TJL - Earnings Update - UPGRADE TO BUY - 15 05 18 - First Capital Research

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CSE-SAS
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TJL - Earnings Update - UPGRADE TO BUY - 15 05 18 - First Capital Research

Postby CSE-SAS » Tue May 22, 2018 2:20 pm

TEEJAY LANKA PLC [TJL.N0000]
UPGRADE TO BUY

FASHIONABLY STRATEGISED FUTURE

Fair Value [FY19E]: LKR 42.0 [+48%]
Buy Below: LKR 39.2

https://www.firstcapital.lk/wp-content/ ... -05-18.pdf

TJL’s revenue grew by +13%YoY in the quarter to LKR 6.6Bn primarily on the back of volume growth from expanded capacity. Effect of increasing yarn prices were partially negated by volume growth, higher efficiencies and exciting innovations. We upgrade the earnings outlook by +6% to LKR 2.2Bn. TJL fair value upgraded to LKR 42.0 for FY19E, providing an annualized return of 48%. UPGRADE TO BUY


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