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» CUBA FOUND A CANCER VACCINE! MORE THAN 4 THOUSAND PEOPLE HAVE ALREADY BEEN CURED BY IT!
Today at 11:38 am by Ethical Trader

» හදාගත් දරුවෝ: DNA බැංකුවට ශ්‍රී ලංකාවේ හා නෙදර්ලන්තයේ සහාය
Yesterday at 5:33 pm by Ethical Trader

» ෆයිසර් මුස්තාපාට එරෙහිව විශ්වාස භංගයක්?
Yesterday at 2:52 pm by Yin-Yang

» 'සිම්හල ද්වීපයේ පද්මාවතිය' හා අර්බුදයට මැදිවූ පද්මාවතී එක් තැනැත්තියක් ද ?
Yesterday at 1:22 pm by Ethical Trader

» ඉන්දියාව 'බ්‍රහ්මෝස්' සාර්ථක බව කියයි
Thu Nov 23, 2017 10:26 am by Ethical Trader

» How to Calculate the Future Value of an Investment
Wed Nov 22, 2017 11:46 am by Ethical Trader

» මුගාබේ ඉවත් වීමත් සමඟ 'හරාරේ' සැණකෙළි සිරි ගනියි
Wed Nov 22, 2017 11:34 am by Ethical Trader

» විසිපස් වසරක් ගෙවුනත් ඉල්ලීම් ඉටුවී නැහැ - නිදහස් මාධ්‍ය ව්‍යාපාරය
Wed Nov 22, 2017 11:30 am by Ethical Trader

» Dividend Announcement
Wed Nov 22, 2017 11:21 am by Ethical Trader

» කොටස් වෙළෙඳපොළේ ලැයිස්තුගත කෙරෙන අලුත්ම සමාගම – LVL Energy Fund Limited
Mon Nov 20, 2017 7:42 pm by nihal123

» අගමැති රනිල් බැඳුම්කර කොමිසම හමුවේ පැවසුවේ මොනවාද?
Mon Nov 20, 2017 7:08 pm by Ethical Trader

» Obituary Notice.
Mon Nov 20, 2017 3:03 pm by කිත්සිරි ද සිල්වා

» උතුරු කොරියාවේ "සබ්මැරීන බැලිස්ටික් මිසයිල වැඩසටහනකුත්"
Mon Nov 20, 2017 11:34 am by Ethical Trader

» උතුරු කොරියාව සහ න්‍යෂ්ඨික ප්‍රහාර: "නීති විරෝධී නියෝග පිළිපදින්නේ නෑ"
Mon Nov 20, 2017 11:28 am by Ethical Trader

» 'සොල්දාදුවාගේ සිරුරේ අඟල් එකොළහක පණුවෙක්'
Sun Nov 19, 2017 1:13 pm by කිත්සිරි ද සිල්වා

» මිනිස්සු දුවනවා, අපි නැවතිලා බලන් ඉන්නවා.
Fri Nov 17, 2017 5:46 pm by Ethical Trader

» Plantation sector updates
Fri Nov 17, 2017 11:54 am by lanka

» සිම්බාබ්වේ: ජනාධිපති රොබට් මුගාබේ "අත්අඩංගුවේ"
Fri Nov 17, 2017 9:54 am by Ethical Trader

» ආයෝජනයට ශ්‍රීලංකාවට එන්න එපා.! ජාත්‍යන්තර සමාගම් නිවේදනයකට සැරසෙයි
Wed Nov 15, 2017 8:15 pm by Admin

» Soldiers 'take over Zimbabwe broadcaster'
Wed Nov 15, 2017 5:52 am by කිත්සිරි ද සිල්වා

» බටහිර ලෝකය භේද කරන බවට රුසියාවට චෝදනා
Tue Nov 14, 2017 5:26 pm by Ethical Trader

» යුද අපරාධ සහ අතුරුදහන් කිරීම්: ශ්‍රී ලංකාවේ මානව හිමිකම් වාර්තාව ජිනීවා විමසුමට
Tue Nov 14, 2017 10:56 am by Ethical Trader

» ඉරාන, ඉරාක භූමිකම්පාවෙන් 200 කට වැඩි පිරිසක් මරුට
Mon Nov 13, 2017 5:27 pm by Ethical Trader

» මැද පෙරදිග බල තරඟය දරුණු අතට හැරෙයි
Mon Nov 13, 2017 3:16 pm by guruji

» වචන නම් අපේ ඒත් තනුව ?????????
Sun Nov 12, 2017 2:28 am by Rana

» දිල්ලියේ පරිසරය රැකීමට වාහන සලාක ක්‍රමයක්
Fri Nov 10, 2017 7:05 pm by Ethical Trader

» අයවැය සහ මෝටර් රථ: නව පිළිවෙතක්
Thu Nov 09, 2017 5:42 pm by Ethical Trader

» Flying is the Safest mode of Transport
Thu Nov 09, 2017 3:12 pm by කිත්සිරි ද සිල්වා

» In the Meantime, Within Our Shores !
Thu Nov 09, 2017 10:13 am by කිත්සිරි ද සිල්වා

» වංචා දුෂණ නඩු කඩිනම් කරන්න විශේෂ මහාධිකරණයක්
Wed Nov 08, 2017 4:54 pm by කිත්සිරි ද සිල්වා

» LIOC.N0000 (Lanka IOC PLC)
Wed Nov 08, 2017 4:48 pm by Ethical Trader

» ගින්නෙන් දැවෙන අලි පැටවාගේ සේයාරුව පළමු තැනට
Wed Nov 08, 2017 4:35 pm by Ethical Trader

» 10 Things to Remember Before You Take Things Personally
Tue Nov 07, 2017 5:38 pm by Ethical Trader

» හැම තැනම නැහැ, හැම දාම නැහැ
Tue Nov 07, 2017 5:30 pm by Ethical Trader

» Beware !
Mon Nov 06, 2017 10:56 am by CK

» සාම සාධක මෙහෙයුම් නිරීක්ෂණය කරන පළමු ශ්‍රී ලාංකික හමුදා නිලධාරිනියෝ
Sun Nov 05, 2017 12:44 pm by කිත්සිරි ද සිල්වා

» How to Find Undervalued Stocks and Turn a Large Profit
Sat Nov 04, 2017 11:24 am by Ethical Trader

» ඒකාබද්ධ විපක්ෂ කණ්ඩායමෙන් ශ්‍රීලනිපට කොන්දේසි හතක්
Thu Nov 02, 2017 6:29 pm by nihal123

» Taste of Asia
Thu Nov 02, 2017 12:27 pm by Ethical Trader

» නිව් යෝර්ක් ප්‍රහාරය : අවම වශයෙන් 8 දෙනෙක් මරුට
Wed Nov 01, 2017 5:48 pm by Ethical Trader

» NTB.N0000 (NATIONS TRUST BANK PLC)
Wed Nov 01, 2017 5:43 pm by Ethical Trader

» Laughter the Best Medicine
Wed Nov 01, 2017 11:48 am by Ethical Trader

» VPEL.N0000 (VALLIBEL POWER ERATHNA PLC )
Wed Nov 01, 2017 8:15 am by yellow knife

» TJL.N0000 (Textured Jersey Lanka PLC.)
Wed Nov 01, 2017 8:07 am by yellow knife

» TPL.N0000 (TALAWAKALE PLANTATIONS )
Wed Nov 01, 2017 7:56 am by yellow knife

» BFL.N0000 (Bairaha Farms PLC)
Tue Oct 31, 2017 7:16 pm by CK

» LLUB & BFL
Tue Oct 31, 2017 11:41 am by yellow knife

» HUNA.N0000
Tue Oct 31, 2017 9:26 am by yellow knife

» Sri Lanka's got Talent
Mon Oct 30, 2017 11:31 pm by sashimaal

» Govt.electrocutes CEB
Mon Oct 30, 2017 9:53 pm by AjithR

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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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