JKSB Quarterly Highlights_John Keells Holdings PLC (JKH)_1QFY17
JKH reported a 9% YoY increase in 1QFY17 earnings, supported by a strong performance from the Consumer Foods & Retail business (+48% YoY PBT growth) coupled with improved
associate contribution from SAGT on the back of double digit growth in throughput. A drop in Property sector PBT (-72% YoY) was expected, given the sector’s revenue recognition cycle.
Leisure sector PBT was flat YoY, with an improved performance from the city hotel properties (55%-60% occupancy in 1QFY17 vs. 50% occupancy in 1QFY16) being offset by a weaker
result from the Maldives resorts (-1ppt YoY dip in occupancy). SL resort occupancy rates were in the range of 68%-70% for the quarter while Maldives occupancy rates were 85%-
87%.Â
We project full year earnings of Rs. 15.5bn for FY17, +11% YoY, led by the Consumer Foods & Retail sector. At its current price of Rs. 145.00, JKH trades at a FY17E P/E of 12.7x, in-line with
the diversified sector average.
•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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