Naveed Majeed

Asia Securities

Analyst @ Asia Securities

Naveed Majeed is currently Vice President – Research at Asia Securities, covering the construction, energy, manufacturing and textile sectors. He joined the team in April 2017. Prior to this, he worked for the Projects and Transitions team at Moody’s Analytics’ Knowledge Services (formerly known as Amba Research Lanka) in the capacity of a Lead Financial Analyst. 

Naveed Majeed
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Latest articles from Naveed Majeed
Flash Report / Global

Sri Lanka: Macro & Equity Update - Rate Cap Removed; Equities To Remain Favoured

Yield cap removal key corrective policy move; we forecast 1-yr yields at approx. 7.50% by year end. Yields have gradually increased but, issuances have gone under-subscribed. Low real interest rates to continue to favour equities in the near to mediu...
Asia Securities Lakshini
Lakshini Fernando @ Asia Securities 21 September 2021
Flash Report / Global

Sri Lanka: Import controls positive/neutral for listed corporates

The Central Bank (CB) imposed fresh restrictions on imports at the last monetary Board meeting held earlier this week. As such, the CB imposed a 100% non-interest bearing cash margin deposit for over 600 import product categories under “non-essential...
Asia Securities Lakshini
Lakshini Fernando @ Asia Securities 13 September 2021

Asiri Hospitals Holdings: 1Q FY22 - New revenue streams to support growth in FY22E

We maintain our target price of LKR 37.00/share based on a DCF valuation (13.9% WACC). For FY22E, we expect COVID-19 services to sustain topline supported by a recovery in demand for non-urgent surgeries. Revenues surpassed their previous quarter hig...
Asia Securities Naveed
Naveed Majeed @ Asia Securities 3 September 2021

John Keells Holdings: An ecosystem transformation unlocking unrealized value

We assign a BUY rating on JKH with an FY-22E TP of LKR 220.00 (upside of 69.2% and TSR of 71.5%). Several of the company’s core businesses enjoy long-term market leadership positions, and are well positioned to benefit from long-term growth in the mo...
Asia Securities Naveed
Naveed Majeed @ Asia Securities 1 September 2021

Lion Brewery Ceylon: 1Q FY22 - Valuations attractive; however, likely taxes a threat

We value LION at a revised TP of LKR 655/share (-6.4% to old; +19.1% upside, +20.4% TSR). Revenues came in at LKR 10.6bn, down 28.5% QoQ (+63.5% YoY) as travel restrictions resulted in the closure of liquor outlets for an extended period. Looking ahe...
Asia Securities Naveed
Naveed Majeed @ Asia Securities 26 August 2021

Distilleries Company of Sri Lanka: 1Q FY22 - FY22E to remain challenging amidst lower demand

We downgrade DIST to a HOLD with a revised target price of LKR 20.00/share (-23.1% to old; +7.5% upside). Looking ahead, we expect FY22E to remain challenging as 1) lower incomes lead to reduced consumption of legal spirits and 2) demand from the HOR...
Asia Securities Naveed
Naveed Majeed @ Asia Securities 24 August 2021

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