Research Reports

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Daily Market Focus - 28 November 2016

The  all  share  price  index  dipped  13.25  points  to  close  at 6,238.87 (-0.21), the S&P SL20 dipped 16.68 points to close at 3,459.86 (-0.48%).

The turnover for the day amounted to LKR 386.3 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 9.3 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 24 November 2016

The all share price index gained 10.60 points to close at 6,253.28 (+0.17%), the S&P SL20 gained 10.48 points to close at 3,478.53 (+0.30%).

The turnover for the day amounted to LKR 517.0 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 12.2 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 23 November 2016

The all share price index dipped 13.30 points to close at 6,242.68 (-0.21), the S&P SL20 dipped 5.60 points to close at 3,468.05 (-0.16%).

The turnover for the day amounted to LKR 284.9 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 10.6 mn vs the 12 month daily average volume of 32.75 mn.

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TKS Weekly Update- 18 November 2016

The bourse closed the week on a negative note with the All Share Price Index losing 89.48 points to close at 6,326.11 (-1.39% WoW) and the S&P SL20 losing 74.99 points to close at 3514.98 (-2.01% WoW). The total turnover and volume for the week amounted to LKR 1,505.6 mn and 66.0 mn respectively.

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Daily Market Focus - 22 November 2016

The all share price index dipped 19.28 points to close at 6,255.98 (-0.31), the S&P SL20 dipped 12.65 points to close at 3,473.65 (-0.36%).

The turnover for the day amounted to LKR 648.9 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 16.6 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 21 November 2016

The all share price index dipped 50.85 points to close at 6,275.26 (-0.80), the S&P SL20 dipped 28.68 points to close at 3,486.30 (-0.82%).

The turnover for the day amounted to LKR 395.6 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 12.3 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 18 November 2016

The all share price index dipped 18.17 points to close at 6,326.11 (-0.29), the S&P SL20 dipped 12.12 points to close at 3,514.98 (-0.34%).

The turnover for the day amounted to LKR 272.7 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 13.6 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 17 November 2016

The all share price index dipped 4.75 points to close at 6,344.28 (-0.07), the S&P SL20 dipped 4.82 points to close at 3,527.10 (-0.14%).

The turnover for the day amounted to LKR 248.5 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 6.9 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 16 November 2016

The all share price index dipped 57.13 points to close at 6,349.03 (-0.89), the S&P SL20 dipped 51.87 points to close at 3,531.92 (-1.45%).

The turnover for the day amounted to LKR 514.1 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 39.3 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 15 November 2016

The all share price index dipped 9.43 points to close at 6,406.16 (-0.15), the S&P SL20 dipped 11.21 points to close at3,578.76 (-0.31%).

The turnover for the day amounted to LKR 470.3 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 6.2 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 11 November 2016

The all share price index dipped 5.19 points to close at 6,415.59 (-0.08), the S&P SL20 dipped 3.68 points to close at3,589.97 (-0.10%).

The turnover for the day amounted to LKR 112.4 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 3.9 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 03 November 2016

The all share price index gained 13.05 points to close at 6,442.09 (+0.20), the S&P SL20 gained 11.67 points to close at 3,61.40 (+0.32%).

The turnover for the day amounted to LKR 217.7 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 9.0 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 02 November 2016

The all share price index gained 28.87 points to close at 6,429.04 (+0.45), the S&P SL20 gained 27.86 points to close at 3,598.73 (+0.78%).

The turnover for the day amounted to LKR 605.9 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 8.7 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 01 November 2016

The all share price index dipped 9.06 points to close at 6,400.17 (-0.14), the S&P SL20 gained 14.91 points to close at 3,574.83 (+0.42%).

The turnover for the day amounted to LKR 321.3 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 7.3 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 31 October 2016

The all share price index dipped 15.62 points to close at 6,409.23 (-0.24), the S&P SL20 dipped 12.44 points to close at 3,559.92 (-0.35%).

The turnover for the day amounted to LKR 142.4 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 18.0 mn vs the 12 month daily average volume of 32.75 mn.

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TKS Weekly Update- 28 Octomer 2016

The bourse closed the week on a negative note with the All Share Price Index losing 22.68 points to close at 6,424.85 (-0.35% WoW) and the S&P SL20 losing 22.24 points to close at 3572.36 (-0.62% WoW). The total turnover and volume for the week amounted to LKR 1,242.1 mn and 54.9 mn respectively.

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Daily Market Focus - 28 October 2016

The all share price index dipped 13.65 points to close at 6,424.85 (-0.21), the S&P SL20 dipped 11.70 points to close at 3,572.36 (-0.33%).

The turnover for the day amounted to LKR 288.8 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 10.8 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 27 October 2016

The all share price index gained 3.61 points to close at 6,438.50 (+0.06), the S&P SL20 dipped 1.76 points to close at 3,584.06 (-0.05%).

The turnover for the day amounted to LKR 204.7 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 8.76 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 26 October 2016

The all share price index dipped 2.08 points to close at 6,434.89 (-0.03), the S&P SL20 dipped 1.65 points to close at 3,585.82 (-0.05%).

The turnover for the day amounted to LKR 311.6 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 10.4 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 25 October 2016

The all share price index gained 18.63 points to close at 6,436.97 (+0.29), the S&P SL20 gained 0.51 points to close at 3,587.47 (+0.01%).

The turnover for the day amounted to LKR 135.9 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 14.0 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 24 October 2016

The all share price index dipped 24.19 points to close at 6,423.34 (-0.38), the S&P SL20 dipped 7.63 points to close at 3,586.96 (-0.21%).

The turnover for the day amounted to LKR 302.3 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 10.9 mn vs the 12 month daily average volume of 32.75 mn.

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TKS Weekly Update- 21 October 2016

The bourse closed the week on a negative note with the All Share Price Index losing 35.01 points to close at 6,447.53 (-0.54% WoW) and the S&P SL20 losing 20.53 points to close at 3594.59 (-0.57% WoW). The total turnover and volume for the week amounted to LKR 2,680.6 mn and 173.4 mn respectively.

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Daily Market Focus - 20 October 2016

The all share price index dipped 2.03 points to close at 6,442.36 (-0.03), the S&P SL20 dipped 3.88 points to close at3,593.17 (-0.11%).

The turnover for the day amounted to LKR 365.0 mn vs the 12 month daily average turnover of LKR 770.43 mn, the volume traded for the day amounted to 9.43 mn vs the 12 month daily average volume of 32.75 mn.

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Daily Market Focus - 19 October 2016

The all share price index gained 16.49 points to close at 6,459.36 (+0.26), the S&P SL20 gained 9.41 points to close at 3,601.15 (+0.26%).

The turnover for the day amounted to LKR 246.6 mn vs the 12 month daily average turnover of LKR 800.0 mn, the volume traded for the day amounted to 9.62 mn vs the 12 month daily average volume of 33.5 mn.

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Daily Market Focus - 11 October 2016

The all share price index dipped 24.22 points to close at 6,538.28 (-0.37), the S&P SL20 dipped 11.14 points to close at 3,650.09 (-0.30%).

The turnover for the day amounted to LKR 603.8 mn vs the 12 month daily average turnover of LKR 800.0 mn, the volume traded for the day amounted to 17.0 mn vs the 12 month daily average volume of 33.5 mn.

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Daily Market Focus - 10 October 2016

The all share price index dipped 19.84 points to close at 6,562.34 (-0.30), the S&P SL20 dipped 3.25 points to close at 3,661.23 (-0.09%).

The turnover for the day amounted to LKR 336.4 mn vs the 12 month daily average turnover of LKR 800.0 mn, the volume traded for the day amounted to 22.0 mn vs the 12 month daily average volume of 33.5 mn.

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Daily Market Focus - 07 October 2016

The all share price index gained 15.38 points to close at 6,582.34 (+0.23), the S&P SL20 gained 18.35 points to close at 3,664.48 (+0.50%).

The turnover for the day amounted to LKR 387.8 mn vs the 12 month daily average turnover of LKR 800.0 mn, the volume traded for the day amounted to 14.0 mn vs the 12 month daily average volume of 33.5 mn.

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Daily Market Focus - 06 October 2016

The all share price index dipped 12.82 points to close at 6,566.96 (-0.19), the S&P SL20 gained 2.55 points to close at 3,646.13 (+0.07%).

The turnover for the day amounted to LKR 469.0 mn vs the 12 month daily average turnover of LKR 800.0 mn, the volume traded for the day amounted to 17.0 mn vs the 12 month daily average volume of 33.5 mn.

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Daily Market Focus - 05 October 2016

The all share price index lost 11.63 points to close at 6,579.78(-0.18), the S&P SL20 gained 1.64 points to close at 3,643.58 (+0.05%).

The turnover for the day amounted to LKR 503.3 mn vs the 12 month daily average turnover of LKR 800.0 mn, the volume traded for the day amounted to 43.5 mn vs the 12 month daily average volume of 33.5 mn.

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Daily Market Focus - 04 October 2016

The all share price index gained 17.02 points to close at 6,591.41 (+0.26), the S&P SL20 gained 10.66 points to close at 3,641.94 (-0.29%).

The turnover for the day amounted to LKR 622.0 mn vs the 12 month daily average turnover of LKR 800.0 mn, the volume traded for the day amounted to 42.2 mn vs the 12 month daily average volume of 33.5 mn.

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Daily Market Focus - 03 October 2016

The all share price index gained 39.62 points to close at 6,574.39 (+0.61), the S&P SL20 gained 35.28 points to close at 3,652.60 (+0.98%).

The turnover for the day amounted to LKR 1,315.4 mn vs the 12 month daily average turnover of LKR 800.0 mn, the volume traded for the day amounted to 38.0 mn vs the 12 month daily average volume of 33.5 mn.

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TKS Weekly Update- 30 September 2016

The bourse closed the week on a positive note with the All Share Price Index gaining 55.56 points to close at 6,534.77 (+0.86% WoW) and the S&P SL20 gaining 29.97 points to close at 3617.32 (+0.84% WoW). The total turnover and volume for the week amounted to LKR 4,356.1 mn and 208.0 mn respectively.

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Daily Market Focus - 29 September 2016

The all share price index gained 15.98 points to close at 6,528.30 (+0.25), the S&P SL20 gained 8.42 points to close at 3,622.93 (+0.23%).

The turnover for the day amounted to LKR 479.4 mn vs the 12 month daily average turnover of LKR 800.0 mn, the volume traded for the day amounted to 25.9 mn vs the 12 month daily average volume of 33.5 mn.

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Daily Market Focus - 28 September 2016

The all share price index gained 29.03 points to close at 6,512.32 (+0.45), the S&P SL20 gained 25.81 points to close at 3,614.51 (+0.72%).

The turnover for the day amounted to LKR 1,045.0 mn vs the 12 month daily average turnover of LKR 793.2 mn, the volume traded for the day amounted to 24.9 mn vs the 12 month daily average volume of 32.72 mn.

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Daily Market Focus - 27 September 2016

The all share price index gained 4.35 points to close at 6,483.29 (+0.07), the S&P SL20 dipped 0.47 points to close at 3,588.70 (-0.01%).

The turnover for the day amounted to LKR 896.4 mn vs the 12 month daily average turnover of LKR 793.2 mn, the volume traded for the day amounted to 47.3 mn vs the 12 month daily average volume of 32.72 mn.

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Daily Market Focus - 26 September 2016

The all share price index dipped 0.27 points to close at 6,478.94 (-0.00), the S&P SL20 gained 1.82 points to close at 3,589.17 (+0.05%).

The turnover for the day amounted to LKR 615.0 mn vs the 12 month daily average turnover of LKR 793.2 mn, the volume traded for the day amounted to 40.0 mn vs the 12 month daily average volume of 32.72 mn.

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TKS Weekly Update- 23 September 2016

The bourse closed the week on a positive note with the All Share Price Index gaining 6.74 points to close at 6,479.21 (+0.10% WoW) and the S&P SL20 gaining 9.4 points to close at 3587.35 (+0.26% WoW). The total Turnover and volume for the week amounted to LKR 5,199.2 mn and 239.4 mn respectively.

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Daily Market Focus - 23 September 2016

The all share price index gained 14.27 points to close at 6,479.21 (+0.22), the S&P SL20 gained 6.14 points to close at 3,587.35 (+0.23%).

The turnover for the day amounted to LKR 886.3 mn vs the 12 month daily average turnover of LKR 793.2 mn, the volume traded for the day amounted to 79.1 mn vs the 12 month daily average volume of 32.72 mn.

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Daily Market Focus - 22 September 2016

The all share price index gained 13.33 points to close at 6,464.94 (+0.21, the S&P SL20 gained 13.33 points to close at 3,579.21 (+0.37%).

The turnover for the day amounted to LKR 2,094.1 mn vs the12 month daily average turnover of LKR 793.2 mn, the volume traded for the day amounted to 41.8 mn vs the 12 month daily average volume of 32.72 mn.

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Daily Market Focus - 21 September 2016

The all share price index gained 21.67 points to close at 6,451.61 (+0.34), the S&P SL20 gained 19.77 points to close at 3,571.80 (+0.56%).

The turnover for the day amounted to LKR 1,432.9 mn vs the 12 month daily average turnover of LKR 793.2 mn, the volume traded for the day amounted to 34.2 mn vs the 12 month daily average volume of 32.72 mn.

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Daily Market Focus - 20 September 2016

The all share price index dipped 20.50 points to close at 6,429.94 (-0.32), the S&P SL20 dipped 10.97 points to close at 3,552.03 (-0.31%).

The turnover for the day amounted to LKR 458.7 mn vs the 12 month daily average turnover of LKR 793.2 mn, the volume traded for the day amounted to 34.2 mn vs the 12 month daily average volume of32.72 mn. 

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Daily Market Focus - 19 September 2016

The all share price index dipped 22.03 points to close at 6,450.44 (-0.34), the S&P SL20 dipped 14.95 points to close at 3,563.00 (-0.42%).  

The turnover for the day amounted to LKR 328.5 mn vs the 12 month daily average turnover of LKR 793.2 mn, the volume traded for the day amounted to 50.2 mn vs the 12 month daily average volume of 32.72 mn.  

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Daily Market Focus - 15 September 2016

The all share price index dipped 20.27 points to close at 6,472.47 (-0.31), the S&P SL20 dipped .38 points to close at 3,577.95 (-0.13%).  

The turnover for the day amounted to LKR 301.5 mn vs the 12 month daily average turnover of LKR 790.2 mn, the volume traded for the day amounted to 23.7 mn vs the 12 month daily average volume of 32.72 mn.  

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Sri Lankan Tourism Industry; In Perspective

Growing tourist arrivals by 1.5 folds within 4 years is a tough ask requiring a near 26% CAGR, 2013e-16e, but given a cohesive effort it is achievable. Accolades received by Lonely Planet as number 1 destination in the world to visit in 2013 and rated as 1 of the 6 best places to visit in 2012 by National Geographic are additional boasts to growing tourism.
 
Country’s tourist arrivals have remained stagnant for 3 decades at 400,000-450,000 during 1982 to 2009 owing to the terrorist conflict has now grown to 1 mn arrivals in 2012 (CAGR of 23%). Moreover the government’s next target is the optimistic 2.5 mn tourist arrivals by 2016. However we believe given the current status-quo Sri Lanka would fall short by c. 800k and record tourist arrivals of 1.7 mn by 2016. Still the industry’s CAGR is encouraging at 14.2%, given this growth is expected from incremental increases rather than stepped growth from new avenues such as casino’s which is only expected to come in line in 2017e. However with global tourism growing by 5% (WTO) during 1H2013, achieving double that is good albeit Sri Lanka needs to capture steeper growth.
 
Nevertheless earnings from tourism has not yielded high where daily earnings per tourist currently stands at USD105 as per Central Bank of Sri Lanka data in contrast to countries such as Maldives which attracted daily earnings of USD285 per tourist in 2011. Therefore the leisure industry in total contributes mere a 2.0% to the national GDP at present and even if tourist arrivals number reaches the target of 2.5 mn by 2016 the industry would only account for c.3.8% GDP given the economy grows at a real rate of 7% in 2013e-16e.
 
However in the time being the industry needs to attempt to augment arrival numbers and the average spend per tourist. Focus could be to concentrate on the share of wallet and market the country as a Value For Money (VFM) destination without falling into either extremes of becoming a cheap or expensive holiday destination.
 
Currently the bulk of the 1 mn tourist arrivals consist of the two traditional markets, Western Europe and Eastern Europe in addition to other growing markets such as Asia and Middle East. The European inbound travellers are an established market and given the SL Rupee weakened, Sri Lanka is an economically viable holiday destination although negative travel advisories issued by the Western governments adversely affect this segment. Hence more effort need to be taken to revive the European markets rather than allocating larger share of resources on developing new markets.
 
However many challenges are faced which need to be overcome in reaching government’s 2.5 mn target such as being an expensive destination, limitations in becoming a key shopping destination, void in internationally accredited 2-3 star budget accommodation and the large number of fragmented hotel developments which cannibalizes the industry. There is no over-supply in hotel room though an industry shake-out is possible given the unsustainable higher room rates and cost structures.
 
Nevertheless the private sector continues to be resilient investing in the industry citing the automatic growth potential of a 10% arrivals growth CAGR during the next 5-10 years which could be bolstered to a 18% arrivals CAGR during the next decade if cohesive efforts are taken to overcome the challenges.
 
- TKS Research & Advisory

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