JKSB: Full Year Highlights: Hayleys PLC (HAYL): FY19
HAYL posted revenue growth of 11% for 4QFY19, amid sluggish conditions in the consumer & retail segment which accounted for 26% of the Group’s revenue during the quarter. Transportation & Logistics posted a healthy growth in top line while EBIT margins remained flat. Consumer & Retail and Purification segments witnessed contractions in EBIT margins from 6.60% to 4.49% and 8.43% to 7.65% respectively (YoY). During the quarter, HAYL disposed the entire shareholding of Hunas Falls Hotels PLC, resulting in a gain on disposal of subsidiary of Rs.445Mn.
We currently project HAYL’s full year FY20E earnings to remain flat amid subdued economic conditions and Group’s exposure to volatility of the local economy since the acquisition of Singer. At the current price of Rs.145.30, HAYL trades at an FY20E P/E of 41.00x, at a premium 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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