Weekly Plus - 2013 Issue 34 (23.08.2013)

2013
Issue 34
Week Ending 23-08-2013
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:
Lanka IOC 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

6,300
5,000
6,200
4,000
6,000
5,900
150
3,000
100
2,000
0
2-Aug
9-Aug
ASPI
Turnover (LHS)
16-Aug
23-Aug
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 -971
362
989
Weekly Foreign Flow

LKR ('mn)
Foreign Purchases
Foreign Sales
Net Foreign Inflow
Foreign Participation
Current Previous
16.9
17.7
2.3
2.4
2.6
2.5
PER
PBV
DY
LKR ('Mn)
2,000
1,500
1,000
500
2-Aug
9-Aug
Foreign Buying
16-Aug
23-Aug
Foreign Sales
Change in Foreign Holding
HNB[X.0000] (+)
SAMPATH (+)
HDFC (+)
TOKYO CEMENT
COMMERCIAL BANK (+)
Growth in Growth in
Value
Foreign Decline in Foreign Holding
LKR 'mn
Holding
802.7
381.6
257.3
147.1
77.5
28.47%
10.13%
4236.6%
10.14%
0.24%
WoW %
-4.5%
-4.5%
4.0%
Weekly Sector Statistics
Growth in Foreign Holding
WoW %
6.9%
9.7%
3.3%
-3.4%
Weekly Market Valuations
2,500
Linear (Foreign Activity)
Current Previous
2,398.2
2,243.7
1,376.9
1,254.9
1,021.3
988.8
40%
41%
1021
3,000
Foreign Activity
WoW %
-4.5%
-4.3%
-6.3%
-34.3%
-4.5%
50
1,000
5,800
('Mn)
LKR ('Mn)
6,100
Current Previous
5951.83
6233.21
3342.96
3491.55
3,715.3
3,964.7
94.2
143.4
2,451.4
2,567.3
200
JKH
UNION BANK (+)
LION BREWERY
CHEVRON (+)
KELANI TYRES
Decline in
Value
LKR 'mn
-581.5
-39.0
-24.2
-9.8
-4.8
Decline in
Foreign
Holding
-0.50%
-1.42%
-0.25%
-0.1%
-1.21%
BANKS FINANCE & INS.

BEV. FOOD & TOBACCO
CHEM. & PHARMA.
CONS. & ENG.
DIVERSIFIED
HEALTH CARE
HOTELS & TRAVELS
LAND & PROPERTY
MANUFACTURING
MOTORS
PLANTATIONS
TELECOM
Current Previous
12,799.6 13,097.1
20,099.1 22,656.4
6,600.6
6,768.1
2,793.9
2,899.0
1,835.6
1,911.8
646.0
655.9
3,171.8
3,219.4
548.9
572.1
2,969.3
3,053.6
15,091.2 15,518.4
703.6
720.1
156.9
160.9
WoW %
-2.3%
-11.3%
-2.5%
-3.6%
-4.0%
-1.5%
-1.5%
-4.1%
-2.8%
-2.8%
-2.3%
-2.4%
Page | 2
Weekly Stock Trends

Weekly Top Gainers
Company
Current
Previous
WoW %
High
Low
Volume
Turnover
52 High
52 Low
SINHAPUTHRA FIN
108.00
82.40
31.07%
108.00
82.30
13,202
1,168,655
109.00
67.00
G S FINANCE
675.00
550.00
22.73%
675.00
675.00
675
1,500.00
200.00
0.80
0.70
14.29%
0.80
0.70
2,242,312
1,609,175
12.50
0.50
AMF CO LTD
366.90
330.00
11.18%
367.70
360.00
2,925
439.50
300.00
ASIA CAPITAL
21.90
20.00
9.50%
21.90
20.00
612
13,188
38.00
19.50
PCH HOLDINGS
Weekly Top Losers

Company
Current
CIFL
High
Low
Volume
Turnover
52 High
52 Low
0.90
-22.22%
1.00
0.70
1,498,245
1,251,670
11.80
0.70
140.00
180.00
-22.22%
178.00
135.00
5,659
792,202
210.00
81.50
1,108.20
1,365.30
-18.83%
1,385.00
1,100.00
13,514
16,931,207
1,400.50
670.00
110.50
132.90
-16.85%
130.00
110.50
5,170
594,441
151.00
72.00
1,102.60
1,299.00
-15.12%
1,105.40
1,100.70
156
172,002
1,300.00
735.00
CARGO BOAT
CEYLINCO INS.
WoW %
0.70
SERENDIB ENG.GRP
CEYLON TOBACCO
Previous
Weekly Top Performers

Company
Current
Previous
WoW %
High
Low
Volume
Turnover
52 High
52 Low
HNB[NON VOTING]
114.30
114.10
0.18%
115.00
114.00
7,289,980
855,803,214
132.50
95.50
JKH
240.30
256.80
-6.43%
260.00
240.00
3,451,221
844,652,981
299.80
195.00
SAMPATH
189.00
191.80
-1.46%
193.90
188.50
2,785,713
529,298,937
242.00
172.50
34.30
35.00
-2.00%
36.00
33.10
7,512,238
300,419,494
67.40
33.10
117.00
119.50
-2.09%
119.80
116.50
1,945,021
230,098,367
126.00
99.00
Volume
Turnover
52 High
52 Low
HDFC
COMMERCIAL BANK
Weekly Top Volume

Company
Current
HDFC
Previous
WoW %
High
Low
34.30
35.00
-2.00%
36.00
33.10
7,512,238
300,419,494
67.40
33.10
114.30
114.10
0.18%
115.00
114.00
7,289,980
855,803,214
132.50
95.50
0.30
0.30
0.00%
0.40
0.30
5,834,984
1,751,636
0.60
0.30
HEMAS HOLDINGS
32.00
33.20
-3.61%
34.00
32.00
5,296,187
181,205,887
38.40
23.10
TEXTURED JERSEY
13.60
13.90
-2.16%
14.00
13.50
4,561,741
62,090,833
15.00
7.80
HNB[NON VOTING]
S M B LEASING[NON VOTING]
Page | 3
S & P SL20 Debrief
Announcements
DIVIDENDS
Daily Index Movement
Company
3,550
3,500
3,450
3,400
Dividend (LKR)
XD Date
Payment
Renuka Agri Foods
0.10
26-09-2013
04-10-2013
Renuka Holdings
0.70
26-09-2013
04-10-2013
Renuka Shaw Wallace
0.30
26-09-2013
04-10-2013
Elpitiya Plantations
0.50
27-09-2013
07-10-2013
Distilleries Company
3.00
30-09-2013
08-10-2013
3,350
Colonial Motors
3.00
To be notified
00-01-1900
3,300
Chilaw Finance
0.50
To be notified
00-01-1900
0.00
00-01-1900
00-01-1900
0-Jan-1900
3,250
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
240.30
117.00
683.80
150.00
390.00
189.00
1,108.20
128.00
121.00
153.10
140.00
192.00
293.00
300.00
8.50
150.50
66.70
2,205.20
68.50
39.40
Previous
256.80
119.50
690.00
155.00
393.00
191.80
1,365.30
129.50
122.00
162.20
140.10
192.70
300.00
308.00
8.60
152.00
69.00
2,441.30
71.90
40.90
WoW %
-6.43%
-2.09%
-0.90%
-3.23%
-0.76%
-1.46%
-18.83%
-1.16%
-0.82%
-5.61%
-0.07%
-0.36%
-2.33%
-2.60%
-1.16%
-0.99%
-3.33%
-9.67%
-4.73%
-3.67%
Turnover
844,652,981
230,098,367
286,616
21,287,072
278,845
529,298,937
16,931,207
14,479,011
1,204,578
8,320,441
496,657
51,443,173
36,495
20,852,780
2,171,384
10,963,617
1,811,928
52,857,653
252,026
101,977
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
###
###
###
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
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
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
SUBDIVISION OF SHARES
Company
CONSOLIDATION OF SHARES
Company
Page | 4
Local Economy
CURRENCY MOVES
LKR
134
USD : LKR
132
LKR
180
EURO : LKR
LKR
210
175
205
170
200
165
195
124
160
190
122
155
185
130
128
126
LKR
1.40
1.35
1.30
1.25
1.20
Japanese Yen : LKR
LKR
105
104
103
102
101
100
99
98
Singapore Dollar : LKR
LKR
2.30
2.25
2.20
2.15
2.10
2.05
2.00
1.95
GBP : LKR
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
Jun-13
2013
73,628
512,281
Jun-13
YTD
Nov
2013
For the Month Ending:
YoY %
7%
15%
-25%
INFLATION & INTEREST RATE
2012 Change %
65,245
13%
452,867
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
14-Aug-13
402.23
388.31
453.08
437.32
Sale of
08-Jul-13
392.57
383.46
446.96
430.11
WoW %
2.46%
1.26%
1.37%
1.68%
Corres. 2012
424.31
363.20
408.23
404.91
WoW %
0.00%
0.00%
Sale of
30-Jul-13
411.50
410.00
YoY %
-5.20%
6.91%
10.99%
8.00%
2%
Jul-12
1-Yr T-Bill
Sep-12
Nov-12
Point to Point
Jan-13
Mar-13

Point to Point
Annual Average Change
1-Yr T-Bill
May-13
Annual Average Change
Jul-13
COLOMBO RUBBER AUCTION STATISTICS
Jul-2013
Jun-13
6.8%
8.6%
12.37%
Jul-13
6.1%
8.3%
10.56%
Basis Points
70
30
181
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
110
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
COTTON NO.2 FUTURE
USd/bu.
720
700
680
660
640
620
600
WHEAT FUTURE(CBT)
105
100
95
90
85
USd/lb.
95
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
105.20
107.39
-2.0%
1,375.10
335.20
1,361.90
336.85
1.0%
-0.5%
84.47
642.25
92.45
648.25
-8.6%
-0.9%
Page | 8
Net earnings surged 603% YoY to LKR1.3 bn backed by strong GP margin growth of 630 bps YoY backed by the
bearish sentiment in crude oil prices which prevailed during 2013 amidst marginal revenue dip of 1.2% YoY. PBIT
margin expanded 650 bps YoY to 9.8% and net earnings margin grew 630 bps YoY to 7.3%.
Revenue dip of 1.2% YoY and 4% QoQ: The revenue dip is on a YoY and QoQ basis is primarily reasoned by a
slowdown in LIOCs bunkering segment due to less ship movements along the coast.
LKR ('mn)
Revenue
Gross Profit
Gross Margin
PBIT
PBIT margin
Net Profit
Net Profit Margin
Quarterly Performance
1QFY14 1QFY13 YoY %
4QFY13 QoQ %
18,472
18,691
-1.2% 19,210 -3.8%
2,413
1,270
90.0%
1,450 66.4%
13.1%
6.8%
7.5%
1,812
609
197.5%
791 129.1%
9.8%
3.3%
4.1%
1,350
192
603.4%
806 67.5%
7.3%
1.0%
4%
GP margin expanded 630 bps YoY and 560 bps QoQ to 13.1%: GP margin growth primarily stemmed from
improvements in procurement with the bearish trend of oil prices. This reflected an average YTD dip in crude oil
prices of 4% YoY to USD95.79 per barrel (Appendix 1). Amidst the decline, LIOC raised petrol price by LKR3.0 per
litre to LKR162.0 per litre w.e.f 23rd February 2013 and kept diesel prices at LKR121.0 per litre in line with CPC as it had earlier raised diesel by LKR6.0 per litre above the CPC price.
LIOC currently sells petrol with a profit of c.LKR2.85 per litre and diesel at a loss of LKR2.5 per litre. The loss on diesel is outweighed by higher sales of petrol leading to GP margin
growth of 630 bps YoY and 560 bps QoQ to 13.1%.
Net earnings grew 603% YoY expanding margin to 7.3% from 1.0% in 1QFY13: PBIT margin expanded 650 bps YoY to 9.8% backed by a 10% dip in operating costs. Net financing
costs dipped 50% reflecting 32% YoY gain in finance income to LKR47 mn and 43% dip in finance costs to LKR252 mn as a result of dollar denominated borrowings leading to PBT
margin growth of 760 bps YoY to 8.7%. This resulted in strong net earnings growth of 603% YoY and 68% QoQ to LKR1.3 bn. Income tax paid increased on a YoY and QoQ basis as a
result of the expiration of the 10 year tax holiday granted by the BOI from February 2013 onwards and a concessional rate of 15% is now charged.
We expect LIOC to denote strong earnings growth in the upcoming quarters backed by the growth trajectory in its
key segments which is likely to further improve if oil prices continue on a bearish trend. LIOC is a beneficiary of the
Government policy of trimming CPC losses which enables them to bring prices in line with CPC. LIOC expects the
slowdown in its bunkering segment to be temporary while a change in strategy in this segment is likely to improve
performance in the coming quarters. A possible impact of forecasted oil price dip may improve earnings further. The
USA Energy Information Administration forecasts crude oil prices to dip by 0.9% YoY and 1.4% YoY on average for
2013E and 2014E respectively (Appendix 2). LIOC underscores its peers with a trailing PER of 3.7x while trading at book value at current price (Appendix 3) hence we rate it a
BUY.
Softlogic Equity Research
Page | 9
Name
Y/E
Rec
Mkt Price Book Val.
Share
Market
23-Aug-13
Cap.
('Mn)
Cap.
('Mn)
('Mn)
NAVPS
Earnings
P / BV
EPS
EPS Growth (%)
Mar'12
Mar'13
Mar'14E
Mar'15E
4Q
Mar'12
Mar'13
Mar'14E Mar'15E
Dec'11
Dec'12
Dec'13E
Dec'14E
Trailing
Dec'11
Dec'12
Dec'13E Dec'14E Trailing
3,437
3,829
3,057
25.51
29.00
2,006
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
180.10
16,109
104.9
18,889 153.59
1.17
2,675
3,041
1,102.60
14,202
26.4
29,125 537.64
2.05
1,508
1,953
Buy
117.00
52,962
848.7
99,293
62.41
1.87
8,048
10,080
10,685
12,591
9,462
9.48
11.88
12.59
Buy
93.80
52,962
848.7
79,604
62.41
1.50
8,048
10,080
10,685
12,591
10,056
9.48
11.88
DFCC.N0000
MTB
128.00
28,139
265.1
33,933 106.14
1.21
2,900
3,523
3,453
3,915
3,523
10.94
Ha tton Na ti ona l Ba nk
HNB.N0000
Buy
150.00
51,055
398.9
59,833 127.99
1.17
6,149
8,111
9,258
11,113
7,815
Ha tton Na ti ona l Ba nk [X]
HNB.X0000
Buy
114.30
51,055
398.9
45,593 127.99
0.89
6,149
8,111
9,258
10,908
La nka Ori x Lea s i ng Compa ny LOLC.N0000
50.50
19,962
475.2
23,998
42.01
1.20
2,933
1,863
LB Fi na nce
LFIN.N0000
Buy
104.20
5,329
69.3
7,217
76.94
1.35
1,714
1,703
2,114
Na ti ona l Devel opment Ba nk NDB.N0000
Buy
153.10
22,926
164.7
25,215 139.21
1.10
2,706
8,854
Na ti ons Trus t Ba nk
NTB.N0000
Buy
60.50
10,113
230.6
13,952
43.85
1.38
1,534
Pa n As i a Ba nk
PABC.N0000
Buy
16.90
4,089
295.0
4,986
13.86
1.22
Peopl e's Lea s i ng
PLC.N0000
Buy
14.20
19,236
1,579.9
22,434
12.18
Sa mpa th Ba nk
SAMP.N0000
Buy
189.00
27,959
167.8
Seyl a n Ba nk
SEYB.N0000
58.80
19,775
La nka Ori x Fi na nce
LOFC.N0000
3.00
Sample Sector (16)
29.14
46
14
75.96
57
30
14.84
11.15
46
25
12.59
14.84
11.15
46
25
13.29
13.02
14.77
13.29
(43)
15.42
20.33
23.21
27.86
19.59
8,086
15.42
20.33
23.21
27.86
1,947
6.17
3.92
2,494
1,771
24.75
24.58
30.52
3,533
4,286
8,660
16.43
53.76
1,951
2,438
2,990
2,012
6.65
824
811
859
995
766
1.17
4,542
3,073
3,015
3,590
31,706 166.66
1.13
4,151
5,212
4,089
5,339
345.0
20,284
57.32
1.03
1,006
2,063
5,424
2,800.0
8,400
1.94
1.55
1,246
686
297,279
7,771.3
399,262
38.25
1.34
41,935
52,924
Full Sector (60)
541,910
898
1,026
32.77
7.1
6.2
19.3
14.9
18
12.3
9.9
9.3
18
9.9
7.9
21
(2)
13
11.7
28
32
14
20
19.59
28
32
14
20
4.10
(24)
(36)
36.01
25.57
68
(1)
24
21.45
26.03
52.58
26
227
8.46
10.57
12.96
8.72
41
2.79
2.75
2.91
3.37
2.60
3,045
2.87
1.95
1.91
2.27
4,773
24.74
31.07
24.37
31.83
2,170
2.92
5.98
629
0.44
0.25
69,778
5.40
6.81
0.32
36.51
0.37
13
6.2
2.9
1.6
16.6
14.5
12.5
1.1
10.6
7.9
10.5
4.5
3.8
15.2
7.5
6.3
8.4
4.5
4.8
15.2
9.6
9.8
8.7
9.6
5.0
3.9
10.3
9.7
7.4
6.5
5.4
7.7
8.5
5.7
12.0
7.4
5.6
4.9
4.1
5.8
8.5
7.4
12.0
8.2
12.9
12.3
0.5
1.0
14.7
18
4.2
4.2
3.4
2.9
4.1
6.5
6.2
32.2
(60)
21
9.3
2.8
7.1
5.9
2.9
15.0
9.8
11.8
27
25
23
9.1
7.2
5.7
4.7
6.9
2.1
3.5
15.2
128
(2)
16
6.1
6.1
5.8
5.0
6.5
1.0
5.9
20.2
1.93
74
(32)
(2)
19
4.9
7.3
7.4
6.2
7.4
1.3
8.8
23.6
28.45
19
26
(22)
31
7.6
6.1
7.8
5.9
6.6
6.0
3.2
14.8
6.29
(17)
105
20.2
9.8
9.3
1.0
1.7
5.1
0.22
(0)
(45)
6.7
12.2
13.4
23.0
8.98
19
26
9.5
7.5
31
11
14
5.5
9.4
4.9
8.2
5.7
1.47
14.1
8.2
Beverage, Food and Tobacco

Ca rgi l l s
CARG.N0000
150.50
7,760
224.0
33,712
Ceyl on Toba cco Compa ny
CTC.N0000
1,108.20
3,660
187.3
207,592
Di s ti l l eri es
DIST.N0000
192.00
49,381
300.0
57,600 164.60
Li on Brewery
LION.N0000
360.00
5,910
80.0
28,800
Nes tl e (La nka )
NEST.N0000
2,205.20
3,071
53.7
69,783
845.0
LTB
Sample Sector (5)

Full Sector (20)
34.64
4.34
1,079
578
577
4.82
2.58
2.58
(1)
(46)
19.54 56.72
6,569
8,176
8,734
9,545
8,152
35.07
43.65
46.63
50.95
43.52
29
24
1.17
5,675
5,520
5,816
6,452
5,520
18.92
18.40
19.39
21.51
18.40
(30)
4.87
1,262
1,046
1,146
1,553
1,046
15.78
13.07
14.33
19.41
13.08
25
118,475
57.17 38.58
2,633
2,994
3,513
3,822
3,446
49.01
55.73
65.39
71.14
64.15
39
14
446,180
82.58
17,219
18,313
18,742
20.38
21.67
22.18
73.88
528,570
6.39
31.2
58.4
31.6
25.4
58.4
2.0
1.3
13.9
21.7
25.5
43.6
3.9
179.5
(3)
11
10.1
10.4
(17)
10
35
22.8
27.5
9.9
8.9
10.4
3.0
1.6
11.5
25.1
18.5
27.5
4.0
1.1
17
45.0
39.6
33.7
21.4
31.0
34.4
54.0
2.4
25.9
24.4
85.7
23.8
23.8
4.76
24.7
21.8
Chemicals & Pharmaceuticals

CIC Hol di ngs
CIC.N0000
58.40
7,760
94.8
5,535
81.88
0.71
863
231
239
9.11
2.44
2.52
(7)
(73)
6.4
24.0
23.2
1.6
2.8
11.1
La nkem Ceyl on
LCEY.N0000
126.20
4,459
24.0
3,029 185.81
0.68
513
297
307
21.39
12.36
12.80
(55)
(42)
5.9
10.2
9.9
0.0
0.0
11.5
12,219
118.8
8,563 102.88
0.70
1,376
528
546
11.59
4.44
4.60
(33)
(62)
6.2
16.2
15.7
Sample Sector (2)

Full Sector (10)
19,550
0.93
11.3
12.6
Construction & Engineering

Col ombo Dockya rd
DOCK.N0000
212.00
Sample Sector (1)
10,172
71.9
15,234 141.55
1.50
1,804
1,977
1,564
25.10
27.51
21.77
(13)
10
8.4
7.7
9.7
10,172
71.9
15,234 141.55
1.50
1,804
1,977
1,564
25.10
27.51
21.77
(13)
10
8.4
7.7
9.7
19,322
1.31
Full Sector (4)
8.0
3.8
17.7
17.7
5.1
Diversified Holdings
Ai tken Spence
SPEN.N0000
121.00
28,053
406.0
49,126
69.10
1.75
3,488
3,267
3,267
8.59
8.05
8.05
38
(6)
14.1
15.0
15.0
1.5
1.2
CT Hol di ngs
CTHR.N0000
140.00
13,219
183.1
25,634
72.20
1.94
1,159
1,150
1,150
6.33
6.28
6.28
34
(1)
22.1
22.3
22.3
0.7
0.5
8.8
Ca rs ons Cumberba tch
CARS.N0000
390.00
34,692
196.4
76,591 176.65
2.21
7,017
4,570
4,014
35.73
23.27
20.44
55
(35)
10.9
16.8
19.1
2.0
0.5
20.2
Expol a nka Hol di ngs
EXPO.N0000
7.40
9,081
1,954.9
14,466
Ha yl eys
HAYL.N0000
293.00
22,459
75.0
Hema s Hol di ngs
HHL.N0000
32.00
12,153
515.3
John Keel l s Hol di ngs
JKH.N0000
240.30
89,819
857.9
Ri cha rd Pei ri s
RICH.N0000
6.90
7,949
1,958.1
13,511
Softl ogi c Hol di ngs
SHL.N0000
8.70
8,040
779.0
6,777
Va l l i bel One
VONE.N0000
15.90
27,640
1,086.6
17,276
253,107
8,012.2
448,002
LTB
Buy
Sample Sector (10)

Full Sector (18)
4.65
1.59
1,033
1,061
1,061
0.53
0.54
0.54
(33)
14.0
13.6
13.6
0.1
1.6
11.4
21,975 299.45
0.98
1,038
1,854
1,855
13.84
24.72
24.73
43
79
21.2
11.9
11.8
4.5
1.5
4.6
16,489
23.59
1.36
1,165
1,658
1,658
2.26
3.22
3.22
(4)
42
14.2
9.9
9.9
0.8
2.3
9.6
206,157 104.69
2.30
9,687
12,201
12,201
11.29
14.22
14.22
17
26
21.3
16.9
16.9
3.5
1.5
10.8
4.06
1.70
2,575
1,903
1,903
1.32
0.97
0.97
53
(26)
5.2
7.1
7.1
0.2
2.9
32.4
10.32
0.84
483
301
301
0.62
0.39
0.39
(42)
(38)
14.0
22.5
22.5
0.3
3.4
6.0
25.44
0.63
2,025
1,403
1,403
1.86
1.29
1.29
250
(31)
8.5
12.3
12.3
0.0
0.0
31.59
1.77
29,669
29,367
28,812
3.70
3.67
3.60
30
(1)
15.1
15.3
505,930
1,302
2,323
0.67
2.14
23
66
1.74
11.1
12.4
7.4
15.5
7.3
11.7
15.0
Healthcare
As i ri Hos pi ta l Hol d.
ASIR.N0000
13.60
6,430
1,099.1
14,948
5.85
2.32
600
777
777
0.55
0.71
0.71
215
29
24.9
19.2
19.2
0.3
1.9
9.3
Na wa l oka Hos pi ta l s
NHL.N0000
2.90
3,781
1,409.5
4,088
2.68
1.08
271
454
454
0.19
0.32
0.32
(75)
68
15.1
9.0
9.0
0.1
1.7
7.2
La nka Hos pi ta l s
LHCL.N0000
39.50
27,164
223.7
8,837 121.41
0.33
437
384
482
1.95
1.72
2.15
51
(12)
20.2
23.0
18.3
0.5
1.3
1.6
37,375
2,732.3
0.75
1,308
1,616
1,713
0.48
0.59
0.63
(16)
24
21.3
17.2
16.3
Sample Sector (3)

Full Sector (6)
27,873
43,318
13.68
1.97
3.5
11.9
Page | 10
Name
Y/E
Rec
Mkt Price Book Val.
Share
Market
23-Aug-13
Cap.
('Mn)
Cap.
('Mn)
('Mn)
NAVPS
Earnings
P / BV
EPS
EPS Growth (%)
Mar'12
Mar'13
Mar'14E
Mar'15E
4Q
Mar'12
Mar'13
Mar'14E Mar'15E
Dec'11
Dec'12
Dec'13E
Dec'14E
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
66.70
12,926
336.3
22,431
38.44
1.74
1,378
1,782
2,148
1,782
4.10
5.30
6.39
5.30
33
29
21
16.3
12.6
10.4
12.6
1.0
1.5
10.7
Ama ya Lei s ure
CONN.N0000 M
71.60
2,472
48.0
3,439
51.47
1.39
293
377
376
374
6.09
7.84
7.83
7.79
(38)
29
(0)
11.8
9.1
9.1
9.2
4.0
5.6
11.8
As i a n Hotel s & Prop.
AHPL.N0000
68.50
21,697
442.8
30,330
49.00
1.40
2,149
2,494
2,623
2,492
4.85
5.63
5.92
5.63
21
16
14.1
12.2
11.6
12.2
4.0
5.8
9.9
Keel l s Hotel s
KHL.N0000
11.70
16,294
1,456.1
17,037
11.19
1.05
1,105
1,121
1,496
1,121
0.76
0.77
1.03
0.77
111
33
15.4
15.2
11.4
15.2
0.0
0.0
6.8
Ta j
TAJ.N0000
26.50
2,330
139.6
3,700
16.69
1.59
125
246
293
224
0.89
1.76
2.10
1.61
26
97
19
29.7
15.0
12.6
16.5
0.0
0.0
5.4
Tra ns As i a
TRAN.N0000
82.40
6,054
200.0
16,480
30.27
2.72
625
1,066
1,180
1,066
3.12
5.33
5.90
5.33
(5)
71
11
26.4
15.5
14.0
15.5
3.0
3.6
10.3
61,773
2,622.9
93,417
23.55
1.51
5,674
7,086
8,116
6,059
2.16
2.70
3.09
2.31
24
25
15
16.5
13.2
11.5
15.4
Sample Sector (6)

Full Sector (36)
146,038
1.34
9.2
16.7
Land and Property

Col ombo La nd
CLND.N0000
40.30
3,712
199.9
8,055
18.57
2.17
10
335
-90
12
48
0.05
1.68
(0.45)
0.06
0.24
(98)
3,393
(127)
113
839.9
24.0
N/A
671.3
166.3
0.0
0.0
0.3
Overs ea s Rea l i ty
OSEA.N0000
17.60
22,437
843.5
14,845
26.60
0.66
2,681
2,469
1,924
2,158
2,991
3.18
2.93
2.28
2.56
3.55
218
(8)
(22)
12
5.5
6.0
7.7
6.9
5.0
0.3
1.7
11.9
26,149
1,043.4
22,901
25.06
0.88
2,691
2,804
1,834
2,170
3,040
2.58
2.69
1.76
2.08
2.91
102
(35)
18
8.5
8.2
12.5
10.6
7.5
1.1
10.3
Sample Sector (2)

Full Sector (18)
39,750
0.86
9.2
Manufacturing
ACL Ca bl es
ACL.N0000
65.30
5,718
59.9
3,911
95.47
0.68
485
532
543
8.10
8.88
9.06
127
10
Gra i n El eva tors
GRAN.N0000
38.40
2,684
60.0
2,304
44.74
0.86
388
135
87
93
150
6.46
2.24
1.45
1.55
2.49
(18)
(65)
(35)
Chevron Lubri ca nts
LLUB.N0000
Hold
300.00
4,536
120.0
36,000
37.80
7.94
2,001
2,288
2,526
2,621
2,396
16.67
19.06
21.05
21.84
19.97
33
14
La nka Wa l l ti l e
LWL.N0000
LTB
58.90
4,618
54.6
3,216
84.57
0.70
731
520
545
600
520
13.39
9.52
9.98
10.99
9.52
51
(29)
Pi ra ma l Gl a s s
GLAS.N0000
LTB
5.60
3,629
950.1
5,320
3.82
1.47
686
724
761
813
732
0.72
0.76
0.80
0.86
0.77
19
Roya l Cera mi c
RCL.N0000
LTB
88.10
8,401
110.8
9,761
75.83
1.16
1,243
1,670
1,844
2,190
1,752
11.22
15.07
16.64
19.77
15.81
Textured Jers ey
TJL.N0000
Buy
13.60
5,732
655.0
8,908
8.75
1.55
628
1,017
1,186
1,483
1,017
0.96
1.55
1.81
2.26
Tokyo Cement
TKYO.N0000
24.80
6,722
334.1
8,286
20.12
1.23
979
828
828
2.93
42,040
2,344.5
77,706
17.93
1.85
7,141
7,713
7,937
3.05
Sample Sector (8)

Full Sector (36)
106,414
8.1
7.4
7.2
1.0
1.5
8.5
5.9
17.1
26.5
24.8
15.4
0.1
0.4
14.4
10
18.0
15.7
14.3
13.7
15.0
11.0
3.7
44.1
10
4.4
6.2
5.9
5.4
6.2
3.0
5.1
15.8
7.8
7.3
7.0
6.5
7.3
0.4
6.8
18.9
(14)
34
10
19
7.9
5.8
5.3
4.5
5.6
2.0
2.3
14.8
1.55
(8)
62
17
25
14.2
8.8
7.5
6.0
8.8
1.2
9.1
11.0
2.48
2.48
14
(15)
8.5
10.0
10.0
1.0
4.0
14.6
3.29
3.39
15
10.9
10.1
9.8
4.2
17.0
1.42
8.6
Motors
Col oni a l Motors
95.10
3,813
15.2
1,446 250.88
0.38
453
120
Di es el & Motor Engi neeri ng DIMO.N0000 M
COLO.N0000
483.00
7,631
8.9
4,287 859.71
0.56
2,702
462
Uni ted Motors
108.00
7,371
67.3
7,265 109.57
0.99
2,281
2,013
2,011
18,815
91.3
12,998 205.98
0.69
5,436
2,595
2,496
22,193
0.99
UML.N0000
Sample Sector (3)

Full Sector (6)
29.80
7.91
1.47
95
(73)
3.2
12.0
64.8
3.0
3.2
11.9
462 304.36
22
52.06
52.05
27
(83)
1.6
9.3
9.3
10.0
2.1
35.4
33.91
29.92
29.90
153
(12)
3.2
3.6
3.6
10.0
9.3
31.0
59.51
28.41
27.32
67
(52)
2.4
5.0
5.2
6.2
28.9
6.6
Oil Palms
Buki t Da ra h
BUKI.N0000
683.80
Sample Sector (1)
31,845
102.0
69,748 312.21
2.19
7,299
5,042
4,405
71.56
49.43
43.19
43
(31)
9.6
13.8
15.8
3.0
0.4
22.9
31,845
102.0
69,748 312.21
2.19
7,299
5,042
4,405
71.56
49.43
43.19
43
(31)
9.6
13.8
15.8
3.0
0.4
22.9
Full Sector (5)
101,239
1.84
19.8
Plantations
Ba l a ngoda
BALA.N0000
28.20
2,638
23.6
667 111.60
0.25
25
118
62
1.08
5.01
2.64
(85)
366
26.2
5.6
10.7
1.0
Hora na
HOPL.N0000
22.30
1,489
25.0
558
59.57
0.37
87
220
201
3.49
8.82
8.04
(73)
152
6.4
2.5
2.8
2.0
Kega l l e
KGAL.N0000
96.10
3,349
25.0
2,403 133.97
0.72
769
544
542
30.77
21.74
21.70
(8)
(29)
3.1
4.4
4.4
12.0
12.5
23.0
Kel a ni Va l l ey
KVAL.N0000
82.00
2,515
34.0
2,788
73.98
1.11
460
584
650
13.54
17.19
19.12
44
27
6.1
4.8
4.3
6.0
7.3
18.3
Kota ga l a
KOTA.N0000
42.10
3,426
40.0
1,684
85.64
0.49
439
517
378
10.97
12.92
9.44
(34)
18
3.8
3.3
4.5
2.5
5.9
12.8
Wa ta wa l a
WATA.N0000 M
10.70
3,843
236.7
2,532
16.24
0.66
455
680
755
1.92
2.87
3.19
(29)
49
5.6
3.7
3.4
0.8
17,261
384.3
10,631
44.91
0.62
2,236
2,664
2,589
5.82
6.93
6.74
(24)
19
4.8
4.0
4.1
Sample Sector (6)

Full Sector (18)
22,768
0.65
1.0
5.9
11.8
13.0
4.0
Power and Energy

La nka IOC
LIOC.N0000
27.00
13,028
532.5
14,378
24.46
1.10
906
2,911
2,911
1.70
5.47
5.47
221
15.9
4.9
4.9
0.0
Va l l i bel
VPEL.N0000
6.10
1,823
747.1
4,557
2.44
2.50
249
289
301
0.33
0.39
0.40
(41)
16
18.3
15.8
15.1
0.3
4.1
13.6
La ugfs Ga s
LGL.N0000
27.20
6,488
387.0
10,526
16.76
1.62
822
1,061
1,021
2.13
2.74
2.64
(4)
29
12.8
9.9
10.3
1.5
5.5
12.7
21,339
1,666.6
29,462
12.80
1.38
1,977
4,261
4,234
1.19
2.56
2.54
(8)
116
14.9
6.9
7.0
Sample Sector (3)

Full Sector (8)
34,957
1.27
7.0
9.3
7.5
Telecommunications
Di a l og Axi a ta
DIAL.N0000
8.50
38,776
8,143.8
69,222
4.76
1.79
5,354
6,521
7,569
8,156
0.66
0.80
0.93
1.00
22
16
12.9
10.6
9.1
8.5
0.3
3.9
Sri La nka Tel ecom
SLTL.N0000
39.40
56,136
1,804.9
71,111
31.10
1.27
4,781
5,329
5,912
4,976
2.65
2.95
3.28
2.76
21
11
11
14.9
13.3
12.0
14.3
0.9
2.2
94,912
9,948.6
140,334
9.54
1.48
10,135
11,850
13,481
13,132
1.02
1.19
1.36
1.32
13
17
14
13.8
11.8
10.4
10.7
Sample Sector (2)

Full Sector (2)
144,850
1.53
13.8
8.5
10.7
11.0
Trading
Browns
BRWN.N0000 M
98.50
14,696
70.9
3.39
(79)
6.0
29.1
29.1
1.3
1.3
7.9
4,681
125.2
11,845
37.39
2.53
985
10.11
9.09
3.39
7.87
(47)
94.60
240
1,138
16.43
SINS.N0000
1,164
1,266
240
Si nger Sri La nka
90
(10)
9.4
10.4
12.0
6.0
6.3
27.1
19,378
196.1
18,826
98.82
0.97
2,431
1,378
1,225
12.40
7.03
6.25
(15)
(43)
7.7
13.7
15.4
Sample Sector (2)

Full Sector (8)
Sample Market (70)
Total Market (283)
6,981 207.36
24,870
1,013,448 37,951.3 1,821,136
2,361,259
0.48
1.07
26.70
1.80
1.71
12.5
18.7
138,331 150,117 169,632 195,077 166,270
3.64
3.96
4.47
5.14
4.38
17
13
15
13.2
12.1
10.7
9.3
11.0
13.6
12.2
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
Negambo
Kurunegala
Madushanka Rathnayaka
No. 212, 1st floor, Panadura road, Horana
Krishan Williams
No. 121, St. Joseph Street Negambo
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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Weekly Plus - 2013 Issue 34 (23.08.2013)

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2013

Week Ending 23-08-2013

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 -971

Weekly Foreign Flow

Change in Foreign Holding

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

Weekly Top Volume

S & P SL20 Debrief

Daily Index Movement

Renuka Agri Foods

Renuka Shaw Wallace

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

La nka Ori x Fi na nce

Sample Sector (16)

Full Sector (60)