Sri Lanka Stock Market Quarterly earnings update sep 2011

24
Quarterly Earnings Update September 2011 Asia Wealth Management Co.(Pvt) Ltd 1

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Asia Wealth Research

Transcript of Sri Lanka Stock Market Quarterly earnings update sep 2011

Page 1: Sri Lanka Stock Market Quarterly earnings update sep 2011

Quarterly Earnings UpdateSeptember 2011

Asia Wealth Management Co.(Pvt) Ltd

1

Page 2: Sri Lanka Stock Market Quarterly earnings update sep 2011

Market In a Nutshell……..

Sector Market Capitalisation

Overall market earnings of the Colombo bourse recorded 13% QoQ growth achieving LKR38.7bn during

the Sep’2011 quarter, meanwhile total earnings depicts 5% YoY growth in comparison to corresponding

Sep’2010 earnings of LKR36.9bn.

Market capitalisation has been predominantly dominated by the financial services sector hence, accounting

for 24% by the end of Sep’ 2011, also the sector shows its dominance in terms of earnings, contributing 26%

to total market earnings, the highest by any sector.

Financial services sector market capitalisation is followed by the diversified, beverages food & tobacco and

Hotels & Travels and Manufacturing sectors.

Meanwhile diversified and beverages food & tobacco sectors contributed 17% and 16% respectively to the

total market earnings.

Favorable macro economic elements persisted in the country coupled with reduction in corporate taxes

contributed towards healthy growth in corporate earnings during the period under review.

26%

16%

2%

1%

17%-1%

4%

2%

1%

7%

4%

4%

2%1% 3%

1%

7%24%

14%

1%1%

21%

1%

7%

2%

2%

5%

2%

6%

1%2%

2%2%

7%

Financial Services

Beverage Food & Tobacco

Chemicals & Pharmaceuticals

Construction

Diversified

Footware & Textiles

Hotels & Travels

Investment Trust

Land & Property

Manufacturing

Motor

Oil Palms

Plantations

Health Services

Services

Stores & Supply

Trading

Power & Energy

Information Technology

Telecommunication

Sector Earnings

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Page 3: Sri Lanka Stock Market Quarterly earnings update sep 2011

Market Upbeats Corporate Earnings

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Earnings vs Market

MPI Index

ASI Index

Earnings Index

Is the Market getting Corrected…????

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Market Valuations

Market PER

Market PBV

Market DY

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Page 4: Sri Lanka Stock Market Quarterly earnings update sep 2011

Is the GDP Growth Reflected in Market Earnings..??

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-100%

-50%

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YTD eanings Growth

QoQ Earnings Growth.

Although Real GDP grew 8.4% in the period under review, corporate earnings have not

reflected the same momentum. Hence, as shown above earnings are growing at a declining rate.

This is owing to the fact that overall economic growth is absorbed unevenly among different

sectors.

In addition to this, fluctuations of earnings pertaining to listed companies do not entirely

reflect the functioning of real economic growth for since only a fraction of the companies active

in the economy are represented within the stock market.

Earnings Growth 2010 2011 2011 2011

Dec Mar Jun Sep

YoY(%) 98% 38% 30% 5%

QoQ(%) 4% -13% 3% -3%

Page 5: Sri Lanka Stock Market Quarterly earnings update sep 2011

Performance Summary- Sep’ 2011

Colonial Motors 1170%

Dipped Products 1148%

Colombo Land & Development Company 704%

Guardian Capital Partners 614%

Asiri Hospital Holdings 535%

Top 5 Company Earnings Growth(YoY)

Financial Services 26%

Diversified 17%

Beverages Food & Tobacco 16%

Telicommunication 7%

Manufacturing 7%

Top 5 Contributers to Earnings(Sector)

Health Services 219.1%

Motor 191.1%

Manufacturing 70.3%

Land & Property 67.7%

Beverages Food & Tobacco 49.0%

Top 5 Sector Earnings Growth(YoY)

5

Browns Investments 8.7%

Commercial Bank 5.3%

Lanka Orix Leasing Company 5.1%

Ceylon Tobacco Company 5.1%

Hayleys 4.6%

Top 5 Contributers to Earnings(Company)

Adjusted for Reccuring Earnings

Commercial Bank 5.3%

Lanka Orix Leasing Company 5.1%

Ceylon Tobacco Company 5.1%

Hayleys 4.6%

Distilleries Company 4.2%

Top 5 Contributers to Earnings(Company)

Page 6: Sri Lanka Stock Market Quarterly earnings update sep 2011

Earnings Comparison

Footwear & Textiles, Oil Palms, Plantations and Power & Energy sector earnings have diminished

relative to the corresponding quarter(2010).

Meanwhile footwear and textiles, Plantations, Stores & supply registers negative returns during

the period under review.

Adverse climate conditions prevailed in cultivated areas, wage increase for plantation workers

together with adverse price fluctuations persisted in the world market caused the plantation sector

earnings to dive towards negative returns.

Sep' 2011 Jun'2011 % QoQ Sep' 2010 %YoY 4 Qtr Trailing

Market 38,636.8 34,283.2 13% 36,964.9 5% 149,875

Telecommunication 2,450.5 2,526.2 -3% 2,719.9 -10% 10,248

Bank Finance & Insurance 10,777.4 8,666.5 24% 9,881.5 9% 39,889

Beverages Food & Tobacco 6,096.0 5,099.2 20% 4,090.1 49% 24,748

Chemicals & Pharmaceuticals 413.8 541.6 -24% 661.1 -37% 3,193

Constructions 492.5 150.7 227% 775.6 -37% 1,940

Diversified 6,480.3 6,864.9 -6% 6,210.3 4% 25,351

Footwear and Textiles (177.1) (148.5) -19% 119.8 -248% (1,648)

Hotels & Travels 635.4 553.4 15% 1,035.7 -39% 5,477

Investment Trust 691.1 2,550.8 -73% 2,489.1 -72% 3,551

Land & Property 402.5 466.1 -14% 240.0 68% 1,815

Manufacturing 4,500.1 2,173.4 107% 2,642.4 70% 10,106

Motor 2,082.3 1,528.3 36% 715.4 191% 6,473

Oil Palms 876.4 3,110.8 -72% 2,470.4 -65% 5,685

Plantations (239.0) (629.6) 62% 662.7 -136% 2,786

Health Services 545.8 308.9 77% 171.0 219% 1,421

Services 88.5 26.0 241% 118.2 -25% 712

Stores & Supplies (141.2) 88.7 -259% 54.0 -362% 411

Trading 1,613.2 500.8 222% 1,095.3 47% 4,174

Power & energy 484.7 183.0 165% 810.0 -40% 1,604

Information technology 71.2 2.2

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Page 7: Sri Lanka Stock Market Quarterly earnings update sep 2011

Foreign interest declining…....

The financial crisis of 2009 and the subsequent

global slowdown has instigated a flight of capital

from risky frontier equity markets towards less

riskier avenues of investments.

This has resulted in an Year-to-date(YTD) net

foreign outflow of LKR 18bn

This is also reflected in the change in composition

of local and foreign investor interests.

On the flipside, this has led to the decoupling of

the ASI’s movements from that of other

comparative frontier markets and hence enjoys a

lower sensitivity to developments in global markets

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2009 2010 2011*

Bil

lio

ns

Foreign purchases Foreign Sales Net foreign outflow(absolute)

Source: CSE

* 2011 contains 9-months worth of data

Local Vs. Foreign - Purchases Local Vs. Foreign - Sales

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Local Purchases(%) Foreign purchases(%)

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2009 2010 2011*Local Sales(%) Foreign Sales(%) 7

Page 8: Sri Lanka Stock Market Quarterly earnings update sep 2011

Foreign Investor Activity Assessed via the Top Market Cap Counters(Excluding Firms with Low Free Float)

Unequal performance…..

Large cap counters which command the

greatest foreign investor interest experienced

mixed fortunes with respect to retaining

foreign interest despite the improvements in

earnings

Even Sri Lanka’s Premiere blue chip

counter; John Keells holdings was not spared

as it witnessed a number of prominent

foreign funds reducing its exposure in the

economy.

Moving forward, foreign institutional

interest may remain depressed due to the

heightened risk in global financial markets

brought about by macroeconomic factors as

well as the perception of the market being

overvalued relative to comparative frontier

markets in South & South East Asia

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John Keells holdings Change YoY(%)

Janus overseas fund -0.1

JP Morgan clearing 0.9

Deutsche bank 0.2

Aberdeen global fund -0.2

Arisaig India fund Ltd -2.3

Dialog Axiata Change YoY(%)

HSBC genesis companies -

HSBC south Asia portfolio 0.05

HSBC international -0.14

Northern Trust co. -0.12

HSBC emerging mkts fund

Commercial bank Change YoY(%)

HSBC international -2.01

Janus overseas fund -4.58

Aberdeen small companies -0.27

Janus Aspen series -0.27

Aberdeen Asia pacific fund -0.01

Hatton national bank Change YoY(%)

Janus overseas fund -0.33

Janus Aspen Series -0.15

Global emerging mkt fund -1.11

HSBC emerging mkts fund -0.15

BNY-CF Ruffer investment fund -

Aitken Spence Change YoY(%)

Aberdeen Asia pacific fund -0.03

Aberdeen global fund -0.09

Aberdeen institutional fund 0.22

Aberdeen emerging mkt fund -

Bank of NY Mellon -0.12

Page 9: Sri Lanka Stock Market Quarterly earnings update sep 2011

CSE PROVES LOW CORRELATION TO FRONTIER MARKETS

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VNINDEX

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MSCI-EM

ASI

Bangladesh Sri Lanka

VietnamPakistan

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Page 10: Sri Lanka Stock Market Quarterly earnings update sep 2011

COMPARISON OF SRI LANKA WITH OTHER FRONTIER MARKETS…

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Country Vietnam Bahrain Oman Tunisia Pakistan Sri Lanka(ASI) Sri lanka(MPI)

Bloomberg Code VNINDEX BHSEASI MSM30 TUNINDEX KSE100 CSEALL CSESML

52-week high 529.2 1477.14 7863.74 5695.82 12,768 7863.74 7953.09

52-week low 371.03 1254.73 6103.63 4033.43 10,761 6103.63 5869.34

P/E 10.23 29.72 15.75 17.04 8.15 15.75 13.25

Volatility 19.98% 4.70% 10.92% 8.62% n/a 15.42% 17.16%

Beta Vs. Dow Jones avg 0.18-0.64 0.03-0.02 0.2-0.57 (0.004)-0.14 n/a 0.08-0.3 (0.12)-0.34

Average Beta 0.41 0.03 0.39 0.07 n/a 0.19 0.11

Correlation range 0.07-0.48 0.06-0.03 0.38-0.54 (0.003)-0.4 n/a 0.07-0.32 (0.02)-0.3

Average correlation 0.28 0.05 0.46 0.20 n/a 0.20 0.14

Dividend Yield 3.90% 5.36% 1.57% 1.97% 6.34% 1.57% 1.45%

Year-to-date Market return -4.74% -12.22% -15.10% -10.92% -5.24% 3.78% -11.61%

Market Cap(Bn) 51,580 6.15 2.22 3.66 2.77 2,270 2,270

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Page 11: Sri Lanka Stock Market Quarterly earnings update sep 2011

SRI LANKA’S MACRO ECONOMIC PERFORMANCE

VS. FRONTIER MARKETS

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Macro indicators Bahrain Oman Tunisia Vietnam Sri Lanka

Broad money growth(p.a %) 5.81% 4.73% 12.55% 26.23% 18.67%

Current account balance(% of GDP) 2.72% -0.62% -3.12% -3.80% -4%

FDI inflows(% of GDP) 1.25% 4.79% 4.03% 7.82% 0.96%

GDP per capita(constant 2000 USD) 16,968 10,779 2,881 711 1,321

GDP growth 6.30% 12.80% 3.70% 6.10% 8.01%

Inflation(%) 2% 3.20% 4% 13.30% 8%

Gross savings(% of GDP) 55.76% 51.05% 23.46% 27.78% 18.03%

Investments as a % of GDP 26.06% 30.75% 27.22% 27.27% 36.37%

Gross capital formation(% of GDP) 33.23% 29.72% 26.80% 38.13% 24.53%

Time taken to start a business(days) 9 12 11 44 35

Firing costs(Days of wages) 4 4 17 87 217

Lending-borrowing spread 6.36% 3.30% n/a 3.05% 5.06%

Labour participation rate(%) 63.80% 55.70% 48% 71.90% 54.20%

Unemployment rate(%) n/a n/a 14.70% 5% 5%

Profit tax(%) 0% 9.70% 15% 12.50% 27.40%

Page 12: Sri Lanka Stock Market Quarterly earnings update sep 2011

Performance

Review

of Key

Sectors

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Page 13: Sri Lanka Stock Market Quarterly earnings update sep 2011

Bank Finance & Insurance

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Sep' 2011 Jun'2011 Sep' 2010

Earnings Comparison

Total earnings of the financial service sector for the September quarter 2011 approximate to

LKR10.8bn a contribution of 26% to the total quarterly market earnings of LKR38.6bn.

Whereas the top contributor to the sector quarterly earnings was COMB, followed by LOLC,

HNB and SAMP.

As opposed to the September 2010 quarterly earnings, the improvement during September 2011

quarter is 9%. At the same time, this quarter has shown a 24% improvement compared with the

previous quarter June 2011.

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Earnings Index

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Sector P/E 13.00

Sector PBV 2.01

Sector ROE 15.4%

Market P/E 14.55

Market PBV 2.32

Market ROE 15.9%* P/E and ROE ratios

are based on trailing

earnings

Page 14: Sri Lanka Stock Market Quarterly earnings update sep 2011

Bank Finance & Insurance

The short term increase in the lending rates occurred due to liquidity issues in the banking

system during the period, coupled with high demand for credit can be the primary reason for the

improvement in earnings for the quarter.

Future prospects of the sector are attractive due to its improved capital adequacy positions

strengthened by the recently concluded capital raising activities. Capital infusion of LKR6 bn by

HNB and LKR5 bn by COMB are amongst the major contributors to this. 14

-6%

-4%

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Percentage movement in Lending and Deposit rates

Average weighted prime lending rate

Average weighted Deposit rate

Fixed Deposit Rate

Jun'2011 Jun'2011 Sep'2011

Page 15: Sri Lanka Stock Market Quarterly earnings update sep 2011

Beverages Food & Tobacco

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ASI Index

Earnings Index

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Sep' 2011 Jun'2011 Sep' 2010

Earnings Comparison

Beverages food & Tobacco sector earnings were mainly dominated by Ceylon Tobacco(33%),

Distilleries Company(26.4%),Nestle Lanka(12.6%), Ceylon Brewery(5.1%) and Lion Brewery(4.9%).

The sector has outperformed the market well above, portraying the strong investor sentiment

on the sector.

Food & Beverages industry is highly prone to seasonal influence, thus the sector earnings

depicts decelerated growth during June and September quarters.

Nevertheless, the sector was able to sustain satisfactory growth in earnings in comparison to

the corresponding period in 2010 as well as Jun’2011 quarter.

With the upcoming festive season and significant increase in tourist arrivals we expect improved

earnings in the sector, which is during the upcoming two quarters. The sector would be able to

achieve sustainable growth in earnings moving forward with the increase in disposable income

coupled with favorable macro economic environment in the country. 15

Sector P/E 12.68

Sector PBV 4.07

Sector ROE 32.1%

Market P/E 14.55

Market PBV 2.32

Market ROE 15.9%* P/E and ROE ratios

are based on trailing

earnings

Page 16: Sri Lanka Stock Market Quarterly earnings update sep 2011

Diversified

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Earnings Index

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Sep' 2011 Jun'2011 Sep' 2010

Earnings Comparison

The earnings index has frequently outperformed both the market and diversified index over the

year.

John Keells Holdings & Carsons Cumberbatch recorded the highest 2QFY12 earnings with a

combined contribution of circa 51% towards total sector earnings.

Sector wide performance in terms of earnings was observed over the quarter as conglomerates

moved or strengthen into areas of both related and unrelated diversification.

Almost all counters in this sector are trading at high multiples relative to the market.

Moving forward, earnings acceleration is expected, backed by robust growth prospects in the

other sectors coupled with booming economy at an 8.4% growth rate in real GDP.16

Sector P/E 15.23

Sector PBV 2.53

Sector ROE 16.6%

Market P/E 14.55

Market PBV 2.32

Market ROE 15.9%* P/E and ROE ratios

are based on trailing

earnings

Page 17: Sri Lanka Stock Market Quarterly earnings update sep 2011

Manufacturing

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Earnings Comparison

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Dipped Products, Chevron Lubricants Lanka and Royal Ceramics Lanka recorded the highest

2QFY12 earnings with a combined contribution of circa 49%.

During the 2QFY12, Dipped Products disposed 4.7% stake in Hayleys PLC which recorded a

capital gain of LKR1.14 bn.

The manufacturing sector index has continuously surpassed market index over the period under

review.

Going forward, the 2012 budget includes a provision for reducing duties and taxes on machinery,

equipment and raw materials, making modern technology more affordable to manufacturing

entities. This will encourage expansion and modernization which will in turn improve the

profitability of counters such as Royal Ceramics Lanka PLC, Lanka Walltile PLC and Lankatile PLC

in the long run as the tile sector is uprising with raging demand from the construction sector.

17

Sector P/E 11.34

Sector PBV 2.22

Sector ROE 19.6%

Market P/E 14.55

Market PBV 2.32

Market ROE 15.9%* P/E and ROE ratios

are based on trailing

earnings

Page 18: Sri Lanka Stock Market Quarterly earnings update sep 2011

Health Services

The earnings index has consistently outperformed both the market and health services index

over the year.

Asiri & Lanka hospitals recorded the highest 2QFY12 earnings with a combined contribution of

46% towards total sector earnings.

Sector wide performance in terms of earnings was observed over the quarter as firms

concentrated on capacity building in semi urban and rural areas in this highly oligopolistic market

structure.

Almost all counters in this sector are trading at high multiples relative to the market.

Going forward, the VAT exemption on the importation of pharmaceutical machinery and spare

parts would greatly aid the sectors objective of delivering world class health services affordably and

efficiently.This in turn would be positively reflected in its future earnings capacity.

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Earnings Comparison

-1000

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Health Services

Earnings Index

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Sector P/E 25.49

Sector PBV 2.13

Sector ROE 8.4%

Market P/E 14.55

Market PBV 2.32

Market ROE 15.9%* P/E and ROE ratios

are based on trailing

earnings

Page 19: Sri Lanka Stock Market Quarterly earnings update sep 2011

Plantations

Top 5 contributors for the quarter were Kegalle Plantations , Namunukula Plantations , Kelani

Valley Plantations , Kotagala Plantations and Agalawatte Plantations.

Most plantation companies witnessed a major slump in the June quarter profits due to the

wage hike which increased the labour cost nearly by 30%. Nevertheless a turnaround in earnings

can be seen as a result of margin increases during September quarter, since the cost of gratuity

provision and wage arrears were already adjusted in June quarter profits. Plantations which are

highly exposed to tea suffered most due to high labour intensity in tea.

The volatile situation in Middle East has created a negative implication for tea prices. However,

rubber prices has remained less volatile backed by stronger demand from rising economies such as

China and Russia.

On a futuristic perspective it is expected that counters which has a mix of rubber and palm oil

would sustain robust earnings.

(800)

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Earnings Comparison

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19

Sector P/E 9.55

Sector PBV 1.33

Sector ROE 14.0%

Market P/E 14.55

Market PBV 2.32

Market ROE 15.9%* P/E and ROE ratios

are based on trailing

earnings

Page 20: Sri Lanka Stock Market Quarterly earnings update sep 2011

Crop Mix Based on Output

N/A –The output is not available as it is released on a yearly basis.

Counters which has mixed crops such as Rubber or Palm Oil such as Namunukula, Kegalle and

KelaniValley have posted sustainable earnings despite the volatility in the tea sector.

For instance in Namunukula Plantations the gross profit margin from tea was merely a 2% while

Palm Oil and Rubber posted gross profit margins of 60% and 57% respectively for FY11. During

2QFY12 tea segment in Namunukula made a loss of LKR19mn mainly due to low NSA’s and

production. Diminishing margins from tea was a common pattern among other plantation

companies.

Going forward the losses made by dwindling tea segment will be offset by healthy margins of

either Rubber or Palm oil.

Kg(%) 2008 2009 2010 2011Tea Rubber Palm Oil Tea Rubber Palm Oil Tea Rubber Palm Oil Tea Rubber Palm Oil

Kegalle 34 66 33 67 35 65 40 60

Namunukula 22 13 65 11 10 78 10 10 80 16 10 74

Kelani Valley 58 42 64 36 61 39 N/A

Kotagala 63 37 64 36 67 33 69 31

Agalawatta 26 33 42 23 26 51 15 29 56 N/A

Kahawatte 81 19 84 16 78 23 N/A

Watawala 56 6 38 54 5 41 57 4 39 63 4 33

Horana 72 28 71 29 72 28 74 26

Elpitiya 34 8 58 33 7 60 33 7 60 37 7 57

Malwatte 77 23 80 20 77 23 N/A

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Page 21: Sri Lanka Stock Market Quarterly earnings update sep 2011

Hotels & Travels

The highest contribution was from Asian Hotels and Properties, Cinnamon Lakeside ,John Keells

Hotels , Aitken Spence Hotels Holdings and Renuka City Holdings. The hotel sector earnings index

shows a seasonal pattern where higher earnings are recorded during December and March

quarters.

However the earnings during the last quarter was less than expected since most resort and city

hotels were temporary closed down for refurbishments.

The hotels and travels index is trading at a discount to the market index. In addition the leisure

industry remains to be an emerging sector which welcomed 800,000th tourist arrival in

December breaking the country’s record visitor arrivals in any given year.

The average occupancy rate in the island has increased by 25% (from a 65% occupancy in 2010

to a 80% occupancy YTD) while 2011 tourist arrivals are expected to reach 950,000.The

government expects to achieve a tourist arrival of 2.5 million by 2016 which would result in a

shortage of hotel rooms. In tandem with this both ARRs and occupancy levels will boost specially

in City Hotels. (Ex: John Keells Hotels)

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Earnings Comparison

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ASI Index

Earnings Index

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Sector P/E 29.74

Sector PBV 2.65

Sector ROE 7.0%

Market P/E 14.55

Market PBV 2.32

Market ROE 15.9%* P/E and ROE ratios

are based on trailing

earnings

Page 22: Sri Lanka Stock Market Quarterly earnings update sep 2011

Motors

-500

0

500

1000

1500

2000

2500

Motor Index

ASI Index

Earnings Index

-

500

1,000

1,500

2,000

2,500

Sep' 2011 Jun'2011 Sep' 2010

Earnings Comparison

Motor sector is one of the most undervalued sectors in the Colombo Stock Exchange.

Major earnings contributors in this sector were DIMO(44%), United Motors(27%), Lanka Ashok

Leyland(19%), Colonial Motors(8%).

Reduction in Vehicle import Taxes and Duties coupled with strong demand persisted in the

domestic automotive sector led to show impressive results during the period under

consideration.

Motor sector cumulative earnings depict 36.2% QoQ growth whilst in comparison to

corresponding quarter in 2010 the sector shows 191% increment in earnings.

Moving Forward, development in the road network as a result of reconnecting the previously

combat North & East would increase the demand for commercial vehicle segment.22

Sector P/E 5.93

Sector PBV 2.46

Sector ROE 41.6%

Market P/E 14.55

Market PBV 2.32

Market ROE 15.9%* P/E and ROE ratios

are based on trailing

earnings

Page 23: Sri Lanka Stock Market Quarterly earnings update sep 2011

Telecommunication

Though the telecommunication sector is made up of Dialog Axiata PLC and Sri Lanka Telecom, it

contributes 6% to the total market capitalisation and 7% to the total Market earnings.

Earnings of the sector during Sep’2011 depicts significant dip compared to Jun’2011 as well as

corresponding period in the last year.

Dense competition in the industry coupled with heavy depreciation charges would lead to erode

margins of the industry as a whole.

Nevertheless moving forward, we expect better prospects especially in Broadband and

corporate solutions segments with the technological advances in the industry with high

penetration levels in the country together with improved per capita income and advancements in

corporate requirements.

2,300

2,350

2,400

2,450

2,500

2,550

2,600

2,650

2,700

2,750

Sep' 2011 Jun'2011 Sep' 2010

Earnings Comparison

-300

-200

-100

0

100

200

300

400Telecommunication Index

ASI Index

Earnings Index

23

Sector P/E 14.80

Sector PBV 1.79

Sector ROE 12.1%

Market P/E 14.55

Market PBV 2.32

Market ROE 15.9%* P/E and ROE ratios

are based on trailing

earnings

Page 24: Sri Lanka Stock Market Quarterly earnings update sep 2011

Asia Wealth Management Co.(Pvt) LTD.

Level 21, West Tower,

World Trade Centre, Colombo – 1

Tel Hotline : 94 11 5320000

Email : [email protected]

[email protected]

Research................................................................................................................................................................................

Senior AnalystAmali Perera(94-11)[email protected]

Corporates Economy

Minoli Mallwaarachchi (94-11)5320359 Dhanusha Pathirana (94-11)5320254 Nirmala Samarawickrama (94-11)5320253 Travis Gomez (94-11)5320254Dilan Wijekon (94-11)5320249 Thilina Ukwatta (94-11)5320362 Statistician Shan Silva (94-11)5320251 Nuwan Pradeep (94-11)5320257

24