weekly plus - 2013 issue 02 (11.01.2013)

7/30/2019 Weekly Plus - 2013 Issue 02 (11.01.2013)

1/12

2013 Issue 02 Week Ending 11-01-2013

Weekly Market Wrap UpStat Page Pg 02

Weekly Stock Trends Pg 03

Week in BriefBourse takes a breather whilst large deals in S&P calibre countersextend

Pg 03

S&P SL20 Watch Pg 04

Local Economy in BriefCurrency Moves Pg 05

Inflation & Interest Rates Pg 06

Colombo Tea Auction Pg 06

Tourism Pg 06

Global MarketEquity Market Outlook Pg 07

Global Commodity Trend Pg 08

Research Chat:Lanka Milk Foods [LMF: LKR108.0] Pg 09

Our Core Coverage Pg 10 Pg 11


2/12

Current WoW %

ASPI 5746.49 0.0%

S&P SL20 3133.87 0.4%

Turnover (LKR 'bn) 3,795.6 2.1%

Volume ('mn) 102.8 -27.5%

Market Cap. (LKR 'bn) 2,207.4 0.0%

LKR ('mn) Current WoW %

Foreign Purchases 1,749.4 -29.0%

Foreign Sales 1,865.2 -9.5%

Net Foreign Inflow -115.9 -128.8%

Foreign Participation 31% -11.2%

Net Foreign 1,191 -116

Current WoW %

PER 16.3 0.2%

PBV 2.1 -0.2%

DY 2.3 0.0%

Current WoW %

BANKS FINANCE & INS. 12,174.2 1.0%

BEV. FOOD & TOBACCO 15,675.1 1.8%

CHEM. & PHARMA. 7,167.8 3.4%

CONS. & ENG. 2,610.9 1.2%

DIVERSIFIED 1,821.1 1.4%

HEALTH CARE 582.1 1.1%

HOTELS & TRAVELS 3,554.3 1.7%

JKH 507.5 0.5% ASIRI CENTRAL -92.97% LAND & PROPERTY 506.0 3.2%

LOLC 78.1 0.90% DIALOG (+) -0.18% MANUFACTURING 2,606.0 1.2%

ASIRI 46.8 1.41% CEYLON TOBACCO (+) -0.03% MOTORS 15,430.7 2.5%

DISTILLERIES 30.6 0.29% AITKEN SPENCE -0.17% PLANTATIONS 808.2 0.9%

CHEVRON (+) 21.4 0.29% AHOT PROPERTIES -1.19% TELECOM 163.5 1.3%

742

490.4

Weekly Stat Page

Previous

Weekly Market Statistics

Weekly Foreign Flow

Weekly Market Valuations

Weekly Sector Statistics

Decline in

Foreign

Holding 3,493.7

2,576.4

15,058.4

Previous

5747.71

800.8

161.4

Change in Foreign Holding

Decline in

Value

LKR 'mn

Decline in Foreign Holding

Growth in

Foreign

Holding

Growth in

Value

LKR 'mn

Growth in Foreign Holding

2,580.3

1,796.8

575.6

6,934.3

3121.71

3,719.2

16.2

2.1

2.3

Previous

12,051.5

15,397.6

401.8

35%

2,462.9

2,061.1

141.8

2,207.8

Previous

-558.2

-107.3

-41.1

-38.6

-25.2

402

5,200

5,300

5,400

5,500

5,600

5,700

5,800

Daily Index Movement

ASPI

0

50

100

150

0

1,000

2,000

3,000

4,000

5,000

6,000

21-Dec 28-Dec 4-Jan 11-Jan

('Mn

)LKR('Mn)

Weekly Turnover and Volume

Turnover (LHS) Volume (RHS)

0

500

1,000

1,500

2,0002,500

3,000

21-Dec 28-Dec 4-Jan 11-Jan

LKR('Mn)

Weekly Foreign Purchases and Sales

Foreign Buying Foreign Sales

0%

20%

40%

60%

80%

100%

Daily Foreign Activity

Fo re ign A ctivity Line ar (Foreign Activity)

Page | 2


3/12

Company Current Previous WoW % Volume

CIT 164.20 120.00 36.83% 43

AMF CO LTD 424.00 350.00 21.14% 2

CEYLON BEVERAGE 479.60 400.00 19.90% 144

HAYLEYS FIBRE 33.90 29.00 16.90% 62,674MERC. SHIPPING 197.00 170.50 15.54% 350


RENUKA SHAW[NON VOT 15.00 29.30 -48.81% 14,792

RENUKA SHAW 19.00 36.30 -47.66% 90,656

S M B LEASING[NON VOTI 0.40 0.50 -20.00% 1,570,114

INDO MALAY 1,300.00 1,550.00 -16.13% 74

PALM GARDEN HOTL 130.80 155.00 -15.61% 4,698


JKH 223.00 219.90 1.41% 2,828,913

ASIRI CENTRAL 248.10 226.00 9.78% 2,250,637

COMMERCIAL BANK 105.00 104.90 0.10% 4,857,673

HNB 147.00 148.50 -1.01% 2,066,826

DISTILLERIES 180.20 168.90 6.69% 1,674,488


PANASIAN POWER 3.00 2.90 3.45% 11,003,254

ASIRI 11.50 11.00 4.55% 5,375,858

COMMERCIAL BANK 105.00 104.90 0.10% 4,857,673

FREE LANKA 2.60 2.70 -3.70% 4,799,186

JKH 223.00 219.90 1.41% 2,828,913 631,939,832

222,206

1,724,743

633,168

Weekly Top Losers

Weekly Top Performers

Weekly Top Volume

69,290

613,257

Turnover

631,939,832

Turnover

96,500

562,656,519

508,457,282

302,206,066

297,752,594

Turnover

32,428,025

61,303,206

508,457,282

12,460,744

Weekly Stock Trends

Turnover

5,413

848

Week in Brief

64,359

2,054,682

Weekly Top GainersBourse takes a breather whilst large deals in S&P calibre

counters extend'

The trading week commenced with both indices stagnated depicting the bourse taking a breather after having gained 231

points over the past two weeks. Steady play was centered upon S&P calibre counters as focus on fundamental play gathered

further momentum leading to a number of crossings which contributed 27% to the weekly turnover coupled with large on-

board blocks throughout the week. The index touched 5,767.24 points at its peak before closing broadly flat with 5,746.49

points (-1.2 points WoW). Foreigners ended the week as net sellers with a net outflow of LKR115 mn, after 6 consecutive

weeks of net inflows.

S&P SL20 index in brief; The S&P SL20 index moved on a broadly flat note however secured a gain of 12 points WoW before

it settled at 3,133.87 points. S&P calibre players accounted for majority of the contribution to the weeks trading. Notable

positive contributions stemmed from Distilleries(+6.7% WoW), Chevron Lubricants (+4.7% WoW), CT Holdings (+3.8% WoW)

and Sri Lanka Telecom (+2.3% WoW) outweighed the losses made in Hayleys (-4.8% WoW) and Aitken Spence Hotel

Holdings (-2.1% WoW) and Cargills (-2.0% WoW).

John Keells Holdings spearheaded the weekly turnover: John Keells Holdings gathered investor participation with a

contribution of LK631.9 mn to the weeks turnover. Further, unrelenting interest in Commercial Bank and Distilleries led to

both counters highlighting their presence in the top turnover slot consistently. Lanka Orix Leasing Company encountered

renewed interest with a number of large blocks having traded in the counter while the hospital sector players gathered some

activity backed by off-market deals. Dialog Axiata regained momentum solely backed by a significant number of large on-

board blocks.

21 crossings contributed 45% to the weeks turnover: Majority of the crossings encountered were S&P calibre players as

John Keells Holdings recorded 4 crossings, Hatton National bank added 3 crossings, Commercial Bank recorded 5 crossings,

Distilleries recorded 2 crossings, Nestle Lanka, Aitken Spence and Sampath Bank recorded 1 crossing each while Hospital

Sector players Asiri Central Hospitals, Asiri Hospital Holdings and Asiri Surgical Hospital recorded one crossing each.

Large on-board trades: The presence of large trades in the market extended. The following counters recorded several large

on-board deals; John Keells Holdings, Dialog Axiata, Softlogic Holdings, Lanka IOC, Free Lanka Capital Holdings, Commercial

Bank of Ceylon, Aitken Spence, Distilleries, Panasian Power, Asian Hotels and Properties, Lanka Orix Leasing Company and

Asiri Hospital Holdings.

Retail Participation: Retail activity was relatively subdued as large deals took center stage with greater high net worth and

institutional participation. A few counters saw significant retail participation; Free Lanka Capital Holdings, Panasian Power

and Blue Diamond [Non-Voting].

New 52-week peaks in a number of counters: Among the counters which traded at new 52-week peaks are; Distilleries

(LKR180.5),Nestle Lanka(LKR1669.0),Ceylon Tobacco Company(LKR859.0), Peoples Finance (LKR37.6), Chevron Lubricants

(LKR200.0), Lanka Milk Foods (LKR108.0), Ceylon Beverage Holdings (LKR500.0), Ceylon Cold Stores (LKR134.7.) and Ceylon

Hospitals (LKR104.5).

A net outflow of LKR115 mn after 6 straight weeks of gains: Foreign participation weighed heavier on the selling side as

foreign purchases of LKR1.7 bn was recorded against foreign sales of LKR1.8 bn resulting in a net foreign outflow of LKR115

mn for the week, after 6 consecutive weeks of steady foreign buying. Among the counters which encountered significant

foreign interest were; John Keells Holdings, Lanka Orix Leasing Company, Asiri Hospital Holdings, Distilleries, Chevron

Lubricants, Commercial Bank, Laugfs Gas [Non-Voting] and Expo Lanka Holdings.

Page | 3


4/12

DIVIDENDS

RIGHTS ISSUE

Pelwatte Sugar

###

S&P SL20 Companies Current Previous WoW % ###

JOHN KEELLS HOLDINGS 223.00 219.90 1.41% ###

COMMERCIAL BANK 105.00 104.90 0.10% ###THE BUKIT DARAH 685.20 697.00 -1.69% SCRIP DIVIDEND

HATTON NATIONAL BANK 147.00 148.50 -1.01%

CARSONS CUMBERBATCH 439.40 440.00 -0.14%

SAMPATH BANK 203.30 201.00 1.14%

CEYLON TOBACCO COMPANY 852.00 859.00 -0.81%

DFCC BANK 118.40 117.90 0.42% CAPITALIZATION OF RESERVES

AITKEN SPENCE 121.90 120.00 1.58%

NATIONAL DEVELOPMENT BANK 140.40 140.90 -0.35%

C T HOLDINGS 134.60 129.70 3.78%

DISTILLERIES 180.20 168.90 6.69%HAYLEYS 299.90 315.00 -4.79% SUBDIVISION OF SHARES

CHEVRON LUBRICANTS LANKA 215.10 205.40 4.72%

DIALOG AXIATA 8.30 8.20 1.22%

CARGILLS (CEYLON) 147.00 150.00 -2.00%

AITKEN SPENCE HOTEL HOLDINGS 73.40 75.00 -2.13% CONSOLIDATION OF SHARES

NESTLE LANKA 1,600.00 1,597.60 0.15%

ASIAN HOTELS & PROPERTIES 74.50 75.90 -1.84%

SRI LANKA TELECOM 44.90 43.90 2.28%

88,735,541

21,975,299

64,753,417

16,544,983

44,939,002

122,462,962

518,103

933,106

53,020,802

26,385,677

4,506,158

0-Jan-1900 0-Jan-1900

0-Jan-1900

0 0

0-Jan-1900 0 0

19,532,033

0-Jan-1900

0-Jan-1900 0-Jan-1900

297,752,594

0-Jan-1900 0-Jan-1900 0-Jan-1900 0-Jan-1900

Company Proportion EGM Date Trading Date

Colonial Motors

XD DateEGM DateProportionCompany

0-Jan-1900

0-Jan-1900

S & P SL20 Debrief

302,206,066

6,530,851

67,298,381

60,063,197

0-Jan-1900 0-Jan-1900 0-Jan-19000-Jan-1900

0-Jan-1900

0-Jan-1900

0

01 for 04 @ LKR18.0

0

0Turnover

631,939,832

Company Proportion

Announcements

Company Dividend (LKR)

00-01-1900

00-01-1900

00-01-1900

00-01-1900

4.30

0-Jan-1900

0-Jan-1900

508,457,2822,527,642

Delayed

XD Date

0-Jan-1900

0-Jan-1900

0.00

0.00

0

0-Jan-1900

Ceylon Tobacco Company PLC

0-Jan-1900

0-Jan-1900

09-01-2013

00-01-1900

00-01-1900

21-01-2013

00-01-1900

00-01-1900

Payment

0-Jan-19000-Jan-1900

0-Jan-1900

EGM Date Trading Date

00-01-1900

00-01-1900

00-01-1900

0-Jan-1900 0-Jan-1900

Company Proportion EGM Date XC Date

0-Jan-19000-Jan-1900

07:10 14-12-2012

0-Jan-1900

0-Jan-1900

0

0

18-02-2013

Company Proportion

0

00-01-1900

Delayed

0

00-01-1900

0.00

0.00

0.00

0.00

0.00

00

0

0

00-01-1900

Renunciation

0

XR Date

0

2,850

2,900

2,950

3,000

3,050

3,100

3,150

Daily Index Movement

S&P SL20

Page | 4


5/12

Local Economy

CURRENCY MOVES

122124

126

128

130

132

LKR USD : LKR

1.30

1.40

1.50

1.60

1.70

LKR Japanese Yen : LKR

162164

166

168

170

172

LKR EURO : LKR

100101102103104105

106107108LKR Singapore Dollar : LKR

200202

204

206

208

210

212

LKR GBP : LKR

2.20

2.25

2.30

2.35

2.40

2.45LKR Indian Rupee : LKR

"The emerging high-beta sovereigns of Sri Lanka are expected to underperform over the next 6-12 months, said a

leading global banking group, while maintaining a stableoutlook on most Asian sovereigns, adding thatpositive

rating momentum however has largely subsided. We maintain a cautious view on these sovereigns and

recommend an Underweightposition in them, as we expect the fundamental backdrop to remain trying over the

next 6 to 12months,stated Standard Chartered Bank (SCB), releasing its Credit Alert in January.

Page | 5


6/12

BALANCE OF TRADE TOURISM

For the Month Ending: Nov-12 For the Month Ending:

Nov-12 Oct-12 MoM % Nov-11 2012 2011

Exports 828 770 7% 886 Nov-12 109,202 90,889

Imports 1,821 1,581 15% 1,986 YTD 883,353 758,458

Balance of Trade -993 -810 -23% -1,100

COLOMBO TEA AUCTION STATISTICS

Sale of Sale of

12-Dec-12 05-Dec-12 WoW %

High Grown 442.82 438.84 0.91%

Mid Grown 403.01 396.37 1.68%

Low Grown 430.86 417.62 3.17%

Total 429.41 418.99 2.49%

COLOMBO RUBBER AUCTION STATISTICS

For the Month Ending: Dec-2012

Nov-12 Dec-12 Basis Points Sale of Sale of

Point to Point 9.5% 9.2% 30 20-Dec-12 11-Dec-12 WoW %

Annual Average Change 7.2% 7.6% -40 RSS 1 382.00 370.00 3.24%

1-Yr T-Bill 12.86% 11.38% 148 Brown Crepe 1X 375.00 340.00 10.29%

YoY %

Change %

375.00

375.00

YoY %

-7%

Elevation

37.34%

30.48%

11.69%

20%

16%

19.94%

0.00%

1.87%

WoW %

-8%

10%

322.43

308.87

385.76

358.02

Local Economy

Elevation

Nov-12

INFLATION & INTEREST RATE

Sale of

04-Dec-12

Corres. 2011

-1,200

-800

-400

0

400

800

1,2001,600

2,000

Balance of Trade

Exports Imports Balance of Trade

20,000

40,000

60,000

80,000

100,000

120,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Tourist Arrivals

2009 2010 2011 2012

2%

4%

6%

8%

10%

12%

14%

Dec-12Oct-12Aug-12Jun-12Apr-12Feb-12Dec-11

Inflation and Treasury Bill Rate

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

Page | 6


7/12

Global Markets

EQUITY MARKET OUTLOOK

The economy does not scream rate cut right now, said James Nixon, chief European economist at Societe

Generale SA (GLE) in London. Draghis medicine is working, the economic outlook has improved, the economy has

bottomed out, so why would you cut?

12,000

12,500

13,000

13,500

14,000

Index Dow Jones Industrial Average

5,400

5,600

5,800

6,000

6,200

Index FTSE 100 Index

1,250

1,300

1,350

1,400

1,450

1,500

Index S&P 500 Index

7,000

8,000

9,000

10,000

11,000Index Nikkei 225

2,300

2,400

2,500

2,600

2,700

2,800Index EURO STOXX 50 Price EUR

19,000

20,000

21,000

22,000

23,000

24,000Index Hong Kong Hang Seng Index

Page | 7


8/12

WTI Crude USD/bbl 93.36 0.6%

Gold USD/t oz. 1,669.20 0.9%Copper USd/lb. 368.05 0.5%

Cotton USd/lb. 75.26 -0.2%

Wheat USd/bu. 745.75 -0.8%

75.43

751.50

Commodity This Week Last WeekWoW

Change

1,654.30366.35

GLOBAL COMMODITY TREND

Global Markets

92.81

80

85

90

95

100

USD/bbl

WTI CRUDE FUTURE

66

68

70

72

74

76

78

USd/lb. COTTON NO.2 FUTURE

1,550

1,600

1,650

1,700

1,750

1,800

USD/t oz.

GOLD 100 OZ FUTURE

0

200

400

600

800

1,000

USd/bu. WHEAT FUTURE(CBT)

320

330

340

350

360

370

380

USd/lb.

COPPER FUTURE

Page | 8


9/12

Softlogic Equity ResearchPage | 9

LMF, incorporated in 1981, is one of Sri Lankas leading dairy producers with core interests in importing, packaging, exporting and selling of full cream, infant and skim milk

powder and other types of milk allied products. Its operating structure comprises of five fully owned subsidiaries Ambewela Livestock Ltd, Ambewela Products, Pattipola

Livestock Ltd, Lanka Dairies (Pvt) Ltd and Danish Dairy Producers (Pvt) Ltd. LMF has established a strong presence in the local milk powder industry and ventured into tap the

liquid milk market supported by its farms.

Product Portfolio:A significant portion of revenue stems from the Powdered Milk segment with a 68% contribution to the FY12 revenue while the liquid milk segment operates ona growth trajectory with the shift in consumer preference from powdered to liquid milk. Revenue grew at a CAGR of 14% FY09- FY12. LMFs portfolio also includes brands such as

Daily, My Juicee, Sun Top and BLU energy drink coupled with production of natural cheeses and yoghurt. Expansions in terms of diversifying into new flavours for existing products

and new product addtions are in the pipeline to enhance revenue streams.

Earnings Snapshot 2QFY13: LMF witnessed a 4% YoY growth in revenue during the quarter while GP margin posted a solid 600 bps YoY growth from 12% to 18%. However bottom

line dipped 33% YoY led by a significant dip in finance income and a surge in finance expenses impacting 1HFY13 results which posted a dip of 27% in bottom line to LKR125.5 mn

despite having sustained a growth in GP margin by 300 bps YoY.

Valuations:

Stake in growth counter; Distilleries (DIST: LKR180.0):LMF holds a 12.65% stake in DIST the leader in Sri Lankas locally

manufactured hard liquor market. Incorporating LMFs stake in DIST at market value, LMFs net assets per share stands atLKR218.3

PER:We expect LMF to report net earnings of LKR233 mn in FY13E (+20% YoY) bringing PER for FY13E earnings to 19.0X.

Distilleries Stake 12.65%

Number of shares of DIST 37,961,500

Price per share as at 11.01.2013 180.0

Total market value of shares as of 11.01.2013 (LKR mn) 6,833

LMF BV with stake in DIST at cost (LKR mn) 2,136

DIST stake at cost (LKR mn) 238

Unrealized Gain in DIST stake 6,595

LMF BV with DIST stake at market value 8,731

Adjusted LMF book value per share 218.3

F/Y March (LKR mn) FY09 FY10 FY11 FY12 FY13E

Revenue (LKR mn) 3,453 3,877 4,285 5,054 5,560

Net Profit (LKR mn) -44 229 43 193 233

EPS (LKR) (1.1) 5.7 1.1 5 5.8

YoY % Growth -117% 617% -81% 344% 21%

PER (x) (98) 19 100 22 19

PEG (X) 83.4 3.1 (122.9) 6.5 89.7

DPS (LKR) 2 1

Dividend Payout 26% 21%

Dividend Yield (%) 1% 1%


10/12


Name Y/E Rec Mkt Price NAVPS P / BV DPS

11-Jan-13 M ar '1 1 M ar '1 2 M ar '1 3E M ar '1 4E M ar '1 1 M ar '1 2 M ar '1 3E M ar '1 4E M ar '1 1 Ma r' 12 M ar '1 3E M ar '1 4E M ar '1 1 M ar '1 2 M ar '1 3E M ar '1 4E M ar '1 2

( 'M n) ( 'Mn ) ( 'M n) D ec '1 0 D ec '1 1 D ec '1 2E De c' 13 E D ec '1 0 D ec '1 1 D ec '1 2E D ec '1 3E D ec '1 0 De c' 11 D ec '1 2E D ec '1 3E D ec '1 0 D ec '1 1 D ec '1 2E D ec '1 3E D ec '1 1

Banking, Finance & Insurance

Central Finance CFIN.N0000 M 176.60 14,739 104.9 18,522 140.53 1.26 1,827 2,675 2,970 17.42 25.51 28.32 75 46 10.1 6.9 6.2 2.5 1.4 18.2

Ceyl inco Insurance CINS.N0000 D 930.00 11,250 26.4 24,565 425.89 2.18 962 1,372 1,465 36.41 51.95 55.47 40 43 25.5 17.9 16.8 6.5 0.7 12.2

Co mm erc i al B a nk CO MB .N00 00 D Buy 105.00 51,185 833.5 87,516 61.41 1. 71 5,508 8,048 9, 658 10,637 9,688 6.61 9.66 1 1. 59 1 2.76 11.62 31 46 20 10 15. 9 10. 9 9.1 8. 2 9. 0 6.0 5.7 15.7

Commercial Bank [X] COMB.X0000 D Buy 93.00 51,185 833.5 77,514 61.41 1.51 5,508 8,048 9,658 10,637 6.61 9.66 11.59 12.76 11.62 31 46 20 10 14.1 9.6 8.0 7.3 8.0 6.0 6.5 15.7

DFCC Bank DFCC.N0000 M MTB 118.40 26,106 265.1 31,388 98.48 1.20 5,090 2,900 3,078 3,453 3,206 19.20 10.94 11.61 13.02 12.09 97 (43) 6 12 6.2 10.8 10.2 9.1 9.8 4.0 3.4 11.1H a tt on Na ti o na l B a nk H NB .N00 00 D Buy 147.00 44,141 397.4 58,416 111.08 1. 32 4,787 6,149 6, 686 7,645 7,171 12.05 1 5.47 1 6. 83 1 9.24 18.05 7 28 9 14 12. 2 9 .5 8.7 7. 6 8. 1 7.5 5.1 13.9

Hatton National Bank [X] HNB.X0000 D Buy 113.00 44,141 397.4 44,905 111.08 1.02 4,787 6,149 6,686 7,645 12.05 15.47 16.83 19.24 18.05 7 28 9 14 9.4 7.3 6.7 5.9 6.3 7.5 6.6 13.9

Lanka Orix Leas ing Company LOLC.N0000 M 60.00 20,609 475.2 28,512 43.37 1.38 3,840 6,379 3,928 8.08 13.42 8.27 109 66 7.4 4.5 7.3 - - 31.0

LB Fi na nce LF IN.N0000 M 150.00 4 ,522 69.3 10,389 65.30 2.30 1,020 1,625 1,931 2,224 1 ,787 14.73 23.46 27.88 32.11 25.80 104 59 19 15 10.2 6 .4 5.4 4.7 5.8 5.0 3.3 35.9

National Development Bank NDB.N0000 D Buy 140.40 18,491 164.2 23,054 112.61 1. 25 2,150 2,706 2, 972 3,409 3,040 13.09 16.48 1 8. 10 2 0.76 18.51 3 26 10 15 10. 7 8 .5 7.8 6. 8 7. 6 7.5 5.3 14.6

N at io ns T ru s t B an k N TB .N 0000 D Buy 59.00 9,586 230.6 13,606 41.57 1.42 1,084 1,534 1,842 2,321 1,824 4.70 6.65 7.99 1 0.07 7.91 58 41 20 26 12.5 8.9 7.4 5.9 7.5 2.1 3.6 16.0

Pan Asia Bank PABC.N0000 D 18.60 3,865 295.0 5,488 13.10 1.42 362 824 761 1.23 2.79 2.58 (7) 128 15.2 6.7 7.2 1.0 5.4 21.3

Pe op le 's Le as in g PLC.N 0000 M Buy 1 4.30 19 ,1 28 1 ,5 60 .0 2 2,30 8 12 .2 6 1.17 2 ,6 05 4 ,5 03 3 ,2 53 3 ,8 84 3 ,4 91 1 .6 7 2 .8 9 2 .0 9 2 .4 9 2 .2 4 1 26 7 3 (28) 19 8.6 5.0 6 .9 5.7 6.4 1.0 7 .0 2 3.5

S amp ath B an k S AMP.N 0000 D Buy 203.30 24,122 162.7 33,084 148.23 1. 37 3,484 4,151 4, 975 5,636 4,784 21.41 25.51 3 0. 57 3 4.63 29.40 68 19 20 13 9.5 8. 0 6.7 5. 9 6. 9 9.0 4.4 17.2

Seylan Bank SEYB.N0000 D 59.90 19,242 338.1 20,251 56.91 1.05 1,207 1,006 2,278 3.57 2.98 6.74 117 (17) 16.8 20.1 8.9 1.0 1.7 5.2

La nka Orix Fi na nce LOFC.N0000 M 3.90 5,303 2,800.0 1 0,920 1.89 2.06 1,246 1,246 1,171 0.45 0.44 0.42 1,229 (0) 8.8 8.8 9.3 - - 23.5

Sample Sector (16) 272,287 7,722.4 388,019 35.26 1.43 35,172 45,118 47,565 4.55 5.84 6.16 57 28 11.0 8.6 8.2 53.1 16.6

Full Sector (61) 530,192 1.55 9.8

Beverage, Food and Tobacco

Ca rgi ll s CARG.N0000 M 147.00 7,666 224.0 32,928 34.22 4.30 1,089 1 ,079 704 1 ,315 887 4 .86 4.82 3.14 5.87 3.96 54 ( 1) ( 35) 87 30.2 30.5 46.8 2 5.0 37.1 2.0 1.4 14.1

Ce yl on T ob a cc o Co mp a ny CT C. N00 00 D 852. 00 4, 534 1 87. 3 159 ,600 24. 20 35. 20 5, 097 6, 569 7, 919 8, 66 7 8 ,145 27. 21 35. 07 42. 27 46 .27 43. 48 24 29 2 1 9 31. 3 24. 3 2 0. 2 18 .4 19 .6 3 7. 1 4. 4 14 4. 9

Di sti lleri es DI ST.N0000 M Buy 180.20 40,157 300.0 54,060 133.86 1.35 8,124 5,982 6,109 7,643 6,210 27.08 19.94 20.36 25.48 20.70 186 (26) 2 25 6.7 9.0 8.8 7.1 8.7 3.0 1.7 14.9

Li on Brewe ry LI ON.N0000 M Buy 300.00 5,493 80.0 24,000 68.66 4. 37 1,013 1,262 1, 562 2,256 1,258 12.67 15.78 19. 52 28.19 15.72 58 25 24 44 23. 7 19. 0 15.4 10.6 19.1 4.0 1.3 23.0

Ne stl e ( La nk a) NE ST.N 0000 D 1, 600.00 2,825 53.7 85,961 52.59 30. 42 1,891 2,633 2, 758 3,497 2,650 35.19 4 9.01 5 1. 34 6 5.09 49.32 20 39 5 27 45. 5 32. 6 3 1.2 24.6 32.4 47.5 3.0 93.2

Sample Sector (5) 60,675 845.0 356,549 71.80 5.88 1 7,214 17,525 19,051 23,377 19,149 20.37 20.74 22.54 27.66 22.66 7 4 2 9 23 20.7 20.3 18.7 1 5.3 18.6 93.6 28.9

Full Sector (20) 389,067 4.27 14.8

Chemicals & Pharmaceuticals

CIC Holdings CIC.N0000 M 64.80 7,237 94.8 6 ,141 76.36 0.85 929 916 557 9.80 9.67 5.88 57 (1) 6.6 6.7 11.0 3.2 4.9 12.7

La nkem Ceyl on LCEY.N0000 M 170.00 3,694 24.0 4,080 153.92 1.10 1,131 552 361 47.13 23.01 15.06 230 (51) 3.6 7.4 11.3 2.5 1.5 14.9

Sample Sector (2) 10,931 118.8 10,221 92.03 0.94 2,060 1,469 918 17.34 12.37 7.73 121 (29) 5.0 7.0 11.1 5.7 13.4

Full Sector (10) 20,621 1.09 10.6

Construction & Engineering

Col omb o D ock ya rd DOCK.N0000 D 227.00 10,098 71.9 16,312 140.53 1.62 2,081 1,804 2,213 28.96 25.10 30.79 ( 3) ( 13 ) 7.8 9.0 7.4 6.0 2.6 17.9

Sample Sector (1) 10,098 71.9 16,312 140.53 1.62 2,081 1,804 2,213 28.96 25.10 30.79 ( 3) ( 13 ) 7.8 9.0 7.4 6.0 17.9

Full Sector (4) 19,799 1.36 7.3

Diversified Holdings

Aitken Spence SPEN.N0000 M 121.90 25,912 406.0 49,491 63.82 1.91 2,536 3,709 3,947 6.25 9.14 9.72 22 46 19.5 13.3 12.5 1.4 1.1 14.3

CT Holdings CTHR.N0000 M 134.60 12,614 183.1 24,645 68.89 1.95 864 1,213 1,060 4.72 6.63 5.79 131 40 28.5 20.3 23.2 2.1 1.5 9.6

Carsons Cumberbatch CARS.N0000 M 439.40 32,393 196.4 86,292 164.94 2.66 4,541 5,763 2,418 23.12 29.34 12.31 38 27 19.0 15.0 35.7 2.0 0 .5 17.8

E xpo la nka H ol d i ng s E XP O.N0 00 0 M LTB 7 .0 0 8 ,7 54 1 ,9 54 .9 1 3,68 4 4 .4 8 1 .5 6 1 ,5 47 1 ,0 55 1 ,2 64 1 ,8 02 1 ,0 63 0 .7 9 0 .5 4 0 .6 5 0 .9 2 0 .5 4 1 99 (32) 20 43 8.8 13.0 10.8 7.6 12.9 0.1 1.7 12.0

Hayleys HAYL.N0000 M 299.90 18,822 75.0 22,493 250.97 1.19 725 2,520 1,063 9.66 33.60 14.18 (59) 248 31.0 8.9 21.2 4.0 1.3 13.4

Hema s Hol dings HHL.N0000 M 28.00 10,946 515.3 14,428 21.24 1.32 1,210 1,209 1,445 2.35 2.35 2.80 34 (0) 11.9 11.9 10.0 0.5 1.8 11.0

John Keel ls Holdings JKH.N0000 M 223.00 74,867 851.6 189,902 87.92 2.54 8,246 9,775 10,900 9.68 11.48 12.80 59 19 23.0 19.4 17.4 3.5 1.6 13.1

Richard Peiris RICH.N0000 M 7.90 6,830 1,939.2 15,320 3.52 2.24 1,681 2,340 2,106 0.87 1.21 1.09 190 39 9.1 6.5 7.3 0.7 8.9 34.3

Softlogic Holdings SHL.N0000 M 11.50 7,811 779.0 8,959 10.03 1.15 829 494 198 1.06 0.63 0.25 438 (40) 10.8 18.1 45.2 0.1 1.1 6.3

Va ll ib el On e VONE.N0000 M Buy 18. 50 3 0, 502 1, 08 6. 6 2 0, 101 28. 07 0. 66 5 79 2, 025 1, 695 2, 32 3 1 ,851 0. 53 1. 86 1. 56 2 .14 1. 70 2 50 (16) 37 34.7 9.9 11.9 8.7 10.9 0.3 1.6 6.6

Sample Sector (10) 229,451 7,987.1 445,315 28.73 1.94 22,757 30,103 26,052 2.85 3.77 3.26 53 32 19.6 14.8 17.1 14.7 13.1

Full Sector (18) 482,959 1.81 16.7

Healthcare

Asiri Hospital Hold. ASIR.N0000 M 11.50 4,304 1,099.1 12,640 3.92 2.94 191 440 506 0.17 0.40 0.46 3 130 66.2 28.7 25.0 0.3 2.2 10.2

Nawaloka Hospitals NHL.N0000 M 3.10 3,421 1,409.5 4,369 2.43 1.28 1,071 275 475 0.76 0.20 0.34 999 (74) 4.1 15.9 9.2 0.1 1.6 8.1

Lanka Hospitals LHCL.N0000 M 39.60 27,164 223.7 8,860 121.41 0.33 289 424 475 1.29 1.89 2.12 3,892 46 30.6 20.9 18.7 0.5 1.3 1.6

Sample Sector (3) 34,889 2,732.3 25,869 12.77 0.74 1,551 1,139 1,456 0.57 0.42 0.53 436 (27) 16.7 17.8 0.8 3.3

Full Sector (6) 39,176 2.00 18.9

Book

Val.

Share

Cap.

Market

Cap.ROE

(%)

Trailing

DY (%)4Q

Trailing

4Q

Trailing

4Q

Trailing

Earnings EPS EPS Growth (%) PER


11/12


Name Y/E Rec Mkt Price NAVPS P / BV DPS

11-Jan-13 M ar '1 1 M a r '1 2 Ma r' 13 E M ar '1 4E M ar '1 1 M ar '1 2 M ar '1 3E M ar '1 4E M ar '1 1 M ar '1 2 M ar '1 3E M ar '1 4E M ar '1 1 M ar '1 2 M ar '1 3E M ar '1 4E M ar '1 2

( 'M n) ( 'Mn ) ( 'M n) D ec '1 0 D ec '1 1 D ec '1 2E De c' 13 E D ec '1 0 D ec '1 1 D ec '1 2E D ec '1 3E D ec '1 0 De c' 11 D ec '1 2E D ec '1 3E D ec '1 0 D ec '1 1 D ec '1 2E D ec '1 3E D ec '1 1

Hotels and Travels

Ai tken Sp. Ho. Hol d. AHUN.N0000 M 73.40 11,344 336.3 24,684 33.73 2.18 1,034 1,395 2,285 1,604 3.07 4.15 6.79 4.77 97 35 64 23.9 17.7 10.8 15.4 0.7 1.0 12.3

Ama ya Le is ure CONN.N0000 M 80.00 2,277 48.0 3,843 47.40 1.69 470 296 344 376 361 9 .78 6.16 7.16 7.83 7.52 578 (37) 16 9 8.2 13.0 11.2 10.2 10.6 4.0 5.0 13.0

As ia n H ote ls & Pro p. AH PL.N0000 M 74. 50 13,021 442.8 32,987 29.41 2.53 1,775 2,151 2,332 2,623 2, 465 4.01 4.86 5.27 5.92 5. 57 1 82 21 8 12 18.6 1 5.3 14.1 12.6 13.4 4.0 5.4 16.5

Ke el ls Hote ls KHL.N0000 M 13.80 13,557 1,456.1 20,095 9.31 1.48 524 1,105 1,321 1,496 1,141 0.36 0.76 0.91 1.03 0.78 156 111 20 13 38.4 18.2 15.2 13.4 17.6 0.3 2.2 8.2

Taj TAJ.N0000 M 29.00 2,217 139.6 4,049 15.88 1.83 99 125 168 0.71 0.89 1.20 373 26 40.8 32.5 24.1 0.0 0.0 5.6

Tra ns As ia TRAN.N0000 M 74.90 5,211 200.0 14,980 26.05 2.87 660 631 987 1 ,180 814 3 .30 3.15 4.94 5.90 4.07 533 (4) 57 20 22.7 23.8 15.2 12.7 18.4 2.0 2.7 12.1

Sample Sector (6) 47,626 2,622.9 100,637 18.16 2.11 4,561 5,703 5,553 1.74 2.17 2.12 205 25 22.1 17.6 18.1 11.0 12.0

Full Sector (35) 153,131 1.68 22.2

Land and Property

Colombo La nd CLND.N0000 D 35.00 3,642 1 99.9 6,996 18.22 1.92 485 10 16 -19 2.43 0.05 0.08 (0.10) 20,836 (98) 67 14.4 729.4 437.2 -362.1 0.0 0.0 0.3

Ove rs ea s Rea li ty OSEA.N0000 D 14.30 19,809 843.5 12,062 23.48 0.61 844 2 ,707 1 ,644 2,628 1 .00 3.21 1.95 3.12 (37) 221 (39) 14.3 4.5 7.3 4.6 0.3 2.1 13.7

Sample Sector (2) 23,451 1,043.4 19,058 22.48 0.81 1,330 2,717 1,660 2,609 1.27 2.60 1.59 2.50 (1) 104 (39) 14.3 7.0 11.5 7.3 0.3 1.3 11.6

Full Sector (18) 35,083 0.82 8.1

Manufacturing

ACL Cables ACL.N0000 M 68.50 5,230 59.9 4,103 87.32 0.78 214 244 495 3.56 4.08 8.27 5,603 15 19.2 16.8 8.3 1.0 1.5 4.7

Grain Elevators GRAN.N0000 D 55.20 2,925 60.0 3,312 48.75 1.13 475 388 426 7.91 6.46 7.10 255 (18) 7.0 8.5 7.8 0.0 0.0 13.3

Che vr on L ubri ca nts L LUB.N0 00 0 D Hold 215. 10 4,154 120.0 25,812 34.62 6.21 1,501 2,001 2,123 2,638 2, 278 12.51 16.67 17.69 21.98 18. 98 0 33 6 24 17.2 1 2.9 12.2 9.8 11.3 11.5 5.3 48.2

Lanka Wall ti le LWL.N0000 M 61.00 4,098 54.6 3,331 75.06 0.81 484 731 704 8.87 13.39 12.90 1 51 6.9 4.6 4.7 4.0 6.6 17.8

Pi ra ma l Gl as s GLAS .N0000 M Buy 6.00 3,267 950.1 5,701 3 .44 1.74 579 686 906 1 ,024 717 0 .61 0.72 0.95 1.08 0.75 1,047 19 32 13 9.9 8.3 6.3 5.6 8.0 0.4 6.0 21.0

Roya l Ce ra mi c RCL.N0000 M Buy 9 6.00 7 ,7 16 1 10 .8 1 0,63 6 69 .6 4 1.38 1 ,4 41 1 ,9 58 1 ,7 78 2 ,3 06 1 ,7 52 1 3.01 1 7.68 1 6.05 2 0.81 1 5.82 4 9 3 6 (9) 30 7.4 5.4 6.0 4.6 6.1 2.0 2.1 25.4

Te xtu re d Je rs ey T JL.N 0000 M Buy 9. 00 5,603 655.0 5,895 8.55 1.05 685 628 914 1,041 735 1.05 0.96 1.40 1.59 1. 12 19 (8) 46 14 8.6 9.4 6.4 5.7 8.0 0.5 5.1 11.2

Tokyo Cement TKYO.N0000 M 26.10 6,050 303.8 7,928 19.92 1.31 856 979 561 2.82 3.22 1.85 132 14 9.3 8.1 14.1 1.3 5.0 16.2

Sample Sector (8) 39,042 2,314.1 66,717 16.87 1.71 6,234 7,616 7,668 2.69 3.29 3.31 58 22 10.7 8.8 8.7 20.6 4.4 19.5

Full Sector (36) 102,312 1.50 8.5

Motors

Co lo ni al Mo to rs COLO. N0000 M 151. 90 2,651 9.1 1,386 290.55 0.52 232 1 ,163 692 1, 042 25.39 127.41 75.84 114. 18 473 402 (40) 6.0 1.2 2.0 1.3 4.0 2.6 43.9

Di es e l & Mot or E ng i ne e ri ng DIMO .N00 00 M 6 03 .7 0 7 ,66 7 8 .9 5 ,3 59 8 63 .7 4 0 .7 0 2 ,1 22 2 ,6 97 1 ,8 68 1 ,6 05 2 39 .0 3 3 03 .8 7 2 10 .4 4 1 80 .8 6 7 55 2 7 (31) 2.5 2.0 2.9 3.3 40.0 6.6 35.2

Un ite d Motors UML.N0000 M 97.00 6,550 67.3 6,525 97.37 1.00 903 2,275 1,466 2,601 13.42 33.83 21.79 38.66 522 152 (36) 7.2 2.9 4.5 2.5 3.0 3.1 34.7

Sample Sector (3) 16,868 85.3 13,270 197.82 0.79 3,256 6,135 4,026 5,248 38.19 71.95 47.22 61.55 651 88 (34) 4.1 2.2 3.3 2.5 47.0 4.5 36.4

Full Sector (6) 22,003 1.08 3.5

Oil Palms

Bukit Darah BUKI.N0000 M 685.20 29,143 102.0 69,890 285.72 2.40 5 ,111 5,804 2,913 50.11 56.90 28.56 76 14 13.7 12.0 24.0 9.0 1.3 19.9

Sample Sector (1) 29,143 102.0 69,890 285.72 2.40 5,111 5,804 2,913 50.11 56.90 28.56 76 14 13.7 12.0 24.0 9.0 1.3 19.9

Full Sector (5) 103,619 1.98 26.7

Plantations

Balangoda BALA.N0000 D 37.60 1,473 23.6 889 62.32 0.60 164 25 79 6.96 1.08 3.35 101 (85) 5.4 35.0 11.2 0.0 1.7

Horana HOPL.N0000 M 26.30 1,073 25.0 658 42.91 0.61 326 70 137 13.03 2.81 5.48 244 (78) 2.0 9.4 4.8 1.0 6.5

Kegal le KGAL.N0000 M 108.70 3,169 2 5.0 2,718 126.77 0.86 838 6 81 673 33.51 27.26 26.92 129 (19) 3.2 4.0 4.0 7.5 6.9 21.5

Kelani Val ley KVAL.N0000 D 81.00 2,397 34.0 2,754 70.51 1.15 321 460 573 9.43 13.54 16.84 852 44 8.6 6.0 4.8 5.0 6.2 19.2

Kotagala KOTA.N0000 M 75.90 2,620 3 2.0 2,429 81.87 0.93 668 439 556 20.87 13.71 17.37 107 (34) 3.6 5.5 4.4 2.0 2.6 16.7

Watawala WATA.N0000 M 11.80 3,093 236.7 2,793 13.07 0.90 642 4 13 769 2.71 1.74 3.25 49 (36) 4.3 6.8 3.6 0.4 13.3

Sample Sector (6) 13,825 376.3 12,239 36.74 0.89 2,959 2,089 2,787 7.86 5.55 7.41 136 (29) 4.1 5.9 4.4 15.9 15.1

Full Sector (18) 25,900 0.91 6.5

Power and Energy

Lanka IOC LIOC.N0000 M 19.90 11,492 532.5 10,597 21.58 0.92 877 906 2,039 1.65 1.70 3.83 307 3 12.1 11.7 5.2 0.0 7.9

Val l ibel VPEL.N0000 M 6.60 1,988 747.1 4,931 2.66 2.48 422 254 212 0.57 0.34 0.28 2 (40) 11.7 19.4 23.3 0.3 3.8 12.8

Laugfs Gas LGL.N0000 M 26.50 5,331 387.0 10,256 13.77 1.92 853 942 967 2.20 2.43 2.50 62 1 1 12.0 10.9 10.6 1.5 5.7 17.7

Sample Sector (3) 18,810 1,666.6 25,784 11.29 1.37 2,151 2,102 3,217 1.29 1.26 1.93 315 (2) 12.0 12.3 8.0 11.2

Full Sector (8) 33,927 1.39 9.6

Telecommunications

Di al og Axi ata D IAL.N0000 D 8.30 36,253 8,143.8 67,593 4.45 1.86 5,047 5,354 6 ,521 7,569 6 ,511 0.62 0.66 0.80 0.93 0.80 141 6 22 16 13.4 12.6 10.4 8.9 10.4 0.3 3.0 14.8

Sri La nka Tel ecom SLTL.N0000 D 44.90 54,952 1,804.9 8 1,038 30.45 1.47 3,943 4,781 5,329 4,148 2.18 2.65 2.95 2.30 402 21 11 20.6 17.0 15.2 19.5 0.9 1.9 8.7

Sample Sector (2) 91,205 9,948.6 148,632 9.17 1.63 8,990 10,135 11,850 10,659 0.90 1.02 1.19 1.07 179 13 17 16.5 14.7 12.5 13.9 11.1

Full Sector (2) 147,461 1.62 13.8

Trading

Browns BRWN.N0000 M 123.40 14,316 70.9 8,746 202.00 0.61 2,188 1,169 898 30.87 16.49 12.67 116 (47) 4.0 7.5 9.7 0.5 0.4 8.2

S in ge r S ri La nk a S IN S.N 0000 D 97. 00 4,826 125.2 12,145 38.54 2.52 668 1,263 1,273 5.34 10.08 10.17 403 89 18.2 9.6 9.5 7.5 7.7 26.2

Sample Sector (2) 19,143 196.1 20,891 97.62 1.09 2,856 2,432 2,171 14.57 12.40 11.07 149 (15) 7.3 8.6 9.6 12.7

Full Sector (8) 26,545 1.15 10.3

Sample Market (70) 917,445 37,832.8 1,719,402 24.25 1.87 118,282 141,888 151,820 176,111 140,178 3.13 3.75 4.01 4.65 3.71 127 20 7 16 14.5 12.1 11.3 9.8 12.3 15.5

Total Market (283) 2,193,314 1.76 12.8

Book

Val.

Share

Cap.

Market

Cap.ROE

(%)

Trailing

DY (%)4Q

Trailing

4Q

Trailing

4Q

Trailing

Earnings EPS EPS Growth (%) PER


12/12


Softlogic Equity Research

Dimantha Mathew

[email protected]+94 11 7277030

Akeela Imthinam Rasheed

[email protected]

+94 11 7277032

Crishani Perera

[email protected]

+94 11 7277031

Imalka Hettiarachchi

[email protected]

+94 11 7277004

Softlogic Equity Sales

Dihan Dedigama

[email protected]

+94 11 7277010, +94 77 7689933

Chandima Kariyawasam

[email protected]

+94 11 7277058, +94 77 7885778

Shafraz Basheer

[email protected]

+94 11 7277054, +94 77 2333233

Sonali Abayasekera

[email protected]

+94 11 7277059, +94 77 7736059

Thanuja De Silva

[email protected]

+94 11 7277053, +94 77 3120018

Branches

HoranaMadushanka Rathnayaka

No. 101, 1/1, Aguruwathota Road, Horana

[email protected]

+94 34 7451000, +94 77 3566465

MataraLalith RajapakshaNo. 8A, 2

ndFloor, FN Building,

Station Road, Matara

[email protected]

+94 41 7451000, +94 77 3031159

NegamboKrishan Williams

No. 121, St. Joseph Street Negambo

[email protected]

+94 31 2224714-5, +94 77 3569827

KurunegalaBandula Lansakara

No.13, Rajapihilla Mawatha, Kurunegala

[email protected]

+94 37 2232875, +94 77 3615790

The report has been prepared by Softlogic Stockbrokers (Pvt) Ltd. The information and opinions contained herein has been compiledor arrived at based upon information obtained from sources believed to be reliable and in good faith. Such information has not been

independently verified and no guaranty, representation or warranty, express or implied is made as to its accuracy, completeness orcorrectness. All such information and opinions are subject to change without notice. This document is for information purposes only,descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is

not, and should not be construed as, an offer, or solicitation of an offer, to buy or sell any securities or other financial instruments.Softlogic Stockbrokers (Pvt) Ltd may, to the extent permissible by applicable law or regulation, use the above material, conclusions,research or analysis in which they are based before the materialized disseminated to their customers. Not all customers will receive

the material at the same time. Softlogic Stockbrokers, their respective directors, officers, representatives, employees, related personsand/or Softlogic Stockbrokers, may have a long or short position in any of the securities or other financial instruments mentioned orissuers described herein at any time and may make a purchase and/or sale, or offer to make a purchase and/or sale of any such

securities or other financial instruments from time to time in the open market or otherwise, in each case either as principal or agent.Softlogic Stockbrokers may make markets in securities or other financial instruments described in this publication, in securities ofissuers described here in or in securities underlying or related to such securities. Softlogic Stockbrokers (Pvt) Ltd may have recentlyunderwritten the securities of an issuer mentioned herein. This document may not be reproduced, distributed, or published for any

purposes.

weekly plus - 2013 issue 02 (11.01.2013)

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