JKSB Quarterly Highlights_John Keells Holdings PLC (JKH)_3QFY17
​ JKH reported a healthy 32% YoY increase in 3QFY17 earnings, supported by strong performances across all business sectors, except property (due to the skew from significant revenue recognition on ‘7th Sense’ in the corresponding quarter last year), coupled with a sharp increase in net finance income amid 1) an increase in short term investments in a rising interest rate environment; and 2) rupee depreciation (given the Group’s exposure to dollar borrowings). We have revised our full year projection for FY17 up to Rs. 16.1bn (+15% YoY), given a stronger-than-expected third quarter. At its current price of Rs. 140.00, JKH trades at a FY17E P/E of 12.1x, at the lower end of its historical trading range.
•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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