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 from Naveed Majeed

Ceylon Cold Stores: 2Q FY23 - Higher demand and lower costs to support 2H results

Normalising footfall offset by improving volumes, supporting Retail revenues. Price growth to taper down; volumes to drive Manufacturing revenues in 2H. Lower cost base and higher prices to support margin expansion in 2H.
Asia Securities Naveed
Naveed Majeed @ Asia Securities 5 December 2022

Nestle Lanka: 3Q CY22 - Poised to benefit from a recovery in consumption

Price increases to ease; volume recovery to drive revenues in CY23E. EBIT margins to remain above historic levels as opex normalises in CY23E. Higher interest costs in CY23E partly offset by increased interest income.
Asia Securities Naveed
Naveed Majeed @ Asia Securities 18 November 2022
Flash Report / Sri Lanka

Sri Lanka: Tax Proposals – October 2022

Revenue base expanded; expenditure proposals remain a key priority. Personal income tax changes further widen tax net and burden on higher income earners. Corporate tax revisions and affected counters; export counters to see least impact.
Asia Securities Naveed
Naveed Majeed @ Asia Securities 12 October 2022

Asiri Hospitals Holdings: 1Q FY23 - Demand to recover in 2H; bottom line to face pressure

Price increases support inpatient revenues; volume recovery in 2H. Margins decline in 1Q; we expect an improvement in 2H FY23E. We use a 3-stage DCF and arrive at a fair value of LKR 30.00/share. HOLD.
Asia Securities Naveed
Naveed Majeed @ Asia Securities 30 September 2022

Ceylon Tobacco: 2Q CY22 - Lower end products to mitigate volume impact in 2H

Volumes up QoQ in 2Q; price increases to offset volume pressure in 2H. EBIT margins to improve significantly in 2H as FX impact stabilises. We use a 3-stage DCF model and arrive at a fair value of LKR 860.00/share.
Asia Securities Naveed
Naveed Majeed @ Asia Securities 27 September 2022

Lion Brewery Ceylon: 1Q FY23 - Strong market position to ease near-term headwinds

Price increases offset volume loss in 1Q; poised for a recovery in 2H FY23E. Near-term margin pressure to be offset by improving volumes in 2H. We use a 3-stage DCF model and arrive at a fair value of LKR 750.00/share.
Asia Securities Naveed
Naveed Majeed @ Asia Securities 22 September 2022

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