December 2016

Mo

nth

ly

65, Braybrooke Place, Colombo 2, Sri Lanka • research@bartleetreligare.com • +94 11 5220200

BRS Market Report

December 2016

2

December 2016

Market Performance

Sri Lankan equities lost marginally in December 2016

The Colombo bourse followed a negative trend for most part of the month of December, despite gaining

127.02 points within the first three days of trading, with majority of the retail stakeholders were seen

cashing out their equities ahead of the year-end holiday season. Meanwhile, local institutional parties

were seen accumulating fundamentally sound stocks at heavily discounted prices. Volumes however,

remained relatively low throughout the month with the exception of a couple of deals involving large

stakes pushing the volumes beyond average levels. The benchmark ASPI depreciated 12.84 points on a

MoM basis to close at 6,228.26 points, while the more liquid S&P SL20 index, backed by selective interest

on blue chip counters, gained 29.34 points MoM to close the month at 3,496.44 points.

The month sees a net foreign inflow of LKR 3.6bn

With the Central bank deciding to keep the policy rates unchanged amidst a slowdown in credit growth

and mild inflation, foreign parties were seen gaining confidence in SL equities. Despite the Federal Re-

serve increasing the key interest rates by 25 basis points, the foreign parties remained on the buying side

for the month, reporting a net foreign inflow of LKR 3.59bn. The 28.1% stake of COCR purchased by the

Thai based company, Group Lease Holdings Pte, accounted for ~56% of the cumulative foreign purchases

for the month. The stake was transferred at LKR 111, nearly four times the book value. COCR reported

the highest turnover for the month, contributing ~45% to the cumulative market turnover.

Negotiated deals contribute 66% of monthly turnover

The market recorded an adjusted (following SEYB reversal) cumulative turnover of LKR 23.43bn, resulting

in an average daily turnover of LKR 1.23bn.Negotiated deals accounted for ~66% of the turnover, led by

COCR. A total of 400mn shares changed hands during the course of the month.

Tobacco monopolist CTC sees price drop of 9% during the month

The tobacco monopolist, CTC witnessed selling pressure, following the ~50% dip in sales volume, as a

result of the steep tax hike. The monthly average sales volume dropped to 150mn from 330mn ciga-

rettes. Consequently, the share price plunged by LKR 77.50 (-9% MoM) to close the month at LKR 806.50.

Beer manufacturer, LION on the other hand, saw renewed buying interest, primarily driven by foreign

investors, with the recommencement of the manufacturing plant following the temporary closure due to

floods.

SEYB deal gets reversed

A transaction involving SEYB amounting to LKR 1.32bn occurred on 16th December 2016, however, was

later reversed, following orders made by the Prime Minister, due to non compliance of due internal

process followed by BOC, the selling party.

Motor sector top loser for the month

The IT sector emerged as the top sector gainer for the month of December, while the Motors sector

dipped the most, following the excise duty hike post budget.

Market Snapshot

Closing Opening%

Change

ASPI 6,228.26 6,241.10 ↓ -0.2%

S&P SL20 3,496.44 3,467.10 � 0.8%

ASPI S&P SL20

Index Performance

3,400

3,450

3,500

3,550

3,600

3,650

3,700

3,750

3,800

6,100

6,150

6,200

6,250

6,300

6,350

6,400

1-Dec 8-Dec 15-Dec 22-Dec 29-Dec

ASPI S&P SL20

Sector Indices

Op. Index Cl. Index +/-%

Banks, Fin. & Ins. 15,418.49 15,816.94 2.6%

Bev, Food & Tobacco 21,731.54 21,199.60 -2.4%

Chemicals & Phar. 6,573.65 6,546.89 -0.4%

Const. & Eng. 2,473.45 2,542.24 2.8%

Diversified 1,582.25 1,545.70 -2.3%

Footwear & Textiles 919.18 950.63 3.4%

Healthcare 996.94 994.49 -0.2%

Hotels & Travels 3,037.47 3,033.49 -0.1%

IT 38.33 40.56 5.8%

Inv. Trusts 12,396.93 12,578.26 1.5%

Land & Prop. 621.92 634.27 2.0%

Manufacturing 4,326.45 4,310.74 -0.4%

Motors 15,799.15 15,140.23 -4.2%

Oil Palms 71,229.89 71,716.80 0.7%

Plantations 631.82 641.18 1.5%

Power & Energy 149.55 145.82 -2.5%

Services 17,389.17 17,481.49 0.5%

Stores & Supplies 27,148.25 27,268.42 0.4%

Telecommunications 165.76 168.28 1.5%

Trading 15,777.36 15,898.14 0.8%

Mkt.Turnover (LKR) 23,429,783,566

No. Trading Days 19

Avg. Daily Turnover (LKR) 1,233,146,503

Domestic Purchases (LKR) 5,890,186,604

Domestic Sales (LKR) 8,159,736,700

Foreign Purchases (LKR) 17,539,596,961

Foreign Sales (LKR) 15,270,046,867

Net Foreign Inflow/(Outflow) (LKR) 2,269,550,094

Vol of turnover 399,961,943

% Vol of foreign / total volume 54.60%

Total No. of Trades 43,708

Market cap . (opening) (LKR) 2,659,515,388,061

Market cap . (closing) (LKR) 2,745,406,184,283

Statistical Summary

3

December 2016

CSE Market Update: 2016 A tale of two deficits and a bailout

The year 2016 saw the CSE sailing through much troubled waters with the ASPI losing 10% to close at 6,228 and S&P index losing 3% to close at 3,496.

Another year of uncertain policy direction, slower economic growth and forex concerns took some shine away from SL equities in 2016. Despite what

seemed an exodus of foreign capital from the CSE in the first two quarters of the year, foreigners rallied back seeing the value of the CSE and closed

the year being marginal net buyers.

The year started off following a steep reversal of economic policy with November 2015 budget which made the CSE lose 8% of ASPI’s value in January

2016. This coupled with the main exit strategy most major funds opted to take, starting from China, the CSE saw a LKR 3bn net foreign selling in Janu-

ary. Index heavyweights JKH, COMB and DIAL took the hardest hit.

The less than auspicious start to the year continued for the first two quarters as the improving corporate results showed a little relief to the falling

share prices and fund exodus. The sectors Diversified, Banking and Finance, Telco and Oil palm continued to slide. The first six months saw LKR 6.33bn

of net foreign outflow making the CSE’s trading multiples look compelling to a newer wave of emerging market investors. February’s raising of the

benchmark rates by 50 bps and a further 50bps in July tightened the private sector credit slowing debt into the CSE. While the major market weights

saw changes in their books of ownership, local investors took the opportunity to benefit from the bargains available. A notable deal was Mr. Dammika

Perera’s upping of the stake in Nawaloka Hospitals to 24.5% in March.

The capital flight was evident in both equity and sovereign markets. By March it was evident that the country’s fiscal situation was getting weaker. On

top of the existing fiscal concerns, having a high public debt ratio over 75% and a weak Government revenue ratio below 13% meant that the economy

needed a life vest. The International Monetary Fund, as the lender of last resort came to rescue with USD 2.2bn (which will be disbursed over the next

three years). This was just the catalyst the market needed to turnaround. Additional sub headlines suggesting the European Union ban on SL fishing

exports and the re-enactment of GSP+ for Sri Lanka kept the indices ticking in a macroeconomic environment that was looking for direction.

The total inflow of USD 2.2bn coming from the IMF and the related multilateral donors came built on six pillars for recovery which prioritized lower

deficits and higher Government revenue. The Government raised indirect taxes, which mainly affected the retail consumption with telco sector taking

a notable hit. VAT was increased to 15% (previously – 11%) with effect from 1st November, while the NBT came back in effect at 2%, freshly capturing

telco and electricity. We are still of the view that the VAT induced curtailment in consumption may slowdown forecast GDP rates for 2016 and 2017.

The average daily turnover for the first half of the year dropped to LKR 740mn.

The CSE indices and the activity continued to stay low until November’s budget. The day prior to the budget, the global markets reacted violently to

the election of the new US President Donald Trump.

The second budget presented by UNP led coalition government seemed to be more in line with the IMF suggested macro pillars and the overall eco-

nomic direction needed. The Government forecasted an ambitious primary deficit target of 4.6% for 2017. We see the post-budget market movement

is a reaction to the reduction in corporate profit and consumption. However, the relatively clearer direction offered as a policy document is encourag-

ing compared to the years 2015 and 2016.

-1,000

1,000

3,000

5,000

7,000

9,000

11,000

13,000

5,800.00

6,000.00

6,200.00

6,400.00

6,600.00

6,800.00

7,000.00

Jan

-16

Fe

b-1

6

Ma

r-16

Ap

r-16

May

-16

Jun

-16

Jul-1

6

Au

g-1

6

Se

p-1

6

Oc

t-16

No

v-1

6

De

c-1

6

ASPI Turnover

The imposition of higher

VAT and NBT

Brexit

The

2017

budget

The

SEYB

deal

reversal

SL gets the 2.2bn IMF bailout

4

December 2016

Macroeconomic update:

Sri Lankan economy expected to grow at 4.5 - 5.0% in 2016 and 5.5% - 6.0% in FY 2017

Economy growth slowed down to 4.0% in first nine months of 2016

Sri Lankan economy recorded a moderate growth of 4.0% during the first nine months of 2016 and CBSL expects a growth tar-

get in the range of 4.5% to 5.0% for 2016. Agriculture sector largely remained subdued during the first nine months of the

year, due to contraction in value addition of rice, tea and rubber. Adverse weather conditions in Q2 and Q3 coupled with slow-

down in demand from country’s major export destinations resulted in a tepid growth for the sector. Industry sector revived

with the recovery of the construction sector and higher than expected growth in manufacturing and mining and quarrying ac-

tivities. Services sector remained buoyant, aided by healthy growth in financial services and wholesale and retail trade activi-

ties. The CBSL projects a GDP growth of 5.5% to 6.0% for 2017.

Monetary aggregates growth slowed down towards the end of the year

In response to the preemptive monetary policy measures, monetary aggregates, which expanded at a higher rate during the

early part of the year, slowed down while credit to the private sector also moderated largely due to increase in market interest

rates. According to latest available statistics, broad money (M2B) growth decelerated to 17.8% YoY in October 2016 from

18.4% seen in September 2016. Rupee liquidity in the domestic markets returned to surplus levels in December 2016, while

market interest rates broadly remained stabilized during December in response to monetary tightening measurers adopted by

the Central Bank of Sri Lanka.

Inflation Rate

Dec 2016 Nov 2016

Year on Year Change 4.1% 3.4%

Annual Average Change 3.7% 3.6%

Colombo Consumer Price Index

(CCPI) - 2006/07 = 100 190.9192.8

Headline vs Core Inflation

168

173

178

183

188

193

198

Dec-15 Mar-16 Jun-16 Sep-16 Dec-16

Headline Core

Index Number

CCPI (2006/07=100)

Money Supply Growth (M2b)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16

MoM growth YoY growth

YoY

growth (%)

MoM

growth (%)

Credit to Private Sector (%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

MoM YoY

YoY

growth (%)

MoM

growth (%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16

MoM YoY

YoY

growth (%)

MoM

growth (%)

5

December 2016

Macroeconomic update:

Inflation remained at mid single digit level in 2016

Inflation remained at mid single digit level in 2016

Inflation was maintained in mid single digit level, despite some pressure seen towards the latter part of the year from adverse

weather conditions and revisions to government tax policies. Relaxed monetary policies that was pursued in the past coupled

with increase in wages in the economy has exerted demand pressure on prices. Accordingly, headline inflation was 4.1% in

December 2016 compared to 2.8% in December 2015. Core inflation too continued to trend upwards during 2016. Core infla-

tion, based on CCPI rose 6.3% YoY at the end of 2016 compared to 4.5% recorded in 2015.

Trade deficit rose marginally by 3.7% during the first 10 months of the year 2016

The Country’s external sector performed modestly in the year 2016, however some improvement was seen towards the latter

part of the year. Export earning contracted by 2.6% during the first ten months of the year, mainly due to demand side pres-

sure from Country’s key export destinations. Import expenditure rose only by 0.2% thanks to cheap crude oil prices. As a result

the cumulative trade deficit rose marginally by 3.7% to USD 7.2bn during the first ten months of the year. Earnings from tour-

ism is estimated to have increased by 14.7% to USD 3.0bn during the first eleven months of the year. Worker remittances

growth slowed down to 3.1% to USD 6.6bn during the same period, due to slow down in the Middle Eastern economies. For-

eign investment in the government securities market saw a net outflow during the year. Sri Lanka entered into an Extended

Fund Facility (EFF) of USD 1.5bn with the IMF to strengthen the diminishing external position of the Country. This resulted in

gross official reserves climbing to USD 6.0bn by the end of 2016. There was considerable pressure on the currency during the

year, and as a result the LKR depreciated by 3.8% in 2016.

Worker Remittances (Inflow USD mn)

584605

575

619

563 554

697

578597

645

572 566584

608567

Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16

6

December 2016

Key Macroeconomic Indicators

Tourist arrivals in the month of December increased 9.1% YoY and 34% MoM to 224,791. Western Europe recorded the highest number of arrivals

amounting to 68,355 with a growth of 9.3% YoY, with the UK and Germany, the two highest contributors to the segment reflecting a growth of 9% and

5.9%. However, arrivals from Middle East dipped 6.3% YoY primarily due to a sharp decline in arrivals from UAE. Tourist arrivals for the whole of this

year improved 14% YoY to 2.05mn, 7% lower than the target set by Tourism Development Authority. In terms of country of residence India accounted

for highest number of arrivals followed by China and U.K. Arrivals from above three countries grew 12.8%, 26.4% and 16.3% YoY respectively during

2016. Despite the partial closure of the international airport during the first quarter of this year, Sri Lanka has set an ambitious target of 2.5mn arrivals

for 2017.

LKR

USD 151.66

POUND 187.28

EURO 160.92

YEN 1.31

SL FX Rates (30 December 2016)

SLIBOR Government Securities

Market Repo Rate Call Market Rate Overnight 8.44 Treasury Bills

Max 9.75 Max 8.44 7 Days 9.40 91 days 8.72

Min 8.40 Min 8.40 1 Month 10.57 182 days 9.63

WAR 8.62 WAR 8.42 3 Months 11.01 364 days 10.17

6 Months 11.49

Commercial Bank Lending/Deposit Rates 12 Months 12.00

Lending Rate (AWPR) - monthly 11.73

Deposit Rate (AWDR) - monthly 8.17

Interest Rates (%) as at 30 December 2016

Daily Money Market Rates

Tourist Arrivals Source : SLTDA

-

50,000

100,000

150,000

200,000

250,000

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

2013 2014 2015 2016

Net Monthly Foreign Inflow/Outflow Source : CSE

45

(250)

14 37

(106)

2,893

29

(556)

45 36 66 80

(97)

25

(4) (10)

16 12

(6)

1-D

ec-1

6

2-D

ec-1

6

5-D

ec-1

6

6-D

ec-1

6

7-D

ec-1

6

8-D

ec-1

6

9-D

ec-1

6

14

-Dec

-16

15

-Dec

-16

16

-Dec

-16

19

-Dec

-16

20

-Dec

-16

21

-Dec

-16

22

-Dec

-16

23

-Dec

-16

27

-Dec

-16

28

-Dec

-16

29

-Dec

-16

30

-Dec

-16

LKR mn

7

December 2016

BRS Stocks in Focus

1. Please note that the historical EPS represents the EPS reported for the last FY, adjusted for non recurring items, share splits, bonuses and share consolida-

tion

2. *Annualized EPS

3. DPS figures represent per share dividend paid during last FY

MPS MTD YTD Historical Trailing Forecasted Forward DPS Dividend NAV PBV

(LKR) change % Change % EPS (LKR) PER (x) EPS (LKR) PER (x) (LKR) Yield (%) (LKR) (x)

CFIN 100.00 0.20% -20.95% 19.04 5.25 N/A N/A 2.00 2.00% 136.48 0.73

CINS 1,490.00 24.17% 0.30% 137.08 10.87 N/A N/A 22.50 1.51% 618.96 2.41

CINS(X) 730.00 -0.69% -8.75% 137.08 5.33 N/A N/A 22.50 3.08% 618.96 1.18

COMB 145.00 3.57% 3.42% 13.53 10.72 N/A N/A 6.50 4.48% 79.49 1.82

COMB(X) 115.50 1.76% -6.10% 13.53 8.54 N/A N/A 6.50 5.63% 79.49 1.45

DFCC 122.50 5.51% -27.13% 8.01 15.29 N/A N/A 2.50 2.04% 157.56 0.78

HASU 59.30 7.62% -20.51% 3.95 15.01 N/A N/A 2.00 3.37% 41.38 1.43

HNB 225.00 2.97% 6.84% 26.09 8.62 N/A N/A 8.50 3.78% 178.92 1.26

HNB(X) 190.00 0.00% 6.80% 26.09 7.28 N/A N/A 8.50 4.47% 178.92 1.06

NTB 81.00 2.53% -6.14% 11.33 7.15 12.90 6.28 2.10 2.59% 65.79 1.23

NDB 156.00 1.89% -19.63% 21.51 7.25 N/A N/A 11.00 7.05% 173.52 0.90

SAMP 261.50 2.15% 5.44% 38.44 6.80 44.07 5.93 13.00 4.97% 238.91 1.09

SEYB 92.50 6.94% -2.63% 11.11 8.33 N/A N/A 2.75 2.97% 74.01 1.25

SEYB(X) 59.00 0.00% -19.18% 11.11 5.31 N/A N/A 2.75 4.66% 74.01 0.80

JINS 16.30 -0.61% -6.86% 2.45 6.65 N/A N/A 1.00 6.13% 13.32 1.22

CTC 800.00 -10.10% -19.40% 56.77 14.09 65.20* 12.27 45.15 5.64% 29.39 27.22

NEST 2,000.00 -4.56% -2.42% 76.77 26.05 94.96* 21.06 64.50 3.23% 73.40 27.25

CIC 90.00 0.00% -10.27% 12.71 7.08 11.80* 7.63 3.00 3.33% 94.78 0.95

CIC(X) 68.00 -2.16% -16.26% 12.71 5.35 11.80* 5.76 3.00 4.41% 94.78 0.72

DOCK 76.00 5.56% -49.37% (8.22) nm 1.25 60.80 - 0.00% 141.30 0.54

CARS 178.00 -5.32% -48.57% 11.70 15.21 N/A N/A 3.00 1.69% 160.41 1.11

HAYL 270.00 5.47% -12.17% 40.05 6.74 18.92* 14.27 6.50 2.41% 409.04 0.66

HHL 99.00 4.21% 6.57% 4.71 21.02 4.88* 20.29 1.40 1.41% 39.68 2.49

JKH 145.00 -3.33% -6.95% 11.92 12.16 12.00 12.08 7.00 4.83% 114.41 1.27

SPEN 65.00 0.15% -32.78% 4.99 13.03 2.44* 26.64 1.50 2.31% 89.64 0.73

SUN 49.40 1.65% -7.14% 5.09 9.71 5.36 9.22 1.00 2.02% 44.94 1.10

Banks, Finance & Insurance

Beverage, Food & Tobacco

Chemicals & Pharmaceuticals

Construction & Engineering

Diversified

8

December 2016

BRS Stocks in Focus

1. Please note that the historical EPS represents the EPS reported for the last FY, adjusted for non recurring items, share splits, bonuses and share consolida-

tion

2. *Annualized EPS

3. DPS figures represent per share dividend paid during last FY

MPS MTD YTD Historical Trailing Forecasted Forward DPS Dividend NAV PBV

(LKR) change % Change % EPS (LKR) PER (x) EPS (LKR) PER (x) (LKR) Yield (%) (LKR) (x)

CHL 87.40 -11.72% -13.64% 11.70 7.47 N/A N/A 2.70 3.09% 104.51 0.84

CHL(X) 74.90 -6.02% -0.13% 11.70 6.40 N/A N/A 2.70 3.60% 104.51 0.72

AHPL 57.00 3.64% -3.55% 4.62 12.34 4.57 12.47 4.00 7.02% 53.00 1.08

AHUN 43.30 -1.59% -36.32% 1.94 22.32 3.43 12.62 1.50 3.46% 52.24 0.83

CONN 68.90 6.00% 3.30% 5.52 12.48 N/A N/A 2.00 2.90% 64.59 1.07

EDEN 13.50 -15.63% -22.86% (2.41) N/M N/A N/A - 0.00% 32.11 0.42

KHL 10.70 -2.73% -30.52% 1.16 N/M 1.19 8.99 0.40 3.74% 15.67 0.68

PALM 28.10 -3.10% -26.25% (3.72) N/M N/A N/A - 0.00% 90.31 0.31

SHOT 24.40 -2.01% -26.28% 1.61 15.16 N/A N/A 1.00 4.10% 21.33 1.14

STAF 39.40 5.63% -24.95% 6.01 6.56 N/A N/A 1.00 2.54% 57.65 0.68

ACL 61.50 3.36% 1.74% 8.96 6.86 9.20 6.68 1.00 1.63% 69.72 0.88

KCAB 130.00 0.00% 1.40% 19.61 6.63 *20.00 6.50 4.50 3.46% 143.42 0.91

LLUB 157.00 -0.95% -8.72% 12.88 12.19 14.81 10.60 11.50 7.32% 18.98 8.27

LWL 99.70 4.95% -9.20% 24.39 4.09 28.07 3.55 7.50 7.52% 160.84 0.62

TJL 42.60 -2.52% 20.00% 3.25 13.11 3.15 13.52 1.60 3.76% 15.17 2.81

RCL 116.00 -2.11% 4.32% 26.29 4.41 30.60 3.79 8.00 6.90% 133.69 0.87

TKYO 59.50 -2.46% 21.43% 5.73 10.38 7.50 7.93 1.35 2.27% 34.10 1.74

TKYO(X) 51.50 -2.28% 30.38% 5.73 8.99 7.50 6.87 1.35 2.62% 34.10 1.51

DIAL 10.50 0.00% -1.87% 0.91 11.54 N/A N/A 0.32 3.05% 6.45 1.63

SLTL 36.50 1.67% -22.34% 2.06 17.72 3.12* 11.70 0.89 2.44% 36.90 0.99

AGAL 17.10 -7.57% -16.59% (9.21) N/M N/A N/A - 0.00% 15.72 1.09

KGAL 49.50 -1.00% -25.56% 5.29 9.36 N/A N/A 2.00 4.04% 111.60 0.44

KOTA 9.30 0.00% -47.75% (12.49) N/M N/A N/A - 0.00% 39.67 0.23

KVAL 60.00 0.17% -14.29% (4.91) N/M N/A N/A 1.00 1.67% 69.77 0.86

MAL 3.00 0.00% -11.76% (0.41) N/M N/A N/A 0.03 0.83% 11.61 0.26

WATA 19.80 2.59% -18.52% 3.40 5.82 N/A N/A 0.50 2.53% 21.76 0.91

TPL 31.00 -3.13% -1.90% (0.46) N/M N/A N/A 3.00 9.68% 65.53 0.47

LIOC 32.10 -5.59% -13.48% 11.09 2.89 N/A N/A 1.25 3.89% 39.78 0.81

HPWR 21.50 5.39% -14.00% 2.24 9.60 1.32* 16.29 - 0.00% 16.61 1.29

Healthcare

Hotels & Travels

Manufacturing

Telecommunications

Plantations

Power & Energy

9

December 2016

Announcements

Company CODE DPS (LKR) Final/ Interim XD PD

United Motors Lanka PLC UML 2.50 Interim dividend 09.12.2016 21.12.2016

Central Finance PLC CFIN 1.50 Interim dividend 19.12.2016 22.12.2016

Shalimar (Malay) PLC SHAL 34.04 First Interim 21.12.2016 30.12.2016

Indo Malay PLC INDO 29.30 First Interim 21.12.2016 30.12.2016

Chevron Lubricants lanka PLC LLUB 3.50 Fifth Interim dividend 23.12.2016 04.01.2017

Peole's Leasing & Finance PLC PLC 0.75 Interim dividend 28.12.2016 06.01.2017

On'ally Holdings PLC ONAL 1.10 Interim dividend 30.12.2016 10.01.2017

Good hope PLC GOOD 56.44 First Interim 02.01.2017 10.01.2017

C.T land Development PLC CTLD 1.40 Interim dividend 04.01.2017 16.01.2017

Cargills (Ceylon) PPLC CARG 1.80 Interim dividend 05.01.2016 17.01.2017

CT Holdings PLC CTHR 1.70 Interim dividend 09.01.2016 19.01.2017

Property Development PLC PDL 15.00 Interim dividend 09.01.2016 19.01.2017

Dividends

Rights Issue

Company Proportion Issue Price XR

Pan Asia Banking Corporation PLC 1 for 2 14.00 Subject to approval

Abans Finance PLC 1 for 5 25.00 Subject to approval

10

December 2016

Contact Us

Disclaimer: In compiling this report, Bartleet Religare Securities (Pvt) Ltd (BRS) has made every endeavour to ensure its accuracy, but

cannot hold ourselves for any errors that may be found herein. We further disclaim all responsibilities for any loss or damage which

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