Stock Tracker

QUARTERLY FINANCIALS 10.30 Market PER

24-Nov-20 8.55 Average P/E of the counters in our coverage

Banks, Finance and Insurance 4.22

Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

CDB 6 Sep 84.80 59.45 5,041 999.31 673.96 48% 12,181.34 18% 31.11 2.73 174.54 0.49 2.9%
CDB-x 6 Sep 62.00 10.34 641 999.31 673.96 48% 12,181.34 18% 31.11 1.99 174.54 0.36 4.0%
CFIN 6 Sep 82.30 224.02 18,437 2,130.34 2,032.89 5% 46,677.56 9% 18.25 4.51 208.36 0.39 3.3%
CFVF 6 Sep 55.90 101.25 5,660 1,634.81 757.96 116% 4,823.98 44% 18.60 3.01 47.64 1.17 3.6%
CINS 9 Sep 1,850.00 20.00 37,000 5,480.00 5,455.02 0% 57,692.39 15% 318.85 5.80 2,184.12 0.85 2.1%
CINS-x 9 Sep 824.80 6.41 5,291 5,480.00 5,455.02 0% 57,692.39 15% 318.85 2.59 2,184.12 0.38 4.6%
COMB 9 Sep 76.50 1,098.93 84,069 11,066.82 11,398.19 (3%) 144,114.84 12% 14.51 5.27 123.50 0.62 5.9%
COMB-x 9 Sep 66.50 67.97 4,520 11,066.82 11,398.19 (3%) 144,114.84 12% 14.51 4.58 123.50 0.54 6.8%
DFCC 9 Sep 62.20 306.00 19,033 2,028.49 1,697.39 20% 50,899.18 5% 8.32 7.48 166.34 0.37 4.0%
HASU 9 Sep 160.90 50.00 8,045 616.42 399.28 54% 7,838.26 17% 24.55 6.55 156.77 1.03 5.0%
HNB 9 Sep 113.50 410.32 46,571 8,605.48 8,405.61 2% 153,031.62 10% 29.04 3.91 298.90 0.38 4.0%
HNB-x 9 Sep 90.00 101.66 9,149 8,605.48 8,405.61 2% 153,031.62 10% 29.04 3.10 298.90 0.30 5.0%
JINS 9 Sep 29.00 226.53 6,569 505.04 366.88 38% 9,730.74 6% 2.37 12.24 42.96 0.68 -
LFIN 6 Sep 138.10 138.51 19,286 2,296.68 2,526.78 (9%) 25,499.75 20% 35.96 3.84 184.09 0.75 -
LOLC 6 Sep 129.10 475.20 61,348 17,385.54 7,966.34 118% 105,548.73 20% 42.75 3.02 222.11 0.58 -
LVEN 6 Sep 50.10 50.00 2,505 237.65 144.56 64% 2,754.95 11% 5.63 8.89 55.10 0.91 5.5%
NDB 9 Sep 74.00 232.64 17,215 3,868.98 2,937.29 32% 46,725.60 13% 24.53 3.02 200.85 0.37 2.7%
NTB 9 Sep 57.50 245.13 14,095 3,108.36 2,542.50 22% 35,118.09 40% 15.08 3.81 123.72 0.46 4.0%
NTB-x 9 Sep 75.00 38.72 2,904 3,108.36 2,542.50 22% 35,118.09 40% 15.08 4.97 123.72 0.61 3.1%
PABC 9 Sep 12.40 442.56 5,488 1,250.34 1,023.72 22% 14,606.12 14% 4.47 2.78 33.00 0.38 -
PLC 6 Sep 12.00 1,627.70 19,532 1,651.00 2,000.00 (17%) 34,646.00 9% 1.85 6.49 21.29 0.56 5.8%
SAMP 9 Sep 124.70 381.46 47,568 5,213.63 6,769.62 (23%) 111,895.15 9% 26.51 4.70 293.34 0.43 9.4%
SDB 9 Sept 52.80 61.05 4,835 675.39 96.27 602% 8,158.21 11% 13.64 3.87 133.63 0.40 3.8%
SEMB 9 Sep 0.50 1,191.77 596 (24.60) 32.90 (175%) 1,046.65 -4% (0.02) NA 0.58 0.86 -
SEMB-x 9 Sep 0.20 614.07 123 (24.60) 32.90 (175%) 1,046.65 -4% (0.02) NA 0.58 0.35 -
SEYB 9 Sep 42.90 256.72 11,013 2,197.35 2,554.15 (14%) 50,001.27 7% 6.53 6.57 96.71 0.44 2.3%
SEYB-x 9 Sep 30.10 260.31 7,835 2,197.35 2,554.15 (14%) 50,001.27 7% 6.53 4.61 96.71 0.31 3.3%
UAL 9 Sep 305.00 58.93 17,973 486.22 476.67 2% 14,731.09 8% 19.81 15.39 249.98 1.22 6.6%
UBC 9 Sep 10.80 1,083.56 11,702 583.87 568.69 3% 17,896.97 4% 0.72 15.00 16.52 0.65 1.3%
VFIN 6 Sep 59.30 58.86 3,491 501.60 560.70 (11%) 6,979.61 17% 19.52 3.04 118.57 0.50 6.7%
Beverage Food and Tobacco 14.93
Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

BFL 6 Sep 137.30 16.00 2,197 (10.68) (106.77) 90% 3,687.24 -3% (7.45) NA 230.45 0.60 5.8%
CARG 6 Sep 190.80 257.31 49,095 925.06 1,133.59 (18%) 18,410.64 14% 9.73 19.61 71.55 2.67 3.1%
CCS 6 Sep 656.80 95.04 62,422 469.41 690.06 (32%) 15,137.78 12% 20.14 32.60 159.28 4.12 2.3%
COCO 6 Sep 16.10 117.96 1,899 78.45 55.69 41% 4,706.15 4% 1.39 11.57 38.34 0.42 2.2%
COCO-x 6 Sep 12.70 4.77 1,805 78.45 55.69 41% 4,706.15 4% 1.39 8.30 38.34 0.33 2.3%
CTC 9 Sep 942.90 187.32 176,628 11,965.00 13,257.00 (10%) 7,862.00 256% 85.24 11.06 41.97 22.47 9.8%
DIST 6 Sep 20.10 4,600.00 92,460 3,605.88 3,000.88 20% 7,395.45 89% 1.38 14.55 1.61 12.50 6.0%
KFP 6 Sep 120.30 25.50 3,068 118.59 95.93 24% 1,996.09 9% 6.78 17.75 78.28 1.54 5.0%
LAMB 6 Sep 230.10 31.40 7,225 77.86 82.45 (6%) 1,172.47 13% 4.59 50.19 37.34 6.16 -
LION 6 Sep 540.00 80.00 43,200 1,160.62 1,712.79 (32%) 15,663.27 15% 28.25 19.12 195.79 2.76 1.9%
LMF 6 Sep 130.00 40.00 5,200 251.18 5.27 4668% 9,310.55 6% 13.91 9.34 232.78 0.56 1.0%
NEST 9 Sep 1,103.60 53.73 59,291 2,256.38 1,849.09 22% 5,306.63 53% 53.17 20.76 98.77 11.17 4.3%
TAFL 9 Sep 165.00 23.55 3,885 599.93 551.94 9% 4,777.04 18% 34.86 4.73 202.89 0.81 3.3%
TSML 6 Sep 41.70 30.00 1,251 45.78 (12.99) 452% 1,464.66 11% 5.15 8.10 48.82 0.85 4.1%

Chemical and Pharmaceuticals 5.68

Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

CIC 6 Sep 139.90 72.90 10,199 1,100.69 327.43 236% 10,674.04 16% 16.84 8.31 112.63 1.24 0.7%
CIC-x 6 Sep 119.20 21.87 2,607 1,100.69 327.43 236% 10,674.04 16% 16.84 7.08 112.63 1.06 0.8%
HAYC 6 Sep 470.20 29.71 13,971 1,708.20 606.96 181% 11,553.10 25% 89.52 5.25 388.83 1.21 3.2%

Construction and Engineering 18.25

Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

AEL 6 Sep 24.30 1,000.00 24,300 605.31 789.49 (23%) 21,934.13 6% 1.33 18.25 21.93 1.11 3.1%
DOCK 9 Sep 66.30 71.86 4,764 (727.29) (1,591.16) 54% 7,612.76 -10% (11.36) NA 105.94 0.63 -

Diversified 15.55
Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

CARS 6 Sep 255.00 196.39 50,079 2,134.25 399.32 434% 36,949.90 -1% (1.14) NA 188.15 1.36 0.3%
EXPO 6 Sep 26.50 1,954.92 51,805 6,279.77 (677.25) 1027% 18,875.79 39% 3.18 8.33 9.66 2.74 -
HAYL 6 Sep 359.20 75.00 26,940 1,366.29 (540.10) 353% 41,129.58 6% 30.38 11.82 548.39 0.66 1.4%
HHL 6 Sep 82.00 596.04 48,876 1,555.34 (218.77) 811% 29,299.77 11% 5.05 16.24 49.16 1.67 2.3%
JKH 6 Sep 142.00 1,318.55 187,234 (977.73) 3,284.39 (130%) 214,247.10 2% 3.91 36.34 162.49 0.87 1.8%
RICH 6 Sep 14.20 2,035.04 28,898 1,721.59 905.27 90% 15,369.44 13% 0.98 14.49 7.55 1.88 6.0%
SHL 6 Sep 10.80 1,192.54 12,879 (3,583.31) (1,514.57) (137%) 6,113.83 -87% (5.70) NA 5.13 2.11 4.6%
SPEN 6 Sep 47.50 406.00 19,285 (2,311.95) 571.99 (504%) 47,971.04 -1% (1.25) NA 118.16 0.40 2.6%
SUN 6 Sep 72.80 149.55 10,888 704.31 736.06 (4%) 8,873.63 13% 7.49 9.72 59.33 1.23 1.0%
VONE 6 Sep 23.50 1,086.56 25,534 2,443.71 1,571.35 56% 54,836.17 9% 4.30 5.46 50.47 0.47 -

Footwear and Textiles 15.08

Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets

Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

MGT 6 Sep 24.00 207.74 4,986 307.27 365.64 (16%) 3,667.03 5% 0.79 30.55 17.65 1.36 2.5%
TJL 6 Sep 33.80 701.96 23,726 599.83 1,236.80 (52%) 15,876.17 11% 2.48 13.63 22.62 1.49 5.8%
Healthcare 32.33
Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

AMSL 6 Sept 12.00 528.46 6,341 106.82 237.87 (55%) 3,994.98 8% 0.58 20.76 7.56 1.59 4.2%
ASIR 6 Sept 23.00 1,137.53 26,163 173.45 268.69 (35%) 9,193.16 7% 0.61 37.57 8.08 2.85 3.5%
LHCL 9 Sept 41.60 223.73 9,307 192.79 480.50 (60%) 6,822.35 4% 1.30 31.96 30.49 1.36 4.8%
NHL 6 Sept 5.30 1,409.51 7,470 (222.62) (36.76) (506%) 3,224.29 -11% (0.25) NA 2.29 2.32 -

Hotels and Travels #DIV/0!

Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

AHPL 6 Sep 33.60 442.78 14,877 (769.46) (317.72) (142%) 32,177.00 -2% (1.13) NA 72.67 0.46 4.5%
AHUN 6 Sep 23.70 336.29 7,970 (3,160.75) (834.12) (279%) 17,107.34 -16% (8.78) NA 50.87 0.47 4.2%
HSIG 6 Sep 52.30 5.86 306 (50.30) (8.35) (502%) 351.46 -10% (6.50) NA 59.99 0.87 -
KHL 6 Sep 8.30 1,456.15 12,086 (3,093.97) (902.25) (243%) 25,341.29 -13% (2.33) NA 17.40 0.48 1.8%
SERV 6 Sep 10.50 242.00 2,541 (430.61) (233.76) (84%) 1,804.53 -29% (2.44) NA 7.46 1.41 -
SHOT 6 Sep 20.00 75.51 1,510 (257.71) (152.41) (69%) 2,094.99 -11% (2.18) NA 18.78 1.06 -
SHOT-x 6 Sep 9.90 36.01 357 (257.71) (152.41) (95%) 2,094.99 -11% (2.18) NA 18.78 0.89 -

Investment Trust 9.13

Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

GUAR 6 Sep 112.90 82.98 9,368 1,542.79 450.48 242% 17,720.36 -1% (1.40) NA 213.55 0.53 0.7%
RHL 6 Sep 14.90 89.03 1,327 108.19 13.22 718% 6,406.14 2% 1.43 10.44 62.87 0.24 1.7%
RHL-x 6 Sep 10.70 12.86 138 108.19 13.22 718% 6,406.14 2% 1.43 7.50 62.87 0.17 2.3%

Land and Property 8.86

Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

CLND 9 Sept 24.00 199.88 4,797 23.38 10.29 127% 8,024.55 0% (0.04) NA 40.15 0.60 -
OSEA 9 Sept 13.30 1,243.03 16,532 1,354.69 3,377.44 -60% 44,232.51 5% 1.78 7.48 35.58 0.37 9.4%
PDL 9 Sept 121.00 66.00 7,986 362.71 379.91 -5% 3,935.06 14% 8.45 14.32 59.62 2.03 4.1%

Manufacturing 7.55
Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

ACL 6 Sept 61.90 119.79 7,415 414.56 339.88 22% 11,482.12 8% 7.51 8.25 95.85 0.65 2.4%
ALUM 6 Sept 19.10 299.30 5,717 150.90 1.61 9273% 2,532.74 7% 0.60 31.73 8.46 2.26 -
CERA 6 Sept 103.10 6.00 619 11.03 6.22 77% 853.91 3% 4.67 22.09 142.32 0.72 -
DIPD 6 Sept 309.40 59.86 18,521 1,919.79 332.53 477% 13,029.06 19% 39.01 7.93 217.65 1.42 1.3%
GLAS 6 Sept 8.10 950.09 7,696 315.82 94.52 234% 4,796.33 13% 0.64 12.61 5.05 1.60 2.5%
GRAN 9 Sept 104.90 60.00 6,294 604.89 595.11 2% 7,531.52 12% 15.15 6.92 125.53 0.84 4.3%
KCAB 6 Sept 108.00 21.80 2,354 72.93 175.57 (58%) 3,937.00 6% 10.62 10.17 180.60 0.60 3.2%
LLUB 9 Sept 94.00 240.00 22,560 1,747.09 1,664.86 5% 4,565.55 50% 9.09 10.34 19.02 4.94 8.8%
LWL 6 Sept 112.10 54.60 6,121 382.91 54.36 604% 12,002.78 6% 13.44 8.34 219.83 0.51 2.7%
PARQ 6 Sept 71.60 27.37 1,960 121.80 70.24 73% 2,241.07 10% 8.20 8.74 81.87 0.87 2.8%
RCL 6 Sept 141.70 110.79 15,699 1,301.81 923.34 41% 26,443.45 11% 26.76 5.30 238.68 0.59 2.8%
TILE 6 Sept 108.40 53.05 5,751 342.92 156.63 119% 8,215.77 9% 13.85 7.83 154.87 0.70 2.9%
TKYO 6 Sept 62.40 267.30 16,680 2,798.61 1,354.57 107% 19,955.17 20% 9.42 6.62 49.77 1.25 2.4%
TKYO-x 6 Sept 53.70 133.65 7,177 2,798.61 1,354.57 107% 19,955.17 20% 9.42 5.70 49.77 1.08 2.8%
TYRE 6 Sept 80.70 80.40 6,488 397.21 239.17 66% 5,486.46 11% 7.47 10.80 68.24 1.18 6.2%
Motors 4.73
Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

DIMO 6 Sep 422.50 8.88 3,750 474.89 (122.56) 487% 12,452.59 6% 89.28 4.73 1,402.88 0.30 0.6%
UML 6 Sep 75.90 100.90 7,658 140.66 (185.52) 176% 12,939.28 -1% (0.83) NA 128.24 0.59 5.3%

Oil Palms NA
Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

BUKI 6 Sep 360.00 102.00 36,720 1,565.29 (121.00) 1394% 21,380.81 -3% (5.96) NA 209.62 1.72 0.2%

Plantations 7.92
Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

BALA 9 Sep 14.00 23.64 331 (131.26) (570.25) 77% (372.18) 140% (18.14) NA (15.75) (0.89) -
BOPL 6 Sep 14.50 83.75 1,214 53.79 (140.61) 138% 1,235.88 -14% (2.02) NA 14.76 0.98 -
ELPL 6 Sep 42.10 72.87 3,068 372.29 76.83 385% 4,948.39 12% 8.12 5.19 67.91 0.62 3.0%
KGAL 6 Sep 82.00 25.00 2,050 160.50 75.18 113% 3,759.63 7% 9.78 8.38 150.39 0.55 6.1%
KOTA 6 Sep 9.00 75.23 677 (166.63) (307.57) 46% 384.84 -100% (7.85) NA 5.12 1.76 -
KVAL 6 Sep 79.60 34.00 2,706 205.78 (99.42) 307% 3,642.90 6% 6.17 12.90 107.14 0.74 -
MASK 6 Sep 13.80 53.95 745 30.75 (367.35) 108% 403.99 -46% (3.30) NA 7.49 1.84 -
NAMU 6 Sep 178.90 23.75 4,249 465.27 164.61 183% 3,518.93 18% 24.74 7.23 148.17 1.21 4.8%
TPL 6 Sep 72.10 23.75 1,712 172.52 0.82 20837% 2,968.33 13% 15.47 4.66 124.98 0.58 8.3%
WATA 6 Sep 54.20 203.31 11,019 917.50 617.58 49% 4,905.72 24% 5.57 9.74 24.13 2.25 5.5%

Power and Energy 8.55

Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

HPWR 6 Sep 26.70 79.03 2,110 115.84 (4.69) 2572% 1,077.93 30% 3.85 6.94 13.64 1.96 15.0%
LGL 6 Sep 17.50 335.00 5,863 213.28 (247.32) 186% 313.24 -387% (3.25) NA 0.81 21.62 -
LGL-x 6 Sep 12.90 52.00 671 213.28 (247.32) 186% 313.24 -387% (3.25) NA 0.81 15.94 -
LIOC 6 Sep 21.90 532.47 11,661 (778.22) 278.24 (380%) 18,667.99 -3% (1.19) NA 35.06 0.62 3.4%
VPEL 6 Sep 8.00 747.11 5,977 308.62 364.82 (15%) 2,694.71 21% 0.79 10.10 3.61 2.22 8.8%
VLL 6 Sep 5.90 837.79 4,943 189.67 50.48 276% 3,104.99 21% 0.75 7.87 3.71 1.59 3.8%

Telecommunications 8.09
Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

DIAL 9 Sep 11.60 8,173.81 94,816 8,596.77 8,348.15 3% 78,976.56 14% 1.33 8.73 9.66 1.20 4.6%
SLTL 9 Sep 32.40 1,804.86 58,477 6,747.00 4,984.00 35% 83,114.00 10% 4.48 7.23 46.05 0.70 3.3%

Trading 19.04
Mkt. Price Shares Market Current YTD Previous YTD Growth Net Assets
Trailing 12
Months QTR ROE PER BV PBV DY
23-Dec-20 (Mn) Cap NP (Mn) NP (Mn) % (Mn) Months EPS

BRWN 6 Sep 62.00 212.63 13,182.75 (164.74) 2,944.79 (106%) 43,792.56 1% 2.53 24.52 205.96 0.30 -
CWM 6 Sep 45.30 35.99 1,630.28 46.09 61.69 (25%) 2,417.99 1% 0.85 53.01 67.19 0.67 7.7%
SINS 6 Sep 48.20 375.63 18,105.31 855.36 (24.84) 3543% 7,123.75 17% 3.09 15.60 18.96 2.54 1.3%
~ Historical DPS (Cash) is a full dividend per share paid in the latest financial year until the counter announces its final dividend per share for the current year.
~ All highlighted counters contain the most recent interim results
 `

Mr. Gihan R. Cooray Chief Executive Officer [email protected] 011 2131010

Sales Operations
Head Office
Mr. Jayantha Samarasinghe [email protected] 011 2131011 Contact Us [email protected] 011 2131000

Mr. Aroos Faleel [email protected] 011 2131012 [email protected]

Mr. Imran Reyal [email protected] 012 2131021 NDB Securities (Pvt) Ltd

Mr. Nimal Kumara [email protected] 011 2131022 Level 2, NDB Capital Building,

Mr. Heshan Perera [email protected] 011 2131018 135, Bauddhaloka Mawatha,

Mr. Ramesh Anthony [email protected] 011 2131023

Mr. Sanjaya Prabath [email protected] 011 2131024

Mr. Sujeewa Athukorala [email protected] 011 3135495

Mr. Ranganath Wijethunge [email protected] 011 2131033

Mrs. Shiromi De Silva [email protected] 011 2131019

Disclaimer

This report is based on information obtained from sources believed to be reliable. No representation or warranty, either express or implied, is provided in relation to the
accuracy, completeness or reliability of the information contained herein, except with respect to information concerning NDB Securities (Pvt) Ltd., (NDBS), its holding
companies, and affiliates, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the report. Any information in
this report is published solely for information purposes, and it does not constitute an advertisement and is not to be construed as a solicitation or an offer to buy or sell any
securities or related financial instruments in any jurisdiction. Any opinions expressed in this report are subject to change without notice. Nothing in this report constitutes a
representation that any recommendation contained herein is suitable or appropriate to a recipient’s individual circumstances or otherwise constitutes a personal
recommendation. Any information in this report should not be regarded by recipients as a substitute for the exercise of their own judgement. Investments involve risks and
investors should exercise prudence in making their investment decisions. Any discussion of the risks contained herein should not be considered to be a disclosure of all risks
or complete discussion of the risks which are mentioned.Past performance does not guarantee future results. NDBS does not undertake that investors will obtain profits and
accepts no liability whatsoever for any direct or consequential loss or damage arising from any use of this report or its content. Please read the relevant prospectus before
investing.

Any references to tax treatments depend on the circumstances of the individual and may be subject to change in the future. Any examples given in this report are purely
hypothetical and have been included for demonstrational purposes only. References to ratings are under continues review and subject to change and/or affirmation.

NDBS and its associates, their directors, and/or employees may have positions in, and may affect transactions in securities mentioned herein and may also perform or seek
to perform broking, investment banking and other financial services for these companies.

No part of this report may be reproduced without the prior written consent of NDBS. All rights are reserved.

NDB SECURITIES (PVT) LTD

NDB Capital Building, Level 2, No. 135, Bauddhaloka Mawatha, Colombo 04, Sri Lanka.

Hotline: +94 (11) 2 131 000 E-mail: [email protected]

Fax: +94 (11) 2 314 181 Website: www.ndbs.lk