New Risk • May 25
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 10% 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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (49% net profit margin). Revenue is less than US$5m (LK₨1.3b revenue, or US$4.1m). Market cap is less than US$100m (LK₨6.75b market cap, or US$20.8m). Reported Earnings • May 20
Full year 2026 earnings released: EPS: LK₨4.28 (vs LK₨3.89 in FY 2025) Full year 2026 results: EPS: LK₨4.28 (up from LK₨3.89 in FY 2025). Revenue: LK₨1.32b (up 274% from FY 2025). Net income: LK₨650.8m (up 10.0% from FY 2025). Profit margin: 50% (down from 168% in FY 2025). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has increased by 89% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 04
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: 62% Last year net profit margin: 197% 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: Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (62% net profit margin). Revenue is less than US$5m (LK₨1.1b revenue, or US$3.6m). Market cap is less than US$100m (LK₨6.73b market cap, or US$21.3m). New Risk • Mar 16
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 7.3% 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 (26% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Revenue is less than US$5m (LK₨376m revenue, or US$1.2m). Market cap is less than US$100m (LK₨6.79b market cap, or US$21.8m). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to LK₨49.00, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 15x in the Specialty Retail industry in Asia. Total returns to shareholders of 620% over the past three years. New Risk • Nov 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (26% accrual ratio). Minor Risks Revenue is less than US$5m (LK₨376m revenue, or US$1.2m). Market cap is less than US$100m (LK₨9.41b market cap, or US$30.7m). Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to LK₨67.20, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 17x in the Specialty Retail industry in Asia. Total returns to shareholders of 947% over the past three years. New Risk • Oct 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: LK₨791.5m (US$2.61m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (LK₨791.5m market cap, or US$2.61m). Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (LK₨346m revenue, or US$1.1m). Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to LK₨490, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 16x in the Specialty Retail industry in Asia. Total returns to shareholders of 581% over the past three years. New Risk • Jul 08
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 9.6% 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 Risk Share price has been highly volatile over the past 3 months (9.6% average weekly change). Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (LK₨352m revenue, or US$1.2m). Market cap is less than US$100m (LK₨5.06b market cap, or US$16.8m). Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to LK₨263, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 16x in the Specialty Retail industry in Asia. Total returns to shareholders of 519% over the past three years. New Risk • Jun 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 654% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (LK₨352m revenue, or US$1.2m). Market cap is less than US$100m (LK₨3.50b market cap, or US$11.7m). Announcement • Jun 05
C M Holdings PLC, Annual General Meeting, Jun 30, 2025 C M Holdings PLC, Annual General Meeting, Jun 30, 2025, at 10:00 Sri Lanka Standard Time. Reported Earnings • May 18
Full year 2025 earnings released: EPS: LK₨38.92 (vs LK₨13.69 in FY 2024) Full year 2025 results: EPS: LK₨38.92 (up from LK₨13.69 in FY 2024). Net income: LK₨591.5m (up 184% from FY 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 40% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • May 06
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to LK₨190. The fair value is estimated to be LK₨156, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 33%. New Risk • Feb 22
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 8.1% 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 (8.1% average weekly change). Market cap is less than US$10m (LK₨2.59b market cap, or US$8.75m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Revenue is less than US$5m (LK₨349m revenue, or US$1.2m). Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: LK₨31.65 (vs LK₨5.10 loss in 3Q 2024) Third quarter 2025 results: EPS: LK₨31.65 (up from LK₨5.10 loss in 3Q 2024). Net income: LK₨481.1m (up LK₨558.6m from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to LK₨148, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 17x in the Specialty Retail industry in Asia. Total returns to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to LK₨111, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 17x in the Specialty Retail industry in Asia. Total returns to shareholders of 19% over the past three years. Reported Earnings • Nov 07
Second quarter 2025 earnings released: EPS: LK₨0.15 (vs LK₨12.91 in 2Q 2024) Second quarter 2025 results: EPS: LK₨0.15 (down from LK₨12.91 in 2Q 2024). Revenue: LK₨85.2m (up 21% from 2Q 2024). Net income: LK₨2.28m (down 99% from 2Q 2024). Profit margin: 2.7% (down from 278% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. New Risk • Sep 09
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 4.8% 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 Market cap is less than US$10m (LK₨1.25b market cap, or US$4.15m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.8% average weekly change). Revenue is less than US$5m (LK₨321m revenue, or US$1.1m). Announcement • Aug 29
C M Holdings PLC, Annual General Meeting, Sep 26, 2024 C M Holdings PLC, Annual General Meeting, Sep 26, 2024, at 10:00 Sri Lanka Standard Time. Location: leyden bastian road, york arcade building, colombo 01, Sri Lanka Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: LK₨8.70 (vs LK₨1.29 in 1Q 2024) First quarter 2025 results: EPS: LK₨8.70 (up from LK₨1.29 in 1Q 2024). Net income: LK₨132.3m (up LK₨112.6m from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • May 23
Full year 2024 earnings released: EPS: LK₨16.00 (vs LK₨3.27 in FY 2023) Full year 2024 results: EPS: LK₨16.00 (up from LK₨3.27 in FY 2023). Revenue: LK₨305.7m (up 11% from FY 2023). Net income: LK₨243.3m (up 389% from FY 2023). Profit margin: 80% (up from 18% in FY 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Feb 29
Dividend of LK₨5.00 announced Shareholders will receive a dividend of LK₨5.00. Ex-date: 7th March 2024 Payment date: 28th March 2024 Dividend yield will be 6.1%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but not covered by cash flows (104% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 38% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Feb 28
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 5.1% 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 Risks Revenue is less than US$1m (LK₨285m revenue, or US$918k). Market cap is less than US$10m (LK₨1.25b market cap, or US$4.02m). Minor Risks Dividend is not well covered by cash flows (104% cash payout ratio). Share price has been volatile over the past 3 months (5.1% average weekly change). Reported Earnings • Feb 03
Third quarter 2024 earnings released: LK₨5.10 loss per share (vs LK₨14.93 loss in 3Q 2023) Third quarter 2024 results: LK₨5.10 loss per share (improved from LK₨14.93 loss in 3Q 2023). Revenue: LK₨79.0m (down 1.9% from 3Q 2023). Net loss: LK₨77.5m (loss narrowed 66% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Buying Opportunity • Nov 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.3%. The fair value is estimated to be LK₨101, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 38%. Reported Earnings • Nov 14
Second quarter 2024 earnings released: EPS: LK₨12.91 (vs LK₨29.22 in 2Q 2023) Second quarter 2024 results: EPS: LK₨12.91 (down from LK₨29.22 in 2Q 2023). Revenue: LK₨70.7m (up 4.5% from 2Q 2023). Net income: LK₨196.2m (down 56% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Sep 02
C M Holdings PLC, Annual General Meeting, Sep 27, 2023 C M Holdings PLC, Annual General Meeting, Sep 27, 2023, at 10:00 Sri Lanka Standard Time. Agenda: To receive and consider the Annual Report of the Board of Directors and the Statement of Accounts for the year ended 31st March, 2023 with the Report of the Auditors thereon; To re-elect as a Director, Mr. S. Rajaratnam who retires in accordance with Articles 88 and 89 of the Articles of Association; To re-elect as a Director Mr. R.M.M.J. Ratnayake who was appointed during the year and retires in accordance with Article 95 of the Articles of Association. New Risk • Aug 13
New major 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 8.5% 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 Risks Revenue is less than US$1m (LK₨283m revenue, or US$886k). Market cap is less than US$10m (LK₨1.31b market cap, or US$4.11m). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 8x cash flows per share). Share price has been volatile over the past 3 months (8.5% average weekly change). Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: LK₨1.29 (vs LK₨13.48 loss in 1Q 2023) First quarter 2024 results: EPS: LK₨1.29 (up from LK₨13.48 loss in 1Q 2023). Net income: LK₨19.6m (up LK₨224.6m from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 06
Upcoming dividend of LK₨5.00 per share at 6.4% yield Eligible shareholders must have bought the stock before 13 March 2023. Payment date: 31 March 2023. Trailing yield: 6.4%. Lower than top quartile of Sri Lankan dividend payers (7.8%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: LK₨14.93 loss per share (vs LK₨26.86 profit in 3Q 2022) Third quarter 2023 results: LK₨14.93 loss per share (down from LK₨26.86 profit in 3Q 2022). Net loss: LK₨226.9m (down 156% from profit in 3Q 2022). 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 3% per year. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 18% share price decline to LK₨61.00, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 13x in the Specialty Retail industry in Asia. Total loss to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 16% share price gain to LK₨78.80, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 13x in the Specialty Retail industry in Asia. Total returns to shareholders of 11% over the past three years. 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. No experienced directors. 6 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Non-Executive Director Ajit de Silva Jayaratne was the last independent director to join the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Sep 01
C M Holdings PLC, Annual General Meeting, Sep 30, 2022 C M Holdings PLC, Annual General Meeting, Sep 30, 2022, at 11:00 Sri Lanka Standard Time. Location: 8-5/2, Leyden Bastian Road, York Arcade Building Colombo Sri Lanka Agenda: To receive and consider the Annual Report of the Board of Directors and the Statement of Accounts for the year ended 31st March, 2022 with the Report of the Auditors thereon; to re-elect as a Director, Mr. Anushman Rajaratnam who retires in accordance with Articles 88 and 89 of the Articles of Association; to reappoint Mr. A.M. de S. Jayaratne who is over seventy years of age as a Director. Special Notice has been received from a shareholder of the intention to pass a Resolution which is set out below in relation to his reappointment; to reappoint Mr. S.D.R. Arudpragasam who is over seventy years of age as a Director. Special Notice has been received from a shareholder of the intention to pass a Resolution which is set out below in relation to his reappointment; to authorize the Directors to determine contributions to charities; to reappoint as Auditors, Messrs. PricewaterhouseCoopers and to authorize the Directors to determine their remuneration; and to consider other matters. Reported Earnings • Aug 11
First quarter 2023 earnings released: LK₨13.48 loss per share (vs LK₨5.39 profit in 1Q 2022) First quarter 2023 results: LK₨13.48 loss per share (down from LK₨5.39 profit in 1Q 2022). Revenue: LK₨62.7m (up 17% from 1Q 2022). Net loss: LK₨205.0m (down 350% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 18% share price gain to LK₨60.40, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 14x in the Specialty Retail industry in Asia. Total returns to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 17% share price gain to LK₨53.80, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 14x in the Specialty Retail industry in Asia. Total returns to shareholders of 37% over the past three years. Announcement • Jul 05
C M Holdings PLC Announces Board Changes C M Holdings PLC advised that Mr. Alagarajah Rajaratnam has relinquished his position as Chairman of C M Holdings PLC with effect from 30th June 2022. However, Mr. Alagarajah Rajaratnam will continue to serve on the Board of CMH as a Non-Executive Director. Mr. S.D.R. Arudpragasam who functioned as Deputy Chairman has been appointed Chairman of C M Holdings PLC with effect from 1st July 2022. Mr. S.D.R. Arudpragasam joined the Board of C M Holdings PLC in 1999 and was appointed Deputy Chairman in November, 2012 and as Chairman effective 1st July 2022. Further, whilst being associated with The Colombo Fort Land & Building Group of companies since 1982 and having served on the Board of The Colombo Fort Land & Building PLC (CFLB) since the year 2000 and as Deputy Chairman up to end June 2022 was appointed Chairman CFLB with effect from 1st July 2022. He also serves as Chairman, Lankem Ceylon PLC and Chairman/Managing Director of E.B. Creasy & Company PLC in addition to holding other Directorships within the CFLB Group. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorated over the past week After last week's 17% share price decline to LK₨53.70, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 15x in the Specialty Retail industry in Asia. Total returns to shareholders of 123% over the past three years. Reported Earnings • May 30
Full year 2022 earnings released: EPS: LK₨6.31 (vs LK₨24.26 in FY 2021) Full year 2022 results: EPS: LK₨6.31 (down from LK₨24.26 in FY 2021). Revenue: LK₨305.7m (down 14% from FY 2021). Net income: LK₨95.8m (down 74% from FY 2021). Profit margin: 31% (down from 103% in FY 2021). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
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. No experienced directors. 6 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Non-Executive Director Ajit de Silva Jayaratne was the last independent director to join the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to LK₨100.00, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 14x in the Specialty Retail industry in Asia. Total returns to shareholders of 192% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 21% share price decline to LK₨111, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 14x in the Specialty Retail industry in Asia. Total returns to shareholders of 215% over the past three years. Upcoming Dividend • Feb 16
Upcoming dividend of LK₨5.00 per share Eligible shareholders must have bought the stock before 23 February 2022. Payment date: 15 March 2022. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Sri Lankan dividend payers (5.2%). Higher than average of industry peers (1.9%). Reported Earnings • Feb 03
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: LK₨26.86 (up from LK₨4.40 in 3Q 2021). Net income: LK₨408.3m (up LK₨341.5m from 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 18% share price gain to LK₨158, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 14x in the Specialty Retail industry in Asia. Total returns to shareholders of 287% over the past three years. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 26% share price gain to LK₨138, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 14x in the Specialty Retail industry in Asia. Total returns to shareholders of 204% over the past three years. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 23% share price gain to LK₨118, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 15x in the Specialty Retail industry in Asia. Total returns to shareholders of 188% over the past three years. Reported Earnings • Nov 19
Second quarter 2022 earnings released: EPS LK₨8.22 (vs LK₨9.95 in 2Q 2021) Second quarter 2022 results: Net income: LK₨124.9m (down 17% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS LK₨5.39 (vs LK₨4.55 in 1Q 2021) First quarter 2022 results: Net income: LK₨81.9m (up 19% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improved over the past week After last week's 19% share price gain to LK₨104, the stock trades at a trailing P/E ratio of 26.4x. Average trailing P/E is 17x in the Specialty Retail industry in Asia. Total returns to shareholders of 127% over the past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 18% share price gain to LK₨94.10, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 17x in the Specialty Retail industry in Asia. Total returns to shareholders of 74% over the past three years. Upcoming Dividend • Mar 16
Upcoming Dividend of LK₨5.00 Per Share Will be paid on the 30th of March to those who are registered shareholders by the 23rd of March. The trailing yield of 2.3% is below the top quartile of Sri Lankan dividend payers (4.7%), but it is higher than industry peers (1.3%). Reported Earnings • Feb 17
Third quarter 2021 earnings released: EPS LK₨4.40 (vs LK₨3.75 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: LK₨83.1m (down 33% from 3Q 2020). Net income: LK₨66.8m (up 17% from 3Q 2020). Profit margin: 80% (up from 46% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorated over the past week After last week's 15% share price decline to LK₨100.00, the stock is trading at a trailing P/E ratio of 30.9x, down from the previous P/E ratio of 36.5x. This compares to an average P/E of 17x in the Specialty Retail industry in Asia. Total returns to shareholders over the past three years are 50%. Is New 90 Day High Low • Jan 22
New 90-day high: LK₨109 The company is up 53% from its price of LK₨71.00 on 23 October 2020. The Sri Lankan market is up 40% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 36% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: LK₨92.80 The company is up 35% from its price of LK₨68.90 on 08 October 2020. The Sri Lankan market is up 26% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Specialty Retail industry, which is up 39% over the same period. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 18% share price gain to LK₨92.80, the stock is trading at a trailing P/E ratio of 28.7x, up from the previous P/E ratio of 24.4x. This compares to an average P/E of 17x in the Specialty Retail industry in Asia. Total returns to shareholders over the past three years are 40%. Announcement • Dec 10
C M Holdings PLC, Annual General Meeting, Dec 30, 2020 C M Holdings PLC, Annual General Meeting, Dec 30, 2020, at 15:00 Sri Lanka Standard Time. Location: 8-5/2, Leyden Bastian Road, York Arcade Building Colombo 01 Sri Lanka Agenda: To receive and consider the Annual Report of the Board of Directors and Statement of Accounts for the year ended March 31, 2020 with the Report of the Auditors thereon; to re-elect as a Director, Mr. S.D.R. Arudpragasam who retires in accordance with Articles 88 and 89 of the Articles of Association; to reappoint Mr. A.M. de S. Jayaratne who is over seventy years of age as a Director; to reappoint Dr. J.M. Swaminathan who is over seventy years of age as a Director; to reappoint Mr. A. Rajaratnam who is over seventy years of age as a Director; and to authorize the Directors to determine contributions to charities. Reported Earnings • Nov 15
Second quarter 2021 earnings released: EPS LK₨9.95 Second quarter 2021 results: Revenue: LK₨129.7m (down 8.3% from 2Q 2020). Net income: LK₨151.3m (up 231% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 20
New 90-day high: LK₨79.90 The company is up 58% from its price of LK₨50.70 on 22 July 2020. The Sri Lankan market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 18% over the same period. Is New 90 Day High Low • Sep 24
New 90-day high: LK₨74.90 The company is up 41% from its price of LK₨53.10 on 25 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 Specialty Retail industry, which is up 10.0% over the same period. 
