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  • Stock Market Indicators:
    Tuesday, 19 August 2014


    ASI: 6,981.5 (up 7 points, +0.1%), S&P SL20: 3,848.5 (up 18 point, +0.5%)

    Turnover: Rs.8,190mn (vs. Rs.1,789mn) 

    Exchange Rate 1US$ = Rs.130.10

    Market Capitalization: 16.85€bn

    Foreign Purchases: Rs.2,775mn (vs. Rs.412mn)

    Foreign Sales: Rs.7,298mn (vs. Rs.173mn)

     

    John Keells Holdings (JKH-N – Rs.244.0) emerged as the top contributor to turnover with Rs.7,270mn (30.3mn shares), followed by Colombo Dockyard (DOCK – 200.0) with Rs.124mn turnover (0.6mn shares) and Textured Jersey Lanka (TJL – Rs.19.4) with Rs.64mn turnover (3.3mn shares)

  • Corporate Announcements:
    Tuesday, 19 August 2014


    It was announced that Cargills Bank Ltd (offeror) purchased a further 50 ordinary voting shares of Capital Alliance Finance (CALF),
     constituting 0.0001% of the total shares in issue, at a price of Rs.15.50 per share on 18 August 2014.

    Consequently, the offeror holds 28.8mn shares constituting 74.3% of the total shares in CALF.

    View PDF

     

    Orient Garments (OGL) clarified about notice of winding up published in Daily News, relating to an application made by High Court of Western Province for the winding up of OGL.

    OGL has received a letter of demand from Jeremy Grebbe for payment of certain sums that he claimed was owed to him by the company in relation to his services which was subsequently disputed by the company.

    OGL informed that it has not yet received a formal notice of winding up in relation to aforementioned application, but in the event of such notice, OGL will take necessary steps to defend the application filed in the High Court of Western Province.

    View PDF

  • Results for the period ended 30 June 2014:
    Tuesday, 19 August 2014


    C T Holdings (CTHR) reported a net loss of –Rs.164mn for 1Q15 (vs. a net profit of Rs.688mn for 1Q14)

    Cargills (Ceylon) (CARG) reported a net loss of -Rs.145mn for 1Q15 (vs. a net profit of Rs.121mn in 1Q14)

    Kahawatte Plantations (KAHA) reported a net profit of Rs.28mn for 2Q2014 (vs. a net loss of -Rs.70mn for 2Q2013), resulting in a net profit of Rs.57mn for 1H2014 (vs. a net loss of -Rs.2mn for 1H2013)

  • Dividend Announcements:
    Tuesday, 19 August 2014


    CIC Holdings (CIC)
     – Interim Dividend of Rs.1.00 per share (Voting & Non-Voting) – XD: 28/08/2014 – PD: 04/09/2014

    ACL Plastics (ACL) – Interim Dividend of Rs.2.00 per share – XD: 28/08/2014 – PD: 09/09/2014

  • Stock Market Indicators
    Monday, 18 August 2014

    ASI : 6,974.7 (up 31 points, +0.4%)

    S&P SL20 : 3,830.6 (up 10 points, +0.3%)

    Turnover : Rs.1,789mn (-39%) 

    Exchange Rate : 1US$ = Rs.130.10

    Market Capitalization : US$22.5bn

    Foreign Purchases : Rs.412mn (-41%)

    Foreign Sales : Rs.173mn (-89%)

     

    John Keells Holdings (JKH-N – Rs.240.0) emerged as the top contributor to turnover with Rs.968mn (4.0mn shares), followed by Hatton National Bank-Voting (HNB-N – 167.50) with Rs.86mn turnover (0.5mn shares) and Colombo Dockyard (DOCK – Rs.201.00) with Rs.59mn turnover (0.3mn shares)

  • CSE Announcements
    Monday, 18 August 2014

    Colombo Stock Exchange (CSE) announced that Rs.1.0bn debentures of Dunamis Capital (CSEC) will be listed on 06 May 2014 on the Debt Securities Main Board of the CSE.

    Debenture description is as follows:

    CSEC/BC/05/08/19A12.5 - Five year fixed rate debentures (12.5%) payable annually

  • Corporate Announcements:
    Monday, 18 August 2014

    It was announced that the Monetary Board of the Central Bank of Sri Lanka (CBSL) has approved the acquisition of Bartleet Finance (BFN) by Janashakthi Ltd on behalf of Orient Finance (ORIN) and the subsequent amalgamation of BFN with ORIN. It was further stated that the board of BFN was aware that pursuant to negotiations Bartleet Transcapital Ltd has reached agreement with Janashakthi Ltd to sell 86.79% of the issued, fully paid share capital of BFN.

     

    It was announced that Cargills Bank Ltd (offeror) purchased a further 300 Ordinary Voting Shares of Capital Alliance Finance (CALF), constituting 0.001% of the total shares in issue, at a price of Rs.15.50 per share on 15 August 2014.

    Consequently, the offeror holds 28.8mn shares constituting 74.30% of the total shares in CALF.

  • Results Update - 30th June 2014
    Monday, 18 August 2014

    Arpico Finance Company (ARPI) reported a net loss of -Rs.4mn for 1Q15 (vs. a net profit of Rs.2mn for 1Q14).

     

    Agalwatte plantations (AGAL) reported a net profit of Rs.6mn for 2Q2014 (vs. a net loss of –Rs.99mn for 2Q2013), resulting in a net loss of –Rs,51mn for 1H2014 (vs. net loss of –Rs.96mn for 1H2013).

Research Reports

Strategy Report 2014

Sri Lanka Strategy Report - August 2014Market Outlook Increased local interest in equities in record low interest rate environmentImproving macro outlook and lower interest rates in particular to translate into stronger corporate earnings from 2H2014EGDP growth strengthening to ~7.5%, inflation soft at ~5% and currency stabilizing with modest ~2% depreciation vs. US$The upgrade of Qatar and UAE from frontier to emerging status in June 2014 has also increased the concentration of the flow of foreign cash into fewer countriesAmongst frontier markets, whilst Sri Lanka rates low in scale and liqu...


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Monthly Report - July 2014

Sri Lanka Monthly Report - July 2014July 2014 Market Performance: The Colombo Bourse closed higher for the fifth consecutive month in July 2014, with the benchmark All Share Price Index (ASPI) rising 6.8% MoM to 6,814 points while the more liquid S P SL20 index rose 7.6% MoM to 3,773 pointsAverage daily turnover rose 68% MoM to Rs.1,560mn in July 2014Foreigners were net buyers for the third consecutive month, with a net foreign inflow of Rs.4,725mn in July 2014 (up 26% MoM), resulting in YTD net foreign inflow of Rs.10,974mnSector Performance: Highest Performing: Motors (+19.5%), Chemicals ...


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Ceylon Tobacco Company

CTC – Rs.1,135.00 - 2Q2014 RESULTS SUMMARY - 06 August 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 2Q2014 net profit of Rs.2,511mn (-11% YoY; off a relatively high base; 2Q2013 net profit hit a record high of Rs.2,823mn), below our expectations, largely due to higher than...


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National Development Bank

NDB – Rs.215.80 - 2Q2014 Results Summary - 5 August 2014National Development Bank (NDB) reported a net profit (NP) of Rs.843mn in 2Q2014 (up 6% YoY, however down 29% QoQ), broadly in line with our expectations, for our FY2014E NP forecast of Rs.3,674mn (+39% YoY). Consequently, NDB’s 1H2014 NP rose 56% YoY to Rs.2,034mn § NDB’s loan book grew 6% QoQ (2014YTD up 12%) to Rs.153bn while its deposit base grew 3% QoQ (2014YTD up 8%) to Rs.139bn as at 30 June 2014§ Non-Interest Income (Non II) fell 5% YoY (down 24% QoQ) to Rs.1,036mn in 2Q2014 largely due to a decline in net fees and commission i...


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Chevron Lubricants

LLUB – Rs.314.00 - 2Q2014 Results Summary - 30 July 2014 2Q2014 EPS of Rs.5.6 (+20% YoY off a low base however down -12% QoQ), slightly below our expectations, amidst ~6% YoY decline in 1H2014 sales volumes subsequent to the 12% upward product price revision implemented w.e.f. from 27 January 2014. Gross Profit margin reached a record high of 42.7% during 2Q2014 Outlook Valuations: LLUB’s net profit forecast revised down marginally to Rs.2,782mn for 2014E (+10% YoY) and to Rs.3,080mn for 2015E (+11% YoY), due to higher than expected volume declinePE multiples of 13.5X 2014E and 12.2X 2015E,...


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National Development Bank

NDB – Rs.212.00 - 1Q2014 Results Summary - 28 July 2014National Development Bank (NDB) reported a net profit of Rs.1,191mn in 1Q2014 (up 135% YoY and up 167% QoQ on account of to low base effect), above our expectations, due to higher business volumes and a lower effective tax rate § NDB’s loan book grew 6% QoQ (sector up ~3% QoQ) to Rs.145bn while its deposit base grew 4% QoQ (sector up ~3% QoQ) to Rs.135bn as at 31 March 2014 § Total loan loss impairment rose 435% YoY (down 88% QoQ) to Rs.126mn in 1Q2014 (albeit relatively low vs. Rs.1.26bn in 2013). Impairment rose l...


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John Keells Holdings

JKH-N – Rs.238.70 - Results Summary 1Q15 - 25 July 2014 JKH’s 1Q15 EPS of Rs.2.2 (+17% YoY), in line with our expectations. YoY growth led by strong performance in the leisure and consumer, food retail sectors coupled with above par performance in others sector, comprising a capital gain of Rs.389mn from disposal of shares and high interest income earned from JKH’s significant cash pile, compensating for decline in earnings of transportation sector Outlook Valuations: JKH net profit (NP) forecasts maintained at Rs.12,679mn for FY15E (+8% YoY on a recurring basis) ...


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Commercial Bank of Ceylon

Commercial Bank of Ceylon acquires Indra Finance LtdCommercial Bank of Ceylon (COMB) announced on 16 July 2014, its decision to invest Rs.870mn in Indra Finance Limited (IFL: a Licensed Finance Company [LFC]) and to acquire the entirety of the issued and fully paid share capital of IFL, subject to relevant statutory and regulatory approvals followed by a due diligence. Whilst this will be the first LFC acquired by a Licensed Commercial Bank (LCB), post Central Bank of Sri Lanka’s (CBSL’s) announcement on financial sector mergers early this year, we expect COMB to benefit fro...


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Aitken Spence

SPEN – Rs.109.00 - 4Q14 Results Summary - 21 July 2014 Aitken Spence (SPEN) recurring 4Q14 net profit of Rs.1,428mn (+18% YoY), below our expectations amid below par performance in key sectors, tourism and strategic investments. Earnings adjusted for an impairment provision of ~Rs.400mn in the strategic investments sector for the remaining assets of the non-operational power plants, and excluding ~Rs.391mn insurance income under the tourism sector for property partly damaged by a fire in July 2013 in the Maldives and adjusting for the estimated foregone profit from the damag...


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Aitken Spence Hotel Holdings

AHUN – Rs.79.00 - 7 July 2014 - 4Q14 Results Summary Quarterly Highlights: § 4Q14 reported EPS of Rs.3.6 (+29% YoY), supported by higher than anticipated other income which includes insurance proceeds of Rs.370mn received during the quarter for water villas of Adaaran Hudhurunfushi which were partly damaged by a fire in 2Q14. Adjusting for same and AHUN’s foregone profit from damaged villas, 4Q14 recurring NP was Rs.907mn (-5% YoY) and Rs.2,026mn for FY14 (+13% YoY), below our expectations for a NP of Rs.2,121mn (+19% YoY) Sri Lanka segment: Revenue of Rs.1,321mn in 4Q14...


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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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