New Risk • Jun 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Sri Lankan stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.5% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 323% Cash payout ratio: 152% Revenue is less than US$1m (LK₨213m revenue, or US$633k). Market cap is less than US$10m (LK₨604.0m market cap, or US$1.80m). Minor Risk Profit margins are more than 30% lower than last year (2.9% net profit margin). New Risk • May 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.9% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (LK₨213m revenue, or US$650k). Market cap is less than US$10m (LK₨600.0m market cap, or US$1.83m). Minor Risks Dividend is not well covered by cash flows (152% cash payout ratio). Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (2.9% net profit margin). Reported Earnings • May 28
Full year 2026 earnings released: EPS: LK₨0.31 (vs LK₨1.50 in FY 2025) Full year 2026 results: EPS: LK₨0.31 (down from LK₨1.50 in FY 2025). Revenue: LK₨212.7m (down 12% from FY 2025). Net income: LK₨6.24m (down 79% from FY 2025). Profit margin: 2.9% (down from 12% in FY 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to LK₨35.80, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 18x in the Hospitality industry in Sri Lanka. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to LK₨35.50, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 21x in the Hospitality industry in Sri Lanka. Total returns to shareholders of 43% over the past three years. Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: LK₨0.05 (vs LK₨0.16 loss in 2Q 2025) Second quarter 2026 results: EPS: LK₨0.05 (up from LK₨0.16 loss in 2Q 2025). Revenue: LK₨51.6m (up 12% from 2Q 2025). Net income: LK₨952.6k (up LK₨4.18m from 2Q 2025). Profit margin: 1.8% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Sep 15
Ramboda Falls PLC, Annual General Meeting, Sep 24, 2025 Ramboda Falls PLC, Annual General Meeting, Sep 24, 2025, at 10:00 Sri Lanka Standard Time. Board Change • Sep 05
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Lee Loo was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to LK₨50.40, the stock trades at a trailing P/E ratio of 35.8x. Average trailing P/E is 23x in the Hospitality industry in Sri Lanka. Total returns to shareholders of 82% over the past three years. Reported Earnings • Aug 17
First quarter 2026 earnings released: EPS: LK₨0.08 (vs LK₨0.08 loss in 1Q 2025) First quarter 2026 results: EPS: LK₨0.08 (up from LK₨0.08 loss in 1Q 2025). Revenue: LK₨42.6m (up 7.1% from 1Q 2025). Net income: LK₨1.55m (up LK₨3.07m from 1Q 2025). Profit margin: 3.6% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 31
Full year 2025 earnings released: EPS: LK₨1.25 (vs LK₨0.83 in FY 2024) Full year 2025 results: EPS: LK₨1.25 (up from LK₨0.83 in FY 2024). Revenue: LK₨242.3m (up 22% from FY 2024). Net income: LK₨25.1m (up 51% from FY 2024). Profit margin: 10% (up from 8.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to LK₨33.50, the stock trades at a trailing P/E ratio of 43.6x. Average trailing P/E is 19x in the Hospitality industry in Sri Lanka. Total returns to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to LK₨27.50, the stock trades at a trailing P/E ratio of 35.8x. Average trailing P/E is 15x in the Hospitality industry in Sri Lanka. Total returns to shareholders of 65% over the past three years. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: LK₨0.56 (vs LK₨0.53 in 3Q 2024) Third quarter 2025 results: EPS: LK₨0.56 (up from LK₨0.53 in 3Q 2024). Revenue: LK₨65.3m (up 17% from 3Q 2024). Net income: LK₨11.2m (up 6.3% from 3Q 2024). Profit margin: 17% (down from 19% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to LK₨37.00, the stock trades at a trailing P/E ratio of 50.3x. Average trailing P/E is 18x in the Hospitality industry in Sri Lanka. Total returns to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to LK₨35.00, the stock trades at a trailing P/E ratio of 47.6x. Average trailing P/E is 16x in the Hospitality industry in Sri Lanka. Total returns to shareholders of 69% over the past three years. Reported Earnings • Nov 02
Second quarter 2025 earnings released: LK₨0.16 loss per share (vs LK₨0.02 loss in 2Q 2024) Second quarter 2025 results: LK₨0.16 loss per share (further deteriorated from LK₨0.02 loss in 2Q 2024). Revenue: LK₨46.2m (up 24% from 2Q 2024). Net loss: LK₨3.23m (loss widened LK₨2.81m from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Aug 31
Ramboda Falls PLC, Annual General Meeting, Sep 26, 2024 Ramboda Falls PLC, Annual General Meeting, Sep 26, 2024, at 10:00 Sri Lanka Standard Time. Upcoming Dividend • Aug 13
Upcoming dividend of LK₨0.50 per share Eligible shareholders must have bought the stock before 20 August 2024. Payment date: 06 September 2024. The company last paid an ordinary dividend in October 2013. The average dividend yield among industry peers is 2.0%. Reported Earnings • Aug 10
First quarter 2025 earnings released: LK₨0.08 loss per share (vs LK₨0.12 loss in 1Q 2024) First quarter 2025 results: LK₨0.08 loss per share (improved from LK₨0.12 loss in 1Q 2024). Revenue: LK₨39.7m (up 36% from 1Q 2024). Net loss: LK₨1.52m (loss narrowed 36% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: LK₨1.16 (vs LK₨0.59 loss in FY 2023) Full year 2024 results: EPS: LK₨1.16 (up from LK₨0.59 loss in FY 2023). Revenue: LK₨199.1m (up 63% from FY 2023). Net income: LK₨23.2m (up LK₨34.9m from FY 2023). Profit margin: 12% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 15
Third quarter 2024 earnings released: EPS: LK₨0.53 (vs LK₨0.096 in 3Q 2023) Third quarter 2024 results: EPS: LK₨0.53 (up from LK₨0.096 in 3Q 2023). Revenue: LK₨56.0m (up 80% from 3Q 2023). Net income: LK₨10.6m (up 446% from 3Q 2023). Profit margin: 19% (up from 6.2% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Second quarter 2024 earnings released: LK₨0.02 loss per share (vs LK₨0.31 loss in 2Q 2023) Second quarter 2024 results: LK₨0.02 loss per share (improved from LK₨0.31 loss in 2Q 2023). Revenue: LK₨37.3m (up 168% from 2Q 2023). Net loss: LK₨421.2k (loss narrowed 93% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Sep 01
Ramboda Falls PLC, Annual General Meeting, Sep 22, 2023 Ramboda Falls PLC, Annual General Meeting, Sep 22, 2023, at 10:00 Sri Lanka Standard Time. Agenda: To receive and consider the Annual Report of the Board of Directors on the State of Affairs of the Company and the Consolidated Financial Statements for the year ended 31 March 2023 with the Report of the Auditors thereon; to re-elect Mr. Immiyage Jagath Ananda Karunaratne who in terms of Articles 85 of the Articles of Association of the Company retires by rotation at the Annual General Meeting as a Director; to re-elect Mr. Deyalamudalige Don Sunil Mudalige who in terms of Articles 85 of the Articles of Association of the Company retires by rotation at the Annual General Meeting as a Director; to re-elect Mr. Kim Leng Yeoh, who in terms of Article 93 of the Articles of Association of the Company retires at the Annual General Meeting as a Director; and to consider other matters. Reported Earnings • Aug 17
First quarter 2024 earnings released: LK₨0.12 loss per share (vs LK₨0.18 loss in 1Q 2023) First quarter 2024 results: LK₨0.12 loss per share (improved from LK₨0.18 loss in 1Q 2023). Revenue: LK₨29.3m (up 99% from 1Q 2023). Net loss: LK₨2.37m (loss narrowed 33% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 03
Full year 2023 earnings released: EPS: LK₨0.55 (vs LK₨0.17 in FY 2022) Full year 2023 results: EPS: LK₨0.55 (up from LK₨0.17 in FY 2022). Revenue: LK₨122.5m (up 158% from FY 2022). Net income: LK₨11.0m (up 217% from FY 2022). Profit margin: 9.0% (up from 7.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 18% per year. Reported Earnings • Feb 17
Third quarter 2023 earnings released: EPS: LK₨0.096 (vs LK₨0.19 in 3Q 2022) Third quarter 2023 results: EPS: LK₨0.096 (down from LK₨0.19 in 3Q 2022). Revenue: LK₨31.1m (up 137% from 3Q 2022). Net income: LK₨1.93m (down 48% from 3Q 2022). Profit margin: 6.2% (down from 28% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Second quarter 2023 earnings released: LK₨0.31 loss per share (vs LK₨0.03 profit in 2Q 2022) Second quarter 2023 results: LK₨0.31 loss per share (down from LK₨0.03 profit in 2Q 2022). Revenue: LK₨13.9m (up LK₨12.8m from 2Q 2022). Net loss: LK₨6.27m (down LK₨6.80m from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). Independent Non Executive Director Viraj Nishantha Wickramasinghe was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Second quarter 2023 earnings released: LK₨0.31 loss per share (vs LK₨0.03 profit in 2Q 2022) Second quarter 2023 results: LK₨0.31 loss per share (down from LK₨0.03 profit in 2Q 2022). Revenue: LK₨13.9m (up LK₨12.8m from 2Q 2022). Net loss: LK₨6.27m (down LK₨6.80m from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Jul 28
Full year 2022 earnings released: EPS: LK₨0.17 (vs LK₨1.21 loss in FY 2021) Full year 2022 results: EPS: LK₨0.17 (up from LK₨1.21 loss in FY 2021). Revenue: LK₨47.6m (up 239% from FY 2021). Net income: LK₨3.48m (up LK₨27.6m from FY 2021). Profit margin: 7.3% (up from net loss in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorated over the past week After last week's 19% share price decline to LK₨20.60, the stock trades at a trailing P/E ratio of 66.1x. Average trailing P/E is 58x in the Hospitality industry in Sri Lanka. Total returns to shareholders of 10% over the past three years. Announcement • Jul 26
Ramboda Falls PLC, Annual General Meeting, Aug 18, 2022 Ramboda Falls PLC, Annual General Meeting, Aug 18, 2022, at 10:00 Indian Standard Time. Agenda: To receive and consider the annual report of the board of Directors on the State of Affairs of the company and the consolidated financial statements for the year ended 31 March 2022 with the report of the auditors thereon; to re-appoint M/s. KPMG, Chartered Accountants as auditors to the company for the ensuing year and authorize the Directors to determine their remuneration; to authorize the Directors to determine donations for the year 2022 / 2023; and to consider any other matters. Announcement • Jun 10
YEOH KIM LENG acquired 52% stake in Ramboda Falls PLC (COSE:RFL.N0000) for approximately LKR 280 million YEOH KIM LENG acquired 52% stake in Ramboda Falls PLC (COSE:RFL.N0000) for approximately LKR 280 million on June 2, 2022.Under the terms of transaction a total of 10,406,000 number of shares of Ramboda was acquired at LKR 26.8 per share
YEOH KIM LENG completed the acquisition of 52% stake in Ramboda Falls PLC (COSE:RFL.N0000) on June 2, 2022 Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 71% share price gain to LK₨23.40, the stock trades at a trailing P/E ratio of 75.1x. Average trailing P/E is 25x in the Hospitality industry in Sri Lanka. Total returns to shareholders of 42% over the past three years. Reported Earnings • May 26
Full year 2022 earnings released: EPS: LK₨0.31 (vs LK₨1.21 loss in FY 2021) Full year 2022 results: EPS: LK₨0.31 (up from LK₨1.21 loss in FY 2021). Revenue: LK₨47.6m (up 240% from FY 2021). Net income: LK₨6.23m (up LK₨30.3m from FY 2021). Profit margin: 13% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non Executive Director Viraj Nishantha Wickramasinghe was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 17
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: LK₨0.19 (up from LK₨0.32 loss in 3Q 2021). Net income: LK₨3.71m (up LK₨10.0m from 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 19
Second quarter 2022 earnings released: EPS LK₨0.03 (vs LK₨0.27 loss in 2Q 2021) Second quarter 2022 results: Net income: LK₨532.3k (up LK₨5.89m from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Board Change • Sep 23
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non Executive Director Viraj Nishantha Wickramasinghe was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 21
Full year 2021 earnings released: LK₨1.12 loss per share (vs LK₨0.41 profit in FY 2020) Full year 2021 results: Net loss: LK₨22.5m (down 377% from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Feb 24
Ramboda Falls PLC, Annual General Meeting, Mar 19, 2021 Ramboda Falls PLC, Annual General Meeting, Mar 19, 2021, at 10:00 Sri Lanka Standard Time. Location: Sasakawa Hall, No. 04, 22nd Lane Colombo 03 Sri Lanka Reported Earnings • Feb 17
Third quarter 2021 earnings released: LK₨0.32 loss per share (vs LK₨0.37 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: LK₨1.50m (down 96% from 3Q 2020). Net loss: LK₨6.33m (down 185% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 08
New 90-day low: LK₨17.20 The company is down 9.0% from its price of LK₨19.00 on 10 November 2020. The Sri Lankan market is up 36% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 23% over the same period. Is New 90 Day High Low • Jan 11
New 90-day high: LK₨21.70 The company is up 17% from its price of LK₨18.50 on 13 October 2020. The Sri Lankan market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 22% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: LK₨19.40 The company is up 8.0% from its price of LK₨18.00 on 24 September 2020. The Sri Lankan market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 18% over the same period. Reported Earnings • Nov 15
Second quarter 2021 earnings released: LK₨0.27 loss per share The company reported a poor second quarter result with increased losses and weaker revenues and control over expenses. Second quarter 2021 results: Revenue: LK₨6.88m (down 66% from 2Q 2020). Net loss: LK₨5.36m (loss widened 188% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 19% share price gain to LK₨19.00, the stock is trading at a trailing P/E ratio of 36.5x, up from the previous P/E ratio of 30.7x. This compares to an average P/E of 29x in the Hospitality industry in Sri Lanka. Total returns to shareholders over the past three years are 8.4%. Is New 90 Day High Low • Nov 10
New 90-day high: LK₨19.00 The company is up 12% from its price of LK₨16.90 on 12 August 2020. The Sri Lankan market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Hospitality industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 14
New 90-day high: LK₨18.60 The company is up 16% from its price of LK₨16.10 on 15 July 2020. The Sri Lankan market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Hospitality industry, which is up 13% over the same period. Is New 90 Day High Low • Sep 24
New 90-day high: LK₨18.00 The company is up 19% from its price of LK₨15.10 on 19 June 2020. The Sri Lankan market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 9.0% over the same period. 
