Peoples Leasing Company Ltd

Initial Public Offering of 390 Million Shares

Earnings Review SUBSCRIBE

SLRs.18.00

October 2011

Background

Peoples Leasing Company Limited (PLCL) is a subsidiary of the state owned Peoples Bank. The company was incorporated in 1995 and registered as a Specialized Leasing Company (SLC) under Section 34 of the Finance Leasing Act No. 56 of 2000. PLCL functions as the holding company of the PLC Group which comprises of six subsidiaries. The PLC Group is renowned as a total financial service provider having presence in the spheres of leasing and hire purchase financing, motor and general insurance, fleet management, property development and also operates as a margin provider under a license received from the SEC.

Number of shares to be issued through the IPO (25%) Number of shares held by the principal Shareholder (72%) To tal number of shares in issue subsequent to the offering Issue Price Capital to be raised through the IPO Opening date of the Offering Latest closing date of the Offering Minimum Subscription

390 Mn

1115.4 Mn

1,560 Mn SLRs.18.00

PLCL is the market leader in the leasing and hire purchase industry of Sri Lanka having secured a market share of over 20%, measured in terms of annual disbursements. The Company bears a long term rating of 'A (lka) Stable from Fitch Ratings Lanka Limited, signifying its strong credit profile and excellent track record of performance.

SLRs.7,020 Mn

03 Nov 2011
rd

rd

ObjectivesoftheInitialPublicOffer
To part finance the loan disbursements made by the Company to its customers during the remaining period of the Financial Year 2011/12 through financial products such as leasing, hire purchase and loans.

23 Nov 2011

1000 Shares

KeyRatios
FinancialPeriod EPSAdj.(SLRs.) EPSRecurrent(SLRs.) PE(x) DPSAdj.(SLRs.) NAV(SLRs.) PBV(x) ROE(%) NetInterestMargin(%) NPLRatio(%) WeightedAvg.No.of Shares(Mn) 09/10 1.54 1.54 11.7 0.10 3.96 4.5 18.7 12.0 2.9 750 10/11 1Q11/12 3.48 3.12 5.8 0.10 5.37 3.3 27.9 10.9 1.2 750 1.63 0.63 7.1 6.45 2.8 26.7 1,065 11/12F 3.26 2.37 7.6 0.10 12.23 1.5 14.9 1,195 12/13F Category

AllotmentBasis
% of Issue 10.0% 22.5% 10.0% 27.5% 30.0% 100.0%

Employee Category

2.28 * Retail Indivi. Investors 2.28 Unit Trust 7.9

Non-Retail Investors Identified Investors

0.10 14.41 1.2 15.8 1,560

* Investors who subscribe for shares up to and inclusive of 11,100 shares

Note: EPS is calculated based on weighted average number of shares PeoplesLeasingCompanyLtd IPO FundamentalAnalysisDivision Capital TRUST Research (Pvt) Ltd Page|1

ShareholdingStructureofPLCL
As at 08th September 2011 Name No. of Ordinary Shares 1,115,400,120 54,600,000* % Post IPO No. of Ordinary Shares 1,115,400,120 54,600,000* 390,000,040 1,170,000,120 100.00 1,560,000,160 %

People's Bank Employees of PLC Group IPO Shareholders Total

95.33 4.67

71.50 3.50 25.00 100.00

* Shares held by employees of PLC group were renounced by PB in favour of the employees of PLCL at zero consideration through PBs entitlement of shares by way of a capitalization of reserves of PLCL on 30th June 2011. In terms of a Directive of the SEC the Shares allotted to PB and the employees of PLC group on 30th June 2011, would be subject to a lock-in for a period of one (1) year from the date of allotment (i.e. until June 30, 2012). Thus these shares would not be available for any secondary market trading on the CSE until 30th June 2012.

GroupStructure

95.33%

88.51%

100%

100%

100%

100%

100%

PeoplesFinance PLC (SMLL.N0000) HirePurchase Leasing Deposits

PeoplesInsurance General Insurance

Peoples MicrofinanceLtd MicroFinancing MicroCredit MicroDeposits

PeoplesLeasing Fleet ManagementLtd VehicleRenting Vehicle& Machinery Valuation

PeoplesLeasing Property DevelopmentLtd Ownershipof PLCLHeadOffice

PeoplesLeasing Havelock PropertiesLtd Incorporatedto HandleNew Property Development

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FinancialHighlights&Ratios
FY08/09 Revenue(SLRs.Mn) NetInterestIncome(SLRs.Mn) +/YoYGrowth OperatingIncome(SLRs.Mn) OperatingProfit(SLRs.Mn) +/YoYGrowth ProfitBeforTax(SLRs.Mn) NetProfit(SLRs.) RecurrentNetProfit(SLRs.Mn) +/YoYGrowth EPS(SLRs.) EPSRecurrent(SLRs.) PE(x) DPS(SLRs.) Equity NAV(SLRs.) PBV(x) ROE(%) NetInterestMargin(%) PLCL IndustryAverageforSLC's NonPerformingLoanRatio(NPL) PLCL IndustryAverageforSLC's WeightedAvg.No.ofShares(Mn) LendingPortfolio(SLRs.Mn) Borrowings(SLRs.Mn) FY09/10 FY10/11 FY11/12 FY11/12F FY12/13F 1Q

7,150 8,058 10,662 3,443 13,771 15,686 2,536 3,454 5,014 1,522 6,504 8,466 40% 36% 45% 49% 30% 30% 3,188 4,105 6,084 1,729 7,332 9,495 2,151 2,333 4,244 2,674 6,190 5,711 55% 8% 82% 369% 46% 8% 1,882 2,058 3,843 2,499 5,733 5,289 1,039 1,152 2,612 1,734 3,898 3,557 1,039 1,152 2,338 671* 2,835* 3,557 29% 11% 103% 131% 21% 25% 1.38 1.54 3.48 1.63 3.26 2.28 1.38 1.54 3.12 0.63 2.37 2.28 13.0 11.7 5.8 7.1 7.6 7.9 0.10 0.10 0.10 0.10 0.10 5,447 6,173 8,383 10,057 19,085 22,486 3.49 3.96 5.37 6.45 12.23 14.41 5.2 4.5 3.3 2.8 1.5 1.2 19% 10.4% 4.5% 2.3% 5.4% 19% 12.0% 5.0% 2.9% 7.6% 28% 10.9% 6.6% 1.2% 5.1% 27% N/A N/A N/A N/A 15% N/A N/A N/A N/A 16% N/A N/A N/A N/A

750 750 750 1,065 1,195 1,560 22,533 28,509 55,629 65,373 83,692 119,985 17,003 20,074 39,931 56,203 65,577 100,626

*During 1QFY/11/12 a reversal of general provision resulted in profit increasing by SLRs.1,063mn. This has been
excluded in arriving at recurrent profits, based on which investor ratios are calculated.

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Ope erationalOverview w

Net Interest In t ncome

PLC reported a 30% CAG in net int CL GR terest income over the la four year to e ast rs reac a land mar of SLRs.5 during F ch rk 5bn FY10/11. On a YoY basis the net inte s erest inco grew by a staggering 45.2% durin FY10/11. ome g ng . nancialYear Fin SLR Rs.Mn InterestandSim milarIncome e milarExpens ses InterestandSim come NetInterestInc NetInterestMargin(%) 07/08 08/09 8 3,973 3 2,161 1 1,812 2 9.6% % 5,744 3,208 2,536 10.4% 09/10 6,776 3,323 3,454 12.0% 10/ /11 8,916 3,902 5,014 9% 10.9 4YrCA AGR 28% 2 26% 2 30% 3
n SLRs.Bn 6,000 5,000 4,000 3,000 2,000 1,000 FY06/07 FY07 7/08 FY08/09 FY0 09/10 FY10/11

NetInterestIncome e

Duri FY10/11 approximat ing 1 tely 87.5% o interest inc of come was ge enerated thro ough Fina ance Leases and HP faci ilities with a 24% CAGR during the last four ye R e ears. On a YoY basis interest income from Finance Lease and HP facilities grew by s es fa w 31% during FY1 % 10/11. Low i interest rates and governm stance to reduce im ment mport duty on motor v y vehicles were the driving forces of th phenomen growth in net e his nal n inter income rest

Disb bursements
31stMar2010 SLR Rs.Mn Lea asing Hir rePurchase Loa ans&Advances Tot talDisbursem ments 11,268 15,471 1,770 28,509 31stM Mar2011 24,223 28,061 3,345 55,629 30thJun20 011 30,1 117 31,6 656 3,6 600 65,3 373
SLRs.Bn n 70 60 50 40 30 20

Disb bursements

Duri FY10/11 disburseme ing 1 ents increase by 95% to SLRs.55.6 compared to ed o 6bn SLR Rs.28.5bn du uring the pre evious financ year. Du cial uring the 1Q of FY11/1 it Q 12 reac ched SLRs.6 65bn. In ach hieving this rapid grow wth, PLCLs network of 37 f bran offices an 121 wind nch nd dow offices a PB branch enabled them to incre at hes t ease their market sh r hare. PLCL being a sub bsidiary of Sri Lankas second lar s rgest com mmercial bank has a distin k nctive advantage of havin access to a large custo ng omer base e.
HirePurchas seAdvances 2011
Dual Purpose 27% Motor Cars 22% Bikes& Three Wheeler s 5%

10 Mar07 Mar08 Mar09 Mar10 M Mar11 Jun11

Leasin ngAdvances 2011

Dual Purpose 9%

Motor Cars 24%

Bikes& Three Wheeler s 1%

Buses 20% Lorries L 26% Lorr ries 34 4%

Buses 32%

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Asset Growth & Quality

PLC Assets CA CL AGR 2X that of Other SL t LCs CL eached SLR Rs.64bn by 31 March 2 3 2011 The total asset base of PLC group, re resenting a fo year ass CAGR of 39%. This growth is nearly two ti four set f n imes repr that of the other SLCs asset CAGR of 18%. m ts 2011, approx ximately 82% is represen % nted From total asset held as of 31st March 2 by R Rentals Rece eivable on Le ease & HP. A Approximate 75% of leasing advan ely nces and 73% of HP advances h P have been e extended to income gen nerating vehi icles ting classifie as lorries, buses and d ed , dual purpose vehicles), t e thus (Income generat ault rentals from this category is minimal as these veh y hicles are use to ed defa of lease r gene erate income that would p for the le e pay ease rentals compared to other catego o ories of vehicles whic are used fo mere cons ch or sumption.
st

n SLRs.Bn 70 60 50 40 30 20 10 2007

PLC CLTotalAsset ts

2008 8

2009

20 010

2011

SLCIndustryAsset ts
PLC CL OtherSLCs 22% 36%

2010

PLC Accounts for 36% of SLC Industr Assets CL s f ry Out of the 21 S SLCs, PLCL accounts f nearly 36 of SLC industry as L for 6% ssets. Whe including assets held by RFCs it accounts fo 14% of th total indu en g d t or he ustry asse Thus PLC maintains a dominant position am ets. CL s t mongst its pee ers. 2006
64% 78%

A % NPA NPA Ratio 1.2% Compared to Sector NP of 5.1% PLC has been able to main CL ntain a better control over the NPA as compared t its r s to com mpetitors whi disbursem ilst ments have grown at a higher rate than that of the f indu ustry average over the l e last 5 years. Despite the increase in disbursem . ments PLC succeeded in maintai CL ining superio asset qua or ality. This ha been poss as sible due to the string gent credit e evaluation an monitorin processes adopted by the nd ng s y mpany. The gross NPA ratio has co ontinuously d decreased fr rom 4.1% in FY n Com 2006 6/07 to 1.2% in FY 2010 % 0/11.
NonPerf formingAdvan nces
8.0% 7.6% 7

6.0% 4.1% 4.0% 3.5% 2.0% 3.2% 4.1%

5.4%

5.1%

Ope erational E Efficiency
Cost efficient ac t ccess to a wid customer base via win de r ndow offices s The Window O Offices main ntained at PB branches has enabled PLCL to at ttract sign nificant volum in leasin and HP fa mes ng acilities, for a small incremental overh head cost t. The ave erage overh head cost fo a windo office is approxima or ow s ately SLR Rs.45,000 inc cluding the salaries paid t the staff. to Low cost-to-inco ratio res w ome sults in a hig ghly profitab operation ble n Ope erating expen to operat nse ting income ratio has de eclined signif ficantly over the r last five years, a during FY and Y2010/11 op perating expe enses accoun to only 2 nted 28% of o operating inc come. Thus P PLCL enjoys a very high operating profit margi of s in 72% %.

0.0% 06/07

2.9% 2 2.3% PLCLG GrossNPA SLCsSectorGrossNPA 07/0 08 08/09 09 9/10

1.2% 10/11

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Operating Expense/ Income (SLRs.Mn) 6,000 5,000 4,000 3,000

OperatingIncomeVsExpense

TotalOperatingIncome OperatingExpenses OperatingExpensetoOperatingIncomeRatio 55.0% 42.8% 32.2% 40.9% 27.8%

Oper.Costto Oper.Inc.Ratio (%) 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 35.0% 34.0% 33.0% 32.0% 31.0% 30.0% 29.0% 28.0% 27.0% 26.0% 25.0%

CosttoIncomeRatio

33.6%

30.5%

28.0%

27.7%

2,000 1,000 06/07 07/08 08/09 09/10

27.5%

10/11

06/07

07/08

08/09

09/10

10/11

PLCLs present Cost to Income Ratio of 27.5% is well below the local peers.

FY2010/2011 CosttoIncomeRatio LOLC 49.4% LFIN 33.4% CFIN 40.3% PLCL 27.5%

Profitability
NetProfit SLRs.Mn 3,000 2,500 2,000 1,500 1,000 500 06/07 07/08 08/09 09/10 10/11 12% 14% 15% 15% 15% 10%

NetProfit
NetProfit NetProfitMargin

PLCL reported a net profit CAGR of 36.7% over the past four years to reach SLRs.2.6bn during FY10/11. Net profit margins incresed from 15% to 24% during FY10/11 on recurrent earnings. Based on forecasted earnings for FY11/12 PLCL group net profit margin will reach 28% due to the oneoff reversal of provisions. On a recurrent basis net profit margins are expected to tren towards 20%.

NetProfit Margin(%) 30% 25% 20%

26.6%

MotorVehiclePopulation&LeasingIndustry
Sri Lanka experienced a decline in new registration of motor vehicles during 2006 and 2009 as a result of increased import duty on motor vehicles and the downturn in the economy aggravated by the war which intensified during the same period. The bold step taken by the government during the later part of 2010, to reduce import duty on motor vehicles significantly improved the motor vehicle sales. Motor Vehicle Registrations
2006 Total Vehicles 300,522 2009 204,075 Change -32% 6M 2010 152,174 6M 2011 248,572 Change 63%

Motor Cars 35,000 30,000 25,000 20,000 15,000 10,000 5,000

NewVehicleRegistrations

Total Vehicles 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000

2007 2008 2009 2010 6M 6M 2010 2011 MotorCars TotlaVehicles

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During 2010 49% of the vehicles registered were financed through leasing. Going by these statistics, with the rapid increase in sale of motor vehicles during the first 6 months of 2011 (During the first 6 months of 2011 the number of vehicle registrations has increased by 63% YoY), the leasing and HP industry in the country is expected to grow at an accelerated 25%CAGR. PLCL being the industry leader securing a market share of 20% in terms of annual disbursements, and having a better reach across the country, has a competitive edge in further expanding their market share.

NewRegistrationofVehiclesVsNumberofVehiclesLeasedin2010 Numberof Vehicle Registrations PassengerTransport Busses&Coaches PrivateCars MotorCycles ThreeWheelers GoodsTransport Lorries DualPurpose Vehicle Others Numberof Vehicles Leased/HP %Numberof vehicles leased/HP 84% 48% 32% 79% 46% 83% 81% 63% 81% 48% 49%

2,518 2,121 24,433 11,659 205,061 64,769 86,871 68,896 318,883 147,445 10,844 9,046 11,817 9,531 1,186 753 23,847 19,330 20,170 9,594

LandVehicles

TotalVehicles 362,900 176,369 Source:Departmentofmotortraffic

SubsidiariesofPLCL
Peoples Finance PLC (PF) The company was operating under the name Seylan Merchant Leasing Limited (SMLL) until it was acquired by PLCL in June 2009. The image of the parent company, PLCL has contributed immensely in rebuilding the status of PF while generating the benefits of synergy. The current branch network of PF consists of 23 branches that are spread across the island. During FY 2010/11, 7 branches were relocated and 3 new branches were added to the network. PF offers a diverse range of financial products including finance leasing, HP and other similar asset financing facilities, term loans, and Islamic Finance. The asset mix of PF is broadly comprised of leasing (50%), HP (40%) and other loans and advances (10%) which amounted to Rs. 6.65 billion. PF is authorized to accept deposits from the public which in turn facilitates the PLC Group in sourcing low cost funds for its expansions. The total deposit base of PF amounted to Rs. 6.04 billion by the end of FY 2010/11. PF has been rated BBB (lka) by Fitch Ratings, indicating its financial stability. PeoplesLeasingCompanyLtd IPO FundamentalAnalysisDivision Capital TRUST Research (Pvt) Ltd Page|7

Peoples Insurance Ltd (PI) Peoples Insurance Limited (PI) is a company registered with the IBSL, carrying on general insurance business since July 2009. PI, which was ranked 10th in terms of market share as at 31st December 2010 among the general insurance companies has been able to gain market share to reach the number 6th position by 30th June 2011. Major part of PIs insurance business is generated in-

house through PLCL and PF.

PIs product portfolio is primarily driven by motor insurance due to the fact that, most clients of the PLC Group are encouraged to obtain insurance from PI, for vehicle HP and leases arranged by PLCL and PF. Thus motor insurance is expected to form a major part of the insurance portfolio of PI in the future.

Peoples Leasing Fleet Management Ltd (PLFM) The company engages in the provision of operating leases and vehicle hire facilities and operates a service station, PLC auto care for PLCL and PF. It commenced the vehicle valuation unit during FY 2010/11 which is expected to make a significant contribution for the PLC Group with the expansion of the operating lease business and vehicle servicing. Presently, the company manages a fleet of 150-200 vehicles for few corporate clients which include PB, a BOI company and a reputed foreign bank operating in Sri Lanka.

Peoples Micro Finance Ltd (PM) The primary objective of the company is to provide financial services to the low income segment of the society and capacity building of the identified segment and micro enterprises. PM offers standardized loan products to micro and small entrepreneurs and maintains a lending portfolio of Rs. 30 million. PM is expected to bring in backward integration benefits to PLCL where successful PM borrowers would convert into potential SMEs, who in turn would be accommodated as PLCL customers.

Peoples Leasing Property Development Ltd (PLPD)

The company engages in facilitating the development of office buildings and productivity stimulating workspaces required for PB and PLC Group. The operation of PLPD commenced with the construction of PLCL head office building located at Borella, Colombo 8 which is owned by PLDL.

Peoples Leasing Havelock Properties Limited (PLHP) The company is incorporated mainly to undertake a BOI approved project which is to construct an office complex at Havelock Road, Colombo 5 to house subsidiaries of PLCL. As PLPD is already enjoying a separate tax holiday in respect of the PLCL head office project, it was required to create a new subsidiary to be entitled for fresh concessions under the BOI law.

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FutureOutlook
PLCL, with the establishment of its six subsidiaries has transformed the PLC Group into a total financial solutions provider whilst achieving synergies to create greater value to the Company.

The increased level of economic activity in post-war Sri Lanka has led to a significant growth in the demand for leasing and HP facilities. Increase in GDP is expected to fuel demand for credit by the private sector. This in turn would result in significant demand for leasing and HP financing. Microfinance (MF) plays an imperative role in the economy, originated as a mechanism to cater to the financing needs of low income segment of the society. Sri Lankan Governments (GoSL) vision to uplift rural economies has accelerated the growth of MF facilities. GoSL has recognised a funding requirement amounting to SLRs.43.8 bn for the period 2010 - 2012 and SLRs. 58.4 bn for the period 2013 - 2016 from MF institutions to finance its ongoing livelihood development programme targeting the low income community in the economy. Accordingly PLCL has a competitive advantage in securing a higher market share in MF due to their presence across the country through PB branches.

The GoSL at present has recognised the value and the growth of Islamic Financing (IF) globally and the benefit it poses as an asset-based financing mechanism to upgrade the financial system of the country. The IF sector is still at a growth stage and a variety of IF instruments are required to be introduced to the market in the future in order to cater to the increasing demand for IF products and services. This has been initiated and facilitated through the amendments made to the Banking Act which can be considered as a vital attainment made to regulate and promote IF. The growth of the general insurance sector is intimately linked to the growth of the vehicle financing/leasing sector. Thus Peoples Insurance will post strong results with the anticipated growth in financing /leasing sector.

Valuation&Recommendation
With the expected accelerated growth in Leasing & HP sector, PLCL being the industry leader has significant future growth prospects. In this report profits are forecasted using conservative assumptions. With the anticipated growth strategies the profitability of the company can improve further. Based on our forecast recurrent earnings are expected to grow 21% and 25% during FY11/12 and FY12/13. Based on FY11/12 forecasted earnings the share is issued at a PE of 7.6x (based on recurring earnings) and at a PBV of 1.5x. When compared to the Banking & Finance sector PE of 13.5x and PBV of 2.1x, the PLCL share is attractively valued at the issue price. Considering the future prospects of PLCL and the share being valued at a discount to the sector, we recommend investors to SUBSCRIBE for this share issue with a medium to long term stance.

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SectorComparison
LOLC FortheQuarterEnded30thJune2011 (Group) SLRs.Mn RecurrentNetProfit TotalEquity TotalAssets TotalLendingPortfolio No.ofSharesinIssue(Mn) EPSSLRs.(Annualised) NAVSLRs. SharePriceSLRs. PE(x) PBV(x) FortheYearEnded31March2011 (Company) NetInterestMargin CosttoIncomeRatio ReturnonAverageAssets ReturnonAverageEquity GrossNPLRatio DebttoEquity(x) 10.0% 49.4% 5.0% 24.0% 2.0% 3.2 13.0% 33.4% 4.5% 46.7% 1.7% 9.7 13.5% 40.3% 4.5% 18.6% 4.6% 3.1 10.9% 27.8% 5.4% 35.8% 1.2% 5.6 725 14,780 123,774 65,808 475.2 6.10 31.10 89.50 14.7 2.9 351 2,967 31,111 27,028 69.3 20.27 42.84 149.20 7.4 3.5 618 11,455 43,645 30,889 104.9 23.58 109.22 251.40 10.7 2.3 671 17,077 75,676 65,373 1,560.0 1.72 10.95 18.00 10.5 1.6 LFIN CFIN PLCL

Note:PECalculatedbasedonannualizedrecurrentearnings.

TheinformationandtheopinionscontainedhereinwerecompiledbyCapitalTRUSTResearch(Pvt)Ltd,andarebasedoninformationobtainedfromreliable sourcesingoodfaith.However,suchinformationhasnotbeenindependentlyverifiedandnoguarantee,representationor warrantyexpressedorimpliedis madebyCapitalTRUSTResearch(Pvt)Ltdanditsrelatedcompaniesastoitsaccuracyorcompleteness.Thisreportisnotandshouldnotbeconstruedasan offertosellorasolicitationofanoffertobuyanysecurity.NeitherCapitalTRUSTResearch(Pvt)Ltdnoritsrelatedcompanies,directorsandemployeescanbe heldliablewhatsoeverforanydirectorconsequentiallossarisingfromanyuseofthisreportortheinformationcontainedherein.

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