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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

Sri Lanka's debt restructuring explained

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...
Tellimer Research Patrick
Patrick Curran @ Tellimer Research 23 November 2022
Sri Lanka's debt restructuring explained
Sri Lanka's debt restructuring explained

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

Sri Lanka's budget says all the right things but stretches credulity

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...
Tellimer Research Patrick
Patrick Curran @ Tellimer Research 16 November 2022
Sri Lanka's budget says all the right things but stretches credulity
Sri Lanka's budget says all the right things but stretches credulity

Sri Lanka: Macro Roundup - October 2022

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...
Asia Securities Lakshini
Lakshini Fernando @ Asia Securities 31 October 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