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  • Stock Market Indicators:
    Friday, 05 February 2016


    ASI: 6,404.6 (up 2 points, +0.03%), S&P SL20: 3,339.0 (up 3 points, +0.09%)

    Turnover: Rs.308mn (-15%)

    Exchange Rate 1US$ = Rs.144.15

    Market Capitalization: US$19.0bn

    Foreign Purchases: Rs.50mn (-62%)

    Foreign Sales: Rs.110mn (-20%)

     

    Sampath Bank (SAMP – Rs.244.0) emerged as the top contributor to turnover with Rs.55mn (0.2mn shares), followed by John Keells Holdings (JKH-N – Rs.163.0) with Rs.38mn turnover (0.2mn shares) and Parquet (Ceylon) (PARQ – Rs.60.6) with Rs.24mn turnover (0.4mn shares)

  • Dividend Announcement:
    Friday, 05 February 2016


    Ceylon Cold Stores (CCS) 
    - Second Interim Dividend of Rs.7.00 per share – XD: 16/02/2016 – PD: 26/02/2016

  • Results for the Period Ended 31 December 2015:
    Friday, 05 February 2016


    Amaya Leisure (CONN) 
    reported a net profit of Rs.42mn for 3Q16 (vs. a net profit of Rs.9mn in 3Q15), resulting in a net profit of Rs.120mn for 1-3Q16 (+55% YoY).

     

    Lanka Tiles (TILE) reported a net profit of Rs.533mn for 3Q16 (vs. a net profit of Rs.195mn in 3Q15), resulting in a net profit of Rs.1,005mn for 1-3Q16 (+88% YoY).

     

    Swisstek (Ceylon) (PARQ) reported a net profit of Rs.117mn for 3Q16 (+70% YoY), resulting in a net profit of Rs.210mn for 1-3Q16 (+45% YoY).

     

    Lanka Walltiles (LWL) reported a net profit of Rs.608mn for 3Q16 (vs. a net profit of Rs.270mn in 3Q15), resulting in a net profit of Rs.1,094mn for 1-3Q16 (+64% YoY).

     

  • Stock Market Indicators:
    Wednesday, 03 February 2016


    ASI: 6,402.8 (down 23 points, -0.36%), S&P SL20: 3,336.0 (down 21 points, -0.64%)

    Turnover: Rs.364mn (-91%)

    Exchange Rate 1US$ = Rs.144.15

    Market Capitalization: US$19.0bn

    Foreign Purchases: Rs.132mn (-95%)

    Foreign Sales: Rs.139mn (-48%)

     

    John Keells Holdings (JKH-N – Rs.159.5) emerged as the top contributor to turnover with Rs.75mn (0.5mn shares), followed by Elpitiya Plantations (ELPL – Rs.22.0) with Rs.44mn turnover (2.0mn shares) and Standard Capital (SING – Rs.75.0) with Rs.38mn turnover (0.5mn shares)

     

  • Corporate Announcements:
    Wednesday, 03 February 2016


    Bairaha Farms (BFL) announced that it has resolved to borrow Rs.400mn from Amana Bank (ABL), earmarked to 50% owned JV Fortune Agro Industries (Pvt) Ltd, for its working capital requirement of the feed mill project. Furthermore, BFL has resolved to furnish a corporate guarantee to ABL for a sum of Rs.400mn on behalf of Fortune Agro Industries (Pvt) Ltd.

    http://www.cse.lk/cmt/upload_cse_announcements/5041454494358_.pdf

     

    Further to the announcement dated 2 February 2016 regarding S G Holdings Global Pte. Ltd’s purchase of 16% stake ofExpolanka Holdings (EXPO), it was disclosed that Mr.Osman Kassim, Mr.Sattar Kassim, Mr.Shafik Kassim and Mr.Farrok Kassim were the sellers.

    http://www.cse.lk/cmt/upload_cse_announcements/2191454485374_.pdf

     

    Softlogic Capital (SCAP) announced that it has purchased 8,240,626 shares of Softlogic Finance (CRL), a 13.95% stake, at Rs.45.00 per share amounting to a consideration of Rs.371mn. Consequently, SCAP increased its stake in CRL to 77.28%.

    http://www.cse.lk/cmt/upload_cse_announcements/41454499717_.pdf

     

  • Results for the Period Ended 31 December 2015:
    Wednesday, 03 February 2016


    John Keells Hotels (KHL) reported a net profit of Rs.365mn for 3Q16 (-13% YoY), resulting in a net profit of Rs.846mn for 1-3Q16 (-5% YoY)

     

    Dipped Products (DIPD) reported a net loss of -Rs.79mn for 3Q16 (vs. a net profit of Rs.326mn in 3Q15), resulting in a net profit of Rs.75mn for 1-3Q16 (-91% YoY)

     

    Hotel Sigiriya (HSIG) reported a net profit of Rs.17mn for 3Q16 (-4% YoY), resulting in a net profit of Rs.44mn for 1-3Q16 (+60% YoY)

     

    Property Development (PDL) reported a net profit of Rs.127mn for 4Q2015 (+6% YoY), resulting in a net profit of Rs.415mn for 2015 (+2% YoY)

  • Stock Market Indicators:
    Tuesday, 02 February 2016


    ASI: 6,426.0 (up 63 points, +0.99%), S&P SL20: 3,357.4 (up 35 points, +1.05%)

    Turnover: Rs.3,894mn (vs. Rs.273mn)

    Exchange Rate 1US$ = Rs.144.20

    Market Capitalization: US$19.0bn

    Foreign Purchases: Rs.2,842mn (vs. Rs.74mn)

    Foreign Sales: Rs.265mn (vs. Rs.102mn)

    Expolanka Holdings Limited (EXPO – Rs.7.9) emerged as the top contributor to turnover with Rs.2,607mn (314.1mn shares), followed by Central Finance Company (CFIN – Rs.227.0) with Rs.521mn turnover (2.3mn shares) and Lanka Ashok Leyland (ASHO – Rs.1,500.0) with Rs.172mn turnover (0.1mn shares)

     

  • Local Economy News:
    Tuesday, 02 February 2016


    Sri Lanka’s 3-month, 6-month and 12-month Treasury bill Yields were increased by 23bps, 21bps and 7bps from previously offered to 7.01%, 7.40% and 7.87% respectively.

    http://www.cbsl.gov.lk/pics_n_docs/latest_news/press_20160202%20e1.pdf

Research Reports

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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Aitken Spence

CT CLSA - Aitken Spence (SPEN) 2Q16 Results Summary - 16 December 2015 2Q16 net profit -23% YoY on a recurring basis to Rs.361mn, below our expectations, due to 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 2015 Outlook Valuations: SPEN’s group recurring net profit forecasts revised down by -10% to Rs.2,718mn for FY16E (-35% YoY) and by -3% to Rs.3,211mn for FY17E (+18% YoY) amid a downward revision of Aitken Spence Hotel Holdings (AHUN) on account of polit...


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Softlogic Holdings

CT CLSA – Softlogic Holdings (SHL) 2Q16 Results Summary - 16 December 2015 2Q16 EPS of Rs.0.1 (+13% YoY), broadly in line with our expectations, largely driven by the Retail sector, supported by the consolidation of Odel (ODEL) results. Main contributor to group earnings, Healthcare sector, performed relatively well amidst the reduction of net finance cost during the quarter. Consequently, 1H16 Net Profit (NP) was Rs.200mn (+39% YoY) Outlook Valuations: FY16E group NP forecast maintained at Rs.454mn (+62% YoY) whilst FY17E NP forecast at Rs.714mn (+57% YoY), mainly driven by Healthcare (~65...


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Monthly Report - November 2015

Sri Lanka Monthly Report - November 2015Market Performance:The Colombo Bourse closed lower for the fourth consecutive month in November 2015 with the benchmark All Share Price Index (ASPI) decreasing -2% MoM, largely due to negative investor sentiment witnessed consequent to select proposals in the National Budget 2016. Meanwhile, the more liquid S P SL20 index also declined -4% MoM.Average daily turnover decreased -28% MoM in November 2015, while net foreign selling was seen for the second consecutive month in November 2015, with a net foreign outflow of -Rs.71mn (vs. net foreign outflow of...


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Distilleries Co. of Sri Lanka

Distilleries Co. of Sri Lanka (DIST) 2Q16 Results Summary - 18 November 20152Q16 net profit of Rs.1,449mn (-22% YoY and –17% QoQ), below our expectations - the lowest quarterly net profit since 3Q13, attributable to below par performance in core beverage sector amid a sharp erosion in gross profit margin. 1H16 net profit -14% YoY to Rs.3,205mnOutlook Valuations § Group net profit forecasts revised down by -7% to Rs.7,618mn for FY16E (+3% YoY) and by -3% Rs.8,953mn for FY17E (+18% YoY), amid a downward revision to beverage sector gross profit margins. Nevertheless, the core beverage secto...


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Hemas Holdings

HHL - 2Q16 Results Summary - 18 November 2015 2Q16 EPS of Rs.1.1 (+13% YoY on a recurring basis), in line with our expectations, core FMCG sector posted strong earnings growth amidst the improved consumer sentiment and higher disposable income. HHL reported a Net Profit (NP) of Rs.635mn for 2Q16 (+17% YoY on a recurring basis). Consequently, HHL reported a NP of Rs.1,050mn for 1H16 (+25% YoY) Outlook ValuationsFY16E group NP forecasts broadly maintained at Rs.2,279mn (+17% YoY). We have assumed that HHL will deploy the rights issue funds during 4Q16E. Due to lack of visibility on how the fu...


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Nations Trust Bank

Nations Trust Bank (NTB) 3Q2015 Results Summary - 16 November§ 3Q2015 EPS of Rs.3.0 (-18% YoY and -11% QoQ), below our expectations, largely on account of marked to market losses on its Fixed Income Securities (FIS) portfolio§ Net Interest Spread contracted QoQ amid increased price competition within the banking and financial sector§ Uncertainty related to promoter dilution continues, amid likely participation of banks in ongoing sector consolidation initiatives. A near term acquisition/merger related to NTB may not materialise amid the flexible stance adopted by the Central Bank of Sri La...


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Ceylon Tobacco Company

Ceylon Tobacco Company (CTC) 3Q2015 Results Summary - 12 November 2015All-time high quarterly net profit of Rs.3,292mn for 3Q2015 (+57% YoY and +9% QoQ), above our expectations, amid a robust growth in volumes, attributable to both rise in disposable income and higher consumer demand prior to the excise duty led price increase, which came into effect on 03 Oct 2015. Consequently, 1-3Q2015 net profit +33% YoY to Rs.8,801mnOutlook Valuations § CTC’s net profit forecasts revised up by +5% to`212 Rs.10,557mn for 2015E (+23% YoY), mainly on account of higher volume expectations and by +3% to Rs...


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Nestle Lanka

Nestlé Lanka (NEST) 3Q2015 Results Summary - 09 November 20153Q2015 net profit of Rs.1,026mn (-6% YoY and -21% QoQ – off a high base), below our expectations, amid higher than anticipated Marketing, Selling and Distribution (MSD) expenses during the quarter, negating benefit from strong expansion of the GP margin to a record high. 1-3Q2015 net profit +10% YoY to Rs.3,484mnOutlook Valuations § Despite 3Q2015 earnings being below our expectations, due to record high MSD expenses, we broadly maintain our NEST net profit forecasts at Rs.4,587mn for 2015E (+21% YoY) and Rs.5,155mn for 2016E ...


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Access Engineering

Access Engineering (AEL) 2Q16 Results Summary - 09 November 2015 2Q16 EPS of Rs.0.7 (+7% YoY), above our expectations, primarily due to improved construction segment margins and higher than anticipated earnings from Access Projects. Construction segment EBIT margin improvement largely due to the lower operating costs incurred during the quarterOutlook Valuations Bill on Super Gains Tax (SGT) was passed on 20 October 2015; AEL’s SGT liability is Rs.554mn (25% of AEL’s FY14 taxable profit). The company made the first of its three equal installment payments, Rs.185mn on 31 October. The second ...


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