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ASB Research Weekly-14.07.2017

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ASB Research Weekly-14.07.2017 ACUITY STOCKBROKERS RESEARCH | SRI LANKA EQUITIES Weekly Market Review 14 Jul 2017 ASPI Bounces Back to 18M High … Slower Pace of Indices vs. Turnover (10th Jul – 14th Jul) Fed Hikes to Benefit FX/Bond Markets 6,800 ASPI 3,950 S&P SL20 ASPI ^ 0.43% | S&P SL20 ^ 0.02% 6,770 3,930 S&P SL20 S&P 6,740 3,910 ASPI The Bourse closed on a … Cont. P2 6,710 3,890 6,680 3,870 Foreign Investors Closed the Week in... Cont. P3 6,650 3,850 10-Jul 11-Jul 12-Jul 13-Jul 14-Jul Equity markets bounced back … Cont. P5 2.0 1.6 1.2 0.8 Economic Snapshot………… P6 Bn) LKR (Turnover 0.4 0.0 10-Jul 11-Jul 12-Jul 13-Jul 14-Jul KEY STATISTICS Week ending 14-Jul 07-Jul +/- ASPI 6,766.14 6,737.50 0.43% S&P SL20 3,909.54 3,908.94 0.02% Banking & Finance -0.11% 16,855.35 16,874.15 Food & Beverage 23,207.36 22,980.60 0.99% Diversified 1,909.11 1,905.70 0.18% Hotel & Travel 2,988.07 2,989.93 -0.06% Plantations 941.17 891.12 5.62% Manufacturing 4,701.34 4,698.78 0.05% Turnover (LKR Bn) 3.67 3.48 5.38% Foreign Buying (LKR Mn) 1,978.39 2,054.36 -3.70% Foreign Selling (LKR Mn) 1,218.50 1,503.42 -18.95% Daily Average Turnover (LKR Bn) 0.73 0.70 5.38% Daily Average Foreign Buying (LKR Mn) 395.68 410.87 -3.70% Daily Average Foreign Selling (LKR Mn) 243.70 300.68 -18.95% TOP 10 GAINERS TOP 10 LOSERS Opening Closing WoW % Opening Closing WoW % Company Code Company Code Price Price Change Price Price Change MADULSIMA MADUN 7.1 9.5 33.8% RENUKA CAPITAL KZOON 552.9 5.4 -99.0% MALWATTE[NV] MAL X 3.9 5.0 28.2% EQUITY TWO PLC ETWON 55.0 45.2 -17.8% MALWATTE MAL N 4.3 5.4 25.6% LUCKY LANKA[NV] LLMPX 1.6 1.4 -12.5% AGALAWATTE AGALN 20.0 23.8 19.0% INDUSTRIAL ASPH. ASPHNN 360.0 315.0 -12.5% SERENDIB ENG.GRP IDL N 8.2 9.7 18.3% LUCKY LANKA LLMPN 2.6 2.3 -11.5% BALANGODA BALAN 16.0 18.7 16.9% MULLERS MULLN 1.2 1.1 -8.3% CEYLON INV. CINVN 53.0 61.0 15.1% PALM GARDEN HOTL PALMN 35.1 32.5 -7.4% TAPROBANE TAP N 5.5 6.3 14.5% TRANS ASIA TRANN 90.0 83.8 -6.9% CIFL CIFLN 0.7 0.8 14.3% ASIA ASSET AAF N 1.6 1.5 -6.3% DILMAH CEYLON CTEAN 639.0 600.0 -6.1% HORANA HOPLN 25.3 28.6 13.0% 1 ACUITY STOCKBROKERS RESEARCH | SRI LANKA EQUITIES Weekly Market Review 14 Jul 2017 Market Review Indices | Liquidity (in Volume Terms) | The Bourse closed on a positive note as the ASPI The Diversified Sector dominated the market in terms of increased by 28.64 points (or 0.43%) to close at share volume, accounting for 36.44% (or 61.79Mn 6,766.14 points, while the S&P SL20 Index also shares) of total volume, with a value contribution of LKR increased marginally by 0.60 points (or 0.02%) to close 1.37Bn. The Banking, Finance & Insurance sector at 3,909.54 points. followed suit, adding 11.10% to total turnover volume as 18.83Mn shares were exchanged. The sector’s volume Turnover & Market Capitalization | accounted for LKR 0.43Bn of total market turnover Melstacorp was the highest contributor to the week’s value. The Manufacturing Sector meanwhile, contributed 18.78Mn shares (or 11.07%), amounting to LKR 0.58Bn. turnover value, contributing LKR 0.57Bn or 15.68% of total turnover value. Access Engineering followed suit, accounting for 10.73% of turnover (value of LKR Top Gainers & Losers | 0.39Bn) while JKH contributed LKR 0.33Bn to account Madulsima was the week’s highest price gainer; for 9.08% of the week’s turnover. Total turnover value increasing 33.80% W-o-W from LKR 7.10 to LKR 9.50. amounted to LKR 3.67Bn (cf. last week’s value of LKR Malwatta[NV] gained 28.21% W-o-W to close at LKR 3.48Bn), while daily average turnover value amounted 5.00 while Malwatta gained 25.58% W-o-W to close at LKR 5.40. Agalawatta (+19.00% W-o-W) and Serendib to LKR 0.73Bn (+5.38% W-o-W) compared to last week’s average of LKR 0.70Bn. Market capitalization Engineering Group (+18.29% W-o-W) were also meanwhile, increased by 0.41% W-o-W (or LKR amongst the gainers. 12.55Bn) to LKR 3,068.34 Bn cf. LKR 3,055.79Bn last week. Renuka Capital was the week’s highest price loser, declining 99.02% W-o-W to close at LKR 5.40. Equity Liquidity (in Value Terms) | Two (-17.82% W-o-W), Lucky Lanka[NV] (-12.50% W-o- The Diversified Sector was the highest contributor to the W) & Industrial Asphalts (-12.50% W-o-W) were also week’s total turnover value, accounting for 37.49% (or amongst the top losers over the week. LKR 1.37Bn) of market turnover. Sector turnover was driven primarily by Melstacorp, JKH, Richard Pieris & TOP 10 TURNOVERS Hemas Holdings which accounted for 91.05% of the sector’s total turnover. The Manufacturing Sector Opening Closing Value (Rs. Company Code meanwhile accounted for 15.84% (or LKR 0.58Bn) of the Price Price Mn) total turnover value with turnover driven primarily by MELSTACORP MELSN 68.0 68.5 574.85 Tokyo Cement which accounted for 43.85% of the sector ACCESS ENG SL AEL N 25.9 26.6 393.32 turnover. The Banking, Finance & Insurance Sector was JKH JKH N 178.0 177.2 332.81 also amongst the top sectorial contributors, contributing TOKYO CEMENT TKYON 75.0 75.0 254.67 RICHARD PIERIS RICHN 12.6 13.0 175.20 11.67% (or LKR 0.43Bn) to the market driven by HEMAS HOLDINGS HHL N 153.0 152.0 168.27 Commercial Bank which accounted for 25.17% of the COMMERCIAL BANK COMBN 139.8 138.5 107.62 sector turnover. HAYLEYS FABRIC MGT N 15.7 16.6 106.68 LANKA CENTURY GREGN 13.2 14.0 79.63 NESTLE NESTN 2000.0 1998.4 67.32 2 ACUITY STOCKBROKERS RESEARCH | SRI LANKA EQUITIES Weekly Market Review 14 Jul 2017 Market Review (Cont’d) Net Foreign Purchases (07 Jul-14 Jul) Net Foreign Sales (07 Jul-14 Jul) TOKYO CEMENT MERCHANT BANK Volume Change ('000s) Volume Change ('000s) TEEJAY LANKA CEYLON GUARDIAN ELPITIYA SOFTLOGIC S M B LEASING[X] FIRST CAPITAL ADAM INVESTMENTS PEOPLES LEASING PIRAMAL GLASS BPPL HOLDINGS JKH PAN ASIA BROWNS INVSTMNTS CHEVRON RICHARD PIERIS MELSTACORP ACCESS ENG SL* COMMERCIAL BANK - 2,250 4,500 6,750 9,000 (400) (300) (200) (100) - *Volume change of Access Engineering (13.24Mn shares) 7th Jul -14th Jul not displayed. Foreign investors closed the week in a net buying position with total net inflows amounting to LKR 0.76Bn relative to last week’s total net inflow of LKR 0.55Bn (+37.93% W-o-W). Total foreign purchases decreased by 3.70% W-o-W to LKR 1.98Bn from last week’s value of LKR 2.05Bn, while total foreign sales amounted to LKR 1.22Bn relative to LKR 1.50Bn recorded last week (-18.95% W-o-W). In terms of volume, Access Engineering & Richard Pieris led foreign purchases while Commercial Bank and Melstacorp led foreign sales. In terms of value, Access Engineering and JKH led foreign purchases while Nestle and Commercial Bank led foreign sales. Net Foreign Purchases (By Transaction Value) Net Foreign Sales (By Transaction Value) Foreign Holding (%) Value* Foreign Holding (%) Value* Company Net Change Company Net Change 14/07/17 07/07/17 (LKR. Mn) 14/07/17 07/07/17 (LKR. Mn) ACCESS ENG SL 8.10% 6.78% 13,235,089 352.05 NESTLE 95.94% 96.01% (35,227) (70.40) JKH 56.31% 56.20% 1,574,782 279.05 COMMERCIAL BANK 34.24% 34.28% (372,857) (51.64) RICHARD PIERIS 72.51% 72.10% 8,348,458 108.53 CHEVRON 25.53% 25.61% (189,419) (31.05) HNB 27.91% 27.85% 197,946 47.21 MELSTACORP 25.47% 25.51% (361,397) (24.76) TOKYO CEMENT 22.87% 22.76% 302,161 22.66 CEYLON GUARDIAN 8.23% 8.35% (93,263) (11.01) TEEJAY LANKA 46.62% 46.57% 348,500 14.53 SWISSTEK 3.56% 3.74% (47,899) (3.78) SAMPATH 18.88% 18.85% 44,007 12.38 FIRST CAPITAL 0.41% 0.51% (106,655) (3.53) CEYLON TOBACCO 97.40% 97.39% 11,232 11.05 DOCKYARD 53.21% 53.25% (29,710) (3.06) ELPITIYA 4.87% 4.36% 376,185 10.91 SANASA DEV. BANK 23.68% 23.74% (28,943) (3.02) COLD STORES 10.03% 10.02% 11,492 9.99 PAN ASIA 20.44% 20.48% (162,300) (3.02) 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.
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