Weekly Plus - 2014 Issue 08 (21.02.2014)

2014
Issue 08
Week Ending 21-02-2014
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:
Corporate Update- NDB
Pg 09
Our Core Coverage
Pg 10- Pg 11
Weekly Stat Page

Weekly Market Statistics
Weekly Turnover and Volume
Daily Index Movement

6,300
8,000
400
6,200
6,000
5,900
5,800
6,000
300
4,000
200
2,000
100
('Mn)
LKR ('Mn)
6,100
ASPI
S&P SL20
Turnover (LKR 'bn)
Volume ('mn)
Market Cap. (LKR 'bn)
5,700
0
0
31-Jan
ASPI
7-Feb
Turnover (LHS)
14-Feb
21-Feb
Volume (RHS)
Weekly Foreign Purchases and Sales
Daily Foreign Activity

50%
Net Foreign 208
40%
5,000
30%
4,000
-3064
-1078
Weekly Foreign Flow

LKR ('mn)
Foreign Purchases
Foreign Sales
Net Foreign Inflow
Foreign Participation
Current
Previous
1,040.8
900.7
1,814.0
1,978.9
-773.2
-1,078.2
26%
39%
WoW %
15.6%
-8.3%
-28%
-34.9%
Weekly Market Valuations

Current
Previous
15.7
16.1
2.0
2.0
2.9
2.8
LKR ('Mn)
PER
PBV
DY
2,000
10%
WoW %
-2.4%
-2.6%
-14.7%
-11.9%
-2.4%
-773
3,000
20%
Current
Previous
5937.28
6083.39
3237.82
3325.76
3,853.9
4,519.6
212.2
240.8
2,479.4
2,539.5
WoW %
-2.4%
-2.4%
3.6%
1,000
0%
Weekly Sector Statistics
0
31-Jan
Foreign Activity
Linear (Foreign Activity)
7-Feb
Foreign Buying
14-Feb
21-Feb
Foreign Sales
Change in Foreign Holding

Growth in Foreign Holding
NAT. DEV. BANK (+)
A.SPEN.HOT.HOLD.
TEXTURED JERSEY
SAMPATH (+)
LAUGFS GAS
Growth in Growth in
Value
Foreign Decline in Foreign Holding
LKR 'mn
Holding
37.0
12.2
12.1
10.1
7.6
0.3%
1.86%
0.3%
0.23%
18.34%
DIALOG (+)
NATIONS TRUST (+)
JKH
AMANA BANK (+)
COMMERCIAL BANK (+)
Decline in
Value
LKR 'mn
-319.2
-283.4
-215.3
-47.4
-33.1
Decline in
Foreign
Holding
-0.47%
-13.71%
-0.19%
-1.3%
-0.10%
BANKS FINANCE & INS.

BEV. FOOD & TOBACCO
CHEM. & PHARMA.
CONS. & ENG.
DIVERSIFIED
HEALTH CARE
HOTELS & TRAVELS
LAND & PROPERTY
MANUFACTURING
MOTORS
PLANTATIONS
TELECOM
Current
Previous
13,344.0 13,498.9
20,247.3 21,220.7
5,873.8
6,180.0
2,751.7
2,797.9
1,714.1
1,762.3
759.8
779.7
3,128.3
3,177.6
559.9
579.6
2,863.2
2,954.3
15,226.5 15,324.0
710.5
728.7
168.6
169.6
WoW %
-1.1%
-4.6%
-5.0%
-1.7%
-2.7%
-2.5%
-1.6%
-3.4%
-3.1%
-0.6%
-2.5%
-0.6%
Page | 2
Weekly Stock Trends

Weekly Top Gainers
Company
Current
Previous
WoW %
High
Low
Volume
Turnover
52 High
52 Low
BIMPUTH FINANCE
51.30
41.60
23.32%
59.00
41.50
86,139
4,333,818
59.00
13.20
FINLAYS COLOMBO
301.90
245.20
23.12%
301.90
270.00
874
320.00
210.10
SELINSING
1,239.00
1,035.00
19.71%
1,287.00
1,035.20
10
11,012
1,349.40
970.00
SHALIMAR
996.50
900.00
10.72%
997.00
996.00
1,993
1,038.00
750.00
MORISONS[NON VOTING]
200.00
185.00
8.11%
200.00
180.00
1,130
221.00
89.60
Weekly Top Losers

Company
Previous
WoW %
High
1,350.10
1,799.90
-24.99%
1,350.10
1,350.10
1,350
1,799.90
811.00
61.00
80.00
-23.75%
61.00
61.00
61
82.00
50.20
THE FINANCE CO.[NON VOTING]
5.00
6.40
-21.88%
6.50
5.00
1,292,843
7,083,638
9.60
2.90
S M B LEASING[NON VOTING]
0.40
0.50
-20.00%
0.60
0.40
4,115,300
2,006,302
0.70
0.30
PC HOUSE
0.40
0.50
-20.00%
0.60
0.30
30,617,836
11,653,013
4.70
0.30
CEYLON PRINTERS
Current
TANGERINE
Low
Volume
Turnover
52 High
52 Low
Weekly Top Performers

Company
JKH
NATIONS TRUST
Current
212.30
Previous
WoW %
High
222.00
-4.37%
221.70
Low
Volume
Turnover
211.00
4,237,152
903,114,748
52 High
52 Low
299.80
204.00
65.30
66.00
-1.06%
66.50
65.20
8,110,534
535,290,559
69.00
57.00
SAMPATH
169.60
167.00
1.56%
171.00
164.20
1,435,224
242,850,935
238.00
161.60
COMMERCIAL BANK
114.90
118.00
-2.63%
118.20
114.50
1,369,150
158,773,392
131.50
105.20
13.70
12.80
7.03%
14.70
13.00
8,771,948
128,329,951
18.70
9.90
Volume
Turnover
52 High
52 Low
LANKA CENTURY
Weekly Top Volume

Company
Current
Previous
WoW %
High
Low
PC HOUSE
0.40
0.50
-20.00%
0.60
0.30
30,617,836
11,653,013
4.70
0.30
AMANA BANK
5.10
5.60
-8.93%
5.70
5.00
9,821,370
58,438,061
7.10
5.00
13.70
12.80
7.03%
14.70
13.00
8,771,948
128,329,951
18.70
9.90
2.00
2.10
-4.76%
2.10
1.90
8,254,607
16,400,113
3.00
1.90
65.30
66.00
-1.06%
66.50
65.20
8,110,534
535,290,559
69.00
57.00
LANKA CENTURY
FLC HOLDINGS
NATIONS TRUST
Page | 3
S & P SL20 Debrief
Announcements
DIVIDENDS
Daily Index Movement
Company
3,500
3,450
3,400
3,350
3,300
3,250
3,200
3,150
3,100
Dividend (LKR)
XD Date
National Development Bank
5.00
25-02-2014
07-03-2014
Asian Alliance Insurance
4.80
26-02-2014
10-03-2014
HNB Assurance
3.25
28-03-2014
07-04-2014
AIA Insurance Lanka
2.00
28-03-2014
07-04-2014
Kelani Valley Plantations
3.50
31-03-2014
08-04-2014
Talawakelle Tea Estates
3.00
01-04-2014
09-04-2014
Sampath Bank
8.00
01-04-2014
08-04-2014
Ceylon Tobacco Company
8.55
03-04-2014
11-04-2014
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)
LANKA ORIX LEASING COMPANY
NESTLE LANKA
ASIAN HOTELS & PROPERTIES
LION BREWERY CEYLON
Payment
Current
212.30
114.90
575.00
152.60
350.00
169.60
1,157.60
142.00
100.00
185.00
139.00
208.00
293.90
278.00
9.20
139.00
74.20
2,020.90
59.30
392.10
Previous
222.00
118.00
600.30
156.00
350.00
167.00
1,250.00
145.90
102.60
182.70
142.00
215.00
295.00
280.10
9.20
147.00
75.00
2,100.00
62.00
385.00
WoW %
-4.37%
-2.63%
-4.21%
-2.18%
0.00%
1.56%
-7.39%
-2.67%
-2.53%
1.26%
-2.11%
-3.26%
-0.37%
-0.75%
0.00%
-5.44%
-1.07%
-3.77%
-4.35%
1.84%
Turnover
903,114,748
158,773,392
1,525,591
3,416,831
13,065,710
242,850,935
5,575,814
8,465,233
78,030,808
84,643,877
1,019,213
6,973,321
5,541,356
16,327,453
334,492,718
1,849,300
5,606,197
13,526,378
2,504,654
4,693,408
Proportion
XR Date
Renunciation
Pelawatte Sugar
1 for 4 @ LKR18.0
To Be Notified
To Be Notified
Arpico Finance
2 for 3 @ LKR50.0
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
SCRIP DIVIDEND
Company
CAPITALIZATION OF RESERVES
Company
Proportion
EGM Date
XC 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
SUBDIVISION OF SHARES
Company
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
0
0
0
0
0
CONSOLIDATION OF SHARES
Company
0-Jan-1900
0-Jan-1900
Page | 4
Local Economy
CURRENCY MOVES
LKR
131
USD : LKR
131
131
131
131
130
130
LKR
1.30
Japanese Yen : LKR
LKR
181
180
179
178
177
176
175
174
LKR
105
1.28
104
1.26
103
1.24
102
1.22
101
1.20
100
EURO : LKR
Singapore Dollar : LKR
LKR
222
220
218
216
214
212
210
208
LKR
2.16
2.14
2.12
2.10
2.08
2.06
2.04
2.02
GBP : LKR
Indian Rupee : LKR
Page | 5
Local Economy
BALANCE OF TRADE
TOURISM
Balance of Trade
2,000
1,600
1,200
800
400
0
-400
-800
-1,200
Tourist Arrivals
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
Jan
Exports
Imports
Dec-13
Exports
Imports
Balance of Trade
Nov-13
1,032
1,648
-616
MoM %
-4%
-6%
8%
Dec-12
871
1,512
-641
Apr
May
Jun
2011
Jul
Aug
2012
Sep
Oct
Dec
Dec-13
2013
153,918
1,274,593
Dec-13
YTD
Nov
2013
For the Month Ending:
YoY %
13%
3%
12%
INFLATION & INTEREST RATE
2012 Change %
85,874
79%
1,030,488
24%
COLOMBO TEA AUCTION STATISTICS
Inflation and Treasury Bill Rate
14%
Mar
2010

Dec-13
986
1,551
-565
Feb
Balance of Trade
Elevation
12%
10%
High Grown
Mid Grown
Low Grown
Total
8%
6%
4%
Sale of
11-Feb-14
439.07
419.38
513.57
484.33
Sale of
05-Feb-14
442.57
421.75
519.07
486.82
WoW %
-0.79%
-0.56%
-1.06%
-0.51%
Corres. 2013
413.48
371.14
418.57
410.82
WoW %
-6.56%
5.94%
Sale of
07-Jan-14
340.00
411.50
YoY %
6.19%
13.00%
22.70%
17.89%
2%
Jan-13
Mar-13
1-Yr T-Bill
May-13
Point to Point
Jul-13
Sep-13

Point to Point
Annual Average Change
1-Yr T-Bill
Nov-13
Annual Average Change
Jan-14
COLOMBO RUBBER AUCTION STATISTICS
Jan-2014
Dec-13
4.7%
6.9%
8.29%
Jan-14
4.4%
6.5%
7.15%
Basis Points
30
40
114
Elevation
RSS 1
Brown Crepe 1X
Sale of
07-Feb-14
285.00
330.00
Sale of
30-Jan-14
305.00
311.50
WoW %
-16.18%
-19.81%
Page | 6
Global Markets
EQUITY MARKET OUTLOOK
Index
17,000
Dow Jones Industrial Average
16,500
Index
1,900
S&P 500 Index
Index
3,200
1,850
3,100
1,800
3,000
15,000
1,750
2,900
14,500
1,700
2,800
16,000
15,500
Index
6,900
6,800
6,700
6,600
6,500
6,400
6,300
6,200
FTSE 100 Index
Index
17,000
15,000
13,000
11,000
9,000
7,000
Nikkei 225
Index
25,000
24,000
23,000
22,000
21,000
20,000
19,000
EURO STOXX 50 Price EUR
Hong Kong Hang Seng Index
Page | 7
Global Markets
GLOBAL COMMODITY TREND
USD/bbl
105
WTI CRUDE FUTURE
100
95
USD/t oz.
1,350
GOLD 100 OZ FUTURE
USd/lb.
350
1,300
340
1,250
330
1,200
320
90
1,150
310
85
1,100
300
USd/lb.
95
90
85
80
COTTON NO.2 FUTURE
USd/bu.
800
WHEAT FUTURE(CBT)
COPPER FUTURE
Commodity
This Week
Last
Week
WoW
Change
600
WTI Crude
USD/bbl
Gold
Copper
USD/t oz.
USd/lb.
Cotton
Wheat
USd/lb.
USd/bu.
102.53
100.75
1.8%
1,320.80
327.60
1,325.70
328.25
-0.4%
-0.2%
88.60
611.00
89.04
596.25
-0.5%
2.5%
400
75
200
70
Page | 8
Earnings dipped significantly due to the absence of capital gains during the
quarter and notable impairment charged on few selected loans.
NDB recorded net earnings of LKR445.3 mn in 4Q2013, a significant decline cf. to the comparative
quarter net earnings of LKR6.9bn. Nevertheless, excluding the LKR5.9 capital gain component resultant
with the divestment of Aviva NDB Holdings and Aviva NDB insurance, the group recorded an earnings
dip of c 59.8%YoY in 4Q2013 mainly on account of the significant impairment charges during the
quarter.
Impairments hit bottom line: NDB recorded a 59.8%YoY dip in earnings in 4Q2013 to LKR445.3mn mainly
on account of the higher impairment charges. Total impairment during the quarter was recorded at
LKR1bn which was a notable c 2553%YoY increase. Individual impairment charged consisted of c 70% of
the total impairment during the period. These loans consist of 3-4 individually identified loans and, are likely to be non-recurring (further impairment in these loans) in the coming
quarters. For the financial year the group recorded LKR1.2bn impairment which was a 2354%YoY rise which resulted in a full year earnings decline of 15.0%YoY (excluding capital
gains) to LKR2.6bn.
Marginal Growth in in NII amidst encouraging loan book growth: NDB reported a NII of LKR1.8bn in 4Q2013 which was a marginal growth of 5.8%YoY. Nevertheless, during the
quarter loan book grew by 11.5% cf. marginal growth of 6.0% in the first nine months 2013. However these loans were lent in the latter part of the quarter and the income is yet to
be realized. For the full year FY2013 NDB recorded a healthy 19%YoY rise in NII.
We forecast earnings of NDB at LKR3.2 bn (+23.2% YoY) in 2014E and LKR4.0bn (+22.2% YoY) in 2015E. This translates to a P/E of 9.3x on 2014E and 7.6x on 2015E earnings. In
2014, we expect NDB to further divert its funds to increase the lending portfolio and focus is mainly expected to be in the project financing (which includes infrastructure
development, tourism etc) and the SME sector. In addition, we anticipate NDB to record lower impairment charges conservatively at its historical levels (below 3%) which would
support the bottom-line going forward. We also expect NIMs to decline to 4.1% in 2014E and 4.0% in 2015E cf. 4.5% in 2013 with the overall interest rate decline which would
negatively impact NII (especially in 2014E)(Appendix 1) and the earnings is anticipated to grow through volume (Lending). Given the recent price appreciation of NDB and the
single digit PE multiples we maintain a hold on the counter.
Softlogic Equity Research
Page | 9
Name
Y/E
Rec
Mkt Price Book Val.
Share
Market
21-Feb-14
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
3,084
25.51
29.00
2,087
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
190.00
18,283
104.9
19,928 174.32
1.09
2,675
3,041
1,374.50
14,364
26.4
36,307 543.79
2.53
1,508
1,953
3,437
3,829
32.77
Buy
114.90
58,257
849.3
97,583
68.60
1.68
8,048
10,080
10,685
12,591
9,676
9.48
11.87
12.58
Buy
94.00
58,257
849.3
79,833
68.60
1.37
8,048
10,080
10,685
12,591
9,676
9.48
11.87
DFCC.N0000
MTB
142.00
37,196
265.1
37,644 140.31
1.01
2,900
3,523
3,453
3,915
3,210
10.94
Ha tton Na ti ona l Ba nk
HNB.N0000
Buy
152.60
55,738
400.0
61,042 139.34
1.10
6,149
8,111
9,258
11,113
8,931
Ha tton Na ti ona l Ba nk [X]
Buy
122.10
55,738
400.0
48,842 139.34
0.88
6,149
8,111
9,258
10,908
74.20
21,220
475.2
35,260
44.65
1.66
2,933
1,863
6,732
82.40
1.18
1,714
1,703
2,114
36.51
29.41
46
14
79.01
57
30
7.4
6.6
24.1
18.6
14.83
11.39
46
25
18
12.1
9.7
9.1
12.58
14.83
11.39
46
25
18
9.9
7.9
13.29
13.02
14.77
12.11
(43)
21
(2)
13
13.0
15.37
20.28
23.14
27.78
22.33
28
32
14
20
9.9
8,931
15.37
20.28
23.14
27.78
22.33
1,816
6.17
3.92
3.82
28
32
14
20
(24)
(36)
2,494
1,265
24.75
24.58
30.52
36.01
18.27
68
(1)
24
HNB.X0000
La nka Ori x Lea s i ng Compa ny LOLC.N0000
LB Fi na nce
LFIN.N0000
Buy
97.20
5,707
69.3
Na ti ona l Devel opment Ba nk NDB.N0000
Buy
185.00
24,757
164.8
30,497 150.18
1.23
2,706
8,854
3,533
4,286
9,030
16.41
53.71
21.43
26.00
54.78
26
227
Na ti ons Trus t Ba nk
NTB.N0000
Buy
65.30
11,207
230.6
15,059
48.60
1.34
1,534
1,951
2,211
2,625
2,052
6.65
8.46
9.59
11.38
8.90
41
Pa n As i a Ba nk
PABC.N0000
Buy
15.60
4,128
295.0
4,603
13.99
1.11
824
811
325
633
450
2.79
2.75
1.10
2.14
1.53
Peopl e's Lea s i ng
PLC.N0000
Buy
14.20
18,572
1,579.9
22,434
11.76
1.21
4,542
3,073
3,015
3,590
3,311
2.87
1.95
1.91
2.27
Sa mpa th Ba nk
SAMP.N0000
Buy
169.60
28,856
167.8
28,459 171.96
0.99
4,151
5,212
4,074
6,241
3,881
24.74
31.06
24.28
37.19
Seyl a n Ba nk
SEYB.N0000
63.00
20,799
345.0
21,733
60.29
1.04
1,006
2,063
1,988
2.92
5.98
La nka Ori x Fi na nce
LOFC.N0000
3.80
5,931
2,800.0
10,640
2.12
1.79
1,246
686
617
0.44
0.25
325,015
7,773.3
427,919
41.81
1.32
41,935
52,924
70,004
5.39
6.81
Sample Sector (16)

Full Sector (61)
562,270
898
1,026
0.32
0.37
13
11
5.8
6.5
2.1
1.1
14.6
17.4
12.5
0.9
10.5
7.8
10.1
4.5
3.9
13.8
7.5
6.3
8.3
4.5
4.8
13.8
10.7
10.9
9.6
11.7
5.0
3.5
7.8
7.5
6.6
5.5
6.8
8.5
5.6
11.0
5.3
4.4
7.9
6.0
12.0
18.9
18
3.9
4.0
3.2
(60)
21
11.3
3.4
27
13
19
9.8
128
(2)
(60)
95
2.10
74
(32)
(2)
23.13
19
26
(22)
5.76
(17)
105
0.22
(0)
(45)
9.01
19
26
31
5.2
5.5
8.5
7.0
11.0
19.4
0.5
0.7
13.8
2.7
5.3
6.5
6.7
30.0
8.6
7.1
3.4
15.0
8.1
10.9
7.7
6.8
5.7
7.3
2.1
3.2
13.7
5.6
5.7
14.2
7.3
10.2
1.0
6.4
20.0
19
4.9
7.3
7.4
6.2
6.8
1.3
8.8
24.5
53
6.9
5.5
7.0
4.6
7.3
6.0
3.5
14.4
21.6
10.5
10.9
1.0
1.6
4.8
8.5
15.5
17.2
21.0
10.2
8.1
14
11.8
10.4
6.1
1.42
12.9
8.6
Beverage, Food and Tobacco

Ca rgi l l s
CARG.N0000
139.00
11,755
224.0
31,136
Ceyl on Toba cco Compa ny
CTC.N0000
1,157.60
4,565
187.3
216,846
Di s ti l l eri es
DIST.N0000
208.00
49,925
300.0
62,400 166.42
Li on Brewery
LION.N0000
392.10
6,136
80.0
31,368
Nes tl e (La nka )
NEST.N0000
2,020.90
3,475
53.7
75,856
845.0
LTB
Sample Sector (5)

Full Sector (20)
52.48
2.65
1,079
578
422
4.82
2.58
1.88
(1)
(46)
28.9
53.9
24.37 47.50
6,569
8,176
9,141
10,308
8,603
35.07
43.65
48.80
55.03
45.93
29
24
12
13
33.0
26.5
23.7
1.25
5,675
5,520
5,816
6,452
5,577
18.92
18.40
19.39
21.51
18.59
(30)
(3)
11
11.0
11.3
5.11
1,262
1,046
1,107
1,457
965
15.78
13.07
13.83
18.22
12.06
25
(17)
32
24.9
30.0
108,574
64.68 31.24
2,633
2,994
3,513
3,822
3,557
49.01
55.73
65.39
71.14
66.20
39
14
17
41.2
36.3
450,324
89.77
17,219
18,313
19,123
20.38
21.67
22.63
26.2
24.6
76.71
508,269
5.94
73.8
2.0
1.4
9.2
21.0
25.2
48.8
4.2
143.9
10.7
9.7
11.2
3.0
1.4
11.4
28.3
21.5
32.5
4.0
1.0
20.6
30.9
28.4
30.5
54.0
2.7
75.8
23.5
4.28
22.7
21.2
Chemicals & Pharmaceuticals

CIC Hol di ngs
CIC.N0000
46.10
7,577
94.8
4,369
79.95
0.58
863
231
128
9.11
2.44
1.35
(7)
(73)
5.1
18.9
34.2
1.6
3.5
11.4
La nkem Ceyl on
LCEY.N0000
104.30
3,154
24.0
2,503 131.41
0.79
513
297
-226
21.39
12.36
(9.43)
(55)
(42)
4.9
8.4
-11.1
1.5
1.4
16.3
10,730
118.8
6,872
0.64
1,376
528
-99
11.59
4.44
(0.83)
(33)
(62)
5.0
13.0
-69.7
Sample Sector (2)

Full Sector (10)
90.35
16,564
0.85
12.8
18.7
Construction & Engineering

Col ombo Dockya rd
DOCK.N0000
181.30
Sample Sector (1)
10,477
71.9
13,028 145.80
1.24
1,804
1,977
1,079
25.10
27.51
15.01
(13)
10
7.2
6.6
12.1
10,477
71.9
13,028 145.80
1.24
1,804
1,977
1,079
25.10
27.51
15.01
(13)
10
7.2
6.6
12.1
39,014
2.48
Full Sector (4)
8.0
4.4
17.2
17.2
9.4
Diversified Holdings
Ai tken Spence
SPEN.N0000
100.00
28,815
406.0
40,600
70.97
1.41
3,488
3,267
3,121
8.59
8.05
7.69
38
(6)
11.6
12.4
13.0
1.5
1.5
CT Hol di ngs
CTHR.N0000
139.00
16,707
183.1
25,451
91.25
1.52
1,159
1,150
1,407
6.33
6.28
7.68
34
(1)
22.0
22.1
18.1
0.7
0.5
6.9
Ca rs ons Cumberba tch
CARS.N0000
350.00
30,175
196.4
68,735 153.65
2.28
7,017
4,570
2,988
35.73
23.27
15.21
55
(35)
9.8
15.0
23.0
2.0
0.6
23.3
Expol a nka Hol di ngs
EXPO.N0000
8.00
9,466
1,954.9
15,639
Ha yl eys
HAYL.N0000
293.90
23,074
75.0
Hema s Hol di ngs
HHL.N0000
37.60
12,849
515.3
John Keel l s Hol di ngs
JKH.N0000
212.30
118,674
990.2
Ri cha rd Pei ri s
RICH.N0000
6.50
8,065
1,958.1
Softl ogi c Hol di ngs
SHL.N0000
Va l l i bel One
VONE.N0000
LTB
LTB
4.84
1.65
1,033
1,061
1,143
0.53
0.54
0.58
(33)
15.1
14.7
13.7
0.1
1.5
10.9
22,043 307.66
0.96
1,038
1,854
2,150
13.84
24.72
28.67
43
79
21.2
11.9
10.3
4.5
1.5
4.5
19,375
24.94
1.51
1,165
1,658
1,920
2.26
3.22
3.73
(4)
42
16.6
11.7
10.1
0.8
2.0
9.1
210,226 119.84
1.77
9,687
12,201
12,273
9.78
12.32
12.39
17
26
21.7
17.2
17.1
3.5
1.6
8.2
4.12
1.58
2,575
1,903
1,369
1.32
0.97
0.70
53
(26)
4.9
6.7
9.3
0.2
3.1
31.9
0.33
(42)
(38)
15.6
25.1
29.7
0.3
3.1
6.6
0.95
250
(31)
8.9
12.9
17.5
0.0
0.0
3.40
30
(1)
14.8
15.0
12,728
9.70
7,327
779.0
7,556
9.41
1.03
483
301
16.60
30,388
1,086.6
18,037
27.97
0.59
2,025
1,403
285,540
8,144.6
440,389
35.06
1.54
29,669
29,367
Sample Sector (10)

Full Sector (18)
470,606
1,302
11,874
10,383
2,323
254
0.62
0.39
1,033
1.86
1.29
27,658
3.64
3.61
0.67
11.99
10.49
2.14
23
(3)
(13)
66
12.0
12.1
17.7
20.2
7.8
15.9
1.45
6.7
10.4
15.9
Healthcare
As i ri Hos pi ta l Hol d.
ASIR.N0000
18.90
5,831
1,099.1
20,773
5.31
3.56
609
696
930
0.55
0.63
0.85
219
14
34.1
29.8
22.3
0.5
2.6
10.4
Na wa l oka Hos pi ta l s
NHL.N0000
3.20
3,886
1,409.5
4,510
2.76
1.16
271
454
345
0.19
0.32
0.24
(75)
68
16.7
9.9
13.1
0.1
1.6
7.0
La nka Hos pi ta l s
LHCL.N0000
41.00
27,164
223.7
9,173 121.41
0.34
437
384
564
1.95
1.72
2.52
51
(12)
21.0
23.9
16.3
0.5
1.2
1.6
36,880
2,732.3
0.93
1,317
1,535
1,839
0.48
0.56
0.67
(15)
17
26.2
22.4
18.7
Sample Sector (3)
Softlogic
Equity Research
Full Sector
(6)
34,456
49,680
13.50
2.27
1,027
1,082
0.93
0.98
47
20.2
19.2
19.6
3.6
Page | 10
Name
Y/E
Rec
Mkt Price Book Val.
Share
Market
21-Feb-14
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
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
70.00
13,283
336.3
23,540
39.50
1.77
1,378
1,782
2,148
1,956
4.10
5.30
6.39
5.82
33
29
21
17.1
13.2
11.0
12.0
1.0
1.4
10.4
Ama ya Lei s ure
CONN.N0000 M
70.00
2,700
48.0
3,362
56.22
1.25
293
377
376
369
6.09
7.84
7.83
7.67
(38)
29
(0)
11.5
8.9
8.9
9.1
4.0
5.7
10.8
As i a n Hotel s & Prop.
AHPL.N0000
59.30
21,501
442.8
26,257
48.56
1.22
2,149
2,494
2,386
2,493
2,460
4.85
5.63
5.39
5.63
5.56
21
16
(4)
12.2
10.5
11.0
10.5
10.7
4.0
6.7
10.0
Keel l s Hotel s
KHL.N0000
12.40
17,135
1,456.1
18,056
11.77
1.05
1,105
1,121
1,229
1,384
1,340
0.76
0.77
0.84
0.95
0.92
111
10
13
16.3
16.1
14.7
13.0
13.5
0.0
0.0
6.5
Ta j
TAJ.N0000
30.90
2,051
139.6
4,315
14.69
2.10
125
246
293
-165
0.89
1.76
2.10
(1.18)
26
97
19
34.6
17.5
14.7
-26.1
0.0
0.0
6.1
Tra ns As i a
TRAN.N0000
72.80
5,899
200.0
14,560
29.50
2.47
625
1,066
884
986
3.12
5.33
4.42
4.93
(5)
71
(17)
23.3
13.7
16.5
14.8
3.0
4.1
10.6
62,571
2,622.9
90,090
23.86
1.44
5,674
7,086
7,316
5,945
2.16
2.70
2.79
2.27
24
25
15.9
12.7
12.3
Sample Sector (6)

Full Sector (36)
305,251
927
4.64
15.7
15.2
2.57
9.1
33.5
Land and Property

Col ombo La nd
CLND.N0000
34.10
2,702
199.9
6,816
13.52
2.52
10
335
-90
12
72
0.05
1.68
(0.45)
0.06
0.36
(98)
3,393
(127)
113
710.7
20.3
N/A
568.0
95.2
0.0
0.0
0.4
Overs ea s Rea l i ty
OSEA.N0000
20.00
23,360
843.5
16,870
27.69
0.72
2,681
2,469
1,924
2,158
3,848
3.18
2.93
2.28
2.56
4.56
218
(8)
(22)
12
6.3
6.8
8.8
7.8
4.4
0.5
2.3
11.5
26,062
1,043.4
23,686
24.98
0.91
2,691
2,804
1,834
2,170
3,919
2.58
2.69
1.76
2.08
3.76
102
(35)
18
8.8
8.4
12.9
10.9
6.0
1.6
10.3
Sample Sector (2)

Full Sector (18)
38,657
0.81
6.9
Manufacturing
ACL Ca bl es
ACL.N0000
64.00
5,848
59.9
3,833
97.63
0.66
485
532
534
8.10
8.88
8.91
127
10
Gra i n El eva tors
GRAN.N0000
34.00
2,794
60.0
2,040
46.56
0.73
388
135
87
93
-94
6.46
2.24
1.45
1.55
(1.56)
(18)
(65)
(35)
Chevron Lubri ca nts
LLUB.N0000
Hold
278.00
5,348
120.0
33,360
La nka Wa l l ti l e
LWL.N0000
LTB
60.00
5,535
54.6
Pi ra ma l Gl a s s
GLAS.N0000
Hold
3.80
3,490
Roya l Cera mi c
RCL.N0000
LTB
81.00
Textured Jers ey
TJL.N0000
Buy
Tokyo Cement
TKYO.N0000
Buy
7.9
7.2
7.2
1.0
1.6
8.3
5.3
15.2
23.4
21.9
-21.8
0.1
0.4
13.9
44.56
6.24
2,001
2,288
2,562
2,701
2,513
16.67
19.06
21.35
22.51
20.94
33
14
12
16.7
14.6
13.0
12.4
13.3
15.0
5.4
37.4
3,276 101.38
0.59
731
520
545
600
576
13.39
9.52
9.98
10.99
10.55
51
(29)
10
4.5
6.3
6.0
5.5
5.7
3.0
5.0
13.2
950.1
3,610
3.67
1.03
686
724
361
532
885
0.72
0.76
0.38
0.56
0.93
19
(50)
47
5.3
5.0
10.0
6.8
4.1
0.4
10.0
19.7
8,479
110.8
8,974
76.53
1.06
1,243
1,670
1,844
2,190
1,103
11.22
15.07
16.64
19.77
9.96
(14)
34
10
19
7.2
5.4
4.9
4.1
8.1
2.0
2.5
14.7
15.50
6,315
655.0
10,153
9.64
1.61
628
1,017
1,186
1,495
1,128
0.96
1.55
1.81
2.28
1.72
(8)
62
17
26
16.2
10.0
8.6
6.8
9.0
1.2
8.0
9.9
31.70
7,793
334.1
10,592
23.32
1.36
979
893
1,968
1,511
1,883
2.93
2.67
5.89
4.52
5.63
14
(9)
120
(23)
10.8
11.9
5.4
7.0
5.6
1.0
3.2
12.6
45,600
2,344.5
75,838
19.45
1.66
7,141
7,778
8,527
3.05
3.32
3.64
15
10.6
9.8
5.0
15.7
Sample Sector (8)

Full Sector (36)
111,763
8.9
1.40
9.2
Motors
C M Hol di ngs
82.90
3,315
15.2
1,260 218.11
0.38
453
120
Di es el & Motor Engi neeri ng DIMO.N0000 M
COLO.N0000
502.10
7,729
8.9
4,457 870.76
0.58
2,702
462
Uni ted Motors
125.00
7,895
67.3
8,408 117.37
1.07
2,281
2,013
1,808
18,940
91.3
14,125 207.34
0.75
5,436
2,595
1,777
21,720
0.94
UML.N0000
Sample Sector (3)

Full Sector (6)
-210
29.80
7.91
(13.80)
95
(73)
2.8
10.5
-6.0
3.0
3.6
13.7
179 304.36
52.06
20.19
27
(83)
1.6
9.6
24.9
10.0
2.0
35.0
33.91
29.92
26.88
153
(12)
3.7
4.2
4.7
10.0
8.0
28.9
59.51
28.41
19.46
67
(52)
2.6
5.4
7.9
5.7
28.7
10.1
Oil Palms
Buki t Da ra h
BUKI.N0000
575.00
Sample Sector (1)
27,684
102.0
58,650 271.41
2.12
7,299
5,042
2,649
71.56
49.43
25.97
43
(31)
8.0
11.6
22.1
3.0
0.5
26.4
27,684
102.0
58,650 271.41
2.12
7,299
5,042
2,649
71.56
49.43
25.97
43
(31)
8.0
11.6
22.1
3.0
0.5
26.4
92,271
1.79
Full Sector (5)
26.7
Plantations
Ba l a ngoda
BALA.N0000
29.00
2,701
23.6
685 114.26
0.25
25
118
87
1.08
5.01
3.70
(85)
366
27.0
5.8
7.8
1.0
Hora na
HOPL.N0000
22.80
1,498
25.0
570
59.91
0.38
87
220
132
3.49
8.82
5.28
(73)
152
6.5
2.6
4.3
2.0
Kega l l e
KGAL.N0000
100.60
3,264
25.0
2,515 130.55
0.77
769
544
479
30.77
21.74
19.15
(8)
(29)
3.3
4.6
5.3
12.0
11.9
23.6
Kel a ni Va l l ey
KVAL.N0000
79.00
2,558
34.0
2,686
75.23
1.05
460
584
391
13.54
17.19
11.51
44
27
5.8
4.6
6.9
6.0
7.6
18.0
Kota ga l a
KOTA.N0000
34.10
3,187
40.0
1,364
79.67
0.43
439
517
-173
10.97
12.92
(4.32)
(34)
18
3.1
2.6
-7.9
2.5
7.3
13.8
Wa ta wa l a
WATA.N0000 M
9.60
4,095
236.7
2,272
17.30
0.55
455
680
436
1.92
2.87
1.84
(29)
49
5.0
3.3
5.2
0.5
17,302
384.3
10,092
45.02
0.58
2,236
2,664
1,352
5.82
6.93
3.52
(24)
19
4.5
3.8
7.5
Sample Sector (6)

Full Sector (19)
23,238
0.64
0.9
5.8
11.1
12.9
7.2
Power and Energy

La nka IOC
LIOC.N0000
37.20
16,586
532.5
19,810
31.15
1.19
906
2,911
4,899
1.70
5.47
9.20
221
21.9
6.8
4.0
1.0
Va l l i bel
VPEL.N0000
5.50
1,994
747.1
4,109
2.67
2.06
249
289
641
0.33
0.39
0.86
(41)
16
16.5
14.2
6.4
0.6
10.9
12.5
La ugfs Ga s
LGL.N0000
31.20
7,161
387.0
12,074
18.50
1.69
822
1,061
1,634
2.13
2.74
4.22
(4)
29
14.7
11.4
7.4
1.5
4.8
11.5
25,741
1,666.6
35,994
15.44
1.40
1,977
4,261
7,174
1.19
2.56
4.30
(8)
116
18.2
8.4
Sample Sector (3)

Full Sector (8)
42,335
1,414
1,453
3.65
3.75
33
8.5
8.3
5.5
5.0
1.31
7.7
5.4
Telecommunications
Di a l og Axi a ta
DIAL.N0000
9.20
38,620
8,143.8
74,923
4.74
1.94
5,354
6,521
5,016
0.66
0.80
0.62
22
14.0
11.5
14.9
0.3
3.6
Sri La nka Tel ecom
SLTL.N0000
42.00
56,871
1,804.9
75,804
31.51
1.33
4,781
5,329
4,774
2.65
2.95
2.65
21
11
15.9
14.2
15.9
0.9
2.0
95,491
9,948.6
150,727
9.60
1.58
10,135
11,850
9,790
1.02
1.19
0.98
13
17
14.9
12.7
15.4
Sample Sector (2)

Full Sector (2)
150,727
0.00
1.58
13.9
8.4
10.6
15.4
Trading
Browns
BRWN.N0000 M
89.00
14,064
70.9
3.39
(79)
5.4
26.3
10.8
0.5
0.6
8.3
4,875
125.2
11,269
38.94
2.31
661
10.11
9.09
8.21
5.28
(47)
90.00
240
1,138
16.43
SINS.N0000
1,164
1,266
582
Si nger Sri La nka
90
(10)
8.9
9.9
17.1
6.0
6.7
26.0
18,939
196.1
17,577
96.59
0.93
2,431
1,378
1,242
12.40
7.03
6.34
(15)
(43)
7.2
12.8
14.1
Sample Sector (2)

Full Sector (8)
Sample Market (70)

Total Market (285)
6,308 198.43
22,349
1,082,829 38,085.6 1,849,768
2,510,521
0.45
0.98
28.43
1.71
1.71
12.8
16.9
138,340 150,101 162,109 183,183 161,980
3.63
3.94
4.26
4.81
4.25
17
13
13.4
12.3
11.4
10.1
11.4
13.7
12.8
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
Kavindu Ranasinghe
kavindu.ranasinghe@equity.softlogic.lk
+94 11 7277031
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
Eardley Kern
l.kern@equity.softlogic.lk
+94 11 7277053, +94 77 7348018
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
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,
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 persons
and/or Softlogic Stockbrokers, may have a long or short position in any of the securities or other financial instruments mentioned or
issuers 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 of
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Page | 12

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Weekly Plus - 2014 Issue 08 (21.02.2014)

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2014

Week Ending 21-02-2014

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 208

Weekly Foreign Flow

Weekly Market Valuations

Weekly Sector Statistics

Linear (Foreign Activity)

Change in Foreign Holding

BANKS FINANCE & INS.

Weekly Stock Trends

Weekly Top Losers

THE FINANCE CO.[NON VOTING]

Weekly Top Performers

Weekly Top Volume

S & P SL20 Debrief

Daily Index Movement

National Development Bank

Asian Alliance Insurance

AIA Insurance Lanka

Kelani Valley Plantations

Talawakelle Tea Estates

Ceylon Tobacco Company

S&P SL20 Companies

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