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» Dividend Announcement
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyYesterday at 9:43 pm by nihal123

» What Would You Do?
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyYesterday at 1:02 pm by කිත්සිරි ද සිල්වා

» Back of the Legends
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyYesterday at 10:13 am by Topcat

» අනං මනං! #/+?.<>
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyYesterday at 7:14 am by ruwan326

» Thread for News on Local and Foreign Politics
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyYesterday at 6:32 am by ruwan326

» Browns Investments update
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptySun Aug 18, 2019 10:41 pm by lanka

» NTB.N0000 (NATIONS TRUST BANK PLC)
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptySun Aug 18, 2019 10:33 pm by lanka

» Melstacorp (MELS)
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptySun Aug 18, 2019 8:33 pm by The Invisible

» Cargills (CARG)
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptySun Aug 18, 2019 8:26 pm by The Invisible

» DOCK.N0000 (COLOMBO DOCKYARD PLC)
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» SHL.N0000 (Softlogic Holdings PLC)
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» SAMP.N0000 (SAMPATH BANK PLC)
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» Hayleys MGT
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» CFVF - First Capital
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» JINS.N0000 ( Janashakthi Insurance PLC)
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyWed Aug 14, 2019 4:57 pm by The Invisible

» Thread for News on CSE and SL Economy
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyWed Aug 14, 2019 9:22 am by The Invisible

» Ceylinco Insurance CINS
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyWed Aug 14, 2019 9:18 am by The Invisible

» HNB.N0000 ( Hatton National Bank PLC)
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» NDB.N0000 (NATIONAL DEVELOPMENT BANK PLC)
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» Tourism Sector
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» LIOC.N0000 (Lanka IOC PLC)
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyMon Aug 12, 2019 2:55 pm by xmart

» HAYL.N0000 Hayleys PLC
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» PABC.N0000 (Pan Asia Banking Corporation PLC)
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» Grain Elevators
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» Sri Lanka sets US$3.5bn tea export target for 2030
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyMon Aug 12, 2019 1:27 pm by The Invisible

» Tea: July 2019 national average shows gains month on month
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptySun Aug 11, 2019 9:19 pm by Topcat

» OSEA .N
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptySat Aug 10, 2019 6:40 pm by The Invisible

» Sri Lanka mulls reforms to punish 'errant' plantation companies
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» JKH.N0000
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» HHL.N0000 ( Hemas Holdings PLC)
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» Nestle NEST
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» Ceylon Tobacco CTC
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» Volkswagen කතාවේ ඇත්ත තත්ත්වය මෙහෙමයි.
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyFri Aug 09, 2019 5:37 pm by කිත්සිරි ද සිල්වා

» LLUB.N0000 (CHEVRON LUBRICANTS LANKA PLC)
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyFri Aug 09, 2019 5:07 pm by Ethical Trader

» VFIN - where the journey leads it?
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyFri Aug 09, 2019 9:21 am by ruwan326

» UAL.N0000 ( UNION ASSURANCE PLC )
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyFri Aug 09, 2019 9:20 am by ruwan326

» SPEN.N0000
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyThu Aug 08, 2019 10:20 pm by The Invisible

» Lanka Tiles
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyThu Aug 08, 2019 10:15 pm by The Invisible

» Expolanka
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyThu Aug 08, 2019 8:28 pm by ruwan326

» Tile - Snapshot
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyThu Aug 08, 2019 11:37 am by mymoney

» DPL.N0000 (Dankotuwa Porcelain PLC)
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyThu Aug 08, 2019 11:31 am by mymoney

» නිරුවත
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyThu Aug 08, 2019 9:36 am by කිත්සිරි ද සිල්වා

» HAYC - Haycarb
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyThu Aug 08, 2019 7:32 am by Beta

» WATA - Watawala
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyWed Aug 07, 2019 12:03 pm by lanka

» Chemanex
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyWed Aug 07, 2019 6:40 am by The Invisible

» East West properties
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyTue Aug 06, 2019 8:17 am by slstock

» CSE Market Wrap - 02.08.2019
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» Kandy Hotels
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» GLAS.N0000 (PIRAMAL GLASS CEYLON PLC)
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyMon Aug 05, 2019 10:07 pm by The Invisible

» 1000 Post Club | Celebration of a Great Milestone
PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research EmptyMon Aug 05, 2019 6:25 pm by pathfinder

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PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research

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PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research Empty PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research

Post by CSE.SAS on Fri Oct 30, 2015 11:52 am

Click the below link to download the Report of PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research
[You must be registered and logged in to see this link.]

The Net Interest Income (NII) grew by 6% YoY to LKR2.7 bn in 2QFY16 on the back of low interest expenses during the period. Interest expenses declined by c.23% YoY to LKR1.9 bn in 2QFY16 and the conducive low interest environment and low deposit base aided the interest expenses to edge down. Meanwhile interest income denoted a dip of c.9% YoY to LKR4.6 bn in 2QFY16 on the back of lower interest income generated from lease & hire purchases. The sub sector which accounts to near 70% of the aggregate interest income reported a decline of c.16% YoY to LKR3.2 bn during 2QFY16.

Non-Interest Income reported a growth of 5% YoY to LKR1.1 bn in 2QFY16. Premium income dominated the non-interest income segment with a contribution of c.76% and recorded a growth of 12% YoY to LKR817.0 mn in 2QFY16.

Net earnings escalated by 14% YoY to LKR1.2 bn in 2QFY16 against LKR1.1 bn in 2QFY15 on the back of healthy NII and non-interest income. Meanwhile, NIM’s improved by 6 bps YoY to 8.9% in 2QFY16.

Cost to income ratio improved to 47% in 2QFY16 against 50% in 2QFY15 on the back of stringent cost strategies. Operating expenses recorded an increase of 5% YoY to LKR1.7 bn in 2QFY16 out of which insurance benefits & claims dominated the total operating expenditure (c.34% contribution) with a marginal growth of c.4% YoY.

Loan book grew by c.10% YoY and c.4% QoQ to LKR103.5 bn in 2QFY16. Lease and hire purchases accounted to the majority of the total assets with a contribution of c.65% whilst loans and Islamic finance compositely contributed to c.29%.

Deposit base edged down by 14% YoY and incline by 1% QoQ to LKR34.1 bn in 2QFY16 given the low interest environment. Deposits from customer accounted to the majority (c.39%) of the total funding base whilst borrowings and debt securities contributed near 30% and 31% in 2QFY16.

We maintain our profit forecast of LKR4,683.4 mn (up 14% YoY) for FY16E and LKR5,281.2 mn (up 12% YoY) for FY17E despite the new regulatory measures on personal motor vehicle leasing brought in by the regulator. The new developments negatively impacted the finance & leasing industry although the impact to PLC which is predominantly into commercial leasing business (c.70% of total leasing business) is minimum. The imposition of LTV ratio and 100% margin on Letter of Credit were mainly targeted to curb the vehicle importation (total motor vehicle registration has edge up by c.86% YoY to 423,481 units in the first eight months of 2015) and thereby to ease off the currency pressure and improve BOP position.

Being the market leader in the leasing industry PLC is poised to reap benefits from the conducive macro environment. Hence is expected to curb interest margin pressure from increasing leasing volumes through the revival of private sector mega construction projects to maintain the interest margins of c.8% in FY16-17E.

Further with a ROE of c.19% and a high dividend play with an estimated yield of 7-8% in FY16-17E offers good value trading at 7.3x FY16E net profit and 6.4x FY17E earnings whilst trading on 1.4x PBV. Further PLC trades at par to the finance sector PBV of 1.4x. The fundamentals of the company remain strong and we maintain BUY.

CSE.SAS

Posts : 263
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PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research Empty Re: PEOPLE’S LEASING (PLC.N)---Softlogic Equity Research

Post by chutiputha on Sat Oct 31, 2015 9:30 am

Ah Sound is Cool
chutiputha
chutiputha
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Top contributor

Posts : 1859
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Location : Panadura

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