acl cables plc (acl) - capital trust cables... · 2015-12-21 · market cap lkr 7.0bn market cap...

Capital TRUST Securities (Pvt) Ltd ACL Page | 1

ACL Cables PLC (ACL)

Earnings Review – BUY | Rs.120.00 | December 2015

Major Shareholders – 30th

Sep 2015

Mr. U. G. Madanayake 38.13%

Mr. Suren Madanayake 22.21%

Employees Provident Fund 4.93%

Govindasami Ramanan 3.98%

Deutsche Bank AG-National Equity Fund

1.77%

Top 20 shareholders 83.10%

Foreign ownership* 1.50%

Investor Guide FY13 FY14 FY15 FY16 FY17

Revenue (LKR mn) 11,327 11,447 14,427 16,808 19,845

YoY Growth 10% 1% 26% 17% 18%

Net Profit (LKR mn) 535 441 860 1,263 1,696

YoY Growth 9% -17% 95% 47% 34%

EBIT (LKR mn) 1,090 972 1,597 2,313 2,608

Growth 7% -11% 64% 45% 13%

Gross margin 16% 17% 18% 22% 21%

Operating margin 10% 8% 11% 14% 13%

Net margin 5% 4% 6% 8% 9%

Assets (LKR mn) 10,909 12,048 16,068 17,217 19,185

YoY Growth 14% 10% 33% 7% 11%

Debt/Equity 53% 51% 47% 45% 40%

ROE 9% 7% 12% 15% 17%

ROA 5% 4% 5% 7% 9%

MPS (LKR) 65.50 61.00 76.00 120.00 120.00

EPS (LKR) 8.93 7.37 14.35 21.08 28.31

BVPS (LKR) 95.48 101.84 123.39 143.87 170.85

PE (x) 7.3 8.3 5.3 5.7 4.2

PBV (x) 0.7 0.6 0.6 0.8 0.7

DPS (LKR) 1.00 1.00 1.00 2.00 2.00

Dividend payout 11% 14% 7% 9% 7%

Dividend yield 2% 2% 1% 2% 2%

Key Data

Sector Manufacturing

CSE ticker ACL.N0000

Shares in issue 60mn

Public holding 37.4%

52wk High - Low LKR 128.70 – 74.00

Avg. daily volume 70,270

Current MPS LKR 120.00

Target price LKR 141.50

Upside 18%

Market Cap LKR 7.0bn

Market Cap USD 0.1bn

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Relative Share Performance

ASI ACL

CASE FOR INVESTMENT

ACL is the largest cable manufacture in the country which accounts for 70%

market share of the total cable market. The company‟s innovative and high

quality product range supports ACL to dominate the local cable market.

The construction sector is expected to grow at a CAGR of 16% in the next 2

years; underpinned by declining interest rates and low inflation.

The favourable economic environment setting in with low interest rates and

economic development will eventually increase the housing construction

activities.

Declining global copper prices will significantly improve profit margins of ACL.

Improving demand for the electricity will increase the demand for cables.

Re-gaining of GSP plus scheme will enable ACL to improve their top line with

the competitive advantage.

Acquisition of the pure renewable energy provider „Resus Energy‟ will

reinforce the top line and profit margins of the company.

A Member of the Colombo Stock Exchange

Foreign Broker-Dealer of

Maybank Kim Eng Securities USA Inc.

Foreign Broker-Dealer of

Maybank Kim Eng Securities USA Inc.

0200400600800100012001400

020406080

100120140

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Price Volume Grapgh

Volume Price

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ACL was incorporated in 1962, as Associated Cables Ltd under Associated

Motorways Ltd (AMW) as a Subsidiary for the manufacture of electric cables

becoming the first electric manufacturing company in Sri Lanka. ACL Group is

the largest cable manufacture in the country which is accounted for 70% of the

cable market. The company started their business with technical assistance

from Mitsui of Japan, providing cables to fulfil the infrastructure development

of the country. In 1980 the Company moved out of AMW Group. With the

acquisition of technology from Alind of India, Aluminium Conductor plant was

set up to jointly manufacture and supply 1400MT of AAC Conductors to

Ceylon Electricity Board and ACSR.

During July 2012, ACL began operations in the country‟s first ever Copper rod

manufacturing plant which help to control the cost of input in cable production

and bring value addition to the products. During 2013, ACL incorporated ACL

Electric (Pvt) Ltd to manufacture switches and sockets under ACL brand.

Further enhancing the product portfolio ACL introduced a fire resistance circuit

integrity power cable for the first time in local market. Today, ACL is the most

required brand of cables in Sri Lanka, having supplied 80% the requirements

of duty free projects involving overseas investors approved by the Board of

Investment. ACL diversified their business in 2015 by acquiring 35% stake of

Hamas Power Plc, a pure renewable energy company in Sri Lanka and

renamed the company as Resus Energy Plc.

In 1995 ACL established their foot prints in Bangladesh and Maldives.

Accordingly the company export their products to markets include India, New

Zealand, Australia, UK, Dominican Republic and few African countries

including Tanzania. ACL exports approximately 15% of the total production.

ACL was awarded ISO 9002 Certificate in the year 1998. Accordingly the

company was awarded from ISO 9001 and ISO 14001 for their quality

standards and systems.

Sector Review

Sri Lanka economy grew at a pace of 7.4% in last year. However, with the

changes in economic policies and political shakiness occurred during the year

amid the government change, resulted to revise the GDP growth forecasted

by World Bank for year 2015 to 6.9% from 7.5% projected earlier. Accordingly

Asian Development Bank projected a growth rate of 6.3% for year 2015 while

IMF forecasted a growth rate of 6.5% which was below the 7% growth rate

projected earlier.

Nonetheless, the Sri Lankan construction industry last year continued to grow

at 20.2% on the back of declining interest rates and low inflation, the industrial

sector continued to perform well which was the second largest contributor to

the GDP with 32.6% in the second quarter of 2015 while construction sub-

sector contributed 9.5%. The construction sector is Sri Lanka‟s one of the

booming segments in last few years, which also resulted to record favourable

earnings in related industries. Construction sector grew at a CAGR of 21% in

last 4 years and expected to grow at a CAGR of 16% in 2016.

Further, favourable prospects of regaining the GSP Plus will affected positively

to the export sector as well as to the country‟s economy as a whole. The

depreciation of the Sri Lankan Rupee is also a major concern as it can boost

the country‟s export demand to enjoy the competitive advantage.

0%

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30%

0

50

100

150

200

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300

350

400

450

2009

2010

2011

2012

2013

2014

2015E

2016E

Construction sector growth at constant (2002) prices

ACL Cables PLC (ACL)

0

2

4

6

8

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12

14

2000

2001

2002

2003

2004

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2006

2007

2008

2009

2010

2011

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2014

(bil

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Wh

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National electricity demand and production capacity

Consumption Production


0

100

200

300

400

500

600

700

800

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

MW

Projected future development of NCRE

Cumulative Mini hydro addition Cumulative Wind addition

Cumulative Biomass addition Cumulative Solar addition

0%

1%

2%

3%

4%

5%

6%

7%

8%

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452015

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2027

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2037

2039

TW

h

Econometric Demand Forecast

Demand (TWh) Growth %

Source -: Ceylon Electricity Board Long Term Generation Expansion

PLAN

2015-2034 Copper price outlook

Copper prices slumped more than 25% in November declining below the

physiological level of USD 5,000/MT

Copper prices significantly declined during the year by hitting a six and a

half year low of USD 4,590/MT in mid-November owing to rising stocks and

weak demand in the market, but bounced back to close the month at USD

4,799.90/MT.

This lower demand was mainly driven by the economy slowdown in China,

world second largest economy which eventually led to a slowdown in

china‟s construction sector.

However, the World Bank and other analysts released their forecasts on

copper prices in October estimating that the prices will move upwards

slightly in the future.

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6%

1,000

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Copper prices declined 24% within a year

5,625 5749

5876 6006 6139

6275

7000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2015

2016

2017

2018

2019

2020

2025

US

D/M

T

World Bank Copper price outlook

Copper price reduction & benefit

USD 6,712.85/MT

LKR 879,450/MT

USD 4,799.90/MT

LKR 687,394/MT

1 USD = 131.01 1 USD = LKR 143.21

USD

LKR

Saving LKR 192,056/MT

due to price reduction

November 2014 November 2015

-28%

-22%

Source -: World Bank Commodity Forecast Price

data October 2015


Quarter Performance

Net earnings up by 65%YoY to LKR 316mn on increase in other income,

decline in cost of sales and operating expenses in 2QFY16

Net profit for the quarter increased notably by 65%YoY to LKR 316mn

compared to LKR 192mn recorded in 2QFY15. This was mainly driven by

the increase in other income and decline in cost of sales, administrative

expenses and net finance cost. Earnings inclined by 159%YoY to LKR

606mn in 1HFY16.

Copper is the main component use for production process followed by

Aluminium and Metal. Copper accounts for approximately 60%-65% of the

production cost. Therefore, the reduction in the global copper price has

favourably affected the cost of sales where it reduced by 18%YoY in

2QFY16 to LKR 2.5bn from 3.1bn reported in 2QFY15. Copper price has

declined more than 10% during the quarter from USD 5,833.01/MT to USD

5,217.25/MT.

Revenue was down by 10%YoY to LKR 3.3bn from LKR 3.7bn in 2QFY16

while marginally up by 3%YoY to LKR 6.7bn in 1HFY16 due to slow down in

the construction sector. The business segments namely manufacturing PVC

Compound and other segment was down by 15%YoY to LKR 39bn and

36%YoY to LKR 230mn respectively in 1HFY16 while the core business

segment, manufacturing cables increased marginally by 5%YoY to LKR

6.4bn. Further, notable decline in export sales by 33%YoY to LKR 837mn in

1HFY16 also affected adversely to the business segments.

Other income rose notably during the quarter significantly by 194% to LKR

11mn from LKR 4mn.

ACL managed to reduce the net finance costs from 83mn to 78mn; down by

6%.

Profit margins in 2QFY16 improved notably where net margin improved from

5% to 8% while gross margin and operating margin grew from 17% and 10%

to 24% and 15% respectively.

FY14/15 Performance

Net profits up notably by 95%YoY on increase in revenue and other income

Net profit for FY15 advanced to LKR 860mn from LKR 441 recorded in the

comparative year with a significant profit growth of 95%YoY.

Revenue increased by 26%YoY to LKR 14.4bn in the year supported by

high activity levels witnessed in CEB. 70%-80% of the BOI projects are done

by the ACL group and the increasing activity level of the CEB contributed

positively to the company‟s top line. Further, decrease in fuel price reduction

and other essential items have also affected favourably to the top line as

individual investors and institutional investors acted more actively in the

construction sector.

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World Aluminium Price movement

14% 17% 15%

25% 22%

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Copper price vs. gross margin

Copper price Gross Margin

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Quarterly profit movement

PAT-E QoQ Growth


Cost of sales increased by 25%YoY to LKR 11.9bn in FY15 mainly because of the increase in raw material prices during

the period. Other income increased significantly by 599%YoY to LKR 193mn form LKR 28mn due to a revaluation of

investment properties. The group incurred a gain on revaluation of LKR 176mn during the accounting period.

Profit margins improved marginally FY15 where net margin improved from 4% to 6%, gross margin improved from 17% to

18% while operating margin improved from 8% to 11%.

The company has a liquid cash of LKR 1.0bn, and continues profitability of ACL translated to a healthy 3-year CAGR of

21%. Return on equity improved from 7% to 12% while return on assets merely improved from 4% to 5%.

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LK

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n.

Revenue contribution

Exports Local

94%

1%

5%

Manufacturing Cables PVC Compound Other

Revenue Composition

FY15

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Profit movement

PAT-E Growth

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Profit margins with turnover

Turnover Gross profit

Operating profit Net profit

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DPS vs. Payout

DPS (LKR) Payout

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Net asset value per share & grwoth


TZS, -25.8%

NZD, -17.0%

AUD, -15.1%

LKR, -7.9%

GBP, -2.1%

MVR, -0.7%

BDT, -0.4%

-30.0% -20.0% -10.0% 0.0%

YTD ER change against USD Future Outlook

We have estimated a profit of LKR 1.3bn in FY16E and LKR 1.7bn in

FY17E with profit growths of 47%YoY and 34%YoY respectively. The

growth may mainly supported by the increase in revenue and decrease in

cost of sales.

Further reduction in corporate income tax rate from 28% to 15% which will

be effective in FY 16/17 also may contribute favourably to the notable profit

growth in FY17E.

Revenue projected to increase by 17%YoY to LKR 17bn in FY16E (FY17E -

LKR 20bn, +18%). Manufacturing cables segment may continue to perform

as the key player with a revenue growth of 16%YoY to LKR 16bn in FY16E.

However, the lack of pace in the construction industry may slowdown the

segmental growth compared to FY15.

The export sales may likely to increase in FY16E and after with the

prospects of re-gaining the EU GSP Plus scheme in next year.

Nonetheless, the global economy slowdown may affected for the top line of

the company as the main export regions namely Australia, New Zealand

and Tanzania currencies have significantly declined this year.

Further, with the diversification of business process into Power Generation

through the acquisition of Resus Energy will enable the company to make

healthy turnover supported by the renewable energy segment.

Resus Energy now working for their new projects located in in Kandy and

Kegalle districts and they have entered into Standardised Power Purchase

Agreements with CEB for 1.4MW- Gomale Oya and 1.5MW- Moragaha Oya

hydropower Projects.

The cost of sales may increase slightly by 10%YoY to LKR 13bn due to

increase in global raw material prices. The World Bank has forecasted the

commodity prices to be increased in the future as the copper prices

forecasted to increase to USD 5,749/MT in 2016 and USD 5,876/MT in

2017.

The company import all their raw-materials mainly from countries like India,

Korea etc. Therefore the current depreciation of rupee may affect for the

COS. However, the company manages its currency risk by a natural

hedging mechanism to a certain extent by matching currency outflows for

repayments on raw material imported with currency inflows for goods sold in

foreign currencies.

Profit margins may improve as net margin may stand at 8% in FY16E and

9% in FY17E while gross margin and operating margin may increase to

22% (FY17E – 21%) and 14% in FY16E (FY17E – 13%) respectively.

Trailing debt to equity ratio is at 30% while trailing return on equity ratio is at

20%. Further, trailing return on assets ratio stand at 11%. The trailing asset

value stand at LKR 130.55 per share.

The increasing profitability of the company may translate to a CAGR of 29%

in next 3-years.

1,700 1650 1704

1759 1816

1875

2200

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1,900

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2,300

2015

2016

2017

2018

2019

2020

2025

US

D/M

T

World Bank Aluminium price outlook

Source -: World Bank Commodity Forecast Price data

October 2015


Market Price (LKR) 120.0

DCF valuation

Value per share (LKR) 141.5

Upside 18%

Cost of equity 12%

Risk free rate 7%

Equity risk premium 5%

Relative valuation

Price earnings ratio

Forecast EPS (LKR) 28.3

Historical avg PE (x) 6.97


Upside 64%

Price-to-book ratio

Forecast book value (LKR) 170.8

Historical avg PBV (x) 0.9


Upside 34%

We believe that the company may maintain the same dividend level

at LKR 2.00 per share which translates to a dividend pay-out of 5%-

7%. However, the budget 2016 stated that the dividend pay-out

needs to increase to 15%. If so the dividend would be increased to

that level from FY17E onwards.

Valuation

ACL is trading at a PE of 5.8x and a PBV of 0.9x which are at 40% and

46% discounts to the manufacturing sector PE of 9.7x and PBV of 1.7x.

However according to the discounted cash flow method we have arrived

to an attractive price valuation of LKR 141.50 per share with an upside

of 18%.

Considering the positive earnings prospects of the company and

attractive multiples we believe that the counter will perform well in the

future. Hence, we recommend BUY.

197.3

161.2

141.5

128.7

117.0

74.0

Historical PE

Historical PBV

DCF Price

52wk High

MPS

52wk Low

Peer Comparison Counter EPS (LKR) PE(x) PBV(x)

Manufacturing sector 10.0 1.8

RCL.N0000 11.1 4.4 1.0

LWL.N0000 8.9 5.5 0.9

CERA.N0000 11.1 5.7 0.9

KCAB.N0000 9.8 5.7 0.9

ACL.N0000 9.0 5.8 0.9

APLA.N0000 16.5 5.9 0.8

PARQ.N0000 3.4 6.1 1.5

TILE.N0000 8.9 6.2 1.4

DIPD.N0000 2.6 8.0 1.0

TYRE.N0000 4.3 8.5 1.9

SIRA.N0000 0.3 9.5 0.9

TKYO.N0000 2.9 10.0 1.5

GLAS.N0000 0.3 10.6 1.6

ALUM.N0000 0.7 11.2 2.9


Quarterly Earnings Quarterly Earnings 2QFY16 2QFY15 Change % 1HFY16 1HFY15 Change %

Revenue 3,327 3,701 -10% 6,680 6,486 3%

Cost of sales (2,521) (3,072) -18% (5,134) (5,465) -6%

Gross Profit 806 630 28% 1,546 1,021 51%

Other income 11 4 194% 17 10 72%

Distribution costs (219) (175) 25% (432) (336) 28%

Administrative cost (89) (101) -12% (188) (187) 1%

Operating Profit 509 357 42% 943 508 86%

Net finance costs (78) (83) -6% (163) (168) -3%

Share of profit of investments 16 - - 42 - -

Profit before income tax 447 274 63% 822 340 142%

Income tax expenses (131) (82) 59% (216) (106) 103%

Profit for the period 316 192 65% 606 234 159%

Profit for the period - Equity Holders 273 171 60% 538 202 166%

Total Assets - - - 14,310 13,331 7%

Equity - Equity Holders - - - 7,819 6,258 25%

Total Liabilities - - - 5,571 6,304 -12%

Group Structure

ACL Cables PLC

Lanka Olex

Cables

(Pvt) Ltd

(100%)

ACL

Plastics

PLC

(65.20%

)

ACL Kelani

Magnet

Wire (Pvt)

Ltd (100%)

Ceylon

Copper

(Pvt) Ltd

(100%)

ACL Metals

& Alloys

(Pvt) Ltd

(100%)

Resus

Energy

(34.51%)

ACL

Polymers

(Pvt) Ltd

(65.20%)

ACL

Electric

(Pvt) Ltd

(100%)

Kelani

Cables

PLC

(79.30%)

Ceylon Bulbs

and

Electricals

Ltd (95.30%)

SWOT Analysis for ACL Strengths

Related and non-relation diversifications in the business

process.

Prestigious rewards for the accreditations by leading Local &

International bodies.

High quality standards.

Highly capable and innovative work force.

Barriers to market entry is relatively high (ACL accounted for

70% of the market share).

Weakness

Dependency on government related projects.

Competitive market conditions.

Opportunities

Rapid development of the construction sector.

Growing demand for innovative products.

Favourable economy conditions.

Prospects of GSP plus Scheme.

Rupee depreciation in the terms of exports to gain

competitive advantage over rivalry.

Threats

Increase in interest rates.

Increase in commodity prices.

Changes in government rules and regulations.

Slowdown in global economies may impact

negatively to the export market.


Real Estate Portfolio – Group

Name of the Owning Company and Location Land (Acres)

Freehold Buildings (Sq. Ft)

Net Book Value 2015

(LKR ‘000)

2014 (LKR ‘000)

ACL Cables PLC

Welithotuwa Road, Batakettara, Piliyandala 16.93 244,216 1,125,557 883,058

Sarabhoomi Housing Scheme, Batakettara, Piliyandala

0.11 1,107 7,000 5,372

Ensalwatta, Madapatha Road, Piliyandala 1.21 - 53,000 40,000

AMW Premises, Nagoda, Kaluthara 2.76 - 59,000 12,000

Venivelkole Mukalana, Korala Ima, Kahathuduwa 13.02 - 66,000 48,000

60, Rodney Street, Colombo 08 - 15,288 76,500 60,216

34.01 260,611 1,387,057 1,048,646

Kelani Cables PLC

Wewelduwa, Kelaniya 6.16 96,360 389,500 283,270

Mahena Road, Siyambalape 1.08 25,350 70,500 37,660

Cinco Watta, Raja Mawatha, Ekala, Ja-Ela 13.00 - 208,000 130,000

20.24 121,710 668,000 450,930 ACL Plastics PLC

Temple Road, Ekala, Ja-Ela 3.21 36,039 167,022 133,068

Niwasipura, Ekala, Ja-Ela 0.06 1,690 11,000 9,524

3.28 37,729 178,022 142,592

ACL Kelani Magnet Wire (Pvt) Ltd

No.07, Raja Mawatha, Ekala, Ja-Ela 3.53 50,074 211,000 174,900

Ceylon Bulbs & Electricals Ltd

60, Rodney Street, Colombo 08 1.69 24,506 590,501 523,848

ACL Metals & Alloys (Pvt) Ltd

Welithotuwa Road, Batakettara, Piliyandala - 23,460 85,085 71,287

Ceylon Copper (Pvt) Ltd

Welithotuwa Road, Batakettara, Piliyandala 0.99 7,150 60,698 39,796

ACL Electric (Pvt) Ltd

Miriseatte Estate, Millewa, Moragahahena, Horana 1.51 12,960 52,627 47,215

Total value of land and buildings 65.25 538,200 3,232,990 2,499,214

ACL Cables PLC - Annual Report FY15


APPENDIX 1

Disclaimer

This information and opinion contained in this report have been complied by our research department from sources

believed by it to be reliable and in good faith, but no representation or warranty, express or implied is made as to their

accuracy, completeness or correctness. All opinions and estimates contained in the document constitute the

department‟s judgment as of the date of this document and are subject to change without notice and are provided in

good faith but without legal responsibility.

This report is not, and should not be construed as, an offer to sell or a solicitation of an offer to buy any securities.

Capital Trust Securities (Pvt) Ltd. (the company) or persons connected with it may from time to time have an

investment banking or other relationship, including but not limited to, the participation or investment in commercial

banking transactions (including loans) with some or all of the issuers mentioned therein, either for their own account or

the account of their customers. Persons connected with the company may provide or have provided corporate finance

and other services to the issuer of the securities mentioned herein, including the issuance of options on securities

mentioned herein or any related investment and may make a purchase and/or sale, or offer to make a purchase and/or

sale of the securities or any related investment from time to time in the open market or otherwise, in each case either

as principal or agent.

This report may contain forward looking statements which are often but not always identified by the use of words such

as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an

event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions.

Such forward looking statements are based on assumptions made and information currently available to us and are

subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in

any forward looking statements. Readers are cautioned not to place undue relevance on these forward looking

statements. Capital Trust Securities expressly disclaims any obligation to update or revise any such forward looking

statements to reflect new information, events or circumstances after the date of this publication or to reflect the

occurrence of unanticipated events.

Exchange rate fluctuations may affect the return to investors. Neither the company nor any of its affiliates, nor any

other person, accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or

the information contained therein.

Capita TRUST Securities (Pvt) Ltd, their respective affiliate companies, associates, directors and/or employees may

have investments in securities or derivatives of securities of companies mentioned in this report, and may make

investment decisions that are inconsistent with the views expressed in this report.

Capital TRUST Securities (Pvt) Ltd, it‟s directors, officers, consultants, employees, associates or business partner, will

not be responsible, for any claims damages, compensation, suits, damages, loss, costs, charges, expenses, outgoing

or payments including attorney‟s fees which recipients of the reports suffers or incurs directly or indirectly arising out

actions taken as a result of this report.

TRADING DIVISION BOARD OF DIRECTORSTushan Wickramasinghe (011)-2174184 0777-313456 Moksevi Prelis (Chairman)

Dakshana Gooneratne (011)-2174194 0777-360492 Tushan Wickramasinghe (Managing Director/CEO)

Lawrence David (011)-2174164 0777-289331 Sarath Rajapakse (Director)

M J M Husni (011)-2174102 0773-219503

Sandesh Jayakody (011)-2174103 0773-733273

Nilantha Perera (011)-2174104 0777-715970

Saliya Gamagedera (011)-2174108 0773-219506

Asanka Perera (011)-2174109 0773-291847

Shanmugassharma Rakesh (011)-2174117 0777-536877

Rasika Vidanalage (011)-2174119 0777-536898

Thilina Yahampatharachchi (011)-2174131 0773-219502

Sajee Perera (011)-2174113 0777-287941

Gayan Vithanage (011)-2174114 0777-287933

Anushan Kandasamy (011)-2174123 0777-722622

Shehan Mendis (011)-2174134 0777-305684

Chamila Fernando (011)-2174121 0777-536887

Dilshard Hameed (011)-2174132 0773-142242

Danushka Arambegedra (011)-2174122 0777-270867

Laxman Ratnayake (011)-2174116 0777-287948

KANDY BRANCHArjuna Wilbawa (081)-2205 486 0773-291846

Dasantha Herath (081)-2205 493 0773-865305

Mohomed Faizan (081)-2205 491 0777-840256

FAX (081)-2201050

KURUNEGALA BRANCH

Dammika Senarathne (037)-2223 861 0777-560699

Indunil Pradeep (037)-2223 860 0779-816434

FAX (037)-2220859

NEGOMBO BRANCHSanjeewa Perera (031)-2228470 0773-291848

Narada Abeysinghe (031)-2228473 0773-833997

Srikanth Anton (031)-2228474 0773-219505

FAX (031)-2227894

MATARA BRANCHVenura Gamage (041)-2236200 0773-936222

Jagath Rathnayake (041)-2236204 0773-758304

Tharanga Wijeweera (041)-2236208 0777-359156

FAX (041)-235644

MORATUWA BRANCH CAPITAL TRUST RESEARCH (PVT) LTDSuneth Fernando (011)-2642 516 0773-633533 Charitha Gunasekere (011)-2174140 0773-865301

Bhanuka De Silva (011)-2642514 0777-305774 Melani Nawaratne (011)-2174190 0777-270839

Asoka Dharmatilaka (011)-2642517 0773-865300 Ruvni Kaushalya (011)-2174141 0777-270922

FAX (011)-2648747

CUSTOMER SERVICE DIVISION CAPITAL TRUST CREDIT (PVT) LIMITEDPrashani Perera (011)-2174167 0773-167777 (011)-2174153 0775-754078

ACCOUNTS DIVISION CAPITAL TRUST FINANCIAL (PVT) LIMITEDMethmal Senivirathne (011)-2174110 0777-766727 Anushan Kandasamy (011)-2174123 0777-722622

Ranjini Jayawardena (011)-2174142 0773-596336

Subani Wimalarathne (011)-2174143 0772-015882

Kumari De Alwis (011)-2174144 0772-015886

DOCUMENTATION DIVISIONN.M.A Navaratne (011)-2174150 0777-287931

TELEPHONE : (011)- 2 174 174 HOTLINE : (011)- 2 174 175 FAX : (011)- 2 174 173 E MAIL : [email protected]

acl cables plc (acl) - capital trust cables... · 2015-12-21 · market cap lkr 7.0bn market cap...

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