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Latest articles in Sri Lanka

Sri Lanka: Downgrade 24s to Sell as outlook deteriorates

In recent weeks, we have written that Sri Lanka’s external and fiscal balances have been building to unsustainable levels (see here and here, as well as related reading). However, as we have previously highlighted, it is unclear if all these flows wi...
Tellimer Research Patrick
Patrick Curran @ Tellimer Research 15 July 2021
Sri Lanka: Downgrade 24s to Sell as outlook deteriorates
Sri Lanka: Downgrade 24s to Sell as outlook deteriorates

Sri Lanka: Mid-year budget report points to further slippage

The Sri Lankan Ministry of Finance released its Mid-Year Fiscal Position Report 2021 yesterday. Sri Lanka’s overly optimistic revenue projections are largely to blame. However, the composition has deteriorated with recurrent spending rising 9% yoy (-...
Tellimer Research Patrick
Patrick Curran @ Tellimer Research 1 July 2021
Sri Lanka: Mid-year budget report points to further slippage
Sri Lanka: Mid-year budget report points to further slippage

Sri Lanka's expansionary policy is creating major imbalances

Sri Lankan eurobonds have had a difficult week, dropping c3.5-5.3pts across the curve (excluding the 21s) so far this week at the time of writing and c5-7.1pts over the past two weeks (with the 23s and 24s hardest hit, and less so as you move further...
Tellimer Research Patrick
Patrick Curran @ Tellimer Research 24 June 2021
Sri Lanka's expansionary policy is creating major imbalances
Sri Lanka's expansionary policy is creating major imbalances

Tourism's recovery potential is shown by Iceland

I can attest to the unpleasant experience of spending 11 nights in a UK government quarantine hotel. It remains to be seen whether there is a similar spike in infections as seen in Dubai (which subsequently moderated). Over 10% of GDP: Barbados, Croa...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 21 June 2021
Tourism's recovery potential is shown by Iceland
Tourism's recovery potential is shown by Iceland

Cargills (Ceylon): 4Q FY21 - 1Q FY22E a blip; poised for recovery in FY22E

We maintain our sum-of-the-parts (SOTP) valuation-based target price at LKR 325/share. Revenues came in at LKR 30.0bn for the quarter, down 2.2% QoQ (+6.6% YoY). Looking ahead, we expect strong revenue growth in FY22E supported by 1) a normalising co...
Asia Securities Naveed
Naveed Majeed @ Asia Securities 16 June 2021

Hemas Holdings: 4Q FY21 - Poised to deliver in FY22E; Atlas recovery will be key

We maintain our sum-of-the-parts (SOTP) valuation-based target price for HHL at LKR 140.00/share. In FY22E, we expect the local pharma distribution and FMCG business to drive earnings, albeit with some impact on margins due to FX depreciation. Segmen...
Asia Securities Naveed
Naveed Majeed @ Asia Securities 14 June 2021