AEL
Access EngineeringLAST · LKR
52W RANGE
Source: CSE, First Asia Securities Research. Data as of 20 Jun 2026, EOD.
- Market cap
- 78bn
- P/E (ttm)
- 11.0×
- EPS (ttm)
- 7.09
- Dividend yield
- 2.6%
- Return on equity
- 18.0%
- Beta
- 0.59
- Free float
- 41%
- 52W high
- 96.95
- 52W low
- 71.24
- 1D change
- −1.37%
- YTD return
- +7.4%
Access Engineering is a constituent of the Colombo Stock Exchange. Preview data — live CSE feed pending.
FAS DESK · FIRST ASIA SECURITIES RESEARCH · 23 JUN 2026 · EOD
Geared to the infrastructure restart
- 01
Buy, LKR 95 target: Access Engineering is the cleanest play on Sri Lanka's infrastructure restart — an 18% ROE at 11× as stalled projects resume under the IMF programme.
- 02
A strong order book and public-plus-donor-funded works drive a multi-year earnings recovery.
- 03
Falling rates ease project financing and revive private construction alongside.
- 04
At ~12× FY26E our LKR 95 target re-rates the order-book recovery.
| Metric | FY25A | FY26E | FY27E |
|---|---|---|---|
| Net profitLKR bn | 7.0 | 8.0 | 9.0 |
| EPSLKR | 7.1 | 8.2 | 9.2 |
| DPSLKR | 2.0 | 2.2 | 2.4 |
| P/E× | 11.0× | 9.5× | 8.5× |
| EPS growth% | — | +15.0% | +12.0% |
A = REPORTED · E = FAS ESTIMATE
Public works stay frozen; receivables build.
8.5× stressed EPS
Projects resume; order book rebuilds.
12× FY26E
Infrastructure cycle accelerates.
13.5× FY26E
Is the infrastructure restart real?
Fiscal constraints keep public works frozen.
IMF-anchored stabilisation and donor funding are reviving projects; the order book is rebuilding.
Public-works budgets staying frozen.
Order-book visibility?
Lumpy and government-dependent.
A diversified book across roads, water and buildings smooths the lumpiness.
Order intake stalling for two quarters.
Margin and working-capital risk?
Contractors carry receivable and margin risk.
Improving public finances ease payment risk as the economy recovers.
Receivables ballooning on delayed government payments.
| Assumption | Value | Basis |
|---|---|---|
| FY26E EPS | LKR 8.2 | FY25 base +15% on order book |
| Target multiple | ~12× FY26E | re-rate on the recovery from 11× |
| ROE | 18% | supports the multiple |
| 12-month target | LKR 95 | ≈12 × 8.2, rounded |
- 01Public-works budgetsWATCH · Government capex, donor funding
- 02Order-book intakeWATCH · New awards, backlog
- 03Receivables / payment riskWATCH · Government receivables
- 04Input costs / rupeeWATCH · Material prices, LKR/USD
— GENERATED BY FIRST ASIA SECURITIES · NOT INVESTMENT ADVICE