Asia Wealth Research 201109 Weekly 34

th
Sri Lanka Focus

09 September 2011
The
Electronic Weekly from ASIA
WEALTH RESEARCH
ASIA RESEARCH TEAM 1
Colombo Stock Market
FOCUS
IN THIS ISSUE;
09th September 2011

Issue Number 34
ASI Daily Closing
Large deals drives the market

The bourse concluded a volatile week extending its fickle
momentum, started off both the indices green and ended the
week
Pg 2
Namunukula Plantations
For the financial year ended 31st March 2011, NAMU
recorded an all time high revenue of LKR 2.1 Bn a growth of
43% YoY.
Pg 3
Analysis of Various Warrants Listed on the CSE

Comparison of the warrants trading price with its
intrinsic value (derived through the Black Scholes Call option
valuation method)
Pg 4
Asia Wealths Billion Rupee Club
Pg 5
Commodity Prices
Pg 6
Weekly overview of commodity trading
Conclusion
The ASI continues its WoW positive momentum
Pg 8
Major Price Movements

Company
Price
Blue Diamonds(X)
Ceylon Tea Brokers
Radiant Gems
Stafford Hotels
Mahaweli Reach Hotels
Renuka Agri Foods
Multi Finance
Hotel Developers
Metropolitan Res Holdg
On'ally Holdings
Singalanka
Miramar Beach Hotel
5.5
7.7
110.2
62
38
7.1
60
128.5
30
78.2
320
265.2
*Market Statistics
All Share Index
Milanka Price Index
Banking & Finance
Food & Beverage
Diversified
Hotels & Travels
Telecommunication
Manufacturing
Market Capitalisation
(LKR bn)
(USD bn)
Turnover
(LKR mn)
(USD mn)
Average Daily Turnover
(LKR mn)
Volume
(mn shares)
Foreign Purchases
(LKR mn)
Foreign Sales
(LKR mn)
9-Sep
6990.33
6286.93
16703.21
12344.85
2286.78
4556.11
181.76
3700.55
2,507.5
22.8
19,728.1
179.1
3,945.6
1,589.1
1,322.0
5,763.3
2-Sep
6950.61
6297.12
16519.03
12104.92
2273.49
4507.58
183.77
3723.36
2,509.2
22.8
19,295.3
175.6
4,823.8
689.4
556.4
594.2
% Chg.
0.6
-0.2
1.1
2.0
0.6
1.1
-1.1
-0.6
-0.1
-0.3
2.2
2.0
-18.2
130.5
137.6
869.9
Large Trades
+/-LKR
1.8
2.4
30
10.7
6.5
1.2
-6
-14.5
-3.7
-9.8
-46.5
-43.2
+/- %
48.65
45.28
37.41
20.86
20.63
20.34
(9.09)
(10.14)
(10.98)
(11.14)
(12.69)
(14.01)
Volume
264,082,500
26,806,300
697,400
3,812,300
2,210,600
67,234,000
768,000
10,000
12,300
138,400
5,300
1,300
Company
Blue Diamonds (X)
Seylan Merchant Bank
Seylan Merchant Bank(W)
Seylan Merchant Bank(X)
Amana Takaful
Renuka Agri Foods
Blue Diamonds
E-Channelling
Pc House
Free Lanka Capital Holdings
Ceylon Tea Brokers
Tess Agro
John Keells Holdings
Volume
264,082,500
176,829,500
159,707,500
138,069,300
133,805,500
67,234,000
58,239,300
41,295,700
37,349,000
27,100,800
26,806,300
25,128,100
19,807,500
Sri Lanka Focus
09th September 2011
The Week in FOCUS

Large deals drives the market
The bourse concluded a volatile week extending its fickle momentum, started off both the indices green and ended
the week, with the All Share Price Index gaining marginally 39.7points WoW closing at 6,990.3 (+0.6%), and the
Milanka Price Index shedding 10.2 points WoW to close at 6,286.9 (-0.2%). The WoW uplift in All Share Price Index
was shouldered by price gains witnessed in Blue Diamonds (Nonvoting) (+48.7% WoW), Ceylon Tea Brokers (+45.3%
WoW), Renuka Agri Foods (+20.3% WoW), Amana Takaful (+16.7% WoW) and E-Channeling (+11.8% WoW).
Week which witnessed mix sentiments was dominated by retail interest and profit taking was seen at regular
intervals that drove the indices to fluctuate within a narrow band. Market activities were centered upon few strategic
deals that added muscle to the daily turnovers & volumes. John Keells Holdings witnessed a strategic deal when its
foreign holder Arisaig India Fund Ltd divested its stake to two local parties at a consideration of LKR215.00 per share.
The cash rich Distilleries Company captured 2% stake whilst Asian Alliance Insurance bought 1mn shares. Blue
Diamond Jewellery World Wide (voting & nonvoting) demonstrated both volume & price gains backed by retail
buying. Browns Investments & Amana Takaful too saw heavy retail participation, whilst HVA Foods grabbed both
retail & high net worth attention.
Further, East West announced the purchase of a 51% stake in Peoples Media Network (Pvt) Ltd. for a consideration of
LKR49.3mn. Meanwhile business tycoon Mr. K D D Perera made his second mandatory offer on Hayleys PLC at
LKR380.0 per share.
The market recorded an average daily turnover of LKR3.9bn over past week with an average volume of 172.3mn.
Foreign participation witnessed a staggering outflow of circa LKR5.8bn mainly due to sale of John Keells Holdings
stake by Arisaig India Fund Ltd whilst the foreign purchases amounted to LKR1.3bn, resulting a net foreign outflow of
LKR4.4bn.
Sri Lanka Focus
09th September 2011
Features
NAMUNUKULA PLANTATIONS PLC
Managed by RPC plantations NAMU is a fully owned subsidiary of Richard Pieris PLC, the
company is a well diversified plantation company that cultivates Tea, Rubber and Oil
Palm.NAMU owns 14 estates covering over 7400 hectares of land and remains to be the
largest producer of Low Grown tea, which gives a significant boost to companys earnings,
with low grown tea trading at a premium over the mid & high grown categories.
Financial Performance
For the financial year ended 31st March 2011, NAMU recorded an all time high revenue of
LKR 2.1 Bn a growth of 43% YoY. This could be considered as a huge achievement compared
to 19% growth rate which occurred the year before. The revenue enhancement was mainly
because of the attractive NSAs of all 3 main crops Tea, Rubber and Palm oil. For the
1QFY12, Namu posted a turnover of LKR430mn which is a 13% dip YoY. This is mainly due
to reduction in the revenue from Tea (33% reduction compared to same quarter last year)
and Oil Plam (34% reduction compared to same quarter last year.)
For the financial year ended 31st March 2011 NAMU recorded a gross profit margin 32.1%,
where oil palm was the highest contributor. Although palm oil is having a GP margin of 60%
it contributed only 14% to the total revenue stream. This is mainly because of the reduction
in the oil palm production dropping from 14.6 Mn Kg to 12.1 Mn Kg during the year. Due to
the attractive profit margins oil palm will be the crop to concentrate in future. Rubber also
demonstrated a gross profit margin of 57 % while representing 40 % of the total revenue
component. For 1QFY12 NAMU managed to maintain a GP margin of 4.78% while most
other plantation companies ran into losses. The main reason for the decline in GP margin
was due to the wage revision of the plantation sector workers. (This includes a wage
revision from April to May being LKR 42 mn and a one off expenditure of LKR 76 mn which
is an adjustment to the opening balance of gratuity provision.)For the 1QFY12 company
recorded a net profit of LKR 1.26 mn vs. profit of LKR83.35 mn for the same period last
year. This was mainly due to the rise in the cost of sales as mentioned earlier.
Future Outlook
NAMU is considering oil palm to be its main profitable crop over its potential towards
forming bio fuel apart from edible oil. Specialization on the low grown tea enables the
company to enjoy premium prices over high grown and mid grown segment. With the global
economic recovery and strong demand from Middle East and Russia it is evident that low
grown NSA will show positive movement in the future. The Wage rates of the plantation
workers are reviewed once in every 2 years. In June 2011 as per the collective agreement,
wage rates were revised from LKR 447.75 to LKR 572/-.This created a negative impact on the
1QFY12 results with 83% reduction in the gross profits compared to the gross profit in
2011.However with the companys strategy to increase worker productivity and systematic
cost control practices, the profitability can be regained In the future.
Valuation
Within next three years we, forecast the company to post earnings attributable to
shareholders of LKR 616.7mn in FY2012E and reach LKR 850.1mn in FY2013E. With attractive
NSAs for rubber and increasing demand from emerging economies such as China and India,
recovery of crude oil prices etc will create a positive implication on the earnings for rubber.
It is also expected the contribution from oil palm will play a major role in the future earnings
of the company. With regard to future prospects we expect the forward PE multiples to be
3.7X and 2.7X for FY12 and FY13 respectively, as opposed to a plantation sector PE of circa
6.89X and a current trailing market P/E of 17.52X.Hence we see a great value potential in
the counter.
NAMU: LKR97.80
09th September 2011
Sri Lanka Focus
Features
Analysis of Various Warrants Listed on the CSE
The below table depicts a comparison of the warrants trading price with its intrinsic value (derived through the
Black Scholes Call option valuation method). The 6th column to the right depicts the difference between the intrinsic
value and the traded price. Hence, the positive figures would explain the potential for the respective warrant to
further appreciate. Thus, the negative value would denote that the warrant is overvalued at the current price
(assuming the underlying stock price to be constant). However, it is noted that the intrinsic value is derived based on
the current value of the underlying stock price, its volatility, period to maturity and the risk free rate. Hence, any
adverse movement of the mentioned assumptions would have an adverse impact on the warrant value, and any
favourable movement would positively impact the warrant value (E.g.: if in case the asset price appreciates from the
existing, it would invariably increase the value of the warrant).
CLPL-W-0013
CLPL-W-0014
GREG-W-0002
GREG-W-0003
GREG-W-0006
REEF-W-0017
REEF-W-0018
REEF-W-0019
SEMB-W-0015
SEMB-W-0016
Exercise price
ASSET Price
(2011/09/09)
118.00
142.00
33.00
36.00
39.00
30.00
30.00
40.00
1.00
0.80
90.50
90.50
70.50
70.50
70.50
79.80
79.80
79.80
2.60
0.80
Expiry
Date
25-Aug-14
25-Aug-15
24-Feb-12
24-Feb-14
24-Feb-15
15-Oct-11
30-Jun-12
15-Jun-15
12-Dec-11
12-Dec-11
Price According
Warrant
to Black scholes
Price
model (Intrinsic
(2011/09/09)
Value)
14.1
2.460173
13.9
0.299615
34.2
33.458164
31.6
35.692427
30.1
35.691403
37.6
45.669740
30
47.336063
23.4
45.866434
1.2
1.222378
0.4
0.000006
Undervalued/
(Overvalued)
(11.64)
(13.60)
(0.74)
4.09
5.59
8.07
17.34
22.47
0.02
(0.40)
Sri Lanka Focus
09th September 2011
Colombo Bourses Billion Rupee Club

Table below shows the club of 35 members who have qualified to be a part of Asia Wealth Researchs Billion Rupee
Club. The eligibility criteria lie with their earnings reaching LKR1 bn mark. The list will be refreshed on a quarterly
basis identifying the new qualifying members whilst eliminating the disqualifying.
09th September 2011
Sri Lanka Focus
Commodity prices
WEEKLY (DATE AS AT)
11.08.11
19.08.11
27.08.11
02.09.11
09.09.11
WoW %
Change
0.23
Crude Oil (Barrel USD)
118.32
107.05
109.55
114.29
114.55
1759.99
1829.10
1870.62
2.27
METAL
1836.46
Gold (Ounce USD)
1779
Copper( Ton.USD)
8881
8803
8950.8
9167.25
9117.25
-0.55
344.46
(12 August)
511
(9 August)
342.39
(18August)
511
(August 18)
344.05
(Sept 09)
484.50
(Sept 06)
9.09
511
(August 26)
315.37
(Sept 02)
481.50
(August 30)
12.08.11
19.08.11
22.07.11
02.09.11
09.09.11
109.7
155.75
109.95
157.49
109.99
158.44
109.99
156.98
109.99
152.74
STG (GBP)
177.7
181.43
179.22
177.94
175.60
-1.32
YEN
1.43
1.44
1.42
1.43
1.42
-0.7
YUAN (CNY)
17.16
17.21
17.21
17.24
17.23
-0.06
AGRI
Tea SLR/Kg
Rubber (RSS 1) LKR
Exchange Rates
( LKR)
USD
EURO
0.62
WoW%
Change
-2.7
OIL
Despite the worsening Euro debt crisis, and the U.S economies dismal performance, oil prices were buoyed by supply
disruptions in the key oil producing Gulf of Mexico which rose marginally over the week to $114.55 a barrel. Oil
prices remained depressed over the week as commodity prices mirrored the fortunes of the equity markets. Oil
subsequently picked up after data out of the U.S revealed that crude oil inventories fell by 4 million barrels over the
week. However, oil is expected to decline as oil exports from Libya could be restored in the coming weeks.
GOLD
Gold witnessed a significant rise in price prompting UBS to raise its gold price outlook to $2075 an ounce by next
year. Gold prices peaked on Wednesday, touching $1923.70 an ounce on the back of the Swiss Francs decision to
peg its currency to the Euro resulting in the loss in its credibility as a safe haven asset.
Sri Lanka Focus
09th September 2011
COPPER
The failure of Ben Bernanke to offer any specifics with respect to its policy tools led to a fall in copper prices over the
week, as investor sentiment remained pessimistic with regard to future growth prospects. Copper prices remained
steady over the first half of the week as lower than expected inflation in China and President Obamas jobs plan
sought to restore investor confidence. Despite the persistence of supply disruptions in Chile, it is expected that
demand factors would continue to dictate the fortunes of the red metal.
USD
The Rupee-dollar exchange rates remained nearly unchanged despite calls by the IMF to relax the countrys soft peg
to allow the Rupee to depreciate and avert a possible credit crunch. Contemporaneously the dollar strengthened
against the Euro as growth prospects in Europe remain low.
Sri Lanka Focus
09th September 2011
Market Outlook
Conclusion
The ASI continues its WoW positive momentum
Despite of a marginal WoW dip in MPI, the ASI screened a healthy WoW 40 point gain in ASI proving market recovery.
This has brought faith among local investment caliber. Nevertheless, it is unfortunate to witness a heavy year to date
net foreign outflow of LKR14.8 bn. This has been proved during the week with Arisaig India Fund Ltd fully exiting from
John Keells Holdings. Overall despite of heavy foreign selling, we solemnly expect a future inflow of foreign funds with
the gradual market recovery. Thus we request investors to create a positive arena by pursuing on fundamentals in order
to sustain and gain in the long run.
09th September 2011
Sri Lanka Focus
FOCUS on investment
Charts Sourced from Direct FN
Key
Buys
........................................................................................
Stock
Sector
Asian Hotels
Hotel
Price (LKR)
91.00
Asian Hotels and Property Development PLC is well poised to ride the expected
growth in the hotel sector of the country. We expect to see a healthy growth in the
industry, shouldered by the improvement in both the tourist arrivals to the country as
well as the growth in the overall economy.
Chemical Industries
Chemicals & Pharmaceuticals V 132.00 NV 89.90
(Colombo)
With countrys agricultural sector achieving a phenomenal growth during the FY2010,
and with vast opportunities unfolding in North & East, CIC is well positioned to reap
benefits as a pioneering firm catering predominantly to agricultural sector.
Acquisition of dairy farms in north & east region coupled with CICs plans to expand
overseas will strengthens companys earnings in the medium to long term.
Commercial Bank
Banking
V 230.00 NV 159.00
Commercial Bank is the largest private sector commercial bank with an asset base of
LKR370.3bn and operates with a 400 ATM points, which is also the largest single
network in the country. Towards the future, bank is well positioned with capital, to
take advantage of the strong credit demand prevailing in the low interest rate
economy.
Distilleries
Food & Beverage
175.00
Distilleries with its insurance segment, power plant operating in full capacity, together
with its plantation segment generating higher earnings driven by the demand for tea
will result a bottom line growth. In addition its beverage segment that has a seasonal
impact which is shouldered by the expected foreign influx has great potential in the
forthcoming periods. In addition, with DISTs current cash rich position, we can expect
the company to expand their diversification strategies.
09th September 2011
Sri Lanka Focus
FOCUS on investment
Hatton National Bank
Banking
N-210.00
X-112.00
HNB, the second largest private commercial bank with a total asset base of LKR323.3
bn and a strong network of over 200 branches, is continuing its focus on expanding its
branch network. HNB which has a relatively larger retail deposit base is projected to
enjoy higher interest spreads and would also benefit from the growth in SME lending.
Banking sector earnings are expected to be robust with interest margins of around 6%
to be maintained in 2011E.
Chevron Lubricans
Manufacturing
163.50
LLUB with a renowned history in paying high dividends, during FY10 company paid
LKR1,470mn as dividends which is a payout of 98% opposed to 96% dividend payout
in FY09(LLUB paid LKR1440mn dividends in FY09). Going forward we do not expect a
drastic change in companys dividend policy. Hence, LLUB would definitely find its way
to an equity portfolio based on recurring income in terms of mammoth dividends, but
not in terms of value.
LB Finace
Banking
202.00
...................................................................................................................................................................................................................................................................................................................................................................................
LB Finance
Banking
168.50
LB Finance is a leading registered finance company engaged in Leasing and Hire
Purchase business. Company is operating with a total asset base of LKR 3bn and an
island wide branch net work of 34. With satisfactory liquidity levels and capital
adequacies, company is poised to take advantage in the prevailing low interest rate
regime.
.
Royal Ceramics
Manufacturing
147.00
A reconstruction boom in the North and East would drum up the overall economic
growth whilst RCL would strongly benefit from the growing demand in the Western
and Southern provinces. Further, with the local tourism expected to rebound hotel
capacity building would prompt additional demand for highly quality tiles. Further,
cost rationalising process in the factories and value added product manufacturing
would strengthen company earnings.
Sampath Bank
Banking
240.00
Bank will continue its aggressive expansion to ensure its spread of service through
the island. As the pioneer in blending IT with banking, the company will revamp its
existing products and innovate new customer focus products. With the expansions
in construction of tourism related infrastructure and expansion of existing
industries loan book is expected to grow further.
09th September 2011
Sri Lanka Focus
FOCUS on investment
Tokyo Cement
Manufacturing
N-52.20 X-40.00
TKYO, being the joint market leader in the cement industry, has its grinding facility
located in Trincomalee, ideally located for the rebuilding boom. TKYO, a direct
beneficiary of construction sector upturn, is in a strong position to take advantage
of increasing demand in current excess capacity. TKYO completed a 10 MW bio
mass power plant which provides them significant cost advantage together with
additional boost to top line.
.... .... ... ... ... ... .... ... ... ... ... .... ... ... ... ... .... ... .. . ... ... .... ... ... ... .. .... .... ... ... ... ... .... ... ... ... ... .... ... ... ... ... .... ... ... ... ... .... ... ... ... .. .... .... ... ... ... ... .... ... ... ... ... .... ... ... ... ... .... ... ... ... ... .... ... ... ... .. .... .... ... ... ... ... .... ... ... ... ... .... ... ... ... ... .... ... ... ... ... .... ... ... ... .. ...
Colonial Motors
Motors
477.00
COLO has penetrated into the domestic market by introducing KIA vehicles at
significantly reduced prices. That has been highly successful though it led to reduce
the gross profit margin of the company. Gross profit margin has slightly improved
from 24% to 25% on QoQ basis however it has dipped YoY to record a drop from
37.5% to 24.7% during 1QFY12. Nevertheless going forward, company would be
able to improve margins by simply skimming the prices of vehicles together with
attaining better margins in Sale of spare parts and repairs business.
Expolanka Holdings
Diversified
12.70
With the boom in the Sri Lankan economy and government expenditure on road,
sea, air and rail infrastructure which paves way towards tourism and international
trade, the revenue growth in transport and international trading expects to fatten
contributing to the overall earnings of the company. EXPOs asset light business
model couple with high future earnings anticipates delivering higher ROEs.
John Keells Holdigs
Diversified
215.00
Going forward, with the growth in GDP, per capita income and increase in tourist
arrivals we anticipate the consumer retail and the leisure sector to boom. Hence we
expect the forward PE multiples to be 17.3X and 14.0X in FY12 and FY13
respectively. Hence the heavy weight JKH is considered to be a value stock.
09th September 2011
Sri Lanka Focus
Stock Exchange Announcements

As at 09th September 2011
Rights issues
......................................................................................
Alufab
Peoples Merchant
SUGA
: 02 for 01 rights issue @LKR38.00

: 04 for 05 rights issue @LKR15.00
XR:24.08.2011 Trading commences :05.09.2011
:01 for 04 rights issue @LKR18.00
Sub-division of shares
...........................................................................................
Eastern Merchant
: Seventy (70) shares for every one (01) share held
Commercial bank(Voting & Non Voting) : Two (02) shares for every one (01) held :Subdivision based on Shareholding as at:09.09.2011
Trading commences: 15.09.2011
Capitalization of reserves
...........................................................................................
Alliance Finance Company : One (01) new share for every Two (02) shares held
Onally holdings
: One (01) new share for every four (04) shares held
Consideration: LKR10.00
Share Swap
...........................................................................................
Ceylon and Foreign Trades : One (01) share for every Ninety One point Three One Five (91.315) shares held
Sri Lanka Focus
09th September 2011
Stock Exchange Announcements

Dividend Announcements
.......................................................................................
Distilleries Corporation of Sri Lanka

Sigiriya Village Hotels
Colonial Motors
Harischandra Mills
Swadeshi Industrial Works
Elpitiya Plantations :
Sathosa Motors
Lanka Ventures
Lanka Ashok Leyland
Eastern Merchants
Ceylon Tea Services
Serendib Land
Sierra Cables
Raigam Wayamba Salterns
York Arcade holdings
J.L. Morison Son & Jones
Gestetner of Ceylon
Cargills (Ceylon)
Metropolitan Resources Holdings
Finlays Colombo
Renuka City Hotels
Cargo Boat Development Co.
Lanka Aluminum Industries
E B Creasy
Lankem Ceylon
Tokyo Cement Company
The Colombo Fort Land & Building Co.
Asiri Surgical Hospital
Asiri Hospital Holdings
Brown & Company
Softlogic Finance
Peoples Finance
Coco Lanka
Renuka City Hotels
Industrial Asphalts
Ceylon Printers
Kalamazoo Systems
Office Equipment
Sinhaputhra Finance
Lanka Ceramic
Browns Investments PLC
CT Holdings PLC
Senkadagala Finamce Limited
: Final Dividend of LKR2.50

XD : 13.09.2011
Payment : 21.09.2011
: First & Final LKR1.00
XD : 19.09.2011
Payment : 27.09.2011
:First & Final Dividend of LKR1.50 XD : 26.09.2011
Payment : 04.10.2011
XD : 26.09.2011
Payment : 04.10.2011
:Final Dividend of LKR1.00
XD : 26.09.2011
Payment : 04.10.2011
:First & Final Dividend of LKR0.36 XD : 27.09.2011
Payment : 05.10.2011
: Final Dividend ofLKR5.00
XD : 29.08.2011
Payment : 07.09.2011
:Final Dividend LKR1.50
XD : 16.09.2011
Payment : 26.09.2011
: First and Final Dividend LKR30.00XD : 22.09.2011
Payment : 30.09.2011
XD : 19.09.2011
Payment : 27.09.2011
: First &Final Dividend of LKR22.50XD : 12.09.2011
Payment : 16.09.2011
: First & Final dividend LKR15
XD : 12.09.2011
Payment : 16.09.2011
: First & Final dividend LKR0.10 XD : 16.09.2011
Payment : 26.09.2011
: Final Dividend LKR0.12
XD : 16.09.2011
Payment : 23.09.2011
: First & Final Dividend LKR0.30 XD : 20.09.2011
Payment : 28.09.2011
: Second & Final Dividend LKR20 XD : 26.09.2011
Payment : 30.09.2011
: First & Final Dividend LKR 1.50 XD : 26.09.2011
Payment : 30.09.2011
: Final Dividend LKR1.00
XD : 30.09.2011
Payment : 10.10.2011
: Interim Dividend of LKR1.25
XD : 02.09.2011
Payment : 13.10.2011
XD : 05.09.2011
Payment : 09.10.2011
XD : 26.09.2011
Payment : 29.10.2011
XD : 26.09.2011
Payment : 29.09.2011
XD : 27.09.2011
Payment : 05.10.2011
XD : 30.09.2011
Payment : 10.10.2011
XD : 03.10.2011
Payment : 12.10.2011
: First & Final (Voting & Non Voting) LKR1.00 XD : 05.09.2011Payment : 13.09.2011
: First & Final Dividend of LKR0.20 XD : 03.10.2011
Payment : 12.10.2011
XD : 06.09.2011
Payment : 12.09.2011
XD : 06.09.2011
Payment : 14.09.2011
XD : 08.09.2011
Payment : 19.09.2011
XD : 09.09.2011
Payment : 15.09.2011
XD : 12.09.2011
Payment : 21.09.2011
: Final Dividend(voting & Non Voting) LKR1.00 XD : 19.09.2011Payment : 21.09.2011
: First & Final Dividend of LKR5.50 XD : 26.09.2011
Payment : 29.09.2011
XD : 26.09.2011
Payment : 04.10.2011
XD : 03.10.2011
Payment : 07.10.2011
XD : 03.10.2011
Payment : 07.10.2011
XD : 03.10.2011
Payment : 07.10.2011
XD : 30.09.2011
Payment : 10.10.2011
: Interim Dividend of LKR 0.10
XD : 16.09.2011
Payment : 27.09.2011
:Final Dividend of LKR 1.00
XD :19.09.2011
Payment:28.09.2011
: Final Dividend of LKR 0.38
XD:22.09.2011
Payment:30.09.2011
Scrip Dividend Announcements
Renuka Holdings PLC

Renuka Holdings (Non-Voting)
: Scrip Dividend 1.75438 for every 100 shares

: Scrip Dividend 2.85714 for every 100 shares
XD:28.09.2011
XD:28.09.2011
09th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
14
Valuation Guide
Price as at 09th September 2011
M.CAP.
Bn
YE SH(mn)
Company
FINANCIAL SERVICES
Earnings
Price
FY08
FY09
FY10
EPS (LKR)
FY11E
FY12E FY08
FY09
PER
FY10 FY11E FY12E FY08 FY09
FY10 FY11E FY12E
DPS
DY
ROE
BVPS
PBV
Commercial Bank
Dec
383
89.1
233.00
4,120
4,193
5,510
6,414
7,078
10.1
10.3
13.5
15.7
17.3
23.1
22.7
17.3
14.8
7.00
3%
16%
87.9
2.7
Commercial Bank
Dec
26
4.2
159.00
4,120
4,193
5,510
6,414
7,078
10.9
11.1
14.4
16.8
18.6
14.6
14.3
11.1
9.5
7.00
4%
16%
82.8
1.9
Sampath Bank
Dec
156
37.5
240.00
1,495
2,073
3,485
4,915
5,316
9.6
13.3
22.3
31.4
34.0
25.1
18.1
10.8
7.6
7.1
4.00
1.7%
20%
113.1
2.1
NDB Bank
Dec
164
22.8
138.80
2,150
2,085
4,267
4,593
5,281
13.1
12.7
26.0
28.0
32.2
10.6
10.9
5.3
5.0
4.3
8.00
5.8%
15%
93.6
1.5
LB Finance
Dec
69
11.7
168.50
206
360
500
1,020
1,613
3.0
5.2
7.2
14.7
23.3
56.7
32.5
23.3
11.4
7.2
3.50
2.1%
47%
37.7
4.5
Central Finance
Mar
105
28.3
270.10
1,211
1,127
1,046
1,500
1,781
17.5
16.3
15.1
21.7
25.7
9.6
10.4
11.2
7.8
6.6
6.0
2.2%
11%
449.6
0.6
CONGLOMERATES
Hayleys
Mar
75
29.2
389.90
453
311
1,731
725
957
6.0
4.1
23.1
9.7
12.8
64.6
94.0
16.9
40.3
30.5
2.0
0.5%
14%
164.7
2.4
John Keells Hold.
Mar
840
180.8
215.10
5,119
4,732
5,202
8,246
10,690
6.1
5.6
6.2
9.8
12.7
35.3
38.2
34.8
21.9
16.9
2.3
1.0%
9%
70.9
3.0
1955
24.8
12.70
310
518
1,578
1,803
0.0
0.2
0.3
0.8
0.9
na
80.2
47.9
15.7
13.8
na
na
12%
2.2
5.8
Expolanka
(50)
FOOD & BEVERAGE

Bairaha Farms
Mar
16
4.1
258.50
86
134
529
772
5.4
0.2
8.4
33.1
48.2
48.1 1595.3
30.8
7.8
5.4
3.0
1.2%
11%
74.8
3.5
Distilleries
Mar
300
52.5
175.00
4,101
3,387
2,136
8,146
4,824
13.7
11.3
7.1
27.2
16.1
12.8
15.5
24.6
6.4
10.9
2.5
1.4%
7%
106.8
1.6
Mar
442.78
40.3
91.0
847.39
531
630
1,774
2,091
1.9
1.2
1.4
4.0
4.7
47.5
75.9
64.0
22.7
19.3
2.0
2.2%
5%
31.0
2.9
Royal Ceramics
Mar
110.79
16.3
147.00
611
518
964
1,459
2,378
5.5
4.7
8.7
13.2
21.5
26.7
31.4
16.9
11.2
6.8
4.0
2.7%
18%
47.4
3.1
Chevron Lubricants
Dec
120.00
19.6
163.50
948
1,495
1,501
1,603
1,717
8.6
13.5
13.6
14.5
15.5
19.1
12.1
12.1
11.3
10.6
7.3%
54%
23.1
7.1
Tokyo (Voting)
Mar
202.50
10.6
52.20
572
347
291
1,093
1,270
1.9
1.1
1.0
3.6
4.2
27.7
45.7
54.4
14.5
12.5
1.65
3.2%
5%
18.7
2.8
Tokyo (NV)
Mar
101.25
4.1
40.00
572
347
291
1,093
1,270
1.9
1.1
1.0
3.6
4.2
21.2
35.1
41.7
11.1
9.6
1.65
4.1%
5%
18.7
2.1
Lanka Walltile
Mar
54.60
6.3
115.00
361
279
478
408
701
6.6
5.1
8.8
7.5
12.8
17.4
22.5
13.1
15.4
9.0
2.3
2.0%
15%
56.6
2.0
Piramal Glass
Mar
950.09
8.3
8.70
35
(261)
(61)
579
528
0.0
-0.3
-0.1
0.6
0.6
na
na
na
14.3
15.6
0.3
3.4%
-3%
2.3
3.7
Dec
843.48
12.8
15.20
1,783
1,342
724
1,004
1,056
2.1
1.6
0.9
1.2
1.3
7.2
9.6
17.7
12.8
12.1
4%
20.3
0.7
DIMO
Mar
8.88
12.6
1420.00
205
103
278
2,006
2,128
23.1
11.6
31.4
225.9
239.8
61.5
122.4
45.3
6.3
5.9
7.0
0.5%
8%
377.4
3.8
COLONIAL MOTORS PLC
Mar
9.12
4.4
477.00
40
229
842
1,232
-0.2
4.4
25.1
92.2
135.1
na
108
19
15.4
25.8
5.4%
15%
168.4
2.8
Kegalle Plantations
Mar
25.00
3.7
149.50
421
205
376
783
887
16.8
8.2
15.0
31.3
35.5
8.9
18.2
9.9
4.8
4.2
3.0
2.0%
22%
68.4
2.2
Namunukula Plantations
Mar
23.75
2.3
97.80
230
41
147
461
539
9.7
1.7
6.2
19.4
22.7
10.1
57.1
15.8
5.0
4.3
na na
16%
39.0
2.5
Laugfs GasV)
Mar
42.90
28.70
(85)
243
527
1,003
1,183
na
0.6
1.4
2.6
3.1
na
68.3
31.5
16.6
14.0
8%
18.9
2.3
Mar
335.00
52.00
14.4
Laugfs Gas(NV)
(85)
243
527
1,003
1,183
na
0.6
1.4
3.0
3.9
na
45.7
21.1
9.5
7.4
8%
122.1
0.2
TOURISM
Asian Hotels
MANUFACTURING
12.0
Land and Property

Overseas Realty
Mortor
(2)
PLANTATIONS
Power And Energy

1.5
CHEM & PHARMACEUTICALS

Chemical industries
Mar
72.90
9.6
132.00
510
408
601
935
1143
5.4
4.3
6.3
9.9
12.1
24.5
30.7
20.8
13.4
10.9
1.9
1.4%
12%
51.5
2.6
Chemical industries(NV)
Mar
21.87
2.0
89.90
510
408
601
935
1143
5.4
4.3
6.3
9.9
12.1
16.7
20.9
14.2
9.1
7.5
1.9
2.1%
12%
51.5
1.7
Haycarb
Mar
29.71
4.5
150.00
180
225
633
716
781
6.0
7.6
21.3
24.1
26.3
24.8
19.8
7.0
6.2
5.7
5.0
3.3%
10%
77.4
1.9
09th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
15
Broad Market Valuation Guide

Year
Company
End
MARKET
TELECOMMUNICATIONS
Price
Price Performance
(LKR) 1W(%) 1M(%) 1Q(%)
0.57
3.56
(3.97)
(1.09)
0.84 (10.27)
DIALOG TELEKOM
DIAL
8.40
SRI LANKA TELECOM
SLTL
51.90
FINANCIAL SERVICES
(1.90)
Shares Trailing
Mn
BVPS
ROE
17.59%
12.76%
COMMERCIAL BANK [NV]

DFCC BANK
HNB [V]
HNB [NV]
NATIONS TRUST BANK
Net Profits
Mar'11
Dec'10
37,455.44
40,930.25
2,453.78
2,817.30
Trailing
Trailing
PBV
Mkt Cap Mn
Sept'10
37,689.77
2,719.90
EPS
PE
16.09
15.41
2.83
1.97
2,507,500.00
(12.37)
8143.78
17.66%
3.83
5,511.17
1,384.19
1,158.78
1,275.30
1,692.90
0.68
12.4
2.2
68,407.74
2.38
(8.66)
1804.86
9.77%
28.39
5,006.00
1,142.00
1,295.00
1,542.00
1,027.00
2.77
18.7
1.8
93,672.23
37,875.13
8,386.42
7,512.01
12,154.52
9,224.20
15.94
2.80
17.57%
24,583.72
4,861.60
6,373.94
6,934.46
5,405.23
COMB
233.00
0.35
(3.18)
(12.70)
382.54
19.80%
89.41
7,235.20
1,976.00
2,064.90
1,772.50
1,421.80
17.70
13.2
2.6
COMB X
159.00
1.52
6.18
(14.18)
26.18
19.80%
89.41
7,235.20
1,976.00
2,064.90
1,772.50
1,421.80
17.70
9.0
1.8
4,163.01
DFCC
139.00
1.68
3.19
(14.14)
265.10
88.28%
10.47
2,449.49
683.04
611.12
630.40
524.93
9.24
15.0
13.3
36,848.58
(0.80)
(0.94)
(4.55)
311.22
17.35%
80.58
5,430.54
1,292.53
1,221.31
1,868.80
1,047.90
13.98
15.0
2.6
65,356.39
(0.27)
(10.40)
77.15
17.35%
80.58
5,430.54
1,292.53
1,221.31
1,868.80
1,047.90
13.98
8.0
1.4
8,641.14
3.05
(7.49)
230.61
16.98%
33.88
1,326.33
360.40
375.85
235.82
354.26
5.75
11.1
1.9
14,781.93
(0.93)
2.97
(16.39)
164.20
15.12%
97.37
2,417.52
396.68
605.34
607.28
808.22
14.72
9.4
1.4
22,791.22
7.57
10.66
1.50
295.04
19.34%
10.81
617.07
210.03
196.02
81.84
129.17
2.09
12.9
2.5
7,966.11
(1.11)
1.74
(10.06)
156.33
22.72%
119.80
4,254.78
1,134.80
980.05
1,350.60
789.33
27.22
8.8
2.0
37,519.02
11,093.33
HNB
210.00
HNB X
112.00
NTB
64.10
NDB
138.80
PAN ASIA BANK
PABC
27.00
SAMPATH BANK
SAMP
240.00
NDB
Jun'11
40,364.31
2,526.19
(1.16)
Banking
COMMERCIAL BANK [V]
Net Profit
4Qtrs
155,807.73
10,517.17
0.16
89,132.44
SEYB
64.00
4.40
3.06
(10.61)
173.33
3.82%
49.94
645.03
(303.90)
249.04
387.23
312.66
1.91
33.5
1.3
SEYLAN BANK [NV]
SEYBX
35.00
5.74
12.18
(7.65)
164.75
3.82%
49.94
645.03
(303.90)
249.04
387.23
312.66
1.91
18.3
0.7
5,766.13
HDFC
HDFC
1850.00
12.52
28.59
9.24
6.47
10.59%
303.13
207.78
120.52
70.31
16.96
32.11
57.6
6.1
11,971.45
UBC
23.80
SEYLAN BANK [V]
UNION BANK
0.00
0.00
0.00
349.25
Finance Co.s & / Merchant Banks
1.42%
71.23
71.23
27.20%
7,068.15
3,112.99
(0.01)
402.02
1,684.55
2,279.10
ACAP
98.20
1.78
6.23
15.58
110.00
63.42%
11.43
797.50
0.64
248.30
275.72
272.85
7.25
13.5
8.6
10,802.00
ALLIANCE FINANCE
ALLI
1190.00
1.40
21.50
7.86
1.62
23.74%
631.91
243.02
81.93
103.56
38.70
18.82
150.01
7.9
1.9
1,927.80
ARPICO FINANCE
ARPI
130.10
0.08
0.70
13.13
4.46
8.17%
73.52
26.82
3.76
5.61
6.64
10.80
6.01
21.6
1.8
580.57
CENTRAL FINANCE
CFIN
270.10
(1.67)
(80.12)
(82.67)
104.88
18.27%
109.22
2,092.34
618.20
532.13
472.10
469.91
19.95
13.5
2.5
28,328.99
ASIA CAPITAL
CSF
20.40
(3.77)
1.49
(20.93)
199.93
28.95%
1.69
97.65
0.49
41.8
na
4,078.58
LOLC
99.00
0.81
(1.49)
(9.67)
475.20
32.74%
31.10
4,839.06
1,725.04
600.02
718.10
1,795.89
10.18
9.7
3.2
47,044.80
LB FINANCE
LFIN
168.50
(1.75)
2.00
(7.47)
69.26
40.11%
42.84
1,190.09
351.02
391.18
227.71
220.18
17.18
9.8
3.9
11,669.83
MERCHANT BANK
MBSL
39.00
(1.27)
3.45
(16.67)
135.00
17.17%
21.59
500.52
48.23
126.55
164.28
161.46
3.71
10.5
1.8
5,265.00
PEOPLE'S MERCHANT
SEYLAN MERCHANT [V]
PMB
SEMB
M
D
21.10
2.60
(3.70)
8.33
(5.88)
18.18
(9.57)
13.04
37.50
826.49
23.39%
3.26%
16.10
na
141.23
17.53
135.06
(22.15)
(16.38)
18.76
25.30
3.22
(2.76)
17.70
3.77
0.01
5.6
205.6
1.3
na
791.25
2,148.86
SEMB X
TFC
D
M
0.80
37.00
-2.56
14.29
35.11
(11.11)
22.90
560.00
57.97
3.26%
93.17%
na
na
(22.15)
26.39
18.76
(2,074.13)
17.70
(737.39)
0.01
63.3
na
0.8
na
448.00
2,144.75
NATION LANKA
LOLC
SEYLAN MERCHANT [NV]

THE FINANCE
17.53
(3,225.63)
(34.77)
(3.16)
165.57
3.22
(440.50)
(29.99)
CRL
52.00
0.00
1.60
-26.27
37.45
12.90%
14.18
68.54
45.98
22.56
1.83
28.4
3.7
1,947.61
PEOPLES LEASING FINANCE
SMLL
47.10
1.29
14.88
3.29
68.14
12.31%
12.74
106.89
70.39
35.63
1.57
30.0
3.7
3,209.44
VALLIBEL FINANCE
SINHAPUTRA
SINGER FINANCE
CITIZENS DEVELOPMENT FINANCE
SENKADAGALA FINANCE
SWARNAMAHAL FINANCE
CHILAW FINANCE LIMITED
COMMERCIAL CREDIT LIMITED
MERCANTILE INVESTMENTS
MULTI FINANCE
LANKA ORIX FINANCE
ABANS FINANCIAL SERVICES
VALLIBEL ONE LIMITED
VFIN
SFL
SFIN
CDB
SFCL
SFS
CFL
COCR
MERC
MFL
LOFC
AFSL
VONE
2.20
-2.76
-3.17
0.00
-3.89
-6.12
2.90
0.00
-9.35
-4.24
2.78
1.40
2.13
14.29
2.48
35.56
1.21
-13.85
8.75
18.15
0.00
76.76
9.71
-6.33
3.20
5.26
-3.73
25.92
12.62
-17.76
132.69
24.88
2.57
0.00
100.33
0.00
0.00
0.00
-13.36
41.55
6.30
106.67
46.30
53.37
25.00
28.08
218.07
3.01
17.98
2800.00
37.00
1086.56
26.33%
7.65%
12.54%
46.23%
22.72%
na
8.76%
96.40%
14.02%
2.71%
35.46%
12.12%
2.77%
12.43
76.05
8.82
23.82
20.89
0.00
10.56
1.04
1558.51
38.35
1.26
9.48
19.90
23.45
M
M
M
M
M
M
M
M
M
M
M
46.00
120.00
36.60
75.00
0.00
83.80
26.10
32.30
1562.00
60.00
11.40
76.00
29.10
3.27
5.82
1.11
11.01
4.75
na
0.92
1.00
218.55
1.04
0.45
1.15
0.55
14.1
20.6
33.1
6.8
0.0
na
28.2
32.2
7.1
57.7
25.6
66.2
52.9
3.7
1.6
4.2
3.1
0.0
na
2.5
31.0
1.0
1.6
9.1
8.0
1.5
1,911.33
755.51
3,904.00
3,472.44
2,095.00
732.99
7,043.80
4,695.37
1,078.58
31,920.00
2,812.00
31,618.88
-
AMANA TAKAFUL INS.
ATL
2.80
16.67
27.27
16.67
1000.00
-1.06%
0.91
2,800.00
ASIAN ALLIANCE
AAIC
120.00
0.17
-9.43
-12.66
37.50
9.11%
34.02
116.21
CEYLINCO INSURANCE [V]
CINS
750.00
15.56
17.79
7.02
20.00
17.33%
319.30
1,461.93
344.36
286.31
732.34
CAPITAL REACH
Insurance
135.95
36.64
117.92
509.94
253.30
25.97
218.76
656.97
18.69
1,246.09
42.49
598.17
48.15
4,531.19
306.42
(9.70)
51.27
80.20
-
36.65
36.64
60.88
219.04
27.70
517.48
3,076.71
5.77
210.7
630.58
11.20
(20.90)
na
na
3.1
(172.50)
288.71
3.10
38.7
3.5
4,500.00
98.93
55.35
13.6
2.3
15,000.00
CINS X
360.00
12.19
10.84
8.79
6.41
17.33%
319.30
1,461.93
344.36
286.31
732.34
98.93
55.35
6.5
2.1
2,309.21
AVIVA NDB
CTCE
280.00
-4.11
-9.68
-4.11
30.00
32.23%
94.05
909.37
34.20
147.62
613.44
114.11
30.31
9.2
3.0
8,400.00
HNB ASSURANCE
HASU
60.30
-0.66
3.08
-8.22
50.00
17.83%
27.69
246.83
24.62
24.74
180.80
16.67
4.94
12.2
2.2
3,015.00
UAL
JINS
D
D
115.00
16.20
7.26
-4.14
12.46
4.52
-50.57
-13.83
75.00
363.00
41.08%
28.51%
33.63
7.44
1,036.20
770.35
64.55
58.81
511.97
770.35
400.87
-
13.82
2.12
8.3
7.6
3.4
2.2
8,625.00
5,880.60
1,692.07
105.40
218.57
458.81
909.28
CDIC
CDIC
450.00
20.61
4.72
-12.98
43.86
12.40%
115.66
628.92
30.97
106.44
221.14
270.38
14.34
31.4
3.9
19,734.75
FIRST CAPITAL
CFVF
19.20
0.00
-1.04
-15.56
101.25
60.25%
5.94
947.55
56.94
79.92
208.80
601.90
9.36
2.1
1.2
1,944.00
LANKA VENTURES
LVEN
45.60
5.80
1.33
1.33
50.00
14.14%
16.36
115.59
17.50
32.22
28.87
37.01
2.31
19.7
2.8
2,280.00
CEYLINCO INSURANCE [NV]
UNION ASSURANCE
JANASHAKTHI
Venture Capital Co.s
09th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
16

Year
Company
End
BEVERAGE FOOD AND TOBACCO
Price
Price Performance
(LKR) 1W(%) 1M(%) 1Q(%)
-
Shares Trailing
Mn
ROE
31.64%
BVPS
Net Profit
4Qtrs
23,048.01
Jun'11
5,099.25
Mar'11
8,335.00
Net Profits
Dec'10
Sept'10
5,506.66
4,107.10
Trailing
Trailing
PBV
EPS
PE
13.76
4.35
Mkt Cap Mn
BFL
258.50
0.58
(12.82)
(34.91)
16.00
34.93%
78.19
436.99
55.18
103.45
163.91
114.45
27.31
9.5
3.3
4,136.00
CARGILLS
CARG
225.50
10.03
10.30
3.67
224.00
15.61%
32.53
1,137.13
325.97
268.12
290.74
252.30
5.08
44.4
6.9
50,512.00
CEYLON BREWERY
BAIRAHA FARMS
BREW
399.50
2.20
(20.34)
20.99
22.57%
127.72
605.06
176.25
165.66
163.91
99.23
28.83
13.9
3.1
8,384.74
CEYLON COLD STORES
CCS
111.00
5.71
(71.52)
(84.79)
95.04
5.47%
47.21
245.26
124.29
38.07
45.43
37.47
2.58
43.0
2.4
10,549.44
CEYLON TEA SERVICES
CTEA
854.00
4.95
6.75
5.29
20.00
23.54%
320.08
1,506.87
250.58
658.60
300.80
296.88
75.34
11.3
2.7
17,080.00
CTC
394.00
(0.25)
3.68
5.97
187.32 191.82%
16.63
5,977.00
1,819.00
814.00
2,396.00
948.00
31.91
12.3
23.7
73,805.56
COCO
73.80
0.56
10.74
(8.61)
21.60
24.42%
49.11
280.56
18.28
49.83
55.70
156.75
11.99
6.2
1.5
1,594.08
COCOX
55.50
(2.63)
9.90
(7.50)
1.80
24.42%
49.11
280.56
18.28
49.83
55.70
156.75
11.99
4.6
1.1
99.90
SOY
315.10
(3.05)
(4.80)
(18.16)
2.75
29.63%
82.46
67.20
11.73
17.51
21.02
16.94
24.44
12.9
3.8
866.53
DISTILLERIES
DIST
175.00
(1.02)
3.02
(5.89)
300.00
26.17%
109.58
8,602.28
1,238.92
5,027.62
1,218.80
1,116.94
28.67
6.1
1.6
52,500.00
FERNTEA
FERN
3.50
6.00
na
na
na
na
na
na
na
na
21.00
HARISCHANDRA MILLS
HARI
1600.00
(44.83)
(23.81)
0.96
12.82%
12.60
13.35
26.64
68.46
23.4
3.0
1,535.68
122.00
14,884.00
CEYLON TOBACCO
COCO LANKA [V]
COCO LANKA [NV]
CONVENIENCE FOOD
KFP
122.00
KOTMALE HOLDINGS
LAMB
49.50
LION BREWERY
LION
205.00
KEELLS FOOD PRODUCTS
0.00
533.90
65.71
13.13
0.74
0.83
122.00
15.29%
2.78
51.91
15.82
0.67
19.55
15.88
0.43
286.7
43.8
(0.61)
2.29
(5.39)
31.40
13.51%
18.11
76.86
22.09
25.20
16.80
12.77
2.45
20.2
2.7
1,554.30
1.79
2.50
(8.89)
80.00
20.79%
66.72
1,109.64
332.40
313.79
286.89
176.56
13.87
14.8
3.1
16,400.00
4.64%
LMF
110.00
9.19
7.16
(7.37)
40.00
48.52
90.02
57.41
55.54
(74.50)
51.57
2.25
48.9
2.3
4,399.78
NESTLE LANKA
NEST
920.00
(0.54)
(3.27)
30.24
53.73 114.96%
36.48
2,252.96
644.35
615.49
421.80
571.32
41.93
21.9
25.2
49,427.43
THREE ACRE FARMS
TAFL
110.00
3.03
41.26
124.67
79.32
10.54
10.4
5.6
2,589.95
RENUKA AGRI
RAL
49.32
na
91.30
0.35
20.3
3.0
2,848.88
30.65
41.80
25.75
2.97
28.5
4.1
2,535.00
LANKA MILK FOODS
7.10
(4.62)
(17.36)
(6.17)
23.55
53.92%
19.55
248.28
15.00
7.10
7.10
401.25
14.72%
2.38
140.62
TEA SMALLHOLDERS
TSML
84.50
(0.59)
4.71
(54.35)
30.00
14.24%
20.84
89.02
RAIGAM WAYAMBA SALTERNS LTD
RWSL
4.90
(4.00)
20.00
6.67
282.21
9.68%
2.37
64.65
47.62
na
17.03
0.23
21.4
2.1
1,382.82
HVA
71.50
3.46
365.58
326.79
66.43
10.33%
6.75
46.33
45.89
na
na
0.70
102.5
10.6
4,749.65
904.96
1,332.56
850.21
HVA FOODS
CHEMICALS & PHARMACEUTICALS
0.18
(3.33) (11.34)
20.42%
3,629.28
(9.18)
541.55
8.30
1.70
CHMX
130.00
3.52
3.52
3.52
15.75
3.10%
80.36
39.19
1.14
0.61
13.50
23.94
2.49
52.2
1.6
2,047.50
CIC
132.00
(0.15)
(6.91)
(15.38)
72.90
14.04%
95.23
974.70
203.80
169.60
382.67
218.63
10.28
12.8
1.8
9,622.80
CHEMICAL INDUSTRIES [NV]
CIC X
89.90
(2.42)
(2.09)
(17.16)
21.87
14.04%
44.57
974.70
203.80
169.60
382.67
218.63
10.28
8.7
3.4
HAYCARB
HAYC
150.00
(5.19)
10.33
1.00
29.71
17.34%
91.69
472.51
124.77
111.22
89.08
147.44
15.90
9.4
1.6
INDUSTRIAL ASPHALTS
ASPH
510.00
0.85
(8.36)
6.11
0.67
4.03%
102.53
2.76
0.61
1.34
0.26
0.54
4.13
123.3
5.0
339.95
J.L. MORISON [V]
MORI
3899.50
17.81
3.30
18.17
0.58
20.72%
2223.68
347.83
37.45
93.20
28.10
189.08
598.85
6.5
1.8
2,264.94
J.L. MORISON [NV]
MORI X
2682.00
16.56
19.20
19.15
0.17
20.72%
2223.68
347.83
37.45
93.20
28.10
189.08
1,996.17
1.3
1.2
467.34
LANKEM CEYLON
LCEY
360.00
2.54
(1.64)
(21.97)
24.00
31.65%
124.35
944.44
111.22
202.20
567.12
63.90
39.35
9.1
2.9
8,640.00
SINGALANKA
SING
320.00
(12.32)
(79.87)
(73.42)
1.39 565.74%
443.27
MULLERS
MULL
2.80
7.69
UNION CHEMICALS
UCAR
710.00
(5.33)
(11.80)
(11.25)
0.89
7.25
(0.94)
COLOMBO DOCKYARD
DOCK
274.00
1.41
10.93
7.87
LANKEM DEVELOPMENTS
MTD WALKERS
LDEV
KAPI
M
M
19.90
48.50
(0.99)
(0.41)
(11.11)
0.42
(13.04)
(20.63)
5.23
(5.50)
25,494.77
6,436.00
6,864.95
5,569.52
6,624.30
AITKEN SPENCE
SPEN
140.00
(0.21)
2.26
(5.79)
406.00
12.23%
53.30
2,647.17
550.74
910.90
579.04
606.49
6.52
21.5
2.6
56,839.45
CARSON CUMBERBATCH
CARS
604.00
(0.13)
2.60
(3.48)
196.39
28.34%
128.20
7,136.10
3,506.32
1,747.41
906.83
975.54
36.34
16.6
4.7
118,617.70
CEYLON THEATRES
CTHR
198.00
9.48
6.07
(2.33)
183.10
10.36%
64.73
1,228.11
244.05
234.56
335.53
413.96
6.71
29.5
3.1
36,253.26
COLOMBO FORT LAND
CFLB
65.90
3.02
1.25
(18.77)
180.00
23.45%
24.09
1,016.81
90.32
367.41
425.89
133.20
5.65
11.7
2.7
11,862.00
FINLAYS COLOMBO
JFIN
300.00
(2.91)
27.66
11.11
35.00
4.80%
147.63
248.23
60.38
12.89
84.51
90.45
7.09
42.3
2.0
10,500.00
HAYLEYS
HAYL
389.90
0.03
8.61
4.53
75.00
5.32%
211.25
842.63
268.58
144.31
89.90
339.83
11.24
34.7
1.8
29,242.50
HEMAS HOLDINGS
HHL
41.50
(3.29)
(12.55)
512.04
12.95%
17.81
1,180.61
261.97
311.08
311.40
296.17
2.31
18.0
2.3
21,249.69
JOHN KEELLS HOLDINGS
JKH
215.10
(0.46)
10.82
(28.63)
840.41
14.44%
70.90
8,602.71
1,367.61
2,550.67
1,757.11
2,927.32
10.24
21.0
3.0
180,771.94
DUNAMIS CAPITAL
CSEC
18.20
(1.60)
(3.16)
60.00
123.00
52.47%
11.22
724.22
11.92
16.33
345.40
350.57
5.89
3.1
1.6
2,238.55
RICHARD PIERIS
RICH
10.60
(0.94)
(7.08)
(17.97)
1937.87
29.48%
2.49
1,421.02
10.84
335.34
640.60
434.25
0.73
14.5
4.3
20,541.43
SUNSHINE HOLDINGS
SUN
38.00
0.26
(0.26)
(11.83)
133.33
18.73%
17.91
447.17
63.28
234.05
93.32
56.53
3.35
11.3
2.1
5,066.67
SOFTLOGIC HOLDINGS
SHL
23.90
-1.67
1.72
0.00
779.00
EXPOLANKA HOLDINGS
EXPO
12.70
0.00
-2.31
0.00
1954.92
3.59
1,583.31
273.54
1,309.77
0.81
15.7
3.5
FREE LANKA CAPITAL HOLDINGS
FLCH
4.00
2.63
5.41
-20.41
1368.00
4.61
493.29
493.29
CHEMANEX
CHEMICAL INDUSTRIES [V]
CONSTRUCTIONS
DIVERSIFIED
0.58
4,456.86
53.63
420.25
(0.11)
215.55
205.31
(0.50)
303.39
1.1
6.0
283.00
19.99%
0.41
22.96
8.53
5.45
2.83
6.15
0.08
34.5
6.9
792.40
1.50
23.37%
162.10
56.81
16.70
12.58
15.58
11.96
37.88
18.7
4.4
1,065.00
2,223.14
150.71
437.18
859.61
775.64
2,211.53
210.49
466.80
739.25
795.00
32.31
8.5
2.4
18,751.76
(1.61)
(58.16)
(6.89)
(22.73)
(5.74)
126.10
(5.33)
(14.03)
na
0.27
na
177.9
98.2
1.4
1,194.00
5,546.32
18.97%
68.44
28.18%
60.00 -161.00%
114.36
0.81%
114.67
0.20
33.77
15.80%
(19.57)
31.18
11.47
19.345
2.17
3.06
0.9
09th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
17

Year
Company
End
FOOTWEAR AND TEXTILES
Price
Shares Trailing BVPS

Price Performance
(LKR) 1W(%) 1M(%) 1Q(%)
Mn ROE
0.66
9.81
(1.60)
-23.61%
Net Profits
Dec'10
Sept'10
(621.19)
119.82
Trailing
Trailing
EPS
PE
PBV
Mkt Cap Mn
Net Profit
4Qtrs
(1,547.62)
(148.46)
Mar'11
(809.51)
121.44
20.41
16.58
36.79
47.66
4.86
18.6
1.2
2,262.50
(168.87)
(799.53)
(625.70)
56.95
na
na
1.1
1,706.46
na
1.54
CEYLON LEATHER
CLPL
90.50
1.69
(4.64)
0.22
25.00
6.38%
76.10
HAYLEYS - MGT
MGT
34.70
(3.61)
8.10
2.06
49.18
-97.64%
32.01
(1,537.15)
KURUWITA TEXTILES
KURU
28.50
(5.00)
9.62
1.79
25.00
-23.46%
58.16
(341.10)
(59.12)
(108.30)
(48.40)
na
na
0.5
712.50
ODEL
ODEL
37.20
2.45
17.81
(3.83)
144.95
12.89%
11.20
209.19
32.56
76.02
63.61
1.44
25.8
3.3
5,392.14
ORIENT GARMENTS
OGL
34.20
54.92
HOTELS AND TRAVELS
(4.27)
1.08
0.60
2.97
(6.87)
na
105.14
6.27%
City Hotels
4,743.12
505.82
3,189.87
1,183.20
1,035.71
1,999.19
475.72
1,386.33
678.11
617.40
296.67
803.63
456.59
325.84
4.25
21.4
2.9
40,292.55
(18.43)
43.71
35.47
54.78
0.63
53.7
4.0
6,202.76
na
na
na
5,811.55
0.19
118.1
2.5
3,977.60
2,485.00
AHOT PROPERTIES
AHPL
91.00
(1.41)
(1.62)
(52.97)
442.78
13.72%
30.98
1,882.72
GALADARI
GHLL
34.00
4.59
1.79
(11.40)
182.43
7.44%
8.51
115.53
HOTEL DEVELOPERS
HDEV
128.50
0.39
(5.68)
(0.77)
45.23
25.46%
-105.53
HOTEL SERVICES
SERV
22.60
0.90
1.82
(3.03)
176.00
2.11%
9.06
33.68
RENUKA CITY HOTEL
RENU
355.00
(0.56)
6.54
(8.97)
7.00
22.05%
222.94
344.14
TAJ LANKA
TAJ
51.50
4.78
13.77
(11.89)
139.64
7.43%
14.37
149.18
TRANS ASIA
TRAN
81.80
(1.96)
(2.32)
(59.34)
200.00
14.01%
24.60
689.15
2,743.94
AIT. SPENCE HOTEL HOLD.
AHUN
76.60
2.67
2.53
(9.31)
336.29
12.24%
26.74
1,100.48
AMAYA LEISURE
CONN
110.00
0.92
2.80
(5.98)
48.03
61.90%
15.11
BBH
18.50
3.93
11.45
(11.48)
129.60
0.85%
CEYLON HOTELS CORP.
CHOT
31.30
(0.95)
22.75
3.64
171.83
CONFIFI HOTEL HLDG.
PALM
228.00
(2.23)
(27.50)
(27.50)
RIVERINA HOTELS
BHR
113.00
0.27
11.88
BERUWALA WALK INN
BINN
165.20
(5.81)
EDEN HOTELS
EDEN
45.50
HOTEL SIGIRIYA
HSIG
HUNAS FALLS
HUNA
KANDY HOTELS
KHC
JOHN KEELLS HOTELS

LIGHT HOUSE HOTEL
(1,215.22)
(13.10)
177.65
28.76
15.98
121.76
49.16
7.2
1.6
22.15
52.65
46.65
27.73
1.07
48.2
3.6
7,191.33
404.90
136.53
90.89
3.45
23.7
3.3
16,360.00
30.10
1,803.53
505.09
418.31
85.18
590.15
272.70
152.45
3.27
23.4
2.9
25,759.81
449.36
50.93
67.60
66.60
264.23
9.36
11.8
7.3
5,283.77
20.98
23.01
29.00
(51.97)
25.00
20.98
0.18
104.2
0.9
2,397.60
1.36%
35.74
83.55
(21.29)
117.56
(8.27)
(4.45)
0.49
64.4
0.9
5,378.13
7.20
-3.50%
198.47
(49.99)
(63.37)
50.48
(4.49)
(32.62)
na
na
1.1
1,641.60
(16.91)
14.18
-3.06%
124.94
(54.21)
(47.66)
34.27
(15.50)
(25.33)
na
na
0.9
1,602.53
(5.87)
(19.37)
0.90
14.72%
-170.32
(22.57)
(4.45)
(6.94)
(3.05)
(8.13)
na
na
na
148.68
3.64
12.87
(2.98)
52.80
7.23%
25.89
98.81
(21.13)
81.23
20.30
18.41
1.87
24.3
1.8
2,402.40
76.00
2.58
2.86
(1.82)
5.86
9.82%
32.52
18.71
4.08
3.85
5.39
5.39
3.19
23.8
2.3
445.28
80.00
0.75
0.88
(7.35)
5.63
22.34%
13.87
17.43
5.08
2.17
2.82
7.36
3.10
25.8
5.8
450.00
232.00
7.76
(1.28)
(10.77)
16.50
0.99%
340.98
55.96
9.42
16.85
9.84
19.85
3.39
68.4
0.7
3,828.00
KHL
16.40
1.88
(1.21)
(2.40)
1456.15
5.84%
7.97
677.46
7.27
521.28
206.20
(57.28)
0.47
35.3
2.1
23,880.81
LHL
53.00
(3.75)
(1.64)
(5.27)
46.00
3.03%
49.57
69.13
(2.62)
48.06
17.10
6.59
1.50
35.3
1.1
2,438.00
MIRAMAR
MIRA
265.20
(14.43)
(20.63)
(33.41)
2.75
na
0.00
(13.10)
na
na
na
na
729.30
MAHAWELI REACH
MRH
38.00
20.89
22.04
10.72
47.07
-39.52%
18.68
(347.42)
NUWARA ELIYA
NEH
1549.00
(3.19)
(22.97)
2.00
8.41%
779.19
PEGASUS
PEG
66.10
(5.16)
2.96
(8.95)
27.35
6.21%
37.29
REEFCOMBERS
REEF
81.00
(0.13)
17.35
2.44
47.19
0.42%
ROYAL PALMS
RPBH
69.00
0.15
4.70
(2.82)
50.00
SIGIRIYA VILLAGE
SIGV
103.00
2.90
4.89
(0.48)
STAFFORD/DOLPHIN
STAF
62.00
26.53
39.33
TANGERINE
TANG
99.00
7.14
SERENDIB HOTELS [V]
SHOT
32.00
9.52
SHOT X
22.90
MARAWILA RESORTS
MARA
12.90
FORTRESS RESORTS
RHTL
30.80
BROWNS BEACH HOTELS
SERENDIB HOTELS [NV]
INVESTMENT TRUST
(13.67)
(161.00)
(186.61)
13.85
na
na
2.0
1,788.52
131.35
0.78
49.18
24.50
56.90
65.55
23.6
2.0
3,103.99
63.31
21.67
16.05
13.24
12.35
2.31
28.6
1.8
1,807.99
30.10
6.00
(17.20)
15.72
5.67
1.81
0.13
636.8
2.7
3,822.55
7.46%
27.40
102.15
1.17
64.97
26.94
9.08
2.04
33.8
2.5
3,450.00
9.00
7.15%
54.91
35.34
(3.83)
21.50
6.08
11.59
3.93
26.2
1.9
927.00
31.91
31.62
5.34%
22.19
37.50
11.54
43.90
(6.71)
(11.23)
1.19
52.3
2.8
1,960.53
20.15
4.21
20.00
4.42%
93.95
83.00
4.70
69.46
11.55
(2.72)
4.15
23.9
1.1
1,980.00
28.80
27.78
75.51
5.83%
12.66
82.41
(5.52)
75.28
15.80
(3.15)
0.74
43.3
2.5
2,416.47
4.29
26.59
22.90
36.01
5.83%
12.66
82.41
(5.52)
75.28
15.80
(3.15)
0.74
31.0
1.8
824.65
(1.54)
28.00
4.92
122.50
1.33%
7.31
11.86
(13.31)
0.10
133.2
1.8
1,580.25
110.89
13.41%
5.67
(24.29)
0.76
40.5
5.4
3,415.31
(0.65)
33.92
11.36
0.60
0.89
(0.80)
26.82%
25.18
84.40
6,360.23
108.69
2,550.84
955.83
364.45
ASIAN COTTON MILLS
ASCO
150.00
8.97
14.56
12.95
7.99
2.17%
73.36
12.70
46.60
(18.30)
CEYLON GUARDIAN
GUAR
320.00
(1.54)
1.27
82.10
33.23%
138.76
3,785.80
1,714.33
492.51
184.62
CEYLON INVESTMENT
CINV
128.00
0.47
(2.29)
(10.48)
98.51
24.30%
65.33
1,564.18
699.66
97.30
COLOMBO FORT INV.
CFI
330.00
(7.59)
13.79
(5.12)
5.00
7.70%
33.82
13.03
1.54
2.85
4.50
COLOMBO INV. TRUST
CIT
350.00
6.09
0.03
(9.09)
5.50
7.15%
22.85
8.99
1.47
1.54
3.60
SHAW
338.00
6.98
3.79
(6.39)
5.12
0.70%
437.86
15.76
35.28
1.18
RENUKA HOLDINGS [V]
RHL
62.00
3.50
(1.74)
(6.62)
43.75
40.31%
44.24
780.04
100.97
323.15
RENUKA HOLDINGS [NV]
RHL
38.50
1.32
(3.75)
(5.87)
6.25
40.31%
309.66
780.04
100.97
323.15
WAPO
170.00
(3.01)
(13.73)
(21.04)
25.83
21.76%
31.97
179.73
BLI
64.20
-5.58
-9.56
0.00
20.20
SHAW WALLACE
WATAPOTA INVESTMENTS
BIMPUTH LANKA INVESTMENTS
(3.60)
3.15
52.70
Resort Hotels
(2.32)
39.17
(2.34)
(0.07)
(9.31)
2,489.12
8.29
2.22
1.59
94.3
2.0
1,197.83
1,394.34
46.11
6.9
2.3
26,270.95
767.22
15.88
8.1
2.0
12,609.90
4.14
2.61
126.7
9.8
1,650.00
2.38
1.63
214.1
15.3
1,925.00
(20.70)
3.08
109.8
0.8
1,730.74
1.30
354.62
15.60
4.0
1.4
2,712.50
1.30
354.62
15.60
2.5
0.1
240.63
188.73
0.38
6.96
24.4
5.3
4,391.75
(13.26)
09th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
18

Year
Company
End
LAND AND PROPERTY
Price
Price Performance
(LKR) 1W(%) 1M(%) 1Q(%)
(1.17) 12.45
18.16
C T LAND
CTLD
31.00
CARGO BOAT
CABO
CEYLINCO HOUSING
CHOU
Shares Trailing
Mn
ROE
5.80%
BVPS
Trailing
PBV
EPS
PE
24.39
1.41
23.13
2.69
11.5
0.7
1,511.25
16.89
115.26
15.33
8.3
1.9
1,305.60
Net Profit
4Qtrs
2,125.81
June'12
341.47
Mar'11
796.72
Net Profits
Dec'10
Sept'10
753.24
239.97
32.74
52.27
22.84
8.58
Trailing
Mkt Cap Mn
0.64
(6.01)
(5.15)
48.75
5.92%
45.35
130.98
128.00
(4.12)
(1.62)
(14.16)
10.20
23.01%
66.61
156.36
24.20
(5.47)
18.05
21.61
5.63
(141.88)
(17.40)
(26.76)
(55.50)
(42.22)
na
na
4.3
323.79
CSD
15.40
2.63
(9.30)
17.29
147.96
0.57%
29.65
24.96
54.95
0.45
13.09
(43.52)
0.17
91.3
0.5
2,278.66
COLOMBO LAND
CLND
66.00
(3.22)
61.22
38.87
199.88
0.42%
13.98
11.68
5.93
0.96
2.40
0.06
1129.5
4.7
13,192.15
COMMERCIAL DEVELOP.
COMD
114.50
9.99
14.08
(18.30)
12.00
11.38%
60.38
82.46
21.19
13.64
37.69
9.94
6.87
16.7
1.9
1,374.00
EAST WEST
EAST
43.60
(2.47)
25.07
287.50
138.24
4.28%
3.19
18.86
17.28
4.37
23.70
0.14
319.6
13.7
6,027.26
EQUITY ONE
EQIT
52.00
6.12
0.97
(8.29)
40.32
3.67%
36.19
53.58
4.17
30.60
27.93
(9.11)
1.33
39.1
1.4
2,096.73
EQUITY TWO
ETWO
30.00
(10.65)
(8.76)
(8.48)
31.00
6.04%
16.47
30.84
2.45
10.91
15.51
1.96
0.99
30.2
1.8
930.00
HUEJAY
HUEJ
165.00
8.98
(5.17)
(8.33)
1.80
-19.42%
7.51
(2.63)
(1.41)
(1.21)
na
na
na
22.0
297.00
KDL
30.50
(4.67)
33.04
62.77
17.43
-10.70%
7.29
(13.59)
(3.96)
(6.66)
(4.70)
1.73
na
na
4.2
531.59
ON'ALLY HOLDINGS
ONAL
78.20
(10.78)
(16.47)
(6.43)
14.00
8.63%
73.42
88.71
13.77
56.24
9.04
9.67
6.34
12.3
1.1
1,094.85
OVERSEAS REALTY
OSEA
15.20
(1.30)
(6.17)
(1.94)
843.48
5.09%
20.37
874.99
162.57
124.72
499.95
87.74
1.04
14.7
0.7
12,820.96
PDL
71.00
(2.46)
6.81
(4.13)
66.00
14.76%
28.46
277.28
71.00
74.91
76.18
55.20
4.20
16.9
2.5
4,686.00
SERENDIB LAND
SLND
2999.00
99.93
0.36
3.05%
567.86
6.24
1.47
1.68
1.49
17.34
172.9
5.3
1,079.64
YORK ARCADE
YORK
31.80
(1.88)
(6.29)
(8.75)
12.00
13.30%
8.70
13.88
7.75
2.28
2.59
1.16
27.5
3.7
381.60
TOUCHWOOD
TWOD
24.20
9.09
(6.98)
71.27
18.04%
39.92
513.07
426.80
86.26
na
7.20
3.4
0.6
1,724.74
ABAN
255.00
ACL
ACL PLASTICS
APLA
ACME
CEYLINCO SEYLAN
KELSEY DEVELOPMENTS
PROPERTY DEVELOPMENT
MANUFACTURING
1.43
(7.32)
8,219.40
2,114.13
1,200.48
2,246.68
2,628.88
5.45
4.12
(17.68)
4.26
28.85%
91.80
112.78
31.11
17.37
28.00
36.30
26.48
9.6
2.8
1,085.99
78.10
(0.38)
(2.25)
(12.82)
59.89
5.69%
77.01
262.21
85.90
(8.60)
118.16
66.74
4.38
17.8
1.0
4,677.70
153.00
(0.58)
8.51
(5.56)
4.21
15.65%
114.51
75.48
9.92
14.27
32.73
17.92
8.5
1.3
644.51
ACME
26.00
0.38
21.30
19.63
25.61
1.64%
16.64
6.99
(0.99)
5.74
4.63
(2.39)
0.27
95.2
1.6
665.95
ALUFAB
ALUF
76.10
(0.64)
(43.09)
(40.92)
4.02
-3.16%
-12.03
1.53
0.47
(0.48)
1.19
0.34
0.38
200.5
na
305.88
BLUE DIAMONDS [V]
BLUE
11.90
6.25
46.91
101.69
103.30
1.79%
1.25
5.76
22.33
(11.77)
1.74
(6.54)
0.02
529.8
9.5
1,229.28
BLUE X
5.50
45.95
145.45
157.14
153.37
1.79%
1.25
5.77
22.33
(11.77)
1.74
(6.54)
0.02
244.9
4.4
BOGA
51.10
(1.92)
47.32
12.51%
3.35
19.85
3.49
2.42
21.45
(7.51)
0.42
121.8
15.2
CENTRAL INDUSTRIES
CIND
90.00
GRAIN ELEVATORS
GRAN
113.50
CHEVRON LUBRICANTS
LLUB
163.50
(1.21)
DANKOTUWA
DPL
40.70
(0.75)
DIPPED PRODUCTS
DIPD
117.00
(3.33)
HAYLEYS EXPORTS
HEXP
40.00
KELANI CABLES
KCAB
KELANI TYRES
TYRE
LANKA ALUMINIUM
LALU
LANKA CEMENT
LANKA CERAMIC
ABANS
ACL CABLES
BLUE DIAMONDS [NV]

BOGALA GRAPHITE
(0.61)
13.38 -188.39%
17.08%
15.49
2.65
127,313.22
843.53
3.44
(8.75)
(4.64)
(6.70)
(7.65)
9.88
9.72%
1.34
79.05
18.51
24.01
23.26
13.27
8.00
11.3
1.1
889.58
(3.31)
(14.88)
(4.77)
60.00
23.68%
37.27
529.65
84.84
94.33
205.49
144.99
8.83
12.9
3.0
6,810.00
5.36
0.37
120.00
55.84%
23.11
1,548.52
422.63
413.10
317.68
395.11
12.90
12.7
7.1
19,620.00
(1.50)
(19.88)
72.25
-2.53%
10.46
(19.14)
(32.52)
(16.29)
18.62
11.06
na
na
3.9
2,940.40
6.16
12.17
59.86
19.75%
65.97
779.82
390.37
122.97
171.20
95.28
13.03
9.0
1.8
7,003.80
(2.68)
2.56
(18.53)
8.00
-10.35%
41.84
(34.65)
(7.51)
(26.63)
(2.60)
2.08
na
na
1.0
320.00
95.00
(8.46)
(8.46)
(4.80)
21.80
10.24%
77.02
171.90
48.78
53.33
47.39
22.40
7.89
12.0
1.2
2,071.00
48.40
(1.62)
16.87
(3.77)
80.40
17.41%
15.45
216.19
18.91
54.16
74.94
68.18
2.69
18.0
3.1
3,891.36
55.00
(3.85)
(1.08)
(15.77)
13.70
4.56%
30.74
19.19
(5.43)
2.98
9.07
12.57
1.40
39.3
1.8
LCEM
23.60
(0.42)
(7.84)
(2.89)
173.51
-4.52%
0.48
(3.79)
(2.35)
(1.44)
na
na
48.8
4,094.85
na
2,417.87
753.66
CERA
110.10
(3.67)
1.01
(19.04)
30.00
16.18%
75.84
368.08
34.90
103.93
136.05
93.20
12.27
9.0
1.5
3,303.00
LANKA TILES
TILE
103.00
(2.83)
(14.17)
53.05
20.67%
43.03
471.77
69.33
149.73
148.58
104.13
8.89
11.6
2.4
5,464.19
LANKA WALLTILES
LWL
115.00
6.78
2.81
(23.22)
54.60
17.02%
63.74
592.48
53.97
161.11
226.80
150.60
10.85
10.6
1.8
6,279.00
LAXAPANA
LITE
12.20
(3.15)
9.82
36.67
39.00
1.29%
6.69
3.37
(3.38)
5.46
0.57
0.72
0.09
141.1
1.8
475.80
PARQUET
PARQ
25.50
(2.30)
7.14
(5.90)
27.37
-2.99%
20.22
(16.57)
(22.32)
3.64
17.32
(15.20)
na
na
1.3
697.99
PELWATTE SUGAR
SUGA
36.10
(0.28)
7.88
(0.84)
67.98
-62.15%
9.34
(394.42)
83.66
(723.45)
(168.72)
414.09
na
na
3.9
2,453.97
PIRAMAL GLASS
GLAS
8.70
PRINT CARE
CARE
40.00
REGNIS
REG
165.00
RICH PIERIS EXPORTS
REXP
31.20
RCL
SAMSON INTERNATIONAL
SIL
SINGER INDUSTRIES
SINI
ROYAL CERAMICS
TOKYO CEMENT [V]

TOKYO CEMENT [NV]
SIERRA CABLES
TEXTURED JERSEY
1.16
1.16
(17.14)
950.09
22.72%
3.09
666.86
141.29
178.47
190.10
157.00
0.70
12.4
2.8
8,265.75
(1.48)
(6.76)
(81.92)
85.97
20.30%
11.83
206.43
38.13
47.03
60.58
60.70
2.40
16.7
3.4
3,438.67
2.80
(14.24)
4.83
16.08%
104.47
81.13
18.01
27.44
21.81
13.87
16.80
9.8
1.6
796.80
(3.09)
(14.21)
(8.99)
11.16
55.77%
-10.73
(66.79)
(11.03)
(69.15)
(1.18)
14.58
na
na
na
348.31
147.00
(0.54)
(6.19)
110.79
28.12%
47.12
391.48
439.69
412.89
224.05
13.25
11.1
3.1
16,286.04
145.70
(0.82)
30.09
17.50
3.85
-12.40%
88.60
(42.27)
1.27
(13.43)
(12.53)
(17.58)
na
na
1.6
560.65
227.00
(0.35)
(2.07)
(45.13)
3.85
20.11%
222.01
171.76
23.85
27.59
(31.31)
151.63
44.65
5.1
1.0
873.11
TKYO
52.20
(2.43)
(0.76)
(12.85)
202.50
14.22%
19.21
829.26
214.08
128.20
192.69
294.30
2.73
19.1
2.7
10,570.50
TKYO X
40.00
2.04
(3.85)
101.25
14.22%
19.21
829.26
214.08
128.20
192.69
294.30
2.73
14.7
1.4
4,050.00
SIRA
5.00
4.17
16.28
(5.66)
537.51
0.00%
2.40
na
na
2.1
2,687.56
TJL
15
655.00
1,468.11
na
143.97
09th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
19

Year
Company
End
MOTORS
Price

Price Performance
(LKR) 1W(%) 1M(%) 1Q(%)
Mn ROE
(0.01) (4.73) (13.33)
39.87%
Net Profit
4Qtrs
5,105.13
1,528.35
Mar'11
1,119.78
Trailing Trailing
Net Profits
Dec'10
Sept'10
EPS
PE
1,741.60
715.40
8.75
PBV
Mkt Cap Mn
3.49
AUTODROME
AUTO
852.10
0.25
(3.72)
(16.46)
1.20
9.12%
448.08
49.03
10.27
12.00
15.40
11.37
40.86
20.9
1.9
COLONIAL MOTORS
COLO
477.00
(2.17)
70.17
34.40
9.12 20.48%
168.39
314.64
143.01
112.89
46.20
12.54
34.48
13.8
2.8
4,352.30
DIMO
DIMO
1420.00
(0.29)
2.84
(4.23)
8.88 55.66%
522.31
2,580.31
636.40
664.37
973.90
305.64
290.69
4.9
2.7
12,604.54
LANKA ASHOK
ASHO
3600.00
(10.00)
(34.55)
(39.99)
3.62 53.99%
390.25
762.90
279.00
(66.90)
321.60
229.20
210.70
17.1
9.2
13,035.03
SATHOSA MOTORS
SMOT
280.00
2.19
20.95
0.04
6.03 29.33%
83.90
148.48
49.22
53.38
22.60
23.27
24.61
11.4
3.3
1,689.41
UNITED MOTORS
UML
177.90
15.22
24.30
14.83
67.27 29.93%
62.08
1,249.77
410.45
344.04
361.90
133.38
18.58
9.6
2.9
11,966.81
0.55
2.01
5.34
36.79%
BUKIT DARAH
BUKI
1070.00
1.69
3.61
3.27
102.00 47.40%
GOOD HOPE
GOOD
1182.10
0.08
0.18
14.77
6.87
INDO MALAY
INDO
1394.90
(0.08)
(0.01)
16.24
SELINSING
SELI
1100.00
(12.00)
(12.00)
SHALIMAR
SHAL
885.10
(0.01)
OIL PALMS
PLANTATIONS
(1.50)
1,022.52
7,278.64
3,110.83
1,055.89
641.52
2,470.41
19.3
7.1
138.84
6,712.64
2,943.95
900.51
506.83
2,361.36
65.81
16.3
7.7
109,140.00
8.31%
220.00
125.67
33.40
34.46
31.63
26.18
18.29
64.6
5.4
8,122.57
7.00
7.93%
184.79
102.51
26.20
28.15
25.40
22.76
14.65
95.2
7.5
9,762.07
9.89
6.94
9.36%
313.37
203.46
68.41
54.32
45.22
35.51
29.32
37.5
3.5
7,634.09
10.62
6.94
8.23%
235.13
134.36
38.87
38.46
32.43
24.60
19.36
45.7
3.8
6,142.66
3,981.17
(629.58)
2,381.06
1,566.98
662.72
(4.30) (21.58)
19.94%
8.9
1.78
AGALAWATTE
AGAL
58.60
1.03
2.27
(22.89)
25.00 29.82%
31.39
234.03
(22.36)
121.4
76.05
58.90
9.36
6.3
1.9
BALANGODA
BALA
41.00
(0.24)
(4.18)
(28.79)
23.64 17.12%
61.72
249.77
84.16
132.3
34.56
(1.25)
10.57
3.9
0.7
969.09
BOGAWANTALAWA
BOPL
17.50
1.75
(11.22)
83.75
-1.23%
11.39
(11.78)
(44.18)
62.9
69.15
(99.64)
na
na
1.5
1,465.63
HAPUGASTENNE
HAPU
61.10
(6.00)
(12.71)
(20.85)
46.32
6.50%
31.02
93.33
(35.60)
53.7
0.12
75.11
2.02
30.3
2.0
2,829.89
HORANA
HOPL
48.00
(0.41)
(14.59)
(32.87)
25.00 31.13%
41.91
326.17
(13.30)
154.9
135.31
49.22
13.05
3.7
1.1
1,200.00
KAHAWATTE
KAHA
33.00
(5.71)
(5.71)
(7.30)
79.89 20.75%
13.05
216.34
(115.74)
141.4
68.57
122.07
2.71
12.2
2.5
2,636.36
KEGALLE
KGAL
149.50
(4.29)
(6.74)
(27.67)
25.00 30.20%
98.51
743.81
31.37
270.1
227.41
214.90
29.75
5.0
1.5
3,737.50
KELANI VALLEY
KVAL
120.00
(0.17)
(6.55)
(18.94)
34.00 20.95%
55.90
398.23
(49.26)
246.2
165.19
36.07
11.71
10.2
2.1
4,080.00
KOTAGALA
KOTA
105.00
(4.55)
(8.85)
(34.38)
32.00 28.79%
69.34
638.89
26.37
175.5
238.61
198.38
19.97
5.3
1.5
3,360.00
MADULSIMA
MADU
21.30
(3.18)
(17.44)
29.00 -13.37%
57.63
(223.47)
(116.86)
37.5
(50.08)
(94.01)
na
na
0.4
617.70
MAL
7.40
8.96
14.06
(23.16)
224.59 22.70%
9.12
464.96
92.61
198.6
101.13
72.58
2.07
3.6
0.8
1,661.97
MASKELIYA
MASK
25.00
(1.19)
3.32
(12.63)
26.98 -41.67%
25.61
(287.88)
(317.75)
30.9
57.27
(58.34)
na
na
1.0
674.42
NAMUNUKULA
NAMU
97.80
3.93
(7.65)
(18.02)
23.75 25.26%
54.56
327.24
1.26
100.7
116.76
108.56
13.78
7.1
1.8
2,322.75
802.75
MALWATTE VALLEY
1,465.00
TPL
33.80
1.21
(0.30)
(16.46)
23.75
8.24%
46.62
91.20
(75.79)
71.8
101.93
(6.76)
3.84
8.8
0.7
UDAPUSSELLAWA
UDPL
37.70
(5.75)
(13.33)
(11.08)
19.40
1.36%
21.22
5.58
(33.79)
(9.2)
36.28
12.24
0.29
131.1
1.8
731.34
WATAWALA PLANTATIONS
WATA
19.50
1.04
(0.51)
(19.75)
236.67 17.69%
10.88
455.54
(40.73)
296.8
188.73
10.72
1.92
10.1
1.8
4,615.00
ELPITIYA
ELPL
26.50
(1.85)
5.14
(19.39)
72.87 18.44%
18.71
251.44
251.4
na
3.45
7.7
1.4
1,930.96
MET.RES.HOL
MPRH
30.00
(10.98)
17.65
(1.96)
17.26
39.52
7.77
43.8
(36.02)
0.45
66.6
0.8
517.94
ASIRI CENTRAL
ASHA
200.00
(4.76)
(25.37)
ASIRI SURGICAL
AMSL
8.80
(7.29)
14.10
ASIRI HOSPITAL
ASIR
10.00
(3.85)
CEYLON HOSPITALS [V]
CHL
96.00
CEYLON HOSPITALS [NV]
CHL X
LANKA HOSPITALS
LHCL
NAWALOKA
NHL
TALAWAKELLE
HEALTH SERVICES
(3.56) 20.64
10.21
1.14%
5.73%
22.33
958.19
308.85
182.66
42.6
2.44
na
2.5
4,466.79
51.4
60.65
0.55
15.9
2.1
4,650.43
64.3
77.3
23.38
0.27
37.2
3.2
8,892.63
38.5
(3.836)
40.637
50.92
2.64
36.4
1.6
2,450.62
38.50
38.5
(3.836)
40.637
2.64
29.8
9.6
656.79
9.8
301.63
66.2
65.2
106.0
64.30
1.35
46.6
4.9
14,050.38
2.0
174.62
2.2
23.7
60.9
87.83
0.12
32.3
1.9
5,638.02
(176.52)
9.88
528.46 13.08%
3.8
291.69
89.7
90.0
19.05
8.70
889.26
8.52%
2.9
238.85
73.8
1.37
(6.71)
25.53
4.39%
72.7
89.42
78.70
3.28
(1.75)
8.35
1.89%
72.7
62.80
(4.60)
50.61
44.32
223.73 10.54%
4.00
2.56
2.56
5.87%
171.04
na
45.0
1409.51
295.63
(116.04)
-9.82%
-60.5
09th September 2011
Sri Lanka Focus
ASIA RESEARCH TEAM
20

Year
Company
End
SERVICES
Price

Price Performance
(LKR) 1W(%) 1M(%) 1Q(%)
Mn ROE
1.90
9.78 (9.93)
31.36%
PBV
Mkt Cap Mn
25.97
Mar'11
502.72
29.06
800.77
66.67
542.88
83.93
107.29
13.17
6.8
3.1
5,472.00
43.20
2.38
2.00
(1.48)
0.56
1.29
0.81
216.3
4.1
514.02
(38.68)
4.42
(7.41)
na
na
2.8
850.65
0.38
na
na
na
0.3
3.50
0. 79
na
51.00
68.6
4.0
175.00
3.90
487.1
na
189.95
na
22.79
17.01
0.35
22.1
5.0
877.80
3.33
JOHN KEELLS LIMITED
JKL
90.00
0.11
2.86
(57.37)
LAKE HOUSE PRINTING
LPRT
175.00
(2.07)
39.52
24.18
2.94
MERC. SHIPPINGS
MSL
299.00
(11.17)
4.66
(25.81)
2.84 -17.24%
106.16
(52.07)
(10.40)
CEYLON PRINTERS
CPRT
100.00
0.04 -242.06%
376.66
(31.92)
(32.30)
KALAMAZOO
KZOO
3500.00
12.90
(12.43)
0.05
5.80%
878.80
2.55
PARAGON
PARA
1899.00
0.10
na
CEYLON TEA BROKERS
CTBL
7.70
1.55
39.80
606.01
88.69
130.27
333.07
53.99
COLOMBO PHARMACY
PHAR
1900.00
5.30
2.81
(27.99)
1.27
2.44%
622.10
19.35
3.29
4.69
3.37
8.00
15.20
125.0
3.1
2,418.43
E B CREASY
EBCR
2600.00
36.94
23.52
2.54 25.89%
733.48
481.57
64.60
123.41
293.56
220..22
189.93
13.7
3.5
6,592.19
GESTETNER
GEST
313.00
13.43
21.67
(11.82)
2.28 43.89%
22.91
22.91
5.85
1.13
5.34
10.59
10.06
31.1
13.7
713.05
HUNTERS
HUNT
735.00
(3.52)
(8.09)
(48.27)
5.15
432.42
82.19
14.96
1.03
30.80
35.40
15.97
46.0
1.7
3,781.58
0.06
0.90
(9.58)
33.83%
10,273.76
7,093.52
(231.33)
2,313.10
1,095.31
STORES AND SUPPLIES
7.29
42.59
71.11
42.59
0.47
TRADING
60.80 45.33%
Trailing Trailing
Net Profits
Dec'10
Sept'10
EPS
PE
112.09
118.18
10.61
Net Profit
4Qtrs
761.90
1.87%
114.00 22.55%
13.82 (19.67)
0.39
12.30%
3.69%
22.29
6.48
2.74
2.19
BROWNS
BRWN
275.00
(0.33)
(0.40)
(21.85)
70.88 12.88%
215.68
1,968.09
86.69
(459.96)
1,572.96
768.40
27.77
9.9
1.3
19,490.63
C W MACKIE
CWM
95.00
(0.21)
0.21
35.99 19.39%
38.90
271.45
102.19
121.84
0.42
47.00
7.54
12.6
2.4
3,418.91
CEYLON FOREIGN TRADES

EASTERN MERCHANTS
CFT
EMER
M
M
9.80
2324.50
6.52
(3.27)
10.11
(14.56)
(2.97)
68.84
140.20 1096.14%
1.68 2.71%
4.31
555.92
6,628.06
25.30
6,599.28
29.29
17.61
(12.87)
7.29
8.88
3.89
na
47.28
15.08
0.2
154.1
2.3
4.2
1,373.92
3,900.05
ENVIRONMENTAL RESOURCES
RADIANT GEMS
GREG
RGEM
M
M
70.10
110.20
1.15
42.04
8.29
26.89
10.85
29.33
315.48 6.53%
2.40 -1.09%
23.32
13.90
480.56
(0.36)
(16.77)
(149.83)
2.30
486.70
(2.19)
160.45
(1.04)
1.52
na
46.0
na
3.0
7.9
22,115.29
264.48
125.21 19.62%
292.84
249.58
225.55
102.53
6.95
17.5
3.4
15,275.57
(0.58)
na
24.19
5.0
0.5
10.04
na
14.07
14.08
0.16
25.6
2.4
720.00
35.96
900.10
810.04
SINGER SRI LANKA
SINS
122.00
0.41
4.81
(6.15)
OFFICE EQUIPMENT
OFEQ
120.40
TESS AGRO
TESS
4.00
53.85
21.21
(0.75)
6.99
(3.92)
13.14%
POWER & ENERGY
35.43
870.50
0.08
9.15%
264.29
2.02
180.00
9.35%
1.67
28.15
1,929.14
183.04
13.21
1.74
HEMAS POWER
HPWR
35.50
(1.40)
11.01
(7.35)
125.20 15.80%
21.78
430.67
86.85
112.12
107.40
124.31
3.44
10.3
1.6
4,444.60
LANKA IOC
LIOC
18.80
(5.10)
3.91
4.49
532.53 10.42%
17.23
956.38
(36.25)
(111.30)
602.36
501.57
1.80
10.5
1.1
10,011.56
VIDULLANKA
VLL
9.10
21.33
37.88
432.88 16.53%
2.15
153.93
38.31
(9.42)
69.40
55.63
0.36
25.6
4.2
3,939.19
VALLIBEL POWER
VPEL
9.50
(10.38)
747.11 21.03%
2.47
388.15
94.12
44.56
120.94
128.53
0.52
18.3
3.8
7,097.54
LAUGFS GAS
LGL
42.90
1.67
5.69
(6.56)
251.48
327.54
LAUGFS GAS (X)
LGL
28.70
(0.69)
1.05
HIDRO POWER
HPFL
14.30
(1.38)
10.00
PANASIAN POWER
PAP
5.20
1.92
20.45
(29.33)
9.38
19.55
9.98
50.00
INFORMATION TECHNOLOGY
E-CHANNELLING
ECL
8.50
9.09
23.53
PC HOUSE
PCH
19.70
9.44
18.67
335.00
9.12%
579.02
(14.03)
52.00
9.12%
579.02
251.48
327.54
(1.38)
109.09
7.38%
62.93
17.60
22.14
23.19
500.00 14.50%
108.33
60.13
48.20
2.80%
2.20
122.13
3.68 228.9333
2.80%
0.64
2.20
2.20
146.00
2.20
57.69
38.31
50.00
471.87
0.02
471.9
6.01
13.2
1,038.12
Research
Head of Research
Senior Analyst
Saminda Weerasinghe
Amali Perera
(94-11)5320250
(94-11)5320256
amali@asiacapital.lk
saminda@asiacapital.lk
Economy
Corporates
Minoli Mallwaarachchi
Nirmala Samarawickrama
Dilan Wijekoon
Thilina Ukwatta
Shan Silva
Dhanusha Pathirana
Travis Gomez
(94-11)5320259
(94-11)5320253
(94-11)5320253
(94-11)5320253
(94-11)5320251
(94-11)5320000
Statistician
Nuwan Pradeep
(94-11)5320257
Sales
Institutional Sales
Sabri Marikar
Niroshan Wijayakoon
Niyaz Aboobucker
Anura Hedigallage
Chelaka Hapugoda
Chaminda Mahanama
Hiran Bibile
(94-11) 5320224
(94-11) 5320208
(94-11) 5320213
(94-11) 5320211
(94-11) 5320240
(94-11) 5320223
(94-11) 5320238
Retail Sales
077 3-576868
0777-713645
0777-727352
0777 -713663
0777 -256740
0777 -556582
0777 -352032
sabri@asiacapital.lk
niroshan@asiacapital.lk
niyaz@asiacapital.lk
anura@asiacapital.lk
chelaka@asiacapital.lk
mahanama@asiacapital.lk
hiran@asiacapital.lk
Shiyam Subaulla
Gagani Jayawardhana
Priyantha Hingurage
Neluka Rodrigo
Subeeth Perera
(011)- 5320218
(011)- 5320236
(011)- 5320217
(011)- 5320214
(011)- 5320227
0773-502016
0714-084953
0773-502015
0777-366280
0714-042683
shiyam@asiacapital.lk
gagani@asiacapital.lk
priyantha@asiacapital.lk
neluka@asiacapital.lk
subeeth@asiacapital.lk
Branches
CSE Floor
CSE,01-04, World Trade Centre, Colombo 1.
Kiribathgoda
Level 2-6,Udeshi City Shopping complex, No 94,Makola Rd,Kiribathgoda
Kurunegala
Union Assurance Building, No.6,1st Floor, Rajapilla Rd, Kurunagala.
Matara
Galle
E.H.Cooray Building, Mezzanine Floor, No:24, Anagarika Darmapala Mw,

Matara
Peoples Leasing Building, 2nd Floor, No.118,Matara Road, Galle
Negombo
Asia Asset Finance, 171/1, Station Road, Negombo.
Service Centers
Kandy
k3-L1,Level 01,kcc, No 5 ,Dalda Veediya, Kandy.
Hambantota
Hambanthota Chamber of Commerce, Thangalle Road, Hambantota.
Ampara
2nd Floor, T.K.S. Building, D.S. Senanayake Street, Ampara.
Jaffna
11-8, First Floor, Stanley Road, Jaffna
Wennappuwa
Asia Asset Finance, No.176, Negombo Road, Katuneriya.
Moratuwa
Asia Asset Finance, No.18, New De Zoysa Rd, Moratuwa.
Panadura
Asian Alliance Building, 293, Galle Road, Panadura
Thushara Adhikari
M G Suranjana
Danushka Boteju
Suranga Harshana
Asanka Samarakoon
Gayan Nishsanka
Bandula Lansakkara
Sumeda Jayawardena
Lalinda Liyanapathirana
Ruchira Hasantha
Ushan Sachith
Uthpala Karunatilake
(011)-5735122
(011)-5763539
(011)-5634803
(011)-5734773
(037)-5628844
(037)-5642717
(037)-5643580
(041)-5677525
(041)-5677526
(091)-5629998
(091)-5676767
(031)-5676881
0773-688202
0773-954994
0716-270527
0783-452500
0773-690749
0777-105356
0773-925852
0773-687027
0778-628798
0773-687027
0778-628798
0773-691685
adhikari@asiacapital.lk
Gayan Perera
(031)-5676880
0772-544044
gayan@asiacapital.lk
Nilupul Hettiarachchi
Radhika Hettiarachchi
Gayan Sanjeewa
Anusha Muthumali
Shermin Ranasinghe
Ravi De Mel
Madushanka Rathnayaka
Gratian Nirmalan
S.Puviraj
Sajith Iroshan
Sandun Athulathmudali
Hashan Lalantha
Charith Perera
Ranganath Wijetunga
Asanka Chaminda
(081)-5628500
(081)-5625577
(047)-5679240
(047)-5679241
0773-691816
0777-810694
0715-536309
0772-351716
0772-378352
(063)-5679071 0772-681995
(063)-5679070 0779-036577
(021)-5671800 0777-567933
(021)-5671801 0775-096969
(032)- 5673881 0773-740208
(032)- 5673882 0772-533331
(011)-5238662
(011)-5238663
(038)-5670400 0715-120723
(038)-5670407 0713-559552
boteju@asiacapital.lk
harshana@asiacapital.lk
asanka@asiacapital.lk
nishshanka@asiacapital.lk
sumeda@asiacapital.lk
rishan@asiacapital.lk
ruchira@asiacapital.lk
ushan@asiacapital.lk
uthpala@asiacapital.lk
nilupul@asiacapital.lk
radhika@asiacapital.lk
sanjeewa@asiacapital.lk
muthu@asiacapital.lk
shermin@asiacapital.lk
ravide@asiacapital.lk
shanka@asiacapital.lk
nirmal@asiacapital.lk
puviraj@asiacapital.lk
sajith@asiacapital.lk
sranga@asiacapital.lk
lalantha@asiacapital.lk
charithn@asiacapital.lk
ranganath@asiacapital.lk
chaminda@asiacapital.lk
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