JKSB: Full Year Highlights: Haycarb PLC (HAYC): FY19
HAYC is a pioneer manufacturer of coconut shell based activated carbon and has established itself both locally and internationally as a premium solutions provider. The core business segments of the Group are activated carbon and environmental engineering. HAYC concluded FY19 posting healthy growth in revenues (+34.8% YoY) while earnings improved by 42.1% YoY to Rs.955Mn. The activated carbon segment made a strong contribution to profitability with PBT increasing 79% YoY to Rs.1,302Mn during the year.
We currently project HAYC’s full year FY20E earnings to reach Rs.1,104Mn supported by continuous customer acquisitions and penetration into new markets. At the current price of Rs.135.00, HAYC trades at an FY20E P/E of 3.63x, at a discount to the chemical and pharmaceuticals 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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