JKSB Quarterly Highlights_Access Engineering PLC (AEL)_1QFY17
​AEL reported a 13% YoY decrease in Group earnings for 1QFY17, with moderate topline growth (+11% YoY) being offset by 1) a sharp increase in tax expenses (+135% YoY), stemming from an increase in the tax rate on construction companies w.e.f Apr 2016 (from 12% to 17.5%) coupled with a one-off tax adjustment of ~Rs. 100mn; and 2) higher admin (+21% YoY) and finance costs.
At its current price of Rs. 23.70, AEL trades at a FY17E P/E of 9.7x, at a discount to the market and the construction sector averages. We expect AEL to maintain its FY16 dividend payout of Rs. 1.00 per share in FY17, which translates to a 4% dividend yield at current price.
•JKSB is one of 15 founding members of the Colombo Stock Exchange with roots in share trading dating back to 1896, and is a subsidiary of John Keells Holdings PLC (JKH), the largest listed entity on the Colombo Stock Exchange with a market capitalization of US$ 1.3bn.
•JKSB’s core client base is Foreign Institutional Investors, Local Institutions and HNWI’s
•JKSB has a co-branded Research tie up with CIMB and a Research Referral agreement with Credit Suisse, along with trade execution relationships with several other global and regional securities firms.
•JKSB’s trade execution partners include Credit Suisse, CIMB, Merrill Lynch, Exotix, Daiwa, Convergex, Deutsche Asia Securities and Morgan Stanley
•JKSB is a research contributor to Bloomberg on ‘KEEL’
•The JKSB Research Universe covers 72 stocks across 15 sectors, with most Research efforts focused on approximately 45 of the more liquid counters.
•The JKSB Universe constitutes 67% of total market cap and approximately 80% of turnover at the CSE.
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