Weekly Plus - 2013 Issue 36 (06.09.2013)

2013
Issue 36
Week Ending 06-09-2013
Weekly Market Wrap Up

Stat Page
Weekly Stock Trends
S&P SL20 Watch
Pg 02
Pg 03
Pg 04
Local Economy in Brief

Currency Moves
Inflation & Interest Rates
Colombo Tea Auction
Tourism
Pg 05
Pg 06
Pg 06
Pg 06
Global Market
Equity Market Outlook
Global Commodity Trend
Pg 07
Pg 08
Research Chat:
Commercial Bank Quick View on Earnings
Our Core Coverage
Pg 09
Pg 10- Pg 11
Weekly Stat Page

Weekly Market Statistics
Weekly Turnover and Volume
Daily Index Movement

6,400
5,000
6,200
4,000
5,800
5,600
5,400
150
3,000
100
2,000
0
16-Aug
ASPI
23-Aug
Turnover (LHS)
30-Aug
6-Sep
Volume (RHS)
Weekly Foreign Purchases and Sales
Daily Foreign Activity

80%
70%
60%
50%
40%
30%
20%
10%
0%
ASPI
S&P SL20
Turnover (LKR 'bn)
Volume ('mn)
Market Cap. (LKR 'bn)
Net Foreign 989
1021
186
Weekly Foreign Flow

LKR ('mn)
Foreign Purchases
Foreign Sales
Net Foreign Inflow
Foreign Participation
Current Previous
16.1
16.6
2.2
2.2
2.8
2.7
PER
PBV
DY
LKR ('Mn)
2,000
1,500
1,000
500
16-Aug
23-Aug
Foreign Buying
30-Aug
6-Sep
Foreign Sales
Change in Foreign Holding
COMMERCIAL BANK (+)

NESTLE (+)
TEXTURED JERSEY
NATIONS TRUST (+)
CHEVRON (+)
Growth in Growth in
Value
Foreign Decline in Foreign Holding
LKR 'mn
Holding
60.8
20.1
9.7
8.0
5.7
0.19%
0.02%
0.3%
0.43%
0.06%
WoW %
-2.8%
-2.8%
3.7%
Weekly Sector Statistics
Growth in Foreign Holding
WoW %
-10.6%
23.9%
-119.8%
-13.2%
Weekly Market Valuations
2,500
Linear (Foreign Activity)
Current Previous
692.9
775.0
729.8
588.9
-36.9
186.1
44%
51%
-37
3,000
Foreign Activity
WoW %
-2.8%
-2.6%
-28.8%
-16.4%
-2.8%
50
1,000
5,200
('Mn)
LKR ('Mn)
6,000
Current Previous
5672.64
5834.04
3177.17
3261.33
1,728.5
2,427.6
137.1
164.0
2,336.4
2,402.9
200
JKH
NAT. DEV. BANK (+)
WATAWALA
S M B LEASING (+)
DISTILLERIES
Decline in
Value
LKR 'mn
-96.1
-31.2
-22.9
-5.1
-3.6
Decline in
Foreign
Holding
-0.10%
-0.33%
-24.53%
-8.0%
-0.03%
BANKS FINANCE & INS.

BEV. FOOD & TOBACCO
CHEM. & PHARMA.
CONS. & ENG.
DIVERSIFIED
HEALTH CARE
HOTELS & TRAVELS
LAND & PROPERTY
MANUFACTURING
MOTORS
PLANTATIONS
TELECOM
Current Previous
12,377.3 12,599.6
19,499.1 20,351.9
6,473.5
6,701.2
2,629.0
2,691.4
1,668.6
1,715.2
635.5
649.9
3,117.7
3,155.9
504.4
528.7
2,694.4
2,884.2
14,503.4 14,653.9
673.0
682.4
151.5
155.6
WoW %
-1.8%
-4.2%
-3.4%
-2.3%
-2.7%
-2.2%
-1.2%
-4.6%
-6.6%
-1.0%
-1.4%
-2.7%
Page | 2
Weekly Stock Trends

Weekly Top Gainers
Company
ASIA SIYAKA
BERUWELA WALKINN
CEYLINCO INS.
MERC. SHIPPING
KAHAWATTE
Current
Previous
WoW %
High
Low
Volume
Turnover
52 High
52 Low
3.00
2.40
25.00%
3.20
2.20
3,339,628
9,893,329
22.00
2.20
80.00
69.50
15.11%
82.00
79.00
952
76,150
109.00
50.00
1,178.10
1,050.00
12.20%
1,190.00
1,050.00
2,517
2,842,194
1,300.00
750.00
143.40
131.00
9.47%
150.00
130.10
107
14,209
224.40
122.00
32.30
30.00
7.67%
33.00
29.00
597
18,971
38.90
25.90
Weekly Top Losers

Company
Current
Previous
WoW %
High
Low
Volume
Turnover
52 High
52 Low
TOUCHWOOD
1.30
2.30
-43.48%
2.20
0.90
38,504,241
64,540,605
22.00
0.90
FIRST CAPITAL
15.00
18.80
-20.21%
19.00
14.90
781,056
13,576,138
19.90
10.80
SERENDIB ENG.GRP
95.00
118.50
-19.83%
104.10
95.00
7,054
728,966
210.00
81.50
0.90
1.10
-18.18%
1.30
0.90
6,026,071
6,755,661
12.30
0.50
38.10
45.90
-16.99%
40.10
38.00
230
8,761
64.50
37.00
PCH HOLDINGS
TEA SMALLHOLDER
Weekly Top Performers

Company
Current
Previous
WoW %
High
Low
Volume
Turnover
52 High
52 Low
JKH
209.40
214.80
-2.51%
215.00
209.00
3,232,281
683,250,672
299.80
197.00
COMMERCIAL BANK
114.50
115.40
-0.78%
115.90
114.00
1,542,295
177,010,660
126.00
99.00
1.30
2.30
-43.48%
2.20
0.90
38,504,241
64,540,605
22.00
0.90
CHEVRON
254.90
289.60
-11.98%
289.60
254.00
138,735
37,953,702
375.00
181.10
NAT. DEV. BANK
142.70
149.90
-4.80%
150.00
141.10
249,154
36,100,482
182.50
118.10
Volume
Turnover
52 High
52 Low
TOUCHWOOD
Weekly Top Volume

Company
Current
Previous
WoW %
High
Low
TOUCHWOOD
1.30
2.30
-43.48%
2.20
0.90
38,504,241
64,540,605
22.00
0.90
CIFL
0.70
0.70
0.00%
0.70
0.40
10,997,505
6,101,994
11.80
0.40
S M B LEASING
0.60
0.70
-14.29%
0.70
0.50
10,433,706
6,278,707
1.40
0.50
PANASIAN POWER
2.40
2.40
0.00%
2.50
2.30
6,358,310
15,253,316
3.30
2.20
PCH HOLDINGS
0.90
1.10
-18.18%
1.30
0.90
6,026,071
6,755,661
12.30
0.50
Page | 3
S & P SL20 Debrief
Announcements
DIVIDENDS
Daily Index Movement
Company
3,600
3,500
3,400
3,300
Dividend (LKR)
XD Date
Payment
Asia Siyaka Commodities
0.38
11-09-2013
20-09-2013
Dunamis Capital
1.00
11-09-2013
23-09-2013
Dankotuwa Porcelain
0.40
12-09-2013
20-09-2013
Lanka IOC
1.00
16-09-2013
25-09-2013
Orient Finance
0.20
17-09-2013
26-09-2013
3,200
Alliance Finance Company
15.00
18-09-2013
27-09-2013
3,100
Convinience Foods Lanka
1.50
20-09-2013
30-09-2013
HVA Foods
0.20
20-09-2013
30-09-2013
3,000
RIGHTS ISSUE
Company
S&P SL20
S&P SL20 Companies

JOHN KEELLS HOLDINGS
COMMERCIAL BANK
THE BUKIT DARAH
HATTON NATIONAL BANK
CARSONS CUMBERBATCH
SAMPATH BANK
CEYLON TOBACCO COMPANY
DFCC BANK
AITKEN SPENCE
NATIONAL DEVELOPMENT BANK
C T HOLDINGS
DISTILLERIES
HAYLEYS
CHEVRON LUBRICANTS LANKA
DIALOG AXIATA
CARGILLS (CEYLON)
AITKEN SPENCE HOTEL HOLDINGS
NESTLE LANKA
ASIAN HOTELS & PROPERTIES
SRI LANKA TELECOM
Current
209.40
114.50
672.50
150.50
358.00
185.00
1,116.60
118.20
114.00
142.70
135.80
184.80
290.00
254.90
8.10
150.90
64.10
2,008.70
68.80
38.50
Previous
214.80
115.40
680.00
152.30
365.10
187.60
1,170.00
122.40
116.90
149.90
140.00
185.50
293.00
289.60
8.20
157.00
67.00
2,134.70
69.00
40.10
WoW %
-2.51%
-0.78%
-1.10%
-1.18%
-1.94%
-1.39%
-4.56%
-3.43%
-2.48%
-4.80%
-3.00%
-0.38%
-1.02%
-11.98%
-1.22%
-3.89%
-4.33%
-5.90%
-0.29%
-3.99%
Turnover
683,250,672
177,010,660
14,040,262
3,917,409
715,612
15,016,373
7,741,769
2,231,782
6,098,784
36,100,482
1,182,432
9,735,181
2,289,548
37,953,702
1,989,931
254,458
2,324,611
23,733,056
295,670
337,213
Proportion
XR Date
Renunciation
The Kingsbury
03 for 08 @ LKR10.0
15-08-2013
02-09-2013
Pelwatte Sugar
01 for 04 @ LKR18.0
Delayed
Delayed
John Keells Holdings
02 for 13 @ LKR175.0
To be notified
To be notified
###
###
Proportion
EGM Date
XD Date
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
Proportion
EGM Date
XC Date
01 for 05
To be notified
To be notified
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
Proportion
EGM Date
Trading Date
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
0-Jan-1900
Proportion
EGM Date
Trading Date
0-Jan-1900
0-Jan-1900
SCRIP DIVIDEND
Company
CAPITALIZATION OF RESERVES
Company
Abans Electricals
SUBDIVISION OF SHARES
Company
CONSOLIDATION OF SHARES
Company
Page | 4
Local Economy
CURRENCY MOVES
LKR
134
133
132
131
130
129
128
127
126
USD : LKR
LKR
1.38
1.36
1.34
1.32
1.30
1.28
1.26
1.24
Japanese Yen : LKR
LKR
180
EURO : LKR
LKR
210
205
175
200
170
195
165
190
160
185
LKR
105
GBP : LKR
Singapore Dollar : LKR
LKR
2.30
104
2.20
103
2.10
102
2.00
101
1.90
100
1.80
99
1.70
Indian Rupee : LKR
Page | 5
Local Economy
BALANCE OF TRADE
TOURISM
Balance of Trade
Tourist Arrivals
140,000
120,000
2,000
1,600
1,200
800
400
0
-400
-800
-1,200
100,000
80,000
60,000
40,000
20,000
Jan
Exports
Imports
Balance of Trade
Jun-13
Exports
Imports
Balance of Trade
May-13
794
1,549
-755
MoM %
2%
6%
-10%
Jun-12
756
1,419
-663
Apr
May
Jun
2011
Jul
Aug
2012
Sep
Oct
Dec
Jul-13
2013
98,944
611,225
Jul-13
YTD
Nov
2013
For the Month Ending:
YoY %
7%
15%
-25%
INFLATION & INTEREST RATE
2012 Change %
90,338
10%
543,205
13%
COLOMBO TEA AUCTION STATISTICS
Inflation and Treasury Bill Rate
14%
Mar
2010

Jun-13
807
1,637
-829
Feb
Elevation
12%
10%
High Grown
Mid Grown
Low Grown
Total
8%
6%
4%
Sale of
28-Aug-13
437.67
413.28
481.08
464.43
Sale of
21-Aug-13
414.01
399.12
458.50
442.93
WoW %
5.71%
3.55%
4.92%
4.85%
Corres. 2012
423.35
377.48
420.46
414.96
WoW %
0.00%
0.00%
Sale of
30-Jul-13
411.50
410.00
YoY %
3.38%
9.48%
14.42%
11.92%
2%
Aug-12
1-Yr T-Bill
Oct-12
Dec-12
Point to Point
Feb-13
Apr-13

Point to Point
Annual Average Change
1-Yr T-Bill
Jun-13
Annual Average Change
Aug-13
COLOMBO RUBBER AUCTION STATISTICS
Aug-2013
Jul-13
6.1%
8.3%
10.56%
Aug-13
6.3%
8.0%
10.56%
Basis Points
-20
30
0
Elevation
RSS 1
Brown Crepe 1X
Sale of
15-Aug-13
411.50
410.00
Sale of
08-Jun-13
411.50
410.00
WoW %
0.00%
0.00%
Page | 6
Global Markets
EQUITY MARKET OUTLOOK
Index
16,000
Dow Jones Industrial Average
Index
1,750
1,700
15,500
1,650
15,000
1,600
14,500
1,550
14,000
1,500
Index
6,800
6,600
6,400
6,200
6,000
5,800
5,600
S&P 500 Index
FTSE 100 Index
Index
17,000
Nikkei 225
Index
2,900
2,800
2,700
2,600
2,500
2,400
2,300
Index
23,000
15,000
22,000
13,000
21,000
11,000
20,000
9,000
19,000
7,000
18,000
EURO STOXX 50 Price EUR
Hong Kong Hang Seng Index
Page | 7
Global Markets
GLOBAL COMMODITY TREND
USD/bbl
115
110
105
100
95
90
85
WTI CRUDE FUTURE
USD/t oz.
1,450
1,400
1,350
1,300
1,250
1,200
1,150
1,100
1,050
GOLD 100 OZ FUTURE
USd/lb.
95
COTTON NO.2 FUTURE
USd/bu.
720
700
680
660
640
620
600
WHEAT FUTURE(CBT)
90
85
80
75
USd/lb.
340
330
320
310
300
290
280
COPPER FUTURE
Commodity
WTI Crude
USD/bbl
Gold
Copper
USD/t oz.
USd/lb.
Cotton
Wheat
USd/lb.
USd/bu.
This
Week
Last
Week
WoW
Change
108.54
106.98
1.5%
1,368.90
327.15
1,392.50
329.15
-1.7%
-0.6%
82.39
644.00
83.49
654.00
-1.3%
-1.5%
Page | 8
COMB recorded net earnings of LKR2.2bn in 2Q2013, 5.1%%YoY dip, primarily due to the adverse effect on the mark to market
losses on swaps with regard to overseas funding (down 240.3%YoY in net trading losses. The bank recorded a mediocre
growth in its core operations (NII) by 6%YoY in 1H2013 due to the significant 36.3%YoY hike in interest expense due to the
notable growth in deposits. Nevertheless, in 2Q2013 NII improved to 11%YoY buoyed by reduction in interest rates in the
general economic environment.
Dip in earnings owing to losses on swaps: COMB recorded 240.3%YoY dip in net trading in 2Q2013 (a loss of LKR833mn in
2Q2013 cf. gain of LKR594.2mn in 2Q2012) due to the adverse effect on the mark to market losses on swaps in overseas funding.
These losses were partially off-set by the 49%YoY improvement in other operating income which resulted from OBU (Overseas
Banking Unit) of the banks where a gain was registered primarily as a result of rupee depreciation during the quarter and
18%YoY increase in fees and commission income. Nevertheless, cumulative effect resulted in a 0.2%YoY drop in total operating
income in 2Q2013.
LKR ('mn)
Net Interest Income
Total Operating Income
Operating profit before VAT
Profit before tax
Profit for equity holders
Quarterly Performance
2Q2013 2Q2012 YoY % 1Q2013 QoQ %
6,322 5,707
11%
5,615 13%
8,431 8,453
0%
7,768
9%
3,737 3,978
-6%
3,744
0%
3,292 3,484
-6%
3,255
1%
2,231 2,351
-5%
2,257 -1%
6 Month Performance
LKR ('mn)
1-2Q2013 1-2Q2012 YoY %
Net Interest Income
11,938
11,224
6%
Total Operating Income
16,200
17,339
-7%
Operating profit before VAT 7,481
8,554
-13%
Profit before tax
6,548
7,522
-13%
Profit for equity holders
4,488
5,162
-13%
Lacklustre performances in core operations: COMB reported a 6.3%YoY increase in NII in 1H2013 and its NIMs dropped
to 4.5% as at 30th June 2013 cf.4.9% as at 31st Dec 2013 stemming primarily from the 36.3%YoY growth in interest
expense which resulted from the 6.8% growth in deposits cf. 31st Dec 2012 whereas loan book grew by 4.5%. However
COMBs NII picked up by 11% due to general reduction in interest rates in the economy during the period. In addition
Banks total CAR improved to 17.8% in 30th June 2013 cf. 13.8% in 31st Dec 2013 largely on account of the USD75mn IFC
loan raised by the bank which also increased the debt to equity of the bank to 35.9% cf. 17.3% in the same period.
We downgrade our earnings to LKR10.7bn (+6.0%YoY) from LKR11.8bn for 2013E and to LKR 12.6bn (+17.8%YoY) from
LKR14.5bn in 2014E. We reduce our loan growth to 18% for 2013E cf. our previous forecast of 21.5% while we have
reduced NIMs as we expect interest rates to flatten out for the rest of the year and also coupled with COMBs moderate
NII growth in first six months. Our corporate update highlighted a Buy for both Voting and Non-Voting counters.
However given the lesser than expected performance in COMB, we downgrade our target price to LKR125 (10% return
with dividend) for Voting share and LKR95.0 (8%) for Non-Voting share 2014E. Hence we downgrade both counters to a
HOLD.
Softlogic Equity Research
Page | 9
Name
Y/E
Rec
Mkt Price Book Val.
Share
Market
6-Sep-13
Cap.
('Mn)
Cap.
('Mn)
('Mn)
NAVPS
Earnings
P / BV
EPS
Mar'12
Mar'13
Mar'14E
Mar'15E
Dec'11
Dec'12
Dec'13E Dec'14E
EPS Growth (%)
4Q
Mar'12
Mar'13
Mar'14E Mar'15E
Trailing
Dec'11
Dec'12
Dec'13E Dec'14E Trailing
3,098
25.51
29.00
2,014
57.08
73.94
4Q
PER
DPS
Mar'12
Mar'13 Mar'14E Mar'14E
Mar'12
Mar'13
Mar'14E Mar'15E
Dec'11
Dec'12 Dec'13E Dec'13E
Dec'11
Dec'12
4Q
Mar'13
Dec'12
Trailing
ROE
DY (%)
(%)
Banking, Finance & Insurance

Centra l Fi na nce
CFIN.N0000
Ceyl i nco Ins ura nce
CINS.N0000
Commerci a l Ba nk
COMB.N0000 D
Commerci a l Ba nk [X]
COMB.X0000
DFCC Ba nk
Buy
183.10
17,646
104.9
19,204 168.24
1.09
2,675
3,041
1,178.10
14,123
26.4
31,119 534.67
2.20
1,508
1,953
3,437
3,829
32.77
Buy
114.50
55,572
848.7
97,175
65.48
1.75
8,048
10,080
10,685
12,591
9,223
9.48
11.88
12.59
Buy
88.10
55,572
848.7
74,769
65.48
1.35
8,048
10,080
10,685
12,591
9,223
9.48
11.88
DFCC.N0000
MTB
118.20
36,565
265.1
31,335 137.93
0.86
2,900
3,523
3,453
3,915
3,436
10.94
Ha tton Na ti ona l Ba nk
HNB.N0000
Buy
150.50
53,980
398.9
60,032 135.33
1.11
6,149
8,111
9,258
11,113
8,257
Ha tton Na ti ona l Ba nk [X]
Buy
109.10
53,980
398.9
43,518 135.33
0.81
6,149
8,111
9,258
10,908
50.00
20,735
475.2
23,760
43.63
1.15
2,933
1,863
7,217
80.43
1.30
1,714
1,703
2,114
36.51
29.54
46
14
76.24
57
30
13
14.84
10.87
46
25
12.59
14.84
10.87
46
25
13.29
13.02
14.77
12.96
(43)
15.42
20.33
23.21
27.86
20.70
28
8,257
15.42
20.33
23.21
27.86
20.70
1,985
6.17
3.92
4.18
2,494
1,566
24.75
24.58
30.52
36.01
22.61
68
(1)
24
11
7.2
6.3
20.6
15.9
6.2
2.9
1.6
15.2
15.5
12.5
1.1
18
12.1
9.6
9.1
10.7
7.7
10.5
4.5
3.9
18
9.3
7.4
14.5
7.0
5.9
8.1
4.5
5.1
21
(2)
13
10.8
14.5
8.9
9.1
8.0
9.1
5.0
4.2
32
14
20
9.8
7.9
7.4
6.5
5.4
7.3
8.5
5.6
11.4
28
32
14
20
(24)
(36)
7.1
5.4
4.7
3.9
8.1
12.8
18
4.2
4.2
3.4
HNB.X0000
La nka Ori x Lea s i ng Compa ny LOLC.N0000
LB Fi na nce
LFIN.N0000
Buy
104.20
5,571
69.3
Na ti ona l Devel opment Ba nk NDB.N0000
Buy
142.70
23,785
164.7
23,502 144.42
0.99
2,706
8,854
3,533
4,286
8,817
16.43
53.76
21.45
26.03
53.53
26
227
(60)
21
8.7
2.7
Na ti ons Trus t Ba nk
NTB.N0000
Buy
58.80
10,591
230.6
13,560
45.93
1.28
1,534
1,951
2,438
2,990
2,002
6.65
8.46
10.57
12.96
8.68
41
27
25
23
8.8
Pa n As i a Ba nk
PABC.N0000
Buy
16.20
4,100
295.0
4,780
13.89
1.17
824
811
859
995
617
2.79
2.75
2.91
3.37
2.09
128
(2)
16
Peopl e's Lea s i ng
PLC.N0000
Buy
13.50
18,942
1,579.9
21,328
11.99
1.13
4,542
3,073
3,015
3,590
3,016
2.87
1.95
1.91
2.27
1.91
74
(32)
(2)
Sa mpa th Ba nk
SAMP.N0000
Buy
185.00
27,971
167.8
31,035 166.73
1.11
4,151
5,212
4,089
5,339
4,066
24.74
31.07
24.37
31.83
24.24
19
26
(22)
Seyl a n Ba nk
SEYB.N0000
56.20
20,343
345.0
19,387
58.97
0.95
1,006
2,063
2,042
2.92
5.98
5.92
(17)
105
La nka Ori x Fi na nce
LOFC.N0000
2.70
5,479
2,800.0
7,560
1.96
1.38
1,246
686
705
0.44
0.25
0.25
(0)
(45)
315,401
7,771.3
390,992
40.59
1.24
41,935
52,924
68,324
5.40
6.81
8.79
19
26
Sample Sector (16)

Full Sector (60)
512,313
898
1,026
0.32
0.37
31
5.6
5.0
5.3
8.5
7.8
11.4
12.0
0.5
1.0
14.1
2.9
4.6
6.5
6.2
30.8
6.7
5.5
2.7
15.0
10.5
11.4
6.9
5.6
4.5
6.8
2.1
3.6
14.5
5.8
5.9
5.6
4.8
7.7
1.0
6.2
20.1
19
4.7
6.9
7.1
5.9
7.1
1.3
9.3
24.0
31
7.5
6.0
7.6
5.8
7.6
6.0
3.2
14.8
19.3
9.4
9.5
1.0
1.8
4.9
6.1
11.0
10.7
22.7
9.3
7.4
14
8.4
7.4
5.7
1.32
13.3
7.8
Beverage, Food and Tobacco

Ca rgi l l s
CARG.N0000
150.90
12,008
224.0
33,802
Ceyl on Toba cco Compa ny
CTC.N0000
1,116.60
5,041
187.3
209,166
Di s ti l l eri es
DIST.N0000
184.80
50,390
300.0
55,440 167.97
Li on Brewery
LION.N0000
355.00
5,878
80.0
28,400
Nes tl e (La nka )
NEST.N0000
2,008.70
2,569
53.7
75,887
845.0
LTB
Sample Sector (5)

Full Sector (20)
53.61
2.81
1,079
578
453
4.82
2.58
2.02
(1)
(46)
26.91 41.49
6,569
8,176
8,734
9,545
8,570
35.07
43.65
46.63
50.95
45.75
29
24
1.10
5,675
5,520
5,816
6,452
5,701
18.92
18.40
19.39
21.51
19.00
(30)
4.83
1,262
1,046
1,146
1,553
1,020
15.78
13.07
14.33
19.41
12.76
25
107,918
47.82 42.00
2,633
2,994
3,513
3,822
3,449
49.01
55.73
65.39
71.14
64.21
39
14
434,726
89.80
17,219
18,313
19,194
20.38
21.67
22.71
73.47
489,491
5.73
31.3
58.5
31.8
25.6
11
9.8
10.0
9.5
35
22.5
27.2
24.8
41.0
36.0
30.7
28.2
25.2
23.7
(3)
(17)
10
17
23.9
74.6
2.0
1.3
9.0
24.4
43.6
3.9
130.3
8.6
9.7
3.0
1.6
11.3
18.3
27.8
4.0
1.1
21.5
31.3
54.0
2.7
102.5
21.9
22.6
3.92
22.7
20.3
Chemicals & Pharmaceuticals

CIC Hol di ngs
CIC.N0000
54.00
7,685
94.8
5,118
81.09
0.67
863
231
181
9.11
2.44
1.91
(7)
(73)
5.9
22.2
28.3
1.6
3.0
11.2
La nkem Ceyl on
LCEY.N0000
127.60
3,612
24.0
3,062 150.48
0.85
513
297
194
21.39
12.36
8.10
(55)
(42)
6.0
10.3
15.8
0.0
0.0
14.2
11,296
118.8
8,180
0.72
1,376
528
375
11.59
4.44
3.16
(33)
(62)
5.9
15.5
21.8
Sample Sector (2)

Full Sector (10)
95.11
18,079
0.90
12.2
12.6
Construction & Engineering

Col ombo Dockya rd
DOCK.N0000
194.50
Sample Sector (1)
10,172
71.9
13,977 141.55
1.37
1,804
1,977
1,229
25.10
27.51
17.11
(13)
10
7.7
7.1
11.4
10,172
71.9
13,977 141.55
1.37
1,804
1,977
1,229
25.10
27.51
17.11
(13)
10
7.7
7.1
11.4
16,876
1.11
Full Sector (4)
8.0
4.1
17.7
17.7
3.8
Diversified Holdings
Ai tken Spence
SPEN.N0000
114.00
28,215
406.0
46,284
69.50
1.64
3,488
3,267
3,293
8.59
8.05
8.11
38
(6)
13.3
14.2
14.1
1.5
1.3
CT Hol di ngs
CTHR.N0000
135.80
16,957
183.1
24,865
92.61
1.47
1,159
1,150
1,619
6.33
6.28
8.84
34
(1)
21.5
21.6
15.4
0.7
0.5
6.8
Ca rs ons Cumberba tch
CARS.N0000
358.00
35,229
196.4
70,307 179.38
2.00
7,017
4,570
4,692
35.73
23.27
23.89
55
(35)
10.0
15.4
15.0
2.0
0.6
19.9
Expol a nka Hol di ngs
EXPO.N0000
6.80
9,359
1,954.9
13,293
Ha yl eys
HAYL.N0000
290.00
22,638
75.0
Hema s Hol di ngs
HHL.N0000
31.00
12,374
515.3
John Keel l s Hol di ngs
JKH.N0000
209.40
90,686
857.9
Ri cha rd Pei ri s
RICH.N0000
6.10
8,257
1,958.1
11,944
Softl ogi c Hol di ngs
SHL.N0000
8.10
7,384
779.0
6,310
Va l l i bel One
VONE.N0000
14.70
30,980
1,086.6
262,079
8,012.3
LTB
Buy
Sample Sector (10)

Full Sector (18)
4.79
1.42
1,033
1,061
1,100
0.53
0.54
0.56
(33)
12.9
12.5
12.1
0.1
1.8
11.0
21,750 301.84
0.96
1,038
1,854
2,054
13.84
24.72
27.39
43
79
21.0
11.7
10.6
4.5
1.6
4.6
15,974
24.01
1.29
1,165
1,658
1,600
2.26
3.22
3.11
(4)
42
13.7
9.6
10.0
0.8
2.4
9.4
179,649 105.70
1.98
9,687
12,201
12,129
11.29
14.22
14.14
17
26
18.5
14.7
14.8
3.5
1.7
10.7
4.22
1.45
2,575
1,903
1,642
1.32
0.97
0.84
53
(26)
4.6
6.3
7.3
0.2
3.3
31.2
9.48
0.85
483
301
269
0.62
0.39
0.35
(42)
(38)
13.1
21.0
23.4
0.3
3.7
6.5
15,972
28.51
0.52
2,025
1,403
1,550
1.86
1.29
1.43
250
(31)
7.9
11.4
10.3
0.0
0.0
406,348
32.71
1.55
29,669
29,367
29,948
3.70
3.67
3.74
30
(1)
13.7
13.8
435,667
1,302
2,323
0.67
2.14
23
66
1.44
10.2
12.4
6.9
13.6
6.5
11.3
13.0
Healthcare
As i ri Hos pi ta l Hol d.
ASIR.N0000
13.30
5,650
1,099.1
14,618
5.14
2.59
600
777
810
0.55
0.71
0.74
215
29
24.4
18.8
18.0
0.3
1.9
10.6
Na wa l oka Hos pi ta l s
NHL.N0000
2.90
3,881
1,409.5
4,088
2.75
1.05
271
454
456
0.19
0.32
0.32
(75)
68
15.1
9.0
9.0
0.1
1.7
7.0
La nka Hos pi ta l s
LHCL.N0000
37.30
27,164
223.7
8,345 121.41
0.31
437
384
537
1.95
1.72
2.40
51
(12)
19.1
21.7
15.6
0.5
1.3
1.6
36,695
2,732.3
0.74
1,308
1,616
1,803
0.48
0.59
0.66
(16)
24
20.7
16.7
15.0
Sample Sector (3)

Full Sector (6)
27,051
41,594
13.43
1.93
11.2
3.6
Page | 10
Name
Y/E
Rec
Mkt Price Book Val.
Share
Market
6-Sep-13
Cap.
Cap.
Mar'12
Mar'13
Mar'14E
Mar'15E
4Q
Mar'12
Mar'13
Mar'14E Mar'15E
('Mn)
Dec'11
Dec'12
Dec'13E
Dec'14E
Trailing
Dec'11
Dec'12
('Mn)
('Mn)
NAVPS
Earnings
P / BV
EPS
EPS Growth (%)

4Q
PER
DPS
Mar'12
Mar'13 Mar'14E Mar'14E
Mar'12
Mar'13
Mar'14E Mar'15E
Dec'11
Dec'12 Dec'13E Dec'13E
Dec'11
Dec'12
4Q
Mar'13
Dec'12
Trailing
ROE
DY (%)
(%)
Hotels and Travels

Ai tken Sp. Ho. Hol d.
AHUN.N0000 M
64.10
12,937
336.3
21,556
38.47
1.67
1,378
1,782
2,148
1,782
4.10
5.30
6.39
5.30
33
29
21
15.6
12.1
10.0
12.1
1.0
1.6
10.7
Ama ya Lei s ure
CONN.N0000 M
68.20
2,515
48.0
3,276
52.37
1.30
293
377
376
374
6.09
7.84
7.83
7.79
(38)
29
(0)
11.2
8.7
8.7
8.8
4.0
5.9
11.6
As i a n Hotel s & Prop.
AHPL.N0000
68.80
20,762
442.8
30,463
46.89
1.47
2,149
2,494
2,623
2,492
4.85
5.63
5.92
5.63
21
16
14.2
12.2
11.6
12.2
4.0
5.8
10.3
Keel l s Hotel s
KHL.N0000
10.40
16,421
1,456.1
15,144
11.28
0.92
1,105
1,121
1,496
1,121
0.76
0.77
1.03
0.77
111
33
13.7
13.5
10.1
13.5
0.0
0.0
6.7
Ta j
TAJ.N0000
26.40
2,223
139.6
3,686
15.92
1.66
125
246
293
224
0.89
1.76
2.10
1.61
26
97
19
29.5
15.0
12.6
16.4
0.0
0.0
5.6
Tra ns As i a
TRAN.N0000
81.00
5,775
200.0
16,200
28.88
2.81
625
1,066
1,180
1,066
3.12
5.33
5.90
5.33
(5)
71
11
25.9
15.2
13.7
15.2
3.0
3.7
10.8
60,634
2,622.9
90,325
23.12
1.49
5,674
7,086
8,116
6,059
2.16
2.70
3.09
2.31
24
25
15
15.9
12.7
11.1
14.9
Sample Sector (6)

Full Sector (36)
302,953
2.39
9.4
35.8
Land and Property

Col ombo La nd
CLND.N0000
36.90
2,699
199.9
7,376
13.50
2.73
10
335
-90
12
48
0.05
1.68
(0.45)
0.06
0.24
(98)
3,393
(127)
113
769.0
22.0
N/A
614.6
152.2
0.0
0.0
0.4
Overs ea s Rea l i ty
OSEA.N0000
16.40
22,697
843.5
13,833
26.91
0.61
2,681
2,469
1,924
2,158
2,991
3.18
2.93
2.28
2.56
3.55
218
(8)
(22)
12
5.2
5.6
7.2
6.4
4.6
0.3
1.8
11.8
25,396
1,043.4
21,209
24.34
0.84
2,691
2,804
1,834
2,170
3,040
2.58
2.69
1.76
2.08
2.91
102
(35)
18
7.9
7.6
11.6
9.8
7.0
1.2
10.6
Sample Sector (2)

Full Sector (18)
34,878
0.74
6.7
Manufacturing
ACL Ca bl es
ACL.N0000
63.00
5,802
59.9
3,773
96.87
0.65
485
532
513
8.10
8.88
8.56
127
10
Gra i n El eva tors
GRAN.N0000
33.50
2,742
60.0
2,010
45.71
0.73
388
135
87
93
-188
6.46
2.24
1.45
1.55
(3.13)
(18)
(65)
(35)
Chevron Lubri ca nts
LLUB.N0000
Hold
254.90
5,098
120.0
30,588
42.48
6.00
2,001
2,288
2,526
2,621
2,425
16.67
19.06
21.05
21.84
20.21
33
14
La nka Wa l l ti l e
LWL.N0000
LTB
53.10
4,871
54.6
2,899
89.21
0.60
731
520
545
600
474
13.39
9.52
9.98
10.99
8.68
51
(29)
Pi ra ma l Gl a s s
GLAS.N0000
LTB
5.20
3,716
950.1
4,940
3.91
1.33
686
724
761
813
941
0.72
0.76
0.80
0.86
0.99
19
Roya l Cera mi c
RCL.N0000
LTB
80.10
8,384
110.8
8,874
75.67
1.06
1,243
1,670
1,844
2,190
1,411
11.22
15.07
16.64
19.77
12.74
Textured Jers ey
TJL.N0000
Buy
13.40
6,190
655.0
8,777
9.45
1.42
628
1,017
1,186
1,483
1,085
0.96
1.55
1.81
2.26
Tokyo Cement
TKYO.N0000
23.40
7,793
334.1
7,819
23.32
1.00
979
828
1,447
2.93
44,596
2,344.5
69,681
19.02
1.56
7,141
7,713
8,108
3.05
Sample Sector (8)

Full Sector (36)
99,547
7.8
7.1
7.4
1.0
1.6
8.4
5.2
14.9
23.1
21.6
-10.7
0.1
0.4
14.1
10
15.3
13.4
12.1
11.7
12.6
11.0
4.3
39.2
10
4.0
5.6
5.3
4.8
6.1
3.0
5.6
15.0
7.2
6.8
6.5
6.1
5.3
0.4
7.3
18.5
(14)
34
10
19
7.1
5.3
4.8
4.1
6.3
2.0
2.5
14.8
1.66
(8)
62
17
25
14.0
8.6
7.4
5.9
8.1
1.2
9.3
10.1
2.48
4.33
14
(15)
8.0
9.4
5.4
1.0
4.3
12.6
3.29
3.46
15
9.8
9.0
8.6
4.7
16.0
1.27
7.9
Motors
Col oni a l Motors
87.50
3,562
15.2
1,330 234.33
0.37
453
120
Di es el & Motor Engi neeri ng DIMO.N0000 M
COLO.N0000
456.20
7,571
8.9
4,049 852.93
0.53
2,702
462
Uni ted Motors
103.00
7,747
67.3
6,929 115.18
0.89
2,281
2,013
2,011
18,880
91.3
12,308 206.70
0.65
5,436
2,595
2,496
20,689
0.92
UML.N0000
Sample Sector (3)

Full Sector (6)
29.80
7.91
1.47
95
(73)
2.9
11.1
59.6
3.0
3.4
12.7
462 304.36
22
52.06
52.05
27
(83)
1.5
8.8
8.8
10.0
2.2
35.7
33.91
29.92
29.90
153
(12)
3.0
3.4
3.4
10.0
9.7
29.4
59.51
28.41
27.32
67
(52)
2.3
4.7
4.9
6.6
28.8
8.8
Oil Palms
Buki t Da ra h
BUKI.N0000
672.50
Sample Sector (1)
32,716
102.0
68,595 320.74
2.10
7,299
5,042
4,405
71.56
49.43
43.19
43
(31)
9.4
13.6
15.6
3.0
0.4
22.3
32,716
102.0
68,595 320.74
2.10
7,299
5,042
4,405
71.56
49.43
43.19
43
(31)
9.4
13.6
15.6
3.0
0.4
22.3
98,661
1.74
Full Sector (5)
18.1
Plantations
Ba l a ngoda
BALA.N0000
24.00
2,660
23.6
567 112.53
0.21
25
118
62
1.08
5.01
2.64
(85)
366
22.3
4.8
9.1
1.0
Hora na
HOPL.N0000
20.40
1,391
25.0
510
55.63
0.37
87
220
201
3.49
8.82
8.04
(73)
152
5.8
2.3
2.5
2.0
Kega l l e
KGAL.N0000
93.00
3,439
25.0
2,325 137.54
0.68
769
544
542
30.77
21.74
21.70
(8)
(29)
3.0
4.3
4.3
12.0
12.9
22.4
Kel a ni Va l l ey
KVAL.N0000
81.90
2,524
34.0
2,785
74.24
1.10
460
584
650
13.54
17.19
19.12
44
27
6.0
4.8
4.3
6.0
7.3
18.2
Kota ga l a
KOTA.N0000
39.90
3,535
40.0
1,596
88.38
0.45
439
517
378
10.97
12.92
9.44
(34)
18
3.6
3.1
4.2
2.5
6.3
12.4
Wa ta wa l a
WATA.N0000 M
9.30
3,855
236.7
2,201
16.29
0.57
455
680
755
1.92
2.87
3.19
(29)
49
4.8
3.2
2.9
0.8
17,403
384.3
9,984
45.29
0.57
2,236
2,664
2,589
5.82
6.93
6.74
(24)
19
4.5
3.7
3.9
Sample Sector (6)

Full Sector (19)
22,138
0.60
1.0
6.3
11.8
12.8
5.0
Power and Energy

La nka IOC
LIOC.N0000
25.40
14,378
532.5
13,526
27.00
0.94
906
2,911
4,069
1.70
5.47
7.64
221
14.9
4.6
3.3
0.0
Va l l i bel
VPEL.N0000
6.00
2,068
747.1
4,483
2.77
2.17
249
289
482
0.33
0.39
0.65
(41)
16
18.0
15.5
9.3
0.3
4.2
12.0
La ugfs Ga s
LGL.N0000
25.10
1.5
6.0
13.3
Sample Sector (3)
6,178
387.0
9,714
15.96
1.57
822
1,061
1,291
2.13
2.74
3.34
(4)
29
11.8
9.2
7.5
22,624
1,666.6
27,723
13.57
1.23
1,977
4,261
5,843
1.19
2.56
3.51
(8)
116
14.0
6.5
4.7
Full Sector (8)
33,173
1.14
6.3
8.7
5.1
Telecommunications
Di a l og Axi a ta
DIAL.N0000
8.10
37,086
8,143.8
65,965
4.55
1.78
5,354
6,521
7,569
8,156
0.66
0.80
0.93
1.00
22
16
12.3
10.1
8.7
8.1
0.3
4.1
Sri La nka Tel ecom
SLTL.N0000
38.50
55,315
1,804.9
69,487
30.65
1.26
4,781
5,329
5,912
4,976
2.65
2.95
3.28
2.76
21
11
11
14.5
13.0
11.8
14.0
0.9
2.2
92,401
9,948.6
135,452
9.29
1.47
10,135
11,850
13,481
13,132
1.02
1.19
1.36
1.32
13
17
14
13.4
11.4
10.0
10.3
Sample Sector (2)

Full Sector (2)
135,452
1.47
14.4
8.6
11.0
10.2
Trading
Browns
BRWN.N0000 M
83.70
15,058
70.9
3.39
(79)
5.1
24.7
24.7
1.3
1.6
7.7
4,812
125.2
11,544
38.43
2.40
985
10.11
9.09
3.39
7.87
(47)
92.20
240
1,138
16.43
SINS.N0000
1,164
1,266
240
Si nger Sri La nka
90
(10)
9.1
10.1
11.7
6.0
6.5
26.3
19,870
196.1
17,477 101.33
0.88
2,431
1,378
1,225
12.40
7.03
6.25
(15)
(43)
7.2
12.7
14.3
22,411
0.94
Sample Sector (2)
Full Sector (8)
Sample Market (70)

Total Market (284)
5,932 212.47
1,046,050 37,951.4 1,734,025

2,336,485
27.56
0.39
1.66
1.62
12.2
11.5
138,331 150,117 169,632 195,077 167,769
3.64
3.96
4.47
5.14
4.42
17
13
15
12.5
11.6
10.2
8.9
10.3
11.9
13.2
Page | 11
Softlogic Equity Sales
Dimantha Mathew
dimantha.mathew@equity.softlogic.lk
+94 11 7277030
Dihan Dedigama
dihan.dedigama@equity.softlogic.lk
+94 11 7277010, +94 77 7689933
Eardley Kern
l.kern@equity.softlogic.lk
+94 11 7277053, +94 77 7348018
Kavindu Ranasinghe
kavindu.ranasinghe@equity.softlogic.lk
+94 11 7277031
Sonali Abayasekera
sonali.abayasekera@equity.softlogic.lk
+94 11 7277051, +94 77 7736059
Thanuja De Silva
thanuja.desilva@equity.softlogic.lk
+94 11 7277059, +94 77 3120018
Imalka Hettiarachchi
imalka.hettiarachchi@equity.softlogic.lk
+94 11 7277032
Branches
Chandima Kariyawasam
chandima.kariyawasam@equity.softlogic.lk
+94 11 7277058, +94 77 7885778
Horana
Negombo
Kurunegala
Madushanka Rathnayaka
No. 212, 1st floor, Panadura road, Horana
Krishan Williams
No. 121, St. Joseph Street Negombo
krishan.williams@equity.softlogic.lk
+94 31 2224714-5, +94 77 3569827
Bandula Lansakara
No.13, Rajapihilla Mawatha, Kurunegala
bandula.lansakara@equity.softlogic.lk
+94 37 2232875, +94 77 3615790
madushanka.rathnayaka@equity.softlogic.lk
+94 34 7451000, +94 77 3566465
Matara
nd
No. 8A, 2 Floor, FN Building,

Station Road, Matara
+94 41 7451000,
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 been
independently 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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Page | 12

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Weekly Plus - 2013 Issue 36 (06.09.2013)

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2013

Week Ending 06-09-2013

Weekly Market Wrap Up

Local Economy in Brief

Our Core Coverage

Weekly Stat Page

Weekly Turnover and Volume

Daily Index Movement

Weekly Foreign Purchases and Sales

Daily Foreign Activity

Net Foreign 989

Weekly Foreign Flow

Change in Foreign Holding

COMMERCIAL BANK (+)

Weekly Sector Statistics

Growth in Foreign Holding

Weekly Market Valuations

Linear (Foreign Activity)

BANKS FINANCE & INS.

Weekly Stock Trends

Weekly Top Losers

Weekly Top Performers

NAT. DEV. BANK

Weekly Top Volume

S & P SL20 Debrief

Daily Index Movement

Asia Siyaka Commodities

Alliance Finance Company

Convinience Foods Lanka

S&P SL20 Companies

John Keells Holdings

Japanese Yen : LKR

Singapore Dollar : LKR

Indian Rupee : LKR

For the Month Ending:

INFLATION & INTEREST RATE

COLOMBO TEA AUCTION STATISTICS

Inflation and Treasury Bill Rate

For the Month Ending:

For the Month Ending:

Annual Average Change

COLOMBO RUBBER AUCTION STATISTICS

Dow Jones Industrial Average

S&P 500 Index

FTSE 100 Index

EURO STOXX 50 Price EUR

Hong Kong Hang Seng Index

WTI CRUDE FUTURE

GOLD 100 OZ FUTURE

COTTON NO.2 FUTURE

Softlogic Equity Research

Mkt Price Book Val.

EPS Growth (%)

Dec'13E Dec'14E Trailing

Mar'13 Mar'14E Mar'14E

Dec'12 Dec'13E Dec'13E

Dec'13E Dec'14E Trailing

Banking, Finance & Insurance

Ceyl i nco Ins ura nce

Ha tton Na ti ona l Ba nk [X]

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

Na ti ona l Devel opment Ba nk NDB.N0000

Peopl e's Lea s i ng