VANTAGE POINT. Inside Story. LOLC Securities Limited Monthly Issue April 2015

Transcription

1 VANTAGE POINT LOLC Securities Limited Monthly Issue April 215 Focus: Market closed the week with losses in both indices mainly due to negative impact from JKH. (JKH dragged the ASPI ind Inside Story >>Globetrotter Monthly movements of top equity, commodity, currency and bond markets around the world and data related to major economies >>Macroscope Movements of the key economic indicators consisting of interest rates, inflation, external trade, key industries in Sri Lanka >>Market Direction Research Contacts Key indicators of the Sri Lankan equity market including major indices, foreign trades, technical aspects and regional comparison >>Counter of Focus A brief overview about a listed company in the Sri Lankan equity market including fundamental aspects. Shehan Bartholomeuz shehanb@lolcsecurities.com Gayan Rajakaruna gayanraj@lolcsecurities.com >>Relative Valuation Grid Hiruni Perera Consists of selected listed counters in the Sri Lankan equity market and their key fundamental and technical indicators and a list of counters trading below their respective net asset values. hirunipe@lolcsecurities.com 15-May-215

2 Equity Markets : Globetrotter Sensex Index closed negative Commodity prices decline Dollar depreciates US bond yield rises Equity markets in general closed positive except for Sensex (India) which felt on worries of retrsospective taxation of foreign funds, slowing reforms, and concerns over muted corporate earnings. S&P 5 Chg% M 1.25% FTSE 1 (UK) Chg% M: 2.22% Nikkei (Japan) Chg% M: 2.55% 2,14 2,12 2,1 2,8 2,6 2,4 2,2 7,2 7,1 7, 6,9 6,8 6,7 6,6 2,5 2, 19,5 19, 18,5 18, Source: Bloomberg Source: Bloomberg Source: Bloomberg Sensex (India) Chg% M -4.42% STI (Singapore) Chg% M: 1.17% HSI (Hong Kong)Chg% M: 12.16% 29,5 29, 28,5 28, 27,5 27, 26,5 26, 25,5 3,56 3,54 3,52 3,5 3,48 3,46 3,44 3,42 3,4 29, 28, 27, 26, 25, 24, 23, 4/1/15 4/13/15 4/25/15 Source: Bloomberg Source: Bloomberg Source: Bloomberg Most Commodities closed on a negative note although Oil prices stabilised during mid of April. Copper prices gained Commodity Markets: during the month despite decline in prices witnessed in early months owing to rising stocks, Weak demand and new supplies. Crude Oil (WTI) Chg% M: 15.23% Gold Chg% M: -1.62% Copper Chg% M: 4.93% ,22 1,21 1,2 1,19 1,18 1,17 1, Source: Bloomberg Source: Bloomberg Source: Bloomberg Corn Chg% M: -5.4% Silver Chg% M: -4.72% Palm Oil Chg% M: -2.41% ,25 2,2 2,15 2,1 2,5 2, Source: Bloomberg Source: Bloomberg Source: Bloomberg

3 Currency and Bond Market: Dollar depreciated during the month although it gained against Euro. US and Euro bond yields rose during the month. Currency GBP:USD USD:CNY USD:JPY EUR:USD AUD:USD USD:SGD USD:IDR USD:THB USD:MYR USD:INR Chg % M USD Index Chg% M: -3.65% % 6.2.8% % % % % % % % % Source: Bloomberg Bond Market Yields Europe (1year) 2 bps US (1 year) 17 bps Japan (1 year) -5 bps Source: Bloomberg Source: Bloomberg Source: Bloomberg Country Pick : Sweden Sweden has a desirable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. Until 28, Sweden was in the midst of a sustained economy driven by increased domestic demand and strong exports. Swedish economy faced with the recession in the third quarter of 28 and the contraction continued into 29 as deteriorating global conditions reduced export demand and consumption. Strong exports of commodities and a return to profitability by Sweden's banking sector drove a rebound in 21, but growth slowed in 213, as a result of continued economic weakness in the EU - Sweden s main export market and remained weak in 214. (Source: CIA Factbook and Bloomberg) GDP Main Industries Population Currency Labour Force $434.2 billion Swedish Kroner (NOK) million Unemployment Rate 7.9% Inflation -.1% AWPR 2.8% Borrowings Iron,steel and wood pulp 9,723,89 $1.39 trillion Equity Market Cap Main Index PE $72 Billions SAX Index Source: CIA Factbook and Bloomberg Worries over global growth continue to plague investors with weaker GDP reports in the China, UK and USA. In the UK, first quarter GDP fell to just.3%, very close to the General Election. However UK markets remained untroubled despite the political landscape remaining so uncertain. The FTSE 1 hit new highs in April, gilt yields remain at low levels, and sterling has even risen against the dollar and euro in recent weeks. Meanwhile speculation has risen that the People s Bank of China (PBOC) is also preparing to join the growing list of central banks and launch a QE programme. Greek government has made no serious attempt to produce policies that could resolve the crisis within the Eurozone, which means the likelihood of a Grexit is increasing.

4 1-Jan-12 1-Apr-12 1-Jul-12 1-Oct-12 1-Jan-13 1-Apr-13 1-Jul-13 1-Oct-13 1-Jan-14 1-Apr-14 1-Jul-14 1-Oct-14 1-Jan Jan Feb Mar-13 4/31/ May-13 3-Jun Jul Aug-13 3-Sep Oct-13 3-Nov Dec Jan Feb Mar-14 3-Apr May-14 1-Jun-14 2-Jul-14 2-Aug-14 2-Sep-14 2-Oct-14 2-Nov Nov Dec Feb Mar-15 1-Jan-12 1-Apr-12 1-Jul-12 1-Oct-12 1-Jan-13 1-Apr-13 1-Jul-13 1-Oct-13 1-Jan-14 1-Apr-14 1-Jul-14 1-Oct-14 1-Jan-15 Bank of Ceylon People's Bank Hatton National Bank Commercial Bank of Ceylon Sampath Bank Seylan Bank Union Bank of Colombo Pan Asian Banking Corporation Nations Trust Bank DFCC Vardhana Bank NDB Bank Amana Bank HSBC Standard Chartered Bank Citi Bank Deutsche Bank Habib Bank Indian Bank Indian Overseas Bank MCB Bank State Bank of India Public Bank ICICI Bank Cargills Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Oct-14 Nov-14 Jan-15 Mar-15 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 Monetary sector Macroscope Inflation is stable at.1% AWPR decreases T bill rates declines further Foreign reserves decline Tbill Rate (364 days) AWPR Yield Curve % % % today year ago month ago 4 3MO 6MO 1YR 2YR 3YR 4YR 5YR 7YR 1YR15YR Source: Bloomberg Source: Bloomberg Source: Bloomberg Excess Liquidity Inflation Exchange Rate LKR Bn % LKR/USD /1/14 Source: CBSL Source: Bloomberg Source: Bloomberg Bank wise AWPR % this month previous month Source: CBSL External Sector Trade Balance Exports and Imports Reserves USD Mn USD Mn Exports Imports 2,5 2, 1,5 1, 5 USD Mn 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, Source: CBSL Source: CBSL Source: CBSL

5 4-Apr-12 4-Jul-12 4-Oct-12 4-Jan-13 4-Apr-13 4-Jul-13 4-Oct-13 4-Jan-14 4-Apr-14 4-Jul-14 4-Oct-14 4-Jan-15 4-Apr-15 4-Apr-12 4-Jul-12 4-Oct-12 4-Jan-13 4-Apr-13 4-Jul-13 4-Oct-13 4-Jan-14 4-Apr-14 4-Jul-14 4-Oct-14 4-Jan-15 4-Apr-15 LKR/Kg LKR/Kg January February March April May June July August September October November December North America Western Europe Eastern Europe Middle East East Asia South Asia Australia Others 1,364 1,41 5,514 6,16 5,32 5,484 5,868 5,325 1,844 11,675 18, ,217 24, , , ,954 37,369 34,964 32,97 Tourism Tourist Arrivals Tourist Arrivals by Destination 2, 18, 16, , 35, 3, April-214 April , 25, 12, 1, 8, 6, 2, 15, 1, 4, 5, 2, Source: SLTDA, Daily FT Source: SLTDA Tourist Arrivals for the month of April 215 stood at posting a growth of 9% YOY. YTD tourist Arrivals for 215 was Maximum number of arrivals was witnessed from the Western Europe region while the figure stood at 34964, with a growth rate of -6%. Tea & Rubber Auction Tea Auction Prices Rubber Auction Prices High Medium Low Latex Scrap Sheet Source: forbesteaportal Source: CRTA Tea prices continued the decline due to subdued demand from Russia and Middle East which are our biggest export destination. However industry is expected to recover some of its lost momentum due to the current stabilisation of the rouble and the shifts in the foreign policies in the Middle East. Rubber prices continued to fall during the month of April as a part of the global trend of declining commodity prices. Inflation, as measured by the change in the CCPI which is computed by the Department of Census and Statistics, remained unchanged at.1 per cent as recorded in the previous month, on an year-on-year basis, in April 215. Annual average inflation declined from 2.5 per cent in March 215 to 2.1 per cent in April 215. Moderation of food prices during the month eased inflationary pressure in April 215 with prices of many essential item such as vegetable varieties, rice etc. declined in April 215, compared to the prices prevailed in March 215. Meanwhile foreign reserves of the country is expected to have increased to USD 7.4 Bn by 3th April from USD 6.8 Bn following the recent currency swap facility provided by India. Reserves are expected to increase further during next few months with the expected proceeds of the balance portion of US dollars 1.1 billion from the currency swap agreement.

6 Market Direction Slightly recovery towrds the end ASPI crossed above 7 Net foreign inflows continued Focus: Source:bloomberg *figures are in LKR Mn except ASPI, S&P SL 2, PE and PBV ASPI S&P SL 2 Value M chg % Top Gainers Bourse remained volatile during the month of April as investors were uncertain regarding passing the 19A amendment in the parliament. However an upward trend was witnessed in indices towards the end of the month owing to passing the amendment by majority votes. 4 4/3/14 7/31/14 1/31/14 1/31/15 4/3/ /3/14 7/31/14 1/31/14 1/31/15 4/3/15 Top Losers CODE Price % Volume CODE Price % ASPI 7, % S&P SL 2 4, % Turnover 12,35, % Volume 536,69, % Foreign Pur 5,491, % Foreign Sales 4,659,244.28% PE % PBV % Market Cap 3,47, % PCH.N.3 5.% 3,986,996 PARA.N % ESL.N % 1,829,449 CHLN.N % OGL.N % 974,311 OFEQ.N 1, % CRL.N % 4,173,814 UDPL.N % GSF.N % 476,825 CINS.N 1, % Volume 16 27, , Top Turnover Top Volume Code Price % M Change Turnover Code Price % M Change JKH.N % 1,664,938,472 FLCH.N 1.7.% COMB.N % 1,181,356,826 DIAL.N % DIST.N % 933,447,11 AEL.N % DIAL.N % 562,49,277 REEF.W % HNB.N % 519,369,756 VPEL.N % Volume 113,744,752 51,3,17 16,51,682 14,285,11 13,614,772 Sector Bank Finance Ins Bev Food Tobacco Chemicals Pharms Construction Eng Diversified Footwear Textile Health Care Hotels Travels Investment Trust IT Land Property Manufacturing Motors Oil Palms Plantations Power & Energy Services Stores Supplies Telecom Trading Index gain 5.34% 1.34% 4.91% 6.75% 4.37%.92% 5.38% 2.62% 3.25% Moving Average Convergence Divergence (MACD) 22.13% Relative Strength Index (RSI) 2.76% 5.37% 2.61% 4.59% 2.32% 6.58% 2.81% 1.31% 2.38% 6.73% Apr-15 9-Apr-15 2-Apr Apr MACD_DIFF MACD MACD_SIGNAL 1-Apr Apr Apr-15 RSI Middle Limit Upper Limit Lower Limit MACD line crossed above the signal line in the beginning of the month indicating a signal of a slight recovery. MACD was above "" towards the end of the month. RSI picked up from the bearish region and closed near the overbought region.

7 Foreign Interest of Big Cap counters Units: Monthly Prices in LKR, foreign stakes in number of shares Company Month end Price Month Ago Foreign Stake Foreign Stake month ago Difference John Keells Holdings Plc Ceylon Tobacco Company Plc Commercial Bank of Ceylon Plc Nestle Lanka Plc Dialog Axiata Plc Sri Lanka Telecom Plc Carsons Cumberbatch Plc Hatton National Bank Plc The Bukit Darah Plc Distilleries Company Of Sri Lanka Dfcc Bank Aitken Spence Plc Chevron Lubricants Lanka Plc DFCC Bank Sampath Bank Plc Cargills (Ceylon) Plc Asian Hotels & Properties Plc Aitken Spence Hotel Holdings Plc C T Holdings Plc Hayleys Plc ,29, ,43,17 311,382,48 51,315,44 7,824,96, ,559,882 34,132,131 89,82,868 21,664,254 69,156,13 65,535, ,734,116 39,36,823 7,34,878 32,82,198 17,233,839 9,176,571 5,972,9 29,11,44 2,93, ,793, ,395,78 38,244,655 51,261,53 7,782,365, ,559,882 33,731,133 9,636,666 21,194,171 7,281,121 65,914, ,329,629 39,39,986 7,133,54 31,73,89 17,256,79 9,131,517 5,973,39 29,11,44 2,134,314 3,415,516 8,29 3,137,393 53,91 42,594,992-4,998 (815,798) 47,83 (1,124,991) (378,763) (595,513) (3,163) (98,176) 352,19 (22,951) 45,54 (1,3) - (4,4) ASPI Contributors Company Month end Price Month Ago Carson Cumberbatch Plc Dialog Axiata Plc John Keells Holdings Plc Lanka Orix Leasing Co Plc Aitken Spence Hotel Holdings Commercial Bank Of Ceylon Pl Commercial Credit & Fin Plc Ceylon Beverage Holdings Plc Distilleries Co Of Sri Lanka Dfcc Vardhana Bank Plc National Development Bank Pl John Keells Hotels Plc Diesel & Motor Engineering Lighthouse Hotel Plc/The Asian Hotels & Properties Pl Associated Motor Finance Co Ct Holdings Plc Nuwara Eliya Hotels Co Plc Tokyo Cement Co Lanka Plc Ceylon Hospitals Plc Cargills (Ceylon) Plc Sri Lanka Telecom Plc Ceylinco Insurance Co Plc Ceylon Tobacco Co Plc Units: Monthly Prices and Turnover in LKR, Contribution to ASI in points Volume 6,362 51,3,17 8,82,768 Turnover 2,534, ,49,277 1,664,938,472 1,728,12 136,83, ,653 2,423,942 6,972,427 1,181,356,826 5,749,523 3,888, , , ,28,23 941,27 1,646 39, ,579, , ,447,11 21,822,296 14,68, ,558 2, ,439 53,97 3,457, ,824 5,55, ,591 3,999,746 22,425,538 27,448 2,954,989 5,48 6,767, , ,364 1,248, , ,574,143 Contribution to ASI (.48) (.52) (.52) (.53) (.65) (.66) (.9) (.9) (1.6) (1.71) (8.55) (9.77)

8 Performance of the Sri Lankan Equity Market Net Foreign Inflow April 3,742 LKR Mn YTD: 3,742 LKR Mn LKR Mn 3, 236, , ,886 2, 149, , ,22 114,43 72,56 67,523 1, 61,917 15,96 21,29 1-Apr 6-Apr 8-Apr 1-Apr 16-Apr 2-Apr 22-Apr -1, Apr 28-Apr -1, -31,653-35,16 2,73-2, -131,851-3, -4, -31,655 Source: Bloomberg Seasonality Behavior of ASPI Highest 5 years 7, ,66 April 7,179 8, 7,5 7, 6,5 6, 5,5 5, 4,5 4, Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec Source: Bloomberg Lowest 5 years 4, ,782 April 6,899 Indices Performance 12.% 1.% 8.% 6.% 4.% 2.%.% 4/1/15 4/7/15 4/13/15 4/19/15 4/25/15-2.% Sri Lanka Thailand Pakistan Vietnam MSCI frontier MSCI Emerging MSCI world Source: Bloomberg PE ratios of markets Sri Lanka Thailand Pakistan Vietnam MSCI frontier MSCI Emerging MSCI world Sri Lanka Thailand Pakistan Vietnam MSCI frontier MSCI Emerging MSCI world Source: Bloomberg ASPI was up by 262 points for the month.all most all the indices in the region recorded an upward trend. PE of the Sri Lankan equity market remained below the MSCI Emerging and MSCI world.

9 LKR Mn LKR Mn AHPL SL Equity Counter of Focus -Asian Hotels & Properties Plc is a 78.6% owned subsidiary of John Keells Holdings. AHPL owns and operates Cinnamon Grand Colombo while also acts as the holding company of the Trans Asia which operates the Cinnamon Lakeside. Property segment of AHPL includes the sales of apartments and the income from the "Crescat Mall" and the "K-Zone" malls in Moratuwa and Ja-Ela. -"Cinnamon" brand continued to retain its market leadership among city hotels (51%) while this segment is expected to grow in line with the expected boom in the tourism sector. -Property segment benefitted during the year due to the low interest rate environment prevailed in the country.construction work of 7th sense commenced while the "OnThree2" project was completed. -In the year ended 213/14 group' s revenue increased by 5% while PAT was 2.81 Bn declined by 8% compared with previous year due to the last year's profits being boosted by fair value of investment property. Asian Hotels & Properties Pl Share Details Bloomberg Ticker Share Price (LKR) Market Cap (LKR Mn) Issued Quantity (Mn) Share Price Performance AHPL SL , m 6m 12m Absolute 6.64% -7.28% -6.25% Relative To ASPI 2.56% -4.18% % 52 W High/Low 75/6.2 (LKR) 52 W Avg. Volume 16,545 Beta (6 months).85 Graph 1: Turnover 1, 8, 6, 4, 2, Source: Bloomberg Graph 2: Net Profit - 3, 2,5 2, 1,5 1, 5-4,9 7,457 8,855 7,891 8, ,775 2,149 2,494 2, LKR Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Source: Bloomberg Business Nature Asian Hotels and Properties PLC is into the business of operating hotels and property development. Cinnamon Grand Colombo and Cinnamon Lakeside falls under the hotel segment of the group while the Crescat Mall is the main revenue contributor under the property sector. Shareholder Details John Keells Holdings Plc 78.56% Employee Provident Fund Srilanka 9.82% Sri Lanka Insurance Corp 2.27% Ceybank Unit Trust 2.15% Source: Bloomberg Dr.S. Yaddehige.77% Figures in LKR Mn Revenue 8,256 7,891 8,855 7,457 4,9 Net Profit 2,398 2,494 2,149 1, EPS (LKR) PE (X) PBV Div. Yield (%) ROE (%) Debt/Equity (%) CAGR 11.% 3.65% 47.14% % -13.4% 34.93% 15.86% %

10 Relative Valuation Grid Key : Attractive compared to the sector Attractive compared to both market and sector XX XX Name Price (LKR) % chg M Market Cap* ROE % PE PBV Div. Yield % Beta Market Banks, Finance and Insurance Aia Insurance Lanka Plc % 8, Central Finance Co Plc % 27, Ceylinco Insurance Co Plc % 34, Commercial Bank of Ceylon Plc % 148, DFCC Bank % 57, Hatton National Bank Plc % 88, Hnb Assurance Plc % 4, Housing Development Fin Corp % 4, Janashakthi Insurance Co Plc % 8, Lanka Orix Finance Plc % 11, Lanka Orix Leasing Co Plc % 36, LB Finance Plc % 12, National Development Bank Pl % 43, Nations Trust Bank Plc % 24, Pan Asia Banking Corp Plc % 7, People'S Leasing & Finance P % 37, People'S Merchant Finance Pl % 1,647 (8.19) Smb Leasing Plc % 1, Sampath Bank Plc % 44, Sanasa Development Bank Plc % 4, Seylan Bank Plc % 3, Singer Finance Lanka Plc % 3, Finance Co Plc/The % 1, (.32) Union Assurance Plc % 14, Union Bank Of Colombo Plc % 27,394 (3.37) Vallibel Finance Plc % 2, Multi Finance Plc % 66 (15.14) Amana Bank Ltd % 6,629 (1.49) N.A Amana Takaful Plc 1.4.% 2, Commercial Leasing & Finance % 25, Sinhaputhra Finance Plc % 1, Swarnamahal Financial Servic % 1, (1.24) Beverage, Food and Tobacco Bairaha Farms Plc % 1, Cargills (Ceylon) Plc % 3, Ceylon Cold Stores Plc % 3, Ceylon Tea Services Plc % 16, Ceylon Tobacco Co Plc % 187, Distilleries Co Of Sri Lanka % 75, Keells Food Products Plc % 2, Lion Brewery Ceylon Plc % 5, Nestle Lanka Plc 23..% 123, Renuka Agri Foods Plc 4.8.% 2, Renuka Foods Plc % 2, Three Acre Farms Plc % 1,

11 Name ROE (%) PE PBV Div. Yield % Beta Chemicals and Pharmaceuticals CIC Holdings Plc % 7, Haycarb Plc % 5, Lankem Ceylon Plc % 2,474 (8.25) J.L. Morison Son & Jones % 2, n.a Muller & Phipps Ceylon Plc % n.a Pc Pharma Plc % n.a Construction and Engineering Access Engineering Plc % 22, Colombo Dockyards Plc % 12, Lankem Developments Plc % 36 (5.4) n.a Mtd Walkers Plc % 8, Diversified Aitken Spence Plc % 41, Ct Holdings Plc % 23, Carson Cumberbatch Plc % 82, Dunamis Capital Plc % 3, Expolanka Holdings Plc 8.5.% 16, Finlays Colombo Plc % 1, Hayleys Plc % 23, Hemas Holdings Plc % 43, John Keells Holdings Plc % 25, Richard Pieris & Co Plc % 16, Softlogic Holdings Plc % 11, Sunshine Holdings Plc % 7, Flc Holdings Plc 1.7.% 2, , Pc House Plc.3 5.% 13 (73.19) Vallibel One Plc % 24, Footwear and Textiles Ceylon Leather Products Plc % 2, Odel Plc % 5, Healthcare Asiri Hospitals Holdings Plc % 22, Asiri Surgical Hospital Plc % 8, Ceylon Hospitals Plc % 3, Lanka Hospital Corp Plc % 8, Nawaloka Hospitals Plc % 4, Hotels and Travels Aitken Spence Hotel Holdings % 26, Amaya Leisure Plc % 4, Asian Hotels & Properties Pl % 29, Ceylon Hotels Corp Plc % 4, Citrus Leisure Plc % 1,283 (5.57) Dolphin Hotels Plc % 1, Eden Hotel Lanka Plc % 1,19 (8.56) Galadari Hotels Lanka Plc % 6, Hotel Sigiriya Plc % John Keells Hotels Plc % 24, Renuka City Hotels Plc % 2, Pegasus Hotels Of Ceylon Plc % 1, Serendib Hotels Plc % 2, Sigiriya Village Hotels Plc % Taj Lanka Hotels Plc % 4,49 (43.71)

12 Name ROE (%) PE PBV Div. Yield % Beta Hotels and Travels Tangerine Beach Hotels Plc % 1, The Kingsbury Plc % 3, Trans Asia Hotels Plc % 17, IT Pc House Plc.3 5.% 13 (73.19) E-Channelling Plc % 1, Investment Trust Ascot Holdings Plc % Ceylon Guardian Investment % 15, Ceylon Investment Plc % 9, Lanka Century Investments Pl 13.7.% 4,786 (3.57) Lee Hedges Plc % 2, Renuka Holdings Plc % 2, Land and Property C T Land Development Plc % 1, Cargo Boat Development Co % 1, City Housing & Real Estate C % 186 (17.59) Colombo Land & Dvlp Co Plc % 5,537 (1.7) East West Properties Plc % 1,797 (.5) Kelsey Development Plc % 784 (74.66) Overseas Realty Ceylon Plc % 2, Seylan Developments Plc % 2, York Arcade Holdings Plc % Millennium Housing Developer % 1, N.A Manufacturing Acl Cables Plc % 4, Acl Plastics Plc % Blue Diamonds Jewellery Worl 1.5.% 494 (29.21) Ceylon Grain Elevators Plc % 2, Chevron Lubricants Lanka Plc % 48, Dankotuwa Porcelain Plc % Dipped Products Plc % 9, Hayleys Fibre Plc % n.a Kelani Cables Plc % 2, Kelani Tyres Plc % 6, Lanka Aluminium Indus Plc % Lanka Ceramic Plc % 3, Lanka Tiles Plc % 5, Lanka Walltile Plc % 5, Piramal Glass Ceylon Plc % 5, Richard Pieris Exports Plc % 1, Royal Ceramics Lanka Plc % 12, Swisstek Ceylon Plc % 1, Textured Jersey Lanka Plc % 15, Tokyo Cement Co Lanka Plc % 16, Orient Garments Plc % 868 (12.69) Agstar Plc % 1, Motors Diesel & Motor Engineering % 5, Lanka Ashok Leyland Plc % 5, Sathosa Motors Plc % 1, United Motors Lanka Plc % 9,

13 Name ROE (%) PE PBV Div. Yield % Beta Oil Palm Bukit Darah Plc % 69, Good Hope Plc % 13, Indo Malay Plc/The % 11, Selinsing Plc % 11, Shalimar Malay Plc % 15, Plantations Agalawatte Plantations Plc % Balangoda Plantations Plc % 546 (8.62) Bogawantalawa Tea Estates % Hapugastenne Plantations Plc % 1, Horana Plantations Plc % n.a Kahawatte Plantations Plc % 2, Kegalle Plantation Plc % 2, Kelani Valley Plantations Pl % 2, Kotagala Plantations Plc % 1,8 (14.11) Malwatte Valley Plant-Voting 4..% Maskeliya Plantation Plc % 583 (.69) Namunukula Plantations Plc % 1, Talawakelle Tea Estates Plc % Watawala Plantation Plc 2.1.5% 4, Udapussellawa Plantation Plc % n.a Power and Energy Flc Hydo Power Plc % Lanka Ioc Plc % 21, Laugfs Gas Plc - Voting % 15, Panasian Power Plc % 1, Resus Energy Plc % 2,817 (24.45) Vallibel Power Erathna Plc % 6, Vidullanka Plc % 4, Mackwoods Energy Plc % Services Ceylon Tea Brokers Plc % Mercantile Shipping Co Plc % 341 (82.39) Stores and Supplies E.B. Creasy & Co Plc % 2,564 (1.39) Hunter & Co Plc % 2, Telecommunication Dialog Axiata Plc % 93, Sri Lanka Telecom Plc % 82, Trading Brown & Co Plc % 6, Cw Mackie Plc % 2, Eastern Merchants Plc 1..% 1,174 (8.67) Singer Sri Lanka Plc % 15, Tess Agro Plc 1.5.% 42 N/A N/A *Market Cap units- LKR Mn

14 Stocks trading below Net Asset Value Pc House Plc Central Investments & Financ Balangoda Plantations Plc Madulsima Plantations Plc Malwatte Valley Plant-Voting Maskeliya Plantation Plc Flc Holdings Plc Horana Plantations Plc Kotagala Plantations Plc Amw Capital Leasing & Financ Kalpitiya Beach Resort Plc Citrus Leisure Plc Seylan Developments Plc Eden Hotel Lanka Plc Marawila Resorts Plc Waskaduwa Beach Resort Plc Talawakelle Tea Estates Plc Brown & Co Plc Lankem Developments Plc Elpitya Plantations Plc Tangerine Beach Hotels Plc Colombo Fort Land & Bldg Co Colonial Motors Plc Browns Investments Ltd Kegalle Plantation Plc Lanka Century Investments Pl C T Land Development Plc Lee Hedges Plc Colombo Investment Trust Plc Lanka Milk Foods Cwe Plc Chemanex Plc Diesel & Motor Engineering Renuka City Hotels Plc Ceylon Hotels Corp Plc Lankem Ceylon Plc Hayleys Fibre Plc Hayleys Fibre Plc Hapugastenne Plantations Plc Singer Industries Ceylon Plc Metropolitan Resource Hldgs Galadari Hotels Lanka Plc Overseas Realty Ceylon Plc Kelani Cables Plc Vallibel One Plc E.B. Creasy & Co Plc Kandy Hotels Co 1938 Plc On'Ally Holdings Plc Commercial Development Co Ceylon Grain Elevators Plc Pc Pharma Plc Kelani Valley Plantations Pl Alliance Finance Co Plc Sigiriya Village Hotels Plc Acl Cables Plc Acl Plastics Plc Colombo Pharmacy Co Plc Acme Printing & Packaging Pl Cargo Boat Development Co Hunter & Co Plc Central Industries Plc Pegasus Hotels Of Ceylon Plc Bogawantalawa Tea Estates Lanka Walltile Plc Flc Hydo Power Plc Renuka Foods Plc Merchant Bk Of Sri Lnka & Fi Eastern Merchants Plc Resus Energy Plc Agalawatte Plantations Plc

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