compensating for decline in earnings of transportation sector Outlook Valuations: JKH net profit (NP) forecasts maintained at Rs.12,679mn for FY15E (+8% YoY on a recurring basis) ...


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Commercial Bank of Ceylon

Commercial Bank of Ceylon acquires Indra Finance LtdCommercial Bank of Ceylon (COMB) announced on 16 July 2014, its decision to invest Rs.870mn in Indra Finance Limited (IFL: a Licensed Finance Company [LFC]) and to acquire the entirety of the issued and fully paid share capital of IFL, subject to relevant statutory and regulatory approvals followed by a due diligence. Whilst this will be the first LFC acquired by a Licensed Commercial Bank (LCB), post Central Bank of Sri Lanka’s (CBSL’s) announcement on financial sector mergers early this year, we expect COMB to benefit fro...


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Aitken Spence

SPEN – Rs.109.00 - 4Q14 Results Summary - 21 July 2014 Aitken Spence (SPEN) recurring 4Q14 net profit of Rs.1,428mn (+18% YoY), below our expectations amid below par performance in key sectors, tourism and strategic investments. Earnings adjusted for an impairment provision of ~Rs.400mn in the strategic investments sector for the remaining assets of the non-operational power plants, and excluding ~Rs.391mn insurance income under the tourism sector for property partly damaged by a fire in July 2013 in the Maldives and adjusting for the estimated foregone profit from the damag...


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Aitken Spence Hotel Holdings

AHUN – Rs.79.00 - 7 July 2014 - 4Q14 Results Summary Quarterly Highlights: § 4Q14 reported EPS of Rs.3.6 (+29% YoY), supported by higher than anticipated other income which includes insurance proceeds of Rs.370mn received during the quarter for water villas of Adaaran Hudhurunfushi which were partly damaged by a fire in 2Q14. Adjusting for same and AHUN’s foregone profit from damaged villas, 4Q14 recurring NP was Rs.907mn (-5% YoY) and Rs.2,026mn for FY14 (+13% YoY), below our expectations for a NP of Rs.2,121mn (+19% YoY) Sri Lanka segment: Revenue of Rs.1,321mn in 4Q14...


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Monthly Report - June 2014

Sri Lanka Monthly Report - June 2014June 2014 Market Performance: The Colombo Bourse closed higher for the fourth consecutive month in June 2014, with the benchmark ASPI rising 1.8% MoM to 6,379 points the more liquid S P SL20 index rose 1.5% MoM to 3,508 pointsAverage daily turnover declined 25% MoM to Rs.926mn in June 2014Foreigners were net buyers for the second consecutive month, with a net foreign inflow of Rs.3,753mn in June 2014 (down 61% MoM), resulting in YTD net foreign inflow of Rs.6,249mnSector Performance: Highest Performing: Oil Palms (+6.8%), Land Property (+6.1%)Lowest perf...


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Textured Jersey

TJL Rs.19.10 - 4Q14 Results Summary - 19 May 2014 § TJL reported a 4Q14 EPS of Rs.0.54 (+9% YoY and +17% QoQ), in line with our expectations, amidst expansion in profit margins particularly at the GP level due to enhancement of product mix Quarterly Highlights Quarterly revenue driven by strong Europe order book despite the slowdown in US volumes GP margin expanded to 12.4%, amidst introduction of higher margin products and reduced requirement for low margin third party outsourcing Strong balance sheet with net cash position of US$15.8mn as at 31 Ma...


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