N D B Stockbrokers (Pvt) Ltd,

5th Floor,
# 40, NDB Building,
Nawam Mawatha,
Colombo 02.
Tel: +94 11 2314170
Fax: +9411 2314180
+9411 2314181
Q UARTERLY FINANCIALS
24-De c-12

Stock Tracker

Bank and Finance

mths Q TR Mkt. Price

Share s

2012

Ne t Asse ts

RO E

EPS

NP (mn)
1,286.86
6,105.70
6,105.70
1,212.62
114.33
3,894.68
3,894.68
700.17
3,533.12
46.73
1,706.91
1,169.96
126.45
7.18
7.18
614.83

23%
25%
25%
24%
-6%
26%
26%
23%
-64%
49%
20%
25%
-128%
504%
504%
-10%

(mn)
14,738.77
51,184.70
51,184.70
26,106.39
1,249.49
44,140.52
44,140.52
4,522.29
20,608.53
924.31
18,491.05
9,586.31
891.02
957.45
957.45
3,864.56

21%
19%
19%
12%
17%
15%
15%
38%
12%
15%
15%
20%
-8%
6%
6%
19%

30.16
11.61
11.61
11.33
2.12
16.88
16.88
24.90
5.31
2.79
16.57
8.42
(1.05)
0.03
0.03
2.49

CFIN
COMB*
COMB-x*
DFCC
CFVF
HNB
HNB-x
LFIN
LOLC
LVEN
NDB
NT B*
PMB
SEMB
SEMB-x
PABC

6
9
9
6
6
9
9
6
6
6
9
9
6
9
9
9

Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep

SAMP*
SEYB
SEYB-x
VFIN
HASU
UAL
CT CE
CINS
CINS-x
PLC
SDB

9
9
9
6
9
9
9
9
9
6
9

Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep

199.00
55.50
35.10
31.00
47.90
83.10
319.00
807.00
337.40
13.10
76.20

162.61
173.33
164.75
41.55
50.00
75.00
30.00
20.00
6.41
1,560.00
25.18

3,897.95
1,613.96
1,613.96
128.66
139.88
222.71
266.43
483.51
483.51
1,505.00
177.01

3,264.08
341.65
341.65
108.30
32.07
193.96
210.73
502.27
502.27
2,518.00
231.79

19%
372%
372%
19%
336%
15%
26%
-4%
-4%
-40%
-24%

24,121.81
19,241.57
19,241.57
773.45
1,647.45
2,919.28
3,498.81
11,249.72
11,249.72
19,128.00
3,105.05

20%
6%
5%
33%
11%
10%
10%
6%
6%
16%
8%

29.69
6.37
6.37
6.19
3.73
3.96
11.84
24.41
24.41
1.93
9.37

Be ve rage Food and Tobacco

BFL
6
Sep
147.00
CARG
6
Sep
153.00
CCS
6
Sep
120.20
CT C
9
Sep
800.10
COCO
6
Sep
35.90
COCO - x
6
Sep
28.20
DIST
6
Sep
162.00
KFP
6
Sep
72.90
NEST
9
Sep
1,450.10
T SML
6
Sep
42.50
LAMB
6
Sep
37.00
LION
6
Sep
270.10
LMF
6
Sep
96.00

16.00
224.00
95.04
187.32
21.60
1.80
300.00
25.50
53.73
30.00
31.40
80.00
40.00

68.54
326.86
430.30
6,192.00
126.63
126.63
3,078.41
22.73
2,044.12
54.54
43.46
627.95
125.47

133.68
545.31
310.06
4,619.00
69.87
69.87
2,850.27
33.92
2,027.69
(0.79)
37.81
544.33
171.24

-49%
-40%
39%
34%
81%
81%
8%
-33%
1%
7039%
15%
15%
-27%

1,608.00
7,666.23
7,334.06
4,534.00
1,447.22
1,447.22
40,156.62
1,473.05
2,825.39
657.48
673.52
5,493.16
2,136.10

9%
9%
12%
182%
17%
17%
15%
3%
96%
17%
13%
23%
12%

C he mical and Pharmace uticals

CIC
6
Sep
62.00
CIC-x
6
Sep
55.60
HAYC
6
Sep
170.00

72.90
21.87
29.71

23.55
23.55
239.78

384.35
384.35
169.47

-94%
-94%
41%

7,236.64
7,236.64
3,660.46

C onstruction and Engine e ring

DOCK
9
Sep
213.20
AEL
6
Sep
18.00

71.86
1,000.00

1,538.17
812.27

1,130.73
438.19

36%
85%

Dive rsifie d
CARS
HAYL
HHL
JKH*
RICH
SPEN
EXPO

432.00
292.00
26.60
217.80
7.70
119.80
6.80

196.39
75.00
515.29
851.07
1,938.83
406.00
1,954.92

1,337.90
591.56
705.06
4,070.45
1,015.07
1,371.98
583.06

4,746.89
2,048.16
486.44
2,753.09
1,248.69
894.29
574.88

Footwe ar and Te xtile s

MGT
6
Sep

11.40

152.34

He althcare
AMSL
6
LHCL
9
NHL
6

9.40
37.70
3.00

528.46
223.73
1,409.51

Sep
Sep
Sep
Sep
Sep
Sep
Sep

Sep
Sep
Sep

NP (mn)
1,581.57
7,622.80
7,622.80
1,501.52
107.13
4,917.30
4,917.30
862.11
1,262.06
69.72
2,040.92
1,459.73
(35.60)
43.36
43.36
551.57

Growth

21-Dec-12
160.00
103.00
90.10
111.00
11.70
143.00
110.70
149.00
52.50
32.80
137.10
53.50
15.00
1.00
0.40
19.00

6
6
6
6
6
6
6

(Mn)
104.88
779.10
53.47
265.10
101.25
311.22
77.15
69.26
475.20
50.00
164.20
230.61
67.50
1,191.77
614.07
295.04

2011

11.61
8.55
Annualise d
PER
5.31
8.87
7.76
9.80
5.53
8.47
6.56
5.98
9.88
11.76
8.27
6.35
(14.22)
31.23
12.49
7.62

BV

PBV

DPS

DY

140.53
61.48
61.48
98.48
12.34
113.65
113.65
65.30
43.37
18.49
112.61
41.57
13.20
0.53
0.53
13.10

1.14
1.68
1.47
1.13
0.95
1.26
0.97
2.28
1.21
1.77
1.22
1.29
1.14
1.89
0.75
1.45

2.50
4.00
4.00
4.00
2.00
4.50
4.50
5.00
0.50
1.50
7.50
2.10
1.00

1.6%
3.9%
4.4%
3.6%
17.1%
3.1%
4.1%
3.4%
1.0%
4.6%
5.5% O ve rwe ight
3.9% O ve rwe ight
0.0%
0.0%
0.0%
5.3%

6.70
8.72
5.51
5.01
12.84
20.99
26.94
33.07
13.82
6.79
8.13

148.34
56.91
56.91
18.61
32.95
38.92
116.63
425.89
425.89
12.26
123.34

1.34
0.98
0.62
1.67
1.45
2.13
2.74
1.89
0.79
1.07
0.62

4.50
1.00
1.00
1.00
2.10
5.00
9.00
6.50
6.50
1.00
5.00

2.3%
1.8%
2.8%
3.2%
4.4%
6.0%
2.8%
0.8%
1.9%
7.6%
6.6%

8.57
2.92
9.06
44.07
10.82
10.82
20.52
1.78
50.73
3.64
2.77
15.70
6.27

17.12
17.16
52.43
13.27
18.15
3.32
2.61
7.89
40.90
28.58
11.69
13.37
17.21
15.30

100.50
34.22
77.17
24.20
61.85
61.85
133.86
57.77
52.59
21.92
21.45
68.66
53.41

1.46
4.47
1.56
33.06
0.58
0.46
1.21
1.26
27.57
1.94
1.72
3.93
1.80

4.00
2.00
4.00
31.14
1.00
1.00
3.00
2.00
47.50
1.00
4.00
1.00

2.7%
1.3%
3.3%
3.9%
2.8%
3.5%
1.9%
2.7%
3.3%
2.4%
0.0%
1.5%

1.0%

1%
1%
13%

0.50
0.50
16.14

10.53
124.75
111.87
10.53

76.36
76.36
123.20

0.81
0.73
1.38

3.20
3.20
5.50

5.2%
5.8%
3.2%

10,098.06
11,180.93

20%
15%

28.54
1.62

9.07
7.47
11.08

140.53
11.18

1.52
1.61

5.71
0.25

2.7%
1.4%

-72%
-71%
45%
48%
-19%
53%
1%

32,392.91
18,822.49
10,945.92
74,866.78
6,830.15
25,912.36
8,754.09

8%
6%
13%
15%
30%
11%
13%

6.81
15.78
2.74
13.54
1.05
6.76
0.60

14.85
63.41
18.51
9.72
16.09
7.35
17.73
11.40

164.94
250.97
21.24
87.97
3.52
63.82
4.48

2.62
1.16
1.25
2.48
2.19
1.88
1.52

2.00
4.00
0.50
3.50
0.70
1.40
0.12

0.5%
1.4%
1.9%
1.6%
9.1%
1.2%
1.8%

(85.11)

(357.62)

76%

1,906.02

-9%

(1.12)

(10.20)
(10.20)

12.51

0.91

0.0%

217.90
285.18
285.26

209.85
233.37
78.66

4%
22%
263%

3,925.94
3,516.88
3,421.14

11%
11%
17%

0.82
1.70
0.40

12.72
11.40
22.18
7.41

7.43
15.72
2.43

1.27
2.40
1.24

0.26
0.50
0.05

2.7%
1.3%
1.7%

O ve rwe ight

O ve rwe ight

Hotels and Travels

mths Q TR Mkt. Price
21-Dec-12
AHPL**
6
Sep
73.00
AHUN**
6
Sep
72.30
HSIG**
6
Sep
80.00
KHL*
6
Sep
13.60
SHOT
6
Sep
23.60
SHOT-x
6
Sep
17.30

Shares
(Mn)
442.78
336.29
5.86
1,456.15
75.51
36.01

2012
NP (mn)
972.12
399.16
24.36
156.85
36.26
36.26

Investment Trust
GUAR
6
Sep
RHL
6
Sep
RHL - x
6
Sep

160.00
35.60
24.50

87.84
44.52
6.43

474.58
78.24
78.24

Land and Property

CLND
9
Sep
OSEA*
9
Sep

32.60
14.00

199.88
843.48

(15.51)
444.87

2011
Growth
NP (mn)
%
658.34
22%
188.10
112%
17.40
40%
121.22
29%
(10.78) 436%
(10.78) 436%

Net Assets
(mn)
13,020.92
11,344.18
223.61
13,556.70
1,571.45
1,571.45

17%
14%
24%
9%
5%
5%

5.10
4.80
9.30
0.85
0.65
0.65

14.33
Annualised
PER
14.31
15.06
8.60
16.00
36.30
26.61

RO E

EPS

BV

PBV

DPS

DY

29.41
33.73
38.17
9.31
14.09
14.09

2.48
2.14
2.10
1.46
1.67
1.23

4.00
0.70
5.00
0.30
-

5.5%
1.0%
6.3%
2.2% O verweight
0.0%
0.0%

2,077.87
155.25
155.25

-77%
-50%
-50%

13,867.85
2,160.18
2,160.18

7%
7%
7%

10.81
3.07
3.07

11.59
14.81
11.59
7.98

157.88
42.40
42.40

1.01
0.84
0.58

2.00
0.70
0.70

1.3%
2.0%
2.9%

13.40
382.49

-216%
16%

3,641.88
19,808.63

-1%
3%

(0.10)
0.64

21.88
(315.07)
21.88

18.22
23.48

1.79
0.60

0.30

0.0%
2.1%

Manufacturing
ACL*
6
CERA
6
DIPD
6
GRAN**
9
GLAS*
6
LLUB*
9
KCAB
6
LWL
6
RCL
6
T YRE
6
T ILE
6
T KYO
6
T KYO-x
6
T JL *
6

Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep
Sep

65.00
61.00
110.00
54.50
5.90
204.00
69.90
59.00
95.00
34.30
60.50
27.50
18.80
8.70

59.89
30.00
59.86
60.00
950.09
120.00
21.80
54.60
110.79
80.40
53.05
202.50
101.25
655.00

199.32
270.70
630.70
361.76
414.07
1,716.26
118.03
135.28
681.14
211.30
213.02
155.58
155.58
328.67

215.08
281.89
1,579.63
300.68
383.72
1,439.18
128.04
198.24
887.36
85.63
142.10
573.19
573.19
222.09

-7%
-4%
-60%
20%
8%
19%
-8%
-32%
-23%
147%
50%
-73%
-73%
48%

5,229.80
2,524.78
5,715.69
2,924.84
3,267.10
4,154.41
2,027.59
4,098.01
7,715.73
1,523.61
2,818.46
6,269.15
6,269.15
5,602.52

8%
21%
22%
16%
25%
55%
12%
7%
18%
28%
15%
5%
5%
14%

6.82
18.05
21.07
6.63
0.93
19.75
10.83
4.96
12.30
5.26
8.03
1.02
1.02
1.22

7.13
7.89
3.38
5.22
8.22
6.34
10.33
6.46
11.91
7.73
6.53
7.53
26.85
18.35
7.13

87.32
84.16
95.48
48.75
3.44
34.62
93.01
75.06
69.64
18.95
53.13
20.64
20.64
8.55

0.74
0.72
1.15
1.12
1.72
5.89
0.75
0.79
1.36
1.81
1.14
1.33
0.91
1.02

1.00
1.10
6.00
1.00
0.36
11.00
2.50
4.00
2.00
1.45
4.00
1.30
1.30
0.48

1.5% O verweight
1.8%
5.5%
1.8%
6.1% O verweight
5.4%
3.6%
6.8%
2.1%
4.2%
6.6%
4.7%
6.9%
5.5% O verweight

Motors
DIMO
UML

6
6

Sep
Sep

590.10
96.00

8.88
67.27

465.59
1,339.56

1,557.40
954.06

-70%
40%

7,666.98
6,549.58

12%
41%

104.90
39.83

3.24
5.63
2.41

863.74
97.37

0.68
0.99

40.00
9.00

6.8%
9.4%

O il Palms
BUKI
6

Sep

670.00

102.00

1,824.19

4,717.14

-61%

29,143.35

13%

35.77

18.73
18.73

285.72

2.34

3.00

0.4%

Plantations
BALA
KGAL
KVAL
NAMU
MASK
T PL
WATA

Sep
Sep
Sep
Sep
Sep
Sep
Sep

38.40
102.20
77.20
82.50
12.10
24.20
11.70

23.64
25.00
34.00
23.75
26.98
23.75
236.67

128.96
278.28
386.98
175.69
55.73
68.60
343.56

75.22
71%
286.75
-3%
273.68
41%
163.92
7%
(521.70) 111%
(142.35) 148%
(36.96) 1030%

1,472.94
3,176.21
2,382.10
1,737.93
1,236.66
1,074.99
3,092.83

12%
18%
22%
20%
9%
9%
22%

7.27
22.26
15.18
14.79
4.13
3.85
2.90

5.13
5.28
4.59
5.09
5.58
2.93
6.28
4.03

62.32
127.05
70.06
73.18
45.84
45.26
13.07

0.62
0.80
1.10
1.13
0.26
0.53
0.90

2.00
7.50
5.00
4.50
2.50
0.35

5.2%
7.3%
6.5%
5.5%
0.0%
10.3%
3.0%

Power and Energy

HPWR
6
Sep
VPEL
6
Sep
VLL
6
Sep
LIOC
6
Sep

21.00
6.40
3.70
19.50

125.20
747.11
477.27
532.47

123.29
169.03
14.56
1,374.86

164.72
214.40
46.92
241.61

-25%
-21%
-69%
469%

2,780.83
1,987.74
1,086.02
11,492.03

9%
17%
3%
24%

1.97
0.45
0.06
5.16

5.10
10.66
14.14
60.65
3.78

22.21
2.66
2.28
21.58

0.95
2.41
1.63
0.90

2.00
0.25
0.20
-

9.5%
3.9%
5.4%
0.0%

Telecommunications
DIAL**
9
Sep
SLT L**
9
Sep

8.10
42.50

8,143.78
1,804.86

5,092.74
2,862.00

3,549.62
3,495.00

43%
-18%

36,252.86
54,952.00

19%
8%

0.85
2.38

12.72
9.53
17.86

4.45
30.45

1.82
1.40

0.25
0.85

3.1%
2.0%

120.70
76.90
97.00

70.88
35.99
125.21

952.95
182.69
839.15

-103%
-47%
0%

14,316.48
1,716.27
4,826.17

0%
11%
23%

(0.82)
5.42
8.97

11.32
(146.88)
14.19
10.82

202.00
47.69
38.54

0.60
1.61
2.52

1.32
2.00
2
7.50

1.1%
2.6%
7.7%

Trading
BRWN
CWM
SINS

9
6
9
6
6
9
6

6
6
9

Sep
Sep
Sep

(29.12)
97.52
842.10

* Forecast EPS
** EPS adjusted for cyclicality
Annualised results are considered in all other cases

NTB

Profit growth has exceeded expectations in FY12Q3 mainly owing to an increase in net interest income (core operations of the bank). However the net interest
margin has slightly declined. The P/E and PBV valuations continue to be attractive compared to other banking sector shares. We expect medium term growth to
exceed the overall industry growth.
ACL
The recent increase in interest rates and rupee depreciation have affected earnings in FY12/13Q2 as we expected. However the earnings are below our
expectations in FY12/13H1 as the distribution costs also have gone up considerably indicating the growth is mainly from the low margin retail sector. The
valuation looks still attractive considering the growth expected over the next 2 years in the higher margin institutional sector.
KHL
Profit growth in FY12/13Q2 is only marginal as the Sri Lankan resorts have under-performed significantly. The resorts in Maldives have showed impressive
growth resulting in satisfactory earnings for the quarter. The growth for the year could be less than we anticipated although prospects look more attractive in
2013 and 2014.
SAMP
FY12Q3 earnings have got affected due to a marginal loss made in foreign exchange operations. However the net interest income (core operations) have showed a
growth of 21%. The cumulative earnings for the year is up 19%. The share is attractively priced considering the PBV below 1.5x, ROE of around 20%, P/E of below
10x and the high growth expectations due to the aggressive nature.
GLAS
The gross profit margins got affected in FY12/13Q2 due to the 51% increase in energy related costs. FY12/13H1 profitability was negatively affected by the
depreciation of the rupee as the rupee value of dollar loans increased resulting in an exceptional loss in the P&L. Therefore the achievement of a slight growth in
profits under the circumstances (through reductions in operating costs) is commendable. The P/E well under 10x is attractive considering the long term
expectations.
NDB

The earnings for FY12Q3 is a fraction lower compared to last year although the cumulative for the year is up 20%. The core operations (net interest income) has
recorded reasonable growth for the quarter. NDB is the bank trading closest to its book value (once the capital gain of its sale of the stake in the insurance
business is included). Has potential to appreciate significantly in the long term.
EXPO
The share has declined steeply since the IPO and offers significant upward potential in the long run. Depreciation of the rupee is likely to improve financials while
increased international trade in Sri Lanka in the medium term will benefit the company's revenue. Profit for FY12/13Q2 has been flat (as expected) due to the new
business ventures overseas are still at an early stage. In addition, increase in taxes in certain overseas operations have also affected profitability.
TJL
The profits have increased significantly in FY12/13Q2 with a reduction in operating costs and a reversal of provisions. The recent reduction in cotton prices as
well as the depreciation of the rupee has improved the gross profit margin as well. The share has declined sharply since the IPO and is attractively priced
currently.

This document is based on information obtained from sources believed to be reliable, but we do not make any representations as to its accuracy,
completeness or correctness. Opinions expressed are subject to change without notice. Any recommendation contained in this document does
not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is 3for
the information of addressees only and is not to be taken as substitution for the exercise of judgment by addressee. N D B Stockbrokers (Pvt)
Ltd and its associates, their directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and
may also perform or seek to perform broking, investment banking and other banking services for these companies.