weekly plus - 2014 issue 06 (07.02.2014)

8/13/2019 Weekly Plus - 2014 Issue 06 (07.02.2014)

1/12

2014 Issue 06 Week Ending 07-02-2014

Weekly Market Wrap UpStat Page Pg 02 Weekly Stock Trends Pg 03 S&P SL20 Watch Pg 04

Local Economy in BriefCurrency Moves Pg 05 Inflation & Interest Rates Pg 06 Colombo Tea Auction Pg 06 Tourism Pg 06

Global Market Equity Market Outlook Pg 07 Global Commodity Trend Pg 08

Research Chat:Monthly Value Hunt Pg 09

Our Core Coverage Pg 10 - Pg 11


2/12

Current WoW %ASPI 6141.72 -1.7%S&P SL20 3369.30 -2.1%

Turnover (LKR 'bn) 7,302.6 38.3%Volume ('mn) 296.0 -20.1%Market Cap. (LKR 'bn) 2,563.9 -1.7%

LKR ('mn) Current WoW %Foreign Purchases 1,339.2 -8.0%Foreign Sales 4,402.9 253.0%Net Foreign Inflow - 3,063.7 -1573%Foreign Participation 40% 19.8%

Net Foreign 541 -3064

Current WoW %PER 16.3 -3.3%PBV 2.0 -2.0%DY 2.8 0.0%

Current WoW %BANKS FINANCE & INS. 13,669.5 -2.7%BEV. FOOD & TOBACCO 21,333.0 -1.9%

CHEM. & PHARMA. 6,330.2 -0.4%CONS. & ENG. 2,834.8 -2.4%DIVERSIFIED 1,802.4 -3.0%HEALTH CARE 791.8 -2.0%HOTELS & TRAVELS 3,200.7 -0.4%

HNB (+) 1.0% JKH -1.62% LAND & PROPERTY 587.5 -2.9% DISTILLERIES 0.40% COMMERCIAL BANK (+) -1.99% MANUFACTURING 3,024.8 -1.6% SAMPATH (+) 0.5% DIALOG (+) -0.77% MOTORS 15,429.6 0.4% TEXTURED JERSEY 0.53% COMMERCIAL BANK[X.0000] (+) -3.9% PLANTATIONS 737.6 -2.4% NESTLE (+) 0.02% SLT (+) -0.10% TELECOM 162.5 3.2%

188

604.8

Change in Foreign HoldingDecline in

ValueLKR 'mn

Decline in Foreign HoldingGrowth in

ForeignHolding

Growth in Foreign Holding

2,905.31,858.7

807.6

6,357.1

-2049.3

Weekly Stat Page

Previous

Weekly Market Statistics

Weekly Foreign Flow

Weekly Market Valuations

Weekly Sector Statistics

Decline inForeignHolding 3,212.2

3,074.715,374.1

Previous6248.08

755.7157.5

3443.25

5280.6

16.82.12.8

Previous14,055.621,742.2

208.133%

1,455.41,247.3

370.32608.3

Previous

-541.1-45.2-29.6

208

Growth inValue

LKR 'mn

128.262.122.922.620.4

-676.7

5,700

5,800

5,900

6,000

6,100

6,200

6,300Daily Index Movement

ASPI

0

100

200

300

400

500

0

2,000

4,000

6,000

8,000

17-Jan 24-Jan 31-Jan 7-Feb

( ' M n ) L K

R ( ' M n )

Weekly Turnover and Volume

Turnover (LHS) Volume (RHS)

0

1,000

2,000

3,000

4,000

5,000

17-Jan 24-Jan 31-Jan 7-Feb

L K R

( ' M n

)

Weekly Foreign Purchases and Sales

Foreign Buying Foreign Sales

0%

10%

20%

30%

40%

50%

60%

70%

Daily Foreign Activity

Foreign Activit y Linea r (Foreign Activity)


3/12

Company WoW %

SINHAPUTHRA FIN 17.95%

MORISONS 17.35%BIMPUTH FINANCE 16.33%

ABANS FINANCIAL 13.12%

INDO MALAY 11.90%

Company WoW %

MIRAMAR -21.90%

SERENDIB LAND -21.42%

G S FINANCE -16.53%

CHEMANEX -15.21%

THE FINANCE CO. -14.18%

Company WoW %

JKH -4.42%

COMMERCIAL BANK -5.43%

DIALOG 2.17%

COMMERCIAL BANK[N 0.00%

HNB -2.32%

Company WoW %

DIALOG 2.17%

S M B LEASING[NON V 0.00%

S M B LEASING -13.33%

JKH -4.42%

EXPOLANKA -5.10%

160.0013.20

25.10

1,250.00

52 High 52 Low

52 High 52 Low

0.70 0.30

1,848.90 1,070.10

824.00 373.00

92.70 66.90

17.90 7.90

9.90 7.90

131.50 105.20

9.90 7.90

155.00

361.9035.00

38.00

1,540.00

1.20

228.00

9.20

Low

119.20

260.00

52 High

94.00

299.80

27.00

29.90

1,500.00

70.00

11.30

228.00

120.00

9.10

94.50

156.00

Weekly Top Losers

Weekly Top Performers

Weekly Top Volume

Low

Low

Low

40.30

1,070.10

373.00

1,493,576

864,122

Volume

Turnover

3,265,649,788

1,197,107,074

535,479,323

146,368,844

Volume

14,188,652

9,877,185

102.00

52 Low

38.00

204.00

13,972,506

9.10

0.40

58,204,291

54,029,606

39,777,393

14,188,652

176.00

1.80

299.80

9.90

140.00

0.50

204.00

6.50

87.00

58,204,291

High

155.00

269.9035.00

32.00

1,500.00

Turnover

9,853,559

2,8702,471,941

776,831

15,000

Volume

74,247

1178,507

25,240

10

Previous

112.00

230.0030.00

28.20

1,340.50

Current

132.10

269.9034.90

31.90

1,500.00

Weekly Stock Trends

52 Low

67.00

Weekly Top Gainers

52 High

Turnover

7,627

3,212

280,500

731,212

1,764,329

Volume

167

3

748

9,853

144,097

High

54.60

1,071.00

377.00

83.00

13.30

159.80

Previous

51.60

1,362.90

447.00

86.10

13.40

High

239.90

127.10

Previous

240.00

127.00

Current

40.30

1,071.00

373.10

73.00

11.50

Current

229.40

120.10

9.40

96.60

156.10

Turnover

535,479,323

27,036,525

Previous

9.20

0.50

137,199,195

9.40

97.50

160.00

9.20

96.60

54,692,066

3,265,649,788

135,412,485

High

9.40

0.60

1.60

239.90

9.90

1.50

240.00

9.80

Current

9.40

0.50

1.30

229.40

9.30


4/12

DIVIDENDS

RIGHTS ISSUE

Pelawatte Sugar

Arpico Finance

S&P SL20 Companies Previous WoW % ###JOHN KEELLS HOLDINGS 240.00 -4.42% ###COMMERCIAL BANK 127.00 -5.43% ###THE BUKIT DARAH 612.60 -0.42% SCRIP DIVIDENDHATTON NATIONAL BANK 159.80 -2.32%CARSONS CUMBERBATCH 345.00 0.49%SAMPATH BANK 174.00 -2.47%CEYLON TOBACCO COMPANY 1,287.90 -2.76%DFCC BANK 149.90 -0.13% CAPITALIZATION OF RESERVESAITKEN SPENCE 103.40 -2.13%NATIONAL DEVELOPMENT BANK 185.50 -0.54%C T HOLDINGS 145.60 -3.16%DISTILLERIES 210.00 1.14%HAYLEYS 297.60 0.13% SUBDIVISION OF SHARESCHEVRON LUBRICANTS LANKA 285.10 1.16%DIALOG AXIATA 9.20 2.17%CARGILLS (CEYLON) 153.90 -3.18%LANKA ORIX LEASING COMPANY 74.50 0.67% CONSOLIDATION OF SHARESNESTLE LANKA 2,181.60 -3.74%ASIAN HOTELS & PROPERTIES 65.00 -0.77%LION BREWERY CEYLON 380.20 3.84%

41,110,73965,874,099

1,884,296

1,092,25733,448,042

535,479,323324,712

16,693,60654,304,580

1,189,60220,009,841

0-Jan-1900 0 -Jan-1900

0-Jan-1900

0 0

0-Jan-1900 0 0

0-Jan-1900

0-Jan-1900 0 -Jan-1900

134,858,654

0-Jan-1900 0-Jan-1900 0-Jan-1900 0-Jan-1900

Company Proportion EGM Date Trading Date

0-Jan-1900

Company Proportion

27,205,764

137,199,1955,129,458

0-Jan-1900

HNB Assurance

Overseas Reality

To Be Notified1 for 4 @ LKR18.0

2 for 3 @ LKR50.0

0Turnover3,265,649,788

Company

XD Date

77,925,1672,664,542

0-Jan-1900 0-Jan-1900 0-Jan-19000-Jan-1900

0-Jan-1900

0-Jan-1900

XD DateEGM DateProportionCompany

0-Jan-1900

0-Jan-19000-Jan-1900

1,197,107,074808,727

S & P SL20 Debrief

Proportion

Announcements

Company Dividend (LKR)

28-03-2014

25-04-2014

25-02-2014

25-04-2014

0.50Textured Jersey Lanka

Lanka Tiles

E-Channelling

07-02-2014

10-02-2014

10-02-2014

19-02-2014

19-02-2014

20-02-2014

Payment

0-Jan-1900

0-Jan-1900

2.00

0.50

0

United Motors Lanka

0-Jan-19000-Jan-1900

0-Jan-1900

EGM Date Trading Date

2,100.0064.50

394.80

To Be Notified

0

07-04-2014

06-05-2014

06-05-2014

0-Jan-1900 0 -Jan-1900

Company Proportion EGM Date XC Date

0-Jan-19000-Jan-1900

0-Jan-1900 0-Jan-1900

0-Jan-1900

0-Jan-1900

0

0

0-Jan-1900

0

13-02-2014

To Be Notified

To Be Notified

00-01-1900

3.00

3.25

0.45

1.00

0.00

0000

00-01-1900

Renunciation

0

XR Date

Current229.40120.10610.00156.10346.70169.70

1,252.40149.70101.20184.50141.00212.40298.00288.40

9.40149.00

75.00

3,150

3,200

3,250

3,300

3,3503,400

3,450

3,500

Daily Index Movement

S&P SL20


5/12

Local EconomyCURRENCY MOVES

130

130

131

131

131

131

131LKR USD : LKR

1.201.221.241.261.281.301.321.34LKR Japanese Yen : LKR

172

174

176

178

180

182LKR EURO : LKR

100

101

102103

104

105

106LKR Singapore Dollar : LKR

206208210212214216218220LKR GBP : LKR

2.022.042.062.082.102.122.142.16LKR Indian Rupee : LKR


6/12

BALANCE OF TRADE TOURISM

For the Month Ending: Nov-13 For the Month Ending:Nov-13 MoM % Nov-12 2013 2012

Exports 1,032 -1% 828 Dec-13 153,918 122,252Imports 1,648 7% 1,821 YTD 1,274,593 1,005,605Balance of Trade -616 -25% -993

COLOMBO TEA AUCTION STATISTICS

Sale of 29-Jan-14 WoW %

High Grown 453.25 -0.05%Mid Grown 445.61 -1.63%

Low Grown 531.63 -3.20%Total 502.35 -2.61%

COLOMBO RUBBER AUCTION STATISTICSFor the Month Ending: Jan-2014

Jan-14 Basis Points Sale of Point to Point 4.4% 30 30-Jan-14 WoW %Annual Average Change 6.5% 40 RSS 1 305.00 -10.29%1-Yr T-Bill 7.15% 114 Brown Crepe 1X 311.50 -24.30%

YoY %

Change %

340.00411.50

YoY %25%

Elevation

3.94%16.68%

22.83%

22-Jan-14453.49

1,0411,535

26%27%

17.96%

-24.30%-10.29%

WoW %

-10%38%

436.05381.91

432.81425.87

Local Economy

Elevation

Dec-13

INFLATION & INTEREST RATE

Oct-13

-494

Sale of

Sale of 31-Dec-13

Corres. 2013

452.98

549.21515.79

Dec-134.7%6.9%

8.29%

Sale of 07-Jan-14

340.00411.50

-1,200-800-400

0400800

1,2001,6002,000

Balance of Trade

Exports Imports Balance of Trade

20,00040,00060,00080,000

100,000120,000140,000160,000180,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Tourist Arrivals

2010 2011 2012 2013

2%

4%6%

8%

10%

12%

14%

Jan-14Nov-13Sep-13Jul-13May-13Mar-13Jan-13

Inflation and Treasury Bill Rate

1-Yr T-Bill Point to Point Annual Average Change


7/12

EQUITY MARKET OUTLOOK

Global Markets

14,500

15,000

15,500

16,000

16,500

17,000Index Dow Jones Industrial Average

6,2006,3006,4006,5006,6006,7006,8006,900Index FTSE 100 Index

1,700

1,750

1,800

1,850

1,900Index S&P 500 Index

7,000

9,000

11,00013,000

15,000

17,000Index Nikkei 225

2,800

2,900

3,000

3,100

3,200Index EURO STOXX 50 Price EUR

19,000

20,000

21,000

22,000

23,000

24,000

25,000Index Hong Kong Hang Seng Index


8/12

WTI Crude USD/bbl 97.36 -0.6%

Gold USD/t oz. 1,260.10 1.4%Copper USd/lb. 324.10 1.1%

Cotton USd/lb. 86.76 0.7%Wheat USd/bu. 583.50 5.5%

GLOBAL COMMODITY TREND

86.12553.00

Commodity This WeekLast

WeekWoW

Change

1,243.30320.65

Global Markets

97.90

889092949698

100102USD/bbl WTI CRUDE FUTURE

70

75

80

85

90USd/lb. COTTON NO.2 FUTURE

1,100

1,150

1,200

1,250

1,300USD/t oz. GOLD 100 OZ FUTURE

0

200

400

600

800USd/bu. WHEAT FUTURE(CBT)

300

310

320

330

340

350USd/lb. COPPER FUTURE


9/12

Softlogic quity Research Page | 9

MPS (LKR) MPS (LKR) MOM Price3-Feb-14 3- Jan-14 Change (%)

KGAL.N0000 101.1 100.0 1.1% 12.0 11.9%VPEL.N0000 5.9 5.9 0.0% 0.6 10.2%UML.N0000 122.0 116.9 4.4% 10.0 8.2%HOPL.N0000 24.6 24.2 1.7% 2.0 8.1%GLAS.N0000 4.7 4.5 4.4% 0.4 8.1%NDB.N0000 186.9 164.8 13.4% 15.0 8.0%PLC.N0000 15.6 13.5 15.6% 1.3 8.0%KVAL.N0000 78.6 80.9 -2.8% 6.0 7.6%TJL.N0000 16.5 15.5 6.5% 1.2 7.5%KOTA.N0000 36.0 37.5 -4.0% 2.5 6.9%HNB.X0000 125.3 119.5 4.9% 8.5 6.8%

SINS.N0000 90.1 89.8 0.3% 6.0 6.7%LFIN.N0000 101.0 105.0 -3.8% 6.5 6.4%AHPL.N0000 64.9 64.5 0.6% 4.0 6.2%PABC.N0000 17.4 16.2 7.4% 1.0 5.7%

Trailing DY(%)

DPS(LKR)

2013EFY14E

2014EFY15E

JKH.N0000 JOHN KEELLS HOLDINGS 235.0 228.9 2.7% 227.3 3.4% 2.0 19.0 21.7 22.3 COMB.N0000 COMMERCIAL BANK OF CEYLON 127.0 120.1 5.7% 120.4 5.5% 1.9 11.1 10.1 8.6 BUKI.N0000 THE BUKIT DARAH 612.3 618.0 -0.9% 619.9 -1.2% 2.3 23.6 - - HNB.N0000 HATTON NATIONAL BANK 159.0 148.1 7.4% 147.0 8.2% 1.1 7.1 6.9 5.7 CARS.N0000 CARSONS CUMBERBATCH 349.4 357.0 -2.1% 350.0 -0.2% 2.3 23.0 - - SAMP.N0000 SAMPATH BANK 173.5 171.6 1.1% 171.9 0.9% 1.0 7.5 7.2 4.7

CTC.N0000 CEYLON TOBACCO COMPANY 1,283.6 1,188.2 8.0% 1, 184.4 8.4% 52.7 27.9 27.6 25.3 DFCC.N0000 DFCC BANK 150.0 135.0 11.1% 129.0 16.3% 1.1 12.4 11.5 10.1 SPEN.N0000 AITKEN SPENCE 101.5 105.0 -3.3% 102.3 -0.8% 1.4 13.2 - - NDB.N0000 NATIONAL DEVELOPMENT BANK 186.9 164.8 13.4% 160.5 16.4% 1.2 3.4 8.6 7.1 CTHR.N0000 C T HOLDINGS 143.6 140.1 2.5% 140.1 2.5% 1.6 18.7 - - DIST.N0000 DISTILLERIES COMPANY OF SRI LANKA 211.1 199.9 5.6% 193.0 9.4% 1.3 11.4 10.8 9.8 HAYL.N0000 HAYLEYS PLC 297.3 299.6 -0.8% 293.0 1.5% 1.0 10.4 - - LLUB.N0000 CHEVRON LUBRICANTS LANKA 287.6 270.9 6.2% 267.8 7.4% 4.9 10.4 13.4 12.7 DIAL.N0000 DIALOG AXIATA 9.2 9.0 2.2% 9.0 2.2% 1.9 14.9 - - CARG.N0000 CARGILLS (CEYLON) 153.9 151.0 1.9% 147.0 4.7% 2.9 81.8 - - LOLC.N0000 LANKA ORIX LEASING COMPANY 75.0 72.0 4.2% 72.6 3.3% 1.7 19.6 - - NEST.N0000 NESTLE LANKA PLC 2,175.0 2,115.1 2.8% 2, 100.7 3.5% 33.6 32.9 33.4 30.7 AHPL.N0000 ASIAN HOTELS & PROPERTIES 64.9 64.5 0.6% 64.2 1.1% 1.3 11.7 12.1 11.5 LION.N0000 THE LION BREWERY CEYLON 381.0 357.0 6.7% 359.9 5.9% 5.0 31.6 27.5 20.9

S&P SL20 INDEX 3,431.22 3,294.82 4 .1 % 3, 085. 33 11.2%Market Trailing PER (X) 19.9

31/12/2013(LKR)

YTDChange

(%)

TrailingPBV (X)

TrailingPER (X)

Forward PER (X)Ticker Company

03/02/2014(LKR)

03/01/2014(LKR)

MoM (%)

TICKER COUNTER MarketPrice (LKR)

Book Value(LKR mn)

NAVPS(LKR)

PBV (X)4Q

TRAILINGPER (X)

FLCH.N0000 FREE LANKA CAPITAL HOLDINGS PLC 2.2 6,424.9 4.7 0.47 7.8LMF.N0000 LANKA MILK FOODS (CWE) PLC 110.0 9,374.6 234.4 0.47 12.4RHL.X0000 RENUKA HOLDINGS PLC 22.6 2,320.7 45.6 0.50 3.5CIC.X0000 CIC HOLDINGS PLC 39.9 7,576.6 79.9 0.50 29.6AMCL.N0000 AMW CAPITAL LEASING PLC 22.4 865.6 43.3 0.52 3.3RENU.N0000 RENUKA CITY HOTEL PLC 279.8 3,542.3 506.0 0.55 7.1HEXP.N0000 HAYLEYS FIBRE PLC 31.6 447.2 55.9 0.57 9.5SEYB.X0000 SEYLAN BANK PLC 34.4 20,799.1 60.3 0.57 6.0SDB.N0000 SANASA DEVELOPMENT BANK PLC 80.8 3,467.1 137.7 0.59 5.4APLA.N0000 ACL PLASTICS PLC 88.8 633.5 150.4 0.59 8.0WATA.N0000 WATAWALA PLANTATIONS PLC 10.3 4,095.0 17.3 0.60 5.6CIND.N0000 CENTRAL INDUSTRIES PLC 58.4 935.1 94.6 0.62 8.7EDEN.N0000 EDEN HOTEL LANKA PLC 28 2,310.7 43.8 0.64 10.8CIC.N0000 CIC HOLDINGS PLC 51.8 7,576.6 79.9 0.65 38.4

CDB.X0000 CITIZENS DEVELOPMENT BUSINESSFINANCE PLC 40.1

3,269.1 60.2 0.67 3.7

LWL.N0000 LANKA WALLTILES PLC 68.9 5,535.1 101.4 0.68 6.5

COMD.N0000 COMMERCIAL DEVELOPMENTCOMPANY 72.0 1,245.4 103.8 0.69 3.2

ACL.N0000 ACL CABLES PLC 69.5 5,847.5 97.6 0.71 7.8RHL.N0000 RENUKA HOLDINGS PLC 32.9 2,320.7 45.6 0.72 5.1COCO.N0000 RENUKA SHAW WALLACE PLC 17.4 2,239.9 23.7 0.73 358.3OSEA.N0000 OVERSEAS REALTY (CEYLON ) PLC 20.6 23,360.3 27.7 0.74 4.5HPWR.N0000 HEMAS POWER PLC 18.1 2,912.0 23.3 0.78 6.6NAVF.U0000 NAMAL ACUITY VALUE FUND 73.2 1,011.2 94.1 0.78 27.1CINS.X0000 CEYLINCO INSURAN CE PLC 425 14,364.0 543.8 0.78 5.4KCAB.N0000 KELANI CABLES PLC 81.5 2,260.7 103.7 0.79 8.2

CDB.N0000CITIZENS DEVELOPMENT BUSINESSFINANCE PLC

48 3,269.1 60.2 0.80 4.5

KAPI.N0000 MTD WALKERS PLC 33.0 4,689.6 41.0 0.80 6.6ALLI.N0000 ALLIANCE FINANCE COMPANY PLC 800 2,232.5 918.7 0.87 4.4ESL.N0000 ENTRUST SECURITIES LIMITED 20.0 745.2 22.6 0.89 7.6HNB.X0000 HATTON NATIONAL BANK PLC 125.3 55,737.9 139.5 0.90 5.6HAYL.N0000 HAYLEYS PLC 297.3 23,074.3 307.7 0.97 10.4

SUN.N0000

SUNSHINE HOLDINGS PLC

32

4,267.0 31.9 1.00 6.6SAMP.N0000 SAMPATH BANK PLC 173.5 28,855.7 172.0 1.01 7.5UML.N0000 UNITED MOTORS LANKA PLC 122 7,895.1 117.4 1.04 4.5CRL.N0000 SOFTLOGIC FINANCE PLC 34 1,217.3 32.5 1.05 7.5CFVF.N0000 FIRST CAPITAL HOLDINGS PLC 20.0 1,900.8 18.8 1.07 4.5SEYB.N0000 SEYLAN BANK PLC 64.3 20,799.1 60.3 1.07 11.2CHL.X0000 CEYLON HOSPITALS PLC (DURDANS) 82.6 2,603.4 76.9 1.07 10.3ARPI.N0000 ARPICO FINANCE COMPANY PLC 119.4 490.1 109.8 1.09 7.5CFIN.N 0000 CENTRAL FINANC E COMPANY PLC 190 18,282.8 174.3 1.09 6.5RCL.N0000 ROYAL CERAMICS LANKA PLC 86.7 8,478.7 76.5 1.13 8.7HNB.N0000 HATTON NATIONAL BANK PLC 159 55,737.9 139.5 1.14 7.1BFL.N0000 BAIRAHA FARMS PLC 129 1,794.3 112.1 1.15 7.8SFIN. N0000 SING ER FINANC E (LANKA) PLC 13.9 1,933.9 11.7 1.19 9.7TKYO.X0000 TOKYO CEMENT COMPANY (LANKA) 28 7,793.2 23.3 1.20 5.0


10/12


Name Y/E Rec Mkt Price NAVPS P / BV DPS

31-Jan-14 M ar '1 2 M ar '1 3 M ar '1 4E M ar '1 5E M ar '1 2 M ar '1 3 M ar '1 4E M ar '1 5E M ar '1 2 M ar '1 3 M ar '1 4E M ar '1 4E M ar '1 2 M ar '1 3 M ar '1 4E M ar '1 5E M ar '1 3

( 'M n) ( 'M n) ( 'M n) Dec '11 Dec'12 Dec '13E Dec'14E Dec '11 Dec'12 Dec '13E Dec'14E Dec '11 Dec'12 Dec '13E Dec'13E Dec '11 Dec'12 Dec '13E Dec'14E Dec'12

Banking, Finance & Insurance

Centra l Finance CFIN.N0000 M Buy 191.00 18,283 104.9 20,033 174.32 1.10 2,675 3,041 3,437 3,829 3,084 25.51 29.00 32.77 36.51 29.41 46 14 13 11 7.5 6.6 5.8 5.2 6.5 2.1 1.1 14.6

Ceyl inco Insurance CINS.N0000 D 1,346.30 14,364 26.4 35,562 543.79 2.48 1,508 1,953 2,087 57.08 73.94 79.01 57 30 23.6 18.2 17.0 12.5 0.9 10.5

Commercia l Bank COMB.N0000 D Buy 120.10 58,257 849.2 101,985 68.61 1.75 8,048 10,080 10,685 12,591 9,676 9.48 11.87 12.58 14.83 11.39 46 25 6 18 12.7 10.1 9.5 8.1 10.5 4.5 3.7 13.8

Co mm erci al B an k [ X] COMB .X0000 D Buy 96.60 58,257 849.2 82,029 68.61 1.41 8,048 10,080 10,685 12,591 9,676 9.48 11.87 12.58 14.83 11.39 46 25 6 18 10.2 8.1 7.7 6.5 8.5 4.5 4.7 13.8

DFCC Bank DFCC.N0000 M MTB 149.70 37,196 265.1 39,685 140.31 1.07 2,900 3,523 3,453 3,915 3,210 10.94 13.29 13.02 14.77 12.11 (43) 21 (2) 13 13.7 11.3 11.5 10.1 12.4 5.0 3.3 7.8

Ha tto n Na ti on al Ba nk HNB .N0000 D Buy 156.10 55,738 399.7 62,391 1 39.46 1.12 6,149 8,111 9,258 11,113 8,931 15.38 20.29 23.16 27.81 22.34 28 32 14 20 10.1 7.7 6.7 5.6 7.0 8.5 5.4 11.0

H at to n Na ti on a l Ba n k [ X] H NB .X0 000 D Buy 125.80 55,738 399.7 50,280 1 39.46 0.90 6,149 8,111 9,258 10,908 8,931 15.38 20.29 23.16 27.81 22.34 28 32 14 20 8.2 6.2 5.4 4.5 5.6 8.5 6.8 11.0

Lanka O rix Leas ing Company LOLC.N0000 M 75.00 21,220 475.2 35,640 44.65 1.68 2,933 1,863 1,816 6.17 3.92 3.82 (24) (36) 12.2 19.1 19.6 0.5 0.7 13.8

LB Finance LFIN.N0000 M Buy 100.20 5,707 69.3 6,940 82.40 1.22 1,714 1,703 2,114 2,494 1,265 24.75 24.58 30.52 36.01 18.27 68 (1) 24 18 4.0 4.1 3.3 2.8 5.5 6.5 6.5 30.0

Nat iona l Development Bank NDB.N0000 D Buy 184.50 24,757 164.7 30,386 150.32 1.23 2,706 8,854 3,533 4,286 9,030 16.43 53.76 21.45 26.03 54.83 26 227 (60) 21 11.2 3.4 8.6 7.1 3.4 15.0 8.1 10.9

Na tions Trus t Ba nk NTB.N0000 D Buy 66.50 11,207 230.6 15,335 48.60 1.37 1,534 1,951 2,211 2,625 2,052 6.65 8.46 9.59 11.38 8.90 41 27 13 19 10.0 7.9 6.9 5.8 7.5 2.1 3.2 13.7

Pan Asia Bank PABC.N0000 D Buy 16.80 4,128 295.0 4,957 13.99 1.20 824 811 325 633 450 2.79 2.75 1.10 2.14 1.53 128 (2) (60) 95 6.0 6.1 15.3 7.8 11.0 1.0 6.0 20.0

People's Leas ing PLC.N0000 M Buy 15.10 18,572 1,579.9 23,856 11.76 1.28 4,542 3,073 3,015 3,590 3,311 2.87 1.95 1.91 2.27 2.10 74 (32) (2) 19 5.3 7.8 7.9 6.6 7.2 1.3 8.3 24.5

Sampath Bank SAMP.N0000 D Buy 169.70 28,856 167.8 28,476 171.96 0.99 4,151 5,212 4,074 6,241 3,881 24.74 31.06 24.28 37.19 23.13 19 26 (22) 53 6.9 5.5 7.0 4.6 7.3 6.0 3.5 14.4

Seylan Bank SEYB.N0000 D 64.00 20,799 345.0 22,077 60.29 1.06 1,006 2,063 1,988 2.92 5.98 5.76 (17) 105 22.0 10.7 11.1 1.0 1.6 4.8

Lanka Orix Finance LOFC.N0000 M 3.60 5,931 2,800.0 10,080 2.12 1.70 1,246 686 898 1,026 617 0.44 0.25 0.32 0.37 0.22 (0) (45) 31 14 8.1 14.7 11.2 9.8 16.3 - - 21.0

Sample Sector (16) 325,015 7 ,772.7 437,402 4 1.82 1 .35 41,935 5 2,924 70,004 5.40 6.81 9.01 19 26 10.4 8.3 6.2 12.9

Full Sector (61) 576,010 1.45 8.9

Beverage, Food and Tobacco

Cargi l l s CARG.N0000 M 149.00 11,755 224.0 33,376 52.48 2.84 1,079 578 422 4.82 2.58 1.88 (1) (46) 30.9 57.8 79.2 2.0 1.3 9.2

Ceylon Tobacco Company CTC.N0000 D 1,252.40 4,565 187.3 234,604 24.37 51.39 6,569 8,176 8,734 9,545 8,603 35.07 43.65 46.63 50.95 45.93 29 24 7 9 35.7 28.7 26.9 24.6 27.3 48.8 3.9 143.9

Dis ti l l eries DIST.N0000 M LTB 212.40 49,925 300.0 63,720 166.42 1.28 5,675 5,520 5,816 6,452 5,577 18.92 18.40 19.39 21.51 18.59 (30) (3) 5 11 11.2 11.5 11.0 9.9 11.4 3.0 1.4 11.4

Lion Brewery LION.N0000 M 394.80 6,136 80.0 31,584 76.71 5.15 1,262 1,046 1,107 1,457 965 15.78 13.07 13.83 18.22 12.06 25 (17) 6 32 25.0 30.2 28.5 21.7 32.7 4.0 1.0 20.6Nes tle (Lanka ) NEST.N0000 D 2,100.00 3,475 53.7 112,823 64.68 32.47 2,633 2,994 3,513 3,822 3,557 49.01 55.73 65.39 71.14 66.20 39 14 17 9 42.8 37.7 32.1 29.5 31.7 54.0 2.6 75.8

Sample Sector (5) 75,856 845.0 476,108 8 9.77 6 .28 17,219 1 8,313 19,123 2 0.38 21.67 22.63 0 6 27.7 26.0 24.9 22.7

Full Sector (20) 535,517 4.51 22.4

Chemicals & Pharmaceuticals

CIC Holdings CIC.N0000 M 52.00 7,577 94.8 4,928 79.95 0.65 863 231 128 9.11 2.44 1.35 (7) (73) 5.7 21.3 38.5 1.6 3.1 11.4

Lankem Ceylon LCEY.N0000 M 120.00 3,154 24.0 2,880 131.41 0.91 513 297 -226 21.39 12.36 (9.43) (55) (42) 5.6 9.7 -12.7 1.5 1.3 16.3

Sample Sector (2) 10,730 118.8 7,808 90.35 0.73 1,376 528 -99 11.59 4.44 (0.83) (33) (62) 5.7 14.8 -79.2 12.8

Full Sector (10) 17,741 0.91 20.1

Construction & Engineering

Colombo Dockyard DOCK.N0000 D 187.10 10,477 71.9 13,445 145.80 1.28 1,804 1,977 1,079 25.10 27.51 15.01 (13) 10 7.5 6.8 12.5 8.0 4.3 1 7.2

Sample Sector (1) 10,477 71.9 13,445 145.80 1.28 1,804 1,977 1,079 25.10 27.51 15.01 (13) 10 7.5 6.8 12.5 17.2

Full Sector (4) 40,193 2.55 9.7

Diversified Holdings

Ai tken Spence SPEN.N0000 M 101.20 28,815 406.0 41,087 70.97 1.43 3,488 3,267 3,121 8.59 8.05 7.69 38 (6) 11.8 12.6 13.2 1.5 1.5 12.1

CT Holdings CTHR.N0000 M 141.00 16,707 183.1 25,817 91.25 1.55 1,159 1,150 1,407 6.33 6.28 7.68 34 (1) 22.3 22.5 18.4 0.7 0.5 6.9

Carsons Cumberba tch CARS.N0000 M 346.70 30,175 196.4 68,087 153.65 2.26 7,017 4,570 2,988 35.73 23.27 15.21 55 (35) 9.7 14.9 22.8 2.0 0.6 23.3

Expol an ka Hol di ngs EXPO.N0000 M LTB 9.30 9,466 1,954.9 18,181 4.84 1.92 1,033 1,061 1,302 1,143 0.53 0.54 0.67 0.58 (33) 3 23 17.6 17.1 14.0 15.9 0.1 1.3 10.9Ha yleys HAYL.N0000 M 298.00 23,074 75.0 22,350 307.66 0.97 1,038 1,854 2,150 13.84 24.72 28.67 43 79 21.5 12.1 10.4 4.5 1.5 4.5

Hema s Holdings HHL.N0000 M 38.80 12,849 515.3 19,993 24.94 1.56 1,165 1,658 1,920 2.26 3.22 3.73 (4) 42 17.2 12.1 10.4 0.8 1.9 9.1

John Keel l s Holdings JKH.N0000 M 229.40 118,674 990.2 227,152 119.85 1.91 9,687 12,201 10,952 10,653 12,273 9.78 12.32 11.06 10.76 12.39 17 26 (10) (3) 23.4 18.6 20.7 21.3 18.5 3.5 1.5 8.2

Richa rd Pei ri s RICH.N0000 M 6.60 8,065 1,958.1 12,923 4.12 1.60 2,575 1,903 1,369 1.32 0.97 0.70 53 (26) 5.0 6.8 9.4 0.2 3.0 31.9

Softlogic Holdings SHL.N0000 M 11.60 7,327 779.0 9,036 9.41 1.23 483 301 254 0.62 0.39 0.33 (42) (38) 18.7 30.0 35.6 0.3 2.6 6.6

Val l ibel One VONE.N0000 M LTB 17.10 30,388 1,086.6 18,580 27.97 0.61 2,025 1,403 2,323 1,033 1.86 1.29 2.14 0.95 250 (31) 66 9.2 13.2 8.0 18.0 0.0 0.0 6.7

Sample Sector (10) 285,540 8,144.5 463,207 35.06 1.62 29,669 29,367 27,658 3.64 3.61 3.40 30 (1) 15.6 15.8 16.7 10.4

Full Sector (18) 494,855 1.53 16.7

Healthcare

Asi ri Hospi ta l Hold. ASIR.N0000 M 20.00 5,831 1,099.1 21,982 5.31 3.77 609 696 1,027 1,082 930 0.55 0.63 0.93 0.98 0.85 219 14 47 5 36.1 31.6 21.4 20.3 23.6 0.5 2.5 10.4

Na waloka Hospita ls NHL.N0000 M 3.20 3,886 1,409.5 4,510 2.76 1.16 271 454 345 0.19 0.32 0.24 (75) 68 16.7 9.9 13.1 0.1 1.6 7.0

Lanka Hospi ta l s LHCL.N0000 D 43.60 27,164 223.7 9,755 121.41 0.36 437 384 564 1.95 1.72 2.52 51 (12) 22.3 25.4 17.3 0.5 1.1 1.6

Sample Sector (3) 36,880 2,732.3 36,247 13.50 0.98 1,317 1,535 1,839 0.48 0.56 0.67 (15) 17 27.5 23.6 19.7 3.6

Full Sector (6) 51,730 2.36 20.4

Book Val. Share

Cap.

Market

Cap.ROE

(%)

Trailing

DY (%)4Q

Trailing

4Q

Trailing

4Q

Trailing

Earnings EPS EPS Growth (%) PER


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Name Y/E Rec Mkt Price NAVPS P / BV DPS31-Jan-14 M ar '1 2 M ar '1 3 M ar '1 4E M ar '1 5E M ar '1 2 M ar '1 3 M ar '1 4E M ar '1 5E M ar '1 2 M ar '1 3 M ar '1 4E M ar '1 4E M ar '1 2 M ar '1 3 M ar '1 4E M ar '1 5E M ar '1 3

( 'M n) ( 'M n) ( 'M n) Dec'11 Dec '12 Dec'13E Dec'14E Dec'11 Dec'12 Dec'13E Dec '14E Dec '11 Dec '12 Dec'13E Dec '13E Dec '11 Dec'12 Dec '13E Dec'14E Dec'12

Hotels and Travels

Ai tken Sp. Ho. Hold. AHUN.N0000 M 71.80 13,283 336.3 24,146 39.50 1.82 1,378 1,782 2,148 1,956 4.10 5.30 6.39 5.82 33 29 21 17.5 13.5 11.2 12.3 1.0 1.4 10.4

Amaya Leisure CONN.N0000 M 70.90 2,700 48.0 3,406 56.22 1.26 293 377 376 369 6.09 7.84 7.83 7.67 (38) 29 (0) 11.6 9.0 9.1 9.2 4.0 5.6 10.8

Asian Hote ls & Prop. AHPL.N0000 M 64.50 21,501 442.8 28,559 48.56 1.33 2,149 2,494 2,386 2,493 2,460 4.85 5.63 5.39 5.63 5.56 21 16 (4) 4 13.3 11.4 12.0 11.5 11.6 4.0 6.2 10.0

Keel l s Hotel s KHL.N0000 M 12.70 17,135 1,456.1 18,493 11.77 1.08 1,105 1,121 870 994 1,340 0.76 0.77 0.60 0.68 0.92 111 1 (22) 14 16.7 16.5 21.3 18.6 13.8 0.0 0.0 6.5

Taj TAJ.N0000 M 31.20 2,051 139.6 4,357 14.69 2.12 125 246 293 -165 0.89 1.76 2.10 (1.18) 26 97 19 34.9 17.7 14.9 -26.4 0.0 0.0 6.1

Tra ns As ia TRAN.N0000 M 77.20 5,899 200.0 15,440 29.50 2.62 625 1,066 884 927 986 3.12 5.33 4.42 4.64 4.93 (5) 71 (17) 5 24.7 14.5 17.5 16.7 15.7 3.0 3.9 10.6

Sample Sector (6) 62,571 2,622.9 94,400 23.86 1.51 5,674 7,086 6,957 5,945 2.16 2.70 2.65 2.27 24 25 (2) 16.6 13.3 13.6 15.9 9.1

Full Sector (36) 312,214 2.63 34.3

Land and Property

Colombo Land CLND.N0000 D 37.40 2,702 199.9 7,476 13.52 2.77 10 335 -90 12 72 0.05 1.68 (0.45) 0.06 0.36 (98) 3,393 (127) 113 779.4 22.3 N/A 623.0 104.4 0.0 0.0 0.4

Overseas Rea l i ty OSEA.N0000 D 20.40 23,360 843.5 17,207 27.69 0.74 2,681 2,469 1,924 2,158 3,848 3.18 2.93 2.28 2.56 4.56 218 (8) (22) 12 6.4 7.0 8.9 8.0 4.5 0.5 2.2 11.5

Sample Sector (2) 26,062 1,043.4 24,683 24.98 0.95 2,691 2,804 1,834 2,170 3,919 2.58 2.69 1.76 2.08 3.76 102 4 (35) 18 9.2 8.8 13.5 11.4 6.3 1.5 10.3

Full Sector (18) 40,625 0.85 7.3

Manufacturing

ACL Ca bles ACL.N0000 M 68.00 5,848 59.9 4,073 97.63 0.70 485 532 534 8.10 8.88 8.91 127 10 8.4 7.7 7.6 1.0 1.5 8.3

Gra in Eleva tors GRAN.N0000 D 35.80 2,794 60.0 2,148 46.56 0.77 388 135 87 93 -94 6.46 2.24 1.45 1.55 (1.56) (18) (65) (35) 7 5.5 16.0 24.7 23.1 -23.0 0.1 0.4 13.9

Che vro n Lu bri ca nts LLUB .N0000 D Hold 288.40 5,348 120.0 34,608 44.56 6.47 2,001 2,288 2,562 2,701 2,513 16.67 19.06 21.35 22.51 20.94 33 14 12 5 17.3 15.1 13.5 12.8 13.8 15.0 5.2 37.4

Lanka Wal l ti l e LWL.N0000 M LTB 67.80 5,535 54.6 3,702 1 01.38 0.67 731 520 545 600 576 13.39 9.52 9.98 10.99 10.55 51 (29) 5 10 5.1 7.1 6.8 6.2 6.4 3.0 4.4 13.2

Pira mal Glass GLAS.N0000 M Hold 4.40 3,490 950.1 4,180 3.67 1.20 686 724 361 532 885 0.72 0.76 0.38 0.56 0.93 19 5 (50) 47 6.1 5.8 11.6 7.9 4.7 0.4 8.6 19.7

Royal Ceramic RCL.N0000 M LTB 85.90 8,479 110.8 9,517 76.53 1.12 1,243 1,670 1,844 2,190 1,103 11.22 15.07 16.64 19.77 9.96 (14) 34 10 19 7.7 5.7 5.2 4.3 8.6 2.0 2.3 14.7

Textured Jersey TJL.N0000 M Buy 15.50 6,315 655.0 10,153 9.64 1.61 628 1,017 1,186 1,495 1,128 0.96 1.55 1.81 2.28 1.72 (8) 62 17 26 16.2 10.0 8.6 6.8 9.0 1.2 8.0 9.9

Tokyo Cement TKYO.N0000 M Buy 34.00 7,793 334.1 11,360 23.32 1.46 979 893 1,968 1,511 1,883 2.93 2.67 5.89 4.52 5.63 14 (9) 120 (23) 11.6 12.7 5.8 7.5 6.0 1.0 2.9 12.6

Sample Sector (8) 45,600 2,344.5 79,741 19.45 1.75 7,141 7,778 8,527 3.05 3.32 3.64 15 9 11.2 10.3 9.4 4.7 15.7

Full Sector (36) 108,749 1.36 8.9

Motors

C M Holdings COLO.N0000 M 83.20 3,315 15.2 1,265 218.11 0.38 453 120 -210 29.80 7.91 (13.80) 95 (73) 2.8 10.5 -6.0 3.0 3.6 13.7

Diese l & Motor Engineering DIMO.N0000 M 523.00 7,729 8.9 4,642 870.76 0.60 2,702 462 179 304.36 52.06 20.19 27 (83) 1.7 10.0 25.9 10.0 1.9 35.0

Uni ted Motors UML.N0000 M 127.00 7,895 67.3 8,543 117.37 1.08 2,281 2,013 1,808 33.91 29.92 26.88 153 (12) 3.7 4.2 4.7 10.0 7.9 28.9

Sample Sector (3) 18,940 91.3 14,450 207.34 0.76 5,436 2,595 1,777 59.51 28.41 19.46 67 (52) 2.7 5.6 8.1 5.6 28.7Full Sector (6) 22,010 0.95 10.2

Oil Palms

Buki t Darah BUKI.N0000 M 610.00 27,684 102.0 62,220 271.41 2.25 7,299 5,042 2,649 71.56 49.43 25.97 43 (31) 8.5 12.3 23.5 3.0 0.5 26.4

Sample Sector (1) 27,684 102.0 62,220 271.41 2.25 7,299 5,042 2,649 71.56 49.43 25.97 43 (31) 8.5 12.3 23.5 3.0 0.5 26.4

Full Sector (5) 93,843 1.82 27.2

Plantations

Balangoda BALA.N0000 D 29.70 2,701 23.6 702 114.26 0.26 25 118 87 1.08 5.01 3.70 (85) 366 27.6 5.9 8.0 1.0 0.9

Horana HOPL.N0000 M 23.90 1,498 25.0 598 59.91 0.40 87 220 132 3.49 8.82 5.28 (73) 152 6.8 2.7 4.5 2.0 5.8

Kegal le KGAL.N0000 M 101.00 3,264 25.0 2,525 130.55 0.77 769 544 479 30.77 21.74 19.15 (8) (29) 3.3 4.6 5.3 12.0 11.9 23.6

Kelani Val ley KVAL.N0000 D 78.00 2,558 34.0 2,652 75.23 1.04 460 584 391 1 3.54 17.19 11.51 44 27 5.8 4.5 6.8 6.0 7.7 18.0

Kotaga la KOTA.N0000 M 36.70 3,187 40.0 1,468 79.67 0.46 439 517 -173 10.97 12.92 ( 4. 32 ) ( 34 ) 18 3.3 2.8 -8.5 2.5 6.8 1 3.8

Watawa la WATA.N0000 M 10.10 4,095 236.7 2,390 17.30 0.58 455 680 436 1.92 2.87 1.84 (29) 49 5.3 3.5 5.5 0.5 11.1

Sample Sector (6) 17,302 384.3 10,335 45.02 0.60 2,236 2,664 1,352 5.82 6.93 3.52 (24) 19 4.6 3.9 7.6 12.9

Full Sector (19) 24,131 0.66 7.5

Power and Energy

Lanka IOC LIOC.N0000 M 38.90 15,331 532.5 20,715 2 8.79 1 .35 906 2,911 4,371 1.70 5.47 8.21 3 221 22.9 7.1 4.7 1.0 5.9

Val l ibel VPEL.N0000 M 5.90 1,994 747.1 4,408 2.67 2.21 249 289 641 0.33 0.39 0.86 (41) 16 17.7 15.2 6.9 0.6 10.2 12.5Laugfs Gas LGL.N0000 M 32.80 6,781 387.0 12,694 17.52 1.87 822 1,061 1,414 1,453 1,484 2.13 2.74 3.65 3.75 3.83 (4) 29 33 3 15.4 12.0 9.0 8.7 8.6 1.5 4.6 12.1

Sample Sector (3) 24,105 1,666.6 37,817 14.46 1.57 1,977 4,261 6,496 1.19 2.56 3.90 (8) 116 19.1 8.9 5.8 8.2

Full Sector (8) 43,100 1.41 6.0

Telecommunications

Dia log Axia ta DIAL.N0000 D 9.40 38,620 8,143.8 76,552 4.74 1.98 5,354 6,521 5,016 0.66 0.80 0.62 6 22 14.3 11.7 15.3 0.3 3.5 13.9

Sri Lanka Telecom SLTL.N0000 D 38.10 56,871 1,804.9 68,765 31.51 1.21 4,781 5,329 4,774 2.65 2.95 2.65 21 11 14.4 12.9 14.4 0.9 2.2 8.4

Sample Sector (2) 95,491 9 ,948.6 145,317 9.60 1 .52 10,135 1 1,850 9,790 1.02 1.19 0.00 0.98 13 17 14.3 12.3 14.8 10.6

Full Sector (2) 145,317 1.52 14.8

Trading

Browns BRWN.N0000 M 90.40 14,064 70.9 6,407 198.43 0.46 1,164 240 582 16.43 3.39 8.21 (47) (79) 5.5 26.7 11.0 0.5 0.6 8.3

Singer Sri Lanka SINS.N0000 D 90.20 4,875 125.2 11,294 38.94 2.32 1 ,2 66 1 ,1 38 661 10.11 9.09 5.28 90 (10) 8.9 9.9 17.1 6.0 6.7 26.0

Sample Sector (2) 18,939 196.1 17,701 96.59 0.93 2,431 1,378 1,242 12.40 7.03 6.34 (15) (43) 7.3 12.8 14.2 12.8

Full Sector (8) 22,601 0.99 17.1

Sample Market (70) 1,081,193 38,085.0 1,920,879 28.39 1.78 138,340 150,101 162,109 183,183 161,302 3.63 3.94 4.26 4.81 4.24 17 9 8 13 13.9 12.8 11.8 10.5 11.9 12.8

Total Market (285) 2,586,035 1.77 14.1

Book Val. ShareCap.

MarketCap.

ROE

(%)

Trailing

DY (%)4Q

Trailing

4Q

Trailing

4Q

Trailing

Earnings EPS EPS Growth (%) PER


12/12


Softlogic Equity Research

Dimantha Mathew [email protected]+94 11 7277030

Kavindu [email protected]

+94 11 7277031

Imalka [email protected]+94 11 7277032

Softlogic Equity Sales

Dihan [email protected] +94 11 7277010, +94 77 7689933

Thanuja De [email protected]

+94 11 7277059, +94 77 3120018

Eardley [email protected] +94 11 7277053, +94 77 7348018

Chandima [email protected] +94 11 7277058, +94 77 7885778

Branches

HoranaMadushanka Rathnayaka No. 212, 1st floor, Panadura road, [email protected] +94 34 7451000, +94 77 3566465

NegomboKrishan Williams No. 121, St. Joseph Street [email protected]+94 31 2224714-5, +94 77 3569827

KurunegalaBandula Lansakara No.13, Rajapihilla Mawatha, [email protected]+94 37 2232875, +94 77 3615790

The report h as been prepared by Softl ogic Stockbrokers (Pvt) Lt d. The inf ormati on and opini ons contained herein has been compiledor ar ri ved at based upon inf ormati on obtained fr om sources believed to be reliable and in good faith . Such infor mation h as not beenindependently verif ied and no guar anty, representation or warr anty, express or i mpli ed is made as to its accuracy, completeness orcorrectness. Al l such i nformation and opinions are subject to change without notice. This document i s for information purposes only,descri ptions of an y company or companies or their securi ties mentioned herein ar e not intended to be complete and this document isnot, and should not be construed as, an offer, or solicitat ion of an off er, to buy or sell any securit ies or other fi nancial instr uments.Softlogi c Stockbrokers (Pvt) Ltd may, to the extent permissible by applicable law or r egulation, u se the above material , conclusion s,research or analysis in wh ich th ey are based before the materiali zed disseminated to their cu stomers. Not all customers wil l r eceivethe material at the same time. Softl ogic Stockbrokers, their respective director s, offi cers, representatives, employees, relat ed personsand/or Softl ogic Stockbrokers, may have a long or short position i n any of the securiti es or other fi nancial i nstru ments mention ed orissuers described herein at any ti me and may make a purchase and/or sale, or of fer to m ake a purchase and/or sale of any suchsecuri ties or other fi nancial i nstrum ents fr om time to time in the open market or otherwise, in each case eit her as principal or agent.Softlogi c Stockbrok ers may make markets in securi ties or other finan cial in struments descri bed in th is publication , in securi ties ofissuers described here in or i n securiti es underl ying or related to such securi ties. Softl ogic Stockbrok ers (Pvt) Ltd may have recentlyunderwr itten the securi ties of an issuer mentioned herein. T his document may not be reproduced, distribu ted, or publ ished for an ypurposes.

weekly plus - 2014 issue 06 (07.02.2014)

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