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  • Stock Market Indicators:
    Friday, 19 December 2014


    ASI: 7,252.6 (up 22 points, +0.31%), S&P SL20: 4,062.8 (down 6 points, -0.15%)

    Turnover: Rs.661mn (-52%)

    Exchange Rate 1US$ = Rs.131.85

    Market Capitalization: US$23.4bn

    Foreign Purchases: Rs.139mn (-46%)

    Foreign Sales: Rs.124mn (-62%)

     

    Panasian Power (PAP – Rs.3.0) emerged as the top contributor to turnover with Rs.111mn (36.9mn shares), followed by Asian Alliance Insurance (AAIC – Rs.149.7) with Rs.82mn turnover (0.5mn shares) and Commercial Bank of Ceylon - Voting (COMB-N – Rs.165.0) with Rs.65mn turnover (0.4mn shares)

  • Corporate Announcements:
    Friday, 19 December 2014


    Alliance Finance Company (ALLI) announced that its 10mn Senior, Unsecured, Listed, Redeemable Debenture issue was oversubscribed

    http://www.cse.lk/cmt/upload_cse_announcements/301418967541_.pdf

     

    Hatton National Bank (HNB) announced the listing details of its 30mn senior, unsecured, redeemable, rated debentures on 22 December 2014

    Three year fixed rate debentures 6.88% payable bi-annually

    Five year fixed rate debentures 7.75% payable bi-annually

    Ten year fixed rate debentures 8.33% payable bi-annually

    http://www.cse.lk/cmt/upload_cse_announcements/361418966850_.pdf

     

    BRAC Lanka Finance (NIFL) obtained a facility of Rs.500mn from Lanka Orix Factors

    http://www.cse.lk/cmt/upload_cse_announcements/1811418987130_.pdf

  • Stock Market Indicators:
    Thursday, 18 December 2014


    ASI: 7,230.5 (up 31 points, +0.43%), S&P SL20: 4,069.1 (up 19 points, +0.48%)

    Turnover: Rs.1,362mn (+4%)

    Exchange Rate 1US$ = Rs.131.85

    Market Capitalization: US$23.3bn

    Foreign Purchases: Rs.254mn (-59%)

    Foreign Sales: Rs.329mn (-63%)


    Pan Asia Banking Corporation (PABC – Rs.24.0) emerged as the top contributor to turnover with Rs.642mn (28.0mn shares), followed by John Keells Holdings (JKH-N – Rs.247.1) with Rs.195mn turnover (0.8mn shares) and Hatton National Bank - Voting (HNB-N – Rs.196.5) with Rs.62mn turnover (0.3mn shares)

  • Corporate Announcement:
    Thursday, 18 December 2014


    John Keells Holdings (JKH) announced that its subsidiary, Waterfront Properties (Pvt) Ltd entered into a US$445mn syndicated project development facility with Standard Chartered Bank

    http://www.cse.lk/cmt/upload_cse_announcements/731418874946_.pdf

     

    Sampath Bank (SAMP) announced the listing details of its 60mn Rated, Unsecured, Subordinated, Redeemable debentures

    http://www.cse.lk/cmt/upload_cse_announcements/8431418880556_.pdf

     

    Siyapatha Finance Ltd announced that its 5mn Rated, Unsecured, Subordinated, Redeemable debenture issue was oversubscribed and that it will be exercising the option to issue further 5mn debentures

    http://www.cse.lk/cmt/upload_cse_announcements/4381418884206_.pdf

     

    Asian Alliance Insurance (AAIC) announced that it obtained all requisite approvals for the segregation of its general insurance business from its life insurance business

    http://www.cse.lk/cmt/upload_cse_announcements/8781418888925_.pdf

     

    Orient Finance (ORIN) announced that its 10mn Rated, Guaranteed, Redeemable debenture issue was oversubscribed

    http://www.cse.lk/cmt/upload_cse_announcements/9851418897977_.pdf

  • Stock Market Indicators:
    Wednesday, 17 December 2014


    ASI: 7,199.7 (down 24 points, -0.33%), S&P SL20: 4,049.6 (down 18 points, -0.44%)

    Turnover: Rs.1,310mn (+141%)

    Exchange Rate 1US$ = Rs.131.85

    Market Capitalization: US$23.2bn

    Foreign Purchases: Rs.615mn (vs. Rs.201mn)

    Foreign Sales: Rs.882mn (vs. Rs.144mn)

     

    The Lion Brewery Ceylon (LION – Rs.605.0) emerged as the top contributor to turnover with Rs.588mn (1.0mn shares), followed by John Keells Holdings (JKH-N – Rs.245.0) with Rs.185mn turnover (0.8mn shares) and Dialog Axiata (DIAL – Rs.13.0) with Rs.98mn turnover (7.6mn shares)

  • Corporate Announcements:
    Wednesday, 17 December 2014


    Singer Sri Lanka (SINS) announced that its 15mn Listed, Rated, Unsecured, Redeemable senior debenture issue was oversubscribed

    http://www.cse.lk/cmt/upload_cse_announcements/6721418799301_.pdf

     

    Seylan Bank (SEYB) announced that its initial issue of 30mn Rated, Senior, Unsecured, Redeemable debenture issue was oversubscribed

    http://www.cse.lk/cmt/upload_cse_announcements/9991418795329_.pdf

     

    The Finance Company (TFC) announced that the company received a sum of Rs.6bn from the Sri Lanka Deposit Insurance and Liquidity Support Fund as per the loan agreement signed with the Central Bank of Sri Lanka

    http://www.cse.lk/cmt/upload_cse_announcements/9731418785542_.pdf

     

    Renuka Holdings (RHL) announced the listing details of its 1:1 rights issue

    http://www.cse.lk/cmt/upload_cse_announcements/4811418785220_.pdf

     

    Sanasa Development Bank (SDB) announced that its 1:2 rights issue was oversubscribed

    http://www.cse.lk/cmt/upload_cse_announcements/7831418785167_.pdf

     

    Arpico Insurance announced the details of applications received for its Initial Public Offer            

    http://www.cse.lk/cmt/upload_cse_announcements/5271418814076_.pdf

  • Stock Market Indicators:
    Tuesday, 16 December 2014


    ASI: 7,223.6 (down -7 points, -0.09%), S&P SL20: 4,067.5 (down -2 points, -0.05%)

    Turnover: Rs.544mn (+60%)

    Exchange Rate 1US$ = Rs.131.85

    Market Capitalization: US$23.3bn

    Foreign Purchases: Rs.201mn (+98%)

    Foreign Sales: Rs.144mn (vs. Rs.41mn)


    John Keells Holdings (JKH-N – Rs.250.0) emerged as the top contributor to turnover with Rs.113mn (0.4mn shares), followed by United Motors Lanka (UML – Rs.102.0) with Rs.56mn turnover (0.6mn shares) and The Finance Company - Voting (TFC-N – Rs.22.0) with Rs.37mn turnover (1.6mn shares)

  • CSE Announcement:
    Tuesday, 16 December 2014


    Colombo Stock Exchange (CSE) announced changes to the composition of the S&P SL 20 index;

    Access Engineering (AEL), People's Leasing & Finance (PLC) and Sri Lanka Telecom (SLTL) will replace Asian Hotels & Properties (AHPL), C T Holdings (CTHR) and Hayleys (HAYL)

     

    http://www.cse.lk/cmt/upload_cse_announcements/4791418705617_.pdf

Research Reports

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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Distilleries Co. of Sri Lanka

DIST - Rs.202.3 - 2Q15 Results Summary - 28 November 2014 DIST reported a 2Q15 net profit of Rs.1,858mn (+25% YoY and up marginally QoQ), broadly in line with our expectations. Strong YoY earnings growth is largely on account of the group enjoying net finance income during the quarter (vs. an expense in 2Q14), supported by higher contribution from the diversified sector, and from increased associate contribution. Consequently, 1H15 net profit +18% YoY to Rs.3,705mn Outlook Valuations § Group net profit forecasts broadly maintained at Rs.7,513mn for FY15E (+13% YoY) and at Rs.8,588mn for F...


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Commercial Bank of Ceylon

COMB – N:Rs.177, X:Rs.120.50 - Results Summary 3Q2014 - 20 November 20143Q2014 EPS of Rs.3.9 (up 21% YoY and up 50% QoQ), above our expectations. 3Q2014 NP was driven by better than expected Non II growth on account of relatively higher gains from financial and other investment income§ Net Interest Spreads fall to an all-time low§ Loans up on LT-term loan up take in 3Q2014§ Indra Finance was acquired during 3Q2014 for Rs.916mn Outlook Valuations § COMB’s NP forecasts revised up by 2% and 1% to Rs.11,020mn (up 4% YoY) and Rs.11,902mn (up 8% YoY) for 2014E and 2015E respectively on accoun...


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Hemas Holdings

HHL - 2Q15 Results Summary - Rs 75.5 - 20 November 2014 2Q15 recurring EPS of Rs.1.1 (+62% YoY) for a recurring 2Q15 Net Profit (NP) of Rs.556mn (+62% YoY), above our expectations due to stronger than anticipated performance in the core FMCG and Healthcare sectors. 2Q15 earnings adjusted for a non-recurring estimated capital gain of Rs.84mn from the disposal of FMCG sector paper business, Nimex. Furthermore, reported 2Q14 reported earnings included a one off capital gain of Rs.364mn, on the transfer of Peace Haven property to PH resorts and Spa (Pvt) Ltd, a JV company Outlook Valuations FY1...


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Nestle Lanka

NEST 3Q2014 Results Summary - Rs.2,140 - 18 November 2014§ 3Q2014 net profit of Rs.1,093mn (+21% YoY and +12% QoQ), slightly above our expectations amid higher than anticipated expansion in the gross profit margin to a record high – third consecutive quarter of GP margin expansion - led by favourable commodity prices and a relatively stable currency. Consequently, 1-3Q2014 net profit +22% YoY to Rs.3,172mn Outlook Valuations § NEST’s net profit forecasts revised up marginally to Rs.4,188mn for 2014E (+27% YoY) and Rs.4,779mn for 2015E (+14% YoY), amid upward revisions to our GP margins fo...


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Nations Trust Bank

NTB - Rs.100.20 - 3Q2014 Results Summary - 17 November 2014 3Q2014 EPS of Rs.3.6 (up 35% YoY), above our expectations, supported by higher margins and non-interest income§ CASA ratio improved to best since 2Q2011, and portfolio quality marginally improved from 2Q2014 which was the 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 probability of NTB acq...


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Ceylon Tobacco Company

CTC – Rs.1,149.00 - 3Q2014 RESULTS SUMMARY - 12 November 2014 § 3Q2014 net profit of Rs.2,094mn (-10% YoY and -17% QoQ), below our expectations, mainly due to the lack of an excise duty led price revision during the quarter as we had previously anticipated (Rs.1.0-2.0 per stick price increase implemented only w.e.f 10 Oct 2014). Whilst the lack of a price increase resulted in a relatively positive impact on quarterly volumes, the extent was not sufficient to compensate the additional revenue potentially earned from an earlier price increase, as CTC is more a margin than a volume growth busin...


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Dialog Axiata

DIAL Rs 12.50 - 3Q2014 Results Summary - 11 November 2014Dialog Axiata (DIAL), reported a net profit (NP) of Rs.1,772mn for 3Q2014 (+16% YoY), above our expectations, resulting in a NP of Rs.4,625mn for 1-3Q2014 (+13% YoY). Profits were boosted by better than expected revenue, lower forex losses and higher EBITDA marginsGroup revenue rose 6% YoY (2% QoQ) to Rs.17.0bn in 3Q2014 resulting in DIAL’s 1-3Q2014 revenue also rising 6% YoY to Rs.50.0bn on account of better growth seen in voice, data, pay tv and fixed line revenue despite the lower contribution from international revenue on account of...


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Textured Jersey

TJL Rs.20.20 - 2Q15 Results Summary - 10 November 2014TJL reported a net profit of US$2.2mn for 2Q15 (+8% YoY and +72% QoQ) below our expectations, due to lower than anticipated GP margins, while QoQ earnings growth was largely driven by recovery of volumes. Meanwhile, 1H15 net profit was -13% YoY to US$3.4mn, following a weak 1Q15 performance Outlook Valuations: Given lower than expected GP margins in 1H15 and factoring the delay in multi fuel boiler plant implementation, TJL’s FY15E net profit forecast revised down by 9% to US$9.4mn (+6% YoY) and FY16E net profit forecast is also revised ...


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John Keells Holdings

JKH-N – Rs.255 - Results Summary 2Q15 - 5 November 2014 § 2Q15 recurring EPS of Rs.2.6 (+3% YoY), in line with our expectations. Quarterly earnings were boosted by strong performances in Property, Consumer Foods Retail (CF R), Others and Finance sectors, offsetting below par performances in Leisure and Transportation sectors Outlook Valuations § JKH’s FY15E recurring Net Profit (NP) forecasts broadly maintained at Rs.12,677mn (+10% YoY on a recurring basis), with higher revenue recognition in Property sector and expected higher contribution from Leisure, CF R and Finance sectors offset...


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Chevron Lubricants

LLUB – Rs.345.00 - 3Q2014 Results Summary - 4 November 2014 Chevron Lubricants Lanka (LLUB) reported a net profit of Rs.750mn for 3Q2014 (up 23% YoY and 11% QoQ), above our expectations primarily due to the decline in global oil price expectations supporting margins and recovery in volumes combined with a shift in sales mix to the higher margin automotive segment Outlook Valuations: LLUB’s net profit forecasts revised up by 5% to Rs.2,918mn for 2014E (+15% YoY) and by 8% to Rs.3,311mn for 2015E (+14% YoY)The LLUB share witnessed steady interest during the past three months, rising 11% (vs. ...


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Peoples Leasing

PLC - Rs.22.2 - 2Q15 Results Summary - 4 November 2014People’s Leasing Finance (PLC) reported a net profit of Rs.1,091mn for 2Q15 (+39% YoY and QoQ), above our expectations, largely due to greater than expected expansion of NIS. Consequently, 1H15 net profit grew +28% YoY to Rs.1,874mn Outlook Valuations: Considering the higher than expected spreads recorded in 1H15 and factoring the possible boost in vehicle industry, PLC’s net profit forecast revised up by 10% and 5% for FY15E and FY16E to Rs.4.2bn (+21% YoY) and Rs.4.4bn (+6% YoY)Given likely high demand for new leases, disbursement gr...


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Peoples Leasing

PLC - Rs.22.2 - 2Q15 Results Summary - 4 November 2014People’s Leasing Finance (PLC) reported a net profit of Rs.1,091mn for 2Q15 (+39% YoY and QoQ), above our expectations, largely due to greater than expected expansion of NIS. Consequently, 1H15 net profit grew +28% YoY to Rs.1,874mn Outlook Valuations: Considering the higher than expected spreads recorded in 1H15 and factoring the possible boost in vehicle industry, PLC’s net profit forecast revised up by 10% and 5% for FY15E and FY16E to Rs.4.2bn (+21% YoY) and Rs.4.4bn (+6% YoY)Given likely high demand for new leases, disbursement gr...


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Budget 2015

Sri Lanka National Budget 2015Populist – Yet on Trackq The President of Sri Lanka, His Excellency Mahinda Rajapaksa, presented Sri Lanka’s National Budget for 2015 in Parliament on 24 Oct 2014 q The Government of Sri Lanka (GoSL) expects to achieve a fiscal deficit of 5.0% for 2014E (vs. 5.9% in 2013) compared to its original deficit target of 5.2% for 2014E on account of lower than expected public investment. Furthermore, the GoSL expects to reduce its fiscal deficit to 4.6% in 2015E keeping in line with the policy guide lines formulated within the Medium Term Macro Fiscal Framework (MTMFF...


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