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News & Announcements

  • Stock Market Indicators:
    Wednesday, 25 May 2016


    ASI: 6,583.5 (up 13 points, +0.20%), S&P SL20: 3,446.5 (up 3 points, +0.09%)

    Turnover: Rs.952mn (+25%)

    Exchange Rate 1US$ = Rs.147.00

    Market Capitalization: US$19.1bn

    Foreign Purchases: Rs.258mn (-54%)

    Foreign Sales: Rs.705mn (+36%)

     

    Commercial Bank of Ceylon - Voting (COMB-N – Rs.130.4) emerged as the top contributor to turnover with Rs.329mn (2.5mn shares), followed by National Development Bank (NDB – Rs.178.0) with Rs.202mn turnover (1.1mn shares) and John Keells Holdings (JKH-N – Rs.158.0) with Rs.80mn turnover (0.5mn shares)

  • Local Economy News:
    Wednesday, 25 May 2016


    Sri Lanka’s 3-month and 6-month Treasury Bill Yields were increase by 5bps and 27bps to 8.71% and 9.67% respectively, whilst 12-month Treasury Bills were rejected.

  • Corporate Announcement:
    Wednesday, 25 May 2016


    Dipped Products (DIPD) announced that it has further invested Rs.535mn in the equity of ICOGUANTI S.p.A, a marketing company based in Genova Italy.

    Subsequent to the purchase, ICOGUANTI S.p.A which was a 60% owned subsidiary has now become a wholly owned subsidiary of DIPD.

    http://www.cse.lk/cmt/uploadAnnounceFiles/6471464152024_670.pdf

  • Dividend Announcements:
    Wednesday, 25 May 2016


    Chemanex (CHMX) Final Dividend of Rs.1.00 per share – XD: 
    01/07/2016 – PD: 10/07/2016

    Watawala Plantations (WATA) Final Dividend of Rs.0.75 per share – XD: 01/07/2016 – PD:12/07/2016

    CIC Holdings (CIC) Final Dividend of Rs.2.00 per share – XD: 01/07/2016 – PD: 12/07/2016

    Access Engineering (AEL) Final Dividend of Rs.0.50 per share – XD: 03/06/2016 – PD: 14/06/2016

    Trans Asia Hotels (TRAN) First and Final Dividend of Rs.1.00 per share – XD: 03/06/2016 – PD:14/06/2016

  • Results for the Period Ended 31 March 2016
    Wednesday, 25 May 2016


    John Keells Holdings (JKH) reported a net profit of Rs.4,522mn for 4Q16 (-13% YoY), resulting in a net profit of Rs.14,070mn for FY16 (-2% YoY)

    Asian Hotels & Properties (AHPL) reported a net profit of Rs.309mn for 4Q16 (+49% YoY), resulting in a net profit of Rs.321mn for FY16 (-45% YoY)

    Ceylon Cold Stores (CCS) reported a net profit of Rs.967mn for 4Q16 (+61% YoY), resulting in a net profit of Rs.2,875mn for FY16 (+88% YoY)

  • Stock Market Indicators:
    Tuesday, 24 May 2016


    ASI: 6,570.6 (down 63 points, -0.95%), S&P SL20: 3,443.3 (down 11 points, -0.33%)

    Turnover: Rs.763mn (-9%)

    Exchange Rate 1US$ = Rs.147.00

    Market Capitalization: US$19.0bn

    Foreign Purchases: Rs.565mn (+39%)

    Foreign Sales: Rs.520mn (+3%)

    Commercial Bank of Ceylon - Voting (COMB-N – Rs.131.0) emerged as the top contributor to turnover with Rs.288mn (2.2mn shares), followed by The Lion Brewery Ceylon (LION – Rs.400.0) with Rs.135mn turnover (0.3mn shares) and Hatton National Bank - Voting (HNB-N – Rs.212.5) with Rs.58mn turnover (0.3mn shares)

  • Local Economy News:
    Tuesday, 24 May 2016


    The National Consumer Price Index (NCPI - Base year 2013) increased to 111.6bps in April 2016. Meanwhile point to point inflation (measured by NCPI) was recorded at 4.3% in April 2016 (vs. 2.2% in March 2016). Inflation on an annual average basis in April 2016 was recorded at 2.6%.

    http://www.statistics.gov.lk/price/NCPI/NCPI_PRESS%20RELEASE_April.pdf

  • Corporate Announcement:
    Tuesday, 24 May 2016


    John Keells Holdings (JKH) announced that its Board of Directors resolved to increase the number of shares by way of a sub division whereby seven (7) existing ordinary shares will be subdivided into eight (8) ordinary shares.

    Consequently, the number of shares currently in issue will increase from 1,189mn to 1,359mn.

    http://www.cse.lk/cmt/upload_cse_announcements/91464089371_.pdf

     

Research Reports

Commercial Bank of Ceylon

CT CLSA – Commercial Bank of Ceylon (COMB) 4Q2015 Results Summary - 07 March 2016 Commercial Bank of Ceylon (COMB N – Rs.124.0, COMB X – Rs.111.0) COMB reported a 4Q2015 Net Profit (NP) of Rs.3,424mn (+1% YoY, +5% QoQ), broadly in line with our expectations, resulting in its 2015 NP rising +6% YoY to Rs.11,855mn. Profits improved on a QoQ basis due to improved asset quality§ Effective Tax Rate (ETR) increases on a YoY basis due to the tax credits received in 4Q2014 on COMB’s acquisition of NBFI Indra Finance Limited§ COMB reported fair value (M2M) losses from Govt securities held for trading...


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Asiri Hospitals

CT CLSA – Asiri Hospital Holdings (ASIR) Initiation Report - 17 March 2016ASIR – Rs.23.2 § Asiri Hospital Holdings (ASIR), a 50.7% owned subsidiary of listed conglomerate Softlogic Holdings (SHL), is Sri Lanka’s leading and the largest private listed hospital group in terms of market capitalization and bed capacity – with 610 beds in four hospitals - three in capital Colombo and the other in Southern city Matara, commanding one third of the bed capacity in the listed segment. Recording a revenue of Rs.8.6bn for FY15, recurring net profit of Rs.903mn for FY15 and Rs.972mn for 1-3Q16 (+26% YoY)...


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Nations Trust Bank

CT CLSA - Nations Trust Bank (NTB) 4Q2015 Results Summary - 24 Mar 2016NTB – Rs.77.0 4Q2015 EPS of Rs.2.9 (+21% YoY and -1% QoQ), slightly above our expectations, largely due to lower impairment provisions and higher Non Interest IncomeNet Interest Spread continued to contract amid increased price competition within the banking and financial sectorOutlook Valuations: We revise up our 2016E NP forecast by 12% to Rs.2,636mn (+1% YoY), largely due to upward revisions in interest spreads and loan book. Meanwhile, 2017E NP forecast at Rs.3,104mn (+18% YoY off a low base), supported by the growth...


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Aitken Spence

CT CLSA - Aitken Spence (SPEN) 3Q16 Results Summary - 28 March 2016SPEN – Rs.73.03Q16 net profit -27% YoY on a recurring basis to Rs.637mn, below our expectations, due to below par performance in tourism sector and lack of contribution from Ace Power Embilitiya (APE), under the Strategic Investments sector, on account of non-renewal of the Power Purchase Agreement (PPA), which expired in April 2015Outlook and ValuationsSPEN’s group recurring net profit forecasts revised down by -12% to Rs.2,396mn for FY16E (-43% YoY) and by -6% to Rs.3,028mn for FY17E (+26% YoY, off a low base) largely due to ...


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Tokyo Cement

CT CLSA - Tokyo Cement Company (Lanka) (TKYO) 3Q16 Results Summary - 28 March 2016 Tokyo Cement Company (Lanka) (TKYO-N: Rs.35.0, TKYO-X-Rs.33.0) TKYO reported a 3Q16 net profit of Rs.339mn (vs. Rs.100mn in 3Q15, although -31% QoQ), broadly in line with our expectations, largely due to higher growth in other income (which is not expected to be sustainable and lacks clear visibility). Meanwhile, cumulative earnings rose +16% YoY in 1-3Q16 Outlook Valuations: 3Q16 EPS of Rs.1.0 (vs. EPS of 0.3 in 3Q15, -31% QoQ), broadly in line with our expectations, largely driven by higher growth in other i...


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Peoples Leasing

People’s Leasing Finance (PLC - Rs.19.5) § PLC reported a net profit of Rs.1,150mn for 4Q16 (+2% YoY, although -5% QoQ), slightly above our expectations, largely due to continued impairment reversals for loans and receivables. Meanwhile, FY16 earnings grew +15% YoY Outlook Valuations: § PLC’s FY17E net profit forecast broadly maintained at Rs.4,289mn (-9% YoY), in anticipation of continued rise in interest rates and slowdown in local vehicle market. Meanwhile, FY18E net profit forecast at Rs.4,812mn (+12% YoY) with earnings largely recovering from anticipat...


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Peoples Leasing

People’s Leasing Finance (PLC - Rs.19.5) § PLC reported a net profit of Rs.1,150mn for 4Q16 (+2% YoY, although -5% QoQ), slightly above our expectations, largely due to continued impairment reversals for loans and receivables. Meanwhile, FY16 earnings grew +15% YoY Outlook Valuations: § PLC’s FY17E net profit forecast broadly maintained at Rs.4,289mn (-9% YoY), in anticipation of continued rise in interest rates and slowdown in local vehicle market. Meanwhile, FY18E net profit forecast at Rs.4,812mn (+12% YoY) with earnings largely recovering from anticipat...


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Lion Brewery - Initiation Report

CT CLSA - Lion Brewery Ceylon (LION) Initiation Report - 29 April 2016 Lion Brewery Ceylon (LION - Rs.452.4) Lion Brewery Ceylon (LION) is Sri Lanka’s largest producer and distributor of soft alcohol (beer) with a market share of ~86%. Currently, LION’s portfolio mainly includes three Lion Brands (Lion Lager, Lion Strong and Lion Stout), Carlsberg and Carlsberg Special Brew both of which are marketed under a license Outlook Valuations: LION’s NP forecast at Rs.2,055mn for FY16E (+13% YoY). Meanwhile, we expect 4Q16E earnings to decline -16...


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Hemas Holdings - Event Update

Hemas Holdings (HHL - Rs.88.9) Event Update - 29 April 2016 HHL appointed Evergreen’s exclusive shipping line agent · Hemas Maritime (Pvt) Ltd, a fully owned subsidiary of Hemas Holdings (HHL) announced that it has been appointed as the general agent of Evergreen Lines in Sri Lanka, through a formal tender process, via agency renewal · Evergreen has 190 ships with a capacity of ~850,000 twenty foot containers, with Colombo being one of the transhipment hubs in its network. Evergreen started operations in Colombo in 1986 and is the third largest mainl...


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Results for the Period Ended 31 December 2015:

John Keells Holdings (JKH) reported a net profit of Rs.3,895mn for 3Q16 (-10% YoY), resulting in a net profit of Rs.9,548mn for 1-3Q16 (+5% YoY). Softlogic Finance (CRL) reported a net profit of Rs.102mn for 3Q16 (+67% YoY), resulting in a net profit of Rs.227mn for 1-3Q16 (+48% YoY).


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Commercial Bank of Ceylon

CT CLSA - Commercial Bank of Ceylon (COMB) 3Q2015 Results Summary - 19 November 2015COMB reported an EPS of Rs.3.7 for 3Q2015 (-2% YoY and +23% QoQ), broadly in line with our expectationsTop line driven by growth in leasing portfolio, CASA improves to 50%, asset quality continues to improve with better NPA coverageEfficiency improves, despite slower growth seen in non-core incomeMarked to market losses continues to increase to Rs.6.4bn for 1-3Q2015 (with Rs.3.4bn reported during 3Q2015) amidst an unfavorable interest rate environment Outlook Valuations NP forecasts maintained at Rs.11,827m...


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Sampath Bank

CT CLSA - Sampath Bank (SAMP) 3Q2015 Results Summary - 18 November 2015 3Q2015 EPS of Rs.10.9 (+69% YoY and +16% QoQ), above our expectations on account of the foreign exchange gains recorded on foreign currency holdingsOutlook ValuationsSAMP NP forecast revised up by 3% for 2015E to Rs.6,415mn (+22% YoY), amid the upward revisions in Non-Interest Income. Meanwhile, 2016E NP forecast broadly maintained at Rs.7,367mn (+15% YoY)The SAMP share has outperformed the market 2015YTD rising +13% (vs. ASI’s decline of -7%), however declined in last three months by -7% (similar to ASI)SAMP trades at...


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Aitken Spence Hotel Holdings

CT CLSA - Aitken Spence Hotel Holdings (AHUN) 2Q16 Results Summary - 19 November 2015Quarterly Highlights:2Q16 Net Profit (NP) of Rs.210mn (+81% YoY on a recurring basis, off a low base, down -33% from 2Q14), in line with our expectations, led by profit growth in both the Sri Lanka and Maldives sectors. 1H16 recurring NP consequently up +33% YoY to Rs.406mn Outlook Valuations: AHUN recurring NP revised down by -8% to Rs.2,137mn for FY16E (+5% YoY) and by -9% to Rs.2,577mn for FY17E (+21% YoY); downward revision on account of political uncertainty and relatively modest growth in the Maldives...


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National Development Bank

CT CLSA – National Development Bank (NDB) 3Q2015 Results Summary - 07 December 2015NDB reported an EPS of Rs.5.1 (-32% YoY, +47% QoQ), below our expectations. Profits fell due to worsening (YoY) cost to income ratio and relatively higher impairmentNet Interest Spreads deteriorated slightly, deposits remained flat whilst loans grew 6% QoQ during 3Q20152016E fiscal proposals to increase NDB’s Effective Tax Rate by 5.5% Outlook Valuations: NDB’s NP forecasts revised down by -13% and -14% to Rs.3,575mn (-14% YoY) and Rs.4,168mn (+17% YoY) for 2015E and 2016E respectively. Profits revised down o...


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Dialog Axiata

CT CLSA – Dialog Axiata (DIAL) 3Q2015 Results Summary - 11 December 2015DIAL reported a 3Q2015 Net Profit of Rs.679mn (-60% YoY -64% QoQ), below our expectations. Profits fell on account of higher currency depreciation with the LKR weakening during the quarterAverage Revenue Per User increased to Rs.372 per month on account of increased revenue per minute. Finance costs increased on account of 5.5% depreciation in LKR during 3Q2015Withdrawal of 2015E interim proposals on, Satellite levy fee of Rs.1bn and pre-paid telco levy transfer (from consumer to producer) to result only in a one off Rs.2...


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