Earnings Update - June Quarter 2014 - 25 08 2014

2Q2014 EARNINGS UPDATE CAL RESEARCH
2Q2014 (Apr-Jun) Market Earnings +21.7% YoY to LKR 42.3bn
Overall market earnings for 2Q2014 increased 21.7% YoY to LKR 42.3bn improving from a -2.0% YoY decrease in earnings during 1Q2014. Sector wise Banking, Finance and Insurance (+32% YoY); Beverage
Food and Tobacco (+4% YoY) and Diversified Holdings (+16% YoY) were the three largest contributors to earnings, while Stores and Supplies (+81% YoY); Information Technology (+75% YoY) and Footwear and
Textiles (+321% YoY) contributed the lowest.
2Q2014 market revenue for BFT sector grew 7% YoY to LKR 66.3bn indicating a partial recovery in consumer spending. The growth in earnings was mainly due to a reduction in finance cost through low
interest rates in the country (422bps YoY reduction in the AWPLR). The Banking sector (which includes 9 listed banks) saw a 29% growth in earnings, recovering from a financial year which had large
impairment charges (8% YoY decline in earnings for 2013). The largest contributors to 2Q2014 (Apr-Jun) bottom-line were HNB (6.4% of market earnings; 19% YoY earnings growth), Ceylon Tobacco (6.3% of
market earnings; 11% YoY earnings decline), Sri Lanka Telecom (6.1% of market earnings; 234% YoY earnings growth), Commercial Bank (5.5% of market earnings; 1% YoY earnings decline) and JKH (5.4% of
market earnings; 35% YoY earnings growth). CSE currently trades on a TTM PER of 15.1x and a P/BV of 1.7x.
Company
FY-Q
Share
Price
(LKR)
12M H/L
(LKR)
Quarter Earnings -LKR mn

Jun-14
Jun-13
Cumulative Earnings - LKR mn
Change
(%)
Jun-14
Jun-13
Change
(%)
Qtr GP % /
Net Int. Margin
Jun-14
Jun-13
Jun -14
DPS
Div.
EV/EBITD
Qtr EPS (Last FY- Yield
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
NAVPS
(LKR)
P/BV
(x)
TTM
PER (x)
BANKS FINANCE AND INSURANCE
A I A INSURANCE LANKA PLC
Dec-2Q
280.0
323/250.7
67.5
(-9.3)
829%
145.9
22.8
541%
N/A
N/A
2.3
2.0
0.7%
N/A
N/A
156.0
1.8
13.5
ABANS FINANCE PLC
Mar-1Q
29.4
34.4/25.1
4.4
2.1
107%
4.4
2.1
107%
10.20%
9.47%
0.1
0.0
N/A
N/A
N/A
12.4
2.4
357.2
ALLIANCE FINANCE COMPANY

PLC
Mar-1Q
787.7
906/709
33.3
64.8
(-49%)
33.3
64.8
(-49%)
8.06%
10.14%
13.7
20.0
2.5%
N/A
N/A
993.8
0.8
5.3
AMANA BANK LIMITED
Dec-2Q
5.6
7.1/4.9
(-85.6)
(-99.1)
14%
(-134.9)
(-171.8)
21%
4.40%
N/A
(-0.1)
0.0
N/A
N/A
N/A
4.0
1.4
N/A
AMANA TAKAFUL PLC
Dec-2Q
1.7
1.9/1.3
16.1
17.2
(-6%)
49.4
56.9
(-13%)
N/A
N/A
0.0
0.0
N/A
N/A
N/A
1.2
1.4
24.4
AMW CAPITAL LEASING AND

FINANCE PLC
Dec-2Q
22.4
0/0
42.2
47.4
(-11%)
98.2
81.3
21%
10.81%
7.98%
2.1
0.9
3.8%
N/A
N/A
50.9
0.4
2.3
ARPICO FINANCE COMPANY PLC
Mar-1Q
140.9
161/64
(-3.6)
2.1
(-273%)
(-3.6)
2.1
(-273%)
8.73%
11.37%
(-0.5)
0.0
N/A
N/A
N/A
91.4
1.5
12.0
ASIA ASSET FINANCE PLC
Mar-1Q
1.6
2.8/1.5
13.3
15.9
(-16%)
13.3
15.9
(-16%)
7.97%
8.03%
0.0
0.0
N/A
N/A
N/A
1.4
1.1
14.3
ASIA CAPITAL PLC
Mar-1Q
13.8
22.5/12.5
(-126.9)
(-212.9)
40%
(-126.9)
(-212.9)
40%
49.69%
47.85%
(-1.0)
0.0
N/A
N/A
N/A
4.0
3.4
N/A
ASIAN ALLIANCE INSURANCE

PLC
Dec-2Q
130.0
139/80
88.8
(-56.6)
257%
339.1
(-20.4)
1763%
N/A
N/A
2.4
4.8
3.7%
N/A
N/A
56.6
2.3
6.8
ASSOCIATED MOTOR FINANCE

COMPANY PLC
Mar-1Q
435.0
500/300
34.1
50.3
(-32%)
34.1
50.3
(-32%)
15.17%
20.13%
6.1
10.0
2.3%
N/A
N/A
150.9
2.9
10.4
BIMPUTH FINANCE PLC
Mar-1Q
33.8
59.4/16
11.4
7.3
56%
11.4
7.3
56%
18.52%
19.55%
0.2
0.0
N/A
N/A
N/A
14.0
2.4
27.7
Company
FY-Q
Share
Price
(LKR)
12M H/L
(LKR)

Jun-14
Jun-13
Change
(%)
Jun-14
Jun-13
Change
(%)
Qtr GP % /
Net Int. Margin
Jun-14
Jun-13
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
NAVPS
(LKR)
P/BV
(x)
TTM
PER (x)
BRAC LANKA FINANCE PLC
Mar-1Q
9.0
9.7/6.3
1.9
7.6
(-75%)
1.9
7.6
(-75%)
12.88%
11.17%
0.0
0.0
N/A
N/A
N/A
5.6
1.6
40.7
CAPITAL ALLIANCE FINANCE PLC
Mar-1Q
15.6
18.7/12.2
(-1.8)
(-4.1)
55%
(-1.8)
(-4.1)
55%
7.89%
6.66%
(-0.0)
0.0
N/A
N/A
N/A
8.1
1.9
N/A
CENTRAL FINANCE COMPANY

PLC
Mar-1Q
240.0 240.9/171.1
844.0
826.6
2%
844.0
826.6
2%
13.16%
11.50%
8.0
3.2
1.3%
N/A
N/A
207.5
1.2
7.6
CEYLINCO INSURANCE PLC
Dec-2Q
1,340.0 1499.8/1050
89.2
162.7
(-45%)
375.0
489.4
(-23%)
N/A
N/A
3.4
16.0
1.2%
N/A
N/A
673.7
2.0
14.2
CHILAW FINANCE PLC
Mar-1Q
25.4
25.9/11
6.6
6.4
3%
6.6
6.4
3%
8.41%
8.40%
0.2
0.0
N/A
N/A
N/A
15.4
1.7
17.5
CITIZENS DEVELOPMENT
BUSINESS FINANCE PLC
Mar-1Q
81.4
76/38
157.5
135.0
17%
157.5
135.0
17%
8.21%
8.49%
2.9
3.0
3.7%
N/A
N/A
65.2
1.2
7.6
COMMERCIAL BANK OF CEYLON

PLC
Dec-2Q
146.0
149.8/112
2216.4
2232.1
(-1%)
4517.5
4488.1
1%
4.11%
4.50%
2.6
6.5
4.5%
N/A
N/A
73.2
2.0
11.9
COMMERCIAL CREDIT AND

FINANCE PLC
Mar-1Q
31.3
29.8/8.6
490.8
173.0
184%
490.8
173.0
184%
23.72%
22.23%
1.7
0.5
1.6%
N/A
N/A
13.3
2.4
6.8
COMMERCIAL LEASING &

FINANCE PLC
Mar-1Q
4.3
4.8/3.3
275.0
294.5
(-7%)
275.0
294.5
(-7%)
15.40%
16.26%
0.0
0.0
N/A
N/A
N/A
1.4
3.0
29.9
DFCC BANK
Mar-1Q
188.0
186.9/115
1122.7
595.4
89%
1122.7
595.4
89%
4.02%
6.05%
4.2
5.5
2.9%
N/A
N/A
158.8
1.2
13.5
ENTRUST SECURITIES PLC
Mar-1Q
36.0
42/15.2
82.0
6.1
1239%
82.0
6.1
1239%
N/A
N/A
2.5
0.0
N/A
N/A
N/A
33.2
1.1
3.4
FIRST CAPITAL HOLDINGS PLC
Mar-1Q
32.9
35/14
209.4
62.1
237%
209.4
62.1
237%
N/A
N/A
2.1
4.0
12.2%
N/A
N/A
21.6
1.5
7.1
GEORGE STEUART FINANCE PLC
Mar-1Q
39.5
680/30
2.9
(-1.0)
386%
2.9
(-1.0)
386%
12.66%
9.55%
0.1
0.0
N/A
N/A
N/A
14.7
2.7
63.4
HATTON NATIONAL BANK PLC
Dec-2Q
168.0
174/140.2
2550.2
2149.7
19%
3647.3
3411.9
7%
4.10%
5.40%
6.4
8.5
5.1%
N/A
N/A
146.5
1.1
8.5
HNB ASSURANCE PLC
Dec-2Q
84.2
90/48.1
54.1
54.7
(-1%)
108.0
104.8
3%
N/A
N/A
1.1
3.3
3.9%
N/A
N/A
41.6
2.0
10.7
JANASHAKTHI INSURANCE
COMPANY PLC
Dec-2Q
18.5
19.2/12.1
191.2
117.8
62%
347.0
316.5
10%
N/A
N/A
0.5
2.0
10.8%
N/A
N/A
12.4
1.5
6.5
LANKA ORIX FINANCE PLC
Mar-1Q
3.9
4.5/2.6
231.1
72.8
217%
231.1
72.8
217%
8.28%
8.44%
0.1
0.0
N/A
N/A
N/A
2.4
1.6
9.5
LANKA ORIX LEASING COMPANY

PLC
Mar-1Q
90.0
95.8/49.5
1012.5
693.9
46%
1012.5
693.9
46%
N/A
N/A
2.1
0.0
N/A
N/A
N/A
50.1
1.8
17.9
LANKA VENTURES PLC
Mar-1Q
43.0
50/30.2
51.4
52.3
(-2%)
51.4
52.3
(-2%)
N/A
N/A
1.0
1.5
3.5%
N/A
N/A
27.6
1.6
14.7
LB FINANCE PLC
Mar-1Q
158.6
164/96
449.1
228.0
97%
449.1
228.0
97%
11.41%
9.52%
6.5
6.5
4.1%
N/A
N/A
96.4
1.6
7.0
MERCANTILE INVESTMENTS
AND FINANCE PLC
Mar-1Q
2,200.0
2200/2200
88.7
104.6
(-15%)
88.7
104.6
(-15%)
7.34%
6.25%
29.5
20.0
0.9%
N/A
N/A
2290.2
1.0
11.4
Company
FY-Q
Share
Price
(LKR)
12M H/L
(LKR)

Jun-14
Jun-13
Change
(%)
Jun-14
Jun-13
Change
(%)
Qtr GP % /
Net Int. Margin
Jun-14
Jun-13
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
NAVPS
(LKR)
P/BV
(x)
TTM
PER (x)
MERCHANT BANK OF SRI LANKA

PLC
Dec-2Q
16.0
17.7/12.1
6.6
8.4
(-21%)
(-20.8)
6.1
(-442%)
6.26%
6.70%
0.0
0.5
3.1%
N/A
N/A
20.2
0.8
N/A
MULTI FINANCE PLC
Mar-1Q
22.2
24.3/12.9
8.6
(-39.2)
122%
8.6
(-39.2)
122%
14.49%
4.70%
0.4
0.0
N/A
N/A
N/A
14.5
1.5
N/A
N D B CAPITAL HOLDINGS PLC
Dec-2Q
496.4
550/400
206.6
211.0
(-2%)
454.3
548.4
(-17%)
N/A
N/A
6.3
8.5
1.7%
N/A
N/A
183.1
2.7
19.5
NATION LANKA FINANCE PLC
Mar-1Q
6.8
9.7/6.1
(-55.4)
(-16.0)
(-246%)
(-55.4)
(-16.0)
(-246%)
5.71%
9.56%
(-0.2)
0.0
N/A
N/A
N/A
0.3
22.6
N/A
NATIONAL DEVELOPMENT
BANK PLC
Dec-2Q
234.9
230/138
843.0
797.8
6%
2033.9
1304.6
56%
3.49%
3.95%
5.1
5.0
2.1%
N/A
N/A
155.0
1.5
11.5
NATIONS TRUST BANK PLC
Dec-2Q
84.4
84/57
607.6
478.4
27%
1157.3
980.3
18%
5.71%
5.49%
2.6
2.1
2.5%
N/A
N/A
53.8
1.6
8.4
ORIENT FINANCE PLC
Mar-1Q
14.1
16/11.8
18.6
9.7
91%
18.6
9.7
91%
13.40%
N/A
0.2
0.1
0.7%
N/A
N/A
7.6
1.9
18.6
PAN ASIA BANKING

CORPORATION PLC
Dec-2Q
20.6
21.2/15.4
89.9
10.5
755%
175.9
162.0
9%
3.76%
4.29%
0.3
0.0
N/A
N/A
N/A
14.3
1.4
47.2
PEOPLE`S MERCHANT FINANCE

PLC
Mar-1Q
22.9
25.3/10.4
(-30.3)
(-58.9)
49%
(-30.3)
(-58.9)
49%
2.10%
2.57%
(-0.4)
0.0
N/A
N/A
N/A
16.6
1.4
N/A
PEOPLE'S LEASING & FINANCE

PLC
Mar-1Q
17.8
18.3/13
783.0
681.0
15%
783.0
681.0
15%
8.80%
8.01%
0.5
1.3
7.0%
N/A
N/A
12.5
1.4
7.9
SAMPATH BANK PLC
Dec-2Q
227.6
226/161.6
1543.0
646.7
139%
2818.3
1697.7
66%
2.77%
4.26%
9.2
8.0
3.5%
N/A
N/A
193.9
1.2
8.1
SANASA DEVELOPMENT BANK

PLC
Dec-2Q
87.8
87/73
153.5
80.6
90%
210.4
197.7
6%
7.16%
6.67%
6.1
7.0
8.0%
N/A
N/A
136.3
0.6
7.2
SENKADAGALA FINANCE PLC
Mar-1Q
60.0
60/60
100.0
76.1
31%
100.0
76.1
31%
11.60%
11.20%
1.5
1.8
3.0%
N/A
N/A
33.8
1.8
6.9
SEYLAN BANK PLC
Dec-2Q
75.5
79.9/55
684.2
484.2
41%
1210.6
993.8
22%
4.71%
4.47%
2.0
2.3
3.0%
N/A
N/A
67.7
1.1
10.2
SINGER FINANCE (LANKA) PLC
Mar-1Q
15.9
16.9/10.5
73.6
53.2
38%
73.6
53.2
38%
14.13%
13.68%
0.4
0.7
4.1%
N/A
N/A
12.4
1.3
9.1
SINHAPUTHRA FINANCE PLC
Mar-1Q
201.1
220/80.1
17.7
12.9
37%
17.7
12.9
37%
6.48%
5.94%
2.8
0.0
N/A
N/A
N/A
156.6
1.3
13.6
SMB LEASING PLC
Dec-2Q
1.4
1.8/0.5
14.7
13.6
8%
30.3
31.4
(-3%)
11.09%
9.50%
0.0
0.0
N/A
N/A
N/A
0.6
2.5
29.8
SOFTLOGIC CAPITAL PLC
Mar-1Q
5.3
5.7/3.1
6.5
(-101.1)
106%
6.5
(-101.1)
106%
N/A
N/A
0.0
0.0
N/A
N/A
N/A
4.7
1.1
18.5
SOFTLOGIC FINANCE PLC
Mar-1Q
39.5
43.9/24.1
5.2
36.6
(-86%)
5.2
36.6
(-86%)
7.27%
8.35%
0.1
1.5
3.8%
N/A
N/A
35.8
1.1
10.8
SWARNAMAHAL FINANCIAL
SERVICES PLC
Mar-1Q
2.6
3/1.5
(-351.8)
17.1
(-2152%)
(-351.8)
17.1 (-2152%)
(-1.44%)
4.77%
(-0.7)
0.0
N/A
N/A
N/A
(-1.8)
(-1.4)
N/A
THE FINANCE COMPANY PLC
Mar-1Q
22.7
24.4/7.9
(-627.4)
(-433.3)
(-45%)
(-627.4)
(-7.81%)
(-5.49%)
(-4.0)
0.0
N/A
N/A
N/A
(-56.2)
(-0.4)
N/A
(-433.3)
(-45%)
Company
FY-Q
Share
Price
(LKR)
12M H/L
(LKR)

Jun-14
Jun-13
Change
(%)
Jun-14
Jun-13
Change
(%)
Qtr GP % /
Net Int. Margin
Jun-14
Jun-13
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
NAVPS
(LKR)
P/BV
(x)
TTM
PER (x)
THE HOUSING DEVELOPMENT

FINANCE
Dec-2Q
49.5
47.6/27.5
82.7
12.0
587%
185.1
50.5
267%
5.90%
4.71%
1.3
0.3
0.5%
N/A
N/A
42.4
1.2
8.7
TRADE FINANCE &

INVESTMENTS PLC
Mar-1Q
26.8
28.2/12.1
53.5
46.2
16%
53.5
46.2
16%
21.50%
20.26%
0.9
0.9
3.4%
N/A
N/A
14.9
1.8
8.7
UNION ASSURANCE PLC
Dec-2Q
166.5
180/93.1
90.8
78.4
16%
214.4
189.7
13%
N/A
N/A
1.1
6.0
3.6%
N/A
N/A
58.9
2.8
12.4
UNION BANK OF COLOMBO PLC
Dec-2Q
19.9
24/15.1
9.0
77.1
(-88%)
27.7
134.9
(-79%)
4.07%
3.54%
0.0
0.3
1.3%
N/A
N/A
13.9
1.4
N/A
VALLIBEL FINANCE PLC
Mar-1Q
44.1
48.5/26
66.1
70.5
(-6%)
66.1
70.5
(-6%)
11.82%
11.34%
1.6
1.0
2.3%
N/A
N/A
29.1
1.5
6.1
14,619
11,053
32%
BFI Sector earnings
No of companies that released

results
Sector
PER
59
11.3x
Sector
P/BV
1.5x
BEVERAGE FOOD AND TOBACCO
BAIRAHA FARMS PLC
Mar-1Q
131.0
149.5/120
42.7
52.2
(-18%)
42.7
52.2
(-18%)
14.4%
15.2%
2.7
1.3
1.0%
6.9
14%
115.1
1.1
16.3
CARGILLS (CEYLON) PLC
Mar-1Q
165.0
167.5/125
(-145.3)
121.4
(-220%)
(-145.3)
121.4
(-220%)
9.0%
10.4%
(-0.6)
2.0
1.2%
14.4
60%
54.1
3.1
129.9
CEYLON BEVERAGE HOLDINGS

PLC
Mar-1Q
810.0
800/450.6
231.1
102.8
125%
231.1
102.8
125%
26.7%
23.5%
11.0
7.0
0.9%
7.2
77%
175.4
4.6
23.7
CEYLON COLD STORES PLC
Mar-1Q
231.0
250/113
299.3
160.2
87%
299.3
160.2
87%
12.3%
11.7%
3.1
6.0
2.6%
7.5
14%
102.5
2.3
16.2
CEYLON TEA SERVICES PLC
Mar-1Q
738.0
750/550
217.6
159.1
37%
217.6
159.1
37%
33.7%
39.1%
10.9
22.5
3.0%
10.5
2%
430.8
1.7
16.3
CEYLON TOBACCO COMPANY

PLC
Dec-2Q
1,199.0
1385/960
2511.0
2823.0
(-11%)
4537.0
4286.0
6%
83.1%
83.0%
13.4
48.8
4.1%
12.9
0%
27.9
43.0
23.9
CONVENIENCE FOODS (LANKA

)PLC
Mar-1Q
240.0
250/156.1
19.6
14.4
36%
19.6
14.4
36%
30.2%
31.7%
7.1
3.0
1.3%
4.8
10%
169.7
1.4
8.0
DISTILLERIES COMPANY OF SRI

LANKA PLC
Mar-1Q
208.0
218/178
1846.4
1643.2
12%
1846.4
1643.2
12%
46.2%
46.8%
6.2
3.3
1.6%
6.6
19%
185.5
1.1
11.0
HARISCHANDRA MILLS PLC
Mar-1Q
2,201.0 2500/1879.9
33.2
24.5
35%
33.2
24.5
35%
19.6%
19.5%
34.6
65.0
3.0%
8.8
6%
1077.5
2.0
16.1
HVA FOODS PLC
Mar-1Q
12.1
12.2/8.1
(-8.6)
8.1
(-206%)
(-8.6)
8.1
(-206%)
11.6%
15.5%
(-0.1)
0.0
N/A
104.5
48%
7.6
1.6
N/A
KEELLS FOOD PRODUCTS PLC
Mar-1Q
82.3
91/50.1
37.8
29.8
27%
37.8
29.8
27%
26.8%
21.5%
1.5
2.0
2.4%
7.4
13%
60.3
1.4
246.1
KOTMALE HOLDINGS PLC
Mar-1Q
56.3
60/47.2
19.7
20.5
(-4%)
19.7
20.5
(-4%)
21.3%
22.4%
0.6
0.0
N/A
16.5
6%
28.6
2.0
21.4
LANKA MILK FOODS (CWE) PLC
Mar-1Q
130.0
139/100.5
(-20.5)
85.6
(-124%)
(-20.5)
85.6
(-124%)
7.7%
14.9%
(-0.5)
0.0
N/A
29.4
10%
251.7
0.5
N/A
NESTLE LANKA PLC
Dec -2Q
2,130.0
2550/1850
975.8
787.3
24%
2078.8
1701.3
22%
36.9%
34.6%
18.2
60.0
2.8%
21.3
38%
57.2
37.3
31.1
Company
FY-Q
Share
Price
(LKR)
12M H/L
(LKR)

Jun-14
Jun-13
Change
(%)
Jun-14
Jun-13
Change
(%)
Qtr GP % /
Net Int. Margin
Jun-14
Jun-13
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
NAVPS
(LKR)
P/BV
(x)
TTM
PER (x)
RAIGAM WAYAMBA SALTERNS

PLC
Mar-1Q
2.7
2.6/1.9
7.9
4.2
86%
7.9
4.2
86%
38.8%
34.1%
0.0
0.1
3.7%
11.8
7%
3.0
0.9
10.6
RENUKA AGRI FOODS PLC
Mar-1Q
3.6
4.2/3.1
54.8
35.5
54%
54.8
35.5
54%
19.8%
20.7%
0.1
0.1
2.8%
4.8
17%
3.4
1.1
14.7
RENUKA SHAW WALLACE PLC
Mar-1Q
21.9
19/15
32.8
24.0
37%
32.8
24.0
37%
20.9%
20.9%
0.3
0.0
N/A
3.9
22%
25.8
0.8
8.3
TEA SMALLHOLDER FACTORIES

PLC
Mar-1Q
41.5
47/30.1
19.4
15.8
23%
19.4
15.8
23%
6.2%
5.7%
0.6
1.0
2.4%
8.3
20%
28.3
1.5
14.6
THE LION BREWERY CEYLON PLC
Mar-1Q
638.0
740/340
487.9
287.7
70%
487.9
287.7
70%
26.1%
23.0%
6.1
4.0
0.6%
17.4
62%
92.8
6.9
33.1
THREE ACRE FARMS PLC
Dec-2Q
50.1
61.9/24.5
(-15.9)
19.9
(-180%)
51.6
41.6
24%
(-0.5%)
8.7%
(-0.7)
0.0
N/A
4.8
53%
41.2
1.2
6.4
6,647
6,419
4%
BFT Sector earnings

results
Sector
PER
20
Sector
P/BV
23x
4.4
CONSTRUCTION AND ENGINEERING
ACCESS ENGINEERING PLC
Mar-1Q
26.5
27.8/20
544.6
554.2
(-2%)
544.6
554.2
(-2%)
24.0%
22.7%
0.5
0.8
2.8%
8.9
9%
15.5
1.7
9.3
COLOMBO DOCKYARD PLC
Dec-2Q
198.1
218.5/170
(-51.7)
115.8
(-145%)
79.3
451.9
(-82%)
6.1%
9.2%
(-0.7)
4.0
2.0%
N/A
16%
150.2
1.3
25.7
LANKEM DEVELOPMENTS PLC
Mar-1Q
7.7
8.9/3.8
(-12.3)
(-66.5)
82%
(-12.3)
(-66.5)
82%
9.3%
(-4.0%)
(-0.2)
0.0
N/A
8.6
74%
10.9
0.7
6.6
MTD WALKERS PLC
Mar-1Q
52.2
38/22.5
281.6
162.0
74%
281.6
162.0
74%
20.3%
24.8%
2.5
0.0
N/A
4.4
54%
43.7
1.2
9.6
762
766
(-0%)
C&E Sector earnings

results
Sector
PER
11.5x
Sector
P/BV
1.5x
CHEMICALS AND PHARMACEUTICALS
CHEMANEX PLC
Mar-1Q
93.0
98/68.7
2.3
(-0.9)
362%
2.3
(-0.9)
362%
19.2%
18.8%
0.1
1.0
1.1%
13.1
3%
100.9
0.9
5.2
CIC HOLDINGS PLC
Mar-1Q
68.0
69.5/45
155.9
(-75.3)
307%
155.9
(-75.3)
307%
25.5%
25.6%
1.6
1.6
2.4%
6.1
63%
72.7
0.9
N/A
HAYCARB PLC
Mar-1Q
191.0
200/170
130.7
199.9
(-35%)
130.7
199.9
(-35%)
20.7%
26.3%
4.4
6.0
3.1%
9.3
38%
166.2
1.1
7.9
INDUSTRIAL ASPHALTS
(CEYLON) PLC
Mar-1Q
289.6
272.2/180
0.3
0.6
(-39%)
0.3
0.6
(-39%)
N/A
N/A
0.5
2.0
0.7%
104.9
2%
131.8
2.2
86.2
J.L. MORISON SONS & JONES

(CEYLON) PLC
Mar-1Q
300.0
329/224.1
13.1
29.4
(-55%)
13.1
29.4
(-55%)
29.2%
29.5%
1.7
3.0
1.0%
19.1
3%
284.0
1.1
11.7
LANKEM CEYLON PLC
Mar-1Q
123.0
150/94
(-208.1)
(-186.1)
(-12%)
(-208.1)
(-186.1)
(-12%)
11.7%
10.0%
(-8.7)
1.5
1.2%
14.4
77%
138.7
0.9
N/A
MULLER AND PHIPPS (CEYLON)

PLC
Mar-1Q
1.5
1.6/1
4.6
7.9
(-42%)
4.6
7.9
(-42%)
19.5%
19.8%
0.0
0.1
3.3%
27.7
49%
0.6
2.6
48.9
Company
UNION CHEMICALS LANKA PLC
FY-Q
Dec-2Q
Share
Price
(LKR)
570.0
12M H/L
(LKR)
579/336.1
C&P Sector earnings

Jun-14
Jun-13
Change
(%)
7.5
2.6
186%
106
(22)
584%
Jun-14
24.1
Jun-13
12.0
Change
(%)
100%
Qtr GP % /
Net Int. Margin
Jun-14
19.9%
Jun-13
19.0%
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
5.0

results
11.0
1.9%
12.6
Sector
PER
13%
145.4x
NAVPS
(LKR)
218.6
Sector
P/BV
P/BV
(x)
TTM
PER (x)
2.6
16.4
1.0x
DIVERSIFIED HOLDINGS
ADAM INVESTMENTS LIMITED
Dec-2Q
4.1
6.2/3.3
(-11.7)
N/A
N/A
(-21.9)
N/A
N/A
26.0%
N/A
(-0.0)
0.0
N/A
N/A
22%
2.4
1.7
N/A
AITKEN SPENCE PLC
Mar-1Q
107.0
124/95
746.9
666.9
12%
746.9
666.9
12%
47.0%
50.8%
1.8
2.0
1.9%
8.5
34%
79.3
1.4
11.6
BROWNS INVESTMENTS PLC
Mar-1Q
1.6
3/1.3
(-63.1)
64.3
(-198%)
(-63.1)
64.3
(-198%)
68.6%
12.7%
(-0.0)
0.0
N/A
37.4
41%
5.7
0.3
38.2
C T HOLDINGS PLC
Mar-1Q
159.0
163.5/130
(-164.5)
687.9
(-124%)
(-164.5)
687.9
(-124%)
9.6%
11.1%
(-0.9)
3.3
2.1%
14.1
52%
92.1
1.7
33.8
CARSON CUMBERBATCH PLC
Mar-1Q
445.6
500/340
1347.2
585.8
130%
1347.2
585.8
130%
33.0%
27.3%
6.9
2.0
0.4%
8.0
59%
231.6
1.9
19.4
DUNAMIS CAPITAL PLC
Mar-1Q
19.0
21/10
103.8
18.3
467%
103.8
18.3
467%
37.3%
25.7%
0.8
1.0
5.3%
8.2
70%
12.6
1.5
11.4
EXPOLANKA HOLDINGS PLC
Mar-1Q
9.2
10.8/6.6
173.1
323.1
(-46%)
173.1
323.1
(-46%)
16.8%
15.2%
0.1
0.3
3.6%
13.1
21%
5.1
1.8
14.1
F L C HOLDINGS PLC
Mar-1Q
2.2
2.7/1.8
23.4
(-32.9)
171%
23.4
(-32.9)
171%
9.0%
1.2%
0.0
0.1
2.3%
8.4
25%
4.7
0.5
32.5
FINLAYS COLOMBO PLC
Dec-2Q
350.0
360/210.1
60.8
42.1
44%
142.6
127.2
12%
18.0%
17.3%
1.7
2.5
0.7%
21.4
9%
163.2
2.1
40.2
HAYLEYS PLC
Mar-1Q
314.5
325/280
366.8
418.4
(-12%)
366.8
418.4
(-12%)
20.6%
23.8%
4.9
5.0
1.6%
5.7
55%
319.0
1.0
13.4
HEMAS HOLDINGS PLC
Mar-1Q
50.0
52.5/28
246.7
276.7
(-11%)
246.7
276.7
(-11%)
35.8%
34.9%
0.5
1.0
2.0%
11.2
30%
28.1
1.8
10.8
JOHN KEELLS HOLDINGS PLC
Mar-1Q
243.0
260/204
2146.3
1586.4
35%
2146.3
1586.4
35%
25.3%
25.6%
2.2
3.5
1.4%
26.8
17%
124.6
1.9
19.6
RICHARD PIERIS AND COMPANY

PLC
Mar-1Q
7.8
7.7/5.9
296.4
185.2
60%
296.4
185.2
60%
22.8%
20.8%
0.1
0.5
5.8%
7.2
57%
4.5
1.7
10.1
SOFTLOGIC HOLDINGS PLC
Mar-1Q
15.2
16.6/8
40.7
39.0
4%
40.7
39.0
4%
31.4%
31.5%
0.1
0.2
1.0%
13.3
82%
9.0
1.7
31.6
SUNSHINE HOLDINGS PLC
Mar-1Q
40.4
42.5/28
138.2
65.4
111%
138.2
65.4
111%
23.7%
19.0%
1.0
1.0
2.4%
2.7
29%
37.3
1.1
8.1
TAPROBANE HOLDINGS PLC
Mar-1Q
4.9
4.6/2.4
51.7
42.5
22%
51.7
42.5
22%
21.0%
85.2%
0.1
0.0
N/A
N/A
58%
3.8
1.3
47.0
THE COLOMBO FORT LAND &

BUILDING PLC
Mar-1Q
31.3
34.7/24.6
(-133.5)
(-60.3)
(-121%)
(-133.5)
(-60.3)
(-121%)
20.7%
17.0%
(-0.7)
0.3
1.0%
7.5
61%
42.1
0.7
N/A
VALLIBEL ONE PLC
Mar-1Q
22.1
23.1/14.5
493.4
158.7
211%
493.4
158.7
211%
38.0%
25.8%
0.5
0.7
3.2%
5.3
35%
30.3
0.7
12.6
Company
FY-Q
Share
Price
(LKR)
12M H/L
(LKR)
DIV Sector earnings

Jun-14
Jun-13
Change
(%)
5,863
5,067
16%
Jun-14
Jun-13
Change
(%)
Qtr GP % /
Net Int. Margin
Jun-14
Jun-13
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)

results
Sector
PER
18
17.5x
NAVPS
(LKR)
Sector
P/BV
P/BV
(x)
TTM
PER (x)
1.6x
FOOTWEAR AND TEXTILES
CEYLON LEATHER PRODUCTS

PLC
Mar-1Q
88.9
88/55
50.7
41.0
24%
50.7
41.0
24%
14.5%
15.6%
1.5
1.0
1.1%
6.2
29%
91.2
1.0
23.0
HAYLEYS MGT KNITTING MILLS

PLC
Mar-1Q
15.5
14.5/9
4.7
(-92.3)
105%
4.7
(-92.3)
105%
11.4%
5.2%
0.0
0.0
N/A
10.3
67%
9.3
1.7
N/A
ODEL PLC
Mar-1Q
20.5
25/18.1
4.1
65.8
(-94%)
4.1
65.8
(-94%)
41.0%
41.6%
0.0
0.2
1.2%
21.7
20%
19.1
1.1
43.2
59
14
311%
F&T Sector earnings

results
Sector
PER
Sector
P/BV
62x
1.1x
HOTELS AND TRAVELS
AITKEN SPENCE HOTEL

HOLDINGS PLC
Mar-1Q
84.0
87/62.1
284.7
261.8
9%
284.7
261.8
9%
74.8%
74.6%
0.8
1.5
1.8%
10.5
33%
45.0
1.9
12.0
AMAYA LEISURE PLC
Mar-1Q
87.0
91.9/66
(-2.2)
40.3
(-106%)
(-2.2)
40.3
(-106%)
45.9%
55.1%
(-0.0)
4.5
5.2%
29.2
41%
54.7
1.6
12.5
ANILANA HOTELS AND

PROPERTIES LIMITED
Mar-1Q
6.0
8.9/5.4
(-115.8)
(-128.3)
10%
(-115.8)
(-128.3)
10%
67.6%
(-8.8%)
(-0.3)
0.0
N/A
N/A
41%
7.8
0.8
N/A
ASIAN HOTELS & PROPERTIES

PLC
Mar-1Q
69.2
75.8/57
337.0
393.1
(-14%)
337.0
393.1
(-14%)
57.1%
57.8%
0.8
4.0
5.8%
15.2
1%
48.2
1.4
13.1
BANSEI ROYAL RESORTS

HIKKADUWA LIMITED
Mar-1Q
9.7
15.1/5.7
(-7.6)
(-7.5)
(-1%)
(-7.6)
(-7.5)
(-1%)
21.5%
44.6%
(-0.1)
0.0
N/A
N/A
2%
5.9
1.7
N/A
BERUWALA RESORTS PLC
Mar-1Q
2.2
2.3/1.3
(-25.1)
(-24.8)
(-1%)
(-25.1)
(-24.8)
(-1%)
69.8%
67.6%
(-0.0)
0.0
N/A
N/A
48%
0.9
2.5
N/A
BERUWELA WALK INN PLC
Dec-2Q
92.6
122/69.5
(-8.2)
(-17.1)
52%
(-19.4)
(-21.3)
9%
N/A
N/A
(-9.1)
0.0
N/A
N/A
259%
(-269.0)
(-0.3)
N/A
BROWNS BEACH HOTELS PLC
Mar-1Q
28.0
30/16.3
6.2
37.5
(-83%)
6.2
37.5
(-83%)
N/A
N/A
0.0
0.0
N/A
N/A
0%
27.6
1.0
58.6
CEYLON HOTELS CORPORATION

PLC
Mar-1Q
23.8
24.9/14
(-39.9)
(-88.9)
55%
(-39.9)
(-88.9)
55%
74.2%
73.4%
(-0.2)
0.0
N/A
36.0
15%
33.5
0.7
105.7
CITRUS LEISURE PLC
Mar-1Q
18.5
18.8/13.5
(-26.3)
(-24.2)
(-9%)
(-26.3)
(-24.2)
(-9%)
66.8%
70.2%
(-0.3)
0.0
N/A
N/A
47%
29.2
0.6
N/A
DOLPHIN HOTELS PLC
Mar-1Q
56.8
53.9/33
15.6
(-18.8)
183%
15.6
(-18.8)
183%
72.9%
69.6%
0.5
1.0
1.8%
13.8
36%
36.3
1.6
12.4
EDEN HOTEL LANKA PLC
Mar-1Q
27.9
36.5/24.5
(-124.3)
(-94.9)
(-31%)
(-124.3)
(-94.9)
(-31%)
75.2%
75.2%
(-2.4)
0.3
1.1%
N/A
46%
46.7
0.6
N/A
GALADARI HOTELS (LANKA) PLC
Dec-2Q
14.4
15.4/9.1
9.7
67.2
(-86%)
99.9
61.9
61%
58.6%
54.8%
0.0
0.0
N/A
32.8
0%
17.2
0.8
29.4
HIKKADUWA BEACH RESORT

LIMITED
Mar-1Q
19.8
24.9/15
(-5.8)
(-1.6)
(-258%)
(-5.8)
(-1.6)
(-258%)
61.0%
59.7%
(-0.1)
0.1
0.3%
98.0
36%
16.4
1.2
13.2
Company
FY-Q
Share
Price
(LKR)
12M H/L
(LKR)

Jun-14
Jun-13
Change
(%)
Jun-14
Jun-13
Change
(%)
Qtr GP % /
Net Int. Margin
Jun-14
Jun-13
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
NAVPS
(LKR)
P/BV
(x)
TTM
PER (x)
HOTEL SIGIRIYA PLC
Mar-1Q
85.0
90/70.3
(-2.7)
(-7.3)
64%
(-2.7)
(-7.3)
64%
78.1%
67.7%
(-0.5)
5.0
5.9%
160.4
0%
44.7
1.9
15.4
HUNAS FALLS HOTELS PLC
Mar-1Q
55.1
62/44.1
1.1
5.0
(-77%)
1.1
5.0
(-77%)
71.0%
70.0%
0.2
1.0
1.8%
12.5
0%
58.5
0.9
17.8
JOHN KEELLS HOTELS PLC
Mar-1Q
15.6
16.2/10.2
128.6
(-102.4)
226%
128.6
(-102.4)
226%
62.6%
62.3%
0.1
0.0
N/A
11.5
25%
12.5
1.2
12.6
KALPITIYA BEACH RESORT PLC
Mar-1Q
5.7
7.1/4.9
(-29.4)
(-38.3)
23%
(-29.4)
(-38.3)
23%
N/A
N/A
(-0.2)
0.0
N/A
N/A
34%
8.6
0.7
N/A
KANDY HOTELS COMPANY

(1938) PLC
Mar-1Q
7.7
8.5/6.4
23.5
8.3
182%
23.5
8.3
182%
77.0%
76.6%
0.0
0.2
2.6%
24.8
0%
10.6
0.7
27.2
MAHAWELI REACH HOTELS PLC
Mar-1Q
27.0
26.5/14.1
(-12.9)
(-12.8)
(-0%)
(-12.9)
(-12.8)
(-0%)
46.8%
47.0%
(-0.3)
0.0
N/A
223.1
16%
20.1
1.3
27.0
MARAWILA RESORTS PLC
Mar-1Q
7.2
6.7/4.7
(-29.2)
(-43.5)
33%
(-29.2)
(-43.5)
33%
61.0%
64.5%
(-0.2)
0.0
N/A
N/A
46%
7.2
1.0
32.5
PALM GARDEN HOTELS PLC
Mar-1Q
94.5
122/62.5
(-99.8)
(-65.9)
(-51%)
(-99.8)
(-65.9)
(-51%)
75.2%
80.4%
(-9.2)
0.0
N/A
N/A
66%
161.6
0.6
N/A
PEGASUS HOTELS OF CEYLON

PLC
Mar-1Q
42.3
43.5/33
19.4
(-2.6)
843%
19.4
(-2.6)
843%
41.8%
30.5%
0.6
0.5
1.2%
16.2
1%
46.0
0.9
14.5
RAMBODA FALLS PLC
Mar-1Q
32.3
38.5/11.5
1.3
0.8
59%
1.3
0.8
59%
58.0%
53.1%
0.1
0.0
N/A
32.1
11%
13.0
2.5
40.2
RENUKA CITY HOTEL PLC
Mar-1Q
340.0
345/237
61.4
81.3
(-24%)
61.4
81.3
(-24%)
90.6%
89.0%
8.8
4.0
1.2%
3.3
0%
532.7
0.6
8.8
ROYAL PALMS BEACH HOTELS

PLC
Mar-1Q
35.2
42/25
(-17.5)
(-10.1)
(-73%)
(-17.5)
(-10.1)
(-73%)
56.4%
56.6%
(-0.3)
0.8
2.3%
N/A
2%
33.9
1.0
19.4
SERENDIB HOTELS PLC
Mar-1Q
30.2
33.5/24
(-0.7)
(-64.7)
99%
(-0.7)
(-64.7)
99%
74.9%
72.8%
(-0.0)
0.0
N/A
28.4
35%
17.3
1.7
15.6
SIGIRIYA VILLAGE HOTELS PLC
Mar-1Q
62.0
68.9/50
(-3.1)
(-13.2)
76%
(-3.1)
(-13.2)
76%
75.0%
74.9%
(-0.3)
2.0
3.2%
60.2
14%
70.1
0.9
19.0
TAJ LANKA HOTELS PLC
Mar-1Q
32.7
35/25
(-84.7)
(-106.9)
21%
(-84.7)
(-106.9)
21%
6.3%
(-9.8%)
(-0.6)
0.0
N/A
48.1
56%
12.2
2.7
N/A
TANGERINE BEACH HOTELS PLC
Mar-1Q
85.0
90/55.2
(-17.3)
(-6.9)
(-150%)
(-17.3)
(-6.9)
(-150%)
59.2%
59.7%
(-0.9)
0.5
0.6%
N/A
1%
127.3
0.7
12.6
THE FORTRESS RESORTS PLC
Mar-1Q
18.2
18.5/12.7
15.8
(-3.4)
565%
15.8
(-3.4)
565%
68.1%
65.3%
0.1
0.0
N/A
12.2
2%
11.1
1.6
10.3
THE KINGSBURY PLC
Mar-1Q
17.6
19/9.8
21.0
(-105.2)
120%
21.0
(-105.2)
120%
48.9%
49.0%
0.1
0.0
N/A
16.1
58%
7.0
2.5
26.8
THE LIGHTHOUSE HOTEL PLC
Mar-1Q
57.6
62/39.1
5.8
(-8.0)
173%
5.8
(-8.0)
173%
77.0%
73.0%
0.1
2.0
3.5%
23.5
8%
51.0
1.1
19.5
THE NUWARA ELIYA HOTELS

COMPANY PLC
Mar-1Q
1,835.0 1848.9/1098
41.1
36.2
14%
41.1
36.2
14%
77.7%
78.9%
20.5
22.5
1.2%
23.8
0%
1456.5
1.3
12.3
TRANS ASIA HOTELS PLC
Mar-1Q
65.2
121.5
(-46%)
65.2
121.5
(-46%)
56.9%
59.8%
0.3
3.5
3.7%
38.7
1%
28.8
3.3
27.7
95.0
100/70
Company
WASKADUWA BEACH RESORT

PLC
FY-Q
Mar-1Q
Share
Price
(LKR)
7.2
12M H/L
(LKR)
8.4/5.5
H&T Sector earnings

Jun-14
Jun-13
Change
(%)
(-3.7)
(-1.2)
(-215%)
381
54
602%
Jun-14
(-3.7)
Jun-13
(-1.2)
Change
(%)
(-215%)
Qtr GP % /
Net Int. Margin
Jun-14
N/A
Jun-13
N/A
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
(-0.0)

results
0.0
N/A
N/A
Sector
PER
36
43%
19.2x
NAVPS
(LKR)
10.3
Sector
P/BV
P/BV
(x)
TTM
PER (x)
0.7
N/A
1.3x
HEALTH CARE
ASIRI SURGICAL HOSPITAL PLC
Mar-1Q
12.6
14.5/9.5
83.6
110.0
(-24%)
83.6
110.0
(-24%)
39.6%
40.6%
0.2
1.6
12.4%
12.6
26%
5.9
2.1
15.3
ASIRI HOSPITAL HOLDINGS PLC
Mar-1Q
19.4
23.7/13
260.7
209.2
25%
260.7
209.2
25%
48.6%
49.1%
0.2
0.6
2.8%
10.8
62%
4.6
4.2
19.3
CEYLON HOSPITALS PLC

(DURDANS)
Mar-1Q
112.9
120/90.3
60.5
77.6
(-22%)
60.5
77.6
(-22%)
58.4%
59.0%
1.8
2.0
1.8%
6.3
32%
79.7
1.4
17.1
NAWALOKA HOSPITALS PLC
Mar-1Q
3.3
3.5/2.7
46.7
100.0
(-53%)
46.7
100.0
(-53%)
48.7%
53.1%
0.0
0.1
1.5%
8.6
28%
2.8
1.2
29.9
THE LANKA HOSPITAL

CORPORATION PLC
Dec-2Q
48.0
51/37
67.5
167.5
(-60%)
211.5
342.9
(-38%)
55.9%
56.0%
0.3
1.5
3.1%
21.3
4%
19.0
2.5
19.7
519
664
(-22%)
HLT Sector earnings

results
Sector
PER
Sector
P/BV
19x
2.5x
INVESTMENT TRUSTS
ASCOT HOLDINGS PLC
Mar-1Q
94.1
150/86
(-3.6)
(-5.6)
36%
(-3.6)
(-5.6)
36%
57.9%
40.6%
(-0.4)
0.0
N/A
17.0
46%
69.8
1.3
30.2
CEYLON GUARDIAN
INVESTMENT TRUST PLC
Mar-1Q
191.4
205.9/150
536.7
252.3
113%
536.7
252.3
113%
N/A
N/A
6.5
5.0
2.6%
N/A
0%
264.4
0.7
7.3
CEYLON INVESTMENT PLC
Mar-1Q
95.0
98.8/73.1
350.6
177.9
97%
350.6
177.9
97%
N/A
N/A
3.6
2.5
2.6%
N/A
0%
126.8
0.7
7.3
COLOMBO FORT INVESTMENTS

PLC
Mar-1Q
89.0
109.9/81
(-4.6)
28.6
(-116%)
(-4.6)
28.6
(-116%)
N/A
N/A
(-0.7)
1.0
1.1%
N/A
0%
194.5
0.5
N/A
COLOMBO INVESTMENT TRUST

PLC
Mar-1Q
111.0
137.9/75
32.0
49.0
(-35%)
32.0
49.0
(-35%)
N/A
N/A
4.9
1.0
0.9%
N/A
0%
217.0
0.5
N/A
GUARDIAN CAPITAL PARTNERS

PLC
Mar-1Q
41.5
45/25
127.4
(-1.0)
12731%
127.4
(-1.0)
12731%
97.4%
(-40.9%)
4.9
0.0
N/A
N/A
0%
25.7
1.6
7.4
LANKA CENTURY INVESTMENTS

PLC
Mar-1Q
15.8
16/9.9
55.9
(-0.4)
12947%
55.9
(-0.4)
12947%
17.0%
16.0%
0.2
0.0
N/A
7.7
23%
22.2
0.7
N/A
LEE HEDGES PLC
Mar-1Q
373.4
330/230
57.3
17.5
227%
57.3
17.5
227%
100.0%
100.0%
11.2
0.0
N/A
6.1
0%
669.5
0.6
1.6
RENUKA HOLDINGS PLC
Mar-1Q
41.1
39/27.1
50.0
38.0
31%
50.0
38.0
31%
21.2%
20.9%
1.0
0.0
N/A
4.3
40%
47.3
0.9
8.2
1,202
556
116%
INV Sector earnings

INFORMATION TECHNOLOGY

results
Sector
PER
8.0x
Sector
P/BV
0.7x
Company
E-CHANNELLING PLC
FY-Q
Mar-1Q
Share
Price
(LKR)
14.8
12M H/L
(LKR)
18.2/6
IT Sector earnings

Jun-14
Jun-13
Change
(%)
27.5
16.0
72%
28
16
72%
Jun-14
27.5
Jun-13
16.0
Change
(%)
72%
Qtr GP % /
Net Int. Margin
Jun-14
100.0%
Jun-13
100.0%
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
0.2

results
0.9
5.7%
14.3
Sector
PER
0%
NAVPS
(LKR)
0.3
Sector
P/BV
N/A
P/BV
(x)
TTM
PER (x)
49.6
28.3
N/A
LAND AND PROPERTY
C T LAND DEVELOPMENT PLC
Mar-1Q
37.1
39.9/26.1
50.5
42.9
18%
50.5
42.9
18%
N/A
N/A
1.0
2.6
7.0%
6.6
5%
58.5
0.6
12.2
CARGO BOAT DEVELOPMENT

COMPANY PLC
Mar-1Q
130.0
139.8/89
62.9
228.5
(-72%)
62.9
228.5
(-72%)
77.6%
82.2%
6.2
1.5
1.2%
4.8
0%
192.5
0.7
16.0
CITY HOUSING & REAL ESTATE

CO. PLC
Mar-1Q
13.8
14.8/9
(-14.6)
(-11.0)
(-33%)
(-14.6)
(-11.0)
(-33%)
N/A
N/A
(-1.1)
0.0
N/A
N/A
64%
10.8
1.3
N/A
COLOMBO LAND &

DEVELOPMENT COMPANY PLC
Dec-2Q
40.0
48/33
(-10.8)
6.8
(-258%)
(-20.9)
3.5
(-699%)
50.6%
68.5%
(-0.1)
0.0
N/A
4142.5
26%
13.7
2.9
N/A
COMMERCIAL DEVELOPMENT
COMPANY PLC
Dec-2Q
111.4
120/57.1
30.8
27.8
11%
52.5
51.7
2%
53.4%
45.9%
2.6
4.0
3.6%
7.0
0%
110.9
1.0
8.8
EQUITY ONE PLC
Mar-1Q
42.0
44.7/25.4
23.4
9.5
145%
23.4
9.5
145%
73.5%
56.7%
0.6
0.4
0.8%
11.9
0%
46.6
0.9
8.6
EQUITY TWO PLC
Mar-1Q
54.9
51/23.4
13.7
3.0
364%
13.7
3.0
364%
85.3%
49.0%
0.4
0.0
N/A
21.8
0%
22.2
2.5
19.0
KELSEY DEVELOPMENTS PLC
Mar-1Q
27.0
29.3/14.6
3.6
166.8
(-98%)
3.6
166.8
(-98%)
23.3%
22.5%
0.2
0.0
N/A
N/A
34%
44.1
0.6
N/A
MILLENNIUM HOUSING
DEVELOPERS PLC
Mar-1Q
6.2
7.2/5.1
(-12.0)
11.8
(-202%)
(-12.0)
11.8
(-202%)
38.3%
41.1%
(-0.1)
0.3
4.0%
N/A
9%
4.5
1.4
N/A
ON'ALLY HOLDINGS ()
Mar-1Q
64.0
72/43.5
21.8
19.8
10%
21.8
19.8
10%
N/A
N/A
1.2
2.8
4.4%
13.5
0%
74.4
0.9
3.8
OVERSEAS REALTY (CEYLON)

PLC
Dec-2Q
23.6
24.9/16.3
677.8
551.7
23%
1394.3
1066.4
31%
57.5%
45.9%
0.8
1.5
6.1%
7.6
9%
28.8
0.8
6.6
PROPERTY DEVELOPMENT PLC
Dec -2Q
103.0
126/43.3
94.5
97.2
(-3%)
190.7
190.2
0%
119.5%
119.7%
1.4
3.0
2.9%
12.0
0%
48.9
2.1
15.8
SERENDIB ENGINEERING
GROUP PLC
Mar-1Q
79.4
195/75
2.8
5.7
(-50%)
2.8
5.7
(-50%)
34.6%
52.6%
0.4
0.0
N/A
43.0
2%
31.8
2.5
80.2
SERENDIB LAND PLC
Mar-1Q
1,050.0 1500/780.1
2.8
2.7
7%
2.8
2.7
7%
93.3%
93.6%
7.9
25.0
2.4%
29.9
0%
666.0
1.6
36.0
SEYLAN DEVELOPMENTS PLC
Dec-2Q
13.1
13.6/8.3
19.4
23.6
(-18%)
49.0
46.5
5%
N/A
N/A
0.1
0.3
2.3%
23.7
0%
28.6
0.5
92.6
YORK ARCADE HOLDINGS PLC
Mar-1Q
17.5
18.4/12.1
1.2
0.4
195%
1.2
0.4
195%
18.3%
13.0%
0.1
0.4
2.3%
11.6
2%
13.3
1.3
27.1
968
1,187
(-18%)
L&P Sector earnings

MANUFACTURING

results
16
Sector
PER
11.6x
Sector
P/BV
1.0x
Company
FY-Q
Share
Price
(LKR)
12M H/L
(LKR)

Jun-14
Jun-13
Change
(%)
Jun-14
Jun-13
Change
(%)
Qtr GP % /
Net Int. Margin
Jun-14
Jun-13
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
NAVPS
(LKR)
P/BV
(x)
TTM
PER (x)
ABANS ELECTRICALS PLC
Mar-1Q
119.7
134/95
12.8
28.8
(-56%)
12.8
28.8
(-56%)
12.3%
14.1%
2.5
2.0
1.7%
7.2
45%
127.1
0.9
7.9
ACL CABLES PLC
Mar-1Q
70.3
74.3/60
30.6
88.2
(-65%)
30.6
88.2
(-65%)
14.1%
14.8%
0.5
1.0
1.4%
8.0
32%
102.3
0.7
10.9
ACL PLASTICS PLC
Mar-1Q
120.0
125.6/75.2
17.3
11.0
58%
17.3
11.0
58%
10.0%
6.6%
4.1
2.0
1.7%
5.1
12%
167.0
0.7
5.8
ACME PRINTING & PACKAGING

PLC
Mar-1Q
14.6
19.7/8.2
(-25.9)
(-23.2)
(-12%)
(-25.9)
(-23.2)
(-12%)
10.8%
11.7%
(-1.0)
0.0
N/A
21.4
76%
14.2
1.0
N/A
AGSTAR FERTILIZERS PLC
Mar-1Q
4.9
6.3/4.1
42.1
101.6
(-59%)
42.1
101.6
(-59%)
34.1%
43.1%
0.1
0.1
2.0%
5.5
34%
6.4
0.8
N/A
ALUFAB PLC
Mar-1Q
18.7
21.8/10.7
(-2.4)
(-0.2)
(-1147%)
(-2.4)
(-0.2) (-1147%)
61.6%
32.3%
(-0.2)
0.0
N/A
67.2
2%
25.2
0.7
N/A
ALUMEX LIMITED
Mar-1Q
15.5
16/13.9
62.9
79.3
(-21%)
62.9
79.3
(-21%)
23.6%
28.0%
0.2
0.3
1.6%
12.0
3%
5.0
3.1
10.5
BLUE DIAMONDS JEWELLERY

WORLDWIDE PLC
Mar-1Q
3.5
4.2/1.5
(-12.0)
(-6.9)
(-75%)
(-12.0)
(-6.9)
(-75%)
(-22.5%)
3.4%
(-0.0)
0.0
N/A
N/A
0%
1.1
3.3
N/A
BOGALA GRAPHITE LANKA PLC
Dec-2Q
26.3
29.9/18
10.5
2.6
308%
40.6
18.2
124%
31.6%
32.6%
0.2
0.0
N/A
13.7
51%
5.0
5.2
26.4
CENTRAL INDUSTRIES PLC
Mar-1Q
68.8
67.9/54.1
13.3
10.5
27%
13.3
10.5
27%
17.9%
18.6%
1.3
3.0
4.4%
6.9
6%
104.0
0.7
8.7
CEYLON GRAIN ELEVATORS PLC
Dec-2Q
42.4
45.7/31
30.8
58.2
(-47%)
23.0
75.7
(-70%)
5.6%
8.2%
0.5
0.0
N/A
6.0
45%
46.6
0.9
37.8
CHEVRON LUBRICANTS LANKA

PLC
Dec-2Q
314.1
315/251
675.3
562.5
20%
1438.9
1332.4
8%
42.7%
37.7%
5.6
15.0
4.8%
10.0
0%
48.3
6.5
14.3
DANKOTUWA PORCELAIN PLC
Mar-1Q
14.0
16.1/9.9
4.6
(-9.1)
151%
4.6
(-9.1)
151%
18.6%
14.0%
0.1
0.4
2.9%
9.9
55%
14.3
1.0
33.5
DIPPED PRODUCTS PLC
Mar-1Q
128.0
130/86
230.7
413.9
(-44%)
230.7
413.9
(-44%)
14.8%
19.6%
3.9
5.5
4.3%
3.5
37%
123.4
1.0
12.5
HAYLEYS FIBRE PLC
Mar-1Q
40.1
45/23.5
2.6
8.7
(-70%)
2.6
8.7
(-70%)
6.9%
15.2%
0.3
0.3
0.7%
14.7
15%
57.3
0.7
17.9
KELANI CABLES PLC
Mar-1Q
86.5
94.5/63.1
25.4
47.4
(-47%)
25.4
47.4
(-47%)
13.5%
15.1%
1.2
1.5
1.7%
6.7
12%
108.7
0.8
9.8
KELANI TYRES PLC
Mar-1Q
69.0
74/39
141.2
148.6
(-5%)
141.2
148.6
(-5%)
8.2%
6.7%
1.8
1.9
2.7%
N/A
2%
30.3
2.3
8.5
LANKA ALUMINIUM INDUSTRIES

PLC
Mar-1Q
42.9
49/24.1
11.0
1.1
936%
11.0
1.1
936%
16.3%
13.6%
0.8
1.5
3.5%
9.1
64%
44.9
1.0
13.0
LANKA CERAMIC PLC
Mar-1Q
113.3
125.5/90
85.4
(-41.8)
304%
85.4
(-41.8)
304%
23.5%
14.9%
2.8
2.8
2.4%
4.3
61%
118.6
1.0
10.3
LANKA FLOORTILES PLC
Mar-1Q
98.5
103.9/62.1
120.7
72.0
68%
120.7
72.0
68%
34.1%
28.0%
2.3
4.0
4.1%
7.7
25%
67.1
1.5
7.5
LANKA WALLTILES PLC
Mar-1Q
93.0
98.5/52.1
132.2
(-61.8)
314%
132.2
(-61.8)
314%
23.1%
14.5%
2.4
2.5
2.7%
5.0
47%
105.1
0.9
5.5
Company
FY-Q
Share
Price
(LKR)
12M H/L
(LKR)

Jun-14
Jun-13
Change
(%)
Jun-14
Jun-13
Change
(%)
Qtr GP % /
Net Int. Margin
Jun-14
Jun-13
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
NAVPS
(LKR)
P/BV
(x)
TTM
PER (x)
LAXAPANA BATTERIES PLC
Mar-1Q
6.1
5.9/3.4
4.0
4.8
(-17%)
4.0
4.8
(-17%)
41.7%
44.5%
0.1
0.2
2.5%
N/A
24%
3.9
1.6
24.5
ORIENT GARMENTS PLC
Mar-1Q
19.7
28.6/5.2
(-35.9)
(-64.1)
44%
(-35.9)
(-64.1)
44%
9.8%
5.3%
(-0.7)
0.0
N/A
N/A
65%
11.9
1.6
N/A
PIRAMAL GLASS CEYLON ()
Mar-1Q
3.7
5.8/3.3
86.2
358.0
(-76%)
86.2
358.0
(-76%)
20.9%
21.5%
0.1
0.4
10.3%
3.5
33%
3.8
1.0
6.2
PRINTCARE PLC
Mar-1Q
41.1
40/25
62.4
43.5
43%
62.4
43.5
43%
20.6%
22.8%
0.7
0.9
2.2%
8.3
34%
28.6
1.4
10.0
REGNIS(LANKA) PLC
Dec-2Q
75.4
84/58
24.1
19.6
23%
57.9
53.6
8%
5.6%
7.4%
2.1
2.0
2.7%
5.6
12%
77.4
1.0
8.2
RICHARD PIERIS EXPORTS PLC
Mar-1Q
126.3
124/34.2
71.7
44.4
62%
71.7
44.4
62%
30.5%
24.1%
6.4
5.5
4.4%
3.4
51%
31.9
4.0
6.4
ROYAL CERAMICS LANKA PLC
Mar-1Q
109.4
119/77
161.1
(-79.6)
302%
161.1
(-79.6)
302%
30.2%
25.4%
1.5
1.0
0.9%
7.7
57%
94.3
1.2
8.9
SAMSON INTERNATIONAL PLC
Mar-1Q
123.2
119/75.4
24.0
3.4
598%
24.0
3.4
598%
22.1%
11.9%
6.2
2.0
1.6%
3.5
11%
123.1
1.0
6.5
SIERRA CABLES PLC
Mar-1Q
1.9
2.3/1.6
11.2
(-12.4)
191%
11.2
(-12.4)
191%
15.1%
13.9%
0.0
0.0
N/A
9.6
47%
2.6
0.7
25.8
SINGER INDUSTRIES (CEYLON)

PLC
Dec-2Q
118.0
138/95
(-3.3)
3.3
(-202%)
1.9
9.4
(-80%)
(-2.7%)
5.9%
(-0.9)
0.5
0.4%
N/A
0%
236.0
0.5
73.3
SWADESHI INDUSTRIAL WORKS

PLC
Mar-1Q 16,000.0
19000/1250
0
1.4
10.9
(-87%)
1.4
10.9
(-87%)
28.7%
30.6%
10.9
1.0
0.0%
42.9
78%
1019.4
15.7
701.0
SWISSTEK (CEYLON) PLC
Mar-1Q
26.0
28.3/14.9
21.0
(-1.2)
1909%
21.0
(-1.2)
1909%
19.3%
17.1%
0.8
0.0
N/A
5.4
45%
26.2
1.0
5.4
TEXTURED JERSEY LANKA PLC
Mar-1Q
19.0
21.3/13.2
164.1
240.2
(-32%)
164.1
240.2
(-32%)
8.2%
12.1%
0.2
1.3
6.8%
12.6
5%
9.9
1.9
11.6
TOKYO CEMENT COMPANY

(LANKA) PLC
Mar-1Q
45.6
47/22.6
523.7
611.5
(-14%)
523.7
611.5
(-14%)
21.6%
21.0%
1.6
1.5
3.3%
5.2
34%
27.6
1.7
6.8
2,725
2,674
2%
MFG Sector earnings

results
Sector
PER
35
10.6x
Sector
P/BV
1.6x
MOTORS
C M HOLDINGS PLC
Mar-1Q
114.8
99.9/75
127.7
39.7
222%
127.7
39.7
222%
75.0%
58.3%
8.4
3.0
2.6%
2.1
10%
228.0
0.5
N/A
DIESEL & MOTOR ENGINEERING

PLC
Mar-1Q
685.0
682/450
30.2
28.9
5%
30.2
28.9
5%
19.7%
19.5%
3.4
10.0
1.5%
11.7
41%
885.4
0.8
15.1
LANKA ASHOK LEYLAND PLC
Mar-1Q
1,605.5
1900/1202
14.7
25.3
(-42%)
14.7
25.3
(-42%)
8.3%
11.8%
4.1
10.0
0.6%
22.3
36%
673.5
2.4
37.7
SATHOSA MOTORS PLC
Mar-1Q
243.0
299/220
36.3
48.9
(-26%)
36.3
48.9
(-26%)
19.9%
19.6%
6.0
5.0
2.1%
5.1
0%
171.6
1.4
5.2
Company
FY-Q
Share
Price
(LKR)
12M H/L
(LKR)

Jun-14
Jun-13
Change
(%)
Jun-14
Jun-13
Change
(%)
Qtr GP % /
Net Int. Margin
Jun-14
Jun-13
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
NAVPS
(LKR)
P/BV
(x)
TTM
PER (x)
THE AUTODROME PLC
Mar-1Q
940.0
1100/750
9.4
7.3
29%
9.4
7.3
29%
23.4%
20.7%
7.8
3.0
0.3%
20.8
1%
791.0
1.2
33.9
UNITED MOTORS LANKA PLC
Mar-1Q
101.2
154/102.5
192.6
610.4
(-68%)
192.6
610.4
(-68%)
23.9%
34.9%
1.9
12.0
11.9%
15.7
13%
82.3
1.2
8.6
411
760
(-46%)
MTR Sector earnings

results
Sector
PER
12.9x
Sector
P/BV
1.1x
OIL PALMS
SELINSING PLC
Mar-1Q
1,895.0
1980/1000
49.5
137.4
(-64%)
49.5
137.4
(-64%)
77.7%
88.0%
7.1
38.0
2.0%
50.0
0%
1039.2
1.8
76.6
SHALIMAR (MALAY) PLC
Mar-1Q
1,900.0
2488/750
31.1
117.6
(-74%)
31.1
117.6
(-74%)
75.4%
91.4%
4.5
31.0
1.6%
75.7
0%
826.5
2.3
105.7
THE BUKIT DARAH PLC
Mar-1Q
705.0
709/538
1126.9
511.1
121%
1126.9
511.1
121%
33.0%
27.3%
11.0
3.0
0.4%
7.1
69%
294.1
2.4
17.9
THE GOOD HOPE PLC
Mar-1Q
1,970.0
2100/1030
27.2
115.5
(-76%)
27.2
115.5
(-76%)
78.0%
90.9%
4.0
24.5
1.2%
87.6
0%
892.6
2.2
177.2
THE INDO MALAY PLC
Mar-1Q
1,970.0
2000/1250
20.4
116.6
(-82%)
20.4
116.6
(-82%)
71.1%
90.6%
2.9
22.4
1.1%
121.9
0%
849.1
2.3
156.7
1,255
998
26%
OIL Sector earnings

results
Sector
PER
28.1x
Sector
P/BV
2.3x
POWER AND ENERGY
F L C HYDRO POWER PLC
Mar-1Q
5.9
6.8/4.1
(-11.2)
9.9
(-213%)
(-11.2)
9.9
(-213%)
(-27.0%)
63.6%
(-0.1)
0.0
N/A
172.3
11%
6.9
0.9
N/A
HEMAS POWER PLC
Mar-1Q
17.5
20/16.5
(-68.9)
101.9
(-168%)
(-68.9)
101.9
(-168%)
74.1%
85.9%
(-0.6)
0.8
4.3%
11.7
6%
19.5
0.9
N/A
LANKA IOC PLC
Mar-1Q
40.0
45/24.5
1202.2
1349.6
(-11%)
1202.2
1349.6
(-11%)
8.1%
13.1%
2.3
2.0
5.0%
3.9
26%
34.3
1.2
4.6
LAUGFS GAS PLC
Mar-1Q
35.0
38/24.5
328.5
270.3
22%
328.5
270.3
22%
27.2%
19.2%
0.8
2.0
5.7%
6.6
20%
17.5
2.0
9.9
MACKWOODS ENERGY PLC
Mar-1Q
7.0
9.4/6
(-6.1)
5.7
(-207%)
(-6.1)
5.7
(-207%)
26.3%
35.4%
(-0.1)
0.0
N/A
N/A
0%
7.3
1.0
65.3
PANASIAN POWER PLC
Mar-1Q
2.4
2.8/2.2
20.6
62.5
(-67%)
20.6
62.5
(-67%)
82.8%
91.7%
0.0
0.1
4.2%
11.2
6%
2.1
1.1
11.7
VALLIBEL POWER ERATHNA PLC
Mar-1Q
5.9
6.5/5.4
149.6
242.1
(-38%)
149.6
242.1
(-38%)
87.0%
90.7%
0.2
0.6
10.2%
6.4
29%
2.9
2.0
8.1
VIDULLANKA PLC
Mar-1Q
4.9
5.2/3.4
40.3
65.5
(-39%)
40.3
65.5
(-39%)
67.6%
72.8%
0.1
0.0
N/A
12.7
26%
2.4
2.0
19.5
1,655
2,108
(-21%)
P&E Sector earnings

results
Sector
PER
7.2x
Sector
P/BV
1.4x
Company
FY-Q
Share
Price
(LKR)
12M H/L
(LKR)

Jun-14
Jun-13
Change
(%)
Jun-14
Jun-13
Change
(%)
Qtr GP % /
Net Int. Margin
Jun-14
Jun-13
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
NAVPS
(LKR)
P/BV
(x)
TTM
PER (x)
PLANTATIONS
AGALAWATTE PLANTATIONS
PLC
Dec-2Q
25.0
29.5/21
6.1
(-98.8)
106%
(-51.5)
(-95.7)
46%
31.3%
8.6%
0.2
0.0
N/A
6.3
59%
46.9
0.5
10.7
AITKEN SPENCE PLANTATION

MANAGEMENTS
Mar-1Q
45.5
0/0
80.4
(-3.9)
2141%
80.4
(-3.9)
2141%
15.2%
2.8%
3.8
2.0
4.4%
2.8
31%
93.3
0.5
2.6
BALANGODA PLANTATIONS PLC
Dec-2Q
31.6
35/23.1
57.2
45.7
25%
80.5
57.1
41%
4.3%
8.0%
2.4
1.0
3.2%
4.4
20%
120.0
0.3
6.4
BOGAWANTALAWA TEA
ESTATES PLC
Mar-1Q
12.9
14/8.5
31.6
(-27.3)
216%
31.6
(-27.3)
216%
7.0%
(-0.9%)
0.4
0.1
0.8%
4.6
36%
11.7
1.1
16.2
ELPITIYA PLANTATIONS PLC
Mar-1Q
27.8
26/13.5
87.9
(-13.6)
746%
87.9
(-13.6)
746%
15.2%
2.8%
1.2
0.8
2.7%
4.8
23%
41.1
0.7
4.3
HAPUGASTENNE PLANTATIONS
PLC
Dec-2Q
35.5
38/26.3
81.4
67.5
21%
98.7
108.8
(-9%)
14.0%
12.6%
1.8
0.0
N/A
3.8
20%
43.8
0.8
7.0
HORANA PLANTATIONS PLC
Mar-1Q
25.5
29.4/19.9
23.4
(-43.8)
153%
23.4
(-43.8)
153%
10.8%
(-3.5%)
0.9
1.0
3.9%
5.7
37%
55.1
0.5
3.1
KAHAWATTE PLANTATIONS PLC
Dec-2Q
39.0
43/28.6
28.5
(-70.4)
141%
56.8
1.9
2871%
7.3%
(-3.5%)
0.4
0.0
N/A
12.1
46%
14.4
2.7
17.9
KEGALLE PLANTATIONS PLC
Mar-1Q
97.2
109.9/90
42.7
89.8
(-52%)
42.7
89.8
(-52%)
5.5%
8.8%
1.7
13.5
13.9%
26.4
43%
139.1
0.7
6.4
KELANI VALLEY PLANTATIONS

PLC
Dec-2Q
75.0
87/70
(-19.5)
8.6
(-328%)
23.0
158.0
(-85%)
6.0%
7.5%
(-0.6)
3.5
4.7%
22.3
27%
78.8
1.0
10.3
KOTAGALA PLANTATIONS PLC
Mar-1Q
36.5
46.5/32
(-214.4)
(-91.7)
(-134%)
(-214.4)
(-91.7)
(-134%)
4.5%
3.2%
(-5.4)
0.0
N/A
22.9
58%
71.3
0.5
N/A
MADULSIMA PLANTATIONS PLC
Dec-2Q
16.0
14.4/9.3
60.5
(-63.5)
195%
46.7
(-49.3)
195%
9.0%
(-9.0%)
2.1
0.0
N/A
9.3
50%
55.8
0.3
N/A
MALWATTE VALLEY
PLANTATIONS PLC
Dec-2Q
4.9
5.4/3.7
90.2
109.5
(-18%)
103.8
160.6
(-35%)
15.5%
13.8%
0.4
0.1
2.0%
3.7
24%
12.8
0.4
7.2
MASKELIYA PLANTATIONS PLC
Mar-1Q
13.9
14.6/9.4
24.1
(-84.5)
128%
24.1
(-84.5)
128%
10.7%
(-2.2%)
0.4
0.0
N/A
6.9
47%
26.6
0.5
45.9
METROPOLITAN RESOURCE
HOLDINGS PLC
Mar-1Q
25.3
29.9/16.5
23.6
(-19.8)
219%
23.6
(-19.8)
219%
7.0%
(-0.9%)
1.4
1.6
6.2%
4.6
60%
45.6
0.6
5.4
NAMUNUKULA PLANTATIONS
PLC
Mar-1Q
89.9
100/68.1
48.6
47.1
3%
48.6
47.1
3%
11.7%
15.1%
2.0
10.5
11.7%
7.0
12%
89.4
1.0
6.3
TALAWAKELLE TEA ESTATES

PLC
Dec-2Q
32.6
35/16.3
39.9
(-3.0)
1420%
74.1
82.4
(-10%)
11.9%
5.0%
1.7
3.0
9.2%
3.3
30%
63.2
0.5
4.7
UDAPUSSELLAWA
PLANTATIONS PLC
Dec-2Q
31.4
35/21
71.1
2.0
3546%
93.9
31.4
199%
23.1%
6.8%
3.7
0.0
N/A
2.5
33%
38.8
0.8
4.9
WATAWALA PLANTATIONS PLC
Mar-1Q
16.2
17/9.2
230.9
11.4
1925%
230.9
11.4
1925%
18.8%
4.7%
1.0
0.5
3.1%
2.9
10%
18.8
0.9
5.9
Company
FY-Q
Share
Price
(LKR)
12M H/L
(LKR)
PLT Sector earnings

Jun-14
Jun-13
Change
(%)
Jun-14
Jun-13
Change
(%)
Qtr GP % /
Net Int. Margin
Jun-14
Jun-13
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)

results
Sector
PER
19
NAVPS
(LKR)
Sector
P/BV
8.0x
P/BV
(x)
TTM
PER (x)
0.7x
794
(139)
672%
0.7
2.6
(-73%)
0.7
2.6
(-73%)
100.0%
100.0%
0.6
0.0
N/A
71.4
9%
772.4
0.8
14.3
STORES AND SUPPLIES
COLOMBO CITY HOLDINGS PLC
Mar-1Q
E B CREASY & COMPANY PLC
Mar-1Q
1,025.0
1200/875
(-86.2)
(-51.3)
(-68%)
(-86.2)
(-51.3)
(-68%)
17.5%
15.4%
(-34.0)
12.5
1.2%
11.7
82%
1177.1
0.9
N/A
GESTETNER OF CEYLON PLC
Mar-1Q
162.3
174/120
5.2
3.0
73%
5.2
3.0
73%
35.9%
33.3%
2.3
4.0
2.5%
6.4
0%
56.1
2.9
8.6
HUNTERS & COMPANY PLC
Mar-1Q
380.0
329/240
(-35.5)
(-18.3)
(-94%)
(-35.5)
(-18.3)
(-94%)
28.1%
27.9%
(-6.9)
0.0
N/A
N/A
9%
965.1
0.4
N/A
(116)
(64)
(-81%)
600.0 609.9/426.1
S&S Sector earnings

results
Sector
PER
Sector
P/BV
N/A
0.6x
SERVICES
ASIA SIYAKA COMMODITIES PLC
Mar-1Q
3.5
3.9/2.2
32.7
25.8
27%
32.7
25.8
27%
98.6%
99.1%
0.1
0.2
5.7%
5.1
55%
2.8
1.2
7.4
CEYLON TEA BROKERS PLC
Mar-1Q
5.0
5.3/3.2
15.0
14.8
1%
15.0
14.8
1%
75.1%
79.4%
0.1
0.3
5.0%
46.6
79%
1.8
2.8
8.1
CEYLON TEA BROKERS PLC
Mar-1Q
5.0
5.3/3.2
15.0
14.8
1%
15.0
14.8
1%
75.1%
79.4%
0.1
0.3
5.0%
46.6
79%
1.8
2.8
8.1
JOHN KEELLS PLC
Mar-1Q
86.6
92/65.5
67.0
78.2
(-14%)
67.0
78.2
(-14%)
72.5%
71.6%
1.1
3.4
3.9%
13.9
27%
50.8
1.7
37.9
LAKE HOUSE PRINTERS AND

PUBLISHERS PLC
Mar-1Q
115.0
119.9/86
6.3
2.4
166%
6.3
2.4
166%
34.0%
31.8%
2.1
1.0
0.9%
6.8
6%
96.0
1.2
14.2
MERCANTILE SHIPPING
COMPANY PLC
Mar-1Q
142.0
159/110.1
(-29.1)
(-44.5)
34%
(-29.1)
(-44.5)
34%
2.9%
(-3.7%)
(-10.2)
0.0
N/A
26.7
101%
(-13.0) (-10.9)
N/A
107
91
17%
SRV Sector earnings

results
Sector
PER
37.5x
Sector
P/BV
1.8x
TELECOMMUNICATIONS
DIALOG AXIATA PLC
Dec-2Q
11.1
11.5/7.9
1656.6
950.3
74%
2925.7
2544.9
15%
43.7%
40.2%
0.2
0.3
2.6%
5.4
42%
4.9
2.2
16.2
SRI LANKA TELECOM PLC
Dec-2Q
54.0
57.3/33
2421.0
724.0
234%
2968.0
2326.0
28%
33.3%
28.1%
1.3
0.9
1.6%
5.4
27%
33.9
1.6
16.1
4,078
1,674
144%
TLE Sector earnings

TRADING

results
Sector
PER
16.2x
Sector
P/BV
1.9x
Company
FY-Q
Share
Price
(LKR)
12M H/L
(LKR)

Jun-14
Jun-13
Change
(%)
Jun-14
Jun-13
Change
(%)
Qtr GP % /
Net Int. Margin
Jun-14
Jun-13
Jun -14
DPS
Div.
EV/EBITD
D/(D+E)
A (x)
(LKR)
LKR) (Last FY)
NAVPS
(LKR)
P/BV
(x)
TTM
PER (x)
BROWN & COMPANY PLC
Mar-1Q
104.7
114.5/78.2
125.9
727.0
(-83%)
125.9
727.0
(-83%)
26.9%
22.8%
1.8
0.0
N/A
13.4
43%
199.6
0.5
6.4
C. W. MACKIE PLC
Mar-1Q
64.5
68/51.1
29.9
39.0
(-23%)
29.9
39.0
(-23%)
12.1%
13.3%
0.8
3.0
4.7%
8.4
20%
46.9
1.4
11.7
CEYLON & FOREIGN TRADES PLC
Mar-1Q
7.4
8.8/5.1
11.6
6.4
82%
11.6
6.4
82%
13.2%
10.1%
0.1
0.0
N/A
32.2
21%
6.9
1.1
13.2
PIRAMAL GLASS CEYLON PLC

()
Mar-1Q
7.1
8.8/5.8
(-21.8)
(-8.4)
(-161%)
(-21.8)
(-8.4)
(-161%)
3.0%
7.4%
(-0.2)
0.0
N/A
N/A
22%
8.6
0.8
N/A
SINGER SRI LANKA PLC
Dec-2Q
98.9
102/80.1
116.8
130.3
(-10%)
246.7
306.2
(-19%)
32.10%
36.01%
0.9
2.5
2.5%
9.8
70%
39.1
2.5
30.8
TESS AGRO PLC
Mar-1Q
1.6
2.2/1.1
(-7.0)
0.1
(-7272%)
(-7.0)
0.1 (-7272%)
4.3%
6.5%
(-0.0)
0.0
N/A
N/A
40%
1.2
1.4
N/A
255
894
(-71%)
TRD Sector earnings

results
Sector
PER
14.0x
Sector
P/BV
1.1x
Cumulative Earnings June Qtr 2014*
42,318
21.7%
No. of Companies that released results
270
Cumulative Earnings March Qtr 2014*
54,336
-2.0%
Market TTM PER (x) as at 25 08 2014
15.1
* Not adjusted for extra-ordinary items

* TTM PER refers to Trailing 12 month PER
GLAS 1QFY14 earnings include a profit on disposal of Investment Property of LKR 296mn.
ONAL had a fair value gain on investment property of LKR 235mn

Earnings Update - June Quarter 2014 - 25 08 2014

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Earnings Update - June Quarter 2014 - 25 08 2014

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2Q2014 EARNINGS UPDATE CAL RESEARCH

2Q2014 (Apr-Jun) Market Earnings +21.7% YoY to LKR 42.3bn

Quarter Earnings -LKR mn

Cumulative Earnings - LKR mn

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ABANS FINANCE PLC

ALLIANCE FINANCE COMPANY

AMANA BANK LIMITED

AMANA TAKAFUL PLC

AMW CAPITAL LEASING AND

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ASIA ASSET FINANCE PLC

ASIA CAPITAL PLC

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Quarter Earnings -LKR mn

Cumulative Earnings - LKR mn

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GEORGE STEUART FINANCE PLC

HATTON NATIONAL BANK PLC

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LANKA ORIX LEASING COMPANY

LANKA VENTURES PLC

Quarter Earnings -LKR mn

Cumulative Earnings - LKR mn

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MULTI FINANCE PLC

N D B CAPITAL HOLDINGS PLC

NATION LANKA FINANCE PLC

NATIONS TRUST BANK PLC

ORIENT FINANCE PLC

PAN ASIA BANKING

PEOPLE`S MERCHANT FINANCE

PEOPLE'S LEASING & FINANCE

SAMPATH BANK PLC

SANASA DEVELOPMENT BANK

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SEYLAN BANK PLC

SINGER FINANCE (LANKA) PLC

SINHAPUTHRA FINANCE PLC

SMB LEASING PLC

SOFTLOGIC CAPITAL PLC

SOFTLOGIC FINANCE PLC

THE FINANCE COMPANY PLC

Quarter Earnings -LKR mn

Cumulative Earnings - LKR mn

THE HOUSING DEVELOPMENT

TRADE FINANCE &

UNION ASSURANCE PLC

UNION BANK OF COLOMBO PLC

VALLIBEL FINANCE PLC