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News & Announcements

  • Local Economy News:
    Wednesday, 16 April 2014


    Sri Lanka’s 3-month Treasury Bill yields fell 2bps to 6.61%, while 6-month and-12-month Treasury Bill yields fell 1bp to 6.79% and 7.03% respectively at this week’s auction.

  • CSE Announcements
    Wednesday, 16 April 2014


     Further to the Securities and Exchange Commission (SEC) Directives dated 12 December 2013 (Re: Related Party Transactions) and 27 December 2013 (Re: Director and CEO Dealings), Colombo Stock Exchange (CSE) announced that CSE Listing Rules have been amended to accommodate the said rules pertaining to Related Party Transactions have been incorporated into Section 9 of the CSE Listing Rules. Rule 7.8 has been amended to provide for the Directive pertaining to Dealings by Directors and CEOs of listed companies.

    CSE has approved in principle an application submitted by Richard Pieris And Company (RICH) for the listing of its debentures, to raise Rs.3.5bn. RICH offered 30.0mn Rated Unsecured, Redeemable Debentures at an issue price of Rs.100.00 per debenture, with an option to issue up to a further 5.0mn Debentures in the event the initial offer is oversubscribed. The date of opening of the subscription list is 07 May 2014.

  • Dividend Announcement:
    Wednesday, 16 April 2014


    Dialog Axiata (DIAL) – Final Dividend of Rs.0.29 per share – XD: 11/06/2014 – PD: 20/06/2014

     

  • Corporate Announcements:
    Friday, 11 April 2014

     
    Bairaha Farms (BFL) announced that it has decided to collaborate in a new project to set up a large scale, state of the art commercial animal feed manufacturing factory together with raw materials procurement and modern post-harvest storage facilities. The joint-venture, Fortune Agro Industries (Pvt) Ltd (FAI) is promoted by Farms Pride (Pvt) Ltd, a partner of BFL. The total estimated cost of the new joint venture FAI is ~Rs.1.7bn, which includes Rs.650mn for working capital. BFL intends to hold 45% share of equity of FAI, whilst Farms Pride (Pvt) Ltd holding 45% of equity capital. The remaining 10% is to be offered to a partner who can add value to the joint-venture or will be taken up equally by the two major shareholders.
     
    It was announced that investment in Central Finance Company (CFIN) by Employee Provident Fund (EPF) reached 10% of the issued share capital of CFIN
     
    Cargo Boat Development Company (CABO) announced that it sold its share of property in Colombo to Renuka Land (Pvt) Ltd for Rs.107.2mn.
     
    Bimputh Finance (BLI) announced the dates for its 1:1 Rights Issue at Rs.12.50 per share, with the XR date being 12 May 2014. The Rights will commence trading on 26 May 2014, whilst the date of renunciation is 02 June 2014.
     
    Sri Lanka Telecom (SLTL) announced that subsequent to Just In Time Holding (Pvt) Ltd, (JITHPL) being awarded the Arbitration Award, in their favour, SLTL AND JITHPL, the supplier of IPTV system for Broadband services, filed civil litigation in Commercial High Court regarding contractual obligations of the parties arising out of the contract to import IPTV systems in 2007/2008. Both parties have entered in to an out of Court settlement for Rs.673mn and to withdraw the above civil litigation.
  • CSE Announcement:
    Friday, 11 April 2014


    Colombo Stock Exchange (CSE) announced that 670,765 Non-voting Non-cumulative Non-redeemable preference shares of Sinhaputhra Finance (SFL) would commence trading from 21 April 2014 and would be classified under the Banks Finance and Insurance sector. These shares would be listed on the Diri Savi Board.

  • Corporate Announcements
    Thursday, 10 April 2014


    National Development Bank (NDB) announced that it has divested its 35% owned leasing associate, Maldives Finance Leasing Company (Pvt) Ltd, to Tree Top Investments (Pvt) Ltd at a price of US$1.1mn, resulting in an estimated loss of Rs.21.1mn (converted at an exchange rate of Rs.130.5 per US$) 

     

    Kuruwita Textile Mills (KURU) announced that the company obtained 97% shareholder approval at the Extra-ordinary General Meeting held on 09 April 2014 to delist the company from Colombo Stock Exchange (CSE) and offer Rs.30.00 per share to buy back shares. 

     

  • Dividend Announcement:
    Thursday, 10 April 2014


    Central Finance Company (CFIN) – (Amended Payment Date) – Second Interim Dividend of Rs.0.85 per share – XD: 09/04/2014 – PD: 11/04/2014

  • Local Economy News:
    Wednesday, 09 April 2014

    Sri Lanka’s 3-month, 6-month  and-12-month Treasury Bill yields fell 1bp to 6.63%, 6.80 and 7.04% at this week’s auction.

Research Reports

Hatton National Bank

HNB – N:Rs.152.00, X:Rs.122.00 - 11 April 2014 Hatton National Bank (HNB) reported an EPS of Rs.4.7 for 4Q2013 (down 40% YoY), slightly below our expectations, due to HNB reporting a relatively higher YoY Effective Tax Rate (ETR) in 4Q2013- QoQ Spreads under pressure and efficiency declines on negative QoQ net income growth Quarterly Highlights:- HNB’s loan book grew 5% QoQ and 16% in FY2013 (above the sector average of 9% in FY2013) to Rs.352bn as at 31 Dec 2013 while its deposits base grew 6% QoQ and 13% in FY2013 (below the sector average of 15% in FY2013) to Rs.385bn...


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Monthly Report - March 2014

Sri Lanka Monthly Report - March 2014March 2014 Market Performance The Colombo Bourse made a slight recovery in March 2014, with the benchmark All Share Price Index (ASPI) rising 0.5% MoM to close at 5,968 points and the more liquid S P SL20 index increasing 1.7% MoM to 3,280 points Average daily turnover declined 44% MoM to Rs.594mn in March 2014 Foreigners were net sellers for them second consecutive month, with a net foreign outflow of -Rs.2,808mn (vs. a net foreign outflow of -Rs.5,075mn in February 2014) Sector Performance: Hig...


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Hemas Holdings

HHL – Rs.38.00 - 1 April 2014 Hemas Holding (HHL) 3Q14 EPS of Rs.1.0 (+42% YoY), in line with our expectations; profitability driven by the improved performance of the Healthcare, FMCG and Transportation sectors Quarterly Highlights: ? FMCG Sector : Earnings in line with our expectations, with profitability impacted by increased tax expenses? Healthcare Sector: Earnings above our expectations, amidst higher than anticipated earnings contribution from the Pharmaceuticals segment? Leisure Sector: Earnings in line with our expectations with earnings slightly impro...


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Nations Trust Bank

NTB - Rs.63.00 - 14th March 2014 4Q2013 EPS of Rs.2.3 (+27% YoY), in line with our expectations, amidst sharp rise in net interest income Quarterly Highlights Spreads remain under pressure, but likely to get compensated by higher credit growth With the CBSL’s recent encouragement in consolidation within the banking sector, we expect NTB's key shareholders to actively explore M A opportunities in the medium term Recovery in demand for credit and net gains in trading portfolio due to falling interest rates are expected to support the bottom line in the near...


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Alumex

Alumex Limited – Initial Public Offer Rs.274.00 - 5th March 2014 § Objective of listing : o Add a new powder coating plant which is currently running at full capacity and invest in new die manufacturing equipment o Be entitled for the three year half tax holiday directed by the National Budget 2014 for companies getting listed on the Colombo Stock Exchange (CSE) § Alumex, 51% owned (post IPO) subsidiary of conglomerate Hayleys (HAYL), is the local market leader of aluminium extrusion manufacturing, with market share exceeding 50% § Significant lo...


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Chevron Lubricants

LLUB Rs.274.00 - 5th March 2014 4Q2013 EPS of Rs.4.9 (+7.4% YoY, but -3.2% QoQ), broadly in line with our expectations, amidst higher GP margin compensating for lower sales volumes Quarterly Highlights 4Q2013 revenue fell marginally YoY – sixth consecutive quarter of YoY decline; though up QoQ Contributed by reduced demand from the industrial segment (35-40% of sales mix) whilst retail consumption (60-65% of LLUB's sales) continued to remain weak Declining base oil prices facilitates YoY GP margin expansion by 370bps The relative stability of the Sri Lankan...


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Monthly Report - February 2014

Sri Lanka Monthly ReportFebruary 2014 February 2014 Market Performance The Colombo Bourse closed lower in February 2014, with the ASPI declining 5% MoM to close at 5,940 points, amidst across the board share price losses and heavy foreign selling in index heavy counters Average daily turnover declined 5% MoM to Rs.1,053mn in February 2014 Foreigners were net sellers for the month, with net foreign outflow of -Rs.5,075mn (vs. net foreign inflow of Rs.1,035mn in January 2014) Sector Performance: Highest Performing: Telecommunications (+10.0%), Infor...


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Nestle Lanka

NEST Rs.2,000 - 10th March 20144Q2013 EPS of Rs.13.0 (-22% YoY and -23% QoQ), below our expectations, amidst a sharp rise in marketing, selling and distribution (MSD) costs likely for increased consumer promotions and product launches Quarterly Highlights 4Q2013 revenue rose to a record high, largely supported by pricing and strong contribution from exports Sales volumes remained sluggish given weaker consumer demand, despite greater efforts by the company during the quarter to spur volumes GP margin erosion amidst rising prices of key raw materials; milk powder...


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Commercial Bank of Ceylon

COMB – N:Rs.114.50, X:Rs.95.90 - 6th March 2014 ? COMB reported a net profit of Rs.2,756mn (up 22% YoY) in 3Q2013, broadly in line with our expectations, resulting in its 1-3Q2013 net profit however declining 2% YoY to Rs.7,244mn. 3Q2013 profits were boosted by higher Non Interest Income (Non II up 62% YoY to Rs.2,625mn in 3Q2013) largely due to growth in COMB’s foreign exchange income - In 3Q2013, COMB’s forex income rose largely due to its Foreign Currency Banking Unit (FCBU) reserve reporting a translation gain on account of SLR depreciating 1.2% in 3Q2013 (v...


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Distilleries Co. of Sri Lanka

DIST Rs.207 - 3Q14 Results Summary - 24 February 2014Distilleries Company of Sri Lanka (DIST) 3Q14 EPS of Rs.5.8 (+23% YoY), above our expectations, amidst improved contribution from equity accounted investees and a sharp decline in group net finance costs Quarterly Highlights: - Beverage Sector : Earnings broadly in line with our expectations, with the YoY decline attributable to the erosion of profit margins on the back of declining volumes - Diversified Sector : Earnings above our expectations, with the YoY turnaround in earnings due to th...


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Dialog Axiata

DIAL Rs 9.20 - 4Q2013 Results Summary - 28 February 2014Dialog Axiata (DIAL), reported an EPS of Rs.0.14 for 4Q2013 (up 21% YoY), below our expectations - Due to relatively higher operating expenses and a higher Effective Tax Rate (ETR) Quarterly Highlights: - Group EBITDA margin contracted in 4Q2013 due to higher cost base including escalation of network and other operating costs - Recurring FY2013 EPS rose 30% YoY to Rs.0.65 largely on account of relatively higher finance costs in FY2012 due to higher forex losses (compared to FY2013...


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Expolanka Holdings

EXPO - Rs.8.40 - 3Q14 Results Summary - 3 March 2014 3Q14 recurring EPS of Rs.0.06 (-36% YoY), below our expectations, mainly due to below par performance in key Freight and Logistics (F L) sector Quarterly Highlights §Freight and Logistics (F L) sector : Earnings below our expectations due to significant margin erosion o Sectoral PAT forecasts revised down by 8% to Rs.1,234mn for FY14E (+5% YoY) and by 5% to Rs.1,418mn for FY15E (+15% YoY) due to high volatility in freight rates. However, the FY15E earnings are expected to grow +15% YoY amidst increase in vo...


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DFCC Bank

DFCC - Rs.144.00 - 24th February 20143Q14 EPS of Rs.3.0 (+3.9% YoY), broadly in line with our expectations Quarterly Highlights DFCC’s spreads remain under pressure, amidst declining interest rate environment National budget 2014 proposed that DFCC and National Development Bank (NDB) should consider merging in order to gain economies of scale in development banking DFCC’s Current And Savings Account (CASA) ratio stood below the average estimated listed Licensed Commercial Bank (LCB) CASA ratio Consequent to raising US$100mn by issuing senior unsecured de...


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NDB Bank

NDB – Rs.185.00 - 19th February 2014National Development Bank (NDB) reported a recurring EPS of Rs.2.7 for 4Q2013 (down 44% YoY), below our expectations, largely due to relatively higher loan loss and other impairment provisions. According to management, Impairment rose largely due to worsening asset quality and relatively more conservative approach adopted in provisioning for impairment. - NDB’s Gross Non Performing Advances (NPA) ratio rose to 2.5% as at 31 Dec 2013 from 1.9% as at 30 Sep 2013 (vs. 1.3% as at 31 Dec 2012) Quarterly Highlights: - ...


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Aitklen Spence Hotel Holdings

AHUN - Rs.71.00 - 3Q14 Results Summary - 19th February 2014Aitken Spence Hotel Holdings (AHUN) 3Q14 EPS of Rs.1.6 (+25% YoY), in line with our expectations, profitability driven by improved performance in Sri Lanka segment and core south Asian segment remaining strong Quarterly Highlights: ? Sri Lanka segment: Revenue of Rs.1,046mn (+17% YoY, 30% of total revenue) Resorts Hotels: Comprising six resorts, revenue of Rs.907mn (+18% YoY) • As per management, Sri Lankan resort performance was driven by higher yields coupled with improved occupancy l...


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