Acuity Stockbrokers Research | Sri Lanka Equities

ACUITY STOCKBROKERS RESEARCH | SRI LANKA EQUITIES

Weekly Market Review 13 Nov 2020

ASPI Closes Flat amid Selling Pressure

ASPI ^ 0.04% | S&P SL20 ^ 1.31%

Key statistics… P1

The benchmark index remained... Cont. P2

Weekly foreign movement... Cont. P3

Announcements for the week ….… Cont. P4

Economic Snapshot………… P6

KEY STATISTICS

Week ending 13-Nov 06-Nov +/- ASPI 6,082.42 6,080.09 0.04% S&P SL20 2,401.37 2,370.30 1.31%

Banks 554.02 551.11 0.53%

Capital Goods 900.31 888.86 1.29% Food, Beverage & Tobacco 853.78 853.45 0.04% Consumer Durables & Apparel 966.31 987.40 -2.14% Materials 1,117.01 1,204.22 -7.24% Diversified Financials 854.85 866.63 -1.36% Turnover (LKR Bn) 15.70 16.77 -6.39% Foreign Buying (LKR Mn) 158.65 308.77 -48.62% Foreign Selling (LKR Mn) 1,236.32 1,627.92 -24.06% Daily Average Turnover (LKR Bn) 3.14 3.35 -6.39% Daily Average Foreign Buying (LKR Mn) 31.73 61.75 -48.62% Daily Average Foreign Selling (LKR Mn) 247.26 325.58 -24.06%

TOP 10 GAINERS TOP 10 LOSERS

Opening Closing WoW % Opening Closing WoW % Company Code Company Code Price Price Change Price Price Change S M B LEASING[NV] SEMBX 0.2 0.3 50.0% RENUKA HOTELS RCHN 81.2 65.0 -20.0% PARAGON PARAN 64.4 83.7 30.0% DIPPED PRODUCTS DIPDN 396.3 324.1 -18.2% ABANS ABANN 87.3 106.4 21.9% ROYAL CERAMIC RCL N 162.7 140.2 -13.8% TESS AGRO TESSN 0.5 0.6 20.0% HAYLEYS HAYLN 427.7 370.7 -13.3% TESS AGRO[NV] TESSX 0.5 0.6 20.0% BOGAWANTALAWA BOPLN 17.3 15.0 -13.3% CEYLON PRINTERS CPRTN 66.1 79.0 19.5% MADULSIMA MADUN 11.4 10.1 -11.4% AITKEN SPENCE SPENN 37.0 44.0 18.9% HAYCARB HAYCN 496.0 449.6 -9.4% A.SPEN.HOT.HOLD. AHUNN 20.5 24.0 17.1% LAXAPANA LITEN 18.4 16.7 -9.2% DIMO DIMON 345.9 399.8 15.6% NATION LANKA CSF N 1.1 1.0 -9.1% WATAWALA WATAN 49.6 57.3 15.5% BPPL HOLDINGS BPPLN 14.8 13.5 -8.8%

ACUITY STOCKBROKERS RESEARCH | SRI LANKA EQUITIES

Weekly Market Review 13 Nov 2020

Market Review

Indices | Indices vs. Turnover (09th Nov – 13th Nov) The benchmark index remained largely unchanged this week, amid better- than-expected earnings releases from select stocks and the easing of 6,500 ASPI 2,500 S&P SL20 6,380 2,460

lockdown measures. Although Sri Lankan equities began the week on a S&P SL20

6,260 2,420

positive note amid strong buying interest in EXPO, profit taking over the ASPI

6,140 2,380

remainder of the week kept the index below 6,100 points. EXPO, DIPD and 6,020 2,340 HAYL experienced some selling pressure on Tuesday following the 5,900 2,300 09-Nov10-Nov11-Nov12-Nov13-Nov announcement of a vaccine with an efficacy rate above of 90% (according to 6.00 its Phase 3 trials) developed by Pfizer and BioNTech. 4.80 3.60 2.40

Bn)LKR (Turnover 1.20 Consequently, the Bourse ended the week marginally up as the ASPI 0.00 09-Nov 10-Nov 11-Nov 12-Nov 13-Nov increased by 2.33 points (or +0.04%) to close at 6,082.42 points, while the S&P SL20 Index also increased by 31.07 points (or +1.31%) to close at 2,401.37 points. Gains on the benchmark index this week helped trim ASPI YTD loss to -0.4%

Turnover & Market Capitalization | Total turnover value fell 6% W-o-W to LKR 15.7Bn (cf. last week’s value of LKR 16.8Bn), while daily average turnover value amounted to LKR 3.1Bn (compared to last week’s average of LKR 3.4Bn) as turnover levels continued to decline during the

week, falling from LKR 5.5Bn on Monday to LKR 1.9Bn by Friday. EXPO continued to dominate weekly turnover levels and

contribution of ~24% to total market turnover amid a significant increase in earnings for Sept’20 quarter. Buying interest also continued in DIPD and HAYL amid heavy foreign selling pressure. Retail investors continued to drive activity levels as local HNI and institutional investors remained largely on the side-lines with crossings for the week accounted for a mere 3% of total market turnover (cf. 6% last week). Investor interest mainly focused on UML (30.4% of crossings), DIPD (18.0% of crossings), and VONE (16.2% of crossings).

Net Foreign Position | Foreign investors were net sellers this week with total net outflow amounting to LKR 1.07Bn relative to last week’s total net outflow of LKR 1.32Bn (+18.3% W-o-W). Total foreign purchases decreased by 48.6% W-o-W to LKR 0.16Bn from last week’s value of LKR 0.31Bn, while total foreign sales amounted to LKR 1.24Bn relative to LKR 1.63Bn recorded last week (-24.1% W-o- W).

TOP 10 TURNOVERS

Contribution to Company Code Industy Group Opening Price Closing Price Value (Rs. Mn) Total Turnover EXPOLANKA EXPON TRANSPORTATION 24.7 25.7 3,775.1 24% DIPPED PRODUCTS DIPDN MATERIALS 396.3 324.1 1,577.4 10% HAYLEYS HAYLN CAPITAL GOODS 427.7 370.7 621.0 4% JKH JKH N CAPITAL GOODS 136.1 141.2 583.4 4% SAMPATH SAMPN BANKS 124.1 125.0 473.8 3% ACCESS ENG SL AEL N CAPITAL GOODS 23.7 24.6 461.1 3% CIC CIC N MATERIALS 127.1 130.1 456.9 3% ROYAL CERAMIC RCL N CAPITAL GOODS 162.7 140.2 387.5 2% HEMAS HOLDINGS HHL N CAPITAL GOODS 74.0 76.4 365.5 2% VALLIBEL ONE VONEN CAPITAL GOODS 25.4 24.6 323.3 2%

ACUITY STOCKBROKERS RESEARCH | SRI LANKA EQUITIES

Weekly Market Review 13 Nov 2020

Market Review (Cont’d)

Net Foreign Purchases (09 Nov-13 Nov) Net Foreign Sales (09 Nov-13 Nov)

WATAWALA RICHARD PIERIS Volume Change ('000s) CENTRAL IND. Volume Change ('000s) AITKEN SPENCE DISTILLERIES SAMPATH SANASA DEV. BANK LAUGFS POWER OVERSEAS REALTY EXPOLANKA

PIRAMAL GLASS DIALOG PEOPLES LEASING MELSTACORP ACCESS ENG SL HNB VALLIBEL DIPPED PRODUCTS SIERRA CABL HEMAS HOLDINGS 0 50 100 150 200 250 (2,500) (2,000) (1,500) (1,000) (500) -

*Volume change of Expolanka (1.26Mn share) & Union Bank (3.12Mn shares) from 29th Oct – 06th Nov not displayed.

Net Foreign Purchases (By Transaction Value) Net Foreign Sales (By Transaction Value)

Foreign Holding (%) Value* Foreign Holding (%) Value* Company Net Change Company Net Change 13/11/20 09/11/20 (LKR. Mn) 13/11/20 09/11/20 (LKR. Mn) RICH PIERIS EXP 1.51% 1.37% 15,801 4.58 DIPPED PRODUCTS 2.11% 4.27% (1,296,510) (420.2) SANASA DEV. BANK 23.75% 23.62% 79,655 4.29 HEMAS HOLDINGS 20.98% 21.36% (2,249,553) (171.9) CENTRAL IND. 2.52% 2.25% 54,881 4.25 HNB 23.70% 23.99% (1,224,785) (141.5) ACCESS ENG SL 1.35% 1.34% 151,965 3.74 MELSTACORP 22.44% 22.53% (1,065,886) (35.6) HNB[X.0000] 33.44% 33.41% 29,000 2.68 SAMPATH 15.76% 15.82% (210,324) (26.3) WATAWALA 1.07% 1.05% 40,458 2.32 HAYCARB 4.60% 4.68% (24,000) (10.8) L O L C HOLDINGS 0.51% 0.51% 17,025 2.26 EXPOLANKA 75.78% 75.80% (365,606) (9.4) VALLIBEL 1.48% 1.46% 215,000 1.76 UNITED MOTORS 6.39% 6.52% (138,071) (9.2) ROYAL CERAMIC 1.96% 1.95% 10,000 1.40 AITKEN SPENCE 21.62% 21.67% (188,116) (8.3) DISTILLERIES 0.68% 0.68% 74,097 1.37 COLD STORES 10.16% 10.17% (12,648) (8.2)

Note: *Value based on closing price and not on actual traded price Please note that the foreign shares data displayed above include private transfers done outside of the market.

Foreign Purchases Vs. Sales Week Ending Net Position of Foreign Holdings 500 500

Foreign Purchases

400 Foreign Sales -100

300 -700 LKR. Mn LKR. 200 Mn LKR. -1,300

100 -1,900

0 -2,500 09-Nov 10-Nov 11-Nov 12-Nov 13-Nov 23-Oct 29-Oct 06-Nov 13-Nov

ACUITY STOCKBROKERS RESEARCH | SRI LANKA EQUITIES

Weekly Market Review 13 Nov 2020 Announcements for the Week

Dividend Announcements Company DPS(Rs.) Dividend Type Date (XD) CEYLON GRAIN ELEVATORS 4.50 Interim 24-11-2020 THREE ACRE FARMS 5.50 Interim 24-11-2020 HEMAS HOLDINGS 0.40 First Interim 23-11-2020 WATAWALA PLANTATIONS 3.00 First Interim 23-11-2020 UNION CHEMICALS 15.00 First Interim 23-11-2020 LANKA WALLTILES 3.60 First Interim 19-11-2020 LANKA TILES 3.85 First Interim 19-11-2020 CEYLON TOBACCO 19.00 Third Interim 19-11-2020 COLOMBO CITY HOLDINGS 50.00 First Interim 19-11-2020 VALLIBEL POWER ERATHNA 0.30 Second Interim 17-11-2020

Weekly Crossings Company Quantity Turnover(Rs. Mn) % of Total Crossings CIC 200,000 26.00 5.2% UNION BANK 2,000,000 23.00 4.6% UNITED MOTORS 2,480,000 151.28 30.4% VALLIBEL ONE 3,100,000 80.60 16.2% DIPPED PRODUCTS 280,000 89.60 18.0% JKH 239,900 33.59 6.8% CEYLON TOBACCO 50,000 48.00 9.7% AITKEN SPENCE 450,000 20.25 4.1% SAMPATH 200,000 25.00 5.0%

Quarterly Earnings Summary for the Week

Net Profit(Rs. Mn) EPS(Rs.) Company YoY Change NAVPS(Rs) Sep'20 Sep'19 Sep'20 Sep'19 COLOMBO CITY HOLDINGS PLC 1,926 1,067 81% 8.60 4.76 208.36 HAYLEYS PLC 1,651 8 19612% 22.00 0.11 548.39 TAL LANKA HOTELS PLC -207 -30 -596% -1.48 -0.21 10.46 SATHOSA MOTORS PLC 19 -17 210% 3.13 -2.83 272.37 CEYLON TOBACCO COMPANY 5 5 9% 26.33 24.09 41.97 AMBEON HOLDINGS -8 -138 94% -0.02 -0.39 30.16 COMMERCIAL DEVELOPMENT 39 39 -2% 3.21 3.28 246.64 PEOPLE'S INSURANCE PLC 290 218 33% 1.09 0.78 21.80 SINGER FINANCE (LANKA) PLC 118 74 58% 0.58 0.37 20.21 TANGERINE BEACH HOTELS -122 -76 -61% -6.09 -3.87 168.04 ROYAL PALMS -41 -25 -63% -0.82 -0.50 48.02 SOFTLOGIC LIFE INSURANCE 3 350 -99% 0.01 0.93 23.63 THE FORTRESS RESORTS -50 -28 -75% -0.45 -0.26 15.07 CENTRAL FINANCE 2,130 2,033 5% 9.51 9.07 208.26 DIALOG FINANCE -18 -45 61% -0.18 -0.55 18.39 BOGAWANTALA TEA ESTATES -55 -130 58% -0.66 -1.56 14.76 CDB 511 377 36% 7.32 5.40 174.54 UDAPUSSELLAWA PLANTATIONS -43 -161 73% -2.23 -8.29 14.55 EASTERN MERCHANTS 32 16 101% 0.27 0.13 15.69 HAPUGASTENNE PLANTATIONS -67 -131 49% -1.44 -2.82 10.70 DIALOG AXIATA 4,797 1,474 225% 0.59 0.18 9.66 SAMPATH BANK 1,217 2,597 -53% 3.19 6.81 293.34 TEEJAY LANKA 631 783 -19% 0.90 1.12 22.62 ACCESS ENGINEERING 529 499 6% 0.53 0.50 21.93 SEYLAN BANK 609 1,064 -43% 1.18 2.57 98.64 VIDULLANKA 117 11 961% 0.14 0.01 3.71 WATAWALA PLANTATIONS 511 342 49% 2.51 1.68 24.13 HNB 3,436 3,485 -1% 6.71 6.81 298.90 COMMERCIAL BANK 3,693 4,818 -23% 3.51 4.69 137.03 HEMAS HOLDINGS 1,286 207 521% 2.16 0.35 49.16 LOTUS HYDRO POWER 51 33 55% 0.47 0.30 7.49 PAN ASIA BANK 344 270 28% 0.78 0.61 33.00 ARPICO FINANCE 57 87 -34% 7.69 11.73 215.27 ELPITIYA PLANTATIONS 153 42 261% 2.10 0.58 67.91 MERCHANT BANK OF SRI LANKA -328 131 -351% -1.98 0.79 9.88 TRADE FINANCE 63 116 -46% 1.10 2.04 33.93

ACUITY STOCKBROKERS RESEARCH | SRI LANKA EQUITIES

Weekly Market Review 13 Nov 2020 Quarterly Earnings Summary for the Week Net Profit(Rs. Mn) EPS(Rs.) Company YoY Change NAVPS(Rs) Sep'20 Sep'19 Sep'20 Sep'19 COLOMBO FORT INVESTMENTS 47 13 263% 6.83 1.88 135.18 RENUKA HOLDINGS 95 -25 480% 0.93 -0.25 62.87 SIERRA CABLES 104 64 62% 0.19 0.12 3.68 ODEL -296 -194 -53% -1.09 -0.71 23.36 MULTI FINANCE -4 -17 78% -0.23 -1.07 8.67 CENTRAL INDUSTRIES 161 113 42% 7.76 5.74 91.63 UNION ASSURANCE 149 153 -2% 2.54 2.60 249.98 CEYLON GRAIN ELEVATORS 354 169 109% 5.91 2.82 125.53 BALANGODA PLANTATIONS -20 -202 90% -0.84 -8.55 -15.75 THREE ACRE FARMS 352 174 102% 14.94 7.40 202.89 DISTILLERIES 2,623 1,339 96% 0.57 0.29 1.61 MERCANTILE INVESTMENTS 127 121 5% 42.32 40.16 3134.00 SIGIRIYA VILLAGE -19 -13 -46% -2.16 -1.47 56.15 CEYLINCO INSURANCE 5,480 5,455 0% 207.46 206.52 2184.12 HNB FINANCE -322 171 -289% -0.19 0.10 2.74 RESUS ENERGY 105 34 212% 1.38 0.44 14.28 RIL PROPERTY 317 38 739% 0.40 0.05 22.42 HATTON PLANTATIONS 15 -41 137% 0.06 -0.17 7.47 CM HOLDINGS 151 47 219% 9.95 3.12 188.00 MARAWILA RESORTS -31 -32 1% -0.14 -0.14 4.57 MULLER & PHIPPS 1 -23 104% 0.00 -0.08 0.21 LAXAPANA BATTERIES 24 9 150% 0.60 0.24 6.06 C T LAND DEVELOPMENT -3 66 -105% -0.04 0.82 48.19 ASIA ASSET FINANCE 18 29 -37% 0.15 0.85 17.49 SOFTLOGIC CAPITAL -295 125 -336% -0.43 0.18 6.94 LANKA MILK FOODS 162 -3 5197% 4.05 -0.08 232.78 NAWALOKA HOSPITALS 49 41 20% 0.03 0.03 2.29 HVA FOODS 11 -22 150% 0.16 -0.33 -10.31 RAMBODA FALLS -5 -2 -188% -0.27 -0.09 20.12 VALLIBEL ONE 1,596 984 62% 1.47 0.91 50.47 BROWNS BEACH HOTEL -138 -149 8% -1.06 -1.15 11.62 AITKEN SPENCE HOTEL HOLDINGS -1,447 -397 -265% -4.31 -1.19 50.38 AITKEN SPENCE -801 355 -325% -1.97 0.87 118.16 BERUWALA RESORTS -41 -31 -32% -0.07 -0.05 0.44 KELSEY DEVELOPMENTS 36 -57 162% 2.05 -3.27 -20.31 LANKA HOSPITALS 169 226 -25% 0.75 1.01 30.49 ALLIANCE FINANCE 160 93 72% 9.69 5.68 146.00 COLOMBO LAND 15 -3 618% 0.07 -0.01 40.13 SELISING 2 2 -14% 0.27 0.32 1108.84 INDO MALAY 0 0 -279% -0.02 0.01 1181.55 ACME PRINTING -17 -32 47% -0.40 -0.77 5.16 CEYLON TEA BROKERS -1 4 -118% 0.00 0.02 2.37 LANKA ALUMINIUM 62 9 584% 4.53 0.66 94.17 GOOD HOPE 0 2 -79% 0.08 0.40 1487.59 SHALIMAR 0 0 16% 0.06 0.05 1039.07 PRINT CARE 147 -50 391% 1.71 -0.59 31.96 COMMERCIAL CREDIT 426 525 -19% 1.34 1.65 47.58 RENUKA CITY HOTELS 42 165 -74% 6.07 23.56 707.95 ABANS FINANCIAL 98 20 394% 1.48 0.30 25.55 CARGO BOAT 105 14 675% 5.84 0.75 118.17 NAMUNUKULA PLANTATIONS 252 113 122% 10.59 4.78 148.17 KEGALLE PLANTATIONS 116 58 101% 4.63 2.30 150.39 RENUKA HOTELS 86 137 -37% 2.14 3.41 151.40 AGSTAR 45 -3 1685% 0.14 -0.01 9.82 DFCC 278 836 -67% 1.01 3.24 166.34 MASKELIYA PLANTATIONS -39 -221 82% -0.72 -4.10 7.00 RICHARD PIERIS 1,004 521 93% 0.49 0.26 7.55 SUNSHINE HOLDINGS 383 403 -5% 2.56 2.70 59.33 LANKEM DEV -91 -208 56% -0.76 -1.73 0.49 SMB LEASING -18 -6 -218% -0.01 0.00 0.57 ASIA CAPITAL -100 -134 26% -0.76 -1.02 5.50 CEYLON INVESTMENTS 362 459 -21% 3.57 4.53 99.53 PEGASUS HOTEL -46 3 -1461% -1.50 0.11 58.27 EDEN HOTEL LANKA -348 -431 19% -3.30 -4.08 35.97 ASIA SIYAKA 7 -4 260% 0.03 -0.02 3.38 KAHAWATTE PLANTATIONS -23 -149 85% -0.29 -1.87 5.82 CEYLON HOTELS CORP -88 -104 15% -0.49 -0.58 40.68 AMANA TAKAFUL 7 -43 117% 0.60 -0.24 8.35 AMANA TAKAFUL LIFE 9 2 361% 0.17 0.04 9.38 LANKA ASHOK LEYLAND 47 48 -2% 12.96 13.33 916.55 DILMAH CEYLON 430 748 -42% 20.73 36.06 614.61 NATIONS TRUST 1,356 1,128 20% 4.78 3.98 123.72 EQUITY TWO 18 20 -14% 0.56 0.66 41.79 ARPICO INSURANCE 20 22 -9% 0.29 0.32 26.00 RICHARD PIERIS EXPORTS 209 211 -1% 18.74 18.89 195.99 RAIGAM WAYAMBA 40 37 10% 0.14 0.13 4.81 ORIENT FINANCE 30 -130 123% 0.15 -0.87 12.74 THE KANDY HOTELS -49 -15 -227% -0.08 -0.03 13.50 LOLC FINANCE 180 931 -81% 0.03 0.22 6.01 LANKEM CEYLON -133 -227 41% -3.92 -6.69 37.46 KOTAGALA PLANTATIONS -142 -141 -1% -1.89 -1.87 5.12 THE COLOMBO FORT LAND -55 -235 77% -0.30 -1.30 22.82 E B CREASY 150 17 802% 59.35 6.58 1488.19 CEYLON GUARDIAN INVESTMENT 642 757 -15% 7.23 8.53 199.60 LEE HEDGES 44 50 -11% 1.73 1.95 187.71 PALM GARDEN HOTELS -93 -272 66% -2.15 -6.29 70.88

ACUITY STOCKBROKERS RESEARCH | SRI LANKA EQUITIES

Weekly Market Review 13 Nov 2020

Economic Snapshot

Feb’20 Mar’20 Apr’20 May’20 Jun’20 Jul’20 Aug’20 Sep’20 Interest Rates Prime Lending Rate 9.51 9.35 9.38 9.28 8.78 7.79 7.01 6.42 Ave. Wtd. Deposit Rates 8.06 7.90 7.77 7.57 7.38 7.16 6.44 6.44 Ave. Wtd. Fixed Dep. Rates 9.83 9.65 9.51 9.26 9.00 8.69 7.90 7.90 CCPI Inflation Y-o-Y % (Base 2013) 6.2 5.4 5.2 4.0 3.9 4.2 4.1 4.0

2013 2014 2015 2016 2017 2018 2019 GDP Growth (Base 2010) 3.4% 5.0% 5.0% 4.5% 3.6% 3.3% 2.3% Source Central Bank

Exchange Rate, Rs. vs. US$ Inflation (CCPI-N) YoY%

10.0 220.0

8.0 200.0

6.0 180.0

CCPI 4.0 Rs /USD Rs 160.0

140.0 2.0

120.0 0.0 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Apr-17 Dec-17 Aug-18 Apr-19 Dec-19 Aug-20

Source: Central Bank Source: Central Bank

6 Month T-Bill Yield Tea Prices

14 760

12 700

10 640 580 8

Bill (6M ) Rate (%) Rate ) (6M Bill 520 - T 6

Rs. Per kilo(Average ) kilo(AveragePer Rs. 460

4 400 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Sep-17Feb-18 Jul-18 Dec-18May-19Oct-19Mar-20Aug-20

Source: Central Bank Source: Sri Lanka Tea Board

Export & Trade Balance Trends in Tourist Arrivals

2000 600 Trade Balance (USD Mn 300,000 100%

1600 200

240,000 60% Y

o - 1200 -200 180,000 20% Y Growth

800 -600 120,000 -20% Total Arrivals Total

400 -1000 ) 60,000 -60% Exports /Imports (USDMn) Exports /Imports 0 -1400 0 -100% Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Oct-17 Jul-18 Apr-19 Jan-20 Oct-20 Exports (LHS) Imports (LHS) Trade Balance (RHS) Source: Sri Lanka Tourism Development Authority Source: Central Bank 6

ACUITY Stockbrokers (Pvt) Ltd., (Company Reg: No-P.V.3310) ‘ACUITY House’, No. 53, Dharmapala Mw, Colombo 03, Sri Lanka.

TEL : (+94) 112 206 206 FAX : (+94) 112 206 298

ResearchResearch Team Team Sales Team Dhammika Wanniarachchi [email protected] Fernando Chethana Ellepola Prashan Fernando Nikita Tissera (+94)+94 112112206 206 229234 [email protected] (+94) 112 206 222 (+94) 112 206 256 [email protected] +94 112 206 256 [email protected] nikita @acuitystockbrokers.com

Anjula Nawarathna AuburnThehani Senn Weerasinghe Kapila Pathirage [email protected] Surajdeen (+94)[email protected] 112 206 239 (+94) 112 206 227/228 (+94)+94 112 112 206 206 255 253 [email protected]+94 112206 224 [email protected] Sahrah @acuitystockbrokers.com

Aethra de Silva S. Vasanthakumar Naren Godamunne [email protected] Fernando (+94) 112 206 250/251 (+94) 112 206 225 (+94)+94 112 112 206 206 253 251 [email protected] [email protected] [email protected] Samalka Athuraliya Kandy Branch Prasanna Semasinghe [email protected] Chathura Siyambalapitiya (+94) 814 474 443 +94 112 206 253 (+94) 112 206 232 Kumar Dias Desinghe [email protected] [email protected] [email protected]

Anouk Weerasinghe +94 814 474 443 Warana Sumanasena [email protected] Dhammika Wanniarachchi (+94) 112206 231 +94 112 206 254 (+94) 112 206 229 Prasanna Semasinghe [email protected] [email protected] [email protected]

+94 814 474 443 Dinuk Subasinghe Kumar Dias Desinghe (+94) 112206 237 (+94) 814 474 443 [email protected] [email protected]

Danuksha Koralage

(+94) 112206 233

[email protected]

Buddhenia Narangoda (+94) 112206 248 [email protected]

Disclaimer:

“Distributed in Sri Lanka and abroad by Acuity Stockbrokers (Private) Limited (ASB) and its authorized representatives. ASB is fully owned by Acuity Partners (Pvt) Ltd (APL) and APL is a joint venture of DFCC Bank and Hatton National Bank PLC. The Information contained herein has been compiled from sources that ASB (“The Research Institution”) believes to be reliable but None of the Research Institution holds itself responsible for its completeness or accuracy. It is not an offer to sell or a solicitation of an offer to buy any securities. The Research Institution and its affiliates and its officers and employees may or may not have a position in or with respect to the securities mentioned herein.

The Research Institution and its affiliates may from time to time have consulting relationship with any company, which is being reported upon. This may involve the Research Institution providing significant corporate finance services or acting as the company’s official or sponsoring broker.

All opinions and estimates included in this report constitute judgment as of this date of the Research Institution and are subject to change or amendment without notice. The Research Institution has the copyright for this report and the views herein cannot be reproduced and/or distributed in any form without the explicit (written or otherwise) permission from Research Institution.