Weekly Plus

www.randora.
lk
2014
Issue 05
Week Ending 31-01-2014
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:
Textured Jersey Lanka Corporate Update
Pg 09
Our Core Coverage
Pg 10- Pg 11
www.randora.lk
Weekly Stat Page

Weekly Market Statistics
Weekly Turnover and Volume
Daily Index Movement

6,300
6,000
500
6,200
400
5,500
6,000
5,900
5,800
300
5,000
200
4,500
('Mn)
LKR ('Mn)
6,100
4,000
0
10-Jan
ASPI
17-Jan
Turnover (LHS)
24-Jan
31-Jan
Volume (RHS)
Weekly Foreign Purchases and Sales
70%
60%
50%
40%
30%
20%
10%
0%
Current
Previous
6248.08
6255.63
3443.25
3478.09
5,280.6
5812.5
370.3
460.8
2,608.3
2602.6
WoW %
-0.1%
-1.0%
-9.2%
-19.6%
0.2%
100
5,700
Daily Foreign Activity
ASPI
S&P SL20
Turnover (LKR 'bn)
Volume ('mn)
Market Cap. (LKR 'bn)
Net Foreign 441
541
188
Weekly Foreign Flow

LKR ('mn)
Foreign Purchases
Foreign Sales
Net Foreign Inflow
Foreign Participation
Current
Previous
1,455.4
2,030.4
1,247.3
1,842.8
208.1
187.7
39%
40%
WoW %
-28.3%
-32.3%
11%
-2.4%
208
Weekly Market Valuations
2,500
Current
Previous
16.9
16.8
2.1
2.1
2.8
2.8
2,000
LKR ('Mn)
PER
PBV
DY
1,500
1,000
WoW %
0.7%
0.5%
0.0%
500
Weekly Sector Statistics
0
10-Jan
Foreign Activity
Linear (Foreign Activity)
17-Jan
Foreign Buying
24-Jan
31-Jan
Foreign Sales
Change in Foreign Holding

Growth in Foreign Holding
HNB (+)
DISTILLERIES
COMMERCIAL BANK (+)
TOKYO CEMENT
HEMAS HOLDINGS
Growth in Growth in
Value
Foreign Decline in Foreign Holding
LKR 'mn
Holding
314.2
33.2
32.5
28.9
22.0
2.6%
0.22%
0.1%
1.45%
1.47%
HNB[X.0000] (+)
CHEVRON (+)
KAHAWATTE (+)
NAT. DEV. BANK (+)
DFCC BANK
Decline in
Value
LKR 'mn
-42.6
-38.8
-19.7
-9.5
-9.0
Decline in
Foreign
Holding
-1.05%
-0.37%
-9.79%
-0.1%
-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
14,055.6 14,074.7
21,742.2 21,326.3
6,357.1
6,533.1
2,905.3
2,879.0
1,858.7
1,883.6
807.6
754.8
3,212.2
3,219.6
604.8
619.6
3,074.7
3,114.5
15,374.1 15,716.2
755.7
757.3
157.5
160.4
WoW %
-0.1%
2.0%
-2.7%
0.9%
-1.3%
7.0%
-0.2%
-2.4%
-1.3%
-2.2%
-0.2%
-1.8%
Page | 2
www.randora.lk
Weekly Stock Trends

Weekly Top Gainers
Company
Current
Previous
WoW %
High
Low
Volume
Turnover
52 High
52 Low
CHILAW FINANCE
21.00
15.90
32.08%
21.00
15.90
6,358,016
121,767,082
21.00
9.80
SINHAPUTHRA FIN
112.00
87.60
27.85%
117.00
93.00
23,779
2,499,353
117.00
67.00
SWISSTEK
22.80
19.00
20.00%
22.90
18.30
313,788
6,562,107
22.90
11.50
ASIRI
20.70
17.50
18.29%
21.00
17.00
4,005,626
74,727,927
21.00
10.90
COM.CREDIT
17.60
14.90
18.12%
19.50
14.60
3,951,369
65,793,751
19.50
8.60
Weekly Top Losers

Company
MORISONS
AMANA BANK
PDL
Current
Previous
WoW %
High
Low
Volume
Turnover
52 High
52 Low
230.00
295.00
-22.03%
230.00
230.00
230
361.90
160.00
5.70
7.00
-18.57%
7.10
5.50
7,605,495
50,816,666
7.10
5.50
62.20
70.00
-11.14%
69.00
61.60
691
45,315
75.00
40.20
INDO MALAY
1,340.50
1,500.00
-10.63%
1,450.00
1,340.50
20
27,358
1,540.00
1,250.00
LANKA ASHOK
1,355.00
1,515.00
-10.56%
1,675.00
1,305.00
115
151,890
2,002.20
1,301.00
Weekly Top Performers

Company
Current
Previous
WoW %
High
Low
Volume
Turnover
52 High
52 Low
HNB
159.80
161.80
-1.24%
161.00
158.20
4,369,477
687,113,282
176.00
140.00
JKH
240.00
247.00
-2.83%
247.40
234.00
2,192,960
521,492,568
299.80
204.00
COMMERCIAL BANK
127.00
129.90
-2.23%
130.00
126.00
1,957,740
249,629,464
131.50
105.00
9.80
9.00
8.89%
9.90
8.80
25,610,259
235,915,949
9.90
6.50
1,287.90
1,251.30
2.92%
1,349.00
1,281.00
178,986
232,736,082
1,400.50
720.00
Volume
Turnover
EXPOLANKA
CEYLON TOBACCO
Weekly Top Volume

Company
Current
Previous
WoW %
High
Low
52 High
52 Low
S M B LEASING
1.50
1.50
0.00%
1.80
1.40
68,311,442
110,934,362
1.80
0.50
S M B LEASING[NON VOTING]
0.50
0.50
0.00%
0.70
0.50
55,089,023
31,976,055
0.70
0.30
EXPOLANKA
9.80
9.00
8.89%
9.90
8.80
25,610,259
235,915,949
9.90
6.50
TOUCHWOOD
3.00
2.90
3.45%
3.30
2.90
13,947,606
43,350,386
8.60
0.90
FLC HOLDINGS
2.20
2.30
-4.35%
2.40
2.20
12,687,837
27,929,210
3.00
2.00
Page | 3
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S & P SL20 Debrief
Announcements
DIVIDENDS
Daily Index Movement
Company
3,500
3,450
3,400
Dividend (LKR)
XD Date
Aitken Spence Plantations
2.00
05-02-2014
Payment
10-02-2014
Metropolitan Holdings
1.00
06-02-2014
17-02-2014
Textured Jersey Lanka
0.50
07-02-2014
19-02-2014
3,350
Lanka Tiles
2.00
10-02-2014
19-02-2014
3,300
E-Channelling
0.50
10-02-2014
20-02-2014
3,250
Overseas Realty (Ceylon)
3,200
3,150
0.45
To be Notified
To be Notified
0-Jan-1900
1.00
To be Notified
To be Notified
0-Jan-1900
0.00
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
00-01-1900
Current
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
Previous
247.00
129.90
612.00
161.80
355.00
178.90
1,251.30
150.00
103.80
185.00
150.00
205.00
298.30
291.00
9.50
153.40
73.30
2,150.50
66.00
380.00
WoW %
-2.83%
-2.23%
0.10%
-1.24%
-2.82%
-2.74%
2.92%
-0.07%
-0.39%
0.27%
-2.93%
2.44%
-0.23%
-2.03%
-3.16%
0.33%
1.64%
1.45%
-1.52%
0.05%
Turnover
521,492,568
249,629,464
249,934
687,113,282
3,003,811
38,159,225
232,736,082
24,408,982
207,588,777
97,448,322
468,117
50,594,145
5,186,601
108,269,729
13,166,248
1,680,055
14,063,144
78,977,242
2,625,199
1,798,351
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
www.randora.lk
Local Economy
CURRENCY MOVES
LKR
131
USD : LKR
131
LKR
182
EURO : LKR
180
131
210
176
131
130
174
205
130
172
200
LKR
1.35
1.30
1.25
1.20
1.15
Japanese Yen : LKR
LKR
106
105
104
103
102
101
100
GBP : LKR
215
178
131
LKR
220
Singapore Dollar : LKR
LKR
2.16
2.14
2.12
2.10
2.08
2.06
2.04
2.02
2.00
Indian Rupee : LKR
Page | 5
www.randora.lk
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

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
22-Jan-14
453.49
452.98
549.21
515.79
Sale of
13-Jan-14
456.03
451.21
541.82
507.71
WoW %
-0.56%
0.39%
1.36%
1.59%
Corres. 2013
441.52
384.85
430.42
426.31
WoW %
-10.29%
-24.30%
Sale of
31-Dec-13
340.00
411.50
YoY %
2.71%
17.70%
27.60%
20.99%
2%
Jan-13
Mar-13
1-Yr T-Bill
May-13
Point to Point
Jul-13
Sep-13

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
www.randora.lk
Global Markets
EQUITY MARKET OUTLOOK
Index
17,000
Dow Jones Industrial Average
Index
1,900
S&P 500 Index
1,850
16,500
3,000
1,750
15,500
1,700
2,900
15,000
1,650
2,800
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
EURO STOXX 50 Price EUR
3,100
1,800
16,000
Index
3,200
Nikkei 225
Index
24,500
24,000
23,500
23,000
22,500
22,000
21,500
21,000
20,500
Hong Kong Hang Seng Index
Page | 7
www.randora.lk
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.
1,350
GOLD 100 OZ FUTURE
USd/lb.
350
1,300
340
1,250
330
1,200
320
1,150
310
1,100
300
USd/bu.
800
85
600
80
400
75
200
70
WHEAT FUTURE(CBT)
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
97.90
97.06
0.9%
1,243.30
320.65
1,270.70
328.15
-2.2%
-2.3%
86.12
553.00
86.83
567.25
-0.8%
-2.5%
Page | 8
www.randora.lk
FY13
10,951
1,016
62%
1.6
FY14E
12,574
1,186
17%
1.8
FY15E
14,315
1,495
26%
2.3
FY16E
16,053
1,691
13%
2.6
We maintain a BUY on TJL based on robust profit growth backed by the commissioning of its multi fuel boiler
during 2QFY15E and steady volume growth fuelled by its 10-12% capacity expansion to be completed during
FY14E. TJL underscores strong valuations offering a one year total return of 32% based on a FY15E DCF fair
value of LKR20.0/share (+23%) and DY of 9%. BUY
17.1
2.0
(206.5)
10.6
1.9
17.1
9.1
1.7
54.1
7.2
1.5
27.6
6.4
1.4
48.2
0.5
50%
2.9%
1.2
80%
7.6%
0.9
50%
5.5%
1.1
50%
7.0%
1.3
50%
7.9%
TJLs 3QFY14 net earnings plunged 17% YoY to LKR301 mn primarily reflecting gross margin erosion of 500 bps
YoY to 11%. Outsourced orders adversely weighed on gross margins amidst the comparative quarter having
recorded an above average gross margin of 16% due to one off gains via provision reversals. Notably gross
margin excluding outsourced business was retained at 11.9% in line with FY13 average gross margin on a YoY
basis. Cumulative net earnings grew 16% YoY to LKR805 mn supported by robust revenue growth of 20% during
1-3QFY14 driven by strong order books.
Y/E March
FY12
Revenue (LKR mn) 12,237
Net Profit (LKR mn)
628
YoY% Growth
-8%
EPS (LKR)
1.0
PER (x)
PBV (x)
PEG (x)
Adjusted DPS (LKR)
Dividend Payout
Dividend Yield (%)
Gross margin dip of 500 bps YoY hampered net earnings. Gross margin during 3QFY14 dipped to 11% cf 16% during 3QFY13 as one-off gains via provision reversals led 3QFY13 to
record an above average performance. Outsourcing orders due to a capacity constraint weighed on overall margins due to a lower level of in-house value addition however gross
margin excluding outsourced business was retained at 11.9% in line with FY13 average. Operating profit margin dipped 300 bps YoY to 9% as result of gross margin erosion amidst
operating expenses remaining broadly flat ( down by 1.2%). As a result 3QFY14 net earnings plunged 17% YoY to LKR301 mn while 1-3QFY14 earnings grew 16% YoY to LKR805 mn
backed by robust top line growth of 20% YoY reflecting strong order books generating a volume growth of 5%.
FY15E earnings to grow 26% YoY to LKR1,495 mn: We expect the commissioning of TJLs multi fuel boiler plant costing USD4.2 mn in 2QFY15E to substantially reduce its energy
cost. The plant is expected to cover its entire furnace oil requirement while generating 1MW electricity resulting in a gross margin expansion to 13% during FY15E (Appendix 1). We
expect FY13-FY16E to record a revenue growth CAGR of 14% backed by strong order books supported by its 10-12% capacity expansion costing USD4.7 mn to be completed during
FY14E (Appendix 2). This is likely to reduce its outsourced orders proportion enabling in house value addition leading to sustained gross margins in FY15E.
Attractive valuations We expect FY14E net earnings to grow 17% YoY to LKR1,186 mn backed by strong order books and a reversal in the adverse one-off impact on gross margin
during 4QFY14E. We forecast FY15E net earnings to grow 26% YoY to LKR1,495 mn with the cost benefit via TJLs power plant and capacity addition directly translating into bottomline growth. TJL currently trades at 9.1x PER and 7.2x PER on FY14E and FY15E net earnings respectively. Dividend payout is maintained at 50% conservatively given its expansion
plans and healthy cash balance of LKR2.3 bn as at 31st December 2013. TJL offers strong valuations offering a one year return of 32% based on a FY15E DCF fair value of
LKR20.0/share (+23%) and DY of 9% (Appendix 3) BUY
Softlogic Equity Research
Page | 9
www.randora.lk
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
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
190.00
18,283
104.9
19,928 174.32
1.09
2,675
3,041
1,379.90
14,364
26.4
36,449 543.79
2.54
1,508
1,953
3,437
3,829
32.77
Buy
127.00
58,257
849.2
107,843
68.61
1.85
8,048
10,080
10,685
12,591
9,676
9.48
11.87
12.58
Buy
96.60
58,257
849.2
82,028
68.61
1.41
8,048
10,080
10,685
12,591
9,676
9.48
11.87
DFCC.N0000
MTB
149.90
37,196
265.1
39,738 140.31
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
159.80
55,738
399.7
63,869 139.46
1.15
6,149
8,111
9,258
11,113
8,931
Ha tton Na ti ona l Ba nk [X]
Buy
125.30
55,738
399.7
50,080 139.46
0.90
6,149
8,111
9,258
10,908
74.50
21,220
475.2
35,402
44.65
1.67
2,933
1,863
7,099
77.81
1.32
1,714
1,703
2,114
36.51
29.41
46
14
79.01
57
30
7.4
6.6
24.2
18.7
14.83
11.39
46
25
18
13.4
10.7
10.1
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
10.4
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
1,427
24.75
24.58
30.52
36.01
20.60
68
(1)
24
HNB.X0000
La nka Ori x Lea s i ng Compa ny LOLC.N0000
LB Fi na nce
LFIN.N0000
Buy
102.50
5,389
69.3
Na ti ona l Devel opment Ba nk NDB.N0000
Buy
185.50
24,757
164.7
30,551 150.32
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
68.00
11,207
230.6
15,681
48.60
1.40
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
17.70
4,128
295.0
5,222
13.99
1.26
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
15.50
18,930
1,579.9
24,488
11.98
1.29
4,542
3,073
3,015
3,590
3,007
2.87
1.95
1.91
2.27
Sa mpa th Ba nk
SAMP.N0000
Buy
174.00
28,856
167.8
29,198 171.96
1.01
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
65.00
20,799
345.0
22,422
60.29
1.08
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
325,055
7,772.7
447,971
41.82
1.38
41,935
52,924
69,861
5.40
6.81
Sample Sector (16)

Full Sector (60)
584,436
898
1,026
0.32
0.37
13
11
5.8
6.5
2.9
1.5
14.6
17.5
12.5
0.9
10.5
8.6
11.1
4.5
3.5
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
7.9
6.9
5.7
7.2
8.5
5.3
11.0
5.4
4.5
8.1
6.2
12.1
19.0
18
4.1
4.2
3.4
(60)
21
11.3
3.5
27
13
19
10.2
128
(2)
(60)
95
1.90
74
(32)
(2)
23.13
19
26
(22)
5.76
(17)
105
0.22
(0)
(45)
8.99
19
26
31
5.2
5.6
8.5
6.8
11.0
19.5
0.5
0.7
13.8
2.8
5.0
6.5
6.3
31.8
8.6
7.1
3.4
15.0
8.1
10.9
8.0
7.1
6.0
7.6
2.1
3.1
13.7
6.3
6.4
16.1
8.3
11.6
1.0
5.6
20.0
19
5.4
8.0
8.1
6.8
8.1
1.3
8.1
24.0
53
7.0
5.6
7.2
4.7
7.5
6.0
3.4
14.4
22.3
10.9
11.3
1.0
1.5
4.8
8.1
14.7
16.3
21.0
10.7
8.5
14
11.2
9.8
6.4
1.48
12.9
9.0
Beverage, Food and Tobacco

Ca rgi l l s
CARG.N0000
153.90
11,755
224.0
34,474
Ceyl on Toba cco Compa ny
CTC.N0000
1,287.90
4,565
187.3
241,254
Di s ti l l eri es
DIST.N0000
210.00
49,925
300.0
63,000 166.42
Li on Brewery
LION.N0000
380.20
6,136
80.0
30,416
Nes tl e (La nka )
NEST.N0000
2,181.60
3,475
53.7
75,856
845.0
LTB
Sample Sector (5)

Full Sector (20)
52.48
2.93
1,079
578
422
4.82
2.58
1.88
(1)
(46)
31.9
59.7
24.37 52.85
6,569
8,176
8,734
9,545
8,603
35.07
43.65
46.63
50.95
45.93
29
24
36.7
29.5
27.6
1.26
5,675
5,520
5,816
6,452
5,577
18.92
18.40
19.39
21.51
18.59
(30)
(3)
11
11.1
11.4
4.96
1,262
1,046
1,107
1,457
965
15.78
13.07
13.83
18.22
12.06
25
(17)
32
24.1
29.1
117,207
64.68 33.73
2,633
2,994
3,513
3,822
3,557
49.01
55.73
65.39
71.14
66.20
39
14
17
44.5
39.1
486,351
89.77
17,219
18,313
19,123
20.38
21.67
22.63
28.2
26.6
76.71
545,794
6.41
81.8
2.0
1.3
9.2
25.3
28.0
45.2
3.5
143.9
10.8
9.8
11.3
3.0
1.4
11.4
27.5
20.9
31.5
4.0
1.1
20.6
33.4
30.7
33.0
54.0
2.5
75.8
25.4
4.61
22.7
22.9
Chemicals & Pharmaceuticals

CIC Hol di ngs
CIC.N0000
51.60
7,577
94.8
4,890
79.95
0.65
863
231
128
9.11
2.44
1.35
(7)
(73)
5.7
21.2
38.2
1.6
3.2
11.4
La nkem Ceyl on
LCEY.N0000
120.40
3,154
24.0
2,890 131.41
0.92
513
297
-226
21.39
12.36
(9.43)
(55)
(42)
5.6
9.7
-12.8
1.5
1.2
16.3
10,730
118.8
7,780
0.73
1,376
528
-99
11.59
4.44
(0.83)
(33)
(62)
5.7
14.7
-78.9
Sample Sector (2)

Full Sector (10)
90.35
17,872
0.92
12.8
20.6
Construction & Engineering

Col ombo Dockya rd
DOCK.N0000
191.90
Sample Sector (1)
10,477
71.9
13,790 145.80
1.32
1,804
1,977
1,079
25.10
27.51
15.01
(13)
10
7.6
7.0
12.8
10,477
71.9
13,790 145.80
1.32
1,804
1,977
1,079
25.10
27.51
15.01
(13)
10
7.6
7.0
12.8
41,192
2.63
Full Sector (4)
8.0
4.2
17.2
17.2
9.9
Diversified Holdings
Ai tken Spence
SPEN.N0000
103.40
28,815
406.0
41,980
70.97
1.46
3,488
3,267
3,121
8.59
8.05
7.69
38
(6)
12.0
12.9
13.4
1.5
1.5
CT Hol di ngs
CTHR.N0000
145.60
16,707
183.1
26,659
91.25
1.60
1,159
1,150
1,407
6.33
6.28
7.68
34
(1)
23.0
23.2
19.0
0.7
0.4
6.9
Ca rs ons Cumberba tch
CARS.N0000
345.00
30,175
196.4
67,753 153.65
2.25
7,017
4,570
2,988
35.73
23.27
15.21
55
(35)
9.7
14.8
22.7
2.0
0.6
23.3
Expol a nka Hol di ngs
EXPO.N0000
9.80
9,466
1,954.9
19,158
Ha yl eys
HAYL.N0000
297.60
23,074
75.0
Hema s Hol di ngs
HHL.N0000
42.00
12,849
John Keel l s Hol di ngs
JKH.N0000
240.00
Ri cha rd Pei ri s
RICH.N0000
Softl ogi c Hol di ngs
SHL.N0000
Va l l i bel One
VONE.N0000
17.10
LTB
LTB
4.84
2.02
1,033
1,061
1,143
0.53
0.54
0.58
(33)
18.5
18.1
16.8
0.1
1.2
10.9
22,320 307.66
0.97
1,038
1,854
2,150
13.84
24.72
28.67
43
79
21.5
12.0
10.4
4.5
1.5
4.5
515.3
21,642
24.94
1.68
1,165
1,658
1,920
2.26
3.22
3.73
(4)
42
18.6
13.1
11.3
0.8
1.8
9.1
93,134
990.2
237,648
94.06
2.55
9,687
12,201
11,776
9.78
12.32
11.89
17
26
24.5
19.5
20.2
3.5
1.5
10.4
6.70
8,065
1,958.1
13,119
4.12
1.63
2,575
1,903
1,369
1.32
0.97
0.70
53
(26)
5.1
6.9
9.6
0.2
3.0
31.9
11.20
7,327
779.0
8,725
9.41
1.19
483
301
254
0.62
0.39
0.33
(42)
(38)
18.1
29.0
34.4
0.3
2.7
6.6
30,388
1,086.6
18,580
27.97
0.61
2,025
1,403
1,033
1.86
1.29
0.95
250
(31)
9.2
13.2
18.0
0.0
0.0
260,000
8,144.5
477,585
31.92
1.84
29,669
29,367
27,161
3.64
3.61
3.33
30
(1)
16.1
16.3
Sample Sector (10)

Full Sector (18)
510,304
1,302
10,952
10,653
2,323
0.67
11.06
10.76
2.14
23
(10)
(3)
66
14.7
12.1
21.7
22.3
8.0
17.6
1.71
6.7
11.4
17.5
Healthcare
As i ri Hos pi ta l Hol d.
ASIR.N0000
20.70
5,831
1,099.1
22,751
5.31
3.90
609
696
930
0.55
0.63
0.85
219
14
37.3
32.7
24.5
0.5
2.4
10.4
Na wa l oka Hos pi ta l s
NHL.N0000
3.30
3,886
1,409.5
4,651
2.76
1.20
271
454
345
0.19
0.32
0.24
(75)
68
17.2
10.2
13.5
0.1
1.5
7.0
La nka Hos pi ta l s
LHCL.N0000
44.00
27,164
223.7
9,844 121.41
0.36
437
384
564
1.95
1.72
2.52
51
(12)
22.5
25.6
17.4
0.5
1.1
1.6
36,880
2,732.3
1.01
1,317
1,535
1,839
0.48
0.56
0.67
(15)
17
28.3
24.3
20.3
Sample Sector (3)

Full Sector (6)
37,247
52,746
13.50
2.40
1,027
1,082
0.93
0.98
47
22.2
21.0
20.8
3.6
Page | 10
www.randora.lk
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
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
70.00
13,283
336.3
23,540
39.50
1.77
1,378
1,782
2,148
1,956
4.10
5.30
6.39
5.82
33
29
21
17.1
13.2
11.0
12.0
1.0
1.4
10.4
Ama ya Lei s ure
CONN.N0000 M
70.20
2,594
48.0
3,372
54.01
1.30
293
377
376
344
6.09
7.84
7.83
7.16
(38)
29
(0)
11.5
9.0
9.0
9.8
4.0
5.7
11.3
As i a n Hotel s & Prop.
AHPL.N0000
65.00
21,335
442.8
28,780
48.19
1.35
2,149
2,494
2,386
2,493
2,480
4.85
5.63
5.39
5.63
5.60
21
16
(4)
13.4
11.5
12.1
11.5
11.6
4.0
6.2
10.1
Keel l s Hotel s
KHL.N0000
12.50
16,771
1,456.1
18,202
11.52
1.09
1,105
1,121
870
994
1,110
0.76
0.77
0.60
0.68
0.76
111
(22)
14
16.5
16.2
20.9
18.3
16.4
0.0
0.0
6.6
Ta j
TAJ.N0000
30.20
2,051
139.6
4,217
14.69
2.06
125
246
293
-165
0.89
1.76
2.10
(1.18)
26
97
19
33.8
17.1
14.4
-25.5
0.0
0.0
6.1
Tra ns As i a
TRAN.N0000
83.50
5,971
200.0
16,700
29.85
2.80
625
1,066
884
1,007
3.12
5.33
4.42
5.04
(5)
71
(17)
26.7
15.7
18.9
16.6
3.0
3.6
10.5
62,006
2,622.9
94,812
23.64
1.53
5,674
7,086
6,957
5,732
2.16
2.70
2.65
2.19
24
25
(2)
16.7
13.4
13.6
Sample Sector (6)

Full Sector (36)
313,487
927
4.64
18.0
16.5
2.66
9.2
35.2
Land and Property

Col ombo La nd
CLND.N0000
39.80
2,702
199.9
7,955
13.52
2.94
10
335
-90
12
72
0.05
1.68
(0.45)
0.06
0.36
(98)
3,393
(127)
113
829.5
23.7
N/A
662.9
111.2
0.0
0.0
0.4
Overs ea s Rea l i ty
OSEA.N0000
20.80
23,360
843.5
17,544
27.69
0.75
2,681
2,469
1,924
2,158
3,848
3.18
2.93
2.28
2.56
4.56
218
(8)
(22)
12
6.5
7.1
9.1
8.1
4.6
0.3
1.4
11.5
26,062
1,043.4
25,500
24.98
0.98
2,691
2,804
1,834
2,170
3,919
2.58
2.69
1.76
2.08
3.76
102
(35)
18
9.5
9.1
13.9
11.8
6.5
1.0
10.3
Sample Sector (2)

Full Sector (18)
41,823
0.88
7.7
Manufacturing
ACL Ca bl es
ACL.N0000
69.00
5,848
59.9
4,133
97.63
0.71
485
532
534
8.10
8.88
8.91
127
10
Gra i n El eva tors
GRAN.N0000
38.50
2,794
60.0
2,310
46.56
0.83
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
285.10
5,348
120.0
34,212
44.56
6.40
2,001
2,288
2,562
2,701
2,513
16.67
19.06
21.35
22.51
20.94
33
14
La nka Wa l l ti l e
LWL.N0000
LTB
68.00
5,260
54.6
3,713
96.33
0.71
731
520
545
600
497
13.39
9.52
9.98
10.99
9.10
51
(29)
Pi ra ma l Gl a s s
GLAS.N0000
Hold
4.70
3,373
950.1
4,465
3.55
1.32
686
724
361
532
694
0.72
0.76
0.38
0.56
0.73
19
Roya l Cera mi c
RCL.N0000
LTB
87.20
8,479
110.8
9,661
76.53
1.14
1,243
1,670
1,844
2,190
1,103
11.22
15.07
16.64
19.77
9.96
Textured Jers ey
TJL.N0000
Buy
16.50
6,152
655.0
10,808
9.39
1.76
628
1,017
1,186
1,495
1,192
0.96
1.55
1.81
2.28
Tokyo Cement
TKYO.N0000
Buy
35.30
7,793
334.1
11,795
23.32
1.51
979
893
1,968
1,511
1,883
2.93
2.67
5.89
4.52
45,045
2,344.5
81,096
19.21
1.80
7,141
7,778
8,322
3.05
3.32
Sample Sector (8)

Full Sector (36)
111,004
8.5
7.8
7.7
1.0
1.4
8.3
6.0
17.2
26.6
24.8
-24.7
0.1
0.4
13.9
12
17.1
15.0
13.4
12.7
13.6
15.0
5.3
37.4
10
5.1
7.1
6.8
6.2
7.5
3.0
4.4
13.9
(50)
47
6.5
6.2
12.4
8.4
6.4
0.4
8.1
20.4
(14)
34
10
19
7.8
5.8
5.2
4.4
8.8
2.0
2.3
14.7
1.82
(8)
62
17
26
17.2
10.6
9.1
7.2
9.1
1.2
7.5
10.2
5.63
14
(9)
120
(23)
12.0
13.2
6.0
7.8
6.3
1.0
2.8
12.6
3.55
15
11.4
10.4
4.6
15.9
9.7
1.40
8.8
Motors
Col oni a l Motors
83.00
3,315
15.2
1,262 218.11
0.38
453
120
Di es el & Motor Engi neeri ng DIMO.N0000 M
COLO.N0000
524.30
7,618
8.9
4,654 858.25
0.61
2,702
462
Uni ted Motors
126.40
7,895
67.3
8,503 117.37
1.08
2,281
2,013
1,808
18,829
91.3
14,418 206.13
0.77
5,436
2,595
1,671
21,931
0.96
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
73 304.36
52.06
8.23
27
(83)
1.7
10.1
63.7
10.0
1.9
35.5
33.91
29.92
26.88
153
(12)
3.7
4.2
4.7
10.0
7.9
28.9
59.51
28.41
18.30
67
(52)
2.7
5.6
8.6
5.6
28.9
10.9
Oil Palms
Buki t Da ra h
BUKI.N0000
612.60
Sample Sector (1)
27,684
102.0
62,485 271.41
2.26
7,299
5,042
2,649
71.56
49.43
25.97
43
(31)
8.6
12.4
23.6
3.0
0.5
26.4
27,684
102.0
62,485 271.41
2.26
7,299
5,042
2,649
71.56
49.43
25.97
43
(31)
8.6
12.4
23.6
3.0
0.5
26.4
93,649
1.82
Full Sector (5)
27.1
Plantations
Ba l a ngoda
BALA.N0000
33.00
2,701
23.6
780 114.26
0.29
25
118
87
1.08
5.01
3.70
(85)
366
30.7
6.6
8.9
1.0
Hora na
HOPL.N0000
24.50
1,394
25.0
613
55.77
0.44
87
220
125
3.49
8.82
4.99
(73)
152
7.0
2.8
4.9
2.0
Kega l l e
KGAL.N0000
102.10
3,264
25.0
2,553 130.55
0.78
769
544
479
30.77
21.74
19.15
(8)
(29)
3.3
4.7
5.3
12.0
11.8
23.6
Kel a ni Va l l ey
KVAL.N0000
78.60
2,558
34.0
2,672
75.23
1.04
460
584
391
13.54
17.19
11.51
44
27
5.8
4.6
6.8
6.0
7.6
18.0
Kota ga l a
KOTA.N0000
36.90
3,187
40.0
1,476
79.67
0.46
439
517
-173
10.97
12.92
(4.32)
(34)
18
3.4
2.9
-8.5
2.5
6.8
13.8
Wa ta wa l a
WATA.N0000 M
10.30
3,883
236.7
2,438
16.41
0.63
455
680
510
1.92
2.87
2.15
(29)
49
5.4
3.6
4.8
0.8
16,986
384.3
10,531
44.20
0.62
2,236
2,664
1,419
5.82
6.93
3.69
(24)
19
4.7
4.0
7.4
Sample Sector (6)

Full Sector (19)
24,718
0.69
0.9
6.3
11.7
13.2
7.5
Power and Energy

La nka IOC
LIOC.N0000
38.30
15,331
532.5
20,396
28.79
1.33
906
2,911
4,371
1.70
5.47
8.21
221
22.5
7.0
4.7
1.0
Va l l i bel
VPEL.N0000
5.90
2,160
747.1
4,408
2.89
2.04
249
289
626
0.33
0.39
0.84
(41)
16
17.7
15.2
7.0
0.3
4.2
11.5
La ugfs Ga s
LGL.N0000
33.50
6,781
387.0
12,965
17.52
1.91
822
1,061
1,484
2.13
2.74
3.83
(4)
29
15.8
12.2
8.7
1.5
4.5
12.1
24,271
1,666.6
37,768
14.56
1.56
1,977
4,261
6,482
1.19
2.56
3.89
(8)
116
19.1
8.9
Sample Sector (3)

Full Sector (8)
43,206
1,414
1,453
3.65
3.75
33
9.2
8.9
5.9
5.8
1.40
8.1
6.0
Telecommunications
Di a l og Axi a ta
DIAL.N0000
9.20
38,620
8,143.8
74,923
4.74
1.94
5,354
6,521
5,016
0.66
0.80
0.62
22
14.0
11.5
14.9
0.3
3.6
Sri La nka Tel ecom
SLTL.N0000
36.50
56,871
1,804.9
65,877
31.51
1.16
4,781
5,329
4,774
2.65
2.95
2.65
21
11
13.8
12.4
13.8
0.9
2.3
95,491
9,948.6
140,800
9.60
1.47
10,135
11,850
9,790
1.02
1.19
0.98
13
17
13.9
11.9
14.4
Sample Sector (2)

Full Sector (2)
140,800
0.00
1.47
13.9
8.4
10.6
14.4
Trading
Browns
BRWN.N0000 M
91.00
14,064
70.9
3.39
(79)
5.5
26.9
11.1
0.5
0.5
8.3
4,875
125.2
11,269
38.94
2.31
661
10.11
9.09
8.21
5.28
(47)
90.00
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
17,718
96.59
0.94
2,431
1,378
1,242
12.40
7.03
6.34
(15)
(43)
7.3
12.9
14.3
Sample Sector (2)
Full Sector (8)
Sample Market (70)

Total Market (284)
6,450 198.43
22,511
1,054,312 38,085.0 1,955,852
2,623,735
0.46
0.98
27.68
1.86
1.83
12.8
17.1
138,340 150,101 162,109 183,183 160,190
3.63
3.94
4.26
4.81
4.21
17
13
14.1
13.0
12.1
10.7
12.2
14.4
13.1
Page | 11
www.randora.lk
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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www.randora.

Week Ending 31-01-2014

Weekly Market Wrap Up

Local Economy in Brief

Our Core Coverage

Weekly Stat Page

Weekly Turnover and Volume

Daily Index Movement

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Daily Foreign Activity

Net Foreign 441

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Change in Foreign Holding

BANKS FINANCE & INS.

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S & P SL20 Debrief

Daily Index Movement

Aitken Spence Plantations

Textured Jersey Lanka

Overseas Realty (Ceylon)

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

COTTON NO.2 FUTURE

GOLD 100 OZ 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)

Beverage, Food and Tobacco

Ceyl on Toba cco Compa ny