JKSB: Full Year Highlights: Softlogic Holdings PLC (SHL): FY19
SHL posted revenue growth (+14% YoY) during the year despite weak economic conditions. Volume growth supported GP to increase by 17% (YoY) during FY19. Increases in distribution expenses (+13.06% YoY) and admin expenses (+19.23% YoY) resulted in a relatively flat operating profit during the year. Finance expenses increased (+19% YoY) due to higher borrowings and sharp depreciation of the rupee.
We currently project SHL’s full year FY20E to reach Rs.30Mn. Subdued economic activity coupled with lower disposable income levels will continue to post challenges to the Group. At the current price of Rs.15.80, SHL trades 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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