Mangalee Goonetilleke

Asia Securities

Analyst @ Asia Securities

Mangalee joined the Asia Securities Research team in October 2015 and is currently responsible for covering the conglomerates, and consumer, healthcare and logistics sectors. Prior to joining Asia Securities, she was Senior Associate Vice President at Moody’s Analytics Knowledge Services (formerly known as Amba Research Lanka). 

Mangalee Goonetilleke
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Latest from Mangalee Goonetilleke

Distilleries Company of Sri Lanka: Margin expansion to hold up low volume growth

We revise our target price to LKR 22.00/share (previously LKR 17.00/share). Including a dividend of LKR 0.60/share in FY21E, we derive a total return of +21.5%. We revise our rating to a BUY from a HOLD. Post-lockdown, volumes did see a pickup but re...
Asia Securities Mangalee
Mangalee Goonetilleke @ Asia Securities 22 September 2020

Melstacorp: Recovery of Leisure at SPEN remains a key catalyst

Given the volatile market conditions, we shift our valuation to a DCF (WACC of 19.4%). Given the impact on earnings, we do not expect MELS to pay a dividend in FY21E at this point. As such, we estimate a total return of +14.0%. Looking forward, while...
Asia Securities Mangalee
Mangalee Goonetilleke @ Asia Securities 22 September 2020

Asiri Hospitals Holdings: Occupancies recover; earnings to stabilise in 2H

Group topline declined by 22.3% YoY with average group occupancies at 30.0% vs 47.0% in 1Q FY20 and 44.0% in 4Q FY20. Despite the lockdown, all hospitals across the group remained operational. Post-lockdown, June saw a quick traction in bot...
Asia Securities Mangalee
Mangalee Goonetilleke @ Asia Securities 7 September 2020

Ceylon Tobacco: A slow pace for demand recovery in CY 20e

We maintain our target price at LKR 900/share and including a dividend of LKR 69.00/share, we derive a total shareholder return of -0.1%. Due to the impact on income levels, we believe demand for CTC products will see a slow recovery for the remainde...
Asia Securities Mangalee
Mangalee Goonetilleke @ Asia Securities 27 August 2020

Nestle Lanka: Cost cuts aid 2Q; demand gradually recovering

Topline was down 2.2% YoY as the lockdown impacted sales during a key selling season. In addition, there was slow demand from restaurants for products such as Nescafe with consumers being cautious of dining out. Beyond this, we believe any steps take...
Asia Securities Mangalee
Mangalee Goonetilleke @ Asia Securities 27 August 2020

Lion Brewery Ceylon: Local demand recovering faster; stronger pickup in 3Q

1Q FY21 revenues were down 45.1% YoY with the government implementing a ban on alcohol sales throughout the lockdown period. While domestic volumes have picked up, we remain cautious of the income impact from the lockdown. We expect to see a more rob...
Asia Securities Mangalee
Mangalee Goonetilleke @ Asia Securities 27 August 2020

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