CT CLSA - Piramal Glass Ceylon (GLAS) - Company Brief - 26 October 2015
• Sole manufacturer of glass containers in Sri Lanka, with 97% market share
• Energy intensive industry, with furnace oil and electricity prices being key drivers of profit
• Relinement of production facility likely in FY17E – demand may be partly met by lower margin imports
• Near term results could provide short term trading opportunities amidst likely strong YoY growth in earnings, but much of positives may have been priced into recent share price gain, with share trading on 14.5x FY17E earnings
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