Reported Earnings • May 15
First quarter 2026 earnings released: EPS: LK₨10.73 (vs LK₨8.99 in 1Q 2025) First quarter 2026 results: EPS: LK₨10.73 (up from LK₨8.99 in 1Q 2025). Revenue: LK₨47.7b (up 21% from 1Q 2025). Net income: LK₨17.7b (up 20% from 1Q 2025). Profit margin: 37% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 22
Price target increased by 10% to LK₨251 Up from LK₨227, the current price target is provided by 1 analyst. New target price is 20% above last closing price of LK₨209. Stock is up 55% over the past year. The company is forecast to post earnings per share of LK₨40.53 for next year compared to LK₨36.52 last year. Upcoming Dividend • Mar 26
Upcoming dividend of LK₨8.00 per share Eligible shareholders must have bought the stock before 02 April 2026. Payment date: 24 April 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Sri Lankan dividend payers (4.5%). In line with average of industry peers (3.8%). Declared Dividend • Mar 01
Dividend of LK₨8.00 announced Shareholders will receive a dividend of LK₨8.00. Ex-date: 2nd April 2026 Payment date: 24th April 2026 Dividend yield will be 3.6%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (12% payout ratio) and is expected to be well covered in 3 years' time (35% forecast payout ratio). The dividend has increased by an average of 4.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 2.7% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 27
Commercial Bank of Ceylon PLC announces Annual dividend, payable on April 24, 2026 Commercial Bank of Ceylon PLC announced Annual dividend of LKR 8.0000 per share payable on April 24, 2026, ex-date on April 02, 2026 and record date on April 06, 2026. Announcement • Oct 02
Commercial Bank of Ceylon PLC, Annual General Meeting, Mar 31, 2026 Commercial Bank of Ceylon PLC, Annual General Meeting, Mar 31, 2026, at 14:30 Sri Lanka Standard Time. Price Target Changed • Sep 23
Price target increased by 15% to LK₨223 Up from LK₨194, the current price target is an average from 3 analysts. New target price is 16% above last closing price of LK₨193. Stock is up 107% over the past year. The company is forecast to post earnings per share of LK₨30.45 for next year compared to LK₨38.00 last year. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to LK₨123, the stock trades at a trailing P/E ratio of 3.6x. Average forward P/E is 8x in the Banks industry in Sri Lanka. Total returns to shareholders of 166% over the past three years. Upcoming Dividend • Mar 25
Upcoming dividend of LK₨7.50 per share Eligible shareholders must have bought the stock before 01 April 2025. Payment date: 23 April 2025. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Sri Lankan dividend payers (5.8%). Lower than average of industry peers (4.4%). Declared Dividend • Mar 07
Dividend of LK₨7.50 announced Shareholders will receive a dividend of LK₨7.50. Ex-date: 1st April 2025 Payment date: 23rd April 2025 Dividend yield will be 5.3%, which is higher than the industry average of 4.8%. Sustainability & Growth The dividend has increased by an average of 7.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: LK₨34.20 (vs LK₨15.78 in FY 2023) Full year 2024 results: EPS: LK₨34.20 (up from LK₨15.78 in FY 2023). Revenue: LK₨214.5b (up 158% from FY 2023). Net income: LK₨55.1b (up 161% from FY 2023). Profit margin: 26% (in line with FY 2023). Net interest margin (NIM): 4.27% (up from 3.32% in FY 2023). Cost-to-income ratio: 33.9% (down from 36.1% in FY 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 10
Price target increased by 11% to LK₨164 Up from LK₨148, the current price target is an average from 2 analysts. New target price is 19% above last closing price of LK₨139. Stock is up 54% over the past year. The company is forecast to post earnings per share of LK₨22.40 for next year compared to LK₨15.78 last year. New Risk • Nov 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (20% increase in shares outstanding). Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: LK₨9.12 (vs LK₨4.66 in 3Q 2023) Third quarter 2024 results: EPS: LK₨9.12 (up from LK₨4.66 in 3Q 2023). Revenue: LK₨37.5b (up 60% from 3Q 2023). Net income: LK₨12.5b (up 101% from 3Q 2023). Profit margin: 33% (up from 27% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 06
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Pathiranage Yohan Perera was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 31
Commercial Bank of Ceylon PLC, Annual General Meeting, Jun 28, 2025 Commercial Bank of Ceylon PLC, Annual General Meeting, Jun 28, 2025, at 14:30 Sri Lanka Standard Time. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to LK₨99.60, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Banks industry in Asia. Total returns to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at LK₨57.19 per share. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: LK₨5.92 (vs LK₨2.81 in 2Q 2023) Second quarter 2024 results: EPS: LK₨5.92 (up from LK₨2.81 in 2Q 2023). Revenue: LK₨26.7b (up 42% from 2Q 2023). Net income: LK₨7.93b (up 111% from 2Q 2023). Profit margin: 30% (up from 20% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 7% per year. Price Target Changed • Jul 03
Price target increased by 24% to LK₨132 Up from LK₨107, the current price target is an average from 2 analysts. New target price is 27% above last closing price of LK₨104. Stock is up 30% over the past year. The company is forecast to post earnings per share of LK₨22.40 for next year compared to LK₨15.78 last year. Price Target Changed • Jun 27
Price target increased by 11% to LK₨113 Up from LK₨102, the current price target is an average from 3 analysts. New target price is 6.9% above last closing price of LK₨106. Stock is up 59% over the past year. The company is forecast to post earnings per share of LK₨22.40 for next year compared to LK₨15.78 last year. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: LK₨7.94 (vs LK₨2.98 in 1Q 2023) First quarter 2024 results: EPS: LK₨7.94 (up from LK₨2.98 in 1Q 2023). Revenue: LK₨31.5b (up 70% from 1Q 2023). Net income: LK₨10.6b (up 152% from 1Q 2023). Profit margin: 34% (up from 23% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Board Change • May 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman of the Board Muhseen Moharned Mohamecl was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 18
Commercial Bank of Ceylon plc Announces Board Changes, Effective April 22, 2024 Commercial Bank of Ceylon PLC has announced the appointment of top international investment banker Sharhan Muhseen as Chairman, and financial services professional Raja Senanayake as Deputy Chairman, effective April 22, 2024. Muhseen, previously Deputy Chairman of the Bank, succeeds Prof. Ananda Jayawardane as Chairman upon the latter's retirement and Senanayake, a non-executive director, fills the vacancy created by Muhseen's elevation to the position of Chairman of the Bank. Sharhan Muhseen is a senior Investment Banker with extensive experience in, the areas of Mergers and Acquisitions, Corporate Finance and Capital Markets. He has served in senior capacities working with company boards and senior leadership teams of financial institutions across Asia to help drive their Strategic Corporate Agendas and Roadmaps. He previously worked in best-in-class global investment banks, Credit Suisse, Bank of America Merrill Lynch and JPMorgan in leading regional coverage roles. He was also an Associate Director of Deloitte. Muhseen's most immediate previous role was as Managing Director, Head of South East Asia Financial Institutions Group (FIG) and Head of Asia Insurance at Credit Suisse based in Singapore. In his Investment Banking career spanning over 20 years, Muhseen has completed landmark mergers and capital raising transactions in excess of USD 100 billion. Muhseen is credited with several leading research reported including reported on Banking sector efficiency, currency depreciation and budget deficit in his role as Head of Sri Lanka Banking Sector Research Coverage and Lead Economist at Jardine Flemming. He has also worked at Standard Chartered Bank in the Corporate Banking Division, where he started out as a Management Trainee and at Rodman and Renshaw Stock and Commodities Broker based inChicago. He has also acted as senior advisor for TPG and BNP Paribas. He has experience at the policy level, working as a Team Leader at the National Council for Economic Development (NCED) under the Ministry of Finance as well as a Director at the Task Force to Rebuild the Nation (TAFREN), the Presidential Task Force for rebuilding the economy after the 2004 Tsunami. Muhseen holds a Masters in Economics from the University of Colombo and a Bachelor of Business Administration (Hons) from Western Michigan University. He has completed the Corporate Finance training program with JPMorgan in New York and board leadership training from the Singapore Management University. An independent on-executive director of Commercial Bank since September 2020, Raja Senanayake is a Fellow Member of CA Sri Lanka with over 30 years of post-qualifying experience and holds a B.Com (Special) degree from the University of Sri Jayewardenepura and a Postgraduate Diploma in Business Management from the PIM of the University of Sri Jayewardenepura. Senanayake currently serves as the Chairman of Senkadagala Finance PLC, where he has been an independent/non-executive Director since April 2017. He is a Director of Virtual Capital Technologies (Pvt) Ltd., a software development company that caters to the New Zealand and the Australian markets, since August 2017. Upcoming Dividend • Mar 25
Upcoming dividend of LK₨4.50 per share Eligible shareholders must have bought the stock before 01 April 2024. Payment date: 24 April 2024. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of Sri Lankan dividend payers (8.3%). In line with average of industry peers (4.4%). Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: LK₨16.07 (vs LK₨18.14 in FY 2022) Full year 2023 results: EPS: LK₨16.07 (down from LK₨18.14 in FY 2022). Revenue: LK₨83.2b (up 28% from FY 2022). Net income: LK₨21.1b (down 11% from FY 2022). Profit margin: 25% (down from 37% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: LK₨4.75 (vs LK₨4.65 in 3Q 2022) Third quarter 2023 results: EPS: LK₨4.75 (up from LK₨4.65 in 3Q 2022). Revenue: LK₨23.4b (up 33% from 3Q 2022). Net income: LK₨6.23b (up 2.3% from 3Q 2022). Profit margin: 27% (down from 35% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. Announcement • Oct 05
Commercial Bank of Ceylon PLC, Annual General Meeting, Mar 28, 2024 Commercial Bank of Ceylon PLC, Annual General Meeting, Mar 28, 2024, at 14:30 Sri Lanka Standard Time. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: LK₨2.86 (vs LK₨2.09 loss in 2Q 2022) Second quarter 2023 results: EPS: LK₨2.86 (up from LK₨2.09 loss in 2Q 2022). Revenue: LK₨18.8b (up 228% from 2Q 2022). Net income: LK₨3.75b (up LK₨6.49b from 2Q 2022). Profit margin: 20% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 09
Price target increased by 46% to LK₨98.50 Up from LK₨67.29, the current price target is provided by 1 analyst. New target price is 5.3% below last closing price of LK₨104. Stock is up 102% over the past year. The company is forecast to post earnings per share of LK₨17.57 for next year compared to LK₨18.14 last year. New Risk • Jul 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Sri Lankan stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (206% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to LK₨81.10, the stock trades at a trailing P/E ratio of 6.5x. Average forward P/E is 8x in the Banks industry in Sri Lanka. Total returns to shareholders of 34% over the past three years. Reported Earnings • May 16
First quarter 2023 earnings released: EPS: LK₨3.21 (vs LK₨8.90 in 1Q 2022) First quarter 2023 results: EPS: LK₨3.21 (down from LK₨8.90 in 1Q 2022). Revenue: LK₨18.5b (down 35% from 1Q 2022). Net income: LK₨4.22b (down 64% from 1Q 2022). Profit margin: 23% (down from 41% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Feb 28
Full year 2022 earnings released: EPS: LK₨19.21 (vs LK₨19.41 in FY 2021) Full year 2022 results: EPS: LK₨19.21 (down from LK₨19.41 in FY 2021). Revenue: LK₨64.7b (down 5.5% from FY 2021). Net income: LK₨23.8b (down 1.0% from FY 2021). Profit margin: 37% (up from 35% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jan 06
Commercial Bank of Ceylon PLC Announces Retirement of Kumbukage Dharmasiri as Director, Effective January 8, 2023 Commercial Bank of Ceylon PLC announced that with effect from January 8, 2023, Mr. Kumbukage Dharmasiri will retire from the office of director, upon reaching 70 years of age. Price Target Changed • Nov 16
Price target decreased to LK₨71.25 Down from LK₨103, the current price target is an average from 2 analysts. New target price is 43% above last closing price of LK₨50.00. Stock is down 38% over the past year. The company is forecast to post earnings per share of LK₨22.30 for next year compared to LK₨19.41 last year. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Siva Selliah was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 04
Now 21% undervalued Over the last 90 days, the stock is up 7.2%. The fair value is estimated to be LK₨68.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 27% in a year. Earnings is forecast to grow by 35% in the next year. Reported Earnings • Aug 17
Second quarter 2022 earnings released: LK₨2.21 loss per share (vs LK₨4.44 profit in 2Q 2021) Second quarter 2022 results: LK₨2.21 loss per share (down from LK₨4.44 profit in 2Q 2021). Revenue: LK₨5.73b (down 64% from 2Q 2021). Net loss: LK₨2.74b (down 150% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 27%, compared to a 29% growth forecast for the Banks industry in Sri Lanka. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.5%. The fair value is estimated to be LK₨66.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 27% in a year. Earnings is forecast to grow by 35% in the next year. Price Target Changed • Jun 23
Price target decreased to LK₨82.13 Down from LK₨106, the current price target is provided by 1 analyst. New target price is 63% above last closing price of LK₨50.50. Stock is down 42% over the past year. The company is forecast to post earnings per share of LK₨20.71 for next year compared to LK₨19.41 last year. Board Change • Jun 02
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Siva Selliah was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: LK₨9.42 (up from LK₨5.31 in 1Q 2021). Revenue: LK₨28.3b (up 66% from 1Q 2021). Net income: LK₨11.7b (up 73% from 1Q 2021). Profit margin: 41% (up from 40% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 6.3%. Over the next year, revenue is forecast to grow 7.2%, compared to a 30% growth forecast for the industry in Sri Lanka. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buying Opportunity • Apr 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be LK₨75.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 8.4%. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 45% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorated over the past week After last week's 15% share price decline to LK₨62.70, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 9x in the Banks industry in Asia. Total loss to shareholders of 19% over the past three years. Upcoming Dividend • Mar 24
Upcoming dividend of LK₨4.50 per share Eligible shareholders must have bought the stock before 31 March 2022. Payment date: 25 April 2022. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 5.8%. Lower than top quartile of Sri Lankan dividend payers (6.4%). In line with average of industry peers (5.7%). Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: LK₨20.15 (up from LK₨15.32 in FY 2020). Revenue: LK₨68.5b (up 24% from FY 2020). Net income: LK₨24.1b (up 42% from FY 2020). Profit margin: 35% (up from 31% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Over the next year, revenue is forecast to grow 15%, compared to a 31% growth forecast for the banks industry in Sri Lanka. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Dec 23
Insider recently sold LK₨4.1m worth of stock On the 16th of December, N.T.M.S. Cooray sold around 51k shares on-market at roughly LK₨79.64 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of LK₨4.0m more than they bought in the last 12 months. Reported Earnings • Nov 16
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: LK₨18.3b (up 42% from 3Q 2020). Net income: LK₨6.59b (up 78% from 3Q 2020). Profit margin: 36% (up from 29% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: LK₨18.3b (up 42% from 3Q 2020). Net income: LK₨6.59b (up 78% from 3Q 2020). Profit margin: 36% (up from 29% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 24
Price target increased to LK₨106 Up from LK₨93.51, the current price target is an average from 3 analysts. New target price is 24% above last closing price of LK₨85.30. Stock is up 6.3% over the past year. Reported Earnings • Aug 13
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: LK₨15.7b (up 21% from 2Q 2020). Net income: LK₨5.51b (up 53% from 2Q 2020). Profit margin: 35% (up from 28% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jul 05
Insider recently sold LK₨5.3m worth of stock On the 30th of June, N.T.M.S. Cooray sold around 60k shares on-market at roughly LK₨88.50 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought LK₨22m more than they sold in the last 12 months. Recent Insider Transactions • Jun 18
Insider recently bought LK₨5.4m worth of stock On the 14th of June, N.T.M.S. Cooray bought around 60k shares on-market at roughly LK₨90.00 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought LK₨28m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 11
Insider recently bought LK₨3.8m worth of stock On the 2nd of June, N.T.M.S. Cooray bought around 50k shares on-market at roughly LK₨76.30 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought LK₨22m more in shares than they have sold in the last 12 months. Reported Earnings • May 13
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: LK₨17.0b (up 29% from 1Q 2020). Net income: LK₨6.75b (up 79% from 1Q 2020). Profit margin: 40% (up from 28% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 24
Upcoming dividend of LK₨4.50 per share Eligible shareholders must have bought the stock before 31 March 2021. Payment date: 23 April 2021. Trailing yield: 5.0%. Within top quartile of Sri Lankan dividend payers (4.9%). Higher than average of industry peers (4.4%). Reported Earnings • Feb 25
Full year 2020 earnings released The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: LK₨55.3b (down 1.9% from FY 2019). Net income: LK₨16.9b (down 1.9% from FY 2019). Profit margin: 31% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Over the next year, revenue is expected to shrink by 5.7% compared to a 17% growth forecast for the Banks industry in Sri Lanka. Price Target Changed • Feb 02
Price target raised to LK₨95.90 Up from LK₨87.33, the current price target is an average from 3 analysts. The new target price is 6.7% above the current share price of LK₨89.90. As of last close, the stock is down 0.4% over the past year. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 17% share price gain to LK₨96.20, the stock is trading at a trailing P/E ratio of 6.1x, up from the previous P/E ratio of 5.2x. This compares to an average P/E of 5x in the Banks industry in Sri Lanka. Total return to shareholders over the past three years is a loss of 18%. Is New 90 Day High Low • Jan 18
New 90-day high: LK₨88.70 The company is up 16% from its price of LK₨76.70 on 20 October 2020. The Sri Lankan market is up 31% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Banks industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is LK₨79.35 per share. Recent Insider Transactions • Jan 05
Insider recently bought LK₨2.8m worth of stock On the 31st of December, N.T.M.S. Cooray bought around 35k shares on-market at roughly LK₨80.45 per share. In the last 3 months, they made an even bigger purchase worth LK₨3.7m. Insiders have collectively bought LK₨30m more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Dec 07
New 90-day high: LK₨83.40 The company is up 7.0% from its price of LK₨77.60 on 08 September 2020. The Sri Lankan market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Banks industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is LK₨52.98 per share. Recent Insider Transactions • Dec 04
Insider recently sold LK₨8.0m worth of stock On the 1st of December, N.T.M.S. Cooray sold around 100k shares on-market at roughly LK₨80.10 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought LK₨19m more than they sold in the last 12 months. Price Target Changed • Nov 10
Price target lowered to LK₨80.83 Down from LK₨93.17, the current price target is an average from 4 analysts. The new target price is close to the current share price of LK₨78.10. As of last close, the stock is down 19% over the past year. Recent Insider Transactions • Sep 24
Insider recently bought LK₨8.3m worth of stock On the 17th of September, N.T.M.S. Cooray bought around 104k shares on-market at roughly LK₨80.00 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought LK₨27m more in shares than they have sold in the last 12 months. 
