Value Hunt on PBVs Update

January 2013

TICKER
CSD.N0000
TWOD.N0000
MADU.N0000
MORI.X0000
LDEV.N0000
FLCH.N0000
CTLD.N0000
COLO.N0000
MAL.X0000
MASK.N0000
CIFL.N0000
SDB.N0000
SEYB.X0000
SFL.N0000
KURU.N0000
CHOT.N0000
CITW.N0000
RHL.X0000
SHAW.N0000
OSEA.N0000
HEXP.N0000
BALA.N0000
HOPL.N0000
MAL.N0000
MPRH.N0000
TPL.N0000
BRWN.N0000

COUNTER
SEYLAN DEVELOPMENTS PLC
TOUCHWOOD INVESTMENT PLC
MADULSIMA PLANTATIONS PLC
J.L. MORISON SONS & JONES (CEYLON) PLC
LANKEM DEVELOPMENTS PLC
FREE LANKA CAPITAL HOLDINGS PLC
C T LAND DEVELOPMENT PLC
COLONIAL MOTORS PLC
MALWATTE VALLEY PLANTATIONS PLC
MASKELIYA PLANTATIONS PLC
CENTRAL INVESTMENTS & FINANCE PLC
SANASA DEVELOPMENT BANK PLC
SEYLAN BANK PLC
SINHAPUTHRA FINANCE PLC
KURUWITA TEXTILE MILLS PLC
CEYLON HOTELS CORPORATION PLC
WASKADUWA BEACH RESORT LIMITED
RENUKA HOLDINGS PLC
SHAW WALLACE & HEDGES PLC
OVERSEAS REALTY (CEYLON) PLC
HAYLEYS EXPORTS PLC
BALANGODA PLANTATIONS PLC
HORANA PLANTATIONS PLC
MALWATTE VALLEY PLANTATIONS PLC
METROPOLITAN RESOURCE HOLDINGS
TALAWAKELLE TEA ESTATES PLC
BROWN & COMPANY PLC

Market
Price (LKR)

Book Value
(LKR mn)

NAVPS
(LKR)

PBV (X)

4Q
TRAILING
PER (X)

9.5
9.3
15.6
116.1
7.4
2.6
25.8
141.0
4.6
12.6
4.7
76.4
35.5
80.4
21.5
21.5
6.4
24.2
275.0
14.3
27.9
38.1
25.5
5.0
22.0
26.6
126.5

4,480.0
3,142.0
1,654.0
1,910.0
841.0
6,636.0
2,419.0
2,651.0
2,141.0
1,237.0
674.0
3,105.0
19,242.0
780.0
868.0
5,893.0
1,624.0
2,160.0
2,270.0
19,809.0
349.0
1,473.0
1,073.0
2,141.0
613.0
1,075.0
14,316.0

30.3
29.4
57.0
253.0
14.0
4.9
49.6
290.6
8.7
22.9
8.1
123.3
56.9
124.0
34.7
34.3
10.4
42.4
443.4
23.5
43.7
62.3
42.9
8.7
35.5
45.3
202.0

0.30
0.30
0.30
0.50
0.50
0.50
0.50
0.50
0.50
0.50
0.60
0.60
0.60
0.60
0.60
0.60
0.60
0.60
0.60
0.60
0.60
0.60
0.60
0.60
0.60
0.60
0.60

70.8
2.5
N/A
4.5
N/A
10.0
4.7
1.2
8.1
3.3
N/A
10.9
5.3
8.1
N/A
379.6
22.6
5.3
N/A
4.6
13.5
11.4
4.7
8.8
N/A
5.4
10.0
Page | 1

TICKER
CDB.X0000
CIC.X0000
MORI.N0000
BIL.N0000
VONE.N0000
BBH.N0000
CITK.N0000

COUNTER

Market
Price (LKR)

Book Value
(LKR mn)

NAVPS
(LKR)

PBV (X)

4Q
TRAILING
PER (X)

33.2
54.5
185.0
3.9
18.9
18.7
6.9

2,480.0
7,237.0
1,910.0
10,879.0
30,502.0
3,391.0
1,667.0

45.7
76.4
253.0
5.9
28.1
26.2
10.3

0.70
0.70
0.70
0.70
0.70
0.70
0.70

2.8
9.3
7.2
47.5
11.1
14.3
N/A

15.8

8,370.0

24.0

0.70

31.0

APLA.N0000
SINI.N0000
PARQ.N0000
DIMO.N0000
PHAR.N0000
HUNT.N0000
CINS.X0000
SEMB.X0000
CIC.N0000
NAVF.U0000
RENU.N0000
TANG.N0000
COMD.N0000
EQIT.N0000
ACL.N0000
ACME.N0000
CIND.N0000
KCAB.N0000
LALU.N0000
CERA.N0000
LWL.N0000
SIL.N0000
SIRA.N0000
AGAL.N0000
ELPL.N0000
AMCL.N0000
ARPI.N0000
MBSL.N0000
CRL.N0000
UBC.N0000
CHMX.N0000
KAPI.N0000
CLPL.N0000
CHL.X0000
KHC.N0000
LHL.N0000
PCH.N0000
RHL.N0000
ONAL.N0000
ABAN.N0000

CITIZENS DEVELOPMENT BUSINESS

CIC HOLDINGS PLC
J.L. MORISON SONS & JONES (CEYLON) PLC
BROWNS INVESTMENTS PLC
VALLIBEL ONE PLC
BROWNS BEACH HOTELS PLC
KALPITIYA BEACH RESORT LIMITED
ENVIRONMENTAL RESOURCES
INVESTMENTS PLC
ACL PLASTICS PLC
SINGER INDUSTRIES (CEYLON) PLC
SWISSTEK (CEYLON) PLC
DIESEL & MOTOR ENGINEERING PLC
COLOMBO PHARMACY COMPANY PLC
HUNTERS & COMPANY LIMITED
CEYLINCO INSURANCE PLC
SMB LEASING PLC
CIC HOLDINGS PLC
NAMAL ACUITY VALUE FUND
RENUKA CITY HOTEL PLC
TANGERINE BEACH HOTELS PLC
COMMERCIAL DEVELOPMENT COMPANY
EQUITY ONE PLC
ACL CABLES PLC
ACME PRINTING & PACKAGING PLC
CENTRAL INDUSTRIES PLC
KELANI CABLES PLC
LANKA ALUMINIUM INDUSTRIES PLC
LANKA CERAMIC PLC
LANKA WALLTILES PLC
SAMSON INTERNATIONAL PLC
SIERRA CABLES PLC
AGALAWATTE PLANTATIONS PLC
ELPITIYA PLANTATIONS PLC
AMW CAPITAL LEASING PLC
ARPICO FINANCE COMPANY PLC
MERCHANT BANK OF SRI LANKA PLC
SOFTLOGIC FINANCE PLC
UNION BANK OF COLOMBO PLC
CHEMANEX PLC
MTD WALKERS PLC
CEYLON LEATHER PRODUCTS PLC
CEYLON HOSPITALS PLC (DURDANS)
KANDY HOTELS COMPANY (1938) PLC
THE LIGHTHOUSE HOTEL PLC
PC HOUSE PLC
RENUKA HOLDINGS PLC
ON'ALLY HOLDINGS PLC
ABANS ELECTRICALS PLC

90.4
142.7
14.9
600.1
532.8
305.4
330.7
0.4
64.0
69.4
240.0
84.0
67.1
32
68.2
14.9
69.0
70.7
34.3
65.0
60.0
80.2
2.7
32.6
18
22.4
80.0
20.5
26.9
13.7
76.0
28.0
78.2
70
9.4
45.1
5.5
37.8
57.7
97.0

580.0
797.0
579.0
7,667.0
908.0
2,286.0
11,250.0
957.0
7,237.0
971.0
2,172.0
2,021.0
1,022.0
1,562.0
5,230.0
505.0
899.0
2,028.0
592.0
2,525.0
4,098.0
377.0
1,771.0
1,004.0
1,631.0
515.0
395.0
2,978.0
1,115.0
5,322.0
1,269.0
3,636.0
2,985.0
2,497.0
5,767.0
2,327.0
1,380.0
2,160.0
1,144.0
481.0

137.6
207.2
21.2
863.7
713.4
444.4
425.9
0.5
76.4
90.3
310.3
101.1
85.2
38.8
87.3
19.7
90.9
93.0
43.2
84.2
75.1
98.0
3.3
40.2
22.4
25.7
88.5
22.1
29.8
15.2
80.6
31.8
87.2
73.7
10.0
50.6
6.0
42.4
65.4
112.9

0.70
0.70
0.70
0.70
0.70
0.70
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.80
0.90
0.90
0.90
0.90
0.90
0.90
0.90
0.90
0.90
0.90
0.90
0.90
0.90
0.90
0.90

5.5
82.8
12.6
3.3
6.5
47.1
6.0
18.9
10.9
N/A
4.3
11.0
2.5
14.8
8.3
N/A
6.1
5.6
22.5
4.4
4.7
0.7
N/A
3.7
5.5
1.1
7.3
27.9
9.4
16.1
N/A
59.8
39.8
8.3
40.5
15.3
58.6
8.3
18.4
4.6

KGAL.N0000

KEGALLE PLANTATIONS PLC

109.6

3,169.0

126.8

0.90

4.1

KOTA.N0000
WATA.N0000

KOTAGALA PLANTATIONS PLC

WATAWALA PLANTATIONS PLC

73.5
12.1

2,620.0
3,093.0

81.9
13.1

0.90
0.90

4.2
3.7

GREG.N0000

Page | 2

TICKER
LIOC.N0000
CDB.N0000
ESL.N0000
CFVF.N0000
HNB.X0000
COCO.X0000
LCEY.N0000
MGT.N0000
REEF.N0000
MRH.N0000
MARA.N0000
PEG.N0000
AGST.N0000
ALUF.N0000
TKYO.X0000
UML.N0000
NAMU.N0000
HPFL.N0000
CFT.N0000
ALLI.N0000
PMB.N0000
PLC.N0000
SEYB.N0000
RWSL.N0000
CFLB.N0000
SHL.N0000
GUAR.N0000
CINV.N0000
CABO.N0000
DIPD.N0000
SUGA.N0000
REG.N0000
TJL.N0000
SELI.N0000
SHAL.N0000
EBCR.N0000
CFIN.N0000
DFCC.N0000
MERC.N0000
TFIL.N0000
COCO.N0000
HAYL.N0000
PCHH.N0000
AMSL.N0000
NHL.N0000
EDEN.N0000
CHOU.N0000
GRAN.N0000
OGL.N0000
BOPL.N0000
KVAL.N0000

COUNTER
LANKA IOC PLC
CITIZENS DEVELOPMENT BUSINESS
FINANCE PLC
ENTRUST SECURITIES LIMITED
FIRST CAPITAL HOLDINGS PLC
HATTON NATIONAL BANK PLC
COCO LANKA PLC
LANKEM CEYLON PLC
HAYLEYS MGT KNITTING MILLS PLC
CITRUS LEISURE PLC
MAHAWELI REACH HOTELS PLC
MARAWILA RESORTS PLC
PEGASUS HOTELS OF CEYLON PLC
AGSTAR FERTILIZERS LIMITED
ALUFAB PLC
TOKYO CEMENT COMPANY (LANKA) PLC
UNITED MOTORS LANKA PLC
NAMUNUKULA PLANTATIONS PLC
HYDRO POWER FREE LANKA LIMITED
CEYLON & FOREIGN TRADES PLC
ALLIANCE FINANCE COMPANY PLC
PEOPLE`S MERCHANT PLC
PEOPLE'S LEASING COMPANY PLC
SEYLAN BANK PLC
RAIGAM WAYAMBA SALTERNS PLC
THE COLOMBO FORT LAND & BUILDING
SOFTLOGIC HOLDINGS PLC
CEYLON GUARDIAN INVESTMENT TRUST
CEYLON INVESTMENT PLC
CARGO BOAT DEVELOPMENT COMPANY
DIPPED PRODUCTS PLC
PELWATTE SUGAR INDUSTRIES PLC
REGNIS(LANKA) PLC
TEXTURED JERSEY LANKA PLC
SELINSING PLC
SHALIMAR (MALAY) PLC
E B CREASY & COMPANY PLC
CENTRAL FINANCE COMPANY PLC
DFCC BANK
MERCANTILE INVESTMENTS PLC
TRADE FINANCE & INVESTMENTS PLC
COCO LANKA PLC
HAYLEYS PLC
PCH HOLDINGS
ASIRI SURGICAL HOSPITAL PLC
NAWALOKA HOSPITALS PLC
EDEN HOTEL LANKA PLC
CITY HOUSING & REAL ESTATE CO. PLC
CEYLON GRAIN ELEVATORS PLC
ORIENT GARMENTS PLC
BOGAWANTALAWA TEA ESTATES PLC
KELANI VALLEY PLANTATIONS PLC

Market
Price (LKR)

Book Value
(LKR mn)

NAVPS
(LKR)

PBV (X)

4Q
TRAILING
PER (X)

19.7

11,492.0

21.6

0.90

5.1

43.9

2,480.0

45.7

1.00

3.7

20.8
12.2
113.6
29.3
160.7
12.1
26.5
20.1
7.3
42.8
6.0
22.4
19.5
100.0
76.5
7
6.2
711.6
14.7
14.1
61.9
2.8
35.0
11.2
183.9
89.0
79.9
103.1
23.5
59.1
9.0
1120.0
900.0
1085.1
170.2
118.1
2200.0
13.2
36.3
295
7.5
9.1
3.0
36
15.4
58.4
13.7
12.0
83.0

661.0
1,249.0
44,141.0
1,447.0
3,694.0
1,906.0
2,446.0
907.0
866.0
1,341.0
2,043.0
258.0
6,050.0
6,550.0
1,738.0
779.0
875.0
1,538.0
891.0
19,128.0
19,242.0
751.0
5,780.0
7,811.0
13,868.0
8,106.0
762.0
5,716.0
1,413.0
581.0
5,603.0
6,767.0
5,696.0
2,418.0
14,739.0
26,106.0
5,687.0
615.0
1,447.0
18,822.0
1,578.0
3,926.0
3,421.0
1,554.0
178.0
2,925.0
652.0
837.0
2,397.0

20.0
12.3
111.1
30.6
153.9
12.5
25.4
19.3
7.1
44.1
6.3
21.4
19.9
97.4
73.2
7.1
6.2
633.1
13.2
12.3
56.9
2.7
32.1
10.0
168.9
82.3
74.7
95.5
20.8
51.5
8.6
975.0
820.7
953.6
140.5
98.5
1,892.0
10.8
30.6
251.0
6.3
7.4
2.4
29.4
13.3
48.8
11.9
10.0
70.5

1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.10
1.20
1.20
1.20
1.20
1.20
1.20
1.20
1.20
1.20
1.20
1.20
1.20
1.20
1.20
1.20

70.4
N/A
6.3
5.4
10.7
N/A
40.5
11.4
26.8
12.1
5.3
177.1
10.6
2.6
4.7
N/A
114.4
3.5
N/A
6.3
9.2
28.1
6.2
44.0
52.5
N/A
8.7
6.7
1.9
8.6
8.0
23.3
28.0
8.4
6.0
9.8
25.0
6.0
8.3
20.8
N/A
10.8
8.9
10.2
3.3
8.2
16.6
74.3
4.9
Page | 3

TICKER
CFL.N0000
HNB.N0000
JINS.N0000
LOLC.N0000
NDB.N0000
SFIN.N0000
SCAP.N0000
DIST.N0000
KFP.N0000
HHL.N0000
SUN.N0000
STAF.N0000
SHOT.X0000
SIGV.N0000
TILE.N0000
HPWR.N0000
NIFL.N0000
NTB.N0000
SAMP.N0000
HDFC.N0000
SOY.N0000
RAL.N0000
HAYC.N0000
CSEC.N0000
TAP.N0000
CHL.N0000
NEH.N0000
PDL.N0000
RCL.N0000
TKYO.N0000
LGL.X0000
SLTL.N0000
EMER.N0000
TESS.N0000
COMB.X0000
HASU.N0000
MFL.N0000
PABC.N0000
SMLL.N0000
SFCL.N0000
BFL.N0000
TAFL.N0000
KHL.N0000
RFL.N0000
ETWO.N0000
HAPU.N0000
BLI.N0000
DOCK.N0000
EXPO.N0000
RPBH.N0000
EAST.N0000

COUNTER
CHILAW FINANCE LIMITED
HATTON NATIONAL BANK PLC
JANASHAKTHI INSURANCE COMPANY PLC
LANKA ORIX LEASING COMPANY PLC
NATIONAL DEVELOPMENT BANK PLC
SINGER FINANCE (LANKA) PLC
SOFTLOGIC CAPITAL LIMITED
DISTILLERIES COMPANY OF SRI LANKA
KEELLS FOOD PRODUCTS PLC
HEMAS HOLDINGS PLC
SUNSHINE HOLDINGS PLC
DOLPHIN HOTELS PLC
SERENDIB HOTELS PLC
SIGIRIYA VILLAGE HOTELS PLC
LANKA FLOORTILES PLC
HEMAS POWER PLC
NANDA INVESTMENTS AND FINANCE
NATIONS TRUST BANK PLC
SAMPATH BANK PLC
THE HOUSING DEVELOPMENT FINANCE
CORPORATION BANK OF SRI LANKA
CONVENIENCE FOODS (LANKA )PLC
RENUKA AGRI FOODS PLC
HAYCARB PLC
DUNAMIS CAPITAL PLC
TAPROBANE HOLDINGS
CEYLON HOSPITALS PLC (DURDANS)
THE NUWARA ELIYA HOTELS COMPANY
PROPERTY DEVELOPMENT PLC
ROYAL CERAMICS LANKA PLC
TOKYO CEMENT COMPANY (LANKA) PLC
LAUGFS GAS PLC
SRI LANKA TELECOM PLC
EASTERN MERCHANTS PLC
TESS AGRO PLC
COMMERCIAL BANK OF CEYLON PLC
HNB ASSURANCE PLC
MULTI FINANCE PLC
PAN ASIA BANKING CORPORATION PLC
PEOPLE'S FINANCE PLC
SENKADAGALA FINANCE PLC
BAIRAHA FARMS PLC
THREE ACRE FARMS PLC
JOHN KEELLS HOTELS PLC
RAMBODA FALLS
EQUITY TWO PLC
HAPUGASTENNE PLANTATIONS PLC
BIMPUTH LANKA INVESTMENTS PLC
COLOMBO DOCKYARD PLC
EXPOLANKA HOLDINGS PLC
ROYAL PALMS BEACH HOTELS PLC
EAST WEST PROPERTIES PLC

Market
Price (LKR)

Book Value
(LKR mn)

NAVPS
(LKR)

PBV (X)

4Q
TRAILING
PER (X)

14.5
147.2
11.3
55.9
142.8
14.0
7.1
170.0
77.9
28.2
29.0
35.8
18.0
73.9
66.9
24
7
59.2
201.1

322.0
44,141.0
3,139.0
20,609.0
18,491.0
1,793.0
1,680.0
40,157.0
1,473.0
10,946.0
3,035.0
885.0
1,571.0
522.0
2,818.0
2,397.0
521.0
9,586.0
24,122.0

11.5
111.1
8.7
43.4
112.6
10.9
5.6
133.9
57.8
21.2
22.8
28.0
14.1
58.1
53.1
19.2
5.2
41.6
148.2

1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.30
1.40
1.40
1.40

12.1
8.2
7.9
6.8
7.7
10.3
N/A
8.2
16.7
10.1
5.9
9.1
26.1
15.0
5.3
12.8
16.1
7.5
6.8

52

2,346.0

36.3

1.40

13.9

141.0
4.7
175.1
12.4
4.8
102.3
1490.0
45.6
95.0
27.6
18.8
43.9
10.8
2.5
92.1
50.0
29.0
19.2
38.6
50.0
152.0
52.6
13.7
17.5
26.9
40.0
19.0
226.1
7.0
46.0
15.7

270.0
1,916.0
3,660.0
1,104.0
2,457.0
2,497.0
2,161.0
2,123.0
7,716.0
6,050.0
5,331.0
54,952.0
918.0
312.0
51,185.0
1,647.0
439.0
3,865.0
1,878.0
1,791.0
1,608.0
828.0
13,557.0
240.0
551.0
1,258.0
241.0
10,098.0
8,754.0
1,442.0
1,333.0

98.1
3.4
123.2
9.0
3.4
73.7
1,078.5
32.2
69.6
19.9
13.8
30.5
7.8
1.7
61.4
33.0
19.6
13.1
25.2
33.6
100.5
35.2
9.3
12.0
17.8
27.2
11.9
140.5
4.5
28.8
9.6

1.40
1.40
1.40
1.40
1.40
1.40
1.40
1.40
1.40
1.40
1.40
1.40
1.40
1.40
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.60
1.60
1.60
1.60
1.60

16.1
7.3
7.5
N/A
4.9
12.1
13.2
9.3
6.0
14.9
7.5
19.1
15.2
25.8
7.9
7.1
1,247.9
7.4
7.6
4.3
6.6
11.8
17.5
55.6
21.3
N/A
27.9
7.3
12.9
17.0
209.3
Page | 4

TICKER

COUNTER

BLUE.X0000
DPL.N0000
GOOD.N0000
CWM.N0000
COMB.N0000
SEMB.N0000
VFIN.N0000
CCS.N0000
AEL.N0000
PALM.N0000
SHOT.N0000
GLAS.N0000
UDPL.N0000
VLL.N0000
JKL.N0000
LVEN.N0000
CTEA.N0000
HVA.N0000
LAMB.N0000
LMF.N0000
SING.N0000
CTHR.N0000
JFIN.N0000

BLUE DIAMONDS JEWELLERY

DANKOTUWA PORCELAIN PLC
THE GOOD HOPE PLC
C. W. MACKIE PLC
COMMERCIAL BANK OF CEYLON PLC
SMB LEASING PLC
VALLIBEL FINANCE PLC
CEYLON COLD STORES PLC
ACCESS ENGINEERING
PALM GARDEN HOTELS PLC
SERENDIB HOTELS PLC
PIRAMAL GLASS CEYLON PLC
UDAPUSSELLAWA PLANTATIONS PLC
VIDULLANKA PLC
JOHN KEELLS PLC
LANKA VENTURES PLC
CEYLON TEA SERVICES PLC
HVA FOODS PLC
KOTMALE HOLDINGS PLC
LANKA MILK FOODS (CWE) PLC
SINGALANKA STANDARD CHEMICALS PLC
C T HOLDINGS PLC
FINLAYS COLOMBO PLC

CONN.N0000

AMAYA LEISURE PLC

YORK.N0000
AUTO.N0000
ATL.N0000
SPEN.N0000
TAJ.N0000
CLND.N0000
LITE.N0000
SMOT.N0000
DIAL.N0000
TYRE.N0000
INDO.N0000
LGL.N0000
MEL.N0000
PAP.N0000
LPRT.N0000
LOFC.N0000
ASPH.N0000
CARE.N0000
CINS.N0000
AHUN.N0000
HSIG.N0000
AAF.N0000
LFIN.N0000
TSML.N0000
RICH.N0000
RHTL.N0000
CFI.N0000
AGST.X0000

YORK ARCADE HOLDINGS PLC

THE AUTODROME PLC
AMANA TAKAFUL PLC
AITKEN SPENCE PLC
TAJ LANKA HOTELS PLC
COLOMBO LAND & DEVELOPMENT
LAXAPANA BATTERIES PLC
SATHOSA MOTORS PLC
DIALOG AXIATA PLC
KELANI TYRES PLC
THE INDO MALAY PLC
LAUGFS GAS PLC
MACKWOODS ENERGY
PANASIAN POWER PLC
LAKE HOUSE PRINTERS AND PUBLISHERS
LANKA ORIX FINANCE PLC
INDUSTRIAL ASPHALTS (CEYLON) PLC
PRINTCARE PLC
CEYLINCO INSURANCE PLC
AITKEN SPENCE HOTEL HOLDINGS PLC
HOTEL SIGIRIYA PLC
ASIA ASSET FINANCE LIMITED
LB FINANCE PLC
TEA SMALLHOLDER FACTORIES PLC
RICHARD PIERIS AND COMPANY PLC
THE FORTRESS RESORTS PLC
COLOMBO FORT INVESTMENTS PLC
AGSTAR FERTILIZERS LIMITED

Market
Price (LKR)

Book Value
(LKR mn)

NAVPS
(LKR)

PBV (X)

4Q
TRAILING
PER (X)

1.8
17.1
1299
76
105.0
0.9
31.9
133.0
18.9
143.7
24.0
6.0
27.0
3.8
63
33.6
670.0
13.7
38.5
98.0
97.0
126.8
275.0

298.0
766.0
5,460.0
1,716.0
51,185.0
957.0
773.0
7,334.0
11,181.0
1,211.0
1,571.0
3,267.0
310.0
1,086.0
2,269.0
924.0
7,455.0
497.0
674.0
2,136.0
300.0
12,614.0
5,396.0

1.2
10.6
794.6
47.7
61.4
0.5
18.6
77.2
11.2
84.8
14.1
3.4
16.0
2.3
37.3
18.5
372.8
7.5
21.5
53.4
54.2
68.9
154.2

1.60
1.60
1.60
1.60
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.70
1.80
1.80
1.80
1.80
1.80
1.80
1.80
1.80

N/A
34.5
38.3
9.2
9.0
42.6
5.3
5.4
12.0
N/A
34.8
8.0
N/A
52.4
4.4
7.5
6.1
28.0
14.9
28.9
632.5
21.9
28.4

84.0

2,277.0

47.4

1.80

11.2

17.9
850.0
1.7
120.0
29.7
35.1
6.8
205.0
8.3
37.1
1550.0
27.1
12.9
2.9
100
3.9
223
30.0
930.0
74.5
84.9
2.9
150.0
49.9
8.0
16.5
104.1
15.0

119.0
573.0
888.0
25,912.0
2,217.0
3,642.0
140.0
643.0
36,253.0
1,524.0
5,389.0
5,331.0
660.0
737.0
147.0
5,303.0
71.0
1,224.0
11,250.0
11,344.0
224.0
703.0
4,522.0
657.0
6,830.0
784.0
295.0
2,043.0

9.9
477.4
0.9
63.8
15.9
18.2
3.6
106.6
4.5
19.0
770.0
13.8
6.6
1.5
50.0
1.9
106.7
14.2
425.9
33.7
38.2
1.3
65.3
21.9
3.5
7.1
45.4
6.3

1.80
1.80
1.90
1.90
1.90
1.90
1.90
1.90
1.90
2.00
2.00
2.00
2.00
2.00
2.00
2.10
2.10
2.10
2.20
2.20
2.20
2.30
2.30
2.30
2.30
2.30
2.30
2.40

12.6
31.3
N/A
12.3
24.7
N/A
N/A
7.8
10.4
7.1
62.3
10.8
41.5
23.9
20.2
9.3
56.3
9.7
16.8
15.6
9.3
29.3
5.8
27.7
7.4
11.7
40.3
20.0
Page | 5

TICKER
BUKI.N0000
KAHA.N0000
UAL.N0000
JKH.N0000
LHCL.N0000
SERV.N0000
ASCO.N0000
WAPO.N0000
VPEL.N0000
ASIY.N0000
UCAR.N0000
ASHA.N0000
AHPL.N0000
SLND.N0000
SINS.N0000
CARS.N0000
ASHO.N0000
CTCE.N0000
ORIN.N0000
MULL.N0000
ODEL.N0000
BERU.N0000
COCR.N0000
ASIR.N0000
TRAN.N0000
MSL.N0000
BREW.N0000
HUNA.N0000
AFSL.N0000
CALF.N0000
KZOO.N0000
KDL.N0000
CTBL.N0000
AMF.N0000
CLC.N0000
PCP.N0000
SFS.N0000
CIT.N0000
BLUE.N0000
AAIC.N0000
CDIC.N0000
HARI.N0000
CARG.N0000
ACAP.N0000
LION.N0000
GHLL.N0000
ECL.N0000
BOGA.N0000
RGEM.N0000
CSF.N0000
LLUB.N0000
OFEQ.N0000
GEST.N0000

COUNTER
THE BUKIT DARAH PLC
KAHAWATTE PLANTATIONS PLC
UNION ASSURANCE PLC
JOHN KEELLS HOLDINGS PLC
THE LANKA HOSPITAL CORPORATION PLC
HOTEL SERVICES (CEYLON) PLC
ASCOT HOLDINGS PLC
GUARDIAN CAPITAL PARTNERS PLC
VALLIBEL POWER ERATHNA PLC
ASIA SIYAKA COMMODITIES LIMITED
UNION CHEMICALS LANKA PLC
ASIRI CENTRAL HOSPITALS PLC
ASIAN HOTELS & PROPERTIES PLC
SERENDIB LAND PLC
SINGER SRI LANKA PLC
CARSONS CUMBERBATCH PLC
LANKA ASHOK LEYLAND PLC
AVIVA NDB INSURANCE PLC
ORIENT FINANCE PLC
MULLER AND PHIPPS (CEYLON) PLC
ODEL PLC
BERUWALA RESORTS
COMMERCIAL CREDIT PLC
ASIRI HOSPITAL HOLDINGS PLC
TRANS ASIA HOTELS PLC
MERCANTILE SHIPPING COMPANY PLC
CEYLON BEVERAGE HOLDINGS PLC
HUNAS FALLS HOTELS PLC
ABANS FINANCE PLC
CAPITAL ALLIANCE FINANCE PLC
KALAMAZOO SYSTEMS PLC
KELSEY DEVELOPMENTS PLC
CEYLON TEA BROKERS PLC
ASSOCIATED MOTOR FINANCE COMPANY
COMMERCIAL LEASING & FINANCE
PC PHARMA LIMITED
SWARNAMAHAL FINANCIAL SERVICES
COLOMBO INVESTMENT TRUST PLC
BLUE DIAMONDS JEWELLERY
ASIAN ALLIANCE INSURANCE PLC
CAPITAL DEVELOPMENT AND
INVESTMENT COMPANY PLC
HARISCHANDRA MILLS PLC
CARGILLS (CEYLON) PLC
ASIA CAPITAL PLC
THE LION BREWERY CEYLON PLC
GALADARI HOTELS (LANKA) PLC
E-CHANNELLING PLC
BOGALA GRAPHITE LANKA PLC
RADIANT GEMS INTERNATIONAL PLC
NATION LANKA FINANCE PLC
CHEVRON LUBRICANTS LANKA PLC
OFFICE EQUIPMENT PLC
GESTETNER OF CEYLON PLC

Market
Price (LKR)

Book Value
(LKR mn)

NAVPS
(LKR)

PBV (X)

4Q
TRAILING
PER (X)

683.0
33.5
86.0
223.0
40.0
17.2
180
52.5
6.7
4.9
499.0
226.0
75.9
1650.0
101
439.0
1750
330.0
17.5
1.7
20.1
2.6
16.5
11.2
76.0
198
405.0
58.9
37.8
20.0
2150
15.4
6
350.0
3.9
9.6
3.6
120.0
4.3
89.3

29,143.0
1,103.0
2,919.0
74,867.0
3,517.0
1,224.0
566.0
534.0
1,988.0
507.0
288.0
1,968.0
13,021.0
231.0
4,826.0
32,393.0
2,351.0
3,499.0
720.0
172.0
1,973.0
556.0
1,243.0
4,304.0
5,211.0
197.0
2,870.0
108.0
432.0
239.0
33.0
82.0
207.0
568.0
7,198.0
276.0
506.0
217.0
298.0
857.0

285.7
13.8
34.1
87.9
15.7
7.0
70.9
20.7
2.7
2.0
192.2
88.1
29.4
642.3
38.5
164.9
649.3
116.6
6.2
0.6
7.3
0.9
5.7
3.9
26.1
69.1
136.7
19.3
11.7
6.2
663.7
4.7
1.8
101.3
1.1
2.7
1.0
33.3
1.2
22.9

2.40
2.40
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.60
2.60
2.60
2.60
2.60
2.70
2.70
2.80
2.80
2.80
2.80
2.80
2.90
2.90
2.90
2.90
3.00
3.10
3.20
3.20
3.20
3.30
3.30
3.50
3.50
3.50
3.60
3.60
3.70
3.90

23.9
31.0
10.1
17.4
18.8
N/A
N/A
N/A
23.7
37.2
15.2
N/A
13.6
17.3
9.9
35.7
6.8
13.2
9.0
9.9
29.7
N/A
4.4
24.3
18.7
N/A
8.8
13.3
23.5
57.0
N/A
N/A
11.6
7.9
41.8
14.5
13.3
43.8
N/A
N/A

521.9

5,604.0

127.8

4.10

44.3

2600.0
146.5
30.2
305.0
14.3
6.3
25.3
63.5
10.6
212.2
3000
219.9

590.0
7,666.0
762.0
5,493.0
547.0
131.0
204.0
25.0
434.0
4,154.0
39.0
77.0

614.3
34.2
6.9
68.7
3.0
1.1
4.3
10.6
1.7
34.6
467.9
33.8

4.20
4.30
4.40
4.40
4.80
5.90
5.90
6.00
6.10
6.10
6.40
6.50

23.1
37.0
N/A
19.4
N/A
28.2
28.8
N/A
N/A
11.2
48.9
22.2
Page | 6

TICKER
CPRT.N0000
IDL.N0000
SWAD.N0000
REXP.N0000
PARA.N0000
NEST.N0000
CTC.N0000
GSF.N0000

COUNTER
CEYLON PRINTERS PLC
INFRASTRUCTURE DEVELOPERS PLC
SWADESHI INDUSTRIAL WORKS PLC
RICHARD PIERIS EXPORTS PLC
PARAGON CEYLON PLC
NESTLE LANKA PLC
CEYLON TOBACCO COMPANY PLC
GEORGE STEWART FINANCE

Market
Price (LKR)

Book Value
(LKR mn)

NAVPS
(LKR)

PBV (X)

4Q
TRAILING
PER (X)

1820.2
156.2
8200.0
34.2
1080
1200.1
859
600.0

10.0
141.0
107.0
31.0
6.0
2,825.0
4,534.0
349.0

272.0
21.8
819.4
2.8
62.5
52.6
24.2
15.5

6.70
7.20
10.00
12.20
17.30
22.80
35.50
38.70

N/A
40.0
10.2
2.9
0.9
24.3
19.8
893.1

Sector Valuations

Page | 7

June 2012
Softlogic Equity Research
Dimantha Mathew
dimantha.mathew@equity.softlogic.lk
+94 11 7277030
Akeela Imthinam Rasheed
akeela.rasheed@equity.softlogic.lk
+94 11 7277032
Crishani Perera
crishani.perera@equity.softlogic.lk
+94 11 7277031
Imalka Hettiarachchi
imalka.hettiarachchi@equity.softlogic.lk
+94 11 7277004

Softlogic Equity Sales

Dihan Dedigama
dihan.dedigama@equity.softlogic.lk
+94 11 7277010, +94 77 7689933
Chanaka Kulatunga
chanaka.kulatunga@equity.softlogic.lk
+9411 7277057, +94 77 2344333
Chandima Kariyawasam
chandima.kariyawasam@equity.softlogic.lk
+94 11 7277058, +94 77 7885778
Shafraz Basheer
shafraz.basheer@equity.softlogic.lk
+94 11 7277054, +94 77 2333233
Sonali Abayasekera
sonali.abayasekera@equity.softlogic.lk
+94 11 7277059, +94 77 7736059

Branches
Horana
Madushanka Rathnayaka
No. 101 1/1, Aguruwathota Road, Horana
madushanka.rathnayaka@equity.softlogic.lk
+94 347451000, +94 77 3566465
Negambo
Krishan Williams
No. 121 & 123, St. Joseph Street Negambo
krishan.williams@equity.softlogic.lk
+94 77 3569827
Kurunegala
No.13, Rajapihilla Road, Kurunegala
+94 37 2232875, +94 77 3615790

Thanuja De Silva
thanuja.desilva@equity.softlogic.lk
+94 11 7277053, +94 77 3120018
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
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Page | 8