Financial Performance Asha Securities Ltd

12 August 2021 Sri Lanka

Based on the interim financial statements for the period ended 30th Jun 2021 LKR Mn
DIPPED PRODUCTS PLC (DIPD) Sector: MATERIALS
Q1 FY 22 Q1 FY 21 Change Q4 FY 21 Q4 FY 20 Change FY 2021 FY 2020 Change
Revenue 16,781.9 9,318.4 80% 13,793 7,333 88% 46,387 30,563 52%
Cost of sales 13,441.7 7,370.4 82% 10,110 6,180 64% 34,557 25,859 34%
Gross profit 3,340.2 1,948.1 71% 3,684 1,153 220% 11,830 4,704 151%
Other income 159.4 47.3 237% 164 113 45% 341 283 21%
Distribution Costs 367.9 203.8 81% 349 211 65% 1,013 701 44%
Administrative expenses 1,423.0 788.2 81% 1,257 720 75% 3,838 2,839 35%
Operating Profits 1,708.8 1,003.4 70% 2,242 320 601% 7,320 1,431 411%
Finance cost 168.7 158.5 6% 143 127 12% 617 482 28%
Finance income 178.4 50.5 253% 247 86 187% 464 201 131%
Profit before tax 1,718.5 895.4 92% 2,371 289 721% 7,191 1,160 520%
Tax expense 327.1 174.8 87% 417 157 165% 1,358 310 338%
Profit for the period 1,391.4 720.6 93% 1,954 132 1385% 5,833 850 586%
Profit for Equity Holders 1,245.5 610.3 104% 1,658 107 1448% 5,164 748 590%
Earnings per share 2.08 1.02 104% 2.77 0.18 1448% 8.63 1.25 590%
CMP (LKR) NAV (LKR) Trail EPS Trail P/E FWD EPS FWD P/E Sector PE PBV Sector PBV
52.60 28.10 9.69 5.4 9.70 5.4 7.0 1.9 1.8
Total Assets (Mn) 48,286 Equity (Mn) 16,823 No.of. Shares in Issue (Mn) 598.6
ROA - FY 21 10.7% ROE - FY 21 30.7% Asset / Equity ratio 2.87
Dividend FY 21 2.90 Payout Ratio 34% Dividend Yield 5.5%

Important Information
This document has been prepared and issued by Asha Securities Ltd, on the basis of publicly available information, internally developed data and other sources, believed to
be reliable. Whilst all responsible care has been taken to ensure that the facts stated are accurate and the opinions given are fair and reasonable neither Asha Securities Ltd,
nor any Director Officer or employee, shall in any way be responsible for any decisions made on its contents. Asha Securities Ltd may act as a Broker in the investments which
are the subject of this document or related investments and may have acted upon or used the information contained in this document, or the research or analysis on which it
is based, before its publication. Asha Securities Ltd., Its Directors, Officers or Employees may also have a position or be otherwise interested in the investments referred to in
this document. This is not an offer to sell or buy the investments referred to in this document.
 Financial Performance Asha Securities Ltd
12 August 2021 Sri Lanka

DIPPED PRODUCTS PLC (DIPD) - SEGMENT ANALYSIS

Based on the interim financial statements for the period ended 30th Jun 2021 LKR Mn
CHRISSWORLD LIMITED (CWL) Sector: TRANSPORTATION
Q1 FY 22 Q1 FY 21 Change Q4 FY 21 Q4 FY 20 Change FY 2021 FY 2020 Change
Revenue 86.6 51.8 67% 264.2 216.0 22%
Direct Cost 64.3 41.0 57% 205.3 145.3 41%
Gross Profit 22.3 10.9 105% 58.9 70.7 -17%
Other Income 0.3 0.0 871% 1.5 0.4 293%
Selling & Distribution Exp 0.2 0.1 81% 1.4 1.3 4%
Administrative Expenses 14.7 13.5 9% 0.0 41.2 -100%
Profit from Operation 7.7 (2.7) 389% 20.1 28.6 -30%
Finance Expenses 1.2 0.8 46% 5.7 7.9 -28%
Profit/ (Loss) before Tax 6.5 (3.5) 285% 14.4 20.8 -31%
Taxation 0.5 - 2.0 2.8 -30%
Profit for the period 6.0 (3.5) 272% 12.4 18.0 -31%
Earnings per share 0.20 (0.12) 272% - - 0.41 0.60 -31%
CMP (LKR) NAV (LKR) Trail EPS Trail P/E FWD EPS FWD P/E Sector PE PBV Sector PBV
12.70 2.78 0.73 17.3 0.81 15.7 8.9 4.6 5.5
Total Assets (Mn) 155 Equity (Mn) 83 No.of. Shares in Issue (Mn) 30.0
ROA - FY 21 8.0% ROE - FY 21 14.9% Asset / Equity ratio 1.87
Dividend FY 21 0.00 Payout Ratio 0% Dividend Yield 0.0%
Important Information
This document has been prepared and issued by Asha Securities Ltd, on the basis of publicly available information, internally developed data and other sources, believed to
be reliable. Whilst all responsible care has been taken to ensure that the facts stated are accurate and the opinions given are fair and reasonable neither Asha Securities Ltd,
nor any Director Officer or employee, shall in any way be responsible for any decisions made on its contents. Asha Securities Ltd may act as a Broker in the investments which
are the subject of this document or related investments and may have acted upon or used the information contained in this document, or the research or analysis on which it
is based, before its publication. Asha Securities Ltd., Its Directors, Officers or Employees may also have a position or be otherwise interested in the investments referred to in
this document. This is not an offer to sell or buy the investments referred to in this document.
 Financial Performance Asha Securities Ltd
12 August 2021 Sri Lanka

Based on the interim financial statements for the period ended 30th Jun 2021 LKR Mn
HAYLEYS PLC (HAYL) Sector: CAPITAL GOODS
Q1 FY 22 Q1 FY 21 Change Q4 FY 21 Q4 FY 20 Change FY 2021 FY 2020 Change
Revenue 70,611 48,232 46% 69,380 49,678 40% 241,276 210,307 15%
Cost of sales 53,870 35,765 51% 51,297 37,428 37% 178,245 158,325 13%
Direct interest cost 436 487 -11% 458 438 5% 1,872 1,829 2%
Gross profit 16,305 11,979 36% 17,625 11,811 49% 61,159 50,153 22%
Other income 433 234 85% 556 457 22% 1,468 1,673 -12%
Distribution expenses 2,736 2,810 -3% 2,116 2,659 -20% 10,949 10,688 2%
Administrative expenses 7,434 5,717 30% 7,337 5,344 37% 25,561 24,248 5%
Operating Profits 6,536 3,654 79% 8,674 4,160 109% 25,954 16,473 58%
Net finance cost 1,706 2,495 -32% 1,017 2,592 -61% 6,876 11,009 -38%
Profit before Tax 4,840 1,174 312% 7,719 1,617 377% 19,234 5,504 249%
Tax expense 1,250 613 104% 1,876 932 101% 5,188 2,609 99%
Profit for the period 3,590 562 539% 5,843 685 753% 14,046 2,895 385%
Profit for Equity Holders 2,171 (285) 861% 3,550 234 1417% 7,637 372 1951%
Earnings per share 2.90 (0.38) 861% 4.73 0.31 1417% 10.18 0.50 1951%
CMP (LKR) NAV (LKR) Trail EPS Trail P/E FWD EPS FWD P/E Sector PE PBV Sector PBV
74.40 66.01 13.46 5.5 15.26 4.9 18.0 1.1 1.0
Total Assets (Mn) 311,571 Equity (Mn) 49,505 No.of. Shares in Issue (Mn) 750.0
ROA - FY 21 2.5% ROE - FY 21 15.4% Asset / Equity ratio 6.29
Dividend FY 21 (3/10+1) 1.30 Payout Ratio 13% Dividend Yield 1.7%

Important Information
This document has been prepared and issued by Asha Securities Ltd, on the basis of publicly available information, internally developed data and other sources, believed to
be reliable. Whilst all responsible care has been taken to ensure that the facts stated are accurate and the opinions given are fair and reasonable neither Asha Securities Ltd,
nor any Director Officer or employee, shall in any way be responsible for any decisions made on its contents. Asha Securities Ltd may act as a Broker in the investments which
are the subject of this document or related investments and may have acted upon or used the information contained in this document, or the research or analysis on which it
is based, before its publication. Asha Securities Ltd., Its Directors, Officers or Employees may also have a position or be otherwise interested in the investments referred to in
this document. This is not an offer to sell or buy the investments referred to in this document.
 Financial Performance Asha Securities Ltd
12 August 2021 Sri Lanka

HAYLEYS PLC Revenue PBIT

SEGMENT ANALYSIS Q1 FY 22 Q1 FY 21 Change Q1 FY 22 Q1 FY 21 Change
Eco Solutions 2,213 1,292 71% 220 -10 2334%
Hand Protection 12,277 5,564 121% 1,264 628 101%
Purification Products 7,397 5,596 32% 712 1,093 -35%
Textiles 5,763 2,943 96% 335 180 87%
Construction Materials 1,356 874 55% 128 54 137%
Agriculture 5,039 3,024 67% 492 204 141%
Plantations 4,495 3,745 20% 443 380 17%
Transportation & Logistics 12,302 7,609 62% 1,495 109 1273%
Consumer & Retail 16,267 15,207 7% 1,279 1,172 9%
Industry Inputs 973 878 11% 87 17 424%
Power & Energy 346 426 -19% 198 258 -23%
Leisure 301 113 167% -470 -553 15%
Others 1,882 960 96% 1,724 536 221%

Based on the interim financial statements for the period ended 30th Jun 2021 LKR Mn
JANASHAKTHI INSURANCE PLC (JINS) Sector: INSURANCE
Q2 FY 21 Q2 FY 20 Change 6M FY 21 6M FY 20 Change FY 2020 FY 2019 Change
Gross Written Premium 1,164 812 43% 2,401 1,658 45% 3,820 3,512 9%
Investment Income 443 517 -14% 971 952 2% 1,859 1,643 13%
Fair Value Gains Losses 71 258 -72% (137) 330 -142% 215 58 271%
Total Other Revenue 628 1,083 -42% 1,081 1,678 -36% 2,598 2,243 16%
Net Income 1,737 1,867 -7% 3,380 3,278 3% 6,296 5,616 12%
Net Benefits & Claims 458 327 40% 984 729 35% 1,836 1,950 -6%
Increase in Life Fund 366 870 -58% 689 1,207 -43% 1,585 1,199 32%
Underwriting & Net Acquisition 422 176 140% 786 384 105% 861 900 -4%
Total Benefits, Claims 1,246 1,373 -9% 2,460 2,319 6% 4,204 4,024 4%
Finance Cost 9 15 -38% 18 24 -25% 38 72 -47%
Administrative Expenses 292 248 18% 615 507 21% 1,032 989 4%
Profit before Taxation 189 231 -18% 287 427 -33% 1,021 532 92%
Income Tax Expense 97 15 549% 109 30 264% 262 136 92%
Profit for the Period 92 216 -57% 178 397 -55% 759 396 92%
Earnings per share 0.41 0.96 -57% 0.78 1.75 -55% 3.35 1.75 92%
CMP (LKR) NAV (LKR) Trail EPS Trail P/E FWD EPS FWD P/E Sector PE PBV Sector PBV
26.30 46.31 2.38 11.0 1.57 16.8 6.5 0.6 0.9
Total Assets (Mn) 25,424 Equity (Mn) 10,491 No.of. Shares in Issue (Mn) 226.5
ROA - FY 20 3.0% ROE - FY 20 7.2% Asset / Equity ratio 2.42
Dividend FY 20 2.00 Payout Ratio 60% Dividend Yield 7.6%

Important Information
This document has been prepared and issued by Asha Securities Ltd, on the basis of publicly available information, internally developed data and other sources, believed to
be reliable. Whilst all responsible care has been taken to ensure that the facts stated are accurate and the opinions given are fair and reasonable neither Asha Securities Ltd,
nor any Director Officer or employee, shall in any way be responsible for any decisions made on its contents. Asha Securities Ltd may act as a Broker in the investments which
are the subject of this document or related investments and may have acted upon or used the information contained in this document, or the research or analysis on which it
is based, before its publication. Asha Securities Ltd., Its Directors, Officers or Employees may also have a position or be otherwise interested in the investments referred to in
this document. This is not an offer to sell or buy the investments referred to in this document.
 Financial Performance Asha Securities Ltd
12 August 2021 Sri Lanka

Based on the interim financial statements for the period ended 30th Jun 2021 LKR Mn
VALLIBEL ONE PLC (VONE) Sector: CAPITAL GOODS
Q1 FY 22 Q1 FY 21 Change Q4 FY 21 Q4 FY 20 Change FY 2021 FY 2020 Change
Total revenue 18,698 13,109 43% 24,360 16,332 49% 81,035 68,569 18%
Cost of sales 10,095 7,881 28% 12,224 9,455 29% 44,318 38,981 14%
Gross profit 8,603 5,229 65% 12,136 6,877 76% 36,717 29,588 24%
Other operating income 113 105 7% 197 164 20% 564 482 17%
Administrative expenses 2,093 1,681 25% 1,693 1,776 -5% 7,449 7,776 -4%
Distribution expenses 1,460 906 61% 1,978 1,196 65% 6,307 5,350 18%
Other operating expenses 611 1,305 -53% 198 1,169 -83% 2,197 1,879 17%
Operating Results 4,552 2,113 115% 8,934 2,900 208% 22,472 15,068 49%
Net finance cost 205 646 -68% 205 700 -71% 1,732 2,925 -41%
Tax on financial services 368 216 70% 579 278 108% 1,669 2,279 -27%
Profit before tax 3,970 1,240 220% 8,143 1,936 321% 19,032 9,870 93%
Income tax expense 1,153 334 246% 1,212 283 328% 4,208 3,453 22%
Profit for the Period 2,817 906 211% 6,798 1,532 344% 14,689 6,296 133%
For Equity holders 1,391 859 62% 3,640 911 300% 8,118 3,794 114%
Earnings per share 1.22 0.75 62% 3.20 0.80 300% 7.13 3.33 114%
CMP (LKR) NAV (LKR) Trail EPS Trail P/E FWD EPS FWD P/E Sector PE PBV Sector PBV
57.80 54.90 7.59 7.6 8.83 6.5 18.4 1.1 1.0
Total Assets (Mn) 243,987 Equity (Mn) 62,529 No.of. Shares in Issue (Mn) 1138.9
ROA - FY 21 3.3% ROE - FY 21 13.0% Asset / Equity ratio 3.90
Dividend FY 21 2.50 Payout Ratio 35% Dividend Yield 4.3%

Important Information
This document has been prepared and issued by Asha Securities Ltd, on the basis of publicly available information, internally developed data and other sources, believed to
be reliable. Whilst all responsible care has been taken to ensure that the facts stated are accurate and the opinions given are fair and reasonable neither Asha Securities Ltd,
nor any Director Officer or employee, shall in any way be responsible for any decisions made on its contents. Asha Securities Ltd may act as a Broker in the investments which
are the subject of this document or related investments and may have acted upon or used the information contained in this document, or the research or analysis on which it
is based, before its publication. Asha Securities Ltd., Its Directors, Officers or Employees may also have a position or be otherwise interested in the investments referred to in
this document. This is not an offer to sell or buy the investments referred to in this document.