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2013

Issue 32

Week Ending 08-08-2013

Weekly Market Wrap Up


Stat Page
Weekly Stock Trends
S&P SL20 Watch

Pg 02
Pg 03
Pg 04

Local Economy in Brief


Currency Moves
Inflation & Interest Rates
Colombo Tea Auction
Tourism

Pg 05
Pg 06
Pg 06
Pg 06

Global Market
Equity Market Outlook
Global Commodity Trend

Pg 07
Pg 08

Research Chat:
Golden Dilemma on CSE

Pg 09

Our Core Coverage

Pg 10- Pg 11

Weekly Stat Page


Weekly Market Statistics

Weekly Turnover and Volume

Daily Index Movement


4,000

100

LKR ('Mn)

3,000

80

2,000

60
40

1,000

0
18-Jul

25-Jul

ASPI

Turnover (LHS)

1-Aug

8-Aug

Volume (RHS)

Weekly Foreign Purchases and Sales

60%

Net Foreign 1,044

50%

2,500

40%

ASPI
S&P SL20
Turnover (LKR 'bn)
Volume ('mn)
Market Cap. (LKR 'bn)

20

Daily Foreign Activity

Current Previous
6151.92
6156.60
3470.16
3477.57
1,830.6
3,606.4
91.2
113.9
2,367.5
2,369.3

120

('Mn)

6,200
6,150
6,100
6,050
6,000
5,950
5,900
5,850

208

-1091

Weekly Foreign Flow


LKR ('mn)
Foreign Purchases
Foreign Sales
Net Foreign Inflow
Foreign Participation

Current Previous
16.3
16.3
2.2
2.2
2.5
2.5

LKR ('Mn)

PER
PBV
DY

1,000

10%

WoW %
8.9%
-70.8%
-133.2%
75.1%

Weekly Market Valuations

1,500

20%

Current Previous
929.7
854.0
567.3
1,945.3
362.4
-1,091.3
37%
21%

362

2,000

30%

WoW %
-0.1%
-0.2%
-49.2%
-19.9%
-0.1%

WoW %
-0.1%
-0.1%
0.0%

500

0%

Weekly Sector Statistics

0
18-Jul

Foreign Activity

Linear (Foreign Activity)

25-Jul

Foreign Buying

1-Aug

8-Aug

Foreign Sales

Change in Foreign Holding


Growth in Foreign Holding
NESTLE (+)
DISTILLERIES
JKH
COMMERCIAL BANK (+)
DFCC BANK

Growth in Growth in
Value
Foreign Decline in Foreign Holding
LKR 'mn
Holding
101.2
88.7
68.8
51.5
30.2

0.09%
0.65%
0.05%
0.16%
0.37%

ACCESS ENG SL
CENTRAL FINANCE
NATION LANKA
NAT. DEV. BANK (+)
DOCKYARD (+)

Decline in
Value
LKR 'mn
-51.3
-8.3
-2.9
-2.7
-2.4

Decline in
Foreign
Holding
-42.81%
-0.37%
-3.03%
0.0%
-0.03%

BANKS FINANCE & INS.


BEV. FOOD & TOBACCO
CHEM. & PHARMA.
CONS. & ENG.
DIVERSIFIED
HEALTH CARE
HOTELS & TRAVELS
LAND & PROPERTY
MANUFACTURING
MOTORS
PLANTATIONS
TELECOM

Current Previous
12,174.2 12,051.5
15,675.1 15,397.6
7,167.8
6,934.3
2,610.9
2,580.3
1,821.1
1,796.8
582.1
575.6
3,554.3
3,493.7
506.0
490.4
2,606.0
2,576.4
15,430.7 15,058.4
808.2
800.8
163.5
161.4

WoW %
1.0%
1.8%
3.4%
1.2%
1.4%
1.1%
1.7%
3.2%
1.2%
2.5%
0.9%
1.3%
Page | 2

Weekly Stock Trends


Weekly Top Gainers
Company
MORISONS

Current

Previous

WoW %

High

Low

Volume

Turnover

52 High

52 Low

329.80

286.90

14.95%

329.80

288.00

906

361.90

154.00

2,251.40

1,989.00

13.19%

2,285.00

1,940.00

52,838

116,070,921

2,285.00

1,100.00

108.80

97.50

11.59%

108.80

108.80

109

130.00

80.00

HUNAS FALLS

54.80

49.50

10.71%

54.80

49.60

207

10,272

70.00

49.00

ACL PLASTICS

98.30

90.00

9.22%

98.30

90.00

15,220

1,397,990

122.00

80.00

NESTLE
LAKE HOUSE PRIN.

Weekly Top Losers


Company
PC PHARMA

Current

Previous

WoW %

High

Low

Volume

Turnover

52 High

52 Low

1.30

1.60

-18.75%

1.60

1.30

3,030,419

4,534,878

14.90

1.30

CENTRAL IND.

58.10

69.00

-15.80%

65.50

58.00

85,723

5,229,610

86.00

58.00

PCH HOLDINGS

1.10

1.30

-15.38%

1.30

1.10

1,988,206

2,402,167

12.90

1.10

1,105.00

1,285.00

-14.01%

1,112.20

1,100.00

13

14,334

1,560.00

1,100.00

7.50

8.70

-13.79%

8.60

7.30

3,246,842

25,629,244

15.90

7.30

Volume

Turnover

52 High

52 Low

GOOD HOPE
NATION LANKA

Weekly Top Performers


Company

Current

Previous

WoW %

High

Low

CHEVRON

310.50

310.00

0.16%

314.50

305.00

920,752

284,053,227

375.00

172.00

JKH

264.30

266.00

-0.64%

270.00

264.30

821,573

220,267,565

299.80

184.00

DISTILLERIES

194.90

190.20

2.47%

195.10

190.00

731,502

141,078,551

207.00

117.00

21.30

20.50

3.90%

21.50

20.50

6,646,161

138,236,195

22.60

15.50

2,251.40

1,989.00

13.19%

2,285.00

1,940.00

52,838

116,070,921

2,285.00

1,100.00

ACCESS ENG SL
NESTLE

Weekly Top Volume


Company

Current

Previous

WoW %

High

Low

Volume

Turnover

52 High

52 Low

PC HOUSE

1.00

1.10

-9.09%

1.20

1.00

23,810,052

26,030,751

8.40

1.00

CIFL

1.10

1.10

0.00%

1.30

1.00

7,251,237

8,238,214

11.80

1.00

ACCESS ENG SL

21.30

20.50

3.90%

21.50

20.50

6,646,161

138,236,195

22.60

15.50

TEXTURED JERSEY

14.20

13.10

8.40%

14.20

13.10

3,491,598

47,831,444

14.20

7.60

LANKA IOC

26.30

25.50

3.14%

27.90

25.20

3,315,474

84,626,838

29.00

15.50
Page | 3

S & P SL20 Debrief

Announcements
DIVIDENDS

Daily Index Movement

Company

3,550

Dividend (LKR)

XD Date

1.00

12-08-2013

21-08-2013

Lanka Walltiles

2.00

12-08-2013

22-08-2013

Ceylon Tobacco Company

15.00

14-08-2013

23-08-2013

Access Engineering

0.25

14-08-2013

26-08-2013

Tokyo Cement Company


3,500
3,450
3,400

Payment

Kandy Hotels Company

0.02

02-09-2013

10-09-2013

3,350

Dankotuwa Porcelain

0.40

12-09-2013

20-09-2013

3,300

Lanka Ventures

1.00

24-09-2013

02-10-2013

Elpitiya Plantations

0.50

27-09-2013

07-10-2013

3,250

RIGHTS ISSUE
Company
S&P SL20

S&P SL20 Companies


JOHN KEELLS HOLDINGS
COMMERCIAL BANK
THE BUKIT DARAH
HATTON NATIONAL BANK
CARSONS CUMBERBATCH
SAMPATH BANK
CEYLON TOBACCO COMPANY
DFCC BANK
AITKEN SPENCE
NATIONAL DEVELOPMENT BANK
C T HOLDINGS
DISTILLERIES
HAYLEYS
CHEVRON LUBRICANTS LANKA
DIALOG AXIATA
CARGILLS (CEYLON)
AITKEN SPENCE HOTEL HOLDINGS
NESTLE LANKA
ASIAN HOTELS & PROPERTIES
SRI LANKA TELECOM

Current
264.30
119.00
690.00
152.50
400.00
195.60
1,201.00
130.80
122.20
160.10
140.10
194.90
302.00
310.50
8.70
160.00
70.00
2,251.40
70.00
41.00

Previous
266.00
119.60
697.80
151.80
415.00
200.00
1,200.00
129.00
124.00
169.00
146.00
190.20
304.50
310.00
8.60
155.50
70.00
1,989.00
75.30
40.20

WoW %
-0.64%
-0.50%
-1.12%
0.46%
-3.61%
-2.20%
0.08%
1.40%
-1.45%
-5.27%
-4.04%
2.47%
-0.82%
0.16%
1.16%
2.89%
0.00%
13.19%
-7.04%
1.99%

Turnover
220,267,565
58,469,961
5,587,072
4,756,966
23,836,069
20,188,881
71,461,466
42,181,537
345,310
5,904,764
1,041,705
141,078,551
864,767
284,053,227
3,864,834
8,367,623
2,887,241
116,070,921
117,262
3,350,962

Proportion

XR Date

Renunciation

The Kingsbury

03 for 08 @ LKR10.0

15-08-2013

02-09-2013

Pelwatte Sugar

01 for 04 @ LKR18.0

Delayed

Delayed

###

###

###

Proportion

EGM Date

XD Date

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

Proportion

EGM Date

XC Date

01 for 10 @ LKR17.35

08-08-2013

12-08-2013

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

Proportion

EGM Date

Trading Date

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

0-Jan-1900

Proportion

EGM Date

Trading Date

0-Jan-1900

0-Jan-1900

SCRIP DIVIDEND
Company

CAPITALIZATION OF RESERVES
Company
Tokyo Cement Company

SUBDIVISION OF SHARES
Company

CONSOLIDATION OF SHARES
Company

Page | 4

Local Economy
CURRENCY MOVES

LKR
134

USD : LKR

132

LKR
180

EURO : LKR

LKR
205

175

200

170

195

165

190

124

160

185

122

155

180

130

128
126

LKR
1.40
1.35
1.30
1.25

Japanese Yen : LKR

LKR
120

Singapore Dollar : LKR

LKR
2.35

100

2.30

80

2.25

60

2.20

40

2.15

1.20

20

2.10

1.15

2.05

GBP : LKR

Indian Rupee : LKR

Page | 5

Local Economy
BALANCE OF TRADE

TOURISM

Balance of Trade

Tourist Arrivals

140,000
120,000

2,000
1,600
1,200
800
400
0
-400
-800
-1,200

100,000
80,000

60,000
40,000
20,000
Jan

Exports

Imports

Balance of Trade

May-13

Exports
Imports
Balance of Trade

Apr-13
697
1,522
-825

MoM %
14%
2%
9%

May-12
806
1,575
-769

Apr

May

Jun

2011

Jul

Aug

2012

Sep

Oct

Dec

Jun-13
2013
73,628
512,281

Jun-13
YTD

Nov

2013

For the Month Ending:

YoY %
-1%
-2%
2%

INFLATION & INTEREST RATE

2012 Change %
65,245
13%
452,867
13%

COLOMBO TEA AUCTION STATISTICS

Inflation and Treasury Bill Rate

14%

Mar

2010

For the Month Ending:


May-13
794
1,549
-755

Feb

Elevation

12%

10%

High Grown
Mid Grown
Low Grown
Total

8%
6%
4%

Sale of
31-07-13
380.38
368.05
454.11
429.51

Sale of
24-07-13
382.24
366.78
448.87
423.33

WoW %
-0.49%
0.35%
1.17%
1.46%

Corres. 2012
387.84
346.47
410.48
397.21

WoW %
8.29%
7.89%

Sale of
11-Jul-13
390.00
395.00

YoY %
-1.92%
6.23%
10.63%
8.13%

2%
Jul-12

1-Yr T-Bill

Sep-12

Nov-12

Point to Point

Jan-13

Mar-13

For the Month Ending:


Point to Point
Annual Average Change
1-Yr T-Bill

May-13

Annual Average Change

Jul-13

COLOMBO RUBBER AUCTION STATISTICS

Jul-2013
Jun-13
6.8%
8.6%
12.37%

Jul-13
6.1%
8.3%
10.56%

Basis Points
70
30
181

Elevation
RSS 1
Brown Crepe 1X

Sale of
30-Jul-13
411.50
410.00

Sale of
18-Jun-13
380.00
380.00

WoW %
5.51%
3.80%
Page | 6

Global Markets
EQUITY MARKET OUTLOOK

Index
16,000

Dow Jones Industrial Average

Index
1,750
1,700

15,500

1,650

15,000

1,600

14,500

1,550

14,000

1,500

Index
7,000
6,800
6,600
6,400
6,200
6,000
5,800
5,600

S&P 500 Index

FTSE 100 Index

Index
17,000

15,000
13,000
11,000

9,000
7,000

Nikkei 225

Index
2,900
2,800
2,700
2,600
2,500
2,400
2,300

Index
24,000
23,000
22,000
21,000
20,000
19,000
18,000

EURO STOXX 50 Price EUR

Hong Kong Hang Seng Index

Page | 7

Global Markets
GLOBAL COMMODITY TREND

USD/bbl
110
105
100
95
90
85
80

WTI CRUDE FUTURE

USD/t oz.
1,450
1,400
1,350
1,300
1,250
1,200
1,150
1,100
1,050

GOLD 100 OZ FUTURE

USd/lb.
90
88
86
84
82
80
78
76
74

COTTON NO.2 FUTURE

USd/bu.
720
700
680
660
640
620
600

WHEAT FUTURE(CBT)

USd/lb.
350
340
330
320
310
300
290
280

COPPER FUTURE

Commodity
WTI Crude

USD/bbl

Gold
Copper

USD/t oz.
USd/lb.

Cotton
Wheat

USd/lb.
USd/bu.

This
Week

Last
Week

WoW
Change

104.17

107.55

-3.1%

1,288.60
325.65

1,288.90
318.25

0.0%
2.3%

88.87
647.25

84.95
659.00

4.6%
-1.8%

Page | 8

Gold, which witnessed a steady price increase over a decade, recently plunged on contrary to what many market participant envisaged. Interestingly speculative
outflows fore fronted in price dips. The following report attempts to identify the overall outlook of the factors that drive the global gold prices and its effect on Colombo
Stock Exchange counters which are notably exposed to gold prices through pawning.
Significant decline in global gold prices recently on a speculative note: In 1Q2013 demand for gold dipped
by 13.0%YoY owing to considerable net outflows from gold ETFs. This speculative shorting was associated
with diminishing value of gold as a hedge against inflation as quantitative easing programs in U.S did not
trigger any hyperinflation. In addition in 2012, moderate growth levels recorded in China and India, the
worlds largest importers of physical gold, hampered the demand for physical gold. Furthermore, adding to
the fiasco, as the speculation on cash-trapped European Union governments such as Cyprus might liquidate
their gold reserves had a spiral effect and rattled lots of market participants.

Major decline in Gold Prices in recent periods

USD/Oz
1,900.0
1,800.0
1,700.0
1,600.0
1,500.0

1,400.0
1,300.0

Physical demand for gold soared in 1Q2013 to leverage on low prices: In 1Q2013, physical demand for gold
(Gold jewellery bars and coins) increased by 12.0%YoY supported by the increasing demand from India
(27.0%YoY) and China (20.0%YoY) where both countries accounted for 62.0% of global demand. With the
reviving Indian economy (According to IMF Indian GDP growth is estimated at 5.6% 2013E cf.3.2%) the
demand for physical gold is estimated to propel further. In addition, rationalisation of gold imports in India
and evolving diversification strategies in global central banks could trigger upward pressure on global gold
prices.
Gold is likely to be bottomed out on speculative shorting: Global gold prices are heavily influenced by ETFs
and gold futures as price influence from physical gold demand is lagged due to the complex nature of supply
chain. Our COT analysis indicates that a market extreme could be on sight. On a momentum note,
Speculators increased their long contracts cf. total contracts (long plus short) to 56.0% in 26th July 2013 cf.
54.0% in 16th July 2013 after nearly 4 months of downward trend in the ratio.
CSE counters to watch out for: In CSE, Sampath bank, LB Finance, Pan Asia Bank and Hatton National Bank
had noteworthy exposure to pawning. Hence its possible these companies record an impairment
provisioning in coming quarters which could negatively affect the bottom line. However we expect global
gold prices to stabilize and yield investment opportunities for investors to accumulate value counters at
bargain which might result in knee-jerk price reactions in some counters.

Softlogic Equity Research

1,200.0
1,100.0
1,000.0

Source - www.gold.org

World Bank forecasts flat gold prices

USD/toz
1700
1600
1500
1400
1300
1200
1100
1000
900
800
2008

2009

2010

2011

2012 2013E 2014E 2015E

Source - www.worldbank.org

Page | 9

Name

Y/E

Rec

Mkt Price Book Val.

Share

Market

8-Aug-13

Cap.

Cap.

Mar'12

Mar'13

Mar'14E

Mar'15E

4Q

Mar'12

Mar'13

Mar'14E Mar'15E

4Q

Mar'12

Mar'13

Mar'14E Mar'14E

Mar'12

Mar'13

Mar'14E Mar'15E

4Q

Mar'13

('Mn)

('Mn)

Dec'11

Dec'12

Dec'13E

Dec'14E

Trailing

Dec'11

Dec'12

Dec'13E Dec'14E

Trailing

Dec'11

Dec'12

Dec'13E Dec'13E

Dec'11

Dec'12

Dec'13E Dec'14E

Trailing

Dec'12

3,057

25.51

29.00

29.14

46

14

2,006

57.08

73.94

75.96

57

30

('Mn)

NAVPS

Earnings

P / BV

EPS

EPS Growth (%)

PER

DPS

Trailing

ROE

DY (%)

(%)

Banking, Finance & Insurance


Centra l Fi na nce

CFIN.N0000

Ceyl i nco Ins ura nce

CINS.N0000

Commerci a l Ba nk

COMB.N0000

Commerci a l Ba nk [X]

COMB.X0000

DFCC Ba nk

Buy

181.60

16,109

104.9

19,047 153.59

1.18

2,675

3,041

1,219.80

14,202

26.4

32,220 537.64

2.27

1,508

1,953

Buy

119.00

52,962

848.6

100,989

62.41

1.91

8,048

10,080

11,806

14,510

9,462

9.48

11.88

13.91

17.10

11.15

46

25

17

Buy

95.00

52,962

848.6

80,621

62.41

1.52

8,048

10,080

11,806

14,510

10,056

9.48

11.88

13.91

17.10

11.15

46

25

DFCC.N0000

MTB

130.80

28,139

265.1

34,675 106.14

1.23

2,900

3,523

3,453

3,915

3,523

10.94

13.29

13.02

14.77

13.29

(43)

Ha tton Na ti ona l Ba nk

HNB.N0000

Buy

152.50

51,055

398.9

60,830 127.99

1.19

6,149

8,111

9,607

11,113

7,815

15.42

20.33

24.08

27.86

19.59

Ha tton Na ti ona l Ba nk [X]

HNB.X0000

Buy

110.90

51,055

398.9

44,236 127.99

0.87

6,149

8,111

9,607

11,113

8,086

15.42

20.33

24.08

27.86

La nka Ori x Lea s i ng Compa ny LOLC.N0000

54.50

19,962

475.2

25,898

42.01

1.30

2,933

1,863

1,947

6.17

3.92

LB Fi na nce

LFIN.N0000

Buy

114.10

5,329

69.3

7,902

76.94

1.48

1,714

1,703

2,114

2,494

1,771

24.75

24.58

30.52

Na ti ona l Devel opment Ba nk NDB.N0000

Buy

160.10

22,926

164.7

26,367 139.21

1.15

2,706

8,854

3,533

4,286

8,660

16.43

53.76

Na ti ons Trus t Ba nk

NTB.N0000

Buy

63.10

10,113

230.6

14,551

43.85

1.44

1,534

1,951

2,438

2,990

2,012

6.65

Pa n As i a Ba nk

PABC.N0000

Buy

17.60

4,089

295.0

5,193

13.86

1.27

824

811

859

995

766

Peopl e's Lea s i ng

PLC.N0000

Buy

14.50

19,236

1,579.9

22,908

12.18

1.19

4,542

3,073

3,015

3,590

Sa mpa th Ba nk

SAMP.N0000

Buy

195.60

27,959

167.8

32,813 166.66

1.17

4,151

5,212

5,636

Seyl a n Ba nk

SEYB.N0000

61.00

19,775

345.0

21,043

57.32

1.06

1,006

2,063

La nka Ori x Fi na nce

LOFC.N0000

2.90

5,424

2,800.0

8,120

1.94

1.50

1,246

686

297,279

7,771.3

412,556

38.25

1.39

41,935

52,924

Sample Sector (16)


Full Sector (60)

541,910

3,437

898

3,829

1,026

32.77

7.1

6.3

21.4

16.5

23

12.5

10.0

8.6

17

23

10.0

8.0

21

(2)

13

12.0

28

32

18

16

19.59

28

32

18

16

4.10

(24)

(36)

36.01

25.57

68

(1)

24

21.45

26.03

52.58

26

227

8.46

10.57

12.96

8.72

41

2.79

2.75

2.91

3.37

2.60

3,045

2.87

1.95

1.91

2.27

4,773

24.74

31.07

33.60

2,170

2.92

5.98

629

0.44

0.25

69,778

5.40

6.81

0.32

36.51

0.37

13

6.2

2.9

1.6

16.6

16.1

12.5

1.0

10.6

7.0

10.7

4.5

3.8

15.2

6.8

5.6

8.5

4.5

4.7

15.2

9.8

10.0

8.9

9.8

5.0

3.8

10.3

9.9

7.5

6.3

5.5

7.8

8.5

5.6

12.0

7.2

5.5

4.6

4.0

5.7

8.5

7.7

12.0

8.8

13.9

13.3

0.5

0.9

14.7

18

4.6

4.6

3.7

3.2

4.5

6.5

5.7

32.2

(60)

21

9.7

3.0

7.5

6.2

3.0

15.0

9.4

11.8

27

25

23

9.5

7.5

6.0

4.9

7.2

2.1

3.3

15.2

128

(2)

16

6.3

6.4

6.0

5.2

6.8

1.0

5.7

20.2

1.93

74

(32)

(2)

19

5.0

7.5

7.6

6.4

7.5

1.3

8.6

23.6

28.45

19

26

7.9

6.3

5.8

6.9

6.0

3.1

14.8

6.29

(17)

105

20.9

10.2

9.7

1.0

1.6

5.1

0.22

(0)

(45)

6.5

11.8

12.9

23.0

8.98

19

26

9.8

7.8

31

11

14

5.5

9.0

5.0

7.9

5.9

1.47

14.1

8.2

Beverage, Food and Tobacco


Ca rgi l l s

CARG.N0000

160.00

7,760

224.0

35,840

Ceyl on Toba cco Compa ny

CTC.N0000

1,201.00

3,660

187.3

224,976

Di s ti l l eri es

DIST.N0000

194.90

49,381

300.0

58,470 164.60

Li on Brewery

LION.N0000

362.70

5,910

80.0

29,016

Nes tl e (La nka )

NEST.N0000

2,251.40

3,071

53.7

69,783

845.0

LTB

Sample Sector (5)


Full Sector (20)

34.64

4.62

1,079

578

577

4.82

2.58

2.58

(1)

(46)

19.54 61.47

6,569

8,176

8,734

9,545

8,152

35.07

43.65

46.63

50.95

43.52

29

24

1.18

5,675

5,520

5,816

6,452

5,520

18.92

18.40

19.39

21.51

18.40

(30)

4.91

1,262

1,046

1,146

1,553

1,046

15.78

13.07

14.33

19.41

13.08

25

120,958

57.17 39.38

2,633

2,994

3,513

3,822

3,446

49.01

55.73

65.39

71.14

64.15

39

14

469,259

82.58

17,219

18,313

18,742

20.38

21.67

22.18

73.88

528,570

6.72

33.2

62.1

34.2

27.5

25.8

62.1

2.0

1.3

13.9

23.6

27.6

43.6

3.6

179.5

(3)

11

10.3

10.6

(17)

10

35

23.0

27.7

10.1

9.1

10.6

3.0

1.5

11.5

25.3

18.7

27.7

4.0

1.1

17

45.9

40.4

21.4

34.4

31.6

35.1

54.0

2.4

27.3

25.6

85.7

25.0

4.76

24.7

21.8

Chemicals & Pharmaceuticals


CIC Hol di ngs

CIC.N0000

60.00

7,760

94.8

5,686

81.88

0.73

863

231

239

9.11

2.44

2.52

(7)

(73)

6.6

24.6

23.8

1.6

2.7

11.1

La nkem Ceyl on

LCEY.N0000

140.00

4,459

24.0

3,360 185.81

0.75

513

297

307

21.39

12.36

12.80

(55)

(42)

6.5

11.3

10.9

0.0

0.0

11.5

12,219

118.8

9,046 102.88

0.74

1,376

528

546

11.59

4.44

4.60

(33)

(62)

6.6

17.1

16.6

Sample Sector (2)


Full Sector (10)

19,550

0.93

11.3

12.6

Construction & Engineering


Col ombo Dockya rd

DOCK.N0000

218.70

Sample Sector (1)

10,172

71.9

15,716 141.55

1.55

1,804

1,977

1,564

25.10

27.51

21.77

(13)

10

8.7

7.9

10.0

10,172

71.9

15,716 141.55

1.55

1,804

1,977

1,564

25.10

27.51

21.77

(13)

10

8.7

7.9

10.0

19,322

1.31

Full Sector (4)

8.0

3.7

17.7
17.7

5.1

Diversified Holdings
Ai tken Spence

SPEN.N0000

122.20

28,053

406.0

49,613

69.10

1.77

3,488

3,267

3,267

8.59

8.05

8.05

38

(6)

14.2

15.2

15.2

1.5

1.2

CT Hol di ngs

CTHR.N0000

140.10

13,219

183.1

25,652

72.20

1.94

1,159

1,150

1,150

6.33

6.28

6.28

34

(1)

22.1

22.3

22.3

0.7

0.5

8.8

Ca rs ons Cumberba tch

CARS.N0000

400.00

34,692

196.4

78,555 176.65

2.26

7,017

4,570

4,014

35.73

23.27

20.44

55

(35)

11.2

17.2

19.6

2.0

0.5

20.2

Expol a nka Hol di ngs

EXPO.N0000

6.80

9,081

1,954.9

13,293

Ha yl eys

HAYL.N0000

302.00

22,459

75.0

Hema s Hol di ngs

HHL.N0000

33.00

12,153

515.3

John Keel l s Hol di ngs

JKH.N0000

264.30

89,819

857.8

Ri cha rd Pei ri s

RICH.N0000

6.90

7,949

1,958.1

13,511

Softl ogi c Hol di ngs

SHL.N0000

9.10

8,040

779.0

7,089

Va l l i bel One

VONE.N0000

17.00

27,640

1,086.6

18,472

253,107

8,012.1

472,549

LTB

Buy

Sample Sector (10)


Full Sector (18)

4.65

1.46

1,033

1,061

1,061

0.53

0.54

0.54

(33)

12.9

12.5

12.5

0.1

1.8

11.4

22,650 299.45

1.01

1,038

1,854

1,855

13.84

24.72

24.73

43

79

21.8

12.2

12.2

4.5

1.5

4.6

17,005

23.59

1.40

1,165

1,658

1,658

2.26

3.22

3.22

(4)

42

14.6

10.3

10.3

0.8

2.3

9.6

226,710 104.71

2.52

9,687

12,201

12,201

11.29

14.22

14.22

17

26

23.4

18.6

18.6

3.5

1.3

10.8

4.06

1.70

2,575

1,903

1,903

1.32

0.97

0.97

53

(26)

5.2

7.1

7.1

0.2

2.9

32.4

10.32

0.88

483

301

301

0.62

0.39

0.39

(42)

(38)

14.7

23.5

23.5

0.3

3.3

6.0

25.44

0.67

2,025

1,403

1,403

1.86

1.29

1.29

250

(31)

9.1

13.2

13.2

0.0

0.0

31.59

1.87

29,669

29,367

28,812

3.70

3.67

3.60

30

(1)

15.9

16.1

505,930

1,302

2,323

0.67

2.14

23

66

1.74

10.2

12.4

8.0

16.4

7.3
11.7

15.0

Healthcare
As i ri Hos pi ta l Hol d.

ASIR.N0000

14.50

6,430

1,099.1

15,937

5.85

2.48

600

777

777

0.55

0.71

0.71

215

29

26.6

20.5

20.5

0.3

1.8

9.3

Na wa l oka Hos pi ta l s

NHL.N0000

2.90

3,781

1,409.5

4,088

2.68

1.08

271

454

454

0.19

0.32

0.32

(75)

68

15.1

9.0

9.0

0.1

1.7

7.2

La nka Hos pi ta l s

LHCL.N0000

40.00

27,164

223.7

8,949 121.41

0.33

437

384

482

1.95

1.72

2.15

51

(12)

20.5

23.3

18.6

0.5

1.3

1.6

37,375

2,732.3

0.78

1,308

1,616

1,713

0.48

0.59

0.63

(16)

24

22.2

17.9

16.9

Sample Sector (3)


Full Sector (6)

Softlogic Equity Research

28,974
43,318

13.68

1.97

3.5

11.9

Page | 10

Name

Y/E

Rec

Mkt Price Book Val.

Share

Market

8-Aug-13

Cap.

Cap.

Mar'12

Mar'13

Mar'14E

Mar'15E

4Q

Mar'12

Mar'13

Mar'14E Mar'15E

4Q

Mar'12

Mar'13

Mar'14E Mar'14E

Mar'12

Mar'13

Mar'14E Mar'15E

4Q

Mar'13

('Mn)

('Mn)

Dec'11

Dec'12

Dec'13E

Dec'14E

Trailing

Dec'11

Dec'12

Dec'13E Dec'14E

Trailing

Dec'11

Dec'12

Dec'13E Dec'13E

Dec'11

Dec'12

Dec'13E Dec'14E

Trailing

Dec'12

('Mn)

NAVPS

Earnings

P / BV

EPS

EPS Growth (%)

PER

DPS

Trailing

ROE

DY (%)

(%)

Hotels and Travels


Ai tken Sp. Ho. Hol d.

AHUN.N0000 M

70.00

12,926

336.3

23,540

38.44

1.82

1,378

1,782

2,148

1,782

4.10

5.30

6.39

5.30

33

29

21

17.1

13.2

11.0

13.2

1.0

1.4

10.7

Ama ya Lei s ure

CONN.N0000

73.10

2,472

48.0

3,511

51.47

1.42

293

377

376

374

6.09

7.84

7.83

7.79

(38)

29

(0)

12.0

9.3

9.3

9.4

4.0

5.5

11.8

As i a n Hotel s & Prop.

AHPL.N0000

70.00

21,697

442.8

30,994

49.00

1.43

2,149

2,494

2,623

2,492

4.85

5.63

5.92

5.63

21

16

14.4

12.4

11.8

12.4

4.0

5.7

9.9

Keel l s Hotel s

KHL.N0000

13.20

16,294

1,456.1

19,221

11.19

1.18

1,105

1,121

1,496

1,121

0.76

0.77

1.03

0.77

111

33

17.4

17.1

12.8

17.1

0.0

0.0

6.8

Ta j

TAJ.N0000

27.60

2,330

139.6

3,854

16.69

1.65

125

246

293

224

0.89

1.76

2.10

1.61

26

97

19

30.9

15.7

13.2

17.2

0.0

0.0

5.4

Tra ns As i a

TRAN.N0000

74.80

6,054

200.0

14,960

30.27

2.47

625

1,066

1,180

1,066

3.12

5.33

5.90

5.33

(5)

71

11

23.9

14.0

12.7

14.0

3.0

4.0

10.3

61,773

2,622.9

96,081

23.55

1.56

5,674

7,086

8,116

6,059

2.16

2.70

3.09

2.31

24

25

15

16.9

13.6

11.8

15.9

Sample Sector (6)


Full Sector (36)

146,038

1.34

9.2

16.7

Land and Property


Col ombo La nd

CLND.N0000

43.30

3,712

199.9

8,655

18.57

2.33

10

335

-90

12

48

0.05

1.68

(0.45)

0.06

0.24

(98)

3,393

(127)

113

902.4

25.8

N/A

721.2

178.6

0.0

0.0

0.3

Overs ea s Rea l i ty

OSEA.N0000

17.90

22,437

843.5

15,098

26.60

0.67

2,681

2,469

1,924

2,158

2,991

3.18

2.93

2.28

2.56

3.55

218

(8)

(22)

12

5.6

6.1

7.8

7.0

5.0

0.3

1.7

11.9

26,149

1,043.4

23,753

25.06

0.91

2,691

2,804

1,834

2,170

3,040

2.58

2.69

1.76

2.08

2.91

102

(35)

18

8.8

8.5

13.0

10.9

7.8

1.1

10.3

Sample Sector (2)


Full Sector (18)

39,750

0.86

9.2

Manufacturing
ACL Ca bl es

ACL.N0000

67.20

5,718

59.9

4,025

95.47

0.70

485

532

543

8.10

8.88

9.06

127

10

Gra i n El eva tors

GRAN.N0000

38.60

2,684

60.0

2,316

44.74

0.86

388

135

87

93

150

6.46

2.24

1.45

1.55

2.49

(18)

(65)

(35)

Chevron Lubri ca nts

LLUB.N0000

Hold

310.50

4,536

120.0

37,260

37.80

8.21

2,001

2,288

2,526

2,621

2,396

16.67

19.06

21.05

21.84

19.97

33

14

La nka Wa l l ti l e

LWL.N0000

LTB

62.50

4,618

54.6

3,413

84.57

0.74

731

520

545

600

520

13.39

9.52

9.98

10.99

9.52

51

(29)

Pi ra ma l Gl a s s

GLAS.N0000

LTB

5.80

3,629

950.1

5,510

3.82

1.52

686

724

761

813

732

0.72

0.76

0.80

0.86

0.77

19

Roya l Cera mi c

RCL.N0000

LTB

95.00

8,401

110.8

10,525

75.83

1.25

1,243

1,670

1,844

2,190

1,752

11.22

15.07

16.64

19.77

15.81

Textured Jers ey

TJL.N0000

Buy

14.20

5,732

655.0

9,301

8.75

1.62

628

1,017

1,186

1,483

1,017

0.96

1.55

1.81

2.26

Tokyo Cement

TKYO.N0000

26.90

6,722

303.8

8,171

22.13

1.22

979

828

828

3.22

42,040

2,314.1

80,521

18.17

1.92

7,141

7,713

7,937

3.09

Sample Sector (8)


Full Sector (36)

106,414

8.3

7.6

7.4

1.0

1.5

8.5

6.0

17.2

26.6

24.9

15.5

0.1

0.4

14.4

10

18.6

16.3

14.8

14.2

15.6

11.0

3.5

44.1

10

4.7

6.6

6.3

5.7

6.6

3.0

4.8

15.8

8.0

7.6

7.2

6.8

7.5

0.4

6.6

18.9

(14)

34

10

19

8.5

6.3

5.7

4.8

6.0

2.0

2.1

14.8

1.55

(8)

62

17

25

14.8

9.1

7.8

6.3

9.1

1.2

8.7

11.0

2.73

2.73

14

(15)

8.3

9.9

9.9

1.0

3.7

14.6

3.33

3.43

15

11.3

10.4

10.1

4.0

17.0

1.42

8.6

Motors
Col oni a l Motors

COLO.N0000

95.00

3,813

15.2

1,444 250.88

0.38

453

120

Di es el & Motor Engi neeri ng

DIMO.N0000

505.50

7,631

8.9

4,487 859.71

0.59

2,702

462

Uni ted Motors

UML.N0000

111.70

7,371

67.3

7,514 109.57

1.02

2,281

2,013

2,011

18,815

91.3

13,445 205.98

0.71

5,436

2,595

2,496

22,193

0.99

Sample Sector (3)


Full Sector (6)

29.80

7.91

1.47

95

(73)

3.2

12.0

64.8

3.0

3.2

11.9

462 304.36

22

52.06

52.05

27

(83)

1.7

9.7

9.7

10.0

2.0

35.4

33.91

29.92

29.90

153

(12)

3.3

3.7

3.7

10.0

9.0

31.0

59.51

28.41

27.32

67

(52)

2.5

5.2

5.4

6.0

28.9

6.6

Oil Palms
Buki t Da ra h

BUKI.N0000

690.00

Sample Sector (1)

31,845

102.0

70,380 312.21

2.21

7,299

5,042

4,405

71.56

49.43

43.19

43

(31)

9.6

14.0

16.0

3.0

0.4

22.9

31,845

102.0

70,380 312.21

2.21

7,299

5,042

4,405

71.56

49.43

43.19

43

(31)

9.6

14.0

16.0

3.0

0.4

22.9

Full Sector (5)

101,239

1.84

19.8

Plantations
Ba l a ngoda

BALA.N0000

26.10

2,638

23.6

617 111.60

0.23

25

118

62

1.08

5.01

2.64

(85)

366

24.3

5.2

9.9

1.0

Hora na

HOPL.N0000

22.80

1,489

25.0

570

59.57

0.38

87

220

201

3.49

8.82

8.04

(73)

152

6.5

2.6

2.8

2.0

Kega l l e

KGAL.N0000

100.00

3,349

25.0

2,500 133.97

0.75

769

544

542

30.77

21.74

21.70

(8)

(29)

3.3

4.6

4.6

12.0

12.0

23.0

Kel a ni Va l l ey

KVAL.N0000

74.00

2,515

34.0

2,516

73.98

1.00

460

584

650

13.54

17.19

19.12

44

27

5.5

4.3

3.9

6.0

8.1

18.3

Kota ga l a

KOTA.N0000

47.40

3,426

40.0

1,896

85.64

0.55

439

517

378

10.97

12.92

9.44

(34)

18

4.3

3.7

5.0

2.5

5.3

12.8

Wa ta wa l a

WATA.N0000 M

11.20

3,843

236.7

2,651

16.24

0.69

455

680

755

1.92

2.87

3.19

(29)

49

5.8

3.9

3.5

0.8

17,261

384.3

10,750

44.91

0.62

2,236

2,664

2,589

5.82

6.93

6.74

(24)

19

4.8

4.0

4.2

Sample Sector (6)


Full Sector (18)

22,768

0.65

1.0
5.9

11.8
13.0

4.0

Power and Energy


La nka IOC

LIOC.N0000

26.30

13,028

532.5

14,006

24.46

1.08

906

2,911

2,911

1.70

5.47

5.47

221

15.5

4.8

4.8

0.0

Va l l i bel

VPEL.N0000

6.00

1,823

747.1

4,483

2.44

2.46

249

289

301

0.33

0.39

0.40

(41)

16

18.0

15.5

14.9

0.3

4.2

13.6

La ugfs Ga s

LGL.N0000

28.10

6,488

387.0

10,875

16.76

1.68

822

1,061

1,021

2.13

2.74

2.64

(4)

29

13.2

10.3

10.6

1.5

5.3

12.7

21,339

1,666.6

29,363

12.80

1.38

1,977

4,261

4,234

1.19

2.56

2.54

(8)

116

14.9

6.9

6.9

Sample Sector (3)


Full Sector (8)

34,957

1.27

7.0

9.3

7.5

Telecommunications
Di a l og Axi a ta

DIAL.N0000

8.70

38,776

8,143.8

70,851

4.76

1.83

5,354

6,521

7,569

8,156

0.66

0.80

0.93

1.00

22

16

13.2

10.9

9.4

8.7

0.3

3.8

Sri La nka Tel ecom

SLTL.N0000

41.00

56,136

1,804.9

73,999

31.10

1.32

4,781

5,329

5,912

4,976

2.65

2.95

3.28

2.76

21

11

11

15.5

13.9

12.5

14.9

0.9

2.1

94,912

9,948.6

144,850

9.54

1.53

10,135

11,850

13,481

13,132

1.02

1.19

1.36

1.32

13

17

14

14.3

12.2

10.7

11.0

Sample Sector (2)


Full Sector (2)

144,850

1.53

13.8
8.5
10.7

11.0

Trading
Browns

BRWN.N0000 M

Si nger Sri La nka

SINS.N0000

Sample Sector (2)


Full Sector (8)

109.30

14,696

70.9

0.53

1,164

240

240

16.43

3.39

3.39

(47)

(79)

6.7

32.3

32.3

1.3

1.2

7.9

95.00

4,681

125.2

11,895

7,747 207.36
37.39

2.54

1,266

1,138

985

10.11

9.09

7.87

90

(10)

9.4

10.5

12.1

6.0

6.3

27.1

19,378

196.1

19,642

98.82

1.01

2,431

1,378

1,225

12.40

7.03

6.25

(15)

(43)

8.1

14.3

16.0

24,870

Sample Market (70)


Total Market (283)

Softlogic Equity Research

1,013,448 37,920.8 1,896,884


2,361,259

1.07
26.73

1.87
1.71

12.5

18.7
138,331 150,117 169,632 195,077 166,270

3.65

3.96

4.47

5.14

4.38

17

13

15

13.7

12.6

11.2

9.7

11.4

13.6

12.2

Page | 11

Softlogic Equity Research

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