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PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyToday at 5:00 pm by Ethical Trader

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» වචන නම් අපේ ඒත් තනුව ?????????
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» Cricket, meet Capitalism
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PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyTue Jul 09, 2019 6:25 pm by serene

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» Is an emoji a word or a gesture?
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyMon Jul 08, 2019 7:46 am by කිත්සිරි ද සිල්වා

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» GLAS.N0000 (PIRAMAL GLASS CEYLON PLC)
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» SAMP.N0000 (SAMPATH BANK PLC)
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» අනං මනං! #/+?.<>
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» First capital holdings
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyWed Jul 03, 2019 1:37 pm by serene

» What to Analyse
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PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyFri Jun 28, 2019 2:11 pm by Ethical Trader

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PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyFri Jun 28, 2019 7:46 am by serene

» AAIC.N0000
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyFri Jun 28, 2019 7:33 am by serene

» SERV - The Kingsbury
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyThu Jun 27, 2019 8:27 pm by ruwan326

» TPL.N0000 (TALAWAKALE PLANTATIONS )
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» Life After Google
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» S&P ශ්‍රී ලංකා 20 දර්ශකයේ වෙනසක්. CTC, NTB, රිචඩ් පීරිස් සහ ටෝක්යෝ සිමෙන්ති ඉවතට
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» Future of Tea Industry
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» Cricket !
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyMon Jun 24, 2019 2:22 pm by කිත්සිරි ද සිල්වා

» DIPD.N0000 (Dipped Products)
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyMon Jun 24, 2019 11:40 am by Ethical Trader

» DOCK.N0000 (COLOMBO DOCKYARD PLC)
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» Happy Father's Day !
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» DPL.N0000 (Dankotuwa Porcelain PLC)
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptySun Jun 16, 2019 7:12 am by NIRMALSG

» Re: Financial reports Q1-2019
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyFri Jun 14, 2019 8:57 pm by dhanurrox

» SEYB.N0000 ( SEYLAN BANK PLC )
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyThu Jun 13, 2019 8:11 pm by ruwan326

» NTB.N0000 (NATIONS TRUST BANK PLC)
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyThu Jun 13, 2019 8:08 pm by ruwan326

» PABC.N0000 (Pan Asia Banking Corporation PLC)
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyThu Jun 13, 2019 8:06 pm by ruwan326

» NDB.N0000 (NATIONAL DEVELOPMENT BANK PLC)
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyThu Jun 13, 2019 7:58 pm by ruwan326

» HNB.N0000 ( Hatton National Bank PLC)
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyThu Jun 13, 2019 7:57 pm by ruwan326

» HDFC.N0000 (HOUSING DEVELOPMENT FINANCE CORPORATION BANK OF SRI LANKA)
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyThu Jun 13, 2019 7:48 pm by ruwan326

» DFCC.N0000 ( DFCC BANK PLC )
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyThu Jun 13, 2019 7:45 pm by ruwan326

» COMB.N0000 ( COMMERCIAL BANK OF CEYLON PLC )
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyThu Jun 13, 2019 7:43 pm by ruwan326

» Should CSE be like this? Whose FAULT is it?
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyWed Jun 12, 2019 5:21 pm by Yin-Yang

» CCS.N0000 ( Ceylon Cold Stores)
PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research EmptyTue Jun 11, 2019 9:15 pm by ruwan326

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PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research

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PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research Empty PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research

Post by CSE.SAS on Tue Apr 18, 2017 9:39 pm

PEOPLE’S LEASING AND FINANCE PLC

Initiating Coverage - STRONG BUY

Current Price: LKR 15.5 Fair Value: LKR 20.0

“Stalwart Diversified Financier”

[You must be registered and logged in to see this link.]

People’s Leasing and Finance, is the largest company in the Non-Bank Financial sector in terms of both asset base and lending portfolio with total assets of LKR 131Bn and LKR 111Bn respectively as at FY16. Earnings recorded a CAGR of 15% over a period from FY13-16 on the back of improved loan/ total asset ratio that recorded at 85% in FY16. We expect PLC earnings to reach c.LKR 5.6Bn in FY18E. PLC at fair value of LKR 20.0 for FY18E is expected to provide total return of 42% at current price level of LKR 15.5. STRONG BUY

Margins and Spreads to improve: We expect PLC’s net interest margins to record at c.9.95% while interest spreads are expected to register at c.7.7% in FY18E on the back of shift in the lending portfolio from lease/ hire purchase to loans whereby capturing the changes in the interest rate volatility in credit disbursements. Further, with higher credit rating coupled with long term borrowing as the main source of funding as opposed to acceptance of deposits is likely to enable to maintain the average cost of funding at low levels.

Reducing Impairment provisioning: PLC’s impairment charges declined by a considerable 83%YoY to LKR 291Mn in FY16 primarily due to the improved recovery and disposal loss management mechanisms. We expect the impairment provision as a percentage of total lending portfolio to register at c.0.25% with total provision of c.LKR 372Mn in FY18E in on the back of improved credit disbursement, lower exposure levels and effective recovery processes.

PLC to provide a 42% return over 12-months period: FC Research expect PLC.N to achieve a fair value of LKR 20.0 providing a total return of 42% (Dividend yield 13%) over 12-month period. [Justified PBV based LKR 21.3, Residual income based LKR 16.2 and PER based LKR 21.2].

Risks associated: Given the nature of the industry PLC is exposed to credit, market and regulatory risks.

Disclosure on Shareholding:
First Capital Group or its affiliates do not hold shares in PLC. Neither First Capital Group nor its affiliates have traded in the shares in the three trading days prior to this document, and will not trade in the shares for three trading days following the issue of this document.

CSE.SAS

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PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research Empty Re: PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research

Post by Backstage on Tue Apr 18, 2017 11:49 pm

Thanks SAS. Much appreciated.
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PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research Empty Re: PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research

Post by yellow knife on Wed Apr 19, 2017 8:12 am

Thanks SAS and interesting to note the disclosure of FC

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PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research Empty Re: PLC Initiating Coverage - STRONG BUY - 29 03 17 - FC Research

Post by Ethical Trader on Wed Apr 19, 2017 12:35 pm

Thanks.
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