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.

We recently took a deep dive into Sri Lanka's debt restructuring on NDB Securities’ Rational Investor Podcast. Topics include lessons from past restructurings, the debate on including domestic debt, and other key challenges. We provide the full trans...

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.

2023 budget affirms prior consolidation plans: Primary balance from -4% of GDP in '22 to -0.7% in '23 and +2.3% in '25. Revenue projected to rise 64% yoy in 2023 (+34% real) on new tax measures, which will be incredibly difficult to achieve. Also out...

Government tax proposals to support IMF discussions; negative impact on consumer spending power. Mobility levels remain steady during the month; Manufacturing, Services PMIs show mixed results. Inverted yield curve indicates higher short-term risk; y...

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.