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Quarterly Earnings UpdateSeptember 2011
Asia Wealth Management Co.(Pvt) Ltd
1
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
2
Market Upbeats Corporate Earnings
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300
Earnings vs Market
MPI Index
ASI Index
Earnings Index
Is the Market getting Corrected…????
0
5
10
15
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25
30
Market Valuations
Market PER
Market PBV
Market DY
3
Is the GDP Growth Reflected in Market Earnings..??
4
-100%
-50%
0%
50%
100%
150%
200%
250%
300%
350%
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%
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)
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
6
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
0
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40
60
80
100
120
140
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
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011*
Local Purchases(%) Foreign purchases(%)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011*Local Sales(%) Foreign Sales(%) 7
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
8
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
CSE PROVES LOW CORRELATION TO FRONTIER MARKETS
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Au
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MSCI-FM
Dhaka
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MSCI-FM
KSE100
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MSCI-FM
VNINDEX
80
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280
380
480
580
680
Au
g-0
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Jan
-05
Jun
-05
No
v-0
5
Ap
r-0
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Sep
-06
Feb
-07
Jul-
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c-0
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May
-08
Oct
-08
Mar
-09
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Jan
-10
Jun
-10
No
v-1
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Ap
r-1
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Sep
-11
MSCI-EM
ASI
Bangladesh Sri Lanka
VietnamPakistan
9
COMPARISON OF SRI LANKA WITH OTHER FRONTIER MARKETS…
10
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
0
100
200
300P/E
Volatility
Beta Vs. Dow Jones Avg
Average correlation
Dividend Yield
Year-to-date Market return
Average of frontier markets ASI
0
50
100
150
200
250P/E
Volatility
Beta Vs. Dow Jones Avg
Average correlation
Dividend Yield
Year-to-date Market return
Average of frontier markets MPI
SRI LANKA’S MACRO ECONOMIC PERFORMANCE
VS. FRONTIER MARKETS
11
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%
Performance
Review
of Key
Sectors
12
Bank Finance & Insurance
-
2,000
4,000
6,000
8,000
10,000
12,000
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.
0
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150
200
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300
350
400
Ind
ex
Banking index
ASI Index
Earnings Index
13
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
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%
-2%
0%
2%
4%
6%
8%
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
Beverages Food & Tobacco
0
50
100
150
200
250
300
350
400
450
Bevarge Food & Tobacco Index
ASI Index
Earnings Index
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
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
Diversified
0
50
100
150
200
250
300
350Diversified Index
ASI Index
Earnings Index
5,800
5,900
6,000
6,100
6,200
6,300
6,400
6,500
6,600
6,700
6,800
6,900
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
Manufacturing
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Sep' 2011 Jun'2011 Sep' 2010
Earnings Comparison
-150
-100
-50
0
50
100
150
200
250
300
350
400
Manufacturing Index
ASI Index
Earnings Index
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
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.
-
100
200
300
400
500
600
Sep' 2011 Jun'2011 Sep' 2010
Earnings Comparison
-1000
0
1000
2000
3000
4000
5000ASI Index
Health Services
Earnings Index
18
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
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)
(600)
(400)
(200)
-
200
400
600
800
Sep' 2011 Jun'2011 Sep' 2010
Earnings Comparison
-200
-100
0
100
200
300
400
Plantations Index
ASI Index
Earnings Index
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
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
20
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)
-
200
400
600
800
1,000
1,200
Sep' 2011 Jun'2011 Sep' 2010
Earnings Comparison
-200
-100
0
100
200
300
400
500
600
Hotel & Travel Index
ASI Index
Earnings Index
21
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
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
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
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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
Asia Wealth Management Co.(Pvt) LTD.
Level 21, West Tower,
World Trade Centre, Colombo – 1
Tel Hotline : 94 11 5320000
Email : [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
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