reports
Sampath Bank Plc: 1 director
A director at Sampath Bank Plc sold 19,850,000 shares at 80.244LKR and the significance rating of the trade was 72/100. 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 years cl...
- Kavinda Perera
Sampath Bank: 3Q CY21 - One-off tax booked in 4Q; NII to drive PAT in ...
We maintain our TP at LKR 65.00/share (+22.0% upside; +32.4% TSR) and BUY rating. We account for the proposed VAT increase in CY22E earnings, while adjusting for the surcharge tax of 25% (LKR 3.0bn) in CY21E net profit. We expect the 2.5% Social Security Contribution (SSC) to be passed-on to customers indirectly through higher interest rates and fees. PAT for 3Q CY21 was up 87.2% YoY mainly on strong net interest income (NII) backed by deposit repricing and modest loan growth (+1.6% QoQ). The...
- Kavinda Perera
Sampath Bank: 1Q CY21 - Solid 1Q result drives CY21E bottom line upgra...
We maintain our post-split TP at LKR 65.00/share (+29.5% upside; +37.7% TSR) and BUY rating, given that the current valuations are attractive with the earnings pickup expected in CY21E. 1Q CY21 net profit was up 90.7% YoY mainly on strong trading and FX gains coupled with a lower impairment charge. SAMP, having taken early impairment charges continues to benefit with stabilising asset quality. We forecast CY21E loan growth at 6.0% and maintain our view that NIMs would pick up in CY21E, suppor...
- Kavinda Perera
Sri Lanka: Banking SL - Rising above the clouds
* Sector valuations at a decade low, driven by weakening ROEs and foreign investor exits * Major factors which weighed down profitability to fall away in CY21E, paving the way for better ROE * The banks index took the biggest hit during the pandemic; potential for a rerating with improving fundamentals * Top line to pick up on loan growth and NIM expansion * Gradual improvement in asset quality to lead to lower Cost of Risk * Normalising cost efficiency, tax savings ...
- Kavinda Perera
Sampath Bank: Sri Lanka: SAMP SL - Robust 4Q to end a tough year; bett...
We increase our TP to LKR 195.00/share (+11.4% to old; +18.2% upside; +24.2% TSR) which translates to LKR 65.00/share based on SAMP’s 3-for-1 share split (effective 17th March 2021). Our rating is BUY, given that the current valuations are attractive with the earnings pickup expected in CY21E. 4Q CY20 net profit was down 34.1% YoY mainly on the weak top line which we expected. Loan growth of 0.7% QoQ was mainly driven by money market loans, similar to 3Q. Looking ahead, we forecast CY21E loan...
- 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
- Kavinda Perera
Sampath Bank: 3Q CY20 - Second wave concerns booked; Valuation attract...
We roll over our valuation base year to CY21E and maintain our TP at LKR 143.00/share (+14.4% upside; +20.1% TSR). Our rating is BUY, given that the current valuations are attractive for a long-term investor. 3Q CY20 net profit was down 53.1% YoY (-7.8% QoQ) mainly due to a weak top line (NII: -22.1% YoY) coupled with a steep rise in impairment charge (+19.7% YoY; +43.7% QoQ). Loan growth of 0.7% QoQ was mainly driven by money market loans, which negatively impacted NIMs as well. Operating co...
- Kavinda Perera
Sampath Bank: Q1 CY 20 – NBT/DRL removal supports bottom line
We cut our TP to LKR 115.00/share (-40.1% to old; +11.3% upside; +22.0% TSR). Buy on weak valuations. While the significant stress on earnings will start from Q2 CY 20 onwards, we believe the current valuations are attractive for a long-term investor. Q1 CY 20 earnings saw a 26.8% YoY pick up mainly from the removal of NBT and DRL, which pressured earnings in CY 19. Loan growth was relatively strong at 4.4% QoQ, but we expect this to weaken in 2Q and 3Q with low economic activity, and the ban...
- Kavinda Perera
Sri Lanka banks: Muted profitability, but limited systemic pressure
In this report, we highlight the pressing current themes around the banking sector. Overall, majority of the Sri Lankan government’s key support measures for the economy are implemented through the banking system, and the banks are expected to absorb the economic shock partially. In return, banks have received several concessions to maintain the systemic stability. We expect sector profitability to be muted in CY 20e, with (1) weak credit growth, (2) contracting margins, (3) lower supplementa....
- Pasindu Perera
- Lourdeena Kudaliyanage
JKSB Quarterly Highlights_Sampath Bank PLC (SAMP)_2QCY17
SAMP reported a strong 39% YoY increase in earnings for 2QCY17, driven mainly by 1) healthy growth in net interest income (+24% YoY); and 2) an impressive 8.4ppt YoY improvement in its cost to income ratio which dropped to 40% (below the industry average despite SAMP having a relatively younger branch network vs. its closest peers). Despite upward re-pricing of new advances amid strong loan book growth (+12.8% in YTD CY17; +5.7% QoQ), SAMP’s NIM contracted slightly (-0.04ppt YoY) for the quarter...
- Please Change Name Komaresan Subramanian
- Pasindu Perera
- Please Change Name Komaresan Subramanian
- Lourdeena Kudaliyanage
JKSB Full Year Highlights_Sampath Bank PLC (SAMP)_CY16
SAMP reported a significant 43% YoY increase in full year earnings for CY16, driven mainly by 1) healthy growth in net interest income (+29% YoY), stemming from an expansion in NIM (+0.23ppt YoY) amid strong net loan book growth (+22% YoY); and 2) a 4.3ppt YoY improvement in its cost to income ratio, supported by cost containment measures (such as the introduction of self-deposit kiosks aimed at improving employee productivity) and a ramp up in contribution from newer branches (SAMP almost doubl...
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...
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