N D B Stockbrokers (Pvt) Ltd,

5th Floor,
# 40, NDB Building,
Nawam Mawatha,
Colombo 02.
Tel: +94 11 2314170
Fax: +9411 2314180
+9411 2314181
QUARTERLY FINANCIALS
11-Mar-13

11.64

Bank and Finance

7.27

Stock Tracker

mths QTR
CFIN
COMB*
COMB-x*
DFCC
CFVF
HNB
HNB-x
LFIN
LOLC
LVEN
NDB
NTB*
PMB
SEMB
SEMB-x
PABC

9
12
12
9
9
12
12
9
9
9
12
12
9
12
12
12

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Mkt. Price
8-Mar-13
180.00
93.00
93.00
118.50
11.60
156.00
127.40
142.00
56.60
32.10
151.00
59.20
12.90
0.90
0.50
17.50

SAMP*
SEYB
SEYB-x
VFIN
HASU
UAL
CTCE
CINS
CINS-x
PLC
SDB

12
12
12
12
12
12
12
12
12
9
12

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

231.30
61.50
35.50
30.20
50.50
87.00
350.50
960.00
310.00
13.00
68.00

162.61
173.33
164.75
41.55
50.00
75.00
30.00
20.00
6.41
1,560.00
25.18

5,211.76
2,063.06
2,063.06
201.28
351.14
921.27
780.45
1,847.55
1,847.55
2,039.00
250.19

4,150.62
675.95
675.95
173.90
246.07
695.19
692.45
1,451.54
1,451.54
3,350.00
345.34

26%
205%
205%
16%
43%
33%
13%
27%
27%
-39%
-28%

120.40
150.60
130.00
800.00
20.00
14.50
174.00
74.00
1700.00
42.00
34.00
335.00
112.00

16.00
224.00
95.04
187.32
89.77
4.77
300.00
25.50
53.73
30.00
31.40
80.00
40.00

74.17
454.06
492.80
8,177.00
157.93
157.93
4,551.26
64.15
2,993.92
56.07
78.62
813.63
314.91

283.71
782.77
691.15
6,571.00
132.61
132.61
3,123.77
85.19
2,633.29
(1.79)
59.73
837.26
221.52

Chemical and Pharmaceuticals

CIC
9
Dec
CIC-x
9
Dec
HAYC
9
Dec

62.00
47.80
175.00

72.90
21.87
29.71

175.65
175.65
619.12

Construction and Engineering

DOCK
12 Dec
AEL
9
Dec

221.00
19.80

71.86
1,000.00

Diversified
CARS
HAYL
HHL
JKH*
RICH
SPEN
EXPO*

Dec
Dec
Dec
Dec
Dec
Dec
Dec

450.00
290.00
26.50
233.00
6.80
120.10
6.80

Footwear and Textiles

MGT
9
Dec
Healthcare
AMSL
LHCL
NHL

Beverage Food and Tobacco

BFL
9
Dec
CARG
9
Dec
CCS
9
Dec
CTC
12 Dec
COCO
9
Dec
COCO - x
9
Dec
DIST
9
Dec
KFP
9
Dec
NEST
12 Dec
TSML
9
Dec
LAMB
9
Dec
LION
9
Dec
LMF
9
Dec

9
9
9
9
9
9
9

9
12
9

Dec
Dec
Dec

Shares
(Mn)
104.88
779.10
53.47
265.10
101.25
311.22
77.15
69.26
475.20
50.00
164.20
230.61
67.50
1,191.77
614.07
295.04

2012
NP (mn)
2,337.86
10,055.80
10,055.80
2,296.57
186.64
8,086.02
8,086.02
1,246.65
1,775.90
121.95
8,838.14
1,915.28
(63.56)
63.37
63.37
810.95

2011
NP (mn)
2,026.82
8,094.70
8,094.70
2,149.45
(100.55)
6,148.84
6,148.84
1,138.04
3,439.39
48.49
2,705.54
1,533.90
122.61
0.50
0.50
824.01

Growth

20%
18%
18%
11%
19%
16%
16%
34%
11%
17%
34%
21%
-10%
6%
6%
20%

29.72
11.61
11.61
11.55
2.46
20.82
20.82
24.00
4.98
3.25
53.82
8.42
(1.26)
0.04
0.04
2.75

Annualised
PER
6.06
8.01
8.01
10.26
4.72
7.49
6.12
5.92
11.36
9.87
2.81
7.03
(10.27)
25.65
14.25
6.37

25,445.90
19,495.43
19,495.43
846.04
1,868.28
4,309.06
4,063.55
13,019.01
13,019.01
18,370.00
3,180.51

19%
5%
5%
24%
19%
21%
19%
14%
14%
15%
8%

29.69
6.10
6.10
4.84
7.02
12.28
26.01
69.94
69.94
1.74
9.94

-74%
-42%
-29%
24%
19%
19%
46%
-25%
14%
3227%
32%
-3%
42%

1,613.63
7,793.25
7,396.56
3,415.00
2,348.74
2,348.74
40,722.61
1,513.69
3,775.20
659.01
708.68
5,679.16
2,325.53

6%
8%
9%
239%
9%
9%
15%
6%
79%
11%
15%
19%
18%

744.63
744.63
406.32

-76%
-76%
52%

7,290.54
7,290.54
3,769.88

1,977.06
1,647.22

1,536.85
965.53

29%
71%

196.39
75.00
515.29
851.58
1,939.24
406.00
1,954.92

2,161.16
1,364.18
1,052.78
6,968.09
1,572.14
2,073.67
783.15

5,350.06
2,341.33
836.98
5,427.75
1,858.78
1,667.20
768.31

10.30

152.34

(196.66)

9.50
35.10
2.90

528.46
223.73
1,409.51

1,580.80
381.16
413.31

15%
24%
24%
7%
286%
32%
32%
10%
-48%
152%
227%
25%
-152%
12600%
12600%
-2%

Net Assets
(mn)
15,405.91
52,832.70
52,832.70
26,901.44
1,329.01
49,081.96
49,081.96
4,906.82
20,744.80
976.55
25,753.54
9,043.29
862.90
977.26
977.26
4,141.51

ROE

EPS

BV

PBV

DPS

DY

146.89
63.46
63.46
101.48
13.13
126.38
126.38
70.85
43.65
19.53
156.84
39.22
12.78
0.54
0.54
14.04

1.23
1.47
1.47
1.17
0.88
1.23
1.01
2.00
1.30
1.64
0.96
1.51
1.01
1.66
0.92
1.25

2.50
4.50
4.50
4.00
2.00
8.50
8.50
5.00
0.50
1.50
7.50
2.10
1.00

1.4%
4.8%
4.8%
3.4%
17.2%
5.4%
6.7%
3.5%
0.9%
4.7%
5.0% Overweight
3.5% Overweight
0.0%
0.0%
0.0%
5.7%

7.79
10.08
5.82
6.23
7.19
7.08
13.47
13.73
4.43
7.46
6.84

156.49
57.67
57.67
20.36
37.37
57.45
135.45
492.87
492.87
11.78
126.33

1.48
1.07
0.62
1.48
1.35
1.51
2.59
1.95
0.63
1.10
0.54

6.00
1.00
1.00
1.00
2.10
5.00
9.00
6.50
6.50
1.00
5.00

2.6%
1.6%
2.8%
3.3%
4.2%
5.7%
2.6%
0.7%
2.1%
7.7%
7.4%

6.18
2.70
6.91
43.65
2.23
2.23
20.23
3.35
55.73
2.49
3.34
13.56
10.50

18.41
19.48
55.72
18.80
18.33
8.98
6.51
8.60
22.06
30.51
16.85
10.19
24.70
10.67

100.85
34.79
77.83
18.23
24.84
24.84
135.74
59.36
70.27
21.97
22.57
70.99
58.14

1.19
4.33
1.67
43.88
0.81
0.58
1.28
1.25
24.19
1.91
1.51
4.72
1.93

4.00
2.00
4.00
39.24
1.00
1.00
3.00
2.00
47.50
1.00
4.00
1.00

3.3%
1.3%
3.1%
4.9%
5.0%
6.9%
1.7%
2.7%
2.8%
2.4%
0.0%
1.2%

0.9%

3%
3%
22%

2.47
2.47
27.78

9.66
25.09
19.34
6.30

76.93
76.93
126.88

0.81
0.62
1.38

3.20
3.20
5.50

5.2%
6.7%
3.1%

10,406.75
11,994.88

19%
18%

27.51
2.20

8.55
8.03
9.02

144.82
11.99

1.53
1.65

5.71
0.25

2.6%
1.3%

-60%
-42%
26%
28%
-15%
24%
2%

32,104.98
19,501.49
11,540.15
76,368.13
7,489.50
26,547.76
8,883.92

9%
9%
12%
15%
28%
10%
12%

11.00
24.25
2.72
13.54
1.08
6.81
0.55

17.39
40.89
11.96
9.73
17.21
6.29
17.64
12.36

163.48
260.02
22.40
89.68
3.86
65.39
4.54

2.75
1.12
1.18
2.60
1.76
1.84
1.50

2.00
4.00
0.50
3.50
0.70
1.40
0.12

0.4%
1.4%
1.9%
1.5%
10.3%
1.2%
1.8% Overweight

(514.84)

62%

2,579.74

-10%

(1.72)

(5.98)
(5.98)

16.93

0.61

0.0%

323.37
438.10
177.51

389%
-13%
133%

3,809.24
3,612.87
3,583.47

55%
11%
15%

3.99
1.70
0.39

5.58
2.38
20.60
7.42

7.21
16.15
2.54

1.32
2.17
1.14

0.26
0.50
0.05

2.7%
1.4%
1.7%

Overweight

Hotels and Travels

mths QTR

2012
NP (mn)
1,594.78
835.86
41.10
379.22
104.29
104.29

2011
NP (mn)
1,181.29
683.05
28.89
407.18
7.21
7.21

17%
13%
28%
8%
10%
10%

5.80
4.50
10.20
0.72
1.50
1.50

13,781.45
2,377.76
2,377.76

7%
19%
19%

10.24
8.93
8.93

-84%
-10%

3,715.43
21,966.36

1%
11%

9
9
9
9
9
9

Dec
Dec
Dec
Dec
Dec
Dec

Investment Trust
GUAR
9
RHL
9
RHL - x
9

Dec
Dec
Dec

160.50
31.30
22.40

87.84
44.52
6.43

674.67
341.30
341.30

2,062.73
215.85
215.85

-67%
58%
58%

Land and Property

CLND
12 Dec
OSEA*
12 Dec

32.00
14.10

199.88
843.48

49.50
2,472.52

304.23
2,741.12

AHPL**
AHUN**
HSIG**
KHL**
SHOT**
SHOT-x**

Shares
(Mn)
442.78
336.29
5.86
1,456.15
75.51
36.01

15.08
Annualised
PER
12.24
16.44
7.60
18.33
11.33
11.33

Mkt. Price
8-Mar-13
71.00
74.00
77.50
13.20
17.00
17.00

Growth
%
35%
22%
42%
-7%
1347%
1347%

Net Assets
(mn)
14,802.67
11,712.65
211.11
13,704.34
1,639.65
1,639.65

ROE

EPS

BV

PBV

DPS

DY

33.43
34.83
36.03
9.41
14.70
14.70

2.12
2.12
2.15
1.40
1.16
1.16

4.00
0.70
5.00
0.30
-

5.6%
0.9%
6.5%
2.3%
0.0%
0.0%

11.94
15.67
3.50
2.51

156.90
46.67
46.67

1.02
0.67
0.48

2.00
0.70
0.70

1.2%
2.2%
3.1%

0.25
0.64

31.03
129.23
22.03

18.59
26.04

1.72
0.54

0.30

0.0%
2.1%

Manufacturing
ACL*
9
CERA
9
DIPD
9
GRAN
12
GLAS*
9
LLUB*
12
KCAB
9
LWL
9
RCL
9
TYRE
9
TILE
9
TKYO
9
TKYO-x
9
TJL *
9

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

69.90
63.00
120.00
44.00
6.00
218.90
65.00
55.20
100.00
32.50
64.90
24.00
17.90
9.20

59.89
30.00
59.86
60.00
950.09
120.00
21.80
54.60
110.79
80.40
53.05
202.50
101.25
655.00

443.20
164.20
1,038.41
134.59
620.73
2,287.67
143.41
259.24
1,178.33
327.70
374.17
380.22
380.22
693.65

316.91
267.12
1,730.28
346.42
588.69
2,000.62
176.49
380.31
1,483.06
172.65
284.36
848.66
848.66
409.36

40%
-39%
-40%
-61%
5%
14%
-19%
-32%
-21%
90%
32%
-55%
-55%
69%

5,443.74
2,613.60
6,122.38
2,666.26
3,473.76
4,125.82
2,052.97
4,221.97
8,212.92
1,640.01
2,979.61
6,274.48
6,274.48
5,765.12

11%
8%
23%
5%
24%
55%
9%
8%
19%
27%
17%
8%
8%
17%

10.17
7.30
23.13
2.24
0.88
19.75
8.77
6.33
14.18
5.43
9.40
1.67
1.67
1.52

6.05
6.87
8.63
5.19
19.62
6.82
11.08
7.41
8.72
7.05
5.98
6.90
14.38
10.73
6.05

90.89
87.12
102.28
44.44
3.66
34.38
94.17
77.33
74.13
20.40
56.17
20.66
20.66
8.80

0.77
0.72
1.17
0.99
1.64
6.37
0.69
0.71
1.35
1.59
1.16
1.16
0.87
1.05

1.00
1.10
6.00
1.00
0.36
11.00
2.50
4.00
2.00
1.45
4.00
1.30
1.30
0.66

1.4%
1.7%
5.0%
2.3%
6.0%
5.0%
3.8%
7.2%
2.0%
4.5%
6.2%
5.4%
7.3%
7.2%

Motors
DIMO
UML

9
9

Dec
Dec

519.00
97.80

8.88
67.27

470.15
1,473.79

2,269.98
1,566.14

-79%
-6%

7,671.48
6,687.33

8%
29%

70.62
29.21

4.32
7.35
3.35

864.25
99.41

0.60
0.98

40.00
9.00

7.7%
9.2%

Oil Palms
BUKI

Dec

730.00

102.00

2,896.02

5,347.47

-46%

31,304.36

12%

37.86

19.28
19.28

306.91

2.38

3.00

0.4%

Plantations
BALA
KGAL
KVAL
NAMU
MASK
TPL
WATA
BOPL
ELPL

12
9
12
9
9
12
9
9
9

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

34.00
112.00
87.90
74.00
12.70
24.50
11.50
11.50
17.50

23.64
25.00
34.00
23.75
26.98
23.75
236.67
83.75
72.87

118.34
449.07
584.76
322.89
179.62
208.41
630.14
274.50
322.46

16.67
437.67
458.81
269.66
(536.26)
(75.35)
28.75
(199.86)
66.52

610%
3%
27%
20%
133%
377%
2092%
237%
385%

1,462.32
3,338.03
2,568.47
1,885.13
1,684.27
1,223.74
3,379.41
973.82
1,756.55

8%
18%
23%
23%
14%
17%
25%
38%
24%

5.01
23.95
17.20
18.13
8.88
8.78
3.55
4.37
5.90

3.73
6.79
4.68
5.11
4.08
1.43
2.79
3.24
2.63
2.97

61.87
133.52
75.54
79.37
62.43
51.53
14.28
11.63
24.11

0.55
0.84
1.16
0.93
0.20
0.48
0.81
0.99
0.73

2.00
7.50
6.00
4.50
0.50
0.36

5.9%
6.7%
6.8%
6.1%
0.0%
0.0%
4.3%
0.0%
2.1%

Dec
Dec
Dec
Dec

21.00
5.80
3.50
21.40

125.20
747.11
477.27
532.47

220.80
295.38
50.68
2,102.94

246.16
268.34
94.44
864.70

-10%
10%
-46%
143%

2,841.27
2,107.80
1,098.28
12,220.10

10%
19%
6%
23%

2.35
0.53
0.14
5.27

4.67
8.93
11.00
24.72
4.06

22.69
2.82
2.30
22.95

0.93
2.06
1.52
0.93

2.00
0.25
0.20
-

9.5%
4.3%
5.7%
0.0%

Telecommunications
DIAL
12 Dec
SLTL
12 Dec

9.00
42.80

8,143.78
1,804.86

6,021.43
4,036.00

4,888.49
4,505.00

23%
-10%

37,181.55
54,550.00

16%
7%

0.74
2.24

14.97
12.17
19.14

4.57
30.22

1.97
1.42

0.33
0.85

3.7%
2.0%

112.00
65.00
102.00

70.88
35.99
125.21

(528.09)
115.13
1,137.74

433.32
276.25
1,266.34

-222%
-58%
-10%

13,782.01
1,733.88
5,256.54

-5%
9%
22%

(9.93)
4.27
9.09

11.70
(11.27)
15.24
11.23

194.46
48.18
41.98

0.58
1.35
2.43

1.32
2.00
7.50

1.2%
3.1%
7.4%

Power and Energy

HPWR
9
VPEL
9
VLL
9
LIOC
9

Trading
BRWN
CWM
SINS

9
9
12

Dec
Dec
Dec

* Forecast EPS
** EPS adjusted for cyclicality
Annualised results are considered in all other cases

Overweight

Overweight

Overweight

Overweight

Overweight

NTB

Profit growth of 25% for FY 12 was in line with expectations as the net interest income (core operations) saw a growth of 18% . The non interest income also performed well
with the other operating income witnessing a growth of 39% for FY 12. The P/E and PBV valuations continue to be attractive and we expect medium term growth to exceed
the overall industry growth.
ACL
Group recorded a noteworthy growth in both top line and bottom line in FY 12/13Q3 and nine months period. However, Finance costs increased significantly affecting
earnings. The considerable increase in distribution costs indicate the growth is mainly stemming from the low margin retail sector. Stable global Copper prices have helped to
enhance the gross profit margins. The valuation looks still attractive considering the growth expected over the next 2 years in the higher margin institutional sector.

SAMP
The net interest income surged by 29% while the interest margin improved to 4.19%, this was amidst the high interest rate environment that prevailed during FY 12. The
profit growth of 26% has exceeded our expectations and the share remains attractive owing to the high growth expectations due to the aggressive nature of the bank.

GLAS
The gross profit margins got affected in FY 12/13Q3 due to the increase in energy related costs. Profitability for the quarter and nine months period was negatively affected
due to the increased finance costs. Significant growth in exports is commendable despite the negative global economic situation. The P/E well under 10x is attractive
considering the long-term expectations.
NDB
The net interest income (core operations) saw a growth of 23% for FY 12 as the interest margin witnessed gradual improvement. The net earnings for the period saw a growth
of 227% as the capital gain from the sale of the insurance business was realised. The bank is currently trading at its book value and has significant upside potential in the long
term.
EX PO
The share has declined steeply since the IPO and offers significant upward potential in the long run. Depreciation of the rupee is likely to improve financials while increased
international trade in Sri Lanka in the medium term will benefit the company's revenue. Profit for FY 12/13Q3 has been flat (as expected) due to the new business ventures
overseas are still at an early stage.
TJ L
As we have expected, the profits have increased significantly in FY 12/13Q3 and cumulative earnings for nine months in FY 12/13 managed to surpass the FY 11/12 full year
earnings. Continuous efforts to control operating costs, low yarn prices as well as the depreciation of the rupee have improved both gross and net profit margins significantly.
The share has declined sharply since the IPO and is attractively priced currently.
ELPL
Increased auction prices of high grown tea has significantly improved profitability and is expected to benefit the company though the end of FY 12/13. Given the increase in
profitability and lower overall borrowing level, a healthy dividend is likely. Additionally, the share is currently attractively priced.
TPL
Due to significant exposure to high grown tea which has seen increased auction prices, we expect company to perform well in FY 12Q4 and FY 13Q1. Valuations should
improve with increase profits and given a possible dividend payout we believe the counter has significant upside potential.

This document is based on information obtained from sources believed to be reliable, but we do not make any representations as to its accuracy,
completeness or correctness. Opinions expressed are subject to change without notice. Any recommendation contained in this document does
not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is for
the information of addressees only and is not to be taken as substitution for the exercise of judgment by addressee. N D B Stockbrokers (Pvt)
Ltd and its associates, their directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and
may also perform or seek to perform broking, investment banking and other banking services for these companies.