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News & Announcements

  • Corporate Announcement:
    Tuesday, 22 July 2014

    Lucky Lanka Milk Producing Co Ltd announced the basis of allotment for the share issue as per the prospectus dated 20 June 2014 and confirmed the company has fulfilled the listing requirements of Diri Savi Board as per the section 1.3 of the prospectus. The allotment details are as follows:

    Ordinary Voting Shares:

    -       Retail individual investors – 100% of shares applied (4.0mn shares)

    -       Non retail investors – 100% of shares applied (34.0mn shares)

    Ordinary non-Voting Shares:

    -       Unit Trusts - 100% of shares applied (2.9mn shares)

    -       Retail individual investors – 100% of shares applied (9.6mn shares)

    -       Non retail investors –     Up to and inclusive of 75,000 shares – 100% of shares applied

    Above 75,000 shares – A minimum allotment of 75,000 shares plus 4% of the balance amount of shares applied

    Above 4,000,000 shares – A minimum allotment of 232,000 shares plus 0.98% of the balance amount of shares applied

    (11.5mn shares altogether)

    http://www.cse.lk/cmt/upload_cse_announcements/1551406025226_.pdf

     

    Asiri Central Hospitals (ASHA) announced that exit offer made by Asiri Hospital Holdings (ASIR) to the shareholders of ASHA expired on 21 July 2014. The payment of consideration for the shares will be made to the shareholders of ASHA who accepted the offer, on or before 11 August 2014

    http://www.cse.lk/cmt/upload_cse_announcements/9101406001811_.pdf

     

    Further to the letter dated 01 July 2014 Samson International (SIL) announced that it purchased assets of Okta (Pvt) Ltd at a total direct payment Rs.48.8mn

    http://www.cse.lk/cmt/upload_cse_announcements/9631405997402_.pdf

  • Results for the period ended 30 June 2014:
    Tuesday, 22 July 2014

    Ceylon Cold Stores (CCS) reported a net profit of Rs.299mn for 1Q15 (+87% YoY)

     

  • Dividend announcement:
    Tuesday, 22 July 2014

    C M Holdings (COLO) – First and Final Dividend of Rs.3.00 per share – Dates to be notified

    First Capital Holding (CFVF) - Final Dividend of Rs.2.00 per share - XD: 27/08/2014 – PD: 28/08/2014

  • Corporate Announcement:
    Monday, 21 July 2014

    George Steuart Finance (GSF) announced that a Memorandum of Understanding (MOU) was signed between Deshodaya Development Finance Ltd, George Steuart & Company Ltd and Capital Trust Holding Ltd to acquire the majority shares of GSF

    The valuation of the entirety of the company is for a sum of Rs.500mn subject to; monetary board approval for the acquisition of the said shares and to continue as a licensed Finance Company under finance business act No.42 of 2011 and the proposed share acquisition complies with the consolidation road map of Central Bank of Sri Lanka (CBSL)
    http://www.cse.lk/cmt/upload_cse_announcements/5161405925972_.pdf


    Ceylon Leather Production (CLPL) subscribed to 3.1bn shares in South Asian Textiles Industries Lanka (Pvt) Ltd (SAT) through a rights issue of shares, for a consideration of Rs.306.4mn and increased the holding of SAT to 80.4%.

    In addition, Lanka Century Investments (GREG), controlling shareholder of CLPL subscribed to 480.7mn shares of SAT through the rights issue of shares for a consideration of Rs.48.1mn thereby increasing the stake to 12.6%

    Accordingly, CLPL and LCI now hold 93% of SAT
    http://www.cse.lk/cmt/upload_cse_announcements/7571405925673_.pdf


    Nuwaraeliya Hotels Company (NEH) announced that the board of NEH on 16 July 2014, resolved to invest further Rs.100mn in Fair View Hotel (Pvt) Ltd by purchasing 10mn ordinary shares at Rs.10 per share in its equity, a related party transaction. The transaction will take place in installments within the next two months
    http://www.cse.lk/cmt/upload_cse_announcements/8071405937696_.pdf

  • Corporate Announcement:
    Friday, 18 July 2014

    Asia Asset Finance (AAF) announced that in compliance with the Financial Sector Consolidation Plan – 2014 of the Central Bank of Sri Lanka (CBSL) applicable for the Finance Companies to increase their core capital to Rs.1.0bn by increasing the stated capital of the company, AAF Board of Directors (BOD) resolved to issue 279.7mn shares in a way of 1:2 rights issue at Rs.1.60 per share. the proceeds (Rs447.6mn) will be utilised for the working capital of the company. Subject to approval of the CBSL, shareholders of the Company and principle approval of the Colombo Stock Exchange (CSE).

    http://www.cse.lk/cmt/upload_cse_announcements/7771405655478_.pdf

  • Corporate Announcements:
    Thursday, 17 July 2014

    The Boards of Directors of National Development Bank (NDB) and DFCC Bank (DFCC) announced that in pursuance of the proposed consolidation of the said banks, NDB and DFCC have engaged the Boston Consulting Group (India) Pvt Ltd as their consultant to advise the banks on the amalgamation process. 

    http://www.cse.lk/cmt/upload_cse_announcements/3911405586815_.pdf


    Lucky Lanka Milk Processing Company Ltd announced the details of payments received for its Rs.300mn Initial Public Offering (IPO) of 38.0mn Ordinary Voting shares at Rs.6.00 per share and 24.0mn Ordinary Non-Voting Shares at Rs.3.00 per share. The company has received 1,341 applications for 38.0mn Ordinary Voting Shares at a value of Rs.228mn and 1,681 applications for 74.9mn Ordinary Non-Voting Shares at a value of Rs.225mn.

    http://www.cse.lk/cmt/upload_cse_announcements/7661405574149_.pdf

  • Local Economy:
    Wednesday, 16 July 2014

    Sri Lanka’s 3-month Treasury Bill yields fell 3bp to 6.46% points. Meanwhile, 6-month and 12-month T-Bill yields fell 4bps and 12bps each to 6.59% and 6.79% respectively at this week’s auction.

  • Corporate Announcements:
    Wednesday, 16 July 2014

    It was announced that the voluntary offer made by Brandix Textile Holdings L td to the shareholders of Kuruwita Textile Mills (KURU) closed on 15 July 2014. The payment of consideration for the shares will be made to the shareholders on or before 14 August 2014

    http://www.cse.lk/cmt/upload_cse_announcements/401405479659_.pdf


    Commercial Bank of Ceylon (COMB) announced that the Board of Directors (BOD) has determined in principle to acquire Indra Finance Ltd for a total price of Rs.870.0mn (subject to the satisfaction of specified conditions)

    http://www.cse.lk/cmt/upload_cse_announcements/4161405500884_.pdf


    The Board of Directors (BOD) of Hotel Developers Lanka (HDEV) resolved to issue ordinary shares in lieu of the value of the balance of the Government of Sri Lanka Loan as at 31 December 2013, by way of a private placement of 235.0mn shares at Rs.10 per share

    http://www.cse.lk/cmt/upload_cse_announcements/1491405507741_.pdf

Research Reports

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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NDB Bank

NDB – Rs.193.00 - 1Q2014 Results Note - 16 May 2014National Development Bank (NDB) reported a net profit of Rs.1,191mn in 1Q2014 (up 135% YoY, up 167% QoQ), above our expectations, due to improved QoQ NIMs amidst growth in business volumes and better efficiency Net Interest Income (Net II) rose 16% YoY to Rs.1,863mn.· Bank’s reported Net Interest Margin (NIM) rose to 3.5% in 1Q2014 from 3.4% in FY2013 · NDB’s loan book grew 6% QoQ to Rs.145bn as at 31 March 2014o Pawning advances accounted for 1.1% of gross advances as at 31 March 2014 (vs. 1.6% as at ...


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Nations Trust Bank

NTB - Rs.70.90 - 1Q2014 Results Summary - 12 May 2014 1Q2014 EPS of Rs.2.4 (+10% YoY), below our expectations due to higher than expected impairment charge coupled with slower loan growth Quarterly Highlights • NTB’s Net Interest Spread (NIS) improved YoY but contracted QoQ amid slow loan growth and declining interest rate environment; Estimated NIS rose to 5.8% in 1Q2014 from 5.3% in 1Q2013 (however fell from 6.3% in 4Q2013)o Loan portfolio grew 8% YoY in 1Q2014 to Rs.83.7bn (up 2% QoQ) as at 31 Mar 2014 amid lackluster demand for credit; o Liabilities due to customers ...


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Nestle Lanka

NEST 1Q2014 Results Summary - Rs.1,975.00 - 9th May 20141Q2014 record high EPS of Rs.20.5 (+21% YoY and +58% QoQ), above our expectations, amidst a solid expansion in profit margins, particularly at the gross profit level due to enhancement of the product mix and increased contribution from the higher margin export segment; high QoQ growth is albeit off a relatively low base Quarterly Highlights 1Q2014 revenue +11% YoY and +10% QoQ to a new high, due to strong contribution from exports as stated by the company. Further, higher volumes in beverage segment, led by Ne...


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Monthly Report - April 2014

Sri Lanka Monthly Report - April 2014Market PerformanceThe Colombo Bourse made a recovery in April 2014, with the benchmark All Share Price Index (ASPI) rising 4.3% MoM to close at 6,224 points and the more liquid S P SL20 index rising 4.2% MoM to 3,418 pointAverage daily turnover rose 86% MoM to Rs.1,106mn in April 2014Foreigners were net sellers for the third consecutive month, though the net foreign outflow slowed significantly to -Rs.346mn (vs. –Rs.2,808mn in March 2014)Sector Performance:Highest Performing: Footwear Textiles (+8.9...


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Sampath Bank

SAMP 4Q2013 - Rs.188.00 - 23 April 2014 Sampath Bank (SAMP) reported a 4Q2013 EPS of Rs.6.4 (down 34% YoY), broadly in line with our expectations, amid significant impairment provisioning made against pawning segment Quarterly Highlights:- SAMP’s gross loans grew 25% YoY during 2013 to Rs.266bn (up 6% QoQ, above the sector average credit growth of 8% during 2013); despite a reduction in gold backed loans (down 8% QoQ and 2% YoY; 19% of the total loan portfolio as at 31 Dec 2013 vs. 25% in 2012)- Deposits from customers grew 24% during 2013 to Rs.300bn (up 9% QoQ), ...


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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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