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News & Announcements

  • Corporate Announcements:
    Thursday, 31 July 2014

    Union Assurance (UAL), 96% owned subsidiary of John Keells Holdings (JKH), announced its decision to divest a 78% stake in its General Insurance business to Fairfax Asia Ltd, upon completion of the segregation of the General and Life Insurance business of the company.

    Based on the projected financial statements of the company as at 31 December 2014, and for the purpose of the transaction, the overall General business is valued at Rs.4.5bn.

    The transaction is subject to customary closing conditions

    http://www.cse.lk/cmt/upload_cse_announcements/1531406776403_.pdf

     

    Central Investments and Finance (CIFL) announced that the Financial Sector Consolidation Unit of the Central Bank of Sri Lanka (CBSL) has advised the Board of Directors of CIFL (copying the managing agents M.s People’s Leasing and Finance) that M/s. KPMG Sri Lanka has been assigned to carry out the Due Diligence, Valuation and Information Memorandum of CIFL in preparation for the Financial Sector Consolidation Program

    http://www.cse.lk/cmt/upload_cse_announcements/781406801910_.pdf

  • Results for the period ended 30 June 2014:
    Thursday, 31 July 2014

    National Development Bank (NDB) reported a net profit of Rs.843mn for 2Q2014 (+6% YoY), resulting in a net profit of Rs.2,034mn for 1H2014 (+56% YoY)

    Haycarb (HAYC) reported a net profit of Rs.131mn for 1Q15 (-35% YoY)

    Pan Asia Bank (PABC)  reported a net profit of Rs.90mn for 2Q2014 (vs. Rs.11mn 2Q2013), resulting in a net profit of Rs.176mn for 1H2014 (+9% YoY)

    Trans Asia Hotels (TRAN) reported a net profit of Rs.65mn for 1Q15 (-46% YoY)

    Seylan Bank (SEYB) reported a net profit of Rs.684mn (+41% YoY) for 2Q2014, resulting in a net profit of Rs.1,211mn for 1H2014 (+22% YoY)

  • Dividend announcements:
    Thursday, 31 July 2014

    C T Land Development (CTLD) (Amended Date) – Final Dividend of Re.1.50 per share – XD: 22/08/2014 – PD: 01/09/2014

    Elpitiya Plantations (ELPL) – First and Final Dividend of Rs.0.75 per share – XD: 24/09/2014 – PD: 02/10/2014

    John Keells Hotels (KHL) – Interim Dividend of Rs.0.25 per share – XD: 11/08/2014 – PD: 20/08/2014

  • Local Economy:
    Wednesday, 30 July 2014

    Sri Lanka’s 3-month Treasury Bill yields fell 7bps to 6.36% points. Meanwhile, 6-month and 12-month T-Bill yields fell 7bps and 10bps each to 6.47% and 6.58% respectively at this week’s auction.

  • Corporate Announcements:
    Wednesday, 30 July 2014

    The Colombo Stock Exchange (CSE) has approved in principle an application submitted by Softlogic Finance (CRL) for the listing of its debentures, to raise Rs.1.4bn. CRL offered 14.0mn Rated, Redeemable Debentures at an issue price of Rs.100.00 per debenture.

    The date of opening of the subscription list is 21 August 2014.

    http://www.cse.lk/cmt/upload_cse_announcements/4781406696405_.pdf

    Ceylon Leather Products (CLPL) announced that, in terms of item 2.3 of section XIII of the circular to shareholders dated 28 July 2010 and conditions endorsed on the certificates in respect of Warrants 2014, that the Warrants will cease to trade on 04 August 2014 as at end of trading.

    The holders of the Warrants are entitled to exchange their Warrants with an equal number of Ordinary Shares of the company at Rs.118 per share during the exercise period commencing 04 August 2014 to 25 August 2014.

    Warrants in respect of which the right to convert into Ordinary Shares are not exercised on or before 4.00 p.m on 25 August 2014, shall have no right whatsoever thereafter.

    http://www.cse.lk/cmt/upload_cse_announcements/8441406718793_.pdf

  • Results for the period ended 30 June 2014:
    Wednesday, 30 July 2014

    Asian Hotels and Properties (AHPL) reported a net profit of Rs.337mn for 1Q15 (-14% YoY)

    John Keells Hotels (KHL) reported a net profit of Rs.129mn for 1Q15 (vs. a loss of –Rs.102mn in 1Q14)

    Swisstek (Ceylon) (PARQ) reported a net profit of Rs.21mn for 1Q15 (vs. a loss of –Rs.1mn in 1Q14)

    People’s Leasing & Finance (PLC) reported a net profit of Rs.783mn for 1Q15 (+15% YoY)

    Lanka Ventures (LVEN) reported a net profit of Rs.51mn for 1Q15 (-2% YoY)

    Alumex (ALUM) reported a net profit of Rs.63mn for 1Q15 (-21% YoY)

    Lanka Walltiles (LWL) reported a net profit of Rs.134mn 1Q15 (vs. a loss of -62mn in 1Q14)

    Vallibel Power Erathna (VPEL) reported a net profit of Rs.150mn for 1Q15 (-38% YoY)

    Orient Finance (ORIN) reported a net profit of Rs.19mn (+91% YoY)

    Lanka Tiles (TILE) reported a net profit of Rs.121mn for 1Q15 (+68% YoY)

    Odel (ODEL) reported a net profit of Rs.4mn in 1Q15 (-94% YoY)

  • Dividend announcements:
    Wednesday, 30 July 2014

    Swadeshi Industrial Works (SWAD) – Final Dividend of Re.1.00 per share – XD: 29/09/2014 – PD: 07/10/2014

    Raigam Wayamba Salterns (RWSL) – Final Dividend of Rs.0.10 per share – XD: 19/09/2014 – PD: 25/09/2014

     

  • Corporate Announcements:
    Monday, 28 July 2014

    It was announced that the initial issue of 10.0mn Rated, Senior, Unsecured, Redeemable Debentures at the face value of Rs.100.00 per debenture of Dunamis Capital (CSEC) was oversubscribed with applications exceeding Rs.1.0bn being received and the issue was closed today, 28 July 2014. 

    http://www.cse.lk/cmt/upload_cse_announcements/4221406519869_.pdf

    It was announced that Redingtion Global (Pvt) Ltd purchased 27.2mn shares (10.8% stake) of PCH Holdings (PCHH) on 25 July 2014 at Rs.2.50 per share from Dynaris Holdings Limited.

    http://www.cse.lk/cmt/upload_cse_announcements/2081406523577_.pdf

Research Reports

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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Monthly Report - May 2014

Sri Lanka Monthly Report - May 2014May 2014 Market Performance: The Colombo Bourse rose marginally in May 2014, with the benchmark All Share Price Index (ASPI) rising 0.6% MoM to 6,263 points and the more liquid S P SL20 index rising 1.1% MoM to 3,455 points Average daily turnover rose 12% MoM to Rs.1,240mn in May 2014 Foreigners were net buyers for the month, following three months of continuous net foreign selling, with a net foreign inflow of Rs.9,690mn in May 2014 (vs. a net foreign outflow of -Rs.346mn in the previous month) Secto...


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Sampath Bank

SAMP 1Q 2014 Results Summary - Rs.195.00 - 17 June 2014 Sampath Bank (SAMP) reported a 1Q2014 EPS of Rs.7.6 (up 17% YoY), below our expectations, driven by negative loan growth and deterioration in Net Interest Spread despite being cushioned by impairment reversal made against pawning portfolio on account rise in gold prices Quarterly Highlights:- SAMP’s Net Interest Spread (NIS) continued to be under pressure and fell 67bps QoQ to lowest on record of 3.1% in 1Q2014 amidst declining interest rate environment - SAMP’s gross loans declined 4% QoQ (first quarterly growth ...


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John Keells Holdings

JKH - Rs.233.5 - Results Summary 4Q14 - 28 May 2014 4Q14 recurring EPS of Rs.4.6 (+24.4% YoY), above our expectations, with continued recovery in Leisure sector coupled with above par performance in Property and Consumer Food Retail (CF R) sectors compensating for decline in earnings of Transportation sector Quarterly Highlights:§ Property sector earnings primarily driven by presales of “Seventh Sense” apartments coupled with increased revenue recognition on the apartment projects § CF R sector bottom-line growth largely attributable to pickup in consumer demand and margin impr...


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Dialog Axiata

DIAL Rs 9.90 - 1Q2014 Results Summary - 23 May 20141Q2014 EPS of Rs.0.16 for 1Q2014 (down 21% YoY), below our expectations, due to relatively higher YoY depreciation and lower YoY EBITDA margins Quarterly Highlights:§ Group EBITDA margin contracted to 28.8% in 1Q2014 from 32.7% in 1Q2013 (albeit rising QoQ from 28.2% in 4Q2013) impacted by the recognition of a TDC (Telecommunications Development Charge) refund of Rs.429mn in 1Q2013§ DIAL’s 1Q2014 capex declined 60% QoQ to Rs.3.2bn (19% of revenue) and was focused on coverage and capacity expansion alongside the extension of the G...


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Hatton National Bank

HNB – N:Rs.158.00, X:Rs.122.70 - Results Summary 1Q2014 - 22 May 2014 Hatton National Bank (HNB) reported an EPS of Rs.2.7 for 1Q2014 (down 2% YoY), below our expectations, due to deterioration in both Net Interest Spreads and delinquency rates- Pawning related impairment at Rs.400mn for 1Q2014 amid falling gold prices and higher pawning defaults Quarterly Highlights:- HNB’s loan book grew 3% QoQ (amidst a 1% QoQ contraction in the banking sector loans) to Rs.362bn as at 31 March 2014 while its deposits base grew 2% QoQ to Rs.393bn as at 31 March 2014. Pawning advances as ...


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Commercial Bank of Ceylon

COMB – N:Rs.128.00, X:Rs.98.50 - Results Summary 1Q2014 - 20 May 2014Commercial Bank of Ceylon (COMB) reported a EPS of Rs.2.7 for 1Q2014 (up 2% YoY), below our expectations, due to lower net interest spreads, negative loan growth, worsening asset quality and relatively higher effective tax rate- Deposits growth remains strong whilst impairment increases due to increased non performing advances Quarterly Highlights:- COMB’s loan book contracted marginally on a QoQ basis to Rs.418bn as at 31 March 2014, below our expectations, on account of lower private sector demand for ...


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Ceylon Tobacco Company

CTC - Rs.1,089.50 - 16 May 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 Quarterly Highlights Gross revenue +7% YoY, despite the -3.6% YoY decline in cigarette volumes as per management The drought in 1Q2014 may have particularly impacted dem...


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