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2014

Issue 06

Week Ending 07-02-2014

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:
Monthly Value Hunt

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

500

6,200

400

6,000

6,000
5,900
5,800

300
4,000

200
2,000

('Mn)

LKR ('Mn)

6,100

0
17-Jan

ASPI

24-Jan

Turnover (LHS)

31-Jan

7-Feb

Volume (RHS)

Weekly Foreign Purchases and Sales

70%
60%
50%
40%
30%
20%
10%
0%

Current
Previous
6141.72
6248.08
3369.30
3443.25
7,302.6
5280.6
296.0
370.3
2,563.9
2608.3

WoW %
-1.7%
-2.1%
38.3%
-20.1%
-1.7%

100

5,700

Daily Foreign Activity

ASPI
S&P SL20
Turnover (LKR 'bn)
Volume ('mn)
Market Cap. (LKR 'bn)

Net Foreign 541

188

208

Weekly Foreign Flow


LKR ('mn)
Foreign Purchases
Foreign Sales
Net Foreign Inflow
Foreign Participation

Current
Previous
1,339.2
1,455.4
4,402.9
1,247.3
-3,063.7
208.1
40%
33%

WoW %
-8.0%
253.0%
-1573%
19.8%

-3064

Weekly Market Valuations

5,000

Current
Previous
16.3
16.8
2.0
2.1
2.8
2.8

4,000
LKR ('Mn)

PER
PBV
DY

3,000
2,000

WoW %
-3.3%
-2.0%
0.0%

1,000

Weekly Sector Statistics

0
17-Jan

Foreign Activity

Linear (Foreign Activity)

24-Jan

Foreign Buying

31-Jan

7-Feb

Foreign Sales

Change in Foreign Holding


Growth in Foreign Holding
HNB (+)
DISTILLERIES
SAMPATH (+)
TEXTURED JERSEY
NESTLE (+)

Growth in Growth in
Value
Foreign Decline in Foreign Holding
LKR 'mn
Holding
128.2
62.1
22.9
22.6
20.4

1.0%
0.40%
0.5%
0.53%
0.02%

JKH
COMMERCIAL BANK (+)
DIALOG (+)
COMMERCIAL BANK[X.0000] (+)
SLT (+)

Decline in
Value
LKR 'mn
-2049.3
-676.7
-541.1
-45.2
-29.6

Decline in
Foreign
Holding
-1.62%
-1.99%
-0.77%
-3.9%
-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
13,669.5 14,055.6
21,333.0 21,742.2
6,330.2
6,357.1
2,834.8
2,905.3
1,802.4
1,858.7
791.8
807.6
3,200.7
3,212.2
587.5
604.8
3,024.8
3,074.7
15,429.6 15,374.1
737.6
755.7
162.5
157.5

WoW %
-2.7%
-1.9%
-0.4%
-2.4%
-3.0%
-2.0%
-0.4%
-2.9%
-1.6%
0.4%
-2.4%
3.2%

Page | 2

Weekly Stock Trends


Weekly Top Gainers
Company

Current

Previous

WoW %

High

Low

Volume

Turnover

52 High

52 Low

SINHAPUTHRA FIN

132.10

112.00

17.95%

155.00

119.20

74,247

9,853,559

155.00

67.00

MORISONS

269.90

230.00

17.35%

269.90

260.00

11

2,870

361.90

160.00

34.90

30.00

16.33%

35.00

27.00

78,507

2,471,941

35.00

13.20

31.90

28.20

13.12%

32.00

29.90

25,240

776,831

38.00

25.10

1,500.00

1,340.50

11.90%

1,500.00

1,500.00

10

15,000

1,540.00

1,250.00

BIMPUTH FINANCE
ABANS FINANCIAL
INDO MALAY

Weekly Top Losers


Company

Previous

WoW %

High

40.30

51.60

-21.90%

54.60

40.30

167

1,071.00

1,362.90

-21.42%

1,071.00

1,070.10

G S FINANCE

373.10

447.00

-16.53%

377.00

CHEMANEX

73.00

86.10

-15.21%

83.00

THE FINANCE CO.

11.50

13.40

-14.18%

13.30

MIRAMAR
SERENDIB LAND

Current

Low

Volume

Turnover

52 High

52 Low

7,627

94.00

38.00

3,212

1,848.90

1,070.10

373.00

748

280,500

824.00

373.00

70.00

9,853

731,212

92.70

66.90

11.30

144,097

1,764,329

17.90

7.90

Volume

Turnover

52 High

52 Low

14,188,652

3,265,649,788

299.80

204.00

Weekly Top Performers


Company

Current

Previous

WoW %

High

Low

JKH

229.40

240.00

-4.42%

239.90

228.00

COMMERCIAL BANK

120.10

127.00

-5.43%

127.10

120.00

9,877,185

1,197,107,074

131.50

105.20

9.40

9.20

2.17%

9.40

9.10

58,204,291

535,479,323

9.90

7.90

COMMERCIAL BANK[NON VOTING]


96.60

96.60

0.00%

97.50

94.50

1,493,576

146,368,844

102.00

87.00

159.80

-2.32%

160.00

156.00

864,122

137,199,195

176.00

140.00

Volume

Turnover

52 High

52 Low

DIALOG
HNB

156.10

Weekly Top Volume


Company

Current

Previous

WoW %

High

Low

DIALOG

9.40

9.20

2.17%

9.40

9.10

58,204,291

535,479,323

9.90

7.90

S M B LEASING[NON VOTING]

0.50

0.50

0.00%

0.60

0.40

54,029,606

27,036,525

0.70

0.30

S M B LEASING

1.30

1.50

-13.33%

1.60

1.20

39,777,393

54,692,066

1.80

0.50

229.40

240.00

-4.42%

239.90

228.00

14,188,652

3,265,649,788

299.80

204.00

9.30

9.80

-5.10%

9.90

9.20

13,972,506

135,412,485

9.90

6.50

JKH
EXPOLANKA

Page | 3

S & P SL20 Debrief

Announcements
DIVIDENDS

Daily Index Movement

Company

3,500
3,450
3,400

Dividend (LKR)

XD Date

Textured Jersey Lanka

0.50

07-02-2014

Payment
19-02-2014

Lanka Tiles

2.00

10-02-2014

19-02-2014

E-Channelling

0.50

10-02-2014

20-02-2014

3,350

United Motors Lanka

3.00

13-02-2014

25-02-2014

3,300

HNB Assurance

3.25

28-03-2014

07-04-2014

3,250

Overseas Reality

3,200
3,150

0.45

25-04-2014

06-05-2014

0-Jan-1900

1.00

25-04-2014

06-05-2014

0-Jan-1900

0.00

00-01-1900

00-01-1900

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

Current
229.40
120.10
610.00
156.10
346.70
169.70
1,252.40
149.70
101.20
184.50
141.00
212.40
298.00
288.40
9.40
149.00
75.00
2,100.00
64.50
394.80

Previous
240.00
127.00
612.60
159.80
345.00
174.00
1,287.90
149.90
103.40
185.50
145.60
210.00
297.60
285.10
9.20
153.90
74.50
2,181.60
65.00
380.20

WoW %
-4.42%
-5.43%
-0.42%
-2.32%
0.49%
-2.47%
-2.76%
-0.13%
-2.13%
-0.54%
-3.16%
1.14%
0.13%
1.16%
2.17%
-3.18%
0.67%
-3.74%
-0.77%
3.84%

Turnover
3,265,649,788
1,197,107,074
808,727
137,199,195
5,129,458
77,925,167
2,664,542
27,205,764
41,110,739
65,874,099
1,884,296
134,858,654
1,092,257
33,448,042
535,479,323
324,712
16,693,606
54,304,580
1,189,602
20,009,841

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

LKR
182
180

131

178

131

176

131
130

174

130

172

LKR
1.34
1.32
1.30
1.28
1.26
1.24
1.22
1.20

EURO : LKR

Japanese Yen : LKR

LKR
106

105
104
103
102
101
100

Singapore Dollar : LKR

LKR
220
218
216
214
212
210
208
206

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

Nov-13

Exports
Imports
Balance of Trade

Oct-13
1,041
1,535
-494

MoM %
-1%
7%
-25%

Nov-12
828
1,821
-993

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 %
25%
-10%
38%

INFLATION & INTEREST RATE

2012 Change %
122,252
26%
1,005,605
27%

COLOMBO TEA AUCTION STATISTICS

Inflation and Treasury Bill Rate

14%

Mar

2010

For the Month Ending:


Nov-13
1,032
1,648
-616

Feb

Balance of Trade

Elevation

12%
10%

High Grown
Mid Grown
Low Grown
Total

8%
6%
4%

Sale of
29-Jan-14
453.25
445.61
531.63
502.35

Sale of
22-Jan-14
453.49
452.98
549.21
515.79

WoW %
-0.05%
-1.63%
-3.20%
-2.61%

Corres. 2013
436.05
381.91
432.81
425.87

WoW %
-10.29%
-24.30%

Sale of
31-Dec-13
340.00
411.50

YoY %
3.94%
16.68%
22.83%
17.96%

2%
Jan-13

Mar-13

1-Yr T-Bill

May-13

Point to Point

Jul-13

Sep-13

For the Month Ending:


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
30-Jan-14
305.00
311.50

Sale of
07-Jan-14
340.00
411.50

WoW %
-10.29%
-24.30%

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
102
100
98
96
94
92
90
88

WTI CRUDE FUTURE

USd/lb.
90

COTTON NO.2 FUTURE

USD/t oz.
1,300

GOLD 100 OZ FUTURE

USd/lb.
350
340

1,250

330

1,200

320

1,150

310

1,100

300

USd/bu.
800

85

600

80

400

75

200

70

COPPER FUTURE

WHEAT FUTURE(CBT)

Commodity
WTI Crude

USD/bbl

Gold
Copper

USD/t oz.
USd/lb.

Cotton
Wheat

USd/lb.
USd/bu.

This Week

Last
Week

WoW
Change

97.36

97.90

-0.6%

1,260.10
324.10

1,243.30
320.65

1.4%
1.1%

86.76
583.50

86.12
553.00

0.7%
5.5%

Page | 8

KGAL.N0000
VPEL.N0000
UML.N0000
HOPL.N0000
GLAS.N0000
NDB.N0000
PLC.N0000
KVAL.N0000
TJL.N0000
KOTA.N0000
HNB.X0000
SINS.N0000
LFIN.N0000
AHPL.N0000
PABC.N0000

Ticker
JKH.N0000
COMB.N0000
BUKI.N0000
HNB.N0000
CARS.N0000
SAMP.N0000
CTC.N0000
DFCC.N0000
SPEN.N0000
NDB.N0000
CTHR.N0000
DIST.N0000
HAYL.N0000
LLUB.N0000
DIAL.N0000
CARG.N0000
LOLC.N0000
NEST.N0000
AHPL.N0000
LION.N0000

MPS (LKR) MPS (LKR) MOM Price


3-Feb-14
3-Jan-14 Change(%)
101.1
100.0
1.1%
5.9
5.9
0.0%
122.0
116.9
4.4%
24.6
24.2
1.7%
4.7
4.5
4.4%
186.9
164.8
13.4%
15.6
13.5
15.6%
78.6
80.9
-2.8%
16.5
15.5
6.5%
36.0
37.5
-4.0%
125.3
119.5
4.9%
90.1
89.8
0.3%
101.0
105.0
-3.8%
64.9
64.5
0.6%
17.4
16.2
7.4%

Company
JOHN KEELLS HOLDINGS
COMMERCIAL BANK OF CEYLON
THE BUKIT DARAH
HATTON NATIONAL BANK
CARSONS CUMBERBATCH
SAMPATH BANK
CEYLON TOBACCO COMPANY
DFCC BANK
AITKEN SPENCE
NATIONAL DEVELOPMENT BANK
C T HOLDINGS
DISTILLERIES COMPANY OF SRI LANKA
HAYLEYS PLC
CHEVRON LUBRICANTS LANKA
DIALOG AXIATA
CARGILLS (CEYLON)
LANKA ORIX LEASING COMPANY
NESTLE LANKA PLC
ASIAN HOTELS & PROPERTIES
THE LION BREWERY CEYLON
S&P SL20 INDEX
Market Trailing PER (X)

Softlogic Equity Research

03/02/2014 03/01/2014
(LKR)
(LKR)
235.0
127.0
612.3
159.0
349.4
173.5
1,283.6
150.0
101.5
186.9
143.6
211.1
297.3
287.6
9.2
153.9
75.0
2,175.0
64.9
381.0
3,431.22
19.9

228.9
120.1
618.0
148.1
357.0
171.6
1,188.2
135.0
105.0
164.8
140.1
199.9
299.6
270.9
9.0
151.0
72.0
2,115.1
64.5
357.0
3,294.82

MoM (%)
2.7%
5.7%
-0.9%
7.4%
-2.1%
1.1%
8.0%
11.1%
-3.3%
13.4%
2.5%
5.6%
-0.8%
6.2%
2.2%
1.9%
4.2%
2.8%
0.6%
6.7%
4.1%

DPS
Trailing DY
(LKR)
(%)
12.0
11.9%
0.6
10.2%
10.0
8.2%
2.0
8.1%
0.4
8.1%
15.0
8.0%
1.3
8.0%
6.0
7.6%
1.2
7.5%
2.5
6.9%
8.5
6.8%
6.0
6.7%
6.5
6.4%
4.0
6.2%
1.0
5.7%

31/12/2013
(LKR)
227.3
120.4
619.9
147.0
350.0
171.9
1,184.4
129.0
102.3
160.5
140.1
193.0
293.0
267.8
9.0
147.0
72.6
2,100.7
64.2
359.9
3,085.33

YTD
Trailing Trailing
Change
PBV (X) PER (X)
(%)
3.4%
2.0
19.0
5.5%
1.9
11.1
-1.2%
2.3
23.6
8.2%
1.1
7.1
-0.2%
2.3
23.0
0.9%
1.0
7.5
8.4%
52.7
27.9
16.3%
1.1
12.4
-0.8%
1.4
13.2
16.4%
1.2
3.4
2.5%
1.6
18.7
9.4%
1.3
11.4
1.5%
1.0
10.4
7.4%
4.9
10.4
2.2%
1.9
14.9
4.7%
2.9
81.8
3.3%
1.7
19.6
3.5%
33.6
32.9
1.1%
1.3
11.7
5.9%
5.0
31.6
11.2%

TICKER

FLCH.N0000
LMF.N0000
RHL.X0000
CIC.X0000
AMCL.N0000
RENU.N0000
HEXP.N0000
SEYB.X0000
SDB.N0000
APLA.N0000
WATA.N0000
CIND.N0000
EDEN.N0000
CIC.N0000

Forward PER (X)


2013E
2014E
FY14E
FY15E
21.7
22.3
10.1
8.6
6.9
5.7
7.2
4.7
27.6
25.3
11.5
10.1
8.6
7.1
10.8
9.8
13.4
12.7
33.4
30.7
12.1
11.5
27.5
20.9

COUNTER

FREE LANKA CAPITAL HOLDINGS PLC


LANKA MILK FOODS (CWE) PLC
RENUKA HOLDINGS PLC
CIC HOLDINGS PLC
AMW CAPITAL LEASING PLC
RENUKA CITY HOTEL PLC
HAYLEYS FIBRE PLC
SEYLAN BANK PLC
SANASA DEVELOPMENT BANK PLC
ACL PLASTICS PLC
WATAWALA PLANTATIONS PLC
CENTRAL INDUSTRIES PLC
EDEN HOTEL LANKA PLC
CIC HOLDINGS PLC
CITIZENS DEVELOPMENT BUSINESS
CDB.X0000
FINANCE PLC
LWL.N0000
LANKA WALLTILES PLC
COMMERCIAL DEVELOPMENT
COMD.N0000
COMPANY
ACL.N0000
ACL CABLES PLC
RHL.N0000
RENUKA HOLDINGS PLC
COCO.N0000 RENUKA SHAW WALLACE PLC
OSEA.N0000 OVERSEAS REALTY (CEYLON) PLC
HPWR.N0000 HEMAS POWER PLC
NAVF.U0000 NAMAL ACUITY VALUE FUND
CINS.X0000
CEYLINCO INSURANCE PLC
KCAB.N0000 KELANI CABLES PLC
CITIZENS DEVELOPMENT BUSINESS
CDB.N0000
FINANCE PLC
KAPI.N0000
MTD WALKERS PLC
ALLI.N0000
ALLIANCE FINANCE COMPANY PLC
ESL.N0000
ENTRUST SECURITIES LIMITED
HNB.X0000
HATTON NATIONAL BANK PLC
HAYL.N0000 HAYLEYS PLC
SUN.N0000
SUNSHINE HOLDINGS PLC
SAMP.N0000 SAMPATH BANK PLC
UML.N0000
UNITED MOTORS LANKA PLC
CRL.N0000
SOFTLOGIC FINANCE PLC
CFVF.N0000
FIRST CAPITAL HOLDINGS PLC
SEYB.N0000
SEYLAN BANK PLC
CHL.X0000
CEYLON HOSPITALS PLC (DURDANS)
ARPI.N0000
ARPICO FINANCE COMPANY PLC
CFIN.N0000
CENTRAL FINANCE COMPANY PLC
RCL.N0000
ROYAL CERAMICS LANKA PLC
HNB.N0000
HATTON NATIONAL BANK PLC
BFL.N0000
BAIRAHA FARMS PLC
SFIN.N0000
SINGER FINANCE (LANKA) PLC
TKYO.X0000
TOKYO CEMENT COMPANY (LANKA)

Market
Price (LKR)

Book Value
(LKR mn)

NAVPS
(LKR)

PBV (X)

4Q
TRAILING
PER (X)

2.2
110.0
22.6
39.9
22.4
279.8
31.6
34.4
80.8
88.8
10.3
58.4
28
51.8

6,424.9
9,374.6
2,320.7
7,576.6
865.6
3,542.3
447.2
20,799.1
3,467.1
633.5
4,095.0
935.1
2,310.7
7,576.6

4.7
234.4
45.6
79.9
43.3
506.0
55.9
60.3
137.7
150.4
17.3
94.6
43.8
79.9

0.47
0.47
0.50
0.50
0.52
0.55
0.57
0.57
0.59
0.59
0.60
0.62
0.64
0.65

7.8
12.4
3.5
29.6
3.3
7.1
9.5
6.0
5.4
8.0
5.6
8.7
10.8
38.4

40.1

3,269.1

60.2

0.67

3.7

68.9

5,535.1

101.4

0.68

6.5

72.0

1,245.4

103.8

0.69

3.2

69.5
32.9
17.4
20.6
18.1
73.2
425
81.5

5,847.5
2,320.7
2,239.9
23,360.3
2,912.0
1,011.2
14,364.0
2,260.7

97.6
45.6
23.7
27.7
23.3
94.1
543.8
103.7

0.71
0.72
0.73
0.74
0.78
0.78
0.78
0.79

7.8
5.1
358.3
4.5
6.6
27.1
5.4
8.2

48

3,269.1

60.2

0.80

4.5

33.0
800
20.0
125.3
297.3
32
173.5
122
34
20.0
64.3
82.6
119.4
190
86.7
159
129
13.9
28

4,689.6
2,232.5
745.2
55,737.9
23,074.3
4,267.0
28,855.7
7,895.1
1,217.3
1,900.8
20,799.1
2,603.4
490.1
18,282.8
8,478.7
55,737.9
1,794.3
1,933.9
7,793.2

41.0
918.7
22.6
139.5
307.7
31.9
172.0
117.4
32.5
18.8
60.3
76.9
109.8
174.3
76.5
139.5
112.1
11.7
23.3

0.80
0.87
0.89
0.90
0.97
1.00
1.01
1.04
1.05
1.07
1.07
1.07
1.09
1.09
1.13
1.14
1.15
1.19
1.20

6.6
4.4
7.6
5.6
10.4
6.6
7.5
4.5
7.5
4.5
11.2
10.3
7.5
6.5
8.7
7.1
7.8
9.7
5.0

Page | 9

Name

Y/E

Rec

Mkt Price Book Val.

Share

Market

31-Jan-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

Dec'13E Dec'14E Trailing

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

191.00

18,283

104.9

20,033 174.32

1.10

2,675

3,041

1,346.30

14,364

26.4

35,562 543.79

2.48

1,508

1,953

3,437

3,829

32.77

Buy

120.10

58,257

849.2

101,985

68.61

1.75

8,048

10,080

10,685

12,591

9,676

9.48

11.87

12.58

Buy

96.60

58,257

849.2

82,029

68.61

1.41

8,048

10,080

10,685

12,591

9,676

9.48

11.87

DFCC.N0000

MTB

149.70

37,196

265.1

39,685 140.31

1.07

2,900

3,523

3,453

3,915

3,210

10.94

Ha tton Na ti ona l Ba nk

HNB.N0000

Buy

156.10

55,738

399.7

62,391 139.46

1.12

6,149

8,111

9,258

11,113

8,931

Ha tton Na ti ona l Ba nk [X]

Buy

125.80

55,738

399.7

50,280 139.46

0.90

6,149

8,111

9,258

10,908

75.00

21,220

475.2

35,640

44.65

1.68

2,933

1,863

6,940

82.40

1.22

1,714

1,703

2,114

36.51

29.41

46

14

79.01

57

30

7.5

6.6

23.6

18.2

14.83

11.39

46

25

18

12.7

10.1

9.5

12.58

14.83

11.39

46

25

18

10.2

8.1

13.29

13.02

14.77

12.11

(43)

21

(2)

13

13.7

15.38

20.29

23.16

27.81

22.34

28

32

14

20

10.1

8,931

15.38

20.29

23.16

27.81

22.34

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

100.20

5,707

69.3

Na ti ona l Devel opment Ba nk NDB.N0000

Buy

184.50

24,757

164.7

30,386 150.32

1.23

2,706

8,854

3,533

4,286

9,030

16.43

53.76

21.45

26.03

54.83

26

227

Na ti ons Trus t Ba nk

NTB.N0000

Buy

66.50

11,207

230.6

15,335

48.60

1.37

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

16.80

4,128

295.0

4,957

13.99

1.20

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

15.10

18,572

1,579.9

23,856

11.76

1.28

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

169.70

28,856

167.8

28,476 171.96

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

64.00

20,799

345.0

22,077

60.29

1.06

1,006

2,063

1,988

2.92

5.98

La nka Ori x Fi na nce

LOFC.N0000

3.60

5,931

2,800.0

10,080

2.12

1.70

1,246

686

617

0.44

0.25

325,015

7,772.7

437,402

41.82

1.35

41,935

52,924

70,004

5.40

6.81

Sample Sector (16)


Full Sector (61)

576,010

898

1,026

0.32

0.37

13

11

5.8

6.5

2.1

1.1

14.6

17.0

12.5

0.9

10.5

8.1

10.5

4.5

3.7

13.8

7.7

6.5

8.5

4.5

4.7

13.8

11.3

11.5

10.1

12.4

5.0

3.3

7.8

7.7

6.7

5.6

7.0

8.5

5.4

11.0

5.4

4.5

8.2

6.2

12.2

19.1

18

4.0

4.1

3.3

(60)

21

11.2

3.4

27

13

19

10.0

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

5.6

8.5

6.8

11.0

19.6

0.5

0.7

13.8

2.8

5.5

6.5

6.5

30.0

8.6

7.1

3.4

15.0

8.1

10.9

7.9

6.9

5.8

7.5

2.1

3.2

13.7

6.0

6.1

15.3

7.8

11.0

1.0

6.0

20.0

19

5.3

7.8

7.9

6.6

7.2

1.3

8.3

24.5

53

6.9

5.5

7.0

4.6

7.3

6.0

3.5

14.4

22.0

10.7

11.1

1.0

1.6

4.8

8.1

14.7

16.3

21.0

10.4

8.3

14

11.2

9.8

6.2

1.45

12.9

8.9

Beverage, Food and Tobacco


Ca rgi l l s

CARG.N0000

149.00

11,755

224.0

33,376

Ceyl on Toba cco Compa ny

CTC.N0000

1,252.40

4,565

187.3

234,604

Di s ti l l eri es

DIST.N0000

212.40

49,925

300.0

63,720 166.42

Li on Brewery

LION.N0000

394.80

6,136

80.0

31,584

Nes tl e (La nka )

NEST.N0000

2,100.00

3,475

53.7

75,856

845.0

LTB

Sample Sector (5)


Full Sector (20)

52.48

2.84

1,079

578

422

4.82

2.58

1.88

(1)

(46)

30.9

57.8

24.37 51.39

6,569

8,176

8,734

9,545

8,603

35.07

43.65

46.63

50.95

45.93

29

24

35.7

28.7

26.9

1.28

5,675

5,520

5,816

6,452

5,577

18.92

18.40

19.39

21.51

18.59

(30)

(3)

11

11.2

11.5

5.15

1,262

1,046

1,107

1,457

965

15.78

13.07

13.83

18.22

12.06

25

(17)

32

25.0

30.2

112,823

64.68 32.47

2,633

2,994

3,513

3,822

3,557

49.01

55.73

65.39

71.14

66.20

39

14

17

42.8

37.7

476,108

89.77

17,219

18,313

19,123

20.38

21.67

22.63

27.7

26.0

76.71

535,517

6.28

79.2

2.0

1.3

9.2

24.6

27.3

48.8

3.9

143.9

11.0

9.9

11.4

3.0

1.4

11.4

28.5

21.7

32.7

4.0

1.0

20.6

32.1

29.5

31.7

54.0

2.6

75.8

24.9

4.51

22.7

22.4

Chemicals & Pharmaceuticals


CIC Hol di ngs

CIC.N0000

52.00

7,577

94.8

4,928

79.95

0.65

863

231

128

9.11

2.44

1.35

(7)

(73)

5.7

21.3

38.5

1.6

3.1

11.4

La nkem Ceyl on

LCEY.N0000

120.00

3,154

24.0

2,880 131.41

0.91

513

297

-226

21.39

12.36

(9.43)

(55)

(42)

5.6

9.7

-12.7

1.5

1.3

16.3

10,730

118.8

7,808

0.73

1,376

528

-99

11.59

4.44

(0.83)

(33)

(62)

5.7

14.8

-79.2

Sample Sector (2)


Full Sector (10)

90.35

17,741

0.91

12.8

20.1

Construction & Engineering


Col ombo Dockya rd

DOCK.N0000

187.10

Sample Sector (1)

10,477

71.9

13,445 145.80

1.28

1,804

1,977

1,079

25.10

27.51

15.01

(13)

10

7.5

6.8

12.5

10,477

71.9

13,445 145.80

1.28

1,804

1,977

1,079

25.10

27.51

15.01

(13)

10

7.5

6.8

12.5

40,193

2.55

Full Sector (4)

8.0

4.3

17.2
17.2

9.7

Diversified Holdings
Ai tken Spence

SPEN.N0000

101.20

28,815

406.0

41,087

70.97

1.43

3,488

3,267

3,121

8.59

8.05

7.69

38

(6)

11.8

12.6

13.2

1.5

1.5

CT Hol di ngs

CTHR.N0000

141.00

16,707

183.1

25,817

91.25

1.55

1,159

1,150

1,407

6.33

6.28

7.68

34

(1)

22.3

22.5

18.4

0.7

0.5

6.9

Ca rs ons Cumberba tch

CARS.N0000

346.70

30,175

196.4

68,087 153.65

2.26

7,017

4,570

2,988

35.73

23.27

15.21

55

(35)

9.7

14.9

22.8

2.0

0.6

23.3

Expol a nka Hol di ngs

EXPO.N0000

9.30

9,466

1,954.9

18,181

Ha yl eys

HAYL.N0000

298.00

23,074

75.0

Hema s Hol di ngs

HHL.N0000

38.80

12,849

515.3

John Keel l s Hol di ngs

JKH.N0000

229.40

118,674

990.2

Ri cha rd Pei ri s

RICH.N0000

6.60

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

1.92

1,033

1,061

1,143

0.53

0.54

0.58

(33)

17.6

17.1

15.9

0.1

1.3

10.9

22,350 307.66

0.97

1,038

1,854

2,150

13.84

24.72

28.67

43

79

21.5

12.1

10.4

4.5

1.5

4.5

19,993

24.94

1.56

1,165

1,658

1,920

2.26

3.22

3.73

(4)

42

17.2

12.1

10.4

0.8

1.9

9.1

227,152 119.85

1.91

9,687

12,201

12,273

9.78

12.32

12.39

17

26

23.4

18.6

18.5

3.5

1.5

8.2

4.12

1.60

2,575

1,903

1,369

1.32

0.97

0.70

53

(26)

5.0

6.8

9.4

0.2

3.0

31.9

0.33

(42)

(38)

18.7

30.0

35.6

0.3

2.6

6.6

0.95

250

(31)

9.2

13.2

18.0

0.0

0.0

3.40

30

(1)

15.6

15.8

12,923

11.60

7,327

779.0

9,036

9.41

1.23

483

301

17.10

30,388

1,086.6

18,580

27.97

0.61

2,025

1,403

285,540

8,144.5

463,207

35.06

1.62

29,669

29,367

Sample Sector (10)


Full Sector (18)

494,855

1,302

10,952

10,653

2,323

254

0.62

0.39

1,033

1.86

1.29

27,658

3.64

3.61

0.67

11.06

10.76

2.14

23

(10)

(3)

66

14.0

12.1

20.7

21.3

8.0

16.7

1.53

6.7
10.4

16.7

Healthcare
As i ri Hos pi ta l Hol d.

ASIR.N0000

20.00

5,831

1,099.1

21,982

5.31

3.77

609

696

930

0.55

0.63

0.85

219

14

36.1

31.6

23.6

0.5

2.5

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

43.60

27,164

223.7

9,755 121.41

0.36

437

384

564

1.95

1.72

2.52

51

(12)

22.3

25.4

17.3

0.5

1.1

1.6

36,880

2,732.3

0.98

1,317

1,535

1,839

0.48

0.56

0.67

(15)

17

27.5

23.6

19.7

Sample Sector (3)

Softlogic Equity Research

Full Sector (6)

36,247
51,730

13.50

2.36

1,027

1,082

0.93

0.98

47

21.4

20.3

3.6

20.4

Page | 10

Name

Y/E

Rec

Mkt Price Book Val.

Share

Market

31-Jan-14

Cap.

Cap.

Mar'12

Mar'13

Mar'14E

('Mn)

('Mn)

Dec'11

Dec'12

Dec'13E Dec'14E

('Mn)

NAVPS

Earnings

P / BV

EPS
Mar'15E

EPS Growth (%)

4Q

Mar'12

Mar'13

Mar'14E Mar'15E

Trailing

Dec'11

Dec'12

Dec'13E Dec'14E Trailing

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

Dec'13E Dec'14E Trailing

4Q

Mar'13
Dec'12

Trailing

ROE

DY (%)

(%)

Hotels and Travels


Ai tken Sp. Ho. Hol d.

AHUN.N0000 M

71.80

13,283

336.3

24,146

39.50

1.82

1,378

1,782

2,148

1,956

4.10

5.30

6.39

5.82

33

29

21

17.5

13.5

11.2

12.3

1.0

1.4

10.4

Ama ya Lei s ure

CONN.N0000 M

70.90

2,700

48.0

3,406

56.22

1.26

293

377

376

369

6.09

7.84

7.83

7.67

(38)

29

(0)

11.6

9.0

9.1

9.2

4.0

5.6

10.8

As i a n Hotel s & Prop.

AHPL.N0000

64.50

21,501

442.8

28,559

48.56

1.33

2,149

2,494

2,386

2,493

2,460

4.85

5.63

5.39

5.63

5.56

21

16

(4)

13.3

11.4

12.0

11.5

11.6

4.0

6.2

10.0

Keel l s Hotel s

KHL.N0000

12.70

17,135

1,456.1

18,493

11.77

1.08

1,105

1,121

870

994

1,340

0.76

0.77

0.60

0.68

0.92

111

(22)

14

16.7

16.5

21.3

18.6

13.8

0.0

0.0

6.5

Ta j

TAJ.N0000

31.20

2,051

139.6

4,357

14.69

2.12

125

246

293

-165

0.89

1.76

2.10

(1.18)

26

97

19

34.9

17.7

14.9

-26.4

0.0

0.0

6.1

Tra ns As i a

TRAN.N0000

77.20

5,899

200.0

15,440

29.50

2.62

625

1,066

884

986

3.12

5.33

4.42

4.93

(5)

71

(17)

24.7

14.5

17.5

15.7

3.0

3.9

10.6

62,571

2,622.9

94,400

23.86

1.51

5,674

7,086

6,957

5,945

2.16

2.70

2.65

2.27

24

25

(2)

16.6

13.3

13.6

Sample Sector (6)


Full Sector (36)

312,214

927

4.64

16.7

15.9

2.63

9.1

34.3

Land and Property


Col ombo La nd

CLND.N0000

37.40

2,702

199.9

7,476

13.52

2.77

10

335

-90

12

72

0.05

1.68

(0.45)

0.06

0.36

(98)

3,393

(127)

113

779.4

22.3

N/A

623.0

104.4

0.0

0.0

0.4

Overs ea s Rea l i ty

OSEA.N0000

20.40

23,360

843.5

17,207

27.69

0.74

2,681

2,469

1,924

2,158

3,848

3.18

2.93

2.28

2.56

4.56

218

(8)

(22)

12

6.4

7.0

8.9

8.0

4.5

0.5

2.2

11.5

26,062

1,043.4

24,683

24.98

0.95

2,691

2,804

1,834

2,170

3,919

2.58

2.69

1.76

2.08

3.76

102

(35)

18

9.2

8.8

13.5

11.4

6.3

1.5

10.3

Sample Sector (2)


Full Sector (18)

40,625

0.85

7.3

Manufacturing
ACL Ca bl es

ACL.N0000

68.00

5,848

59.9

4,073

97.63

0.70

485

532

534

8.10

8.88

8.91

127

10

Gra i n El eva tors

GRAN.N0000

35.80

2,794

60.0

2,148

46.56

0.77

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

288.40

5,348

120.0

34,608

La nka Wa l l ti l e

LWL.N0000

LTB

67.80

5,535

54.6

Pi ra ma l Gl a s s

GLAS.N0000

Hold

4.40

3,490

Roya l Cera mi c

RCL.N0000

LTB

85.90

Textured Jers ey

TJL.N0000

Buy

Tokyo Cement

TKYO.N0000

Buy

8.4

7.7

7.6

1.0

1.5

8.3

5.5

16.0

24.7

23.1

-23.0

0.1

0.4

13.9

44.56

6.47

2,001

2,288

2,562

2,701

2,513

16.67

19.06

21.35

22.51

20.94

33

14

12

17.3

15.1

13.5

12.8

13.8

15.0

5.2

37.4

3,702 101.38

0.67

731

520

545

600

576

13.39

9.52

9.98

10.99

10.55

51

(29)

10

5.1

7.1

6.8

6.2

6.4

3.0

4.4

13.2

950.1

4,180

3.67

1.20

686

724

361

532

885

0.72

0.76

0.38

0.56

0.93

19

(50)

47

6.1

5.8

11.6

7.9

4.7

0.4

8.6

19.7

8,479

110.8

9,517

76.53

1.12

1,243

1,670

1,844

2,190

1,103

11.22

15.07

16.64

19.77

9.96

(14)

34

10

19

7.7

5.7

5.2

4.3

8.6

2.0

2.3

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

34.00

7,793

334.1

11,360

23.32

1.46

979

893

1,968

1,511

1,883

2.93

2.67

5.89

4.52

5.63

14

(9)

120

(23)

11.6

12.7

5.8

7.5

6.0

1.0

2.9

12.6

45,600

2,344.5

79,741

19.45

1.75

7,141

7,778

8,527

3.05

3.32

3.64

15

11.2

10.3

4.7

15.7

Sample Sector (8)


Full Sector (36)

108,749

9.4

1.36

8.9

Motors
C M Hol di ngs

83.20

3,315

15.2

1,265 218.11

0.38

453

120

Di es el & Motor Engi neeri ng DIMO.N0000 M

COLO.N0000

523.00

7,729

8.9

4,642 870.76

0.60

2,702

462

Uni ted Motors

127.00

7,895

67.3

8,543 117.37

1.08

2,281

2,013

1,808

18,940

91.3

14,450 207.34

0.76

5,436

2,595

1,777

22,010

0.95

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)

1.7

10.0

25.9

10.0

1.9

35.0

33.91

29.92

26.88

153

(12)

3.7

4.2

4.7

10.0

7.9

28.9

59.51

28.41

19.46

67

(52)

2.7

5.6

8.1

5.6

28.7

10.2

Oil Palms
Buki t Da ra h

BUKI.N0000

610.00

Sample Sector (1)

27,684

102.0

62,220 271.41

2.25

7,299

5,042

2,649

71.56

49.43

25.97

43

(31)

8.5

12.3

23.5

3.0

0.5

26.4

27,684

102.0

62,220 271.41

2.25

7,299

5,042

2,649

71.56

49.43

25.97

43

(31)

8.5

12.3

23.5

3.0

0.5

26.4

93,843

1.82

Full Sector (5)

27.2

Plantations
Ba l a ngoda

BALA.N0000

29.70

2,701

23.6

702 114.26

0.26

25

118

87

1.08

5.01

3.70

(85)

366

27.6

5.9

8.0

1.0

Hora na

HOPL.N0000

23.90

1,498

25.0

598

59.91

0.40

87

220

132

3.49

8.82

5.28

(73)

152

6.8

2.7

4.5

2.0

Kega l l e

KGAL.N0000

101.00

3,264

25.0

2,525 130.55

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

78.00

2,558

34.0

2,652

75.23

1.04

460

584

391

13.54

17.19

11.51

44

27

5.8

4.5

6.8

6.0

7.7

18.0

Kota ga l a

KOTA.N0000

36.70

3,187

40.0

1,468

79.67

0.46

439

517

-173

10.97

12.92

(4.32)

(34)

18

3.3

2.8

-8.5

2.5

6.8

13.8

Wa ta wa l a

WATA.N0000 M

10.10

4,095

236.7

2,390

17.30

0.58

455

680

436

1.92

2.87

1.84

(29)

49

5.3

3.5

5.5

0.5

17,302

384.3

10,335

45.02

0.60

2,236

2,664

1,352

5.82

6.93

3.52

(24)

19

4.6

3.9

7.6

Sample Sector (6)


Full Sector (19)

24,131

0.66

0.9
5.8

11.1
12.9

7.5

Power and Energy


La nka IOC

LIOC.N0000

38.90

15,331

532.5

20,715

28.79

1.35

906

2,911

4,371

1.70

5.47

8.21

221

22.9

7.1

4.7

1.0

Va l l i bel

VPEL.N0000

5.90

1,994

747.1

4,408

2.67

2.21

249

289

641

0.33

0.39

0.86

(41)

16

17.7

15.2

6.9

0.6

10.2

12.5

La ugfs Ga s

LGL.N0000

32.80

6,781

387.0

12,694

17.52

1.87

822

1,061

1,484

2.13

2.74

3.83

(4)

29

15.4

12.0

8.6

1.5

4.6

12.1

24,105

1,666.6

37,817

14.46

1.57

1,977

4,261

6,496

1.19

2.56

3.90

(8)

116

19.1

8.9

Sample Sector (3)


Full Sector (8)

43,100

1,414

1,453

3.65

3.75

33

9.0

8.7

5.9

5.8

1.41

8.2

6.0

Telecommunications
Di a l og Axi a ta

DIAL.N0000

9.40

38,620

8,143.8

76,552

4.74

1.98

5,354

6,521

5,016

0.66

0.80

0.62

22

14.3

11.7

15.3

0.3

3.5

Sri La nka Tel ecom

SLTL.N0000

38.10

56,871

1,804.9

68,765

31.51

1.21

4,781

5,329

4,774

2.65

2.95

2.65

21

11

14.4

12.9

14.4

0.9

2.2

95,491

9,948.6

145,317

9.60

1.52

10,135

11,850

9,790

1.02

1.19

0.98

13

17

14.3

12.3

14.8

Sample Sector (2)


Full Sector (2)

145,317

0.00

1.52

13.9
8.4
10.6

14.8

Trading
Browns

BRWN.N0000 M

90.40

14,064

70.9

3.39

(79)

5.5

26.7

11.0

0.5

0.6

8.3

4,875

125.2

11,294

38.94

2.32

661

10.11

9.09

8.21
5.28

(47)

90.20

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

17,701

96.59

0.93

2,431

1,378

1,242

12.40

7.03

6.34

(15)

(43)

7.3

12.8

14.2

Sample Sector (2)


Full Sector (8)

Softlogic Equity Research

Sample Market (70)


Total Market (285)

6,407 198.43

22,601
1,081,193 38,085.0 1,920,879
2,586,035

0.46

0.99
28.39

1.78
1.77

12.8

17.1
138,340 150,101 162,109 183,183 161,302

3.63

3.94

4.26

4.81

4.24

17

13

13.9

12.8

11.8

10.5

11.9
14.1

12.8

Page | 11

Softlogic Equity Research

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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Softlogic Equity Research

Page | 12

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