Earnings Update March Quarter 2015 05 06 2015 PDF

1Q2015 EARNINGS UPDATE - CAL RESEARCH
MARCH QUARTER 2015 - Market Earnings +2.2% YoY to LKR 53.4bn

Trailing 12 Month - Market Earnings +19.4% YoY to LKR 139bn
Overall market earnings growth for 1Q2015 slowed down to +2.2% YoY to LKR 53bn after growing +9.6% YoY during 4Q2014. Trailing 12 month market earnings grew +19.4% YoY to LKR 139bn due to lower
interest rates and improving disposable incomes (earnings declined -4% YoY previous year). In 1Q2015, Banks, Finance & Insurance (34%), Diversified Holdings (21%) and Beverage, Food & Tobacco (13%)
were the largest sector-wise contributors to market earnings. Stores and Supplies sector (+1850% YoY), Chemicals and Pharmaceuticals (+179% YoY) and Telecommunications (+102% YoY) had the largest
growth, while Services (-746% YoY), Power and Energy (-187% YoY) and Plantations (-147% YoY) suffered the most.
The largest individual contributors to 1Q2015 earnings were John Keells Holdings (9.8%), Commercial Bank (4.8%), Ceylon Tobacco Company (4.7%) and Distilleries Company of Sri Lanka (3.9%). LIOC
reported the largest absolute loss for the quarter (net loss of LKR 1bn vs. net profit of LKR 723mn in 1Q2014) while CARS and BUKI saw net profit declines of 79% YoY and 80% YoY respectively. LIOC,
CARS and BUKIs combined earnings accounted for 0.2% of market earnings in 1Q2015 vs. 13% of market earnings in 1Q2014. Excluding LIOC, CARS and BUKI, overall market earnings grew 17% YoY. The
CSE currently trades on a TTM PER of 14.2x and a PBV of 1.6x.
Market Capitalization by Sector
TTM Market Earnings by Sector
Top 5 Contributors to Market Earnings - 1Q2015

BFI
2%
1%
0%
1%
0%
1%
0% 0%
2%
2%
6%
0%
3% 2%
BFT
C&E
C&P
3%
9.8%
DIV
4%
28%
27%
4.8%
F&T
H&T
6%
2%
0%
1%
2%
10%
INV
0%
IT
3%
3.9%
L&P
3.7%
MFG
2%
6%
4.7%
HLT
1%
MTR
5%
13%
0%
OIL
73.2%
P&E
19%
0%
PLT
18%
S&S
24%
1% 1%
1%
2%
SRV
TLE
TRD
JKH
COMB
CTC
DIST
DIAL
Others
Banking, Finance and Insurance Sector [Earnings +42% YoY] 1Q2015, BFI sector earnings grew +42% YoY to LKR 18bn mainly driven by higher earnings from the NBFIs and other financial companies (March
quarter earnings +94% YoY) and Insurance companies (March quarter earnings +102%). Earnings from private commercial banks grew a modest +12% YoY while the NIM of the banking sector contracted 39bps to 4.3%.
However, NBFI sector NIM grew +140bps to c.10.8% during the period. Earnings from the Insurance sector grew +102% YoY largely due to a one off gain of LKR 1.2bn recorded in Union Assurance PLC. Insurance
sectors GWP recorded a growth of 20% YoY during the period. The BFI sector contributed 34% to overall market earnings and trades on a sector TTM PER of 10.8x and a PBV of 1.6x.
Beverage, Food & Tobacco [Earnings +5% YoY] BFT sector 1Q2015 bottom-line grew a marginal +5% YoY to LKR 6.8bn with CTC and DIST accounting for 67% of sector earnings. LION and BREW saw earnings
declining 162% and 172% respectively during the quarter as a result of a loss on disposal of PPE. Excluding LION and BREW, sector earnings grew +21% YoY. The overall sector revenue grew +19% YoY in 1Q2015. The
BFT sector currently trades on a TTM PER of 20.7x and PBV of 3.9x, while the sector earnings contributed 13% to overall market earnings.
Construction & Engineering [Earnings -54% YoY] C&E sector earnings declined 54% YoY to LKR 509mn, mainly due to a 342% YoY and 11% YoY decline in LDEVs and AELs bottom-lines respectively. The sector
currently trades on a TTM PER of 13.8x and PBV of 1.2x.
Chemicals & Pharmaceuticals [Earnings +179% YoY] 1Q2015 sector earnings grew +179% YoY to LKR 338mn, mainly due to CICs earnings growing +126% YoY. The sector currently trades on a TTM PER of 16.1x
and 1.0x PBV.
Diversified Holdings [Earnings -12% YoY] Diversified Holding sectors bottom-line for the quarter declined 12% YoY to LKR 11bn. The main contributor to the decline was CARS, which saw its earnings decline 79%
YoY as a result of a significant depreciation of the Indonesian rupiah (IDR) against the US Dollar during the period. Excluding CARS, sector earnings grew +7% YoY. JKH was the largest contributor to sector earnings
(46%, +12% YoY) while SPEN was the second largest contributor (12%, +1% YoY). The DIV sector currently trades on a TTM PER of 15.6x and a PBV of 1.3x.
Hotels & Travels [Earnings -24% YoY] The Hotels and Travels segments bottom-line declined 24% YoY to LKR 3.5bn. Cost increases during the quarter saw H&T sector EBIT margins contacting 554bps as most
hotels were unable to pass on increasing costs to their customers as ARRs came under pressure (H&T sector revenue remained flat, -0.9% YoY). JKH group and Aitken Spence hotels together contributed 59% of the
hotel sector earnings in 1Q2015. The sector currently trades on a TTM PER of 21.9 and PBV of 1.2x.
Healthcare [Earnings +68% YoY] The Healthcare segments 1Q2015 earnings grew +68% YoY to LKR 836mn. ASIR, the largest contributor to the sectors earnings (78%) saw its bottom-line growing +171% YoY in
1Q2015 as a result of a FV gain of LKR 513mn. The sector currently trades on a TTM PER of 19.1x and PBV of 2.4x.
Investment Trusts [Earnings -119% YoY] In 1Q2015, the Investment trust sector earnings fell -119% YoY to a loss of LKR 109mn primarily due to mark-to-market losses in the equity and bond portfolios across most
entities. The sector currently trades on a TTM PER of 11.4x and 0.7x PBV.
Land & Property [Earnings +4% YoY] The L&P sector earnings grew +4% YoY to LKR 1.7bn. OSEA which accounts for 47% of the sectors earnings saw its earnings declining marginally (-1% YoY) to LKR 789mn.
Excluding OSEA, sector earnings grew 8% YoY. The sector currently trades on a TTM PER of 9.3x and 0.9x PBV.
Manufacturing [Earnings +47% YoY] The Manufacturing sectors earnings grew +47% YoY to LKR 5bn in 1Q2015. The largest contribution to sector earnings were RCL (17%, +12% YoY), LLUB (15%, -3% YoY) and
TJL (10%, +46% YoY). The overall sector revenue grew 12% YoY while lower energy tariffs resulted in sector EBIT margins improving +100bps to 13.8%. The sector currently trades on a TTM PER of 10.5 and 1.8x PBV.
Motor Sector [Earnings +41% YoY] The Motor sector bottom-line grew +41% YoY to LKR 845mn due to higher contribution from UML (64% of sector earnings). UMLs earnings for the period grew +187% YoY, largely
driven by higher other income and finance income (+338% YoY). Excluding contribution from UML, the sector earnings fell 25% YoY. The sector currently trades on a TTM PER of 9.4x and PBV of 0.9x.
Power and Energy [Earnings -187% YoY] The Power and Energy segment earnings fell 187% YoY to a net loss of LKR 650mn. LIOC was the largest contributor to the decline (LKR -1bn, -247% YoY). LIOC's earnings
for the quarter were affected due to a government mandated decrease in pump prices and an increase in the tax component. Excluding LIOC sector earnings increased 1750% YoY mainly driven by LGL (earnings +827%
YoY). The sector currently trades on a TTM PER of 10.3x and a PBV of 1.4x.
Plantations [Earnings -147% YoY] The Plantation sectors bottom-line for the quarter fell 147% to a net loss of LKR 382mn with declines in earnings witnessed in most companies throughout the sector. The declines in
earnings were primarily driven by lower global prices for rubber and tea. PLT sector currently trades on a TTM PER of 47.2x and a PBV of 0.6x.
Telecommunications [Earnings +102% YoY] The Telco sector, comprising of SLTL and DIAL saw an earnings growth of +102% YoY to LKR 3.7bn. SLTL recorded the largest growth in earnings (+207% YoY) while
DIAL recorded an earnings growth of +56% YoY for the quarter. The sector accounts for c.7% of market earnings and currently trades on a TTM PER of 12.7x and a PBV of 1.6x
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)
Quarter Earnings -LKR mn

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Cumulative Earnings - LKR mn
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
DPS (Last Div. Yield EV/EBITDA
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS FINANCE & INSURANCE

A I A INSURANCE LANKA PLC
Dec-1Q
290.0
335/260
(1.9)
78.4
-102%
(1.9)
78.4
-102%
N/A
N/A
(0.06)
7.1
2.4%
N/A
N/A
158.4
1.8
32.8
ABANS FINANCE PLC
Mar-4Q
34.3
37.5/24
11.8
7.7
53%
71.3
8.7
720%
13%
11%
0.3
0.0
0.0%
N/A
N/A
14.2
2.4
17.8
ALLIANCE FINANCE COMPANY

PLC
Mar-4Q
850.0
999/709
220.3
65.4
237%
364.1
296.5
23%
14%
7%
90.7
20.0
2.4%
N/A
N/A
1,020.6
0.8
5.7
AMANA BANK LIMITED
Dec-1Q
5.3
6/4.9
23.1
(49.3)
147%
23.1
(49.3)
147%
5%
10%
0.0
0.0
0.0%
N/A
N/A
4.0
1.3
N/A
AMANA TAKAFUL PLC
Dec-1Q
1.4
2.1/1.2
(51.0)
33.2
-253%
(51.0)
33.2
-253%
N/A
N/A
(0.0)
0.0
0.0%
N/A
N/A
1.0
1.4
N/A
AMW CAPITAL LEASING AND

FINANCE PLC
Dec-1Q
22.4
0/0
66.2
48.0
38%
66.2
48.0
38%
10%
11%
3.3
0.0
0.0%
N/A
N/A
60.5
0.4
1.9
ARPICO FINANCE COMPANY

PLC
Mar-4Q
155.0
170/78.5
40.4
39.4
2%
218.3
88.3
147%
10%
8%
5.4
0.0
0.0%
N/A
N/A
124.3
1.2
5.3
ARPICO INSURANCE LIMITED
Dec-1Q
14.0
15.9/13.1
6.2
(1.6)
493%
6.2
(1.6)
493%
N/A
N/A
0.1
0.0
0.0%
N/A
N/A
9.5
1.5
N/A
ASIA ASSET FINANCE PLC
Mar-4Q
1.8
2.1/1.6
24.9
20.9
19%
101.2
46.5
118%
11%
8%
0.0
0.0
0.0%
N/A
N/A
1.5
1.2
13.9
ASIA CAPITAL PLC
Mar-4Q
9.6
17/8.5
(89.2)
(86.4)
-3%
(366.2)
(620.7)
41%
N/A
N/A
(0.7)
0.0
0.0%
N/A
N/A
4.0
2.4
N/A
ASIAN ALLIANCE INSURANCE

PLC
Dec-1Q
169.6 179.8/100.1
200.3
250.3
-20%
200.3
250.3
-20%
N/A
N/A
5.3
0.0
0.0%
N/A
N/A
58.1
2.9
9.0
ASSOCIATED MOTOR FINANCE

COMPANY PLC
Mar-4Q
405.7
500/339
64.8
130.2
-50%
258.2
257.4
0%
14%
16%
11.6
10.0
2.5%
N/A
N/A
144.2
2.8
10.2
BIMPUTH FINANCE PLC
Mar-4Q
67.9
69.9/27
124.8
14.5
763%
218.9
63.5
244%
26%
23%
2.3
0.0
0.0%
N/A
N/A
17.9
3.8
16.7
BRAC LANKA FINANCE PLC
Mar-4Q
9.3
13.7/6.8
165.7
8.0
1982%
177.6
13.9
1176%
17%
9%
1.6
0.0
0.0%
N/A
N/A
7.2
1.3
N/A
CAPITAL ALLIANCE FINANCE

PLC
Mar-4Q
15.3
21.4/12.1
2.3
1.1
105%
8.2
(8.1)
201%
8%
5%
0.1
0.0
0.0%
N/A
N/A
8.5
1.8
72.4
CENTRAL FINANCE COMPANY

PLC
Mar-4Q
267.0
276/200
875.1
840.6
4%
3,633.3
3,291.2
10%
12%
13%
8.3
3.2
1.2%
N/A
N/A
231.9
1.2
7.7
CEYLINCO INSURANCE PLC
Dec-1Q
1,600.1
1949.9/1272
.3
378.1
285.7
32%
378.1
285.7
32%
N/A
N/A
14.3
16.0
1.0%
N/A
N/A
768.3
2.1
16.0
CHILAW FINANCE PLC
Mar-4Q
23.9
34.7/18.7
4.9
16.6
-71%
19.9
40.2
-50%
8%
12%
0.1
0.0
0.0%
N/A
N/A
15.6
1.5
40.7
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
CITIZENS
DEVELOPMENT
BANKS FINANCE
& INSURANCE
BUSINESS FINANCE PLC
Mar-4Q
105.6
108.5/59
242.2
132.4
83%
709.5
561.1
26%
8%
9%
4.5
3.0
2.8%
N/A
N/A
79.4
1.3
8.1
COMMERCIAL BANK OF
CEYLON PLC
Dec-1Q
165.1
194/130.9
2,535.8
2,301.1
10%
2,535.8
2,301.1
10%
4%
4%
2.9
4.5
2.7%
N/A
N/A
76.0
2.2
12.6
COMMERCIAL CREDIT AND

FINANCE PLC
Mar-4Q
69.0
71.9/19.8
711.4
431.4
65%
2,242.8
1,007.8
123%
19%
20%
2.2
0.5
0.7%
N/A
N/A
19.0
3.6
9.8
COMMERCIAL LEASING &

FINANCE PLC
Mar-4Q
4.4
5.5/3.9
361.7
130.8
177%
N/A
N/A
N/A
16%
13%
0.1
0.0
0.0%
N/A
N/A
1.6
2.8
17.7
DFCC BANK
Mar-4Q
210.0
239/152.1
824.5
1,172.1
-30%
4,362.3
3,151.4
38%
3%
5%
3.1
0.0
0.0%
N/A
N/A
180.7
1.2
13
ENTRUST SECURITIES PLC
Mar-4Q
36.0
69.7/21.5
(91.4)
102.0
-190%
220.6
274.4
-20%
2%
3%
(2.8)
1.6
4.5%
N/A
N/A
35.8
1.0
5.4
FIRST CAPITAL HOLDINGS PLC
Mar-4Q
36.2
58.6/19.9
(91.5)
68.4
-234%
956.9
317.0
202%
N/A
N/A
(0.9)
4.0
11.0%
N/A
N/A
22.3
1.6
3.8
GEORGE STEUART FINANCE

PLC
Mar-4Q
20.4
59.1/15.5
14.6
25.7
-43%
(65.2)
6.6
-1081%
8%
20%
0.6
0.0
0.0%
N/A
N/A
11.7
1.7
N/A
HATTON NATIONAL BANK PLC
Dec-1Q
230.0
242/154.1
1,915.2
1,097.1
75%
1,915.2
1,097.1
75%
5%
5%
4.7
8.5
3.7%
N/A
N/A
164.6
1.4
8.7
HNB ASSURANCE PLC
Dec-1Q
88.0
98/65.2
15.5
53.9
-71%
15.5
53.9
-71%
N/A
N/A
0.3
3.3
3.7%
N/A
N/A
43.0
2.0
11.6
JANASHAKTHI INSURANCE
COMPANY PLC
Dec-1Q
21.4
25.9/15
106.4
155.7
-32%
106.4
155.7
-32%
N/A
N/A
0.3
1.0
4.7%
N/A
N/A
11.9
1.8
7.7
LANKA ORIX FINANCE PLC
Mar-4Q
4.5
4.8/3.2
295.3
238.6
24%
1,483.6
1,000.3
48%
11%
11%
0.1
0.0
0.0%
N/A
N/A
2.9
1.6
8.5
LANKA ORIX LEASING

COMPANY PLC
Mar-4Q
109.5
113/75
1,632.7
222.1
635%
5,399.8
1,515.8
256%
N/A
N/A
3.4
0.0
0.0%
N/A
N/A
59.7
1.8
9.5
LANKA VENTURES PLC
Mar-4Q
47.0
48.8/34
0.4
(20.3)
102%
188.5
139.3
35%
N/A
N/A
0.0
1.5
3.2%
N/A
N/A
30.5
1.5
11.5
LB FINANCE PLC
Mar-4Q
208.4
214.8/118
628.6
555.4
13%
2,182.1
1,340.0
63%
13%
10%
9.1
6.5
3.1%
N/A
N/A
114.5
1.8
6.6
MERCANTILE INVESTMENTS
AND FINANCE PLC
Mar-4Q
2,200.0
0/0
198.3
221.9
-11%
631.3
675.4
-7%
12%
9%
66.0
20.0
0.9%
N/A
N/A
2,588.1
0.9
10.5
MERCHANT BANK OF SRI

LANKA PLC
Dec-1Q
16.3
20.5/15.4
(153.8)
(54.2)
-184%
(153.8)
(54.2)
-184%
7%
7%
(0.9)
0.0
0.0%
N/A
N/A
16.9
1.0
N/A
MULTI FINANCE PLC
Mar-4Q
23.0
38.5/16.6
41.5
(54.7)
176%
3.3
(48.0)
107%
-8%
7%
1.8
0.0
0.0%
N/A
N/A
14.3
1.6
151.4
NATIONAL DEVELOPMENT
BANK PLC
Dec-1Q
275.1
280/195
869.3
1,190.9
-27%
869.3
1,190.9
-27%
3%
4%
5.3
11.0
4.0%
N/A
N/A
170.2
1.6
11.9
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
FINANCE
& INSURANCE
NATIONS
TRUST BANK
PLC
Dec-1Q
99.8
115.6/68
492.7
549.7
-10%
492.7
549.7
-10%
6%
6%
2.1
2.1
2.1%
N/A
N/A
60.1
1.7
9.3
ORIENT FINANCE PLC
Mar-4Q
14.1
16.4/9.6
12.1
23.5
-48%
52.0
78.6
-34%
11%
12%
0.1
0.1
0.7%
N/A
N/A
7.7
1.8
31.3
PAN ASIA BANKING

CORPORATION PLC
Dec-1Q
26.5
27.8/16.8
177.0
85.9
106%
177.0
85.9
106%
4%
4%
0.6
0.0
0.0%
N/A
N/A
16.6
1.6
15.4
PEOPLE'S LEASING & FINANCE

PLC
Mar-4Q
24.1
28/15.8
1,125.0
1,166.0
-4%
4,102.0
3,463.0
18%
9%
8%
0.7
0.8
3.1%
N/A
N/A
14.0
1.7
9.3
SAMPATH BANK PLC
Dec-1Q
270.0
275/190.2
1,578.2
1,275.4
24%
1,578.2
1,275.4
24%
4%
5%
9.2
8.0
3.0%
N/A
N/A
202.1
1.3
8.4
SANASA DEVELOPMENT BANK

PLC
Dec-1Q
152.8
158.1/74
205.5
57.0
261%
205.5
57.0
261%
8%
7%
5.4
7.0
4.6%
N/A
N/A
128.8
1.2
8.8
SENKADAGALA FINANCE PLC
Mar-4Q
60.0
60/60
99.6
142.7
-30%
423.0
539.3
-22%
11%
12%
1.5
2.6
4.3%
N/A
N/A
37.1
1.6
8.8
SEYLAN BANK PLC
Dec-1Q
119.7
120.5/62.6
663.7
526.4
26%
663.7
526.4
26%
5%
4%
1.9
2.3
1.9%
N/A
N/A
70.8
1.7
12.5
SINGER FINANCE (LANKA) PLC
Mar-4Q
24.3
25.2/12.8
110.6
64.9
71%
388.7
268.6
45%
15%
14%
0.7
0.7
2.7%
N/A
N/A
14.3
1.7
10.3
SINHAPUTHRA FINANCE PLC
Mar-4Q
20.0
259/18.3
49.9
29.2
71%
120.0
84.2
43%
9%
7%
0.8
0.0
0.0%
N/A
N/A
17.3
1.2
10.4
SMB LEASING PLC
Dec-1Q
1.1
1.7/0.9
17.8
15.6
14%
17.8
15.6
14%
11%
10%
0.0
0.0
0.0%
N/A
N/A
0.6
1.8
21.0
SOFTLOGIC CAPITAL PLC
Mar-4Q
7.1
8.8/4.3
122.2
82.1
49%
466.2
60.5
671%
N/A
N/A
0.2
0.0
0.0%
N/A
N/A
5.2
1.4
10.5
SOFTLOGIC FINANCE PLC
Mar-4Q
52.8
54.5/32.5
63.5
54.1
17%
216.5
165.7
31%
10%
9%
1.2
1.5
2.8%
N/A
N/A
38.4
1.4
12.4
SWARNAMAHAL FINANCIAL
SERVICES PLC
Mar-4Q
1.9
3/1.6
(10.9)
(661.0)
98%
(470.6)
(1,245.2)
62%
2%
1%
(0.0)
0.0
0.0%
N/A
N/A
(2.6)
(0.7)
N/A
THE FINANCE COMPANY PLC
Mar-4Q
15.4
24.7/14.2
(347.1)
(694.3)
50%
(1,824.5)
(1,786.7)
-2%
-2%
-8%
(2.2)
0.0
0.0%
N/A
N/A
(63.8)
(0.2)
N/A
THE HOUSING DEVELOPMENT

FINANCE
Dec-1Q
67.5
75/35
135.6
102.5
32%
135.6
102.5
32%
7%
5%
2.1
0.3
0.4%
N/A
N/A
46.7
1.4
9.6
TRADE FINANCE &

INVESTMENTS PLC
Mar-4Q
27.0
47.5/19
43.9
39.4
11%
185.8
166.0
12%
23%
23%
0.8
1.0
3.7%
N/A
N/A
16.4
1.6
8.3
UNION ASSURANCE PLC
Dec-1Q
168.7
180/106.1
1,322.4
123.6
970%
1,322.4
123.6
970%
N/A
N/A
15.4
6.0
3.6%
N/A
N/A
80.5
2.1
6.0
UNION BANK OF COLOMBO

PLC
Dec-1Q
25.0
30.3/19
31.8
18.6
71%
31.8
18.6
71%
5%
4%
0.0
0.3
1.0%
N/A
N/A
14.9
1.7
616.9
Company
BANKS
FINANCE
& INSURANCE
VALLIBEL
FINANCE
PLC
BFI Sector earnings
FY-Q
Mar-4Q
Share Price
12M H/L (LKR)
(LKR)
62.7
64.5/33

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
120.0
100.1
20%
18,137
12,774
42%
Mar-15
372.8
Mar-14
303.9
Change (%)
23%
Mar-15
10%
Mar-14
11%
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
2.9
No. of companies that

released results
2.0
57
3.2%
N/A
Sector
PER
D/(D+E)
N/A
10.8x
NAVPS
(LKR)
37.1
Sector
P/BV
P/BV (x)
TTM* PER
(x)
1.7
7.0
1.6x
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
FINANCE
BEVERAGE
FOOD&&INSURANCE
TOBACCO
BAIRAHA FARMS PLC
Mar-4Q
124.0 139.8/106.1
94.9
53.6
77%
159.0
137.8
15%
23%
17%
5.9
2.5
2.0%
6.4
15%
122.7
1.0
12.5
CARGILLS (CEYLON) PLC
Mar-4Q
140.3 168.5/134.1
295.3
317.3
-7%
574.2
642.6
-11%
10%
13%
1.3
2.0
1.4%
13.4
50%
56.0
2.5
54.6
CEYLON BEVERAGE
HOLDINGS PLC
Mar-4Q
860.0 950.1/505.1
(133.8)
185.4
-172%
661.4
527.5
25%
23%
23%
(6.4)
8.0
0.9%
N/A
78%
188.4
4.6
27.3
CEYLON COLD STORES PLC
Mar-4Q
358.1
400/151.2
601.2
644.8
-7%
1,525.5
1,217.7
25%
16%
9%
6.3
11.0
3.1%
12.6
7%
112.1
3.2
22.3
CEYLON TEA SERVICES PLC
Mar-4Q
721.1
801/670.1
135.8
197.2
-31%
813.9
850.6
-4%
41%
38%
6.8
12.5
1.7%
10.7
0%
431.6
1.7
17.7
CEYLON TOBACCO COMPANY

PLC
Dec-1Q
992.3
1250/950
2,490.0
2,025.0
23%
2,490.0
2,025.0
23%
88%
89%
13.3
39.5
4.0%
11.1
0%
33.8
29.4
20.5
CONVENIENCE FOODS (LANKA

)PLC
Mar-4Q
415.0
505/202.1
77.6
28.0
177%
167.6
86.0
95%
34%
26%
28.2
3.0
0.7%
5.0
8%
210.0
2.0
7.0
DISTILLERIES COMPANY OF
SRI LANKA PLC
Mar-4Q
272.1
296/201.1
2,057.0
1,239.5
66%
7,373.0
6,121.8
20%
46%
46%
6.9
3.3
1.2%
8.6
19%
205.4
1.3
11.0
HARISCHANDRA MILLS PLC
Mar-4Q
2,121.4
2500/2000
61.8
24.2
155%
163.8
117.3
40%
26%
20%
64.4
40.0
1.9%
0.0
4%
1,172.8
1.8
12.1
HVA FOODS PLC
Mar-4Q
8.5
13.3/7.8
(2.3)
(12.8)
82%
(10.5)
(17.4)
40%
13%
5%
(0.0)
0.0
0.0%
28.4
52%
7.5
1.1
N/A
KEELLS FOOD PRODUCTS PLC
Mar-4Q
137.8
154/65
79.1
59.2
34%
261.3
0.5
55851%
29%
22%
3.1
10.0
7.3%
8.7
11%
66.6
2.1
13.4
KOTMALE HOLDINGS PLC
Mar-4Q
60.1
72/50
49.3
43.0
15%
115.6
115.6
0%
29%
23%
1.6
0.0
0.0%
(0.0)
2%
31.7
1.9
16.3
LANKA MILK FOODS (CWE) PLC
Mar-4Q
160.0
180/110
(90.6)
(91.3)
1%
30.3
48.4
-37%
-1%
2%
(2.3)
0.0
0.0%
27.2
11%
285.5
0.6
198.2
LUCKY LANKA MILK

PROCESSING COMPANY
LIMITED
Mar-4Q
4.0
6.4/3.9
4.0
(0.8)
592%
(21.0)
7.0
-398%
35%
39%
0.0
0.0
0.0%
N/A
29%
3.5
1.1
N/A
Dec -1Q
2,211.4
2444/1900
1,158.4
1,103.0
5%
1,158.4
1,103.0
5%
38%
36%
21.6
68.5
3.1%
21.9
33%
69.2
32.0
30.9
RAIGAM WAYAMBA SALTERNS

PLC
Mar-4Q
2.9
3.6/2.3
8.3
11.0
-24%
33.9
45.5
-25%
32%
32%
0.0
0.1
3.4%
10.9
3%
3.0
1.0
21.5
RENUKA AGRI FOODS PLC
Mar-4Q
5.0
5.6/3.1
15.8
38.3
-59%
288.6
22.7
1171%
9%
22%
0.0
0.1
2.0%
N/A
14%
4.1
1.2
9.8
NESTLE LANKA PLC
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
& INSURANCE
RENUKAFINANCE
SHAW WALLACE
PLC
Mar-4Q
28.0
30/16
42.0
120.8
-65%
229.6
92.3
149%
17%
22%
0.4
0.3
1.1%
N/A
30%
31.6
0.9
11.7
TEA SMALLHOLDER
FACTORIES PLC
Mar-4Q
37.6
55/34
(2.4)
20.6
-112%
36.0
81.5
-56%
-2%
5%
(0.1)
1.0
2.7%
49.2
77%
30.6
1.2
31.3
THE LION BREWERY CEYLON

PLC
Mar-4Q
695.1
740/425
(245.7)
394.1
-162%
1,335.7
1,342.1
-0%
23%
26%
(3.1)
4.0
0.6%
N/A
63%
99.1
7.0
42.9
THREE ACRE FARMS PLC
Dec-1Q
62.7
64.4/45
79.0
69.1
14%
79.0
69.1
14%
20%
18%
3.4
0.0
0.0%
3.6
41%
49.9
1.3
8.3
6,775
6,469
5%
BFT Sector earnings

released results
Sector
PER
21
20.7x
Sector
P/BV
3.9x
CONSTRUCTION & ENGINEERING

ACCESS ENGINEERING PLC
Mar-4Q
21.0
43.5/18.5
659.7
741.2
-11%
2,373.0
2,832.1
-16%
23%
29%
0.7
0.8
3.6%
5.9
3%
16.3
1.3
8.8
COLOMBO DOCKYARD PLC
Dec-1Q
169.5
210/165
134.2
132.3
1%
134.2
132.3
1%
14%
11%
1.9
0.0
0.0%
30.3
26%
151.5
1.1
41.6
LANKEM DEVELOPMENTS PLC
Mar-4Q
6.1
8.9/4.9
(330.5)
136.7
-342%
(489.5)
15.6
-3248%
-11%
12%
(5.5)
0.0
0.0%
(5.5)
90%
3.0
2.1
N/A
MTD WALKERS PLC
Mar-4Q
52.1
80.8/31.7
44.5
91.8
-52%
871.7
479.7
82%
26%
21%
0.3
0.5
1.0%
6.7
54%
47.3
1.1
10.0
508
1,102
(-54%)
C&E Sector earnings

released results
Sector
PER
13.8x
Sector
P/BV
1.2x
CHEMICALS & PHARMACEUTICALS

CHEMANEX PLC
Mar-4Q
68.4
98.8/68
0.4
(24.0)
102%
11.9
282.1
-96%
11%
19%
0.0
1.0
1.5%
26.6
5%
104.3
0.7
140.5
CIC HOLDINGS PLC
Mar-4Q
85.0
93/47.1
159.6
(625.9)
126%
761.9
(971.7)
178%
27%
19%
1.7
0.0
0.0%
6.7
59%
75.1
1.1
10.6
HAYCARB PLC
Mar-4Q
190.5
200/170
279.5
236.2
18%
695.0
787.8
-12%
31%
28%
9.4
6.0
3.1%
N/A
38%
191.9
1.0
8.5
INDUSTRIAL ASPHALTS
(CEYLON) PLC
Mar-4Q
309.0
364/201
4.7
(2.0)
334%
11.3
(0.4)
3110%
54%
16%
7.0
0.0
0.0%
16.6
20%
141.1
2.2
22.9
J.L. MORISON SONS & JONES

(CEYLON) PLC
Mar-4Q
287.1
375/250
81.3
67.2
21%
246.5
210.8
17%
34%
32%
10.8
3.0
1.0%
N/A
18%
309.6
0.9
8.4
LANKEM CEYLON PLC
Mar-4Q
107.0
134/93
(217.7)
(96.0)
-127%
(326.2)
(316.3)
-3%
24%
23%
(9.1)
0.0
0.0%
10.8
66%
148.7
0.7
N/A
MULLER AND PHIPPS

(CEYLON) PLC
Mar-4Q
1.4
2/1.2
10.0
5.8
75%
41.6
12.0
248%
17%
18%
0.0
0.1
3.6%
22.5
55%
0.7
1.9
9.4
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
FINANCE
& INSURANCE
STANDARD
CAPITAL
PLC
Mar-4Q
84.4
102/62
(2.8)
(7.7)
63%
19.0
25.3
-25%
24%
20%
(0.5)
0.0
0.0%
N/A
11%
62.0
1.4
N/A
UNION CHEMICALS LANKA PLC
Dec-1Q
497.0
579/460
23.3
16.6
41%
23.3
16.6
41%
25%
19%
15.5
14.0
2.8%
7.9
7%
243.8
2.0
13.3
338
(430)
179%
C&P Sector earnings

released results
Sector
PER
16.1x
Sector
P/BV
1.0x
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
FINANCE
& INSURANCE
DIVERSIFIED
HOLDINGS
ADAM INVESTMENTS PLC
Dec-1Q
2.9
6.2/2.7
(28.5)
(62.2)
54%
(28.5)
(62.2)
54%
23%
N/A
(0.1)
0.0
0.0%
N/A
43%
2.1
1.4
N/A
AITKEN SPENCE PLC
Mar-4Q
99.7
120.5/96
1,383.7
1,365.3
1%
3,579.0
3,671.9
-3%
N/A
N/A
3.4
2.0
2.0%
7.1
29%
86.3
1.2
11.3
BROWNS INVESTMENTS PLC
Mar-4Q
1.6
2.3/1.3
312.7
128.4
144%
(11.7)
49.1
-124%
53%
69%
0.1
0.0
0.0%
N/A
41%
3.7
0.4
N/A
C T HOLDINGS PLC
Mar-4Q
129.9 170.5/126.2
555.7
433.3
28%
879.9
1,279.8
-31%
10%
13%
3.0
2.5
1.9%
8.7
43%
91.4
1.4
27.0
CARSON CUMBERBATCH PLC
Mar-4Q
410.0
500/365
608.2
2,927.1
-79%
3,096.6
3,799.5
-18%
28%
38%
3.1
2.0
0.5%
N/A
63%
227.6
1.8
26.0
DUNAMIS CAPITAL PLC
Mar-4Q
30.0
40.9/14
(137.7)
49.3
-379%
404.9
101.8
298%
33%
40%
(1.1)
2.0
6.7%
8.4
81%
11.1
2.7
6.0
EXPOLANKA HOLDINGS PLC
Mar-4Q
8.3
10.8/8.2
216.4
81.1
167%
885.8
1,426.0
-38%
16%
16%
0.1
0.0
0.0%
7.8
15%
5.4
1.5
18.3
F L C HOLDINGS PLC
Mar-4Q
1.6
2.6/1.5
(255.3)
13.8 -1953%
(500.6)
37.0
-1453%
-18%
1%
(0.2)
0.1
3.1%
(3.2)
27%
4.2
0.4
N/A
FINLAYS COLOMBO PLC
Dec-1Q
300.0
400/229.1
100.1
81.9
22%
100.7
84.0
20%
24%
20%
2.9
3.0
1.0%
17.4
4%
166.7
1.8
42.2
HAYLEYS PLC
Mar-4Q
355.3
365/285
887.2
582.9
52%
2,581.3
1,808.5
43%
25%
24%
11.8
6.0
1.7%
4.7
50%
388.1
0.9
10.3
HEMAS HOLDINGS PLC
Mar-4Q
79.7
89.9/41.7
771.6
936.4
-18%
1,927.1
2,409.3
-20%
33%
33%
1.3
0.3
0.4%
11.2
30%
27.3
2.9
23.7
JOHN KEELLS HOLDINGS PLC
Mar-4Q
200.6
263/190.9
5,222.5
4,681.5
12%
14,348.2
11,721.8
22%
30%
30%
5.2
3.5
1.7%
13.4
15%
138.1
1.5
13.9
RICHARD PIERIS AND

COMPANY PLC
Mar-4Q
8.3
9.5/7.1
359.0
460.9
-22%
1,652.1
1,417.2
17%
21%
24%
0.2
0.5
5.4%
N/A
56%
4.9
1.7
10.9
SOFTLOGIC HOLDINGS PLC
Mar-4Q
16.1
20.4/12.6
312.7
(40.4)
874%
635.2
155.9
308%
35%
41%
0.4
0.3
1.6%
9.5
85%
9.8
1.6
19.7
SUNSHINE HOLDINGS PLC
Mar-4Q
52.0
63.5/32
97.7
169.8
-42%
484.0
598.6
-19%
19%
23%
0.7
1.0
1.8%
3.8
27%
39.2
1.3
12.8
TAPROBANE HOLDINGS PLC
Mar-4Q
4.3
5.8/2.5
(126.3)
23.3
-641%
57.0
(276.7)
121%
11%
51%
(0.1)
0.0
0.0%
N/A
54%
5.0
0.9
52.2
THE COLOMBO FORT LAND &

BUILDING PLC
Mar-4Q
26.7
35/24
223.0
407.1
-45%
187.7
(346.5)
154%
15%
25%
1.2
0.3
1.1%
6.7
66%
44.5
0.6
25.6
VALLIBEL ONE PLC
Mar-4Q
24.9
27.9/19.7
903.0
750.0
20%
2,858.4
1,573.9
82%
42%
28%
0.8
0.4
1.6%
4.1
36%
31.9
0.8
9.5
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)
BANKS
FINANCE
& INSURANCE
DIV Sector
earnings

Mar-15
Mar-14
Change
(%)
11,406
12,990
(-12%)
Mar-15
Mar-14
Change (%)
Qtr GP % /
Net Int. Margin
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)

released results
Sector
PER
18
D/(D+E)
NAVPS
(LKR)
P/BV (x)
15.6x
Sector
P/BV
1.3x
TTM* PER
(x)
FOOTWEAR & TEXTILES

CEYLON LEATHER PRODUCTS
PLC
Mar-4Q
85.0
102.9/60
(154.7)
(0.9)
N/A
19.7
118.0
-83%
12%
14%
(4.5)
1.0
1.2%
3.0
26%
99.4
0.9
144.2
HAYLEYS MGT KNITTING MILLS

PLC
Mar-4Q
18.8
20.4/10.5
36.4
(88.7)
141%
90.3
(183.4)
149%
10%
7%
0.2
0.0
0.0%
11.9
55%
10.1
1.9
43.3
ODEL PLC
Mar-4Q
21.6
28/20
17.8
(3.2)
660%
161.8
192.6
-16%
38%
38%
0.1
0.1
0.6%
16.0
23%
19.4
1.1
36.4
(100)
(93)
(-8%)
F&T Sector earnings

released results
Sector
PER
45.5x
Sector
P/BV
1.1x
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
& INSURANCE
HOTELSFINANCE
& TRAVELS
AITKEN SPENCE HOTEL
HOLDINGS PLC
Mar-4Q
80.0
87/66
1,100.3
1,222.1
-10%
2,234.8
2,340.9
-5%
N/A
N/A
3.3
1.5
1.9%
6.8
31%
51.2
1.6
12.0
AMAYA LEISURE PLC
Mar-4Q
80.0
91.9/70
103.6
135.0
-23%
227.9
376.2
-39%
65%
70%
2.1
4.5
5.6%
10.9
37%
63.4
1.3
16.0
ASIAN HOTELS & PROPERTIES

PLC
Mar-4Q
67.5
74/60.2
504.0
834.9
-40%
1,756.6
2,397.9
-27%
60%
62%
1.1
4.0
5.9%
11.4
1%
54.3
1.2
17.0
BANSEI ROYAL RESORTS

HIKKADUWA PLC
Mar-4Q
11.0
15.1/6.3
(7.9)
12.3
-164%
(32.1)
2.1
-1599%
90%
87%
(0.1)
0.0
0.0%
N/A
1%
5.4
2.0
N/A
BERUWALA RESORTS PLC
Mar-4Q
1.9
2.6/1.6
(6.5)
28.6
-123%
(67.0)
(25.6)
-162%
82%
86%
(0.0)
0.0
0.0%
(54.6)
54%
0.8
2.3
N/A
BROWNS BEACH HOTELS PLC
Mar-4Q
37.0
41.8/21
(10.1)
11.5
-187%
(15.7)
93.2
-117%
N/A
N/A
(0.1)
0.0
0.0%
N/A
16%
27.4
1.4
N/A
CEYLON HOTELS
CORPORATION PLC
Mar-4Q
27.5
30.5/18.5
70.3
55.2
27%
92.0
(74.6)
223%
81%
80%
0.4
0.0
0.0%
13.2
13%
35.5
0.8
48.5
CITRUS LEISURE PLC
Mar-4Q
12.9
22/12.3
(96.1)
30.9
-411%
(233.9)
(18.8)
-1143%
78%
82%
(1.0)
0.0
0.0%
235.4
54%
29.0
0.4
N/A
DOLPHIN HOTELS PLC
Mar-4Q
59.8
64/44.1
70.8
108.3
-35%
155.9
110.7
41%
78%
82%
2.2
1.0
1.7%
6.2
19%
42.8
1.4
12.1
EDEN HOTEL LANKA PLC
Mar-4Q
23.8
31.5/21
5.0
59.5
-92%
(271.8)
58.9
-562%
81%
85%
0.1
0.3
1.3%
36.2
50%
43.9
0.5
N/A
GALADARI HOTELS (LANKA)

PLC
Dec-1Q
13.5
16.4/12.1
66.2
90.2
-27%
66.2
90.2
-27%
61%
63%
0.1
0.0
0.0%
17.0
0%
18.0
0.8
35.8
HIKKADUWA BEACH RESORT

LIMITED
Mar-4Q
17.1
23.5/15.2
50.9
54.9
-7%
65.9
88.2
-25%
78%
83%
0.9
0.1
0.7%
11.1
12%
19.8
0.9
14.9
HOTEL SIGIRIYA PLC
Mar-4Q
93.0
109.9/73
34.1
20.1
70%
61.3
27.6
122%
78%
81%
5.8
0.0
0.0%
7.0
2%
55.5
1.7
8.9
HUNAS FALLS HOTELS PLC
Mar-4Q
62.0
76.9/46
0.3
8.6
-97%
3.2
21.2
-85%
76%
76%
0.1
1.0
1.6%
12.6
6%
60.0
1.0
109.8
JOHN KEELLS HOTELS PLC
Mar-4Q
17.5
19.2/14
965.2
967.8
-0%
1,853.7
1,565.8
18%
72%
72%
0.7
0.3
1.4%
7.3
18%
14.0
1.3
13.7
KALPITIYA BEACH RESORT

PLC
Mar-4Q
3.2
6.1/2.8
(26.2)
(22.7)
-15%
(106.6)
(132.2)
19%
N/A
46%
(0.2)
0.0
0.0%
N/A
35%
8.1
0.4
N/A
KANDY HOTELS COMPANY

(1938) PLC
Mar-4Q
8.4
10.7/6.7
39.4
60.1
-34%
136.9
145.3
-6%
81%
82%
0.1
0.2
2.4%
18.3
0%
10.6
0.8
34.9
MAHAWELI REACH HOTELS

PLC
Mar-4Q
24.0
27.2/17
32.6
35.3
-8%
48.2
37.6
28%
60%
63%
0.7
0.0
0.0%
10.9
16%
21.3
1.1
21.1
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
FINANCE
& INSURANCE
MARAWILA
RESORTS
PLC
Mar-4Q
3.5
7.6/3.2
(3.3)
64.0
-105%
(82.5)
13.5
-709%
70%
76%
(0.0)
0.0
0.0%
(29.1)
47%
6.7
0.5
N/A
PALM GARDEN HOTELS PLC
Mar-4Q
53.5
122/40.4
(40.2)
25.6
-257%
(291.5)
(162.4)
-80%
81%
85%
(0.9)
0.0
0.0%
133.1
48%
77.0
0.7
N/A
PEGASUS HOTELS OF CEYLON

PLC
Mar-4Q
47.3
49/38
17.4
39.2
-56%
95.9
66.6
44%
46%
53%
0.6
0.5
1.1%
N/A
0%
48.4
1.0
15.0
RAMBODA FALLS PLC
Mar-4Q
31.0
38.5/18.4
15.3
8.5
80%
26.6
12.1
121%
68%
65%
0.8
0.0
0.0%
14.6
6%
14.3
2.2
23.0
RENUKA CITY HOTEL PLC
Mar-4Q
358.5
374/284
68.7
55.3
24%
408.9
299.6
36%
83%
83%
9.8
4.0
1.1%
1.6
0%
633.7
0.6
6.1
ROYAL PALMS BEACH HOTELS

PLC
Mar-4Q
37.0
44/31.2
38.1
57.0
-33%
22.4
99.4
-78%
74%
79%
0.8
0.8
2.2%
(21.0)
1%
34.7
1.1
82.8
SERENDIB HOTELS PLC
Mar-4Q
35.5
37.5/27
139.4
172.0
-19%
201.4
151.8
33%
80%
83%
1.3
0.0
0.0%
7.1
20%
20.1
1.8
19.7
SIGIRIYA VILLAGE HOTELS PLC
Mar-4Q
62.1
79.9/55
(18.7)
6.2
-401%
(11.7)
19.3
-161%
80%
77%
(2.1)
2.0
3.2%
14.1
25%
67.0
0.9
N/A
TAJ LANKA HOTELS PLC
Mar-4Q
32.9
38/25.4
19.4
(132.8)
115%
(180.8)
(530.0)
66%
19%
5%
0.1
0.0
0.0%
21.1
61%
11.4
2.9
N/A
TANGERINE BEACH HOTELS

PLC
Mar-4Q
79.7
90/63
37.1
103.1
-64%
46.9
149.3
-69%
73%
80%
1.9
0.5
0.6%
16.8
1%
130.6
0.6
34.0
THE FORTRESS RESORTS PLC
Mar-4Q
18.0
21/15
101.6
87.2
17%
189.8
176.9
7%
79%
80%
0.9
0.0
0.0%
54.8
92%
12.7
1.4
9.8
THE KINGSBURY PLC
Mar-4Q
16.5
19.6/13.5
77.5
42.2
83%
291.4
32.7
791%
56%
51%
0.3
0.0
0.0%
9.5
53%
8.1
2.0
13.7
THE LIGHTHOUSE HOTEL PLC
Mar-4Q
61.0
67/51.6
72.5
83.0
-13%
129.4
122.3
6%
83%
84%
1.6
2.0
3.3%
13.5
6%
53.6
1.1
21.7
THE NUWARA ELIYA HOTELS

COMPANY PLC
Mar-4Q
1,420.0 1849.9/1290
86.3
103.5
-17%
271.2
294.0
-8%
81%
80%
43.1
22.5
1.6%
8.4
0%
1,517.7
0.9
10.5
TRANS ASIA HOTELS PLC
Mar-4Q
94.5
109/80
206.8
199.8
3%
584.6
743.2
-21%
63%
65%
1.0
3.5
3.7%
22.4
1%
29.9
3.2
32.3
WASKADUWA BEACH RESORT

PLC
Mar-4Q
5.6
9.4/4.8
(183.9)
(4.9) -3688%
(360.5)
(10.9)
-3221%
76%
N/A
(1.2)
0.0
0.0%
N/A
61%
8.2
0.7
N/A
H&T Sector earnings
3,530
4,622
(-24%)

released results
34
Sector
PER
21.9x
Sector
P/BV
1.2x
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
FINANCE & INSURANCE
HEALTHCARE
SINGHE HOSPITALS LIMITED
Mar-4Q
2.4
2.8/2.2
(17.2)
(24.1)
29%
(72.6)
(131.6)
45%
53%
61%
(0.0)
0.0
0.0%
N/A
55%
0.7
3.5
N/A
ASIRI SURGICAL HOSPITAL

PLC
Mar-4Q
15.9
18.5/12
69.0
136.9
-50%
384.7
473.3
-19%
37%
40%
0.1
1.6
9.8%
14.6
18%
6.0
2.6
21.8
ASIRI HOSPITAL HOLDINGS

PLC
Mar-4Q
20.9
25.4/18.8
655.3
241.6
171%
1,426.0
950.6
50%
42%
47%
0.6
0.5
2.4%
12.5
58%
5.5
3.8
16.1
CEYLON HOSPITALS PLC

(DURDANS)
Mar-4Q
109.0
119/95.3
1.6
26.4
-94%
200.1
191.6
4%
53%
54%
0.0
2.0
1.8%
7.0
29%
82.0
1.3
18.4
NAWALOKA HOSPITALS PLC
Mar-4Q
3.0
3.9/2.9
(35.4)
(26.9)
-31%
84.3
209.0
-60%
49%
55%
(0.0)
0.1
2.0%
10.6
49%
2.8
1.1
50.2
THE LANKA HOSPITAL

CORPORATION PLC
Dec-1Q
41.7
58.3/38.1
163.0
144.1
13%
163.0
144.1
13%
57%
59%
0.7
1.5
3.6%
11.1
4%
20.8
2.0
19.4
836
498
68%
HLT Sector earnings

released results
Sector
PER
19.1x
Sector
P/BV
2.4x
INVESTMENT TRUSTS
ASCOT HOLDINGS PLC
Mar-4Q
41.9
114.5/32.1
(7.8)
(3.4)
-132%
(10.4)
20.3
-151%
32%
46%
(0.6)
0.0
0.0%
11.4
43%
50.1
0.8
N/A
CEYLON GUARDIAN
INVESTMENT TRUST PLC
Mar-4Q
190.0
210/181.1
(7.1)
534.4
-101%
1,920.6
1,612.1
19%
N/A
N/A
(0.1)
5.0
2.6%
N/A
0%
275.7
0.7
10.4
CEYLON INVESTMENT PLC
Mar-4Q
95.3
114/79.5
(58.7)
296.7
-120%
986.9
889.5
11%
N/A
N/A
(0.6)
2.5
2.6%
N/A
0%
133.0
0.7
9.5
COLOMBO FORT
INVESTMENTS PLC
Mar-4Q
101.0
145/86
(14.5)
1.6 -1013%
66.4
6.5
917%
N/A
N/A
(2.2)
1.0
1.0%
N/A
0%
198.2
0.5
9.9
COLOMBO INVESTMENT TRUST

PLC
Mar-4Q
140.0
166/84.3
(45.1)
(9.2)
-391%
73.7
(9.8)
853%
N/A
N/A
(6.9)
1.0
0.7%
N/A
0%
215.1
0.7
12.3
GUARDIAN CAPITAL
PARTNERS PLC
Mar-4Q
40.6
53/28.6
43.7
5.0
771%
184.2
15.5
1091%
N/A
N/A
1.7
1.3
3.1%
N/A
0%
25.4
1.6
5.7
LANKA CENTURY
INVESTMENTS PLC
Mar-4Q
14.1
18/10.5
(86.2)
(404.6)
79%
33.4
(662.9)
105%
11%
16%
(0.2)
0.0
0.0%
17.6
27%
22.6
0.6
87.5
LEE HEDGES PLC
Mar-4Q
420.0
485/270
8.5
87.6
-90%
141.7
1,120.1
-87%
100%
100%
1.7
23.0
5.5%
N/A
1%
663.3
0.6
15.2
RENUKA HOLDINGS PLC
Mar-4Q
30.8
43/26.6
58.7
76.8
-24%
270.1
191.7
41%
19%
21%
0.6
0.7
2.3%
N/A
33%
43.3
0.7
11.6
INV Sector earnings
(109)
585 (-119%)

released results
Sector
PER
11.4x
Sector
P/BV
0.7x
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
22.4
15.1
BANKS
FINANCE
& INSURANCE
INFORMATION
TECHNOLOGY
E-CHANNELLING PLC
Mar-4Q
14.3
18.2/11.4
IT Sector earnings
25.9
15.9
63%
26
16
63%
115.8
115.8
0%
100%
100%
0.2

released results
0.9
5.9%
13.2
Sector
PER
0%
14.9x
0.6
Sector
P/BV
22.1x
LAND & PROPERTY

C T LAND DEVELOPMENT PLC
Mar-4Q
38.7
44/32.2
115.5
178.2
-35%
239.3
309.4
-23%
N/A
N/A
2.4
2.6
6.7%
5.4
0%
59.6
0.6
7.9
CARGO BOAT DEVELOPMENT

COMPANY PLC
Mar-4Q
134.5
149.8/106
13.9
27.2
-49%
135.1
259.8
-48%
75%
84%
1.4
2.5
1.9%
8.3
0%
227.5
0.6
10.2
CITY HOUSING & REAL ESTATE

CO. PLC
Mar-4Q
13.5
18.7/10.2
6.0
12.4
-52%
(34.6)
8.3
-519%
17%
20%
0.4
0.0
0.0%
(11.5)
129%
(3.2)
(4.3)
N/A
COLOMBO LAND &

DEVELOPMENT COMPANY PLC
Dec-1Q
25.8
47/22.6
(0.2)
(10.1)
98%
(0.2)
(10.1)
98%
59%
54%
(0.0)
0.0
0.0%
N/A
32%
14.9
1.7
N/A
COMMERCIAL DEVELOPMENT
COMPANY PLC
Dec-1Q
102.5
135/74
25.6
21.7
18%
25.6
21.7
18%
46%
47%
2.1
5.0
4.9%
7.2
0%
129.5
0.8
4.4
EQUITY ONE PLC
Mar-4Q
43.0
56.9/28.8
321.0
141.3
127%
387.0
183.7
111%
64%
67%
8.0
0.4
0.8%
N/A
0%
55.6
0.8
4.5
EQUITY TWO PLC
Mar-4Q
69.0
84/31.6
114.9
57.4
100%
151.5
78.7
93%
73%
83%
3.7
0.2
0.3%
N/A
0%
26.6
2.6
14.1
KELSEY DEVELOPMENTS PLC
Mar-4Q
50.9
54.5/23.4
(2.8)
(13.3)
79%
(31.7)
136.1
-123%
N/A
37%
(0.2)
0.0
0.0%
(34.4)
76%
9.1
5.6
N/A
MILLENNIUM HOUSING
DEVELOPERS PLC
Mar-4Q
9.1
9.4/5
81.1
59.8
36%
114.3
127.1
-10%
44%
40%
0.6
0.3
2.7%
8.8
8%
5.5
1.7
10.7
ON'ALLY HOLDINGS PLC
Mar-4Q
58.0
72.5/47.6
23.3
207.2
-89%
89.7
265.8
-66%
N/A
N/A
1.3
2.8
4.8%
N/A
0%
75.6
0.8
11.3
OVERSEAS REALTY (CEYLON)

PLC
Dec-1Q
24.0
29.3/20.9
788.5
796.6
-1%
788.5
796.6
-1%
50%
33%
0.9
1.5
6.3%
5.9
1%
31.6
0.8
6.7
PROPERTY DEVELOPMENT
PLC
Dec -1Q
100.8
126/80.1
96.5
96.2
0%
96.5
96.2
0%
N/A
N/A
1.5
3.0
3.0%
3.2
0%
52.4
1.9
16.3
SERENDIB ENGINEERING
GROUP PLC
Mar-4Q
13.2
24.75/12.6
(4.1)
5.2
-179%
(14.9)
10.0
-249%
28%
29%
(0.1)
0.0
0.0%
(28.3)
3%
6.6
2.0
N/A
SERENDIB LAND PLC
Mar-4Q
1,190.0
1375/850
60.0
2.9
1955%
69.4
10.1
589%
95%
94%
166.8
25.0
2.1%
N/A
0%
825.7
1.4
6.2
SEYLAN DEVELOPMENTS PLC
Dec-1Q
14.6
16.3/10.7
29.1
29.6
-2%
29.1
29.6
-2%
N/A
N/A
0.2
0.3
2.1%
N/A
0%
28.7
0.5
21.8
Company
BANKS
FINANCE
& INSURANCE
YORK ARCADE
HOLDINGS
PLC
L&P Sector earnings
FY-Q
Mar-4Q
Share Price
12M H/L (LKR)
(LKR)
16.4
20.4/12.8

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
4.0
1.8
120%
1,672
1,614
4%
Mar-15
7.5
Mar-14
6.3
Change (%)
19%
Mar-15
35%
Mar-14
24%
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
0.3

released results
0.4
16
2.4%
9.3
Sector
PER
D/(D+E)
2%
9.3x
NAVPS
(LKR)
14.0
Sector
P/BV
P/BV (x)
TTM* PER
(x)
1.2
26.4
0.9x
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
FINANCE & INSURANCE
MANUFACTURING
ABANS ELECTRICALS PLC
Mar-4Q
126.7
134/100
41.6
17.5
138%
85.9
100.3
-14%
17%
13%
8.1
2.5
2.0%
5.3
40%
137.9
0.9
7.5
ACL CABLES PLC
Mar-4Q
89.1
96.6/63.2
434.7
111.8
289%
871.5
441.5
97%
25%
23%
7.3
1.0
1.1%
4.4
32%
124.7
0.7
6.1
ACL PLASTICS PLC
Mar-4Q
125.3
148/87.6
35.5
29.8
19%
87.9
77.6
13%
18%
13%
8.4
2.0
1.6%
3.4
0%
190.6
0.7
6.0
ACME PRINTING & PACKAGING

PLC
Mar-4Q
9.6
19.7/8.5
(27.8)
(11.8)
-135%
(221.7)
(78.6)
-182%
9%
15%
(0.7)
0.0
0.0%
(29.8)
77%
8.7
1.1
N/A
AGSTAR FERTILIZERS PLC
Mar-4Q
7.0
7.7/4.1
14.7
(106.6)
114%
218.1
42.9
409%
40%
34%
0.0
0.1
1.4%
7.1
35%
7.7
0.9
10.4
ALUFAB PLC
Mar-4Q
45.6
55/15.2
12.3
(14.7)
184%
1.7
(50.8)
103%
22%
-48%
1.0
0.0
0.0%
16.6
5%
22.2
2.1
N/A
ALUMEX LIMITED
Mar-4Q
17.8
18.6/13.9
130.9
95.9
36%
477.0
379.0
26%
29%
29%
0.4
1.0
5.6%
7.3
1%
5.6
3.2
11.2
BLUE DIAMONDS JEWELLERY

WORLDWIDE PLC
Mar-4Q
1.3
3.9/1.1
(22.1)
(5.3)
-316%
(55.2)
(36.4)
-51%
25%
57%
(0.1)
0.0
0.0%
(4.6)
0%
1.0
1.2
N/A
BOGALA GRAPHITE LANKA

PLC
Dec-1Q
32.4
37/20.7
10.7
30.1
-65%
10.7
30.1
-65%
28%
47%
0.2
0.0
0.0%
14.2
38%
5.9
5.5
27.9
CENTRAL INDUSTRIES PLC
Mar-4Q
96.3
99.5/58.3
35.8
28.4
26%
130.3
75.6
72%
9%
8%
3.6
3.0
3.1%
5.1
14%
112.6
0.9
7.3
CEYLON GRAIN ELEVATORS

PLC
Dec-1Q
51.8
53.8/34
168.1
(6.9)
2535%
168.1
(6.9)
2535%
11%
6%
2.8
0.0
0.0%
4.0
22%
50.3
1.0
11.0
CHEVRON LUBRICANTS LANKA

PLC
Dec-1Q
389.0
460/278
742.7
763.6
-3%
742.7
763.6
-3%
43%
42%
6.2
20.0
5.1%
11.7
0%
49.5
7.9
17.1
DANKOTUWA PORCELAIN PLC
Mar-4Q
12.5
18.3/11.1
(42.2)
6.2
-781%
(121.3)
(15.9)
-664%
4%
14%
(0.6)
0.0
0.0%
18.9
55%
12.8
1.0
N/A
DIPPED PRODUCTS PLC
Mar-4Q
152.0
155.9/102
260.1
216.2
20%
1,112.3
795.1
40%
19%
21%
4.3
0.0
0.0%
4.4
36%
134.4
1.1
8.2
HAYLEYS FIBRE PLC
Mar-4Q
40.6
52.5/30
1.8
6.4
-71%
2.9
24.7
-88%
4%
6%
0.2
0.3
0.7%
29.2
33%
57.8
0.7
110.3
KELANI CABLES PLC
Mar-4Q
87.5
104.5/75.2
175.2
42.2
315%
341.5
215.1
59%
17%
16%
8.0
1.5
1.7%
4.1
18%
127.9
0.7
5.6
KELANI TYRES PLC
Mar-4Q
80.1
87/64
165.0
178.2
-7%
715.4
658.7
9%
8%
6%
2.1
1.9
2.3%
N/A
6%
37.4
2.1
9.0
LANKA ALUMINIUM
INDUSTRIES PLC
Mar-4Q
82.3
96.9/31
19.7
5.9
237%
145.3
30.4
378%
25%
18%
1.4
1.5
1.8%
6.6
54%
50.2
1.6
7.8
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
FINANCE &
INSURANCE
LANKA CERAMIC
PLC
Mar-4Q
123.0
138/97
128.9
(56.1)
330%
558.5
133.9
317%
28%
30%
4.3
3.5
2.8%
2.8
54%
137.5
0.9
6.3
LANKA FLOORTILES PLC
Mar-4Q
118.0
120/86
306.8
199.8
54%
840.3
652.1
29%
41%
35%
5.8
4.5
3.8%
5.2
16%
77.4
1.5
7.4
LANKA WALLTILES PLC
Mar-4Q
119.9
123/70.5
375.1
290.4
29%
1,043.8
605.7
72%
27%
29%
6.9
4.0
3.3%
3.6
40%
119.0
1.0
5.8
LAXAPANA BATTERIES PLC
Mar-4Q
4.8
6.7/4.2
3.9
1.3
197%
14.4
10.5
37%
37%
42%
0.1
0.2
3.1%
10.1
30%
4.1
1.2
13.0
ORIENT GARMENTS PLC
Mar-4Q
15.4
28.6/11
(83.0)
115.1
-172%
(205.8)
(434.7)
53%
3%
8%
(1.5)
0.0
0.0%
(30.4)
82%
6.2
2.5
N/A
PIRAMAL GLASS CEYLON PLC
Mar-4Q
6.3
6.5/3.4
208.6
61.5
239%
439.4
283.3
55%
25%
15%
0.2
0.4
6.0%
6.9
32%
3.8
1.7
13.6
PRINTCARE PLC
Mar-4Q
43.0
43.2/29.5
40.1
100.8
-60%
240.4
313.0
-23%
22%
20%
0.5
0.9
2.1%
7.3
33%
30.2
1.4
14.0
REGNIS(LANKA) PLC
Dec-1Q
130.0
138/62
73.1
33.8
117%
73.1
33.8
117%
11%
7%
6.5
7.0
5.4%
5.1
9%
88.1
1.5
7.6
RICHARD PIERIS EXPORTS PLC
Mar-4Q
167.9
184/70
40.2
41.0
-2%
267.7
192.8
39%
29%
29%
3.6
5.2
3.1%
N/A
44%
39.0
4.3
8.0
ROYAL CERAMICS LANKA PLC
Mar-4Q
126.8
130/99
853.1
759.7
12%
2,134.6
1,125.7
90%
35%
35%
7.7
1.0
0.8%
5.0
51%
107.2
1.2
6.6
SAMSON INTERNATIONAL PLC
Mar-4Q
108.1
140/85
(17.7)
10.1
-274%
20.9
56.4
-63%
14%
16%
(4.2)
2.0
1.9%
6.3
23%
109.7
1.0
21.9
SIERRA CABLES PLC
Mar-4Q
4.5
5/1.7
(64.3)
(320.6)
80%
258.3
(290.9)
189%
25%
9%
(0.1)
0.0
0.0%
4.4
18%
2.7
1.7
9.5
SINGER INDUSTRIES (CEYLON)

PLC
Dec-1Q
185.5
244.4/103
10.0
5.2
91%
10.0
5.2
91%
5%
4%
2.6
0.5
0.3%
31.5
3%
260.1
0.7
83.1
SWADESHI INDUSTRIAL
WORKS PLC
Mar-4Q
15,000.0
20000/1200
0
22.0
(5.4)
509%
15.1
13.2
15%
32%
32%
168.2
1.0
0.0%
28.6
75%
1,129.3
13.3
69.7
SWISSTEK (CEYLON) PLC
Mar-4Q
64.8
69.7/23
86.7
74.3
17%
231.7
109.0
113%
22%
24%
3.2
0.5
0.8%
5.9
36%
39.0
1.7
7.5
TEXTURED JERSEY LANKA PLC
Mar-4Q
29.0
29.8/18.6
512.5
351.6
46%
1,334.4
1,152.8
16%
15%
12%
0.8
0.5
1.7%
N/A
0%
10.6
2.7
14.4
TOKYO CEMENT COMPANY

(LANKA) PLC
Mar-4Q
54.0
75/38.6
425.4
400.6
6%
1,782.3
2,126.6
-16%
21%
29%
1.3
1.5
2.8%
6.1
35%
30.8
1.8
10.1
5,078
3,450
47%
MFG Sector earnings

released results
35
Sector
PER
10.5x
Sector
P/BV
1.8x
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
FINANCE & INSURANCE
MOTORS
C M HOLDINGS PLC
Mar-4Q
150.0
158/78.3
(45.2)
43.6
-204%
300.2
(80.9)
471%
7%
-105%
(3.0)
3.0
2.0%
4.0
11%
246.4
0.6
6.6
DIESEL & MOTOR

ENGINEERING PLC
Mar-4Q
680.0
730/493
262.9
206.4
27%
596.1
393.5
51%
18%
23%
29.6
20.0
2.9%
6.6
36%
1,040.7
0.7
10.1
LANKA ASHOK LEYLAND PLC
Mar-4Q
1,400.0
1900/1256
(25.7)
85.5
-130%
331.7
164.6
102%
7%
9%
(7.1)
5.0
0.4%
12.6
45%
754.5
1.9
15.3
SATHOSA MOTORS PLC
Mar-4Q
275.0
299/235
106.9
65.8
62%
261.3
260.1
0%
29%
26%
17.7
5.0
1.8%
N/A
8%
204.1
1.3
6.3
THE AUTODROME PLC
Mar-4Q
820.0
990/750
6.8
8.5
-19%
40.8
30.7
33%
27%
22%
5.7
6.0
0.7%
17.0
0%
812.1
1.0
24.1
UNITED MOTORS LANKA PLC
Mar-4Q
105.0 108.5/80.75
539.4
187.9
187%
1,262.3
1,607.7
-21%
27%
27%
5.3
12.0
11.4%
8.2
10%
103.4
1.0
8.4
845
598
41%
MTR Sector earnings

released results
Sector
PER
9.4x
Sector
P/BV
0.9x
OIL PALMS
SELINSING PLC
Mar-4Q
1,697.3
2000/1200
(0.9)
43.0
-102%
106.5
259.6
-59%
61%
75%
(0.1)
38.0
2.2%
N/A
0%
1,057.3
1.6
110.6
SHALIMAR (MALAY) PLC
Mar-4Q
2,220.0 2488/1600.1
(1.0)
29.6
-103%
66.2
211.3
-69%
67%
76%
(0.1)
31.0
1.4%
N/A
0%
790.0
2.8
232.7
THE BUKIT DARAH PLC
Mar-4Q
672.0
750/570
564.2
2,899.2
-81%
2,189.4
3,275.0
-33%
28%
38%
5.5
3.0
0.4%
N/A
73%
276.0
2.4
31.3
THE GOOD HOPE PLC
Mar-4Q
1,877.4
2350/1500
(3.2)
19.5
-117%
57.4
164.7
-65%
56%
72%
(0.5)
24.5
1.3%
N/A
0%
847.2
2.2
224.8
THE INDO MALAY PLC
Mar-4Q
1,700.0
2000/1420
(5.3)
25.1
-121%
49.8
184.1
-73%
60%
72%
(0.8)
22.4
1.3%
N/A
0%
807.6
2.1
239.0
554
3,016
(-82%)
OIL Sector earnings

released results
Sector
PER
49.9x
Sector
P/BV
2.3x
POWER & ENERGY

F L C HYDRO POWER PLC
Mar-4Q
9.3
9.6/4.7
(0.2)
(17.9)
99%
74.8
5.5
1270%
41%
-199%
(0.0)
0.7
7.5%
6.5
17%
7.3
1.3
13.6
HEMAS POWER PLC
Mar-4Q
25.9
26.5/16.7
18.8
6.1
209%
(60.3)
(259.1)
77%
79%
70%
0.2
0.8
2.9%
7.3
0%
19.1
1.4
N/A
LANKA IOC PLC
Mar-4Q
29.9
68.3/29
(1,061.0)
722.8
-247%
1,885.7
4,813.4
-61%
-2%
7%
(2.0)
0.0
0.0%
5.4
18%
34.0
0.9
8.4
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
LAUGFSFINANCE
GAS PLC& INSURANCE
Mar-4Q
41.7
44.9/31.5
369.0
39.8
827%
1,448.1
1,309.4
11%
30%
14%
1.0
2.0
4.8%
7.0
27%
20.4
2.0
11.1
MACKWOODS ENERGY PLC
Mar-4Q
6.4
7.8/5.8
(4.0)
6.7
-160%
(6.3)
20.1
-131%
25%
28%
(0.0)
0.1
1.6%
(32.4)
0%
7.5
0.9
N/A
PANASIAN POWER PLC
Mar-4Q
3.5
4/2.3
20.9
18.6
12%
169.4
144.5
17%
88%
85%
0.0
0.0
0.0%
8.9
35%
2.4
1.4
10.3
VALLIBEL POWER ERATHNA

PLC
Mar-4Q
9.7
9.9/5.7
8.2
2.6
216%
904.8
632.9
43%
73%
68%
0.0
1.0
10.3%
7.1
26%
2.9
3.4
9.0
VIDULLANKA PLC
Mar-4Q
8.4
8.8/3.8
(1.2)
(33.7)
96%
359.1
163.7
119%
49%
56%
(0.0)
0.1
0.9%
12.9
30%
3.1
2.7
11.2
P&E Sector earnings
(650)

released results
745 (-187%)
Sector
PER
10.3x
Sector
P/BV
1.4x
PLANTATIONS
AGALAWATTE PLANTATIONS
PLC
Dec-1Q
24.5
29.5/23.1
(271.2)
(57.6)
-371%
(271.2)
(57.6)
-371%
-29%
12%
(10.8)
0.0
0.0%
(18.1)
69%
30.5
0.8
N/A
AITKEN SPENCE PLANTATION

MANAGEMENTS
Mar-4Q
45.5
0/0
94.6
67.4
40%
260.4
268.0
-3%
21%
27%
4.4
2.0
4.4%
2.6
25%
100.3
0.5
3.5
BALANGODA PLANTATIONS
PLC
Dec-1Q
20.0
32.5/19
(102.4)
23.2
-540%
(102.4)
23.2
-540%
-18%
4%
(4.3)
1.0
5.0%
(14.2)
31%
106.6
0.2
N/A
BOGAWANTALAWA TEA
ESTATES PLC
Mar-4Q
12.1
14.6/9.8
(39.1)
59.0
-166%
86.8
7.6
1034%
-11%
8%
(0.5)
0.0
0.0%
7.0
53%
13.1
0.9
11.7
ELPITIYA PLANTATIONS PLC
Mar-4Q
21.0
28/19
138.0
98.5
40%
359.8
373.9
-4%
21%
27%
1.9
0.8
3.6%
4.1
20%
43.4
0.5
4.3
HAPUGASTENNE
PLANTATIONS PLC
Dec-1Q
33.0
48/30
(78.6)
20.2
-489%
(78.6)
20.2
-489%
-2%
9%
(1.7)
0.0
0.0%
6.3
26%
43.8
0.8
17.5
HORANA PLANTATIONS PLC
Mar-4Q
22.1
27.5/21.6
31.0
48.3
-36%
62.0
137.2
-55%
3%
11%
1.2
1.0
4.5%
6.1
38%
57.1
0.4
KAHAWATTE PLANTATIONS
PLC
Dec-1Q
31.8
42/28
(42.6)
28.3
-251%
(42.6)
28.3
-251%
-1%
9%
(0.5)
0.0
0.0%
13.2
52%
13.1
2.4
74.2
KEGALLE PLANTATIONS PLC
Mar-4Q
85.0
105/81
64.4
104.0
-38%
229.0
429.6
-47%
-5%
22%
2.6
0.0
0.0%
31.0
40%
144.2
0.6
9.3
KELANI VALLEY PLANTATIONS

PLC
Dec-1Q
69.0
82/60
10.2
41.6
-75%
17.8
275.6
-94%
9%
9%
0.3
3.5
5.1%
11.2
32%
79.3
0.9
132.0
KOTAGALA PLANTATIONS PLC
Mar-4Q
27.1
42/24.7
(6.6)
(15.1)
57%
(475.2)
(351.4)
-35%
1%
8%
(0.2)
0.0
0.0%
11.4
61%
58.6
0.5
N/A
MADULSIMA PLANTATIONS
PLC
Dec-1Q
10.7
19/9.7
(33.4)
(13.8)
-142%
(33.4)
(13.8)
-142%
-6%
-6%
(1.2)
0.0
0.0%
(13.0)
56%
53.2
0.2
N/A
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
MALWATTE
VALLEY
BANKS FINANCE
& INSURANCE
PLANTATIONS PLC
Dec-1Q
3.7
5.4/3.6
(59.4)
13.5
-540%
(59.4)
13.5
-540%
-2%
6%
(0.3)
0.0
0.7%
9.5
29%
12.5
0.3
56.9
MASKELIYA PLANTATIONS PLC
Mar-4Q
9.9
16/9.7
(95.3)
77.9
-222%
(184.1)
(92.2)
-100%
-12%
4%
(1.8)
0.0
0.0%
N/A
55%
22.8
0.4
N/A
METROPOLITAN RESOURCE
HOLDINGS PLC
Mar-4Q
30.8
37.5/20
(37.0)
42.5
-187%
64.0
37.1
72%
-11%
8%
(2.1)
1.6
5.1%
5.5
60%
45.8
0.7
10.4
NAMUNUKULA PLANTATIONS
PLC
Mar-4Q
71.3
100/70
9.1
93.1
-90%
151.3
335.9
-55%
-13%
25%
0.4
10.5
14.7%
7.2
12%
92.4
0.8
11.2
TALAWAKELLE TEA ESTATES

PLC
Mar-4Q
39.3
44/26.2
60.9
34.2
78%
N/A
N/A
N/A
8%
10%
2.6
3.0
7.6%
N/A
23%
70.8
0.6
4.6
UDAPUSSELLAWA
PLANTATIONS PLC
Dec-1Q
30.1
57/22.4
(23.3)
22.8
-202%
(23.3)
22.8
-202%
0%
14%
(1.2)
0.0
0.0%
6.4
39%
37.8
0.8
14.4
WATAWALA PLANTATIONS PLC
Mar-4Q
20.0
21/13.1
(1.2)
123.4
-101%
407.6
434.0
-6%
4%
12%
(0.0)
1.5
7.3%
5.9
8%
18.1
1.1
11.6
PLT Sector earnings
(382)
811 (-147%)

released results
19
Sector
PER
47.2x
Sector
P/BV
0.6x
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
& INSURANCE
STORESFINANCE
& SUPPLIES
COLOMBO CITY HOLDINGS
PLC
Mar-4Q
670.0
724.9/477
62.1
54.9
13%
113.1
63.9
77%
83%
100%
48.8
0.0
0.0%
9.5
0%
855.1
0.8
7.5
E B CREASY & COMPANY PLC
Mar-4Q
1,100.0
1250/900
86.6
(40.1)
316%
41.8
(57.2)
173%
30%
27%
34.2
12.5
1.1%
7.1
71%
1,205.8
0.9
66.7
GESTETNER OF CEYLON PLC
Mar-4Q
140.0
197.1/127
4.6
1.5
199%
51.0
31.3
63%
32%
25%
1.7
5.0
3.6%
3.6
9%
61.1
2.3
7.3
HUNTERS & COMPANY PLC
Mar-4Q
400.0
450/260
50.8
(5.9)
964%
91.9
3.8
2318%
37%
32%
9.9
0.0
0.0%
N/A
5%
988.8
0.4
22.4
204
10
1850%
S&S Sector earnings

released results
Sector
PER
20.8x
Sector
P/BV
0.7x
SERVICES
ASIA SIYAKA COMMODITIES
PLC
Mar-4Q
3.3
3.7/3.1
25.6
33.5
-24%
110.8
117.4
-6%
99%
99%
0.1
0.0
0.0%
4.8
48%
2.8
1.2
7.7
CEYLON TEA BROKERS PLC
Mar-4Q
4.6
5.6/4.2
4.8
20.5
-77%
55.1
56.2
-2%
75%
77%
0.0
0.3
5.4%
N/A
75%
1.9
2.5
9.5
JOHN KEELLS PLC
Mar-4Q
94.4
100/66
21.0
74.2
-72%
217.4
150.3
45%
69%
74%
0.3
3.4
3.6%
16.2
21%
55.6
1.7
26.4
KALAMAZOO SYSTEMS PLC
Mar-4Q
1,060.0
1300/867.5
0.5
(1.0)
150%
(2.4)
(2.2)
-10%
72%
25%
10.2
0.0
0.0%
N/A
11%
550.5
1.9
N/A
LAKE HOUSE PRINTERS AND

PUBLISHERS PLC
Mar-4Q
129.0
138.8/90
6.5
7.8
-17%
21.0
22.0
-5%
31%
38%
2.2
1.0
0.8%
9.3
7%
99.7
1.3
17.5
MERCANTILE SHIPPING
COMPANY PLC
Mar-4Q
116.8
142/96.1
(513.3)
(64.2)
-700%
(595.8)
(185.8)
-221%
14%
-28% (180.4)
0.0
0.0%
N/A
122%
(199.4)
(0.6)
N/A
PARAGON CEYLON PLC
Mar-4Q
602.0
840/520
(0.1)
(0.4)
64%
0.1
0.2
-68%
25%
-71%
0.5
0.1%
N/A
4%
63.9
9.4
N/A
SRV Sector earnings
(455)
(1.4)

released results
70 (-746%)
Sector
PER
N/A
Sector
P/BV
1.9x
TELECOMMUNICATION
DIALOG AXIATA PLC
Dec-1Q
11.6
14.3/9.8
1,981.6
1,269.1
56%
1,981.6
1,269.1
56%
45%
40%
0.2
0.1
1.1%
4.9
38%
5.7
2.0
13.7
SRI LANKA TELECOM PLC
Dec-1Q
47.0
57.3/44
1,680.0
547.0
207%
1,680.0
547.0
207%
33%
27%
0.9
0.9
1.8%
5.5
28%
36.3
1.3
11.9
3,662
1,816
102%
TLE Sector earnings

released results
Sector
PER
12.7x
Sector
P/BV
1.6x
Company
FY-Q
Share Price
12M H/L (LKR)
(LKR)

Mar-15
Mar-14
Qtr GP % /
Net Int. Margin
Change
(%)
Mar-15
Mar-14
Change (%)
Mar-15
Mar-14
Mar -15
Qtr EPS
FY-LKR) (Last FY)
(x)
(LKR)
D/(D+E)
NAVPS
(LKR)
P/BV (x)
TTM* PER
(x)
BANKS
FINANCE & INSURANCE
TRADING
BROWN & COMPANY PLC
Mar-4Q
115.0
124.5/88
239.9
1,286.9
-81%
1,324.6
1,674.8
-21%
28%
25%
3.4
2.7
2.3%
8.7
48%
219.9
0.5
6.2
C. W. MACKIE PLC
Mar-4Q
60.0
68.2/50
73.4
73.1
0%
183.6
208.3
-12%
14%
13%
2.0
3.0
5.0%
6.7
27%
50.9
1.2
11.8
CEYLON & FOREIGN TRADES

PLC
Mar-4Q
5.8
9/5.4
715.4
59.9
1094%
737.1
62.3
1083%
25%
9%
5.1
0.0
0.0%
N/A
45%
11.2
0.5
1.1
EASTERN MERCHANTS PLC
Mar-4Q
10.0
14.1/6.4
220.9
(11.3)
2062%
235.5
(27.0)
973%
-1%
6%
1.9
0.0
0.0%
N/A
6%
10.8
0.9
8.2
RADIANT GEMS
INTERNATIONAL PLC
Mar-4Q
44.5
72/35
(6.5)
8.7
-175%
(15.6)
4.3
-460%
23%
38%
(2.7)
0.0
0.0%
N/A
77%
6.3
7.0
N/A
SINGER SRI LANKA PLC
Dec-1Q
131.6
135/92
253.7
129.9
95%
277.8
142.5
95%
32%
34%
2.0
2.5
1.9%
10.2
70%
43.3
3.0
19.3
TESS AGRO PLC
Mar-4Q
1.5
2/1.2
(8.7)
(15.9)
45%
(42.0)
(18.5)
-127%
7%
-3%
(0.0)
0.0
0.0%
N/A
45%
1.1
1.4
N/A
1,488
1,531.3
(-3%)
TRD Sector earnings

released results
Sector
PER
9.2x
Sector
P/BV
1.1x
Cumulative Earnings March Qtr 2015**
53,363
2.2%
Market TTM PER (x) as at 05 06 2015
14.2
No. of Companies that released results
271
Cumulative Earnings December Qtr 2014**
55,747
9.3%
Market TTM PER (x) as at 02 03 2015
15.2
No. of Companies that released results
278
* TTM PER refers to Trailing 12 month PER

** Not adjusted for extra-ordinary items
This document has been prepared and issued on the basis of publicly available information, internally developed data and other sources, believed to be reliable. Capital Alliance Securities (Private) Limited however does not warrant its completeness or accuracy.
Opinions and estimates given constitute a judgment as of the date of the material and are subject to change without notice. This report is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The recipient of this report must make
their own independent decision regarding any securities, investments or financial instruments mentioned herein. Securities or financial instruments mentioned may not be suitable to all investors. Capital Alliance Securities (Private) Limited its directors, officers,
consultants, employees, outsourced research providers associates or business partner, will not be responsible, for any claims damages, compensation, suits, damages, loss, costs, charges, expenses, outgoing or payments including attorneys fees which recipients of
the reports suffers or incurs directly or indirectly arising out actions taken as a result of this report. This report is for the use of the intended recipient only. Access, disclosure, copying, distribution or reliance on any of it by anyone else is prohibited and may be a criminal
offence.
Research Team
Head of Research
Purasisi Jinadasa
+94 231 7786
Thushani De Silva
Venura Bandara
Nipuni Fernando
Thameema Hamza
Malinda Jayasinghe

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1Q2015 EARNINGS UPDATE - CAL RESEARCH

MARCH QUARTER 2015 - Market Earnings +2.2% YoY to LKR 53.4bn

Market Capitalization by Sector

TTM Market Earnings by Sector

Top 5 Contributors to Market Earnings - 1Q2015

Quarter Earnings -LKR mn

Cumulative Earnings - LKR mn

BANKS FINANCE & INSURANCE

ABANS FINANCE PLC

ALLIANCE FINANCE COMPANY

AMANA BANK LIMITED

AMANA TAKAFUL PLC

AMW CAPITAL LEASING AND

ARPICO FINANCE COMPANY

ARPICO INSURANCE LIMITED

ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

ASIAN ALLIANCE INSURANCE

ASSOCIATED MOTOR FINANCE

BIMPUTH FINANCE PLC

BRAC LANKA FINANCE PLC

CAPITAL ALLIANCE FINANCE

CENTRAL FINANCE COMPANY

CEYLINCO INSURANCE PLC

CHILAW FINANCE PLC

Quarter Earnings -LKR mn

Cumulative Earnings - LKR mn

COMMERCIAL CREDIT AND

COMMERCIAL LEASING &

ENTRUST SECURITIES PLC

FIRST CAPITAL HOLDINGS PLC

GEORGE STEUART FINANCE

HATTON NATIONAL BANK PLC

HNB ASSURANCE PLC

LANKA ORIX FINANCE PLC

LANKA ORIX LEASING

LANKA VENTURES PLC

MERCHANT BANK OF SRI

MULTI FINANCE PLC

Quarter Earnings -LKR mn

Cumulative Earnings - LKR mn

ORIENT FINANCE PLC

PAN ASIA BANKING

PEOPLE'S LEASING & FINANCE

SAMPATH BANK PLC

SANASA DEVELOPMENT BANK

SENKADAGALA FINANCE PLC

SEYLAN BANK PLC

SINGER FINANCE (LANKA) PLC

SINHAPUTHRA FINANCE PLC

SMB LEASING PLC

SOFTLOGIC CAPITAL PLC

SOFTLOGIC FINANCE PLC

THE FINANCE COMPANY PLC

THE HOUSING DEVELOPMENT

TRADE FINANCE &

UNION ASSURANCE PLC

UNION BANK OF COLOMBO

Quarter Earnings -LKR mn

Cumulative Earnings - LKR mn

No. of companies that

Quarter Earnings -LKR mn