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Sri Lanka Equity Forum » Stock Market Talk » JKH News & Reports

JKH News & Reports

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1 JKH News & Reports on Mon Nov 05, 2018 7:42 pm

ruwan326

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Heavy trading in John Keells (JKH) with over 1.5% of company changing hands-November 5, 2018 

 

 Sri Lanka’s constitutional crisis has lit a fire under the counrty’s stock market sending trading volumes soaring. Trading at the Colombo Stock Exchange passed the Rs4bn (US$23mn) mark with the trading day nearing a close.

Trading volume is being driven by transactions in market bellwether John Keells Holdings (JKH). Over Rs3.5bn worth of shares have transacted today amounting to approximately 1.5% of the company. Trading in JKH since the start of the political crisis has been driven by foreigners selling and locals buying.

Most of the shares transacted today have been at a price close to Rs150/share. A few weeks before the crisis the stock bottomed at Rs126/share and post crisis had jumped as high as Rs155/share before settling at todays level, where significant transactions are taking place.

http://www.lankabusinessonline.com/h...hanging-hands/

ruwan326

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
November, 8, 2018


Sri Lanka’s one of the oldest Carbonated Soft Drinks (CSD) range including Elephant House brand that’s owned by John Keells Group had experienced a 31% drop in their sales volume of beverage business due to the implementation of a sugar tax on CSD from November 2017, the latest quarterly review of John Keells Holdings (JKH)’s Chairman Susantha Ratnayake highlights.

Ratnayake notes that the Consumer Foods industry group Profit Before Tax (PBT) of Rs.443 million in the second quarter of Financial Year 2018/19 is a decrease of 40% against the second quarter of the previous financial year of 2017/18 Q2: Rs.738 million.

“The decline in profitability is primarily on account of a volume decline of 31% in the carbonated soft drinks (CSD) range of the Beverages business and costs relating to the commissioning of the new ice cream factory as discussed below” he points out adding that that the decline in beverage volumes is due to the implementation of a sugar tax on CSD from November 2017, which resulted in substantial price increases across the industry.

“However, it is encouraging that the growth in monthly volumes within the quarter has been on an upward trend. The performance of the non-CSD product range continue to be encouraging. The Frozen Confectionery business recorded a volume growth of 8% during the quarter under review, driven by growth in the impulse segment” Ratnayake notes in his review. According to him whilst the business recorded volume growth, profits were impacted by plant commissioning and startup costs due to the gradual ramp up of production at the new manufacturing facility in Seethawaka and the depreciation and finance expense relating to the investment. The new facility will be pivotal to the longterm growth prospects of the business, given its scalability of product range and volumes and higher operational efficiencies.

​​​​​​​http://bizenglish.adaderana.lk/jkh-experience-a-31-volume-drop-due-to-sugar-tax-on-carbonated-soft-drinks-range/

ruwan326

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

ruwan326

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Harry, Captains up stakes in John Keells Holdings (JKH)-November 8, 2018

November 8, 2018 (LBO) – Colombo Stock Exchange market bellwether John Keells Holdings (JKH) reported its quarterly results last night, which included an update of its top 20 shareholder list. Notable trends included foreign selling and local buying.

In particular, Harry Jayawardena controlled Melstacorp upped its stake from 3.5% of the company to a 4% holding. The Captains also upped their stake to 17.5% from 16.6%. The bulk of the Captain’s holding is in the accounts of S.E. Captain and Paints and General Industries Ltd. It is possible that Jayawardena and the Captains have additional smaller holdings in JKH titled in other names that don’t appear in the top 20 shareholders list.

As of September 30, 2018, The Captains and Jayawardena together own at least 21.5% of the total outstanding shares of the company. It is likely that these holdings increased in October as there was significant local buying and foreign selling during the month.

After spiking to Rs155/share, the stock price of JKH as come back down to Rs142 in todays trading as Sri Lanka’s constitutional crisis continues to drag. Net asset value of the share at the end of the September quarter stood at Rs151/share.

Some analysts have speculated that if foreigners continue selling shares, that JKH will become vulnerable to a hostile takeover.

http://www.lankabusinessonline.com/harry-captains-up-stakes-in-john-keells-holdings-jkh/

5 Re: JKH News & Reports on Mon Nov 12, 2018 9:38 am

ruwan326

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
OFFER TO REPURCHASE ON A PRO RATA BASIS OF 1 SHARE FOR EVERY 20 SHARES HELD UP TO A MAXIMUM OF 69,376,433 ORDINARY SHARES AT RS.160.00 PER SHARE

https://cdn.cse.lk/cmt/uploadAnnounceFiles/2681541995328_508.pdf

6 Re: JKH News & Reports Yesterday at 8:11 pm

ruwan326

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Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Sri Lanka's JKH share buyback not liable for tax: official

Nov 13, 2018 

An 11.1 billion rupee share repurchase by John Keells Holdings Plc will not be taxed under a new law since the funds returned to shareholders are from a dividend reserve, a top official said.

"This is being paid out of tax-free dividend reserves," Deputy Chairman Krishan Balendra said.

He said the tax had already been levied at the point when JKH subsidiaries remitted the dividends to the parent.
Therefore, the dividend reserves being used for the share buyback is not liable for an additional withholding tax.
The new Inland Revenue Act which came into force this April brought all forms of dividend, including share repurchases and issuances of bonus shares into the tax net at a rate of 14 percent.

In some countries with capital gains tax, share buybacks are not taxed on the principle that a rise in the share price after a buyback (if the shares are sold) will increases taxes to the state.
JKH will buyback stock at 160 rupees per share.
The stock has gained in recent weeks ahead of the buyback.
It gained 6 rupees yesterday. The share was up a further 2 rupees to 153 rupees in early trading today. 

https://economynext.com/Sri_Lanka_s_JKH_share_buyback_not_liable_for_tax__official-3-12578-3.html

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