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Access Engineering PLC: 3 directors
Three Directors at Access Engineering PLC bought 8,100,000 shares at 22.500LKR. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two...
- Isuri Munasinghe
- Kavinda Perera
- Lakshini Fernando
- Naveed Majeed
Sri Lanka: 2021 Equity Strategy - Zero In On The Recovery
* Colombo All Share Price Index ( recovered all losses since bottoming out in May 56 7 since May, +8.6% YTD) A Manufacturing drive led the gains opportunities remain in large caps that are yet to pickup * Negative interest rates is the key catalyst equities will remain the preferred asset class in 2021 amidst a low interest rate environment * We forecast ASPI to reach 7 400 7 600 in 2021 with local investors continuing to carry the mantle * Global investors would look to rebal...
SAMP.N0000 SAMPATH BANK
HNB.N0000 HATTON NATIONAL BANK PLC
COMB.N0000 COMMERCIAL BANK OF CEYLON
AAIC.N0000 SOFTLOGIC LIFE INSURANCE PLC
JKH.N0000 JOHN KEELLS HOLDINGS PLC
AEL.N0000 ACCESS ENGINEERING
CCS.N0000 CEYLON COLD STORES
HHL.N0000 HEMAS HOLDINGS
RCL.N0000 ROYAL CERAMICS LANKA
- Dishan Leo
JKSB: Full Year Highlights: Access Engineering PLC (AEL): FY19
AEL reported a marginal decline in PAT (-1.07% YoY) for FY19 amid moderate growth in top line (+23.78% YoY) supported by steady order book growth for the company. Gross margins improved slightly from 15.59% to 16.04% during FY19 while margins for 4QFY19 contracted 56 ppt to 14.20%. Operating margins witnessed a sharp decline from 17.74% to 11.70% during FY19 owing to a FV gain on investment property in FY18. An increase in net finance costs by 70.06% YoY during FY19 further added pressure to the...
- Lourdeena Kudaliyanage
JKSB Quarterly Highlights_Access Engineering PLC (AEL)_3QFY18
AEL reported a weak performance for a second consecutive quarter, with 3QFY18 Group earnings down 52% YoY on the back of steep margin contraction (gross margin -12ppt YoY to 14%; operating margin -11ppt YoY to 7%) and sharply higher net finance costs (+138% YoY) stemming from increased working capital related debt (the construction industry in SL has experienced payment delays across the sector over the last 6 months amid a slowdown in new public infrastructure projects). AEL’s core construction...
- Usama Jiffry
- Usama Jiffry
- Lourdeena Kudaliyanage
JKSB Quarterly Highlights_Access Engineering PLC (AEL)_1QFY18
AEL reported a moderate 13% YoY increase in Group earnings for 1QFY18, with a marginal increase in PBT (+1% YoY) being augmented by lower tax expenses for the core construction business due to AEL providing for deferred tax of 12% on construction income in 1QFY18 vs. a tax rate provision of 28% over 1QFY17-3QFY17 (which was subsequently reversed in 4QFY17). The drag on Group PBT stemmed from operating margin contraction and a sharp increase in net finance cost for the construction business - due...
- Usama Jiffry
Access Engineering PLC - Earnings Review 4QFY2017
We expect the construction sector to provide impetus for the company to allow for a growth momentum in the medium to long term horizon. The Governments expectations of private public partnerships and increasing projects in areas of the company’s competence will complement this opportunity for the company. As such we estimate a price target of LKR 26.78 for AEL, and therefore recommend an ACCUMULATE for the counter at its current price levels.
- Lourdeena Kudaliyanage
JKSB Quarterly Highlights_Access Engineering PLC (AEL)_3QFY17
AEL reported a healthy 16% YoY increase in Group earnings for 3QFY17, supported by robust topline growth (+25% YoY) stemming mainly from the core construction business and Sathosa Motors PLC (revenues up 61% YoY and 30% YoY respectively for the quarter). As seen in the previous two quarters, Group topline growth in 3QFY17 was partially offset by 1) increased admin expenses (mainly arising from higher selling & distribution and admin costs relating to subsidiary Sathosa Motors); and 2) sharply hi...
- Lourdeena Kudaliyanage
JKSB Corporate Update_Access Engineering PLC (AEL)_January 2017
Executive SummaryGrowing order book on the back of a resumption of government-led infrastructure projects We recommend that investors increase equity portfolio exposure to the construction sector to capitalise on positive sentiment arising from the recent resumption in public infrastructure spend. Between the two listed construction companies, AEL offers 1) better liquidity; and 2) more attractive valuations and dividend yield, and serves as an ideal proxy to the sector for equity investors give...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Lourdeena Kudaliyanage
JKSB Quarterly Highlights_Access Engineering PLC (AEL)_2QFY17
AEL reported a moderate 5% YoY increase in Group earnings for 2QFY17, with healthy topline growth (+15% YoY) being partially offset by 1) increased admin expenses (mainly stemming from a rise in selling & distribution and admin costs relating to subsidiary Sathosa Motors); and 2) sharply higher finance costs (primarily attributable to a steep increase in short term borrowings for 80% owned subsidiary Access Projects and interest expense stemming from the Group’s FY16 debenture issue). As expec...
- Lourdeena Kudaliyanage
JKSB Quarterly Highlights_Access Engineering PLC (AEL)_1QFY17
​AEL reported a 13% YoY decrease in Group earnings for 1QFY17, with moderate topline growth (+11% YoY) being offset by 1) a sharp increase in tax expenses (+135% YoY), stemming from an increase in the tax rate on construction companies w.e.f Apr 2016 (from 12% to 17.5%) coupled with a one-off tax adjustment of ~Rs. 100mn; and 2) higher admin (+21% YoY) and finance costs.At its current price of Rs. 23.70, AEL trades at a FY17E P/E of 9.7x, at a discount to the market and the construction sector...
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