JKSB: Full Year Highlights: Aitken Spence PLC (SPEN): FY19
SPEN recorded a modest growth in net revenues (+5.6% YoY) for FY19, while earnings improved by 14.5% YoY to Rs.4,077Mn. The growth in top line was mainly due to the performance of the tourism segment which recorded a healthy increase (+10% YoY) during the year. The Group derives almost a third of its revenues from overseas operations. EBIT for the Group grew 13.21% YoY to Rs.8,016Mn where EBIT margins increased from 13.43% to 14.40% (YoY).
We currently project SPEN’s full year FY20E earnings to reach Rs.3,203Mn. Under subdued economic conditions, the attacks that occurred on Easter Sunday and the political uncertainty could affect the continued expansion of the tourism sector. At the current price of Rs.40.10, SPEN trades at an FY20E P/E of 5.10x, at a discount to the diversified sector in our coverage universe.
•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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