vantage pointlolc securities limited | monthly issue | march 2015 movements of the key economic...

Focus: Market closed the week with losses in both indices mainly due to negative impact from JKH. (JKH dragged the ASPI index by 15.62 points). Foreign investors closed as net buyers due to significant foreign buying in counters such as DIAL (137,577,152 shares. Crossings were witnessed in counters such as CTC, HNB, JKH, NEST, DIAL and LLUB while contributing 24% to the market turnover. Reatil investor interest was witnessed in couneters such as

>>Globetrotter

>>Macroscope

>>Market Direction Research Contacts

Shehan Bartholomeuz +94 11 7880835

[email protected]

>>Counter of Focus

Gayan Rajakaruna +94 11 7880837

[email protected]

>>Relative Valuation Grid Hiruni Perera +94 11 7880809

[email protected]

VANTAGE POINT

LOLC Securities Limited | Monthly Issue | March 2015

Movements of the key economic indicators consisting of interest rates, inflation,

external trade, key industires in Sri Lanka

Key indicators of the Sri Lankan equity market including major indices, foreign

trades, technical aspects and regional comparison

16-Apr-2015

Inside Story

Monthly movements of top equity, commodity, currency and

bond markets around the world and data related to major economies

A brief overview about a listed company in the Sri Lankan equity market

including fundamental aspects.

Consists of selected listed counters in the Sri Lankan equity market and their key

fundamental and technical indicators and a list of counters trading below their

respective net asset values.

S&P 500 Chg% M:-2.34% FTSE 100 (UK) Chg% M: -2.41% Nikkei (Japan) Chg% M: 2.02%

Source: Bloomberg Source: Bloomberg Source: Bloomberg

Sensex (India) Chg% M:-5.10% STI (Singapore) Chg% M: 1.27% HSI (Hong Kong)Chg% M: 0.05%


Crude Oil (WTI) Chg% M: -7.61% Gold Chg% M: -1.92% Copper Chg% M: 1.67%


Corn Chg% M: -0.66% Silver Chg% M: 1.60% Palm Oil Chg% M: -8.77%


Equity markets closed on a mixed note in general while Nikkei continued the high performance with the index rose

above 20,000 points for the first time in 15 years while FTSE 100 broke through the 7000 mark for the first time ever.

Commodity Markets:Most of the commodity prices continued the downturn followed by declining oil prices. Copper and silver prices

increased slightly by 1.67% and 1.60% respectively.

Equity Markets :

Equity markets showed mixed results

Oil prices continued the fall

Bond market yield decreased

2,000

2,020

2,040

2,060

2,080

2,100

2,120

2,140

3/2/15 3/12/15 3/22/15

6,500

6,600

6,700

6,800

6,900

7,000

7,100

3/2/15 3/12/15 3/22/15

18,000

18,200

18,400

18,600

18,800

19,000

19,200

19,400

19,600

19,800

20,000

3/2/15 3/12/15 3/22/15

26,000

26,500

27,000

27,500

28,000

28,500

29,000

29,500

30,000

3/2/15 3/12/15 3/22/15

3,300

3,320

3,340

3,360

3,380

3,400

3,420

3,440

3,460

3,480

3/2/15 3/12/15 3/22/15

23,000

23,500

24,000

24,500

25,000

3/2/15 3/14/15 3/26/15

40

42

44

46

48

50

52

54

3/2/15 3/12/15 3/22/15

1,120

1,140

1,160

1,180

1,200

1,220

3/2/15 3/12/15 3/22/15

245

250

255

260

265

270

275

280

285

3/2/15 3/12/15 3/22/15

350

360

370

380

390

400

3/2/15 3/12/15 3/22/15

14.50

15.00

15.50

16.00

16.50

17.00

17.50

3/2/15 3/12/15 3/22/15

2,000

2,050

2,100

2,150

2,200

2,250

2,300

2,350

2,400

3/2/15 3/12/15 3/22/15

Globetrotter

Vantage Point | LOLC SEC Research Publication | March 2015

Chg % M USD Index Chg% M: 3.03%

1.48 -3.57%

6.20 -1.17%

120.13 0.00%

1.07 -4.05%

0.76 -2.05%

1.37 0.50%

13074.00 0.80%

32.55 0.59%

3.70 1.99%

59.89 1.02% Source: Bloomberg

Europe (10year) -18 bps US (10 year) -16 bps Japan (10 year) 6 bps


$282.2 billion

Currency Norwegian Kroner (NOK)

Labour Force 2.707 million

Unemployment Rate 3.6%

Inflation 1.9%

AWPR 3.7%

Borrowings $720.6 billion

Equity Market Cap

Main Index

Source: CIA Factbook and Bloomberg

Currency and Bond Market:Dollar depreciated slightly towards the end of the month although recorded a 3.03% increase in the

index for the overall month. Long term yields across eurozone declined as a result of ECB bond buying

while bond yields of US decreased as a result of rising bond prices.

GDP

Main Industries

Population

PE

A combination of accelerating economic growth and continued liquidity injections by world's CBs provided additional fuel to the stock market during the month.

With ECB begun its QE programme (equivalent to about 10% of total euro zone GDP) which consists of monthly asset purchase of Euro 60 Bn, on 9th March, euro

zone equity markets emerged as stand out performers .ECB's liquidity injection fuelled investor appetite for stocks and shares, despite the political uncertainty

which also led bond yields down and push up bonds prices across Eurozone. Meanwhile Danish and Swiss central banks also recently forced into slashing rates to

protect currency inflows while BOJ and various smaller banks are also continuing to stimulate their economies through interest rates cuts and liquidity injections.

Many counties of the world including Eurozone continued to experience deflation which was driven by the dramatic tumbling of oil prices while in the US, headline

inflation (CPI) turned negative (-0.1%) with the economy entering into deflation territory for the first time since the great financial crisis. Further UK's General

Election is to be held on May while the outcome of which remains highly uncertain.

USD:THB

Bond Market Yields

Petroleum,food processing,ship building

$ 250 Billions

Currency

GBP:USD

USD:MYR

USD:INR

USD:CNY

AUD:USD

EUR:USD

USD:SGD

USD:IDR

5,147,792

OSEAX Index

USD:JPY

Country Pick : Norway

The Norway is situated in the Northern Europe , boarded by the North sea, the North Atlantic Ocean and the West of Sweden. The Norwegian economy is a mixed

economy, with a vibrant private sector, a large state sector, and an extensive social safety net. The country is rich with natural resources - petroleum, hydropower,

fish, forests, and minerals - and is highly dependent on the petroleum sector. Norway saves state revenue from the petroleum sector in the world's largest

sovereign wealth fund, valued at over $830 billion in January 2014. Norway opted to stay out of the EU during a referendum in November 1994, however as a

member of the European Economic Area, it contributes sizably to the EU budget. (Source: CIA Factbook and Bloomberg)

N.A

1.4

1.6

1.8

2

2.2

2.4

3/2/15 3/12/15 3/22/15

92.00

93.00

94.00

95.00

96.00

97.00

98.00

99.00

100.00

101.00

3/2/15 3/12/15 3/22/15

0.00

0.10

0.20

0.30

0.40

0.50

3/2/15 3/12/15 3/22/15

0

0.1

0.2

0.3

0.4

0.5

3/2/15 3/12/15 3/22/15


Tbill Rate (364 days) AWPR Yield Curve


Excess Liquidity Inflation Exchange Rate

Source: CBSL Source: Bloomberg Source: Bloomberg

Bank wise AWPR

Source: CBSL

Trade Balance Exports and Imports Reserves

Source: CBSL Source: CBSL Source: CBSL

Monetary sector

External Sector

Inflation dips to 0.1% in March

AWPR increases

T bill rates decline

Foreign reserves decline

Macroscope

128.00

129.00

130.00

131.00

132.00

133.00

134.00

9/2/14

LKR/USD

5.00

5.50

6.00

6.50

7.00

7.50

8.00

Sep

-14

No

v-1

4

Dec

-14

Mar

-15

%

6.006.206.406.606.807.007.207.40

Sep

-14

Oct

-14

No

v-1

4

Dec

-14

Jan

-15

Feb

-15

Mar

-15

%

4

6

8

10

12

3MO 6MO 1YR 2YR 3YR 4YR 5YR 7YR 10YR 15YR

% today month agoyear ago

-200

20406080

100120140

19

.11

.20

13

19

.02

.20

14

23

.05

.20

14

19

.08

.20

14

18

.11

.20

14

19

.02

.20

15

LKR Bn

0

1

2

3

4

5

6

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

%

-1400

-1200

-1000

-800

-600

-400

-200

0

1-J

an-1

2

1-A

pr-

12

1-J

ul-

12

1-O

ct-1

2

1-J

an-1

3

1-A

pr-

13

1-J

ul-

13

1-O

ct-1

3

1-J

an-1

4

1-A

pr-

14

1-J

ul-

14

1-O

ct-1

4

USD Mn

6.97

7.86

7.19

7.19

6.79

7.69

7.23 7.35

6.56 6.

97 7.2

5

8.78

6.88

6.86 7.

04

8.2

9

5.95

7.95

8.45

7.28

8.05

8

9.09

7.07

6.98

8.74

6.59

6.21

6.17

7.34

6.34

7.35

6.01

7.08

6.56

8

7.19

6.12

6.06 6.

45

5.3

6

7.85

8.35

7.07

9.34

8

8.4

6.46

5

5.5

6

6.5

7

7.5

8

8.5

9

9.5

10

Ban

k o

f C

eylo

n

Pe

op

le's

Ban

k

Ha

tto

n N

atio

nal

Ban

k

Co

mm

erci

al B

ank

of

Cey

lon

Sam

pat

h B

ank

Sey

lan

Ban

k

Un

ion

Ban

k o

f C

olo

mb

o

Pa

n A

sian

Ban

kin

gC

orp

ora

tio

n

Nat

ion

s T

rust

Ban

k

DF

CC

Var

dh

ana

Ban

k

ND

B B

ank

Am

ana

Ban

k

HS

BC

Stan

dar

d C

har

tere

dB

ank Cit

i Ban

k

Deu

tsch

e B

ank

Ha

bib

Ban

k

Ind

ian

Ban

k

Ind

ian

Ov

erse

as B

ank

MC

B B

ank

Stat

e B

ank

of

Ind

ia

Pu

bli

c B

ank

ICIC

I B

ank

Car

gill

s

% this month previous month

0

500

1,000

1,500

2,000

2,500

1-J

an-1

2

1-A

pr-

12

1-J

ul-

12

1-O

ct-1

2

1-J

an-1

3

1-A

pr-

13

1-J

ul-

13

1-O

ct-1

3

1-J

an-1

4

1-A

pr-

14

1-J

ul-

14

1-O

ct-1

4

USD Mn Exports Imports

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,000

31

-Ju

l-1

23

1-A

ug-

12

30

-Sep

-12

31

-Oct

-12

30

-No

v-1

23

1-D

ec-1

23

1-J

an-1

32

8-F

eb-1

33

1-M

ar-1

34

/31

/20

13

31

-May

-13

30

-Ju

n-1

33

1-J

ul-

13

31

-Au

g-1

33

0-S

ep-1

33

1-O

ct-1

33

0-N

ov-

13

31

-Dec

-13

31

-Jan

-14

28

-Feb

-14

31

-Mar

-14

30

-Ap

r-1

43

1-M

ay-1

41

-Ju

n-1

42

-Ju

l-1

42

-Au

g-1

42

-Sep

-14

2-O

ct-1

42

-No

v-1

43

1-N

ov-

14

31

-Dec

-14

USD Mn


Tourist Arrivals Tourist Arrivals by Destination

Source: SLTDA, Daily FT Source: SLTDA

Tea Auction Prices Rubber Auction Prices

Source: forbesteaportal Source: CRTA

Tourist Arrivals for the month of March 2015 stood at

157051 posting a growth of 18% YOY. YTD tourist Arrivals

for 2015 was 478838.

Maximum number of arrivals was witnessed from the

Western Europe region while the figure stood at 57094,

with a growth rate of 27%.

Tourism

Tea & Rubber Auction

Inflation further declined during March to 0.1% on YOY basis from 0.6% recorded in February 2015. The main contributor for this decline was the

moderation of food prices, while among the non-food category decline in Housing, Water, Electricity, Gas and other Fuel and transport

contributed. However prices of clothing and Footwear and other household equipment's increased while average prices in education and

communication remained unchanged during the month. Country's reserve position further declined to $ 6835.7 Mn which is the lowest since

February 2012 with value of the gold holdings dropped to $ 848.8 Mn. Further foreign reserves are expected to be expended from CBSL's foreign

reserves in the coming period for the purpose of meeting foreign debt servicing commitments. Meanwhile government's domestic borrowings in

the 1st quarter of this year increased by 55.8% on YOY by LKR 149.9 Bn driven by fulfillment of certain interim budget proposals such as wage

increases to public sector and tax cuts and price reductions on certain essential food items.

Tea prices declined further during the month of March while

companies made staggering losses due to plummeting tea

prices, high labour cost (which is about 60%-70% of the

total cost) and low productivity.

Rubber prices hit the lowest level since 2009 while decline

is expected to continue further. Government also took

measures to allocate funds for smallholders to offer LKR

350 per kg of RSS 1 and 2 and LKR 300 per Kg of RSS 3 and

4 as mentioned in the interim budget.

200

250

300

350

400

450

500

550

600

1-F

eb-1

2

1-M

ay-1

2

1-A

ug-

12

1-N

ov

-12

1-F

eb-1

3

1-M

ay-1

3

1-A

ug-

13

1-N

ov

-13

1-F

eb-1

4

1-M

ay-1

4

1-A

ug-

14

1-N

ov

-14

1-F

eb-1

5

LKR

/Kg

High Medium Low

150

200

250

300

350

400

450

500

1-F

eb-1

2

1-M

ay-1

2

1-A

ug-

12

1-N

ov-

12

1-F

eb-1

3

1-M

ay-1

3

1-A

ug-

13

1-N

ov-

13

1-F

eb-1

4

1-M

ay-1

4

1-A

ug-

14

1-N

ov-

14

1-F

eb-1

5

LKR

/Kg

Latex Scrap Sheet

156,

246

165,

541

1570

51

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Jan

uar

y

Feb

ruar

y

Mar

ch

Ap

ril

May

Jun

e

July

Au

gust

Sep

tem

ber

Oct

ob

er

No

vem

ber

Dec

emb

er

2014 2015

6,04

2

44,8

24

18,6

57

6,62

9

21,7

51

29,9

07

4,01

5

1,22

37,50

0

57,0

94

15,6

61

8,59

4

27,3

78

34,3

43

5,04

1

1,44

0

0

10,000

20,000

30,000

40,000

50,000

60,000

No

rth

Am

eric

a

Wes

tern

Eu

rop

e

Eas

tern

Eu

rop

e

Mid

dle

Eas

t

Eas

t A

sia

Sou

th A

sia

Au

stra

lia

Oth

ers

March-2014

March-2015


Source:bloomberg *figures are in LKR Mn except ASPI, S&P SL 20, PE and PBV

ASPI S&P SL 20 M chg %

ASPI -5.85%

S&P SL 20 -6.07%

Turnover -37.45%

Volume -34.08%

Foreign Pur -19.47%

Foreign Sales -15.79%

PE -6.90%

PBV -5.53%

Market Cap -5.84%

Top Gainers Top Losers

CODE Price % CODE Price %

PCH.N 0.30 50.00% REEF.W 0.20 -60.00%

TRAN.N 94.00 16.63% ESL.N 25.40 -33.68%

AGAL.N 27.90 10.28% CFVF.N 27.00 -33.50%

SFL.N 179.90 10.10% CIFL.N 0.70 -30.00%

JKL.N 92.00 8.24% AEL.N 19.20 -29.67%

Top Turnover Top Volume

Code Price % M Change Code Price % M Change

JKH.N 199.40 -2.45% ODEL.N 22.00 0.00%

SEYB.N 100.00 1.21% FLCH.N 1.60 -11.11%

ODEL.N 22.00 0.00% BLUE.N 1.40 7.69%

NTB.N 100.10 -4.67% BIL.N 1.60 -5.88%

DIST.N 240.50 0.29% AEL.N 19.20 -29.67%

Index gain Moving Average Convergence Divergence (MACD)

-6.45%

-3.81%

-6.11%

-20.77%

-6.69%

-0.76%

-5.73%

-2.84%

-6.41%

-9.66% Relative Strength Index (RSI)

-9.47%

-4.42%

-7.99%

-6.71%

-6.41%

-6.99%

3.51%

-12.62%

-8.25%

-6.44%

2,890,139

MACD remained negative

through out the month.

66,374,230

60,259,101

5,310,280

Bank Finance Ins

4,633

Turnover

3,715,056,928

711,966,662

660,277,752

Investment Trust

Trading

1,821,332,467

Footwear Textile

Manufacturing

Health Care

Hotels Travels

IT

Bev Food Tobacco

Chemicals Pharms

Motors

3,912,238

12.23

1.76

Volume

8,787,718

874,863

40,891,401

23,411,996

1,696,628

22,991,455

22,991,455

RSI was in the bearish

region while crossed below

the oversold region

towards the end of the

month.

15,904,988

3,852

Market remained bearish through out the month while foreigners continued to accumalte recording a net foreign inflow of LKR 1.3 Bn.

Value

6,820

Political uncertanity continued to weigh on the market

Sector

Construction Eng

Diversified

Volume

16,887,864

5,025

259,979

48,594

ASPI declined below 7000

Net foreign inflow for the month

18,825,965

Volume

586,927,993

Telecom

1,460,025,105

Land Property

Oil Palms

Plantations

Power & Energy

Focus:

Services

Stores Supplies

Market Direction

4000

4500

5000

5500

6000

6500

7000

7500

8000

3/31/14 6/30/14 9/30/14 12/31/14 3/31/152400

2600

2800

3000

3200

3400

3600

3800

4000

4200

4400

3/31/14 6/30/14 9/30/14 12/31/14 3/31/15

-90

-80

-70

-60

-50

-40

-30

-20

-10

0

10

2-Mar-15 10-Mar-15 17-Mar-15 24-Mar-15

MACD_DIFF MACD MACD_SIGNAL

0

20

40

60

80

2-Mar-15 12-Mar-15 22-Mar-15

RSI Middle Limit Upper Limit Lower Limit


199.40 204.40

999.50 1080.00

163.76 177.23

2295.00 2317.00

10.40 11.80

45.50 47.50

366.40 414.00

222.00 235.00

678.00 714.00

240.50 239.80

202.80 220.00

99.50 105.00

392.90 405.20

248.00 260.10

245.66 260.18

137.00 146.50

63.00 66.90

67.00 77.70

128.00 144.90

300.00 338.50

Trans Asia Hotels Plc 94.00 80.60

Ceylon Cold Stores Plc 298.20 280.00

Commercial Credit & Fin Plc 50.90 47.90

Ceylinco Insurance Co Plc 1691.70 1660.00

John Keells Plc 92.00 85.00

Lanka Milk Foods Cwe Plc 140.00 131.20

Seylan Bank Plc 100.00 98.80

Distilleries Co Of Sri Lanka 240.50 239.80

Property Development Plc 95.00 92.00

Associated Motor Finance Co 440.00 410.00

Resus Energy Plc 18.90 18.00

Ceylon Tea Services Plc 710.40 705.00

Bukit Darah Plc 678.00 714.00

Lanka Orix Leasing Co Plc 76.60 84.60

Ceylon Beverage Holdings Plc 700.10 900.00

Hatton National Bank Plc 222.00 235.00

Dfcc Vardhana Bank Plc 202.80 220.00

John Keells Holdings Plc 199.40 204.40

People'S Leasing & Finance P 22.10 25.30

Access Engineering Plc 19.20 27.30

Carson Cumberbatch Plc 366.40 414.00

Commercial Bank Of Ceylon Pl 163.76 177.23

Dialog Axiata Plc 10.40 11.80

Ceylon Tobacco Co Plc 999.50 1080.00

6,016,269

33,729,516

91,723,874

66,104,897

163,726,013

39,376,004

70,402,987

31,381,618

(190,301)

(396,384)

1,617

Units: Monthly Prices in LKR, foreign stakes in number of shares

The Bukit Darah Plc

Distilleries Company Of Sri Lanka

Carsons Cumberbatch Plc

1,000

1.49

233,664 32,671,833

6.31

2,134,314

ASPI Contributors

1.00

Month Ago

181,395,078

308,244,655

51,261,530

7,782,365,839 Dialog Axiata Plc

Sampath Bank Plc

Cargills (Ceylon) Plc

Asian Hotels & Properties Plc

Sri Lanka Telecom Plc

Month

end Price

C T Holdings Plc

Aitken Spence Plc

Chevron Lubricants Lanka Plc

DFCC Bank

Hatton National Bank Plc

Company

Nestle Lanka Plc

Commercial Bank of Ceylon Plc

John Keells Holdings Plc

Ceylon Tobacco Company Plc

Foreign Interest of Big Cap counters

Month

end Price

Foreign Stake Difference

812,559,882

70,532,817

9,108,258

6,739,309

21,306

659,630

163,329,629

(1,087,208)

1,900

7,778,232,579

(66,018)

(269,933)

21,192,271

812,559,882

70,281,121

65,914,596

39,309,986

(251,696)

33,731,133

181,373,772

51,255,783

531,054,647

Contribution to ASI

29,100,044

5,025

117,679

4,633 410,832

90,636,666

Month Ago Volume

8,624 14,209,069

5,747

4,133,260

-

31,730,089

67,116,898

5,973,309

23,259

(42,960)

17,259,794

Units: Monthly Prices and Turnover in LKR, Contribution to ASI in points

348,471

(3,004)

14,978

Turnover

17,256,790

9,131,517

2.25

29,101,044

4.07

1,372,026

451,730

32,832,882

537,793,956

307,585,025

70,133,054

0.47

11,141 4,304,423

367,203

18,161,827 3,715,056,928

22,991,455 522,437,900

0.27 639,418 11,928,986

593,829,583

0.40

4,824

517

6,157

9,484

4,227,789

418,519,416

1,821,332,467

594,940

451,453

2,745,542 660,277,752

17,558,127

Foreign Stake

month ago

53,605,623

12,844,250 302,986,613

0.83

(26.85)

0.25

129,740,719

2,119,336

10,660,227 121,071,784

125,958 9,998,656

176 146,466

23

Dfcc Bank

21,194,171

2,525,833

2,375,773

(35.51)

Aitken Spence Hotel Holdings Plc

Hayleys Plc

52,399

Company

0.50

0.49

(25.98)

(8.65)

(8.95)

(9.88)

(9.88)

(10.74)

(11.74)

(11.91)

(19.07)

(22.01)


Net Foreign Inflow March 2,910 LKR Mn YTD: 2,910 LKR Mn

Source: Bloomberg

Seasonality Behavior of ASPI

Highest 5 years 7,812 2015 7,606 March 7,244

Lowest 5 years 4,738 2015 6,782 March 6,782

Source: Bloomberg

Indices Performance

Source: Bloomberg

PE ratios of markets

Source: Bloomberg

ASPI recorded a declining trend during the month closing 5.85% down. All most all the indices in the region had a volatile and negative

performance.

Performance of the Sri Lankan Equity Market

54,965

234,970

42,931

311,849

214,645

106,912 97,880

4,89424,148

204,242 212,043 203,407

67,930 63,065

-8,022 -15,415 -5,594

-210,475-300,000

-200,000

-100,000

0

100,000

200,000

300,000

400,000

2-Mar 4-Mar 9-Mar 11-Mar 13-Mar 17-Mar 19-Mar 23-Mar 25-Mar

LKR Mn

4,000

4,500

5,000

5,500

6,000

6,500

7,000

7,500

8,000

Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12

2011

2012

2013

2014

2015

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

3/2/15 3/8/15 3/14/15 3/20/15 3/26/15

Sri Lanka

Thailand

Pakistan

Vietnam

MSCI frontier

MSCI Emerging

MSCI world

12.64

20.75

10.2712.68

11.1413.49

18.50

Sri Lanka Thailand Pakistan Vietnam MSCI frontier MSCI Emerging MSCI world

Sri Lanka

Thailand

Pakistan

Vietnam

MSCI frontier

MSCI Emerging

MSCI world


LION SL Equity

LION SL

623.80

49,904

80

1m 6m 12m

Absolute 1.43% -0.68% 53.27%

Relative To

ASPI1.64% 2.43% 33.28%

52 W

High/Low

(LKR)

740/390.1

52 W Avg.

Volume 4,713

Beta (6

months) 0.91

Graph 1: Turnover

Source: Bloomberg

Source: Bloomberg

Graph 2: Net Profit

Ceylon Brewery Plc 52.25%

Carlsberg Brewery Malaysia 24.97%

Carson Cumberbatch & Co 5.13%

Wasatch Advisors Inc 2.82%

Source: Bloomberg Msco-Route One Fund 1 Lp 2.00%

2014 2013 2012 2011 2010

Revenue 25,804 22,192 17,649 11,250 7,919

1,343 1,046 1,220 832 641

16.79 13.07 15.25 9.86 0.80

23.29 25.48 13.08 20.28 11.60

4.51 4.51 3.28 3.66 1.91

1.02 1.20 2.01 1.50 3.47

20.92 19.42 26.43 19.71 21.86

144 127 33 31 27

PBV

Div.Yield (%)

ROE (%)

Debt/Equity (%)

Business Nature

Figures in LKR Mn

Net Profit

EPS (LKR)

PE (X)

18.79%

-21.67%

14.97%

Bloomberg Ticker

Share Details

Lion Brewery Ceylon Plc

Share Price Performance

-Lion Brewery of Ceylon Plc is the leader in the Sri Lankan beer market

while Ceylon Beverage Holdings PLC is the parent and Carson

Cumberbatch PLC is the ultimate parent company.

-Main beer products of the company includes LION Lager, LION Strong,

LION Stout, Carlesberg Beer and Carlesberg Special Brew.

-Whilst the main focus continue on Sri Lanka, company is taking

continuous efforts to increase the export income. During the year ending

2013/14 exports revenue of the company reached LKR 286 Mn while

Maldives continues to be the main stay in terms of export income.

- In the year ended 2013/14, group recorded a revenue growth of

26.65% over 5 years while being positioned as the third largest tax payer

in the country. Given that the alcohol industry continues to remain the

most tightly regulated legal activity in the country, LION has still been

able to generate superior returns to shareholders relative to its peers.

-0.88%

39.37%

Shareholder Details

Share Price (LKR)

Market Cap (LKR Mn)

Issued Quantity (Mn)

CAGR

26.65%

15.97%

83.86%

Lion Brewery Ceylon PLC is in to the business of brewing

and bottling of high quality beers. The company also

engaged in the import and marketing of quality beers and

spirit brands.

Counter of Focus

200

300

400

500

600

700

800

Mar-14 Jun-14 Sep-14 Dec-14 Mar-15

LKR

7,919

11,250

17,649

22,192

25,804

-

5,000

10,000

15,000

20,000

25,000

30,000

2010 2011 2012 2013 2014

LKR

Mn

641

832

1,220

1,046

1,343

-

200

400

600

800

1,000

1,200

1,400

1,600

2010 2011 2012 2013 2014

LKR

Mn


Attractive compared to the sector XX

Attractive compared to both market and sector XX

Price (LKR) % chg M Market Cap* ROE % PE PBV Div. Yield % Beta

12.64 1.82 2.46

11.47 1.65 2.67

Aia Insurance Lanka Plc 282.00 -5.69% 8,671 7.13 24.88 1.77 2.50 0.87

Central Finance Co Plc 250.10 -7.37% 26,231 17.15 7.29 1.25 1.27 0.91

Ceylinco Insurance Co Plc 1691.70 1.91% 37,843 12.69 17.54 2.22 1.18 0.38

Commercial Bank of Ceylon Plc 163.76 -7.60% 141,427 15.89 12.67 2.01 2.55 1.49

DFCC Bank 202.80 -7.82% 53,762 11.74 11.41 1.34 2.61 1.20

Hatton National Bank Plc 222.00 -5.53% 84,824 14.51 9.07 1.32 3.78 1.12

Hnb Assurance Plc 85.00 -4.49% 4,250 15.91 11.07 1.76 4.41 0.73

Housing Development Fin Corp 60.00 -14.04% 3,883 14.18 9.19 1.30 - 1.32

Janashakthi Insurance Co Plc 22.50 -7.79% 8,168 20.43 7.68 1.57 4.61 1.28

Lanka Orix Finance Plc 3.70 -7.50% 10,360 9.43 16.82 1.59 - 0.84

Lanka Orix Leasing Co Plc 76.60 -9.46% 36,400 17.49 9.09 1.59 - 1.28

LB Finance Plc 150.20 -7.63% 10,402 33.78 4.96 1.68 3.94 1.21

National Development Bank Pl 248.00 -4.65% 40,943 15.06 9.75 1.47 1.57 1.16

Nations Trust Bank Plc 100.10 -4.67% 23,084 18.24 9.11 1.66 2.10 1.31

Pan Asia Banking Corp Plc 21.50 -12.96% 6,343 8.77 15.28 1.34 - 1.68

People'S Leasing & Finance P 22.10 -12.65% 34,915 21.02 8.40 1.77 5.36 1.54

People'S Merchant Finance Pl 23.90 -4.40% 1,613 (8.19) - 1.54 - 0.79

Smb Leasing Plc 1.00 -23.08% 1,192 8.55 20.00 1.71 - 0.94

Sampath Bank Plc 245.66 -5.58% 42,330 15.26 8.04 1.23 1.93 0.95

Sanasa Development Bank Plc 117.50 -4.08% 4,437 16.09 5.87 0.94 2.10 1.38

Seylan Bank Plc 100.00 1.21% 28,311 12.61 10.86 1.37 2.50 1.01

Singer Finance Lanka Plc 18.30 -10.29% 3,026 16.74 8.67 1.45 3.33 1.58

Finance Co Plc/The 14.90 -9.15% 1,394 22.98 - (0.29) - 1.66

Union Assurance Plc 168.90 -3.49% 14,477 19.39 12.02 2.33 4.11 0.96

Union Bank Of Colombo Plc 24.10 -6.23% 26,303 (3.37) - 1.63 1.02 1.44

Vallibel Finance Plc 45.00 -5.66% 1,870 29.89 5.30 1.58 2.15 1.02

Multi Finance Plc 21.40 -9.32% 481 (22.51) - 1.32 - 2.23

Amana Bank Ltd 5.00 -3.85% 6,253 (1.48) - 1.24 - N.A

Amana Takaful Plc 1.50 0.00% 2,250 4.12 46.87 1.93 - 1.26

Commercial Leasing & Finance 4.00 -9.09% 25,511 10.80 26.67 2.88 - 1.06

Sinhaputhra Finance Plc 179.90 10.10% 1,133 - - 1.51 - 0.50

Swarnamahal Financial Servic 1.70 -15.00% 850 164.01 - (1.06) - 1.41

21.59 4.32 1.83

Bairaha Farms Plc 108.40 -8.91% 1,734 6.47 14.73 0.95 1.14 0.57

Cargills (Ceylon) Plc 137.00 -6.48% 30,688 0.31 812.26 2.50 1.43 0.52

Ceylon Cold Stores Plc 298.20 6.50% 28,341 15.68 18.07 2.83 1.67 0.71

Ceylon Tea Services Plc 710.40 0.77% 14,208 10.37 16.33 1.69 1.76 0.60

Ceylon Tobacco Co Plc 999.50 -7.45% 187,230 221.08 21.72 48.03 3.95 0.87

Distilleries Co Of Sri Lanka 240.50 0.29% 72,150 11.06 12.17 1.35 1.37 0.84

Keells Food Products Plc 108.30 -1.55% 2,762 15.58 11.44 1.78 2.71 0.39

Lion Brewery Ceylon Plc 600.10 -0.35% 48,008 28.50 24.30 6.93 0.64 0.91

Nestle Lanka Plc 2295.00 -0.95% 123,300 92.63 32.56 30.16 1.22 0.80

Renuka Agri Foods Plc 4.70 -4.08% 2,640 6.90 20.43 1.41 2.08 1.42

Renuka Foods Plc 26.90 -2.54% 2,415 11.60 8.30 0.96 1.19 1.32

Three Acre Farms Plc 45.80 -10.20% 1,078 15.08 6.52 0.98 1.02 1.67

Market

Banks, Finance and Insurance

Beverage, Food and Tobacco

Name

Key :

Relative Valuation Grid


Name ROE (%) PE PBV Div. Yield % Beta

23.72 1.03 1.78

CIC Holdings Plc 76.00 -7.99% 6,800 - - 1.07 1.30 0.84

Haycarb Plc 183.00 0.11% 5,437 13.03 8.76 1.14 2.21 0.66

Lankem Ceylon Plc 103.10 -8.60% 2,474 (8.25) - 0.70 - 0.75

J.L. Morison Son & Jones 285.00 -6.56% 2,056 11.24 N/A 1.13 1.05 1.25

Muller & Phipps Ceylon Plc 1.20 -20.00% 340 20.11 N/A 2.00 3.33 1.54

Pc Pharma Plc 0.90 -25.00% 91 - N/A 0.63 - 1.69

8.96 1.25 1.65

Access Engineering Plc 19.20 -29.67% 19,200 18.97 6.78 1.29 2.25 1.85

Colombo Dockyards Plc 165.50 -6.13% 11,893 2.65 40.97 1.08 1.72 0.53

Lankem Developments Plc 6.00 -11.76% 360 (5.04) N/A 0.52 - 1.24

Mtd Walkers Plc 46.40 -14.86% 7,779 26.70 6.17 1.65 0.96 1.93

14.24 1.46 1.73

Aitken Spence Plc 99.50 -5.24% 40,397 11.04 11.35 1.25 1.99 1.00

Ct Holdings Plc 128.00 -11.66% 23,436 4.20 32.90 1.38 0.61 0.92

Carson Cumberbatch Plc 366.40 -11.50% 71,956 15.92 13.22 2.10 0.25 1.08

Dunamis Capital Plc 23.90 -26.69% 2,940 56.28 3.68 2.07 3.17 2.09

Expolanka Holdings Plc 8.50 -3.41% 16,617 7.75 21.79 1.69 - 0.69

Finlays Colombo Plc 290.00 -2.65% 10,150 3.90 45.41 1.77 0.97 0.27

Hayleys Plc 300.00 -11.37% 22,500 9.60 9.88 0.95 1.59 0.79

Hemas Holdings Plc 73.53 -6.36% 37,977 17.66 16.67 2.94 1.45 1.12

John Keells Holdings Plc 199.40 -2.45% 198,899 11.30 14.32 1.62 1.67 1.19

Richard Pieris & Co Plc 7.40 -9.76% 15,059 19.63 8.91 1.75 3.09 1.24

Softlogic Holdings Plc 13.20 -10.20% 10,283 5.50 27.50 1.51 - 1.56

Sunshine Holdings Plc 48.00 -11.28% 6,424 11.57 11.57 1.34 1.79 1.23

Flc Holdings Plc 1.60 -11.11% 2,189 0.02 1,600.00 0.34 2.94 1.13

Pc House Plc 0.30 50.00% 103 (73.19) - 0.12 - 1.31

Vallibel One Plc 20.30 -11.74% 22,057 7.65 8.87 0.68 1.75 1.46

33.81 1.52 0.81

Ceylon Leather Products Plc 85.50 -1.16% 2,927 5.82 16.38 0.95 1.08 1.05

Odel Plc 22.00 0.00% 5,987 3.70 30.99 1.15 0.54 0.87

20.10 2.51 1.98

Asiri Hospitals Holdings Plc 20.20 -4.27% 22,202 23.41 19.92 4.66 2.39 0.97

Asiri Surgical Hospital Plc 15.20 -10.06% 8,033 14.70 18.10 2.66 2.52 1.14

Ceylon Hospitals Plc 113.90 3.55% 3,534 9.40 15.17 1.43 1.87 0.69

Lanka Hospital Corp Plc 39.90 -7.64% 8,927 10.49 19.37 2.03 1.20 1.21

Nawaloka Hospitals Plc 2.90 -6.45% 4,088 1.81 58.00 1.05 1.94 0.71

19.29 1.19 1.79

Aitken Spence Hotel Holdings 67.00 -13.77% 22,531 15.41 9.61 1.48 2.19 0.64

Amaya Leisure Plc 68.10 -10.62% 3,434 9.90 13.26 1.31 1.28 1.09

Asian Hotels & Properties Pl 63.00 -5.83% 27,895 8.72 14.32 1.25 1.57 0.69

Ceylon Hotels Corp Plc 23.60 0.85% 4,055 1.18 59.00 0.70 - 1.06

Citrus Leisure Plc 12.70 -17.53% 1,225 (5.56) - 0.43 - 0.95

Dolphin Hotels Plc 56.90 1.07% 1,799 17.09 9.31 1.59 1.70 0.91

Eden Hotel Lanka Plc 21.00 -16.00% 1,109 (8.56) - 0.44 - 1.36

Galadari Hotels Lanka Plc 12.50 -6.02% 6,260 2.41 29.07 0.70 - 1.36

Hotel Sigiriya Plc 87.90 -11.12% 515 19.89 10.91 2.17 - 0.59

John Keells Hotels Plc 14.30 -11.73% 20,823 10.30 11.17 1.15 1.62 1.48

Renuka City Hotels Plc 330.10 -4.32% 2,311 11.10 5.96 0.66 1.23 0.73

Pegasus Hotels Of Ceylon Plc 41.00 -5.09% 1,246 8.67 10.70 0.93 1.24 0.99

Serendib Hotels Plc 28.00 -11.95% 2,889 12.11 13.38 1.62 - 0.85

Sigiriya Village Hotels Plc 59.00 -3.59% 531 1.94 41.55 0.81 3.13 1.04

Taj Lanka Hotels Plc 26.20 -14.94% 3,659 (39.05) - 2.05 - 1.34

Construction and Engineering

Chemicals and Pharmaceuticals

Footwear and Textiles

Healthcare

Hotels and Travels

Diversified



19.29 1.19 1.79

Tangerine Beach Hotels Plc 79.00 -1.25% 1,580 4.24 14.55 0.62 0.75 0.39

The Kingsbury Plc 16.00 0.63% 3,872 15.79 14.68 2.32 - 1.24

Trans Asia Hotels Plc 94.00 16.63% 18,800 9.48 32.53 3.08 1.67 0.72

21.70 1.47 -

Pc House Plc 0.30 50.00% 103 (73.19) - 0.12 - 1.31

E-Channelling Plc 11.50 -12.21% 1,405 82.94 21.70 18.00 - 1.15

7.88 0.94 2.21

Ascot Holdings Plc 36.00 -25.00% 431 - - 0.80 - 1.82

Ceylon Guardian Investment 184.00 -4.12% 15,106 16.41 6.28 1.03 2.60 0.88

Ceylon Investment Plc 91.00 -5.11% 8,965 18.78 5.58 1.05 2.66 1.34

Lanka Century Investments Pl 13.50 -10.00% 4,716 (3.57) - 0.64 - 1.26

Lee Hedges Plc 395.00 -12.22% 2,023 6.55 9.16 0.60 5.31 0.76

Renuka Holdings Plc 28.00 -8.79% 2,493 19.19 6.30 1.21 1.84 1.53

10.46 0.94 3.34

C T Land Development Plc 35.00 -3.85% 1,706 4.75 12.82 0.61 7.75 0.99

Cargo Boat Development Co 121.00 -8.82% 1,234 9.17 9.04 0.83 1.92 1.00

City Housing & Real Estate C 11.00 -21.43% 147 (17.59) - 1.19 - 1.60

Colombo Land & Dvlp Co Plc 24.60 -18.81% 4,917 (1.70) - 1.81 - 1.44

East West Properties Plc 12.00 -11.11% 1,659 (0.50) - 1.01 - 0.62

Kelsey Development Plc 39.00 -15.22% 680 (74.66) - 12.03 - 1.07

Overseas Realty Ceylon Plc 23.50 -9.62% 19,822 11.46 6.67 0.76 2.01 1.21

Seylan Developments Plc 13.20 -8.33% 1,953 90.83 0.50 0.46 3.68 1.24

York Arcade Holdings Plc 15.00 -6.25% 180 3.18 34.88 1.11 2.60 0.92

Millennium Housing Developer 7.00 -13.58% 943 35.01 6.03 2.11 3.13 N.A

11.03 1.94 2.77

Acl Cables Plc 76.00 -6.17% 4,552 8.99 8.30 0.75 1.28 0.92

Acl Plastics Plc 108.20 -15.47% 456 13.48 5.55 0.75 1.68 0.95

Blue Diamonds Jewellery Worl 1.40 7.69% 473 (23.24) - 2.39 - 0.75

Ceylon Grain Elevators Plc 38.00 -5.00% 2,280 2.78 28.79 0.80 - 0.77

Chevron Lubricants Lanka Plc 392.90 -3.04% 47,148 52.83 17.16 9.07 5.06 1.03

Dankotuwa Porcelain Plc 11.20 -20.00% 809 2.10 37.33 0.78 - 1.55

Dipped Products Plc 138.00 -6.12% 8,261 14.57 7.74 1.13 4.17 1.04

Hayleys Fibre Plc 39.70 -6.15% 318 1.51 N/A 0.74 0.78 0.66

Kelani Cables Plc 80.00 -5.88% 1,744 8.87 8.39 0.74 1.73 1.21

Kelani Tyres Plc 78.00 -2.50% 6,271 28.73 9.52 2.74 2.27 1.08

Lanka Aluminium Indus Plc 62.60 -13.18% 858 18.35 8.01 1.47 2.08 1.62

Lanka Ceramic Plc 116.60 -4.35% 3,498 13.43 7.33 0.98 1.72 0.76

Lanka Tiles Plc 106.00 -0.93% 5,623 20.67 - 1.59 2.35 0.65

Lanka Walltile Plc 95.80 1.27% 5,231 16.71 - 0.91 2.04 1.03

Piramal Glass Ceylon Plc 5.70 -3.39% 5,415 8.30 18.39 1.53 6.55 1.26

Richard Pieris Exports Plc 130.30 -13.25% 1,455 183.60 5.42 9.95 2.82 1.20

Royal Ceramics Lanka Plc 111.00 -6.33% 12,298 19.63 6.03 1.18 1.75 0.94

Swisstek Ceylon Plc 41.90 -8.71% 1,147 37.30 5.22 1.95 1.05 1.81

Textured Jersey Lanka Plc 24.10 -2.82% 15,924 18.56 13.46 2.50 5.20 1.16

Tokyo Cement Co Lanka Plc 54.90 -5.18% 16,394 21.78 9.34 2.03 2.64 1.41

Orient Garments Plc 11.10 -9.76% 610 (12.69) - 0.98 - 1.49

Agstar Plc 5.90 -9.23% 1,814 - - 3.12 1.59 1.45

Motors 8.90 1.00 1.45

Diesel & Motor Engineering 630.00 -1.58% 5,592 6.90 10.23 0.71 1.61 0.71

Lanka Ashok Leyland Plc 1300.00 -16.13% 4,707 18.29 10.62 1.94 0.36 0.46

Sathosa Motors Plc 275.10 5.40% 1,660 23.88 6.79 1.62 1.82 0.60

United Motors Lanka Plc 88.10 -10.38% 8,889 11.25 9.76 1.10 2.08 0.77

IT

Hotels and Travels

Manufacturing

Investment Trust

Land and Property



Oil Palm 23.58 2.25 0.58

Bukit Darah Plc 678.00 -5.04% 69,156 15.23 15.02 2.29 0.44 0.52

Good Hope Plc 1652.30 -12.58% 11,353 1.50 141.71 2.12 0.51 0.78

Indo Malay Plc/The 1666.70 0.88% 11,664 1.52 145.31 2.21 0.79 0.68

Selinsing Plc 1599.00 -17.67% 11,097 2.35 73.79 1.74 0.67 0.30

Shalimar Malay Plc 2150.00 -5.76% 14,921 1.86 154.12 2.86 0.49 0.46

Plantations 19.61 0.68 3.59

Agalawatte Plantations Plc 27.90 10.28% 698 - - - - 0.48

Balangoda Plantations Plc 20.40 -10.53% 482 (3.85) - 0.18 4.90 1.34

Bogawantalawa Tea Estates 11.00 -8.33% 921 17.70 4.98 0.88 - 1.26

Hapugastenne Plantations Plc 31.00 -11.43% 1,436 8.68 7.83 0.68 - 0.37

Horana Plantations Plc 22.50 -9.27% 563 - N/A 0.38 4.48 0.55

Kahawatte Plantations Plc 31.80 -5.64% 2,540 9.57 24.27 2.32 - 1.07

Kegalle Plantation Plc 85.80 -4.67% 2,145 8.04 7.96 0.64 2.33 0.58

Kelani Valley Plantations Pl 71.90 -1.37% 2,445 1.71 52.87 0.90 - 0.27

Kotagala Plantations Plc 24.70 -16.27% 988 (14.11) - 0.32 - 0.75

Malwatte Valley Plant-Voting 3.70 -13.95% 750 2.99 9.74 0.29 2.56 1.03

Maskeliya Plantation Plc 9.90 -20.16% 534 (0.69) - 0.34 - 1.11

Namunukula Plantations Plc 70.90 -13.85% 1,684 11.79 7.15 0.84 2.67 0.70

Talawakelle Tea Estates Plc 35.10 -5.14% 834 11.11 4.67 0.52 - 0.65

Watawala Plantation Plc 20.00 0.00% 4,733 12.62 8.89 1.12 4.75 1.04

Udapussellawa Plantation Plc 34.70 -11.48% 673 16.46 N/A 0.91 - 0.64

Power and Energy 7.47 1.60 3.66

Flc Hydo Power Plc 6.00 -17.81% 655 7.83 11.11 0.87 1.52 1.55

Lanka Ioc Plc 40.30 -10.24% 21,458 21.56 5.84 1.26 3.49 1.41

Laugfs Gas Plc - Voting 35.90 -5.53% 13,795 17.25 11.18 1.93 5.26 1.31

Panasian Power Plc 3.40 -2.86% 1,700 15.86 10.30 1.63 - 0.94

Resus Energy Plc 18.90 5.00% 2,366 (24.45) - 0.94 - 0.53

Vallibel Power Erathna Plc 7.90 -5.95% 5,902 38.89 7.60 2.95 5.95 1.45

Vidullanka Plc 6.70 3.08% 3,198 28.79 9.71 2.80 2.06 0.92

Mackwoods Energy Plc 6.00 -13.04% 600 6.04 15.79 0.95 1.54 1.09

Services 24.98 2.02 2.77

Ceylon Tea Brokers Plc 4.40 -6.38% 502 37.36 7.09 2.65 5.81 0.80

Mercantile Shipping Co Plc 118.00 -7.81% 336 (82.39) - 2.13 - 0.10

Stores and Supplies 102.85 2.02 1.79

E.B. Creasy & Co Plc 1049.90 -14.99% 2,662 (1.39) - 0.85 1.24 0.32

Hunter & Co Plc 390.00 -9.09% 2,007 1.59 56.93 0.90 - 0.55

Telecommunication 13.71 1.53 1.86

Dialog Axiata Plc 10.40 -11.86% 84,695 13.77 13.72 1.89 - 1.58

Sri Lanka Telecom Plc 45.50 -4.21% 82,121 9.38 13.70 1.29 1.86 0.91

Trading 7.77 1.09 2.54

Brown & Co Plc 96.50 -6.85% 6,839 17.27 2.83 0.49 2.53 1.32

Cw Mackie Plc 54.30 -2.69% 1,954 10.38 10.67 1.11 5.51 0.89

Eastern Merchants Plc 9.40 -10.48% 1,104 (8.67) - 1.07 - 0.79

Singer Sri Lanka Plc 114.00 -6.02% 14,274 13.04 20.00 2.61 2.19 0.90

Tess Agro Plc 1.50 -6.25% 420 N/A N/A 1.27 - 1.34

*Market Cap units- LKR Mn


Stocks trading below Net Asset Value

Pc House Plc Acme Printing & Packaging Pl

Balangoda Plantations Plc E.B. Creasy & Co Plc

Central Investments & Financ Acl Plastics Plc

Madulsima Plantations Plc Commercial Development Co

Malwatte Valley Plant-Voting Kelani Valley Plantations Pl

Kotagala Plantations Plc Central Industries Plc

Maskeliya Plantation Plc Sigiriya Village Hotels Plc

Flc Holdings Plc Cargo Boat Development Co

Kalpitiya Beach Resort Plc Renuka Foods Plc

Horana Plantations Plc Hunter & Co Plc

Amw Capital Leasing & Financ Resus Energy Plc

Seylan Developments Plc Lanka Walltile Plc

Citrus Leisure Plc Colombo Pharmacy Co Plc

Eden Hotel Lanka Plc Pegasus Hotels Of Ceylon Plc

Marawila Resorts Plc Bogawantalawa Tea Estates

Waskaduwa Beach Resort Plc Flc Hydo Power Plc

Tangerine Beach Hotels Plc Merchant Bk Of Sri Lnka & Fi

Brown & Co Plc Eastern Merchants Plc

Talawakelle Tea Estates Plc Agalawatte Plantations Plc

Lankem Developments Plc

Colonial Motors Plc

Elpitya Plantations Plc

Colombo Fort Land & Bldg Co

Browns Investments Ltd

Lanka Milk Foods Cwe Plc

C T Land Development Plc

Renuka City Hotels Plc

Pc Pharma Plc

Kegalle Plantation Plc

Colombo Investment Trust Plc

Lee Hedges Plc

Lanka Century Investments Pl

Chemanex Plc

Metropolitan Resource Hldgs

Diesel & Motor Engineering

Hayleys Fibre Plc

Hayleys Fibre Plc

Galadari Hotels Lanka Plc

Vallibel One Plc

Hapugastenne Plantations Plc

Ceylon Hotels Corp Plc

Singer Industries Ceylon Plc

Lankem Ceylon Plc

Acl Cables Plc

Alliance Finance Co Plc

Kandy Hotels Co 1938 Plc

Ceylon Grain Elevators Plc

On'Ally Holdings Plc

Overseas Realty Ceylon Plc

Kelani Cables Plc


Head Office

Asso. Research Analyst 011 7880809 / 077 0652797 [email protected]

Niraj Jayamanne

Dushan Rajaguru

Investment Advisor 011 7880813 / 0775965645

[email protected]

m

Investment Advisor

Asendra Wijesiri Investment Advisor 011 7880833 / 077 3410627

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Senior Investment Advisor

Investment Advisor

Balendiran Janegan Senior Investment Advisor

011 7880812 / 077 1562193

011 7880806 / 077 3954993

011 7880814 / 077 3954992

011 7880811 / 077 5619827

[email protected]

[email protected]

Naleen Sadeesh

Damith Chaminda

Samadhi Jayasinghe

Imesh Fernando

Investment Advisor 011 7880839 / 077 2383209 [email protected]

[email protected] 7880819 / 077 3367313

Manager Institutional Sales

011 7880834 / 077 9090511 [email protected]

Dinuka Niwantha Investment Advisor 011 7880838 / 077 8365921 [email protected]

Tel: +94 414 936079Fax: +94 372 225511Fax: +94 11 2434771

Contact Us

Sriyan Gurusinghe

Sales

011 7880805 / 077 7896064

[email protected]

Assistant General Manager

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Maniesh Rodrigo

CEO/Managing Director 011 7880888 / 077 7891871

[email protected]

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Dinusha Gomez Assistant Manager

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Kurunegala Branch

037 7201221 / 077 3623001 [email protected]

LOLC Securities Limited, a trading member of the Colombo Stock Exchange (CSE), is engaged in facilitating stock trading transactions at Colombo

Stock Exchange, providing investment research on Sri Lankan equity, providing investment planning advices with services such as portfolio construction

& formulation of IPS (Investment Policy Statement) and facilitating other investment opportunities in the country including private equity.

Disclaimer: This report is based on information from sources that LOLC Securities Limited believes to be reliable. Whilst reasonable care has been taken

to ensure accuracy of the information presented in the report, LOLC Securities Limited does not give a guarantee on the accuracy of the information

presented in the paper nor will take the responsibility on investment decisions taken based on the information provided by the report and hence LOLC

Securities Limited nor its employees accepts any liability whatsoever for any loss arising from investments decisions taken using the information provided

in this paper. The reader also should note this paper does not give recommendations to any particular category of investors and investor should consult

investment advisors for further clarifications regarding risks involved in investing in equity market. LOLC Securities Limited or its employees may or may

not hold positions in the securities discussed in the report and the information provided in the report should not be construed as a buy or sell instruction

for any securities mentioned in the report.

LOLC SEC Research Reports are also available at Bloomberg LOLC <GO>

Rehan Ariyaratne Business Dev. Associate 011 7880831 / 076 5446255 [email protected]

[email protected]

Assistant General Manager

Gayan Rajakaruna

Head of Research

Senior Research Analyst

011 7880835 / 077 7699148

011 7880837 / 077 4469070

Nuwan Fernando

Anurudda Rajakaruna Investment Advisor 037 7201221 / 077 3409464 [email protected]

Investment Advisor 037 7201221 / 077 8365921

Hiruni Perera

Ahamed Aadil Investment Advisor 041 4936079/ 077 7538986 [email protected]

Rohana Chandrasiri

[email protected]

Lalinda Liyanapathirana Investment Advisor 041 4936079/ 077 3692257

Shehan Bartholomeuz

Matara Branch

RESEARCH

Galle Branch

[email protected] Malinda Branch Head 091 7200852 / 077 3409243

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