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  • Stock Market Indicators:
    Monday, 29 September 2014


    ASI: 7,238.2 (up 4 points, +0.06%), S&P SL20: 4,019.0 (up 11 points, +0.26%)

    Turnover: Rs.3,456mn (+27%) 

    Exchange Rate 1US$ = Rs.130.35

    Market Capitalization: US$23.5bn

    Foreign Purchases: Rs.376mn (-41%)

    Foreign Sales: Rs.2,268mn (+68%)

     

    John Keells Holdings (JKH-N – Rs.251.0) emerged as the top contributor to turnover with Rs.2.1bn (8.6mn shares), followed by People’s Leasing and Finance (PLC – Rs.19.9) with Rs.112.5mn turnover (5.7mn shares) and First Capital Holdings (CFVF – Rs.56.0) with Rs.108mn turnover (2.0mn shares)

  • Corporate Announcements:
    Monday, 29 September 2014


    Access Engineering (AEL) announced that it will acquire 80% of the ordinary shares of Access projects (Pvt) Ltd, 
    on 01 October 2014 for a consideration of Rs.1.0bn.

    http://www.cse.lk/cmt/upload_cse_announcements/2911411987267_.pdf 

     

    Bank of Ceylon (BOC) announced the application details for its Rs.8.0bn Unsecured, Subordinated, Debenture issue.

    http://www.cse.lk/cmt/upload_cse_announcements/9461411963391_.pdf 

     

    Union Bank of Colombo (UBC) announced and confirmed that CultureFinancial Holdings Ltd, has invested Rs.11.4bn enabling the UBC to issue 742.2mn ordinary voting shares of the company for Rs.15.30 each by way of a private placement and 218.3 warrants for Rs.0.30 per warrant to be exercised within a period of six years.

    http://www.cse.lk/cmt/upload_cse_announcements/8921411969390_.pdf 

     

    It was announced that Culture Financial Holdings Ltd, has made a mandatory offer to purchase 21.8mn shares (6.25%) of UBC at a price of Rs.25.00 per share.

    http://www.cse.lk/cmt/upload_cse_announcements/9631411973194_.pdf 

     

    Samson International (SIL) announced the dates for its 1:10 capitalization of reserves, with the XR date being 16 October 2014, whilst allotment will be on 15 October 2014.

  • Dividend Announcement:
    Monday, 29 September 2014


    Union Chemicals Lanka (UCAR)
     – First Interim Dividend of Rs.7.00 per share – XD : 09/10/2014 – PD :20/10/2014

  • Stock Market Indicators:
    Friday, 26 September 2014


    ASI: 7,233.7 (up 1 point, +0.01%), S&P SL20: 4,008.42 (down 5 points, -0.11%)

    Turnover: Rs.2,731mn (vs. Rs.1,188mn) 

    Exchange Rate 1US$ = Rs.130.30

    Market Capitalization: US$23.5bn

    Foreign Purchases: Rs.638mn (vs. Rs.187mn)

    Foreign Sales: Rs.1,349mn (vs. Rs.62mn)

     

    John Keells Holdings (JKH-N – Rs.251.1) emerged as the top contributor to turnover with Rs.1.1bn (4.5mn shares), followed by Hemas Holdings (HHL – Rs.61.5) with Rs.302mn turnover (4.9mn shares) and Hatton National Bank voting (HNB-N – Rs.183.9) with Rs.156mn turnover (0.9mn shares)

  • Corporate Announcements:
    Friday, 26 September 2014


    It was announced that First Capital Holdings' (CFVF) long and short term corporate credit ratings were upgraded to “A- and P2” from “BBB+ and P2” by Lanka Rating Agency Ltd

    http://www.cse.lk/cmt/upload_cse_announcements/9871411727159_.pdf

     

    NDB Capital Holdings (CDIC) announced that it received approval from the securities and exchange commission (SEC) to de list its shares from the official list of the Colombo Stock Exchange (CSE)

    http://www.cse.lk/cmt/upload_cse_announcements/7671411724598_.pdf

     

    Asiri Central Hospitals (ASHA) announced that a special resolution was passed to change the status of the company from a public listed company to a public un-listed company upon the de-listing of its shares from the official list of the CSE and to dispose of its land and premises located in Colombo 7 for a consideration of Rs.2.6bn

    http://www.cse.lk/cmt/upload_cse_announcements/9331411709666_.pdf

     

    Arpico Finance Company (ARPI) announced that it decided to accept the offer made by Alfinco Insurance Brokers (Pvt) Ltd to repurchase the shares held by ARPI in Alfinco Insurance Brokers (Pvt) Ltd for a consideration of Rs.186.1mn

    http://www.cse.lk/cmt/upload_cse_announcements/5561411701014_.pdf

  • Dividend Announcement:
    Friday, 26 September 2014


    Brown and Company (BRWN)
     – Interim Dividend of Rs.2.65 per share – XD : 07/10/2014 – PD : 17/10/2014

  • Stock Market Indicators:
    Thursday, 25 September 2014

    ASI: 7,233.0 (down 21 points, -0.3%),  S&P SL20: 4,013.0 (down 10 points, -0.2%)

    Turnover: Rs.1,188mn (-23%) 

    Exchange Rate 1US$ = Rs.130.30

    Market Capitalization: US$23.5bn

    Foreign Purchases: Rs.187mn (+19%)

    Foreign Sales: Rs.62mn (-65%)

    Hatton National Bank – Voting (HNB-N – Rs.181.0) emerged as the top contributor to turnover with Rs.121mn (0.7mn shares), followed by LB Finance (LFIN – Rs.170.0) with Rs.118mn turnover (0.7mn shares) and Ceylon Tobacco Company (CTC – Rs.1,160.0) with Rs.79mn turnover (68,451 shares).

  • Corporate Announcements:
    Thursday, 25 September 2014


    Bank of Ceylon (BOC) announced the allotment details
     of its oversubscribed 80mn Debentures at Rs.100 each;

    applications for 5mn and below - entire quantity, applications over 5mn – 5mn debentures plus 87.0% of the quantity excess of 5mn  

    http://www.cse.lk/cmt/upload_cse_announcements/1001411640345_.pdf

     

    It was announced that Kuruwita Textile Mills (KURU) and Beruwela Walk Inn (BINN) has been delisted from the official list of the Colombo Stock Exchange (CSE) w.e.f 24 September 2014  

    http://www.cse.lk/cmt/upload_cse_announcements/1551411614924_.pdf

    http://www.cse.lk/cmt/upload_cse_announcements/9601411614998_.pdf

     

    Hemas Holdings (HHL) announced that the major shareholders of HHL and Minor International PCL (parent company of Leisure Asia Investments Ltd and Lodging Investment (Labuan) Ltd) havemade a proposal to the board of Serendib Hotels (SHOT), with a view to consolidate the multiple Sri Lankan hotel property investments of SHOT    

    http://www.cse.lk/cmt/upload_cse_announcements/8521411636670_.pdf

Research Reports

Hemas Holdings

1Q15 Results Summary - HHL Rs.51.50 - 1 September 2014 Hemas Holdings (HHL) reported a Net Profit (NP) of Rs.247mn for 1Q15 (-11% YoY), the lowest quarterly NP since 2Q12 of Rs.225mn, below our expectations due to higher than anticipated losses in Power and Others sectors, which hampered the positive contribution in FMCG and Healthcare sectors Outlook Valuations: ­Based on our sectoral forecasts revisions, HHL FY15E NP forecast revised down by 6% to Rs.2,063mn (+16% YoY) and forecast a NP of Rs.2,354mn in FY16E (+14% YoY), amidst steady earnings growth in HHL's FMCG (~50% of FY15E total N...


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Nestle Lanka

NEST 2Q2014 Results Summary - Rs.2,110 - 15 September 20142Q2014 net profit of Rs.976mn (+24% YoY, but -12% QoQ - off a relatively high base; 1Q2014 net profit hit a record high of Rs.1,103mn), above our expectations. Strong YoY earnings growth amid higher than anticipated expansion in the GP margin to a record high, led by favourable commodity prices and a relatively stable currency. 1H2014 net profit +22% YoY to Rs.2,079mn Outlook Valuations: On account of an upward revision to our GP margin forecasts amid the near term outlook for NEST’s key commodity prices remaining soft and the curren...


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Nations Trust Bank

NTB - Rs.90 - 2Q2014 Results Summary - 12 September 2014 2Q2014 EPS of Rs.2.6 (up 27% YoY), above our expectations, supported by higher margin and non-interest income, offsetting sluggish credit growth§ CASA ratio improved to best since 3Q2011, however, portfolio quality (measured by NPA) deteriorated to 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 p...


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Dialog Axiata

DIAL Rs 11.20 - 2Q2014 Results Summary - 12 September 2014Dialog Axiata (DIAL) reported an EPS of Rs.0.2 for 2Q2014, up 69% YoY and up 28% QoQ, in line with our expectations. Profits driven by relatively lower YoY net finance costs ARPU under pressure, due to drop in minutes of usage owing to increased Telco levy – capex intensity at 15%Sector competition to remain intense on account of higher non price related competitionOn better 2H2014 ARPU expectations on account of forecast increase in real consumption levels, we maintain DIAL’s net profits at Rs.5,672mn (up 9% YoY) and Rs.6,623mn (up 17...


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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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