JKSB: Quarterly Highlights: Hemas Holdings PLC (HHL): 4QFY19
HHL concluded FY19 posting healthy growth in revenues (+28.5% YoY) alongside improved earnings (25.4% YoY) for the year. However, results for FY19 was skewed due to the acquisition of Atlas in 1QFY18. The contribution of Atlas to HHL’s full year earnings alongside a one off gain from disposal of Hemas Southern Hospital, fair vale gains and unrealized exchange losses had a significant impact on the full year results for HHL. GP margins for FY19 contracted from 35.50% to 33.52% owing to the steep depreciation of the LKR alongside subdued economic conditions witnessed during CY18.
We currently project HHL’s full year FY20E earnings to reach Rs. 3,752mn amid subdued industry conditions expected in the FMCG segment, while the pharmaceutical sector will continue to witness pressures from a depreciating rupee in FY20. At the current price of Rs. 67.90, HHL trade at a FY20E P/E of 10.80x.
•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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