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» Laughter the Best Medicine
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» JINS.N0000 ( Janashakthi Insurance PLC)
Yesterday at 10:06 am by CK

» බුද්ධ භවනා
Thu Feb 22, 2018 2:35 pm by Ethical Trader

» Happy Birthday
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» හවුල් ආණ්ඩුව තවදුරටත් පවතින බව පාර්ලිමේන්තුවට දන්වයි
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» ජීවිතය පටන් ගන්නේ 60න්
Wed Feb 21, 2018 3:14 pm by lanka

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» මිලියන 4,000 ක අකිලගේ ටැබ් කොන්ත්‍රාත්තුව අබාන්ස්ට
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» Dhananath Fernando wins $ 10,000 for Sri Lanka in Think Tank Shark Tank in Asia
Mon Feb 19, 2018 11:35 am by Ethical Trader

» උදයංග වීරතුංග රැගෙන ඒමට පොලිස් නිලධාරීහු ඩුබායි වෙත
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» ධම්මික පෙරේරා කෝටි 16 ක කාරයක් ගෙනෙයි
Sat Feb 17, 2018 9:31 pm by soileconomy

» ආර්ථික අර්බුදය ඉක්මවා ගිය දේශපාලන අර්බුදය හමුවේ 'රුපියල'
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» SAMP.N0000 (SAMPATH BANK PLC)
Fri Feb 16, 2018 2:18 pm by Ethical Trader

» APLA.N0000 (ACL PLASTICS PLC)
Fri Feb 16, 2018 11:12 am by pjrngroup

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Tue Feb 13, 2018 12:31 pm by Ethical Trader

» Boost for foreign investment in Govt. securities
Thu Feb 08, 2018 12:45 pm by Ethical Trader

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Thu Feb 08, 2018 9:28 am by The Invisible

» CCS.N0000 ( Ceylon Cold Stores)
Wed Feb 07, 2018 7:39 pm by Ethical Trader

» ලෝක ආර්ථිකය කඩා වැටෙද්දී එහි බලපෑම කොළඹට දැනුන හැටි
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» TPL.N0000 (TALAWAKALE PLANTATIONS )
Sat Feb 03, 2018 1:02 pm by bear

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Fri Feb 02, 2018 5:42 pm by Ethical Trader

» BBC කණ්ඩායමක් තාලිබාන් පාලන කලාපයකට ඇතුල් වෙති
Thu Feb 01, 2018 5:05 pm by Ethical Trader

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Thu Feb 01, 2018 4:58 pm by Ethical Trader

» ලංකා බැංකුවට අයත් ජනශක්ති හිමිකම විකුණයි
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Thu Feb 01, 2018 4:52 pm by Ethical Trader

» ජනපති හා ADB අධ්‍යක්ෂ මණ්ඩල සාමාජිකයින් අතර හමුවක්
Thu Feb 01, 2018 4:51 pm by Ethical Trader

» තවත් කොටස් තැරැව්කාර සමාගමක් වසා දමයි
Thu Feb 01, 2018 4:50 pm by Ethical Trader

» ජනපතිගේ රැලිය ආවරණය කිරීමට ගිය මාධ්‍යවේදීන්ට "තර්ජන"
Wed Jan 31, 2018 6:59 pm by soileconomy

» Bank of Ceylon divests stake in Janashakthi Insurance
Tue Jan 30, 2018 3:58 pm by TraderCSE

» වෛද්‍ය වර්ජනය: රජයේ වෛද්‍ය නිලධාරීන්ගේ සංගමයේ ඉල්ලීම් මොනවාද?
Mon Jan 29, 2018 6:36 pm by Ethical Trader

» නිවුන් අලි උපත්: මේ කරුණු දැන සිටියාද?
Mon Jan 29, 2018 12:14 pm by Ethical Trader

» Perpetual Treasuries
Mon Jan 29, 2018 7:43 am by Danidu

» කලා කෘතියක් ඉල්ලූ ජනාධිපති ට්‍රම්ප් වෙත 'රන් වැසිකිලියක්' - වාර්තා
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» TJL.N0000 (Textured Jersey Lanka PLC.)
Fri Jan 26, 2018 6:32 pm by Ethical Trader

» සේවා ස්ථානයේ අරියාදු සහ අඩන්තේට්ටම් : 'බුලි' වුණොත් මොකද කරන්නේ?
Thu Jan 25, 2018 5:02 pm by Ethical Trader

» RULES ON ALL OR NONE (AON) BLOCKS
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» නියම බුදු දහම
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» "දූෂණය" ගැන මහින්ද රාජපක්ෂට නඩු පවරන්න - ජනාධිපති කොමිසම
Wed Jan 24, 2018 7:04 pm by Ethical Trader

» හිඟයක් වැළැක්වීමට ලේ දන් දෙන්න: ජනතාව වෙත ඉල්ලීමක්
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» බලාගෙනයි, 'ගුවනින් අසූචි'!
Tue Jan 23, 2018 7:10 pm by Ethical Trader

» සිව් හෙලයේ ඉතිහාසය නිවැරදි කිරීම
Tue Jan 23, 2018 11:51 am by Ethical Trader

» ප්‍රගීත් එක්නැලිගොඩ: "ෆයිල් අතුරුදහන්වීම" ගැන සන්ධ්‍යා හමුදාපතිට කිවූ දේ
Thu Jan 18, 2018 12:13 pm by Ethical Trader

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JOHN KEELLS HOLDINGS (JKH.N : LKR179.0; JKH.W0023 : LKR35.70)------Softlogic Equity Research

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JOHN KEELLS HOLDINGS (JKH.N : LKR179.0; JKH.W0023 : LKR35.70)------Softlogic Equity Research

Post by CSE.SAS on Fri Nov 06, 2015 10:56 am

Click the below link to download the Report of JOHN KEELLS HOLDINGS (JKH.N : LKR179.0; JKH.W0023 : LKR35.70)------Softlogic Equity Research

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Net earnings rose 31.1% YoY to c.LKR3.5 bn in 2QFY16 which is broadly in line with our forecasts. The profitability was backed by the healthy performance in Consumer Foods & retail (+111.9% YoY) and Transportation (+48.9% YoY) sectors. Moreover 2QFY16 revenue grew 5.4% YoY to LKR22.7 bn driven by Consumer Foods & retail (+23.8% YoY), Transportation (+14.6%), Information Technology (+12.5% YoY) and Leisure (+4.3% YoY) sectors.

Consumer, Leisure and Transportation sectors have been the largest contributors to the group’s net earnings whilst the Consumer foods & retail sector is continuing its growth trajectory. Thus acting as the main growth driver in the group given the expected rise in disposable incomes. Meanwhile the “Waterfront Project” in the heart of Colombo, which commenced construction and due to be completed within 4-5 years (phase I by FY19) would further strengthen JKH’s presence as a leading property developer. Ceylon Cold Stores (CCS:LKR397.0), John Keells PLC (JKL:LKR179.5), John Keells Properties and Waterfront Properties at a total estimated investment of USD820 mn. JKH together with CCS, JKL and JKP would hold 96% ownership in the project, which would add 800 hotel rooms, residential, commercial, convention and entertainment facilities. Transportation segment growth would be challenged by margin pressure on the bunkering business and SAGT losing business volumes to the new CICT terminal. The local resorts segment would face stiff competition in the future from informal mid to lower grade establishments (especially in the southern coast) through online bookings whilst city properties would be challenged due to increased room inventory. Nevertheless, we believe the Maldivian resorts would continue to strengthen JKH’s leisure segment.

The interim budget of the new government was presented to parliament on 29th January 2015 and as a revenue collection measure, all companies who earned profits in excess of LKR2.0 bn in 2013/14 were ordered to make a one off tax payment amounting to 25% of their FY14 earnings. Therefore according to the latest legislation on 30th of October 2015, JKH would see c.LKR1.34 bn been paid in FY16E as an additional one off tax payment in three equal installments. Also during the latter weeks of October 2015, the Sri Lankan parliament passed six bills including the one off special levy of LKR1.0 bn on existing casino operators, where we believe it implied a green light for JKH’s waterfront project to operate a casino inside their premises by allowing an existing casino operator to function. Thus, it would positively impact the project’s earnings streams in the future. However, on a recurring basis, we maintain our forecasts for FY16E with net profits at LKR13,581.0 mn (+11.3% YoY) taking into account the lagging Leisure sector with marginally growing City hotel arm, divestment of the General insurance sub-segment and the absence of revenues from “OnThree20”. Meanwhile we forecast FY17E earnings at LKR15,911.1 mn (up 17.2% YoY on a recurrent basis). Further considered for FY16/7E is the possible utilization of the rights issue cash reserves which would lead to lower interest income and the current low interest rate regime. Given the recent slide in the share, the stock currently trades on a valuation plane of 15.7x estimated FY16E recurrent net profit and 13.9x forecast FY17E recurrent net profit and derives PBV multiples of 1.4x and 1.2x for FY16E and FY17E. Therefore given the 7.5% upside potential on the stock to the SOTP value of LKR192.5, we maintain our recommendation on the stock as a Trading BUY.

CSE.SAS

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Re: JOHN KEELLS HOLDINGS (JKH.N : LKR179.0; JKH.W0023 : LKR35.70)------Softlogic Equity Research

Post by Leon on Fri Nov 06, 2015 6:27 pm

Thanks mate.+
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Leon
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