Piramal Glass Ceylon PLC. BUY LOLC SEC Valuation. Equity Research. Interim Update Q4 FY 16/17

Transcription

1 LKR Piramal Glass Ceylon PLC Interim Update Q4 FY 16/17 Equity Research Quarterly revenue declined by 13% mainly attributed to the capacity constraints owing to the closure of its furnace for relining and expansion. Accordingly bottom line reported only a marginal increase of 4.5% owing to the lower topline growth, higher finance cost due to debt taken for the investment and due to higher income taxes paid on trading profit (since trading profits are taxed at 28% vs 2% tax on local manufacturing) made on the import of glass to fulfill the domestic demand during the two-month shut down of the plant. Investment Considerations GLAS completed the recent year with a declined PAT of 25% attributed to lowered margins due to planned shutdown of the plant for 2 months for furnace relining which caused the company to import volumes at a higher cost (inclusive of rupee depreciation of 4% and import duties of 15%). Fluctuating LPG prices, high furnace oil prices and increased finance cost due to borrowings for the investment also negatively impacted on the company's bottom line. Domestic sales FY17 was LKR 5574 Mn with a marginal growth of 3% while domestic market segment mainly includes industries of liquor, food & beverages, pharmaceuticals and agro chemicals. Recent upgrade of furnace together with the capacity enhancement by 2% (25 MT/day to 3 MT/day) will enable GLAS to mainly serve increasing demand in its local segment. The additional tonnage is expected to channel first towards satisfying the local market demand for virgin coconut oil exports, water bottles in various sizes, incremental demand for aerated bottles due to shift in consumer preference over PET/ Plastics, returnable bottles in liquor segments and then towards specialty segment in the international market. Export market sales declined by 8% due to the capacity constraints from 2 months closure of the furnace as the company was selective in servicing the high value-added export specialty segments. Approximately 4% of production costs is generated by energy, led by dual fired furnace of LPG and furnace oil. New furnace is capable of operating using both energy types. Accordingly, higher furnace oil prices are expected to set off with the use of LPG. Despite reductions in international oil prices, which currently hovers between $5-55 per barrel, local furnace oil prices have remained static in Sri Lanka at LKR 8/L, at a premium of 4% (As per U.S Energy Information Administration heating oil/furnace oil is trading at 1.42 USD/gallon) causing the company to be uncompetitive in global markets in exports due to higher prices led by higher cost. Despite the increase in finance cost FY16/17 due to borrowings taken for the investment, interest rate risk is at a moderate level for the company as the loan obtained for the investment is fixed at 9% cap and due to free from further debt financing needs. Accordingly, GLAS's bottom line is expected to improve FY18E-FY2E with the added capacity which will enable the company to serve the rising demand. Further company's exposure to exchange rate risk is mitigated through the natural hedging as the inflow of foreign currency through export sale off sets the import cost. Valuation GLAS's performance FY 17 impacted due to 2 months closure of the plant. However, performance for FY18E- FY 2E is expected to improve in line with the increased capacity level which will help the company to service rising demand. Accordingly, in line with the positive growth signs of the company we have valued the counter at LKR 7.3 per share. However, at the current price, counter is trading at a discount to our valuation with 17.74% upside. Thus, we give a BUY recommendation for GLAS. At current price level counter is trading at a PE of 12.13X which is at a premium to the sector and a Price to book of 1.4X which is at a discounter to the sector. BUY LOLC SEC Valuation LKR M Tgt Price (excl. dividend) LKR 7.2 Share Price LKR 6.2 Upside/(Downside) 17.74% Risk Level High (refer page 9 for recommendation guidance) Share Details CSE Ticker Bloomberg Ticker CSE Sector GICS Sector GLAS SL PIRA SL Manufacturing Materials Market Cap (LKR Mn) 5,891 Issued Quantity (Mn) 95 3-day avg T/O (LKR Mn) 1.39 Beta (6 months) 1.18 Quarter Financial Summary Year ending 31/3/17 LKR Bn FY 17 Q1 FY17 Q2 FY 17 Q3 FY 17 Q4 Revenue Net Profit S/H's Equity Total Assets ROA (%) ROE (%) Price Multiples PE (X) PBV (X) 1.4 Price to Sales (X).87 Divdend Yield (%) 4.19 Price Behavior Jun-16 6-Sep-16 6-Dec-16 6-Mar-17 PIRA Share Price ASI movement (adjusted to PIRA base price) Per Share Details as at (LKR) Earnings per share (trailing 12m).51 Net Asset Value per share 4.43 Sales per share (trailing 12m) 7.14 Dividend Per Share (trailing 12m).26 Shareholder Details Piramal Glass Ltd 56% Employee Provident Fund Srilanka 1% Norges Bank 3% Shareholders below 5% 34% Analyst Hiruni Perera hirunipe@lolcsecurities.com, LOLC SEC Research 5 June 17 Recommendation Guidance, Important Disclosures and Analyst Certification: Page 9

2 USD Per barrel North American LPG Natural Gasoline (USD Gallon) USD to LKR FY 13 Q4 FY14 Q1 FY14 Q2 FY14 Q3 FY 14 Q4 FY15 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY16 Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY17 Q1 FY17 Q2 FY 17 Q3 FY17 Q4 FY 13 Q4 FY14 Q1 FY14 Q2 FY14 Q3 FY 14 Q4 FY15 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY16 Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY17 Q1 FY17 Q2 FY 17 Q3 FY17 Q4 FY 14 Q4 FY15 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY16 Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY17 Q1 FY17 Q2 FY 17 Q3 FY17 Q4 FY 13 Q4 FY14 Q1 FY14 Q2 FY14 Q3 FY 14 Q4 FY15 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY16 Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY17 Q1 FY17 Q2 FY 17 Q3 FY17 Q4 Revenue LKR Mn Net Profit LKR Mn Interim Update: Piramal Glass Ceylon PLC 5 June 17 Graph 1: Quarterly Revenue and Profit Graph 2: Quarterly GP margin 2,5 2, 1,5 1, % 3% 25% 2% 15% 1% 5% % GP Margins declined to 7% in Q2 FY 16/17 due to declined revenue and due to higher cost invloved with import of bottles during the closure of the plant. Revenue Net Profit Graph 3: ROA and ROE Graph 4: Debt to Equity 3% 25% 2% 15% 1% 5% % 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % ROE ROA Graph 5:Crude Oil and LPG Prices Movement Graph 6: Exchange Rate Movement /2/16 8/2/16 1/2/16 12/2/16 2/2/17 4/2/17 6/2/17 Crude Oil- Brent North American Spot LPG Natural Gasoline /2/16 8/2/16 1/2/16 12/2/16 2/2/17 4/2/17 6/2/17 Graph 7: Segmental Revenue Graph 8: Cost of Sales Structure Other, 15% 26% 23% Material Food & Beverage, 3% Liquor, 55% 11% 4% Energy cost Employee cost Other overheads Source: LOLC SEC Research Source: LOLC SEC Research 2 LOLC Securities Limited

3 Terminal Growth Rate Interim Update: Piramal Glass Ceylon PLC 5 June 17 Valuation We have taken into account a cost of equity of 16.7%, by using our weighted average cost of equity model (refer table 2 below). Terminal growth of 5% has been assumed considering the future GDP growth of the country while mid-term growth of 1% has been assumed considering the growth in the domestic food, beverage and alcohol sector. (since it is the main contributor to GLAS s revenue). Our FCFE model values the counter at LKR 7.3. At the current share price, GLAS is trading at a trailing PE of 12.13X and a PBV of 1.4X. Table 1: Valuation Sensitivity Matrix Share price in LKR Cost of Equity 14.7% 15.7% 16.7% 17.7% 18.7% 3% % % % % , LOLC SEC Research Table 2: Weighted Average Cost of Equity (CoE) estimation (Required rate of return) Risk free rate (3 yr LKR T-Bond Rate) - a 11.62% Local market risk premium - b 5.% % of average local holdings - c 94% 16% Risk free rate (3 yr USD T-Bond Rate) - d 1.5% Sri Lanka's country risk premium - e 6.4% % of average foreign holdings in free float - f 6%.5% Illiquidity risk premium - g.% Weighted average cost of equity {[(a+b)*%c] +[ (d+e)*%f]+ g} 16.7% Source: CBSL, CSE, Bloomberg, LOLC SEC Research, US Treasury, NYU Stern Country Risk Premiums Table 3: Peer Comparison Name Market Cap (USD Mn) PE (x) PBV (X) Dividend ROE % Piramal Glass Ceylon Plc (Sri Lanka) Royal Ceramics Lanka Plc (Sri Lanka) Acl Cables Plc (Sri Lanka) Piramal Enterprises Ltd (India) Shandong Huapeng Glass Co -A (China) La Opala Rg Ltd (India) , LOLC SEC Research 3 LOLC Securities Limited

4 Volume LKR Interim Update: Piramal Glass Ceylon PLC 5 June 17 Table 4: Return comparison Graph 9: Share Price Movement 3,, 25,, 2,, 15,, 1,, 5,, % PIRA ASI Index S&P SL 2 Index RCL 3 months months YTD year Volume SMAVG (5) SMAVG (1) Price RSI (14) /2/14 11/2/14 4/2/15 9/2/15 2/2/16 7/2/16 12/2/16 5/2/ Graph 1: PE Chart /2/14 11/2/14 4/2/15 9/2/15 2/2/16 7/2/16 12/2/16 5/2/17 PE ratio Highest Average Lowest Graph 12: Price per Sales /6/14 11/6/14 4/6/15 9/6/15 2/6/16 7/6/16 12/6/16 5/6/17 Price to Sales ratio Highest Average Lowest Graph 14: CSE PE Chart Graph 11: PBV Chart PBV ratio Highest Average Lowest Graph 13: Dividend Yield /2/14 11/2/14 4/2/15 9/2/15 2/2/16 7/2/16 12/2/16 5/2/17 GLAS dividend yield Highest Average Lowest Graph 15: CSE PBV Chart /6/14 11/6/14 4/6/15 9/6/15 2/6/16 7/6/16 12/6/16 5/6/17 ASI PE ratio Highest Average Lowest ASI PBV ratio Highest Average Lowest 4 LOLC Securities Limited

5 Interim Update: Piramal Glass Ceylon PLC 5 June 17 Table 5: Forecast Financial Statements Figures in LKR Mn FY 214/15 FY 215/16 FY 216/17 FY 217/18 (F) FY 218/19 (F) FY 219/2 (F) Income Statement Revenue 5,792 6,755 6,783 9,642 1,124 1,631 Cost of Revenue -4,675-5,258-5,412-7,267-7,724-8,216 Gross Profit 1,117 1,497 1,371 2,376 2,4 2,415 Operating Expenses ,12-1,63 Operating Income ,441 1,417 1,381 Net Finance Expenses Pretax Income ,5 1,83 1,146 Income Tax Expense Income Before XO Items Net Profit att. to shareholders Balance Sheet Cash & Near Cash Items ,275 1,541 Accounts & Notes Receivable 1,231 1,319 1,98 1,189 1,248 1,311 Inventories 1,433 1,444 1,446 1,95 1,164 1,238 Total Current Assets 2,871 2,931 2,856 3,314 3,726 4,128 Total Long-Term Assets 3,595 3,725 6,21 5,724 5,283 4,884 Total Assets 6,466 6,656 9,66 9,38 9,9 9,12 Accounts Payable 346 1, ,242 1,32 1,44 Short Term Loans 1, Total Current Liabilities 2,422 1,847 1,716 1,826 1,94 1,988 Total Long-Term Liabilities ,139 2,599 2,59 1,519 Total Liabilities 2,84 2,589 4,854 4,425 3,963 3,57 Share Capital 1,526 1,526 1,526 1,526 1,526 1,526 Retained Earnings & Other Equity 2,1 2,541 2,685 3,87 3,52 3,978 Total Equity 3,626 4,67 4,211 4,613 5,46 5,55 Total Liabilities & Equity 6,466 6,656 9,66 9,38 9,9 9,12 Cash Flow Statement Net Income Depreciation & Amortization Changes in Non-Cash Capital Cash From Operations 782 1, ,969 1,357 1,364 Capital Expenditures , Increase in Investments -1 Cash From Investing Activities , Dividends Paid Change in long-term Borrowings , Cash from Financing Activities ,65 2,273-1, Net Changes in Cash , LOLC SEC Research Note: Total Assets increased to LKR 9 Bn FY 16/17 due to LKR 3 Bn investment on upgrading the furnace. 5 LOLC Securities Limited

6 Interim Update: Piramal Glass Ceylon PLC 5 June 17 Table 6: Forecast Ratios FY 214/15 FY 215/16 FY 216/17 FY 217/18 (F) FY 218/19 (F) FY 219/2 (F) Profitability Ratios GP Margin (%) 19% 22% 2% 25% 24% 23% NP Margin (%) 8% 1% 7% 8% 9% 9% ROE (%) 12% 16% 12% 17% 17% 17% ROA (%) 7% 1% 5% 9% 1% 1% Earnings per share (LKR) Dividend per Share (LKR) Credit Ratios Debt/Equity Ratio (%) 47% 21% 82% 59% 43% 3% Interest Coverage (X) Total Assets/Equity (X) Net Debt/EBIT (X) Liquidity Ratios Current Ratio (X) Quick Ratio (X) Asset Turnover Ratio (X) Net Asset Value per share (LKR) Growth Ratios Revenue Growth YOY% 11% 17% % 42% 5% 5% Earnings growth YOY% 55% 49% -26% 66% 8% 6% Total Assets YOY% -2% 3% 36% -.31% -.32%.3% Total Debt YOY% -7% -49% 3% -22% -2% -25% Investment Ratios Price Per Share PE Ratio (X) Price to Book Value (X) Dividend Yield (%) 6.5% 4.43% 6.11% 5.8% 6.24% 6.61%, LOLC SEC Research 6 LOLC Securities Limited

7 Sales in LKR Mn Packed Glass Tonnage Interim Update: Piramal Glass Ceylon PLC 5 June 17 Company Profile Piramal Glass Ceylon PLC (formally Ceylon Glass Company PLC) is a company with a history of over 6 years which was initiated by a group of Ceylonese entrepreneurs after the country gained political independence. The company began modestly but grew with the technical guidance received from Nippon Glass in Japan and subsequently with BGI, Thailand, initially manufacturing Amber quart bottles. The opportunity of coming under the umbrella of Piramal Group (A large Indian conglomerate and leaders in the manufacture of pharmaceuticals and glass containers apart from real estate and more) in 1999, spurred the company to reach greater heights. This strategic alliance paved the way for the company to have a global footprint in the industry. As the Island s sole manufacturer, Piramal Glass offers the entire molded range of glass bottles for the Food and Beverages, Pharmaceuticals and Cosmetics and Perfume industries. GLAS is the sole manufacturer of glass packaging in the country with a market share of over 9%. Company currently operates its main manufacturing facility in Horana which can accommodate up to 3MTs per day. GLAS also operates South East Asia s only fore hearth color bottles production facility. Raw materials include Soda Ash (which are being imported from China and Turkey), Dolomite and Silica (which are being obtained locally (Naththandiya). Main local customers include Distilleries Co. of Sri Lanka PLC, Cargills (Ceylon) PLC, Carsons Cumberbatch, GlaxoSmithKline Pharmaceuticals, Coca-Cola Beverages Sri Lanka and Unilever Sri Lanka Ltd. Around 25% is exported to countries like Australia, New- Zealand, Kenya, UAE, Philippines, Mauritius, Maldives. Graph 16: Packed Glass and Revenue breakdown 8, 75, 7, 6, 1,32 1,29 7, 5, 4, 3, 2, 1, 1,225 1,37 1,446 3,895 4,5 3,71 1,371 4,337 5,332 5,468 65, 6, 55, , Local Sales Export Sales Packed Glass Tonnage Source:Annual Report Graph 17: Shareholder Structure I (%) Graph 18: Shareholder Structure II (%) 37% 2% 63% 8% Local Foreign Individual Institutional Source: Annual Report Source:Annual Report LOLC Securities Limited

8 Interim Update: Piramal Glass Ceylon PLC 5 June 17 Shareholding Distribution Table 7 (As at ) Shareholder # of Shares Last Qtr. Filing Date % Institution Type Country Position Change Piramal Glass Limited 536,331,88 536,331, Institution India Employees Provident Fund 9,317,14 9,317, Institution Sri Lanka Citibank New York S/A Norges Bank Account 2 25,5, 25,5, Institution Norway CB NY S/A Salient International Dividend Signal Fun 17,918,874 17,918, Institution United States Union Assurance PLC/Account No.5 8,833,613 11,438,25 2,64, Institution Sri Lanka Mr. G Dangampola and Mrs. N P Dangampola 1,289,155 1,289, Individual Sri Lanka Mr. S D R Arudpragasam 9,46, 9,4, - 6, Individual Sri Lanka Mr.N Perera 8,35, 8,35, Individual Sri Lanka Bangkok Glass Industry Company Limited 6,28, 6,28, Institution Thailand Mr. M M J Fernando 6,212,42 6,212, Individual Sri Lanka Mr. H M Udeshi 6,92,57 6,92, Individual Sri Lanka People's Bank 5,9,66 5,9, Institution Sri Lanka Anverally and Sons (Pvt) Ltd A/C No 1 5,3,216 5,3, Institution Sri Lanka Mr. M K Chandrasiri 5,, 5,, Individual Sri Lanka Alpex Marine (Pvt) Ltd 5,, 5,, Institution Sri Lanka DFCC Bank PLC A/C 1 5,, 5,, Institution Sri Lanka Mr. E Joseph and Mr. A J Tissera 3,98, 4,2, 4, Individual Sri Lanka Employees Trust Fund Board 3,78,256 3,78, Institution Sri Lanka Mr. A J Tissera 3,71, 3,71, Individual sri Lanka Bank of Ceylon No.1 Account 3,288,6 3,288, Institution Sri Lanka Others 183,847, ,263,94-2,584, Total 95,86, LOLC Securities Limited

9 Interim Update: Piramal Glass Ceylon PLC 5 June 17 Recommendation Guidance LOLC SEC Valuation BUY expected return > 1% in excess of benchmark return SELL expected return less than benchmark return HOLD expected return between % and 1% in excess of benchmark return Investment Horizon: 3 years 12 months target price (12M Tgt Price) is based on the expected capital appreciation of the share excluding dividend. Benchmark Interest Rate: Average Weighted Fixed Deposit Rate (AWFDR) published by Central Bank of Sri Lanka. Risk Level Evaluation High: Maximum price volatility to be up or down more than 5% monthly Medium: Maximum price volatility to be up or down between 25% - 5% monthly. Low: Maximum price volatility to be up or down less than 25% monthly. Risk Level is calculated taking the historical standard deviation measures. Weighted Average Cost of Equity Cost of Equity (CoE) calculation integrates current shareholder structure and assumption that it will continue to the investment horizon. The underlying presumption is shareholder return expectation will determine the pricing of the counter. Accordingly CoE of Sri Lankan Investors and CoE of Foreign Investors are weighted according to the share holding structure. Risk free rate Sri Lanka = Rsl CoE = [(Rsl + Psl)*Ssl] + [(Rfg + Pfg)*Sfg] + I Risk premium Sri Lanka = Psl Local shareholding = Ssl Risk free rate Foreign = Rfg Risk premium Foreign = Pfg Foreign shareholding = Sfg Illiquidity risk premium = I Financial Glossary EPS = Earnings per Share ROA = Return on Assets (adjusted net profit/average total assets) ROE = Return on Equity (adjusted net profit/average total equity) CAGR = Compound Annual Growth Rate ((End Value/Start Value) ^ (1/number of years) -1) GP= Gross Profit EBITDA= Earnings before interest, tax, depreciation and amortization PBT= Profit before tax PAT= Profit after tax NP= Net Profit PBV= Price to book value ratio PE= Price to earnings ratio Illiquidity Risk Premium Illiquidity Risk Premium calculates how much does an investor need to be compensated for the average duration of the investor's possession after making buy/sell decision. Illiquidity Risk Premium has been calculated by considering 1 year CSE Average Daily Turnover and Company Average Daily Turnover (excluding one off strategic transactions) and allocating appropriate illiquidity risk premium as per the following schedule. Average Time Between Liquidity Events (or Average Turnover) Illiquidity Risk Premium 1 Years 6.% 5 Years 4.3% 2 Years 2.% 1 Years.9% 1/2 Years.7% Continuous Trading.% Analyst certification: The Analyst(s) who is/are responsible for compiling or co-compiling this research and whose names appear as the analyst(s) of the research certify that the views expressed in this research accurately reflect the personal view of the analyst(s) about the subject securities and issuers and/or other subject matter as appropriate and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. No part of the compensation received by the analyst(s) was, is or will be directly or indirectly related to specific inclusion of specific recommendation or views in this research. On a general basis analyst s performance appraisal may be influenced by quality of the content and efficacy of the research. The analyst(s) who is/are responsible for compiling or co-compiling this research and whose names appear as the analyst(s) receive compensation based on overall revenues of LOLC Securities Limited and its holding company (Lanka ORIX Company PLC LOLC Group), which may include brokerage revenue from transactions involved with the securities mentioned in this research. General Disclaimer: LOLC Securities Limited is a company incorporated in Sri Lanka and licensed by the Securities and Exchange Commission of Sri Lanka to operate as a stockbroker/stock dealer in Sri Lanka. LOLC Securities Limited is a trading member of Colombo Stock Exchange. This research is based on information from sources that LOLC Securities Limited believes to be reliable. Whilst reasonable care has been taken to ensure accuracy of the information presented in the research, LOLC Securities Limited does not give a guarantee on the accuracy of the information presented in the paper nor will take the responsibility on investment decisions taken based on the information provided by the research and hence LOLC Securities Limited nor its employees accepts any liability whatsoever for any loss arising from investments decisions taken using the information provided in this paper. The reader also should note this paper does not give recommendations to any particular category of investors and investor should consult investment advisors for further clarifications regarding risks involved in investing in equity market. Investing in securities has inherent risks with no guaranteed return and price may be subjected to significant volatilities. No part of this report should be considered as a solicitation to buy or sell any security or product or to engage in or refrain from engaging in any transaction. LOLC Securities Limited or its employees may or may not hold positions in the securities discussed in the research and the information provided in the research should not be construed as a buy or sell instruction for any securities mentioned in the research, Unless otherwise specifically mentioned. This research is intended for general use for clients of LOLC Securities Limited and must not be copied in whole or in part or distributed to any third party for commercial use without permission from LOLC Securities Limited. If the reader is not the intended recipient please inform LOLC Securities Limited immediately by return to research@lolcsecurities.com. LOLC Securities Limited s other staff including sales people, traders and other professionals may provide oral or written market commentaries or trading strategies to our clients which reflect opinions which are contrary to the opinions expressed in this research which may be influenced by different circumstances. 9 LOLC Securities Limited

10 Interim Update: Piramal Glass Ceylon PLC 5 June 17 LOLC Securities Limited LOLC Securities Limited, a trading member of the Colombo Stock Exchange (CSE), is engaged in facilitating stock trading transactions at Colombo Stock Exchange, providing investment research on Sri Lankan equity, providing investment planning advices with services such as portfolio construction & formulation of IPS (Investment Policy Statement) and facilitating other investment opportunities in the country including private equity. General Line: General info@ lolcsecurities.com Research research@ lolcsecurities.com Website: SALES Head Office Sriyan Gurusinghe Managing Director / CEO / sriyang@ lolcsecurities.com Manjula Kumarainghe COO - Sales & Marketing / manjulak@lolcsecurities.com Maniesh Rodrigo Assistant General Manager-Sales / manieshr@ lolcsecurities.com Imesh Fernando Assistant Manager Sales / imeshf@ lolcsecurities.com Naleen Sadeesh Investment Advisor / naleensa@ lolcsecurities.com Damith Chaminda Investment Advisor / damithc@ lolcsecurities.com Dushan Rajaguru Investment Advisor / dushanr@ lolcsecurities.com Dinuka Niwantha Investment Advisor / dinukan@ lolcsecurities.com Niraj Jayamanne Investment Advisor / nirajj@ lolcsecurities.com Ushan De Silva Investment Advisor / ushand@lolcsecurities.com John Ravindu Investment Advisor / johnr@lolcsecurities.com Kurunegala Branch Rohana Chandrasiri Assistant General Manager / rohanac@ lolcsecurities.com Anurudda Rajakaruna Investment Advisor / anuruddhar@ lolcsecurities.com Nuwan Fernando Investment Advisor / nuwanfe@ lolcsecurities.com Bandula Senarathne Investment Advisor / bandulase@lolcsecurities.com Matara Branch Bimal Malinda Branch Head / bimalm@ lolcsecurities.com Thilina Sameera Investment Advisor / thilinawa@lolcsecurities.com Ahamed Aadil Investment Advisor / aadila@ lolcsecurities.com Kandy Branch Samadhi Jayasinghe Manager Institutional Sales samadhij@ lolcsecurities.com RESEARCH Shehan Bartholomeuz Head of Research / shehanb@ lolcsecurities.com Gayan Rajakaruna Senior Research Analyst / gayanraj@ lolcsecurities.com Hiruni Perera Associate Research Analyst hirunipe@ lolcsecurities.com Head Office Kurunegala Branch Matara Branch Kandy Branch LOLC Securities Limited No 6, 1st Floor, 1st floor, 88, Dalada Weediya No. 481, Union Assurance Building, E.H. Cooray Towers, Kandy T.B Jaya Mawatha Rajapilla Mawatha No 24, Anagarika Dharmapala Mawatha, Colombo 1 Kurunegala, Matara Sri Lanka Sri Lanka Sri Lanka Tel: Tel: Tel: Fax: Fax: LOLC SEC Research Reports are also available at Bloomberg LOLC <GO> 1 LOLC Securities Limited