Weekly Plus - Issue 25 (28.12.2012)

7/30/2019 Weekly Plus - Issue 25 (28.12.2012)

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Issue 25 Week Ending 28-12-2012

Weekly Market Wrap UpStat Page Pg 02 Weekly Stock Trends Pg 03 Week in Brief – ‘‘ Bourse on an upward trajectory despite festive sentiments weakening

participation …’’ 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 Market Equity Market Outlook Pg 07 Global Commodity Trend Pg 08

Research Chat: Asian Hotels & Properties [AHPL: LKR78.0] Pg 09

Our Core Coverage Pg 10 – Pg 11



Current WoW %ASPI 5607.13 1.6%MPI 5120.17 1.5%S&P SL20 3068.99 1.1%Turnover (LKR 'bn) 1,274.3 -76.2%

Volume ('mn) 48.0 -63.2%Market Cap. (LKR 'bn) 2,153.9 1.6%

LKR ('mn) Current WoW %Foreign Purchases 811.2 -63.8%Foreign Sales 69.2 -93.4%Net Foreign Inflow 742.0 -37.7%

Net Foreign 975 742 Foreign Participation 48% 2.6%

Current WoW %PER 15.8 4.2%PBV 2.0 2.1%DY 2.4 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%

ODEL PLC 1298.4 101.6% BUKIT DARAH -0.05% HOTELS & TRAVELS 3,554.3 1.7%JKH 740.0 0.74% FREE LANKA -6.31% MANUFACTURING 2,606.0 1.2%SOFTLOGIC 3.6 1.05% NATION LANKA -2.66% MOTORS 15,430.7 2.5%HAYCARB 3.5 1.68% LANKA WALLTILE -3.36% PLANTATIONS 808.2 0.9%CEYLON TOBACCO (+) 2.9 0.00% ENVI. RESOURCES[W.0003] -0.06% TELECOM 163.5 1.3%

Weekly Stat Page

Previous

Weekly Market Statistics

Weekly Foreign Flow

Weekly Market Valuations

Weekly Sector Statistics

Decline inForeignHolding

3,493.72,576.4

15,058.4

Previous5516.49

1191

800.8

161.4

Change in Foreign HoldingDecline in

ValueLKR 'mn

Decline in Foreign HoldingGrowth in

ForeignHolding

Growth inValue

LKR 'mnGrowth in Foreign Holding

2,580.3

1,796.8

575.6

6,934.3

179

5044.58

3034.245,356.0

15.22.0

2.4

Previous12,051.5

15,397.6

1,190.8

47%

2,238.41,047.6

130.32,119.5

Previous

-6.9-3.2

-1.3

-1.0

-0.8

4,000

4,500

5,000

5,500

6,000Daily Index Movement

ASPI MPI

0

50

100

150

200

0

1,000

2,000

3,000

4,000

5,000

6,000

7-Dec 14-Dec 21-Dec 28-Dec

( ' M n

) L K R

( ' M n

)

Weekly Turnover and Volume

Turnover (LHS) Volume (RHS)

0

500

1,000

1,500

2,000

2,500

7-Dec 14-Dec 21-Dec 28-Dec

L K R

( ' M n

)

Weekly Foreign Purchases and Sales

Foreign Buying Foreign Sales

0%10%20%30%40%50%

60%70%80%

Daily Foreign Activity

Fo re ign A ctivity Line ar (Foreign Activity)

Page | 2



Company Current Previous WoW % Volume

MIRAMAR 97.80 80.50 21.49% 1,104

KALAMAZOO 2,600.00 2,200.00 18.18% 296

SINGALANKA 103.00 88.10 16.91% 4,407

LAKE HOUSE PRIN. 105.00 90.00 16.67% 100GESTETNER 202.10 175.00 15.49% 155


NAMUNUKULA 73.20 82.20 -10.95% 705

ARPICO 69.50 78.00 -10.90% 11

ABANS FINANCIAL 35.60 38.60 -7.77% 5,050

SWISSTEK 13.10 14.20 -7.75% 17,024

N D B CAPITAL 436.20 470.00 -7.19% 42


JKH 219.40 218.00 0.64% 3,570,735

BROWNS INVSTMNTS 4.00 3.70 8.11% 19,905,776

SAMPATH 201.00 199.00 1.01% 473,961

COMMERCIAL BANK 103.00 103.00 0.00% 306,209

BUKIT DARAH 690.00 670.00 2.99% 35,171


BROWNS INVSTMNTS 4.00 3.70 8.11% 19,905,776

PC HOUSE 5.40 5.20 3.85% 3,625,483

JKH 219.40 218.00 0.64% 3,570,735

FREE LANKA 2.50 2.30 8.70% 2,730,267

KEELLS HOTELS 13.70 13.60 0.74% 1,507,611 20,647,624

51,858

764

180,792

Weekly Top Losers

Weekly Top Performers

Weekly Top Volume

31,143

18,333

Turnover

781,014,181

Turnover

108,012,126

95,224,282

31,529,342

24,262,895

Turnover

108,012,126

19,231,959

781,014,181

6,519,385

220,860

Weekly Stock Trends

Turnover

107,955

651,582

Week in Brief

452,938

10,500

Weekly Top Gainers ‘Bourse on an upward trajectory despite festive sentiment weakening participation …'

The three day trading week commenced with all three indices switching to the green territory ahead of Christmas holidays. Turnoverlevels struggled amidst the lack of large crossings however witnessed a marginal improvement with a few on-board deals which wereexecuted mid-week. Monday’s turnover depicted a five month low which bounced back on a marginal recovery path as the benchmarkindex witnessed the highest gain since 14 th November 2012. Foreign accumulation persisted on a steady track though on a relatively

slow note during the week. The YTD Net foreign inflow stands at LKR39.1 bn with the year having recorded a mere 8 weeks of netforeign outflows. The ASPI which gained 54 points on the two initial days of trading reached a peak at 5,607.13 points on Friday Vs itsintra-week low level at 5,514.64 points before settling with a gain of 90 points WoW at 5,607.13 points.

S&P SL20 Index in brief: The index took an upward trend, gaining 26 points during the early trading week to settle with a 34 pointsWoW gain at 3,068.99 points. Notable positive contributions from Hayleys (+4.3% WoW), Sri Lanka Telecom (+3.5% WoW), NestleLanka (+3.4% WoW) and Bukit Darah (+3.0% WoW) outweighed the losses made in Cargills (-4.9% WoW) Dialog (-1.2% WoW) andChevron Lubricants (-0.8% WoW).

John Keells Holdings spearheaded the weekly turnover: John Keells Holdings gathered investor participation with a contribution of LKR781 mn to the week’s turnover. Its price appreciated 0.9% to LKR220.0 at peak on Friday before it settled with a gain of 0.6% atLKR219.4. Bukit Darah (+3.0% WoW) depicted interest weighing heavier on the buying side while PC House, having traded at its 52-week low of LKR5.0 recently, encountered notable interest with a number of on-board blocks which led to the counter beingprominent in the top turnover slot. Haycarb (+2.5% WoW) highlighted the trading screen with renewed interest significantlycontributing to Monday’s dull turnover level. Further, banking sector counters Commercial Bank and National Development Bank toosaw investor participation as both gained 0.9% and 1.4% at their intra-week peak levels at LKR103.9 and LKR139.0 respectively.Sampath Bank (+1.0% WoW) and Keells Hotels (+0.7% WoW) too encountered some interest.

John Keells Holdings, Sampath Bank & Browns Investments highlighted the crossings board: The number of crossings depicted aslowdown in comparison to last week as John Keells Holdings , Sampath Bank and Browns Investments were the only counters addingto the week’s crossings board. John Keells Holdings added two blocks of 2.5 mn shares and 240k shares at LKR219.0 and LKR218.0respectively on Friday while Sampath bank encountered a block of 300k shares at LKR201.0. Browns Investments saw a parcel of 300kshares which changed hands at a 52-week high (on-board) price of LKR5.5.

Large on-board trades: Large on-board trades defined the market story with the absence of a significant number of crossings duringthe week. Majority of investors stepped on to the side lines as the festive sentiments weighed on activity levels of the bourse,however the following counters witnessed several large trades; John Keells Holdings, John Keells Hotels, Sampath Bank, PC House,Sampath Bank, Free Lanka Capital Holdings, Commercial Bank, Haycarb, and Softlogic Holdings.

Retail Participation: Retail activity continued on a low note as the festive season reflected a slowdown in activity levels. Free LankaCapital Holdings (+8.7% WoW) , Panasian Power (+4.2% WoW), Browns Investment (+8.0% WoW) and Nation Lanka Finance (+5.4%

WoW) secured some interest during the week.

Distilleries & Ceylon Tobacco Company traded at a 52-week peak: Distilleries saw its price touch a 52-week high level of LKR166.0(+2.5% WoW) backed by significant buying interest during the past few weeks while Ceylon Tobacco Company renewed its 52-weekpeak at LKR820.0 (+2.5%) on Friday.

Foreign accumulation prevails; YTD NFI topped LKR39.1 bn: Foreign participation saw a relative decline this week, however weighedheavier on the buying side yet again depicting their confidence on the Colombo Bourse. The year has witnessed a mere 8 weeks of netoutflows which has led to a YTD Net foreign inflow of LKR39.1 bn. The week’s foreign purchases amounted to LKR811 mn againstforeign sales which totalled LKR69 mn leading to a weekly net foreign inflow of LKR742 mn. Among the counters which encounteredsignificant foreign interest were; Softlogic Holdings, John Keells Holdings, Odel, Piramal Glass, Lanka Milk Foods, Ceylon TobaccoCompany, Haycarb, and Textured Jersey Lanka.

Page | 3



DIVIDENDS

RIGHTS ISSUE

Bimputh Finance

Pelwatte Sugar

S&P SL20 Companies Current Previous WoW % Colonial Motors

JOHN KEELLS HOLDINGS 219.40 218.00 0.64% ###

COMMERCIAL BANK 103.00 103.00 0.00% ###THE BUKIT DARAH 690.00 670.00 2.99% SCRIP DIVIDEND

HATTON NATIONAL BANK 147.00 143.00 2.80%CARSONS CUMBERBATCH 431.80 432.00 -0.05%SAMPATH BANK 201.00 199.00 1.01%CEYLON TOBACCO COMPANY 819.10 800.10 2.37%DFCC BANK 111.80 111.00 0.72% CAPITALIZATION OF RESERVES

AITKEN SPENCE 120.00 117.30 2.30%NATIONAL DEVELOPMENT BANK 138.30 137.10 0.88%C T HOLDINGS 124.00 123.60 0.32%

DISTILLERIES 165.70 162.00 2.28%HAYLEYS 304.70 292.00 4.35% SUBDIVISION OF SHARES

CHEVRON LUBRICANTS LANKA 202.40 204.00 -0.78%DIALOG AXIATA 8.20 8.30 -1.20%CARGILLS (CEYLON) 145.50 153.00 -4.90%AITKEN SPENCE HOTEL HOLDINGS 72.70 72.30 0.55% CONSOLIDATION OF SHARES

NESTLE LANKA 1,500.00 1,450.10 3.44%ASIAN HOTELS & PROPERTIES 75.00 73.60 1.90%SRI LANKA TELECOM 44.00 42.50 3.53%

315,055

4,848,489

392,849

305

1,658,981

574,251

72,752224,862

1,103,864

567,7591,630,053

0-Jan-1900 0-Jan-1900

0-Jan-1900

0 0

0-Jan-1900 0 0

1,097,888

0-Jan-1900

0-Jan-1900 0-Jan-1900

3,547,638

Colonial Motors 07:10 14-12-2012 18-02-2013

Company Proportion EGM Date Trading Date

Coco Lanka (V&NV)

XD DateEGM DateProportionCompany

0-Jan-1900

0-Jan-1900

S & P SL20 Debrief

662,560

2,546,94295,224,282

3,000,688

01 for 17.7778 @ LKR12.0 08-01-2013 09-01-2013Chilaw Finance

0-Jan-1900

0-Jan-1900

08-01-2013

01 for 03 @ LKR11.5

01 for 04 @ LKR18.0

01 for 06 @ LKR130.0Turnover781,014,181

Company Proportion XR Date

Delayed

Announcements

Company Dividend (LKR)

00-01-190000-01-1900

00-01-1900

00-01-1900

0-Jan-19000-Jan-1900

31,529,34224,262,895

20-12-2012

XD Date

0-Jan-1900

0-Jan-1900

0.00

0.00

0 0

0-Jan-1900

On’ally Holdings PLC

0-Jan-1900

0-Jan-1900

31-12-2012

00-01-1900

00-01-1900

09-01-2013

00-01-1900

00-01-1900

Payment

1.00

0-Jan-19000-Jan-1900

0-Jan-1900

EGM Date Trading Date

00-01-190000-01-1900

00-01-1900

0-Jan-1900 0-Jan-1900

Company Proportion EGM Date XC Date

0-Jan-19000-Jan-1900

01:02 16-11-2012

0-Jan-1900

0-Jan-1900

0

0

09-01-2013

Company Proportion

0

00-01-1900

11-01-2013

Delayed

00-01-1900

0.00

0.000.00

0.00

0.00

00

17-12-2012

0

00-01-1900

Renunciation

2,850

2,900

2,950

3,000

3,050

3,100

Daily Index Movement

S&P SL20

Page | 4



Local Economy

CURRENCY MOVES

124

126

128

130

132LKR USD : LKR

1.351.401.451.501.551.601.651.70LKR Japanese Yen : LKR

162164

166

168

170

172LKR EURO : LKR

101102103104105106107108LKR Singapore Dollar : LKR

200202

204

206

208

210

212LKR GBP : LKR

2.152.202.252.302.352.40

2.452.502.55LKR Indian Rupee : LKR

"We need to identify the reasons for why companies are reluctant to get listed and encourage them by creating more awareness of the benefits involved. We must show companies that CSE in an ideal forumto raise capital and make the listing process less cumbersome. We are hoping to increase to double thenumber of companies listed on CSE by 2016. The market liquidity can be increased by increasing thenumber of listed companies." minister Amunugama said in a speech at a award ceremony

Page | 5



BALANCE OF TRADE TOURISM

For the Month Ending: Oct-12 For the Month Ending:Oct-12 Sep-12 MoM % Oct-11 2012 2011

Exports 770 802 -4% 889 Nov-12 109,202 90,889

Imports 1,581 1,315 20% 1,757 YTD 883,353 758,458

Balance of Trade -810 -513 -58% -868

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 STATISTICSFor the Month Ending: Nov-2012

Oct-12 Nov-12 Basis Points Sale of Sale of Point to Point 8.9% 9.5% -60 20-Dec-12 11-Dec-12 WoW %Annual Average Change 6.8% 7.2% -40 RSS 1 382.00 370.00 3.24%1-Yr T-Bill 12.56% 12.86% -30 Brown Crepe 1X 375.00 340.00 10.29%

YoY %

Change %

375.00375.00

YoY %-13%

Elevation

37.34%

30.48%

11.69%

20%16%

19.94%

0.00%1.87%

WoW %

-10%7%

322.43

308.87

385.76358.02

Local Economy

Elevation

Nov-12

INFLATION & INTEREST RATE

Sale of 04-Dec-12

Corres. 2011

-1,200-800-400

0400800

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%

Nov-12Sep-12Jul-12May-12Mar-12Jan-12Nov-11

Inflation and Treasury Bill Rate

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

Page | 6



Global Markets

EQUITY MARKET OUTLOOK

“The U.S. is serious about its commitment to Asia and sees Asia as the future in terms of economicgrowth in the 21st century,” said Simon Kahn, chairman of the American Chamber of Commerce inSingapore and Google Inc. (GOOG)’s chief Asia-Pacific marketing officer . “That has a very real impact in discussions with business counterparts in terms of thinking about long-term investments. ”

12,000

12,500

13,000

13,500

14,000Index Dow Jones Industrial Average

5,4005,5005,6005,7005,8005,9006,0006,100Index FTSE 100 Index

1,2501,300

1,350

1,400

1,450

1,500Index S&P 500 Index

0

2,000

4,000

6,0008,000

10,000

12,000Index Nikkei 225

2,3002,3502,4002,4502,5002,5502,6002,6502,700Index EURO STOXX 50 Price EUR

19,50020,00020,50021,00021,50022,00022,50023,000Index Hong Kong Hang Seng Index

Page | 7



WTI Crude USD/bbl 90.90 1.2%

Gold USD/t oz. 1,660.90 -0.5%Copper USd/lb. 360.55 0.9%

Cotton USd/lb. 75.35 -0.1%

Wheat USd/bu. 776.00 -2.2%

75.39

793.50

Commodity This Week Last WeekWoW

Change

1,669.50357.35

GLOBAL COMMODITY TREND

Global Markets

89.78

8082848688909294

USD/bblWTI CRUDE FUTURE

646668

707274767880

USd/lb. COTTON NO.2 FUTURE

1,550

1,600

1,650

1,700

1,750

1,800

1,850USD/t oz.

GOLD 100 OZ FUTURE

700

750

800

850

900

950USd/bu. WHEAT FUTURE(CBT)

320330340350360370380390USd/lb.

COPPER FUTURE

Page | 8



Softlogic Equity Research Page | 9

Asian Hotels and Properties [AHPL : LKR78.0] earnings jumped 57% YoY with 2QFY13 reaching LKR565mn compared to LKR361mn in previous comparative quarter. AHPLrevenue rose to LKR2bn, up 15% YoY supported by higher rates and occupancy while EBIT grew by 50% against its comparative quarter in FY12.

Demand for occupancy above expectations. Despite 2QFY13 belonging to the off season in the tourismindustry, AHPL experienced higher demand for their rooms. Cinnamon Grand and Cinnamon Lakeside

both reached occupancies ranging from 65%-75% on average during the quarter primarily led by eventssuch as the Sri Lanka Premier League Cricket tournament and the T20 World Cup both of which tookplace during the 2QFY13. With some of the teams of the tournaments occupying the 2 hotelsoccupancies on selected days have touched a peak of 100% as well. Cinnamon Grand consisting of 501rooms saw occupancy of 75%-80% while Cinnamon Lakeside recorded occupancies of 65%-70%.

ARR well above minimum room rates. Both hotels charge average room rates of USD140-150 and are likely to remain the same for the rest of the financial year. The minimumroom rates for the 5 star category city hotels currently stand at USD125.

Steep rise in hotel segment revenue improves margins. Hotel segment revenue for 2QFY13 jumped 28% YoY to LKR1.9 bn from LKR1.5 bn in 2QFY12 with Cinnamon Lakesideoperating the full quarter as compared to the previous year where it is was undergoing refurbishment. Following the refurbishment last year, the hotel was fully operational bySeptember 2011. As the hotel segment cost is largely fixed, the rise in revenue has resulted in a significant improvement in the AHPL margins. The group GP margins for the 2QFY13leaped to 63% from 57% in 2QFY12 and 60% in 1QFY13.

Heavy dip in the property segment. Property segment revenue plunged 62% from LKR253mn in 2QFY12 to LKR94mn in 2QFY13. With the completion of the “Emperor Project” thegroup does not have any major property project in the pipeline. Further the existing rental agreement between for the investment property in Trans Asia [TRAN : LKR75.0 ] ended inMay 2012 and the hotel would enjoy any rental income till its rented out. The existing rental income is through the Crescat Mall.

FUTURE OUTLOOKOccupancy to remain strong during Winter Season. The December and the March quarters are peak seasons for the tourism industry. The group is likely to experience occupancyin range of 80-85% in both the hotels while maintaining ARR at the same level.

Rental Income to dim. The property sector income is expected to remain on a low note with no major property on the cards. To

add to the woes, rental income is expected to remain at the same level as the 2nd quarter until the investment property section of Trans Asia is rented out again. The John Keells Holdings [JKH : LKR218.0] group has plans to relocate a related company of thegroup to the said premises.

Growth in hotel earnings to overshadow decline in rentals. AHPL earnings are likely to reach LKR2.3bn a growth of 8% despite theheavy drop in the property sector contribution. For FY13E the property sector is likely to contribute a mere 12% while bulk of theearnings is expected from the two hotels. In addition to the high occupancy levels in the peak season there is likely to be a stronggrowth in revenue from the banquet halls and revenue through dining with the festive season in December. The counter currentlytrades at a PER of 14.8x FY13E earnings and 13.2x FY14E earnings. AHPL trades at 2.4x PBV on September 2012 book value.

LKR ('mn) 2QFY13 2QFY12 YoY (%) 1QFY12 QoQ (%) 1-2QFY13 1-2QFY12 YoY (%)

Revenue 2,049 1,779 15% 1,739 18% 3,788 3,390 12%Gross P rof it 1, 296 1,013 28% 1, 041 2 4% 2, 337 1,865 2 5%Operating Profit 675 449 50% 484 39% 1,159 808 43%PBT 735 448 64% 555 32% 1,289 811 59%Net Profit 565 361 57% 407 39% 972 658 48%

EPS (LKR) 1.28 0.82 57% 0.92 39% 11.62 9.90 17%

Quarterly Performance 6 months Performance

2QFY13 Indicators

Share PriceIssued Share Capital (mn)Market Capitalisation (LKR mn)Valuations FY13E FY14EEarnings 2,332 2,623EPS 5.3 5.9PER (x) 14.8 13.2

NAVPS as at Sep 2012PBV (x) on Sep 2012 BV

AHPL.N0000

78.00

33.02.4

442.834,536




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

28-Dec-12 M ar '11 M ar '12 M ar '13E M ar '14E Mar '11 Mar '12 M ar '13E M ar '14E M ar '11 M ar '12 Mar '13E M ar '14E Mar '11 M ar '12 Mar '13E Mar '14E Mar '12

( 'Mn) ( 'Mn) ( 'Mn) D ec'10 Dec'11 Dec'12E Dec'13E Dec'10 Dec'11 Dec'12E D ec'13E Dec'10 D ec'11 Dec'12E D ec'13E Dec'10 Dec'11 Dec'12E Dec'13E Dec'11

Banking, Finance & Insurance

Central Finance CFIN.N0000 M 160.60 14,739 104.9 16,844 140.53 1.14 1,827 2,675 2,970 17.42 25.51 28.32 75 46 9.2 6.3 5.7 2.5 1.6 18.2

Ceylinco Insurance CINS.N0000 D 816.80 11,250 26.4 21,575 425.89 1.92 962 1,372 1,465 36.41 51.95 55.47 40 43 22.4 15.7 14.7 6.5 0.8 12.2

C om me rc ia l B a nk C OM B. N0 00 0 D Buy 103.00 51,185 833.5 85,849 61.41 1.68 5,508 8,048 9,658 10,637 9,688 6.61 9.66 11.59 12.76 11.62 31 46 20 10 15.6 10.7 8.9 8.1 8.9 6.0 5.8 15.7

Commercia l Bank [X] COMB.X0000 D Buy 90.50 51,185 833.5 75,431 61.41 1.47 5,508 8,048 9,658 10,637 6.61 9.66 11.59 12.76 11.62 31 46 20 10 13.7 9.4 7.8 7.1 7.8 6.0 6 .6 15.7

DFCC Ba nk DFCC.N0000 M MTB 1 11 .80 2 6, 10 6 2 65 .1 2 9, 63 8 9 8. 48 1 .1 4 5 ,0 90 2 , 90 0 3 ,0 78 3 , 453 3 ,20 6 1 9. 20 1 0. 94 1 1. 61 1 3. 02 1 2 .0 9 9 7 (43) 6 12 5.8 10.2 9.6 8.6 9.2 4.0 3.6 11.1

Ha tton Na tiona l Bank HNB.N0000 D Buy 147.00 44,141 397.2 58,395 111.12 1.32 4,787 6,149 6,686 7,645 7,171 12.05 15.48 16.83 19.25 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 112.20 44,141 397.2 44,571 111.12 1.01 4,787 6,149 6,686 7,645 12.05 15.48 16.83 19.25 18.05 7 28 9 14 9.3 7.2 6.7 5.8 6.2 7.5 6.7 13.9

Lanka Orix Leas ing Company LOLC.N0000 M 53.90 20,609 475.2 25,613 43.37 1.24 3,840 6,379 3,928 8.08 13.42 8.27 109 66 6.7 4.0 6.5 - - 31.0

LB Finance LFIN.N0000 M 148.00 4,522 69.3 10,250 6 5.30 2.27 1,020 1,625 1,843 2,422 1,787 14.73 23.46 26.61 34.97 25.80 104 59 13 31 10.0 6.3 5.6 4.2 5.7 5.0 3.4 35.9

National Development Bank NDB.N0000 D Buy 138.30 18,491 164.2 22,709 112.61 1.23 2,150 2,706 2,972 3,409 3,040 13.09 16.48 18.10 20.76 18.51 3 26 10 15 10.6 8.4 7.6 6.7 7.5 7.5 5.4 14.6

N a ti o ns T ru s t B a nk N TB .N 00 00 D Buy 55.00 9,586 230.6 12,683 4 1.57 1.32 1,084 1,534 1,842 2,321 1,824 4.70 6.65 7.99 10.07 7 .91 58 41 20 26 11.7 8.3 6.9 5.5 7.0 2.1 3.8 16.0

Pan As ia Bank PABC.N0000 D 19.00 3,865 295.0 5,606 13.10 1.45 362 824 761 1.23 2.79 2.58 (7) 128 15.5 6.8 7.4 1.0 5.3 21.3

Pe op le 's Le a si ng PLC. N0 00 0 M Buy 13.20 19,128 1,560.0 2 0,592 12.26 1.08 2,605 4,503 3,278 4,195 3 ,491 1.67 2.89 2.10 2.69 2.24 126 73 (27) 28 7.9 4.6 6.3 4.9 5.9 1.0 7 .6 23.5

S am pa th B an k S AMP. N00 00 D Buy 201.00 24,122 162.7 32,710 148.23 1.36 3,484 4,151 4,975 5,636 4,784 21.41 25.51 30.57 34.63 29.40 68 19 20 13 9.4 7.9 6.6 5.8 6.8 9.0 4.5 17.2

Seylan Bank SEYB.N0000 D 55.30 19,242 338.1 18,696 56.91 0.97 1,207 1,006 2,278 3.57 2.98 6.74 117 (17) 15.5 18.6 8.2 1.0 1.8 5.2

Lanka Orix Finance LOFC.N0000 M 3.80 5,303 2,800.0 10,640 1.89 2.01 1,246 1,246 1,171 0.45 0.44 0.42 1,229 (0) 8.5 8.5 9.1 - - 23.5

Sample Sector (16) 272,287 7,722.3 371,802 35.26 1.37 35,172 45,118 47,565 4.55 5.84 6.16 57 28 10.6 8.2 7.8 53.1 16.6

Full Sector (61) 495,411 1.45 9.1

Beverage, Food and Tobacco

Cargil ls CARG.N0000 M 145.50 7,666 224.0 32,592 34.22 4.25 1,089 1,079 704 1,315 887 4.86 4.82 3.14 5 .87 3.96 54 (1) (35) 87 29.9 30.2 46.3 24.8 36.8 2.0 1.4 14.1

Ce yl on Tob acco Compa ny CTC.N0000 D 819.10 4,534 1 87.3 153,437 24.20 33.84 5,097 6,569 7,919 8,667 8,145 27.21 35.07 42.27 46.27 43.48 24 29 21 9 30.1 23.4 19.4 17.7 18.8 34.6 4.2 144.9

Di sti ll eri es DI ST.N0000 M Buy 1 65 .70 4 0, 15 7 3 00 .0 4 9, 71 0 1 33 .8 6 1 .2 4 8 ,1 24 5 ,9 82 6 ,1 09 7 ,6 43 6 ,21 0 2 7. 08 1 9. 94 2 0. 36 2 5. 48 2 0. 70 1 86 (26) 2 2 5 6.1 8.3 8.1 6 .5 8.0 3.0 1.8 14.9

Li on B re we ry LI ON .N0000 M Buy 285.00 5,493 80.0 22,800 68.66 4.15 1,013 1,262 1,562 2,256 1,258 12.67 15.78 19.52 28.19 15.72 58 25 24 44 22.5 18.1 14.6 10.1 18.1 4.0 1.4 23.0

Ne stle (Lanka) NEST.N0000 D 1,500.00 2,825 53.7 80,588 52.59 28.52 1,891 2,633 2,758 3,497 2,650 35.19 49.01 51.34 65.09 49.32 20 39 5 27 42.6 30.6 29.2 23.0 30.4 47.5 3.2 93.2Sample Sector (5) 60,675 845.0 339,127 71.80 5.59 17,214 17,525 19,051 23,377 19,149 20.37 20.74 22.54 27.66 22.66 74 2 9 23 19.7 19.4 17.8 14.5 17.7 91.1 28.9

Full Sector (20) 357,537 3.92 13.6

Chemicals & Pharmaceuticals

CIC Holdings CIC.N0000 M 63.20 7,237 94.8 5,989 76.36 0.83 929 916 557 9.80 9.67 5.88 57 (1) 6.4 6.5 10.8 3.2 5.1 12.7

Lankem Ceylon LCEY.N0000 M 160.70 3,694 24.0 3,857 153.92 1.04 1,131 552 361 47.13 23.01 15.06 230 (51) 3.4 7.0 10.7 2.5 1.6 14.9

Sample Sector (2) 10,931 118.8 9,846 92.03 0.90 2,060 1,469 918 17.34 12.37 7.73 121 (29) 4.8 6.7 10.7 5.7 13.4

Full Sector (10) 19,782 1.05 10.2

Construction & Engineering

Colombo Dockyard DOCK.N0000 D 215.00 10,098 71.9 15,450 140.53 1.53 2 ,081 1,804 2,213 28.96 25.10 30.79 (3) (13) 7.4 8.6 7.0 6.0 2.8 17.9

Sample Sector (1) 10,098 71.9 15,450 140.53 1.53 2,081 1,804 2,213 28.96 25.10 30.79 (3) (13) 7.4 8 .6 7.0 6.0 17.9

Full Sector (4) 18,230 1.25 6.7

Diversified Holdings

Aitken Spence SPEN.N0000 M 120.00 25,912 406.0 48,720 63.82 1.88 2,536 3,709 3,947 6.25 9.14 9.72 22 46 19.2 13.1 12.3 1.4 1.2 14.3

CT Holdings CTHR.N0000 M 124.00 12,614 183.1 22,704 68.89 1.80 8 64 1,213 1,060 4.72 6.63 5.79 131 40 26.3 18.7 21.4 2.1 1.7 9.6

Carsons Cumberbatch CARS.N0000 M 431.80 32,393 196.4 84,800 164.94 2.62 4,541 5,763 2,418 23.12 29.34 12.31 38 27 18.7 14.7 35.1 2.0 0.5 17.8

Expo lanka Ho ldings EXPO.N0000 M LTB 7.10 8 ,754 1,954.9 13,880 4.48 1.59 1,547 1 ,055 1 ,264 1 ,802 1 ,063 0.79 0.54 0.65 0.92 0.54 199 (32) 20 43 9.0 13.2 11.0 7 .7 13.1 0.1 1.7 12.0

Hayleys HAYL.N0000 M 304.70 18,822 75.0 22,853 250.97 1.21 725 2,520 1,063 9.66 33.60 14.18 (59) 248 31.5 9.1 21.5 4.0 1.3 13.4

Hemas Holdings HHL.N0000 M 26.60 10,946 515.3 13,707 21.24 1.25 1,210 1,209 1,445 2.35 2.35 2.80 34 (0) 11.3 11.3 9.5 0.5 1.9 11.0John Keell s Holdings JKH.N0000 M 219.40 74,867 851.5 186,821 87.92 2.50 8,246 9,775 10,900 9.68 11.48 12.80 59 19 22.7 19.1 17.1 3.5 1.6 13.1

Richard Peiris RICH.N0000 M 7.80 6,830 1,939.2 15,126 3.52 2.21 1,681 2,340 2,106 0.87 1.21 1.09 190 39 9.0 6.5 7.2 0.7 9.0 34.3

Softlogic Holdings SHL.N0000 M 10.80 7,811 779.0 8,413 10.03 1.08 829 494 198 1.06 0.63 0.25 438 (40) 10.1 17.0 42.4 0.3 2.8 6.3

Va ll ib el On e VONE.N 0000 M Buy 18.50 30,502 1,086.6 20,101 28.07 0.66 579 2,025 3,057 1,851 0.53 1.86 2.81 1.70 250 51 34.7 9.9 6.6 10.9 0.3 1.6 6.6

Sample Sector (10) 229,451 7,987.0 437,124 28.73 1.91 22,757 30,103 26,052 2.85 3.77 3.26 5 3 32 19.2 14.5 16.8 14.9 13.1

Full Sector (18) 459,990 1.73 15.9

Healthcare

As iri Hospital Hold. ASIR.N0000 M 11.10 4,304 1,099.1 12,200 3.92 2.83 1 91 440 506 0.17 0.40 0.46 3 130 63.9 27.7 24.1 0.3 2.3 10.2

Nawaloka Hospitals NHL.N0000 M 3.00 3,421 1,409.5 4,229 2.43 1.24 1,071 275 475 0.76 0.20 0.34 999 (74) 3.9 15.4 8.9 0.1 1.7 8.1

Lanka Hospitals LHCL.N0000 M 39.30 27,164 223.7 8,793 121.41 0.32 2 89 424 475 1.29 1.89 2.12 3,892 46 30.4 20.8 18.5 0.5 1.3 1.6

Sample Sector (3) 34,889 2,732.3 25,221 12.77 0.72 1,551 1,139 1,456 0.57 0.42 0.53 436 (27) 16.3 17.3 0.8 3.3

Full Sector (6) 38,186 1.95 18.4

BookVal.

ShareCap.

MarketCap.

ROE(%)

TrailingDY (%)

4QTrailing

4QTrailing

4Q Trailing

Earnings EPS EPS Growth (%) PER




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

28-Dec-12 M ar '11 Mar '12 Mar '13E M ar '14E M ar '11 Mar '12 M ar '13E M ar '14E Mar '11 Mar '12 M ar '13E M ar '14E Mar '11 M ar '12 Mar '13E M ar '14E M ar '12

(' Mn ) ( 'M n) ( 'M n) D ec'10 D ec'11 D ec'12E D ec'13E D ec'10 D ec'11 D ec'12E D ec'13E D ec'10 D ec'11 D ec'12E D ec'13E D ec'10 D ec'11 Dec'12E D ec'13E D ec'11

Hotels and Travels

Ai tken Sp. Ho. Hold. AHUN.N0000 M 72.70 11,344 336.3 24,448 33.73 2.16 1 ,034 1,395 2,285 1,604 3.07 4.15 6.79 4.77 97 35 64 23.6 17.5 10.7 15.2 0.7 1.0 12.3

Ama ya Lei sure CONN.N0000 M 85.00 2,277 48.0 4,083 47.40 1.79 470 296 344 376 361 9.78 6.16 7.16 7 .83 7.52 578 (37) 16 9 8.7 13.8 11.9 10.9 11.3 4.0 4.7 13.0

As ia n Hotel s & Prop. AHPL.N0000 M 75.00 13,021 4 42.8 33,208 29.41 2.55 1,775 2,151 2,332 2,623 2,465 4.01 4.86 5.27 5 .92 5.57 182 21 8 12 18.7 15.4 14.2 12.7 13.5 4.0 5.3 16.5

Keel l s Hotel s KHL.N0000 M 13.70 13,557 1,456.1 19,949 9.31 1.47 524 1,105 1,321 1,496 1,141 0.36 0.76 0.91 1.03 0.78 156 111 20 13 38.1 18.0 15.1 13.3 17.5 0.3 8.2

Ta j TAJ.N0000 M 29.80 2,217 139.6 4,161 15.88 1.88 99 125 168 0.71 0.89 1.20 373 26 41.9 33.4 24.8 0.0 0.0 5.6

Tra ns As ia TRAN.N0000 M 73.80 5,211 200.0 14,760 26.05 2.83 660 631 987 1,180 814 3.30 3.15 4.94 5 .90 4.07 533 (4) 57 2 0 22.4 23.4 15.0 12.5 18.1 2.0 2.7 12.1

Sample Sector (6) 47,626 2,622.9 100,610 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 (36) 149,600 1.62 24.0

Land and Property

Colombo Land CLND.N0000 D 35.10 3,642 199.9 7,016 18.22 1.93 485 10 16 -19 2.43 0.05 0.08 (0.10) 20,836 (98) 67 14.5 731.5 438.5 -363.2 0.0 0.0 0.3

Overs 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 19,078 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) 33,249 0.78 7.7Manufacturing

ACL Cabl es ACL.N0000 M 67.50 5,230 59.9 4,043 87.32 0.77 214 244 495 3.56 4.08 8.27 5,603 15 18.9 16.5 8.2 1.0 1.5 4.7

Gra in El eva tors GRAN.N0000 D 57.90 2,925 60.0 3,474 48.75 1.19 475 388 426 7.91 6.46 7.10 255 (18) 7.3 9.0 8.2 0.0 0.0 13.3

Chevro n Lub r i can t s LLUB.N0000 D Hold 202.40 4,154 120.0 24,288 34.62 5.85 1,501 2,001 2,123 2,638 2,278 12.51 16.67 17.69 21.98 18.98 0 33 6 24 16.2 12.1 11.4 9.2 10.7 6.0 3.0 48.2

La nka Wa l l ti l e LWL.N0000 M 60.00 4,098 54.6 3,276 75.06 0.80 484 731 704 8.87 13.39 12.90 1 51 6.8 4.5 4.7 4.0 6.7 17.8

Pi ra ma l G la ss G LAS .N 0000 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

R oya l Ce ra mi c R CL.N0000 M Buy 94.00 7 ,716 110.8 10,414 69.64 1.35 1,441 1 ,958 1 ,785 2 ,252 1 ,752 13.01 17.68 16.11 20.33 1 5.82 49 36 (9) 26 7.2 5.3 5.8 4 .6 5.9 2.0 2.1 25.4

T ext ure d J er se y T JL .N 00 00 M Buy 8.90 5,603 6 55.0 5,830 8.55 1.04 685 628 908 1,252 735 1.05 0.96 1.39 1.91 1.12 19 (8) 45 38 8.5 9.3 6.4 4.7 7.9 0.5 5.4 11.2

Tokyo Cement TKYO.N0000 M 28.00 6,050 303.8 8,505 19.92 1.41 856 979 561 2.82 3.22 1.85 132 14 9.9 8.7 15.2 1.3 4.6 16.2

Sample Sector (8) 39,042 2,314.1 65,530 16.87 1.68 6,234 7,616 7,668 2.69 3.29 3.31 5 8 22 10.5 8.6 8.5 15.1 3.5 19.5

Full Sector (36) 96,404 1.41 8.0

Motors

Col oni al Motors COLO.N0000 M 160.00 2,651 9.1 1,460 290.55 0.55 232 1,163 692 1,042 25.39 127.41 75.84 114.18 473 402 (40) 6.3 1.3 2.1 1.4 4.0 2.5 43.9

D ie se l & Mo to r En gi ne eri ng D IMO.N 0000 M 605.00 7,667 8.9 5,370 8 63.74 0.70 2,122 2 ,697 1 ,868 1,605 239.03 303.87 210.44 180.86 755 27 (31) 2.5 2.0 2.9 3.3 40.0 6.6 35.2

Uni ted Motors UML.N0000 M 96.30 6,550 67.3 6,478 97.37 0.99 903 2,275 1,466 2,601 13.42 33.83 21.79 38.66 522 152 (36) 7.2 2.8 4.4 2.5 3.0 3.1 34.7

Sample Sector (3) 16,868 85.3 13,308 197.82 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) 20,726 1.01 3.3

Oil PalmsBuki t Da rah BUKI.N0000 M 690.00 29,143 102.0 70,380 285.72 2.41 5,111 5,804 2,913 50.11 56.90 28.56 76 14 13.8 12.1 24.2 9.0 1.3 19.9

Sample Sector (1) 29,143 102.0 70,380 285.72 2.41 5,111 5,804 2,913 50.11 56.90 28.56 76 14 13.8 12.1 24.2 9.0 1.3 19.9

Full Sector (5) 101,568 1.94 26.2

Plantations

Balangoda BALA.N0000 D 38.00 1,473 23.6 898 62.32 0.61 164 25 79 6.96 1.08 3.35 101 (85) 5.5 35.3 11.3 0.0 1.7

Horana HOPL.N0000 M 25.10 1,073 25.0 6 28 42.91 0.58 3 26 70 137 13.03 2.81 5.48 244 (78) 1.9 8.9 4.6 1.0 6.5

Kega l l e KGAL.N0000 M 104.00 3,169 25.0 2,600 126.77 0.82 838 681 673 33.51 27.26 26.92 129 (19) 3.1 3.8 3.9 7.5 7.2 21.5

Kelani Va l l ey KVAL.N0000 D 80.00 2,397 34.0 2,720 70.51 1.13 321 460 573 9.43 13.54 16.84 852 44 8.5 5.9 4.8 5.0 6.3 19.2

Kotaga l a KOTA.N0000 M 73.80 2,620 32.0 2,362 81.87 0.90 668 439 556 20.87 13.71 17.37 107 (34) 3.5 5.4 4.2 2.0 2.7 16.7

Watawa la WATA.N0000 M 12.00 3,093 236.7 2,840 13.07 0.92 642 413 769 2.71 1.74 3.25 49 (36) 4.4 6 .9 3.7 0.4 13.3

Sample Sector (6) 13,825 376.3 12,047 36.74 0.87 2,959 2,089 2,787 7.86 5.55 7.41 136 (29) 4.1 5.8 4.3 15.9 15.1

Full Sector (18) 24,454 0.86 6.1

Power and Energy

La nka IOC LIOC.N0000 M 19.50 11,492 532.5 10,384 21.58 0.90 877 906 2,039 1.65 1.70 3.83 307 3 11.8 11.5 5.1 0.0 7.9

Va l l i bel VPEL.N0000 M 6.50 1,988 747.1 4,856 2.66 2.44 4 22 254 212 0.57 0.34 0.28 2 (40) 11.5 19.1 23.0 0.3 3.8 12.8

La ugfs Gas LGL.N0000 M 25.70 5,331 387.0 9,946 13.77 1.87 853 942 967 2.20 2.43 2.50 62 11 11.7 10.6 10.3 1.5 5.8 17.7

Sample Sector (3) 18,810 1,666.6 25,186 11.29 1.34 2,151 2,102 3,217 1.29 1.26 1.93 315 (2) 11.7 12.0 7.8 11.2

Full Sector (8) 31,954 1.31 9.0Telecommunications

Dia log Axia ta DIAL.N0000 D 8.20 36,253 8,143.8 66,779 4.45 1.84 5,047 5,354 6,521 7,569 6,511 0.62 0.66 0.80 0.93 0 .80 141 6 22 16 13.2 12.5 10.2 8.8 10.3 0.3 3.0 14.8

Sri Lanka Te l ecom SLTL.N0000 D 44.00 54,952 1,804.9 79,414 30.45 1.45 3,943 4,781 5,329 4,148 2.18 2.65 2.95 2.30 402 21 11 20.1 16.6 14.9 19.1 0.9 1.9 8.7

Sample Sector (2) 91,205 9,948.6 146,193 9.17 1.60 8,990 10,135 11,850 10,659 0.90 1.02 1.19 1.07 179 13 17 16.3 14.4 12.3 13.7 11.1

Full Sector (2) 142,310 1.56 13.4

Trading

Browns BRWN.N0000 M 124.20 14,316 70.9 8,803 202.00 0.61 2,188 1,169 898 30.87 16.49 12.67 116 (47) 4.0 7.5 9.8 0.5 0.4 8.2

S in ge r S ri L an ka S IN S. N0 000 D 1 02 .00 4 ,82 6 1 25. 2 1 2, 77 1 38 .5 4 2 .6 5 668 1 ,263 1,273 5.34 10.08 10.17 403 89 19.1 10.1 10.0 7.5 7.4 26.2

Sample Sector (2) 19,143 196.1 21,574 97.62 1.13 2,856 2,432 2,171 14.57 12.40 11.07 149 (15) 7.6 8.9 9.9 12.7

Full Sector (8) 26,077 1.13 10.2

Sample Market (70) 917,445 37,832.6 1,672,476 24.25 1.82 118,282 141,888 151,820 176,111 140,178 3.13 3.75 4.01 4.66 3.71 127 20 7 16 14.1 11.8 11.0 9.5 11.9 15.5

Total Market (284) 2,071,523 1.66 12.1

BookVal.

ShareCap.

MarketCap.

ROE

(%)

Trailing

DY (%)4Q

Trailing

4Q

Trailing4Q Trailing

Earnings EPS EPS Growth (%) PER




Softlogic Equity Research

Dimantha Mathew

[email protected] +94 11 7277030

Akeela Imthinam Rasheed


Crishani Perera


Imalka Hettiarachchi


Softlogic Equity Sales

Dihan [email protected] +94 11 7277010, +94 77 7689933

Chandima [email protected] +94 11 7277058, +94 77 7885778

Shafraz [email protected]

+94 11 7277054, +94 77 2333233

Sonali [email protected] +94 11 7277059, +94 77 7736059

Thanuja De [email protected]

+94 11 7277053, +94 77 3120018

Branches

HoranaMadushanka Rathnayaka No. 101, 1/1, Aguruwathota Road, [email protected] +94 34 7451000, +94 77 3566465

MataraLalith Rajapaksha No. 8A, 2 nd Floor, FN Building,Station Road, [email protected] +94 41 7451000, +94 77 3031159

NegamboKrishan Williams No. 121, St. Joseph Street [email protected]+94 31 2224714-5, +94 77 3569827

KurunegalaBandula Lansakara No.13, Rajapihilla Mawatha, [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 compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith. Such information has not beenindependently verified and no guaranty, representation or warranty, express or implied is made as to its accuracy, completeness or

correctness. 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,

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Weekly Plus - Issue 25 (28.12.2012)