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News & Announcements

  • Stock Market Indicators:
    Friday, 27 March 2015


    ASI: 6,873.5 (down 49 points, -0.71%), S&P SL20: 3,901.3 (down 29 points, -0.75%)

    Turnover: Rs.447mn (-59%)

    Exchange Rate 1US$ = Rs.133.35

    Market Capitalization: US$21.8bn

    Foreign Purchases: Rs.51mn (-23%)

    Foreign Sales: Rs.142mn (-48%)

     

    John Keells Holdings (JKH-N – Rs.200.5) emerged as the top contributor to turnover with Rs.187mn (0.9mn shares), followed by Ceylon Guardian Investment Trust (GUAR – Rs.186.0) with Rs.31mn turnover (0.2mn shares) and Hatton National Bank - Non-Voting (HNB-X – Rs.180.0) with Rs.25mn turnover (0.1mn shares)

  • Local Economy News
    Friday, 27 March 2015


    Bonds of US$100mn with weighted average margin of 4.05% over 6 month LIBOR were accepted on Sri Lanka Development Bonds auction held on 27 March 2015

    http://www.cbsl.gov.lk/pics_n_docs/latest_news/press_20150327eb.pdf

  • Corporate Announcements
    Friday, 27 March 2015


    Sinhaputhra Finance
     (SFL) announced a subdivision of the Ordinary and Preference shares in the proportion of 10 for every 1 share held

    http://www.cse.lk/cmt/upload_cse_announcements/1851427442546_.pdf

     

    AMW Capital Leasing (AMCL) announced that its rating was upgraded from BB- to BBB+ effective 25 March 2015

    http://www.cse.lk/cmt/upload_cse_announcements/9161427454430_.pdf

     

    Siyapatha Finance (SLFL) announced that its rating was affirmed at A(lka)

    http://www.cse.lk/cmt/upload_cse_announcements/8421427454358_.pdf

  • Dividend Announcement
    Friday, 27 March 2015


    Haycarb (HAYC) - 
    Interim Dividend of Rs.2.0 per share – XD: 08/04/2015 – PD: 21/04/2015

  • Stock Market Indicators:
    Thursday, 26 March 2015


    ASI: 6,922.8 (down 50 points, -0.72%), S&P SL20: 3,930.8 (down 30 points, -0.77%)

    Turnover: Rs.1,103mn (-45%)

    Exchange Rate 1US$ = Rs.133.55

    Market Capitalization: US$22.0bn

    Foreign Purchases: Rs.66mn (+7%)

    Foreign Sales: Rs.277mn (vs. Rs.67mn)

     

    Nations Trust Bank (NTB – Rs.103.0) emerged as the top contributor to turnover with Rs.423mn (4.1mn shares), followed by John Keells Holdings (JKH-N – Rs.202.0) with Rs.124mn turnover (0.6mn shares) and Seylan Bank - Voting (SEYB-N – Rs.102.7) with Rs.51mn turnover (0.5mn shares)

  • Corporate Announcement:
    Thursday, 26 March 2015


    It was announced that first tranche of Vallibel Finance (VFIN) rated, guaranteed subordinated, redeemable debenture issue was oversubscribed. Accordingly, the option to issue further Debentures as per the Prospectus has been exercised.

    http://www.cse.lk/cmt/upload_cse_announcements/8321427359586_.pdf

  • Stock Market Indicators:
    Wednesday, 25 March 2015


    ASI: 6,973.0 (down 25 points, -0.36%), S&P SL20: 3,961.3 (down 16 points, -0.40%)

    Turnover: Rs.2,000mn (vs. Rs.394mn)

    Exchange Rate 1US$ = Rs.133.55

    Market Capitalization: US$22.1bn

    Foreign Purchases: Rs.62mn (-39%)

    Foreign Sales: Rs.67mn (-42%)

     

    ODEL (ODEL – Rs.21.4) emerged as the top contributor to turnover with Rs.1,449mn (65.9mn shares), followed by Ceylon Leather Products (CLPL – Rs.90.0) with Rs.129mn turnover (1.4mn shares) and Nations Trust Bank (NTB – Rs.103.4) with Rs.49mn turnover (0.5mn shares)

  • Corporate Announcements:
    Wednesday, 25 March 2015


    Odel (ODEL) announced that Softlogic Retail (Pvt) Ltd acquired 64mn (23.5%) ODEL shares from Softlogic Holdings (SHL) at a consideration of Rs.22.0 per share

    http://www.cse.lk/cmt/upload_cse_announcements/6971427274917_.pdf

     

    Lanka Century Investments (GREG) announced that it acquired 1.4mn shares in Ceylon Leather Products (CLPL) 

    http://www.cse.lk/cmt/upload_cse_announcements/7811427284010_.pdf

Research Reports

Hatton National Bank

HNB – N:Rs.235.90, X:Rs.185.00 - Results Summary 4Q2014 - 18 March 2015 HNB reported a 4Q2014 net profit of Rs.3,653mn (up 93% YoY, 45% QoQ), above our expectations, resulting in its 2014 NP rising 28% YoY to Rs.9,820mn. However, recurring 2014 NP rose only 27% YoY to Rs.8,931mn. NP rose on account of improving QoQ net interest margins, higher Non II growth and higher loan loss impairment (LLI) reversals YoYNet Interest Spreads continued its QoQ upward momentum, partly due to recognition of interest written back on a bad debt reversal in 4Q2014. CASA continues its increasing trend amid lower...


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Nestle Lanka

NEST 4Q2014 Results Summary - Rs.2,300 - 17 March 20154Q2014 net profit of Rs.615mn (-13% YoY and -44% QoQ), below our expectations – lowest quarterly net profit since 1Q2012 - amid a further slowdown in revenue growth and marketing, selling and distribution (MSD) expenses rising to a record high. Consequently, 2014 net profit +14% YoY to Rs.3,787mn (2014 EPS of Rs.70.5), amid favourable commodity prices Outlook Valuations 2015E NEST net profit forecast revised down by ~12% to Rs.4,196mn (+11% YoY), amid downward revisions to the gross profit margin forecast, due to the increase in floor pr...


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Aitken Spence

SPEN – Rs.102.0 - 3Q15 Results Summary - 16 March 2015 Aitken Spence (SPEN) reported a 3Q15 net profit of Rs.870mn (-20% YoY), below our expectations, due to sharp underperformance in the volatile strategic investments sector amid lower contribution from the thermal power segment and minority interest rising higher than anticipated amid restatement of FY14 values. 1-3Q15 recurring net profit -20% YoY to Rs.1,857mn, excluding ~Rs.338mn non-recurring items in the tourism sector Outlook Valuations: Amid higher minority interest expectation and reduced expectation for maritime cargo logistics a...


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Peoples Leasing

PLC - Rs.23.5 - 30Q15 Results Summary - 11 March 2015People’s Leasing Finance (PLC) reported a net profit of Rs.1,102mn for 3Q15 (+32% YoY and +1% QoQ), slightly above our expectations, largely due to greater than expected expansion of Net Interest Spread (NIS). Consequently, 1-3Q15 net profit grew +29% YoY to Rs.2,978mn Outlook Valuations: Net profit forecast revised up by 2% for FY15E to Rs.4,258mn (+23% YoY), while FY16E net profit forecast was revised up marginally to Rs. 4,444mn (+4% YoY)NIS forecasts revised down by 19bps for FY15E and by 36bps for FY16E to 8.8% and 8.3%. Disbursem...


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Aitken Spence Hotel Holdings

AHUN – Rs.77.90 - 3Q15 Results Summary - 2 March 2015Quarterly Highlights:AHUN reported a 3Q15 Net Profit (NP) of Rs.638mn (+17% YoY), above our expectations, mainly due to earnings growth from its key Maldives segment on the back of lower operating expenses despite a 1% YoY decline in revenueCumulative recurring earnings adjusted for Rs.300mn insurance income for damaged water villas of Adaaran HudhuRan Fushi and for a gain on loss of control of a subsidiary of Rs.45mn. 1-3Q15 recurring NP of Rs.944mn (-16% YoY) Outlook Valuations: AHUN recurring NP forecasts revised up by +16% for both FY...


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Hemas Holdings

HHL - 3Q15 Results Summary - Rs 79.90 - 27 February 2015 3Q15 recurring EPS of Rs.1.1 (+17% YoY), in line with our expectations, driven by FMCG and Healthcare sectors. 3Q15 reported earnings included a total non-recurring loss of –Rs.301mn. 1-3Q15 recurring NP rose 24% YoY to Rs.1,372mn Outlook ValuationsHHL’s FY15E and FY16E NP forecasts broadly maintained at Rs.2,004mn (+13% YoY) and Rs.2,283mn (+14% YoY) respectively, to be driven by FMCG (~45% of total NP) and Healthcare (~45% of total NP) sectorsOn 20 Feb 2015, HHL announced a 1 for 9 rights issue at Rs.72 per share to raise Rs.4.1bn ...


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Commercial Bank of Ceylon

COMB – N:Rs.178.20, X:Rs.138.30 - Results Summary 4Q2014 - 26 February 20154Q2014 net profit of of Rs.3,391mn, up 2% YoY (up 2% QoQ) – driven by core fund based and non-interest income growth – in line with our expectations. Net Interest Spreads bottom-out during 4Q2014 after declining during past four quarters§ Net Interest Spreads fall to an all-time lowOutlook Valuations COMB’s NP forecasts maintained at Rs.11,902mn (up 6% YoY) and Rs.12,704mn (up 7% YoY) for 2015E and 2016E respectively The Government of Sri Lanka (GoSL) proposed to implement a one off Super Gain Tax (SGT: via its 201...


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Ceylon Tobacco Company

CTC – Rs.1,021.00 - 4Q2014 RESULTS SUMMARY - 18 February 2015 4Q2014 net profit of Rs.1,988mn (-21% YoY and -5% QoQ) – lowest quarterly profit since 1Q2013 - below our expectations. Underperformance in earnings is mainly due to the continued decline in sales volumes amid a high consumer shift to beedi – a cheaper substitute - on the back on pricing pressures and the higher than anticipated rise in operating expenses. CTC increased cigarette prices by Rs.1.0-2.0 per stick price for the 84mm length per stick category (comprising ~85% of total sales mix) subsequent to an excise duty revision w....


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Monthly Report - February 2015

Sri Lanka Monthly Report - February 2015February 2015 Market Performance: The Colombo Bourse closed higher in February 2015, with the benchmark All Share Price Index (ASPI) rising +2% MoM, amid share price appreciations largely in the index heavy banking and finance sector (+5% MoM) likely due to positive quarterly results of sector companies. Meanwhile, the more liquid S P SL20 index also increased +4% MoMForeigners were net buyers for the fifth consecutive month, with net foreign buying of +Rs.1,392mn in February 2015 (vs. Rs.120mn in January 2015), expanding 2015YTD net foreign buying to R...


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Strategy Report 2015

Sri Lanka Strategy Report - January 2015 Maithripala Sirisena, the common opposition candidate won the Presidential Elections held and a smooth transition of power took place The 100 day plan includes constitutional amendments, to be implemented via the formation of an interim National Unity Alliance government Macro fundamental outlook positive and would to translate into stronger corporate earnings in 2015E GDP growth strengthening to 7-8%, inflation soft at ~3%, currency relatively stable with modest ~3% depreciation vs. US$ Recent declines in commodity prices, particularly oil brings in p...


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Hatton National Bank

HNB – N:Rs.195.10, X:Rs.150.00 - Results Summary 3Q2014 - 23 December 2014 3Q2014 EPS of Rs.6.3 for 3Q2014 (up 7% YoY), above our expectations, resulting in its 1-3Q2014 Net Profit (NP) rising 7% YoY to Rs.6,167mn. NP rose largely on account of a tourism sector NPA recovery amounting to Rs.1.2bn during 3Q2014§ Net Interest Spreads recover QoQ§ Loans up on DBU-term loan up take in 3Q2014, deposits fall marginally§ Prime Grameen (NBFI) was acquired during Nov 2014 at a book multiple of 1.4X Outlook Valuations § HNB’s NP revised for 2014E by 18% to Rs.7,838mn (up 11% YoY) on account of hi...


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Sampath Bank

SAMP - Rs 233 - 3Q 2014 Results Summary - 08 December 2014 3Q2014 EPS of Rs.6.6 (up 30% YoY), slightly above our expectations amid a steeper than expected rise in Non Interest Income (Non II)Pawning exposure fell to 10% of portfolio as at 30 Sep 2014 from 13% as at 30 Jun 2014 and 19% as at 31 Dec 2014 Outlook Valuations SAMP Net Profit (NP) forecast revised up by 2% to Rs.5,028mn for 2014E (up 38% YoY), factoring the higher than expected growth in Non II in 3Q2014, despite deterioration of Net Interest Spread (NIS). 2015E NP forecast also revised up marginally to Rs.5,426mn (up 8% YoY) wit...


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Monthly Report - December 2014

Sri Lanka Monthly Report - December 2014December 2014 Market Performance: The Colombo Bourse closed higher in December 2014 with the benchmark All Share Price Index (ASPI) rising +2.0% MoM, amid share price appreciations in index heavy stocks. Meanwhile, the more liquid S P SL20 index also increased +3.0% MoMDuring 2014, the ASPI and S P SL20 rose +23.4% YoY and +25.3% respectively (vs. +4.8% and +5.8% respectively in 2013), the highest annual gain since 2010 post-conflict end rally. 2014 net foreign inflow was Rs.22,069mn (-2.5%YoY) while foreign purchases rose up to historical high levels o...


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Aitken Spence Hotel Holdings

AHUN – Rs.75.90 - 5 December 2014 - 2Q15 Results SummaryQuarterly Highlights: 2Q15 reported Net Profit (NP) of Rs.212mn (-32% YoY). 2Q15 recurring NP of Rs.116mn (-63% YoY), below our expectations, mainly due to lower than anticipated returns from the key Maldives and Others (i.e. managed properties) segment§ Recurring earnings adjusted for the third insurance claim tranche of an estimated ~Rs.100mn received during the quarter for the damaged water villas of Adaaran Hudhurunfushi (which were partly damaged by a fire in July 2013) and adjusting for a gain on loss of control of a subsidiary o...


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Monthly Report - November 2014

Sri Lanka Monthly Report - November 2014Market Performance: The Colombo Bourse closed lower in November 2014 following eight consecutive months of gains, with the benchmark All Share Price Index (ASPI) declining -2.4% MoM to close at 7,154 points, amid political uncertainty around the 2015 Presidential Election. Meanwhile, the more liquid S P SL20 index also declined -2.8% MoM to close at 3,971 pointsAverage daily turnover recovered from the previous month’s decline, rising +10% MoM in November 2014Foreigners were net buyers for the second consecutive month with a net foreign inflow of +Rs.5,...


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