JKSB: Quarterly Highlights: Piramal Glass Ceylon PLC (GLAS): 1QFY20
Piramal Glass Ceylon PLC is a subsidiary owned by Piramal Glass Private Limited (India) with a stake amounting to 56.45%. GLAS predominantly focuses on the domestic market together with an increase in its footprint around regions such as India, Australia, Malaysia, Africa, Pakistan, Vietnam, USA and Canada with its introduction of new designs in varying shapes, sizes & colors. GLAS continues to focus on creating a sustainable export market by increasing its footprint globally to ensure it can negate the volatilities experienced in local markets. The company invested LKR 1.3Bn in order to drive growth in export earnings. The export led growth strategy that GLAS has focused on has led to a significant improvement in export sales from 31.3% to 36.6% in FY2019.
We currently project GLAS’s full year earnings to reach Rs. 350Mn supported by a gradual expansion in the export market. At the current price of 3.90, GLAS trades at FY20E P/E of 10.6x.
•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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