FIRST ASIA SECURITIES
PakistanSri LankaPREV
EquitiesFixed Income
DATA AS OF 20 JUN 2026 · EOD

AEL

Access Engineering
CONSTRUCTION

LAST · LKR

77.99
−1.08 ▼ −1.37%
P/E 11.0× · YIELD 2.6% · ROE 18.0%

52W RANGE

71.2496.95
26% OF RANGE · YTD +7.4%
01 / AEL — 1 YearAS OF 20 JUN 2026 · EOD
PERIOD 1Y · 250 SESSIONS▼
The Call
BUY+22%
95.00LKR · 12-MO
12× FY26E

Projects resume; order book rebuilds.

Risks to our view
02 /

FAS DESK · FIRST ASIA SECURITIES RESEARCH · 23 JUN 2026 · EOD

Geared to the infrastructure restart

  1. 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.

  2. 02

    A strong order book and public-plus-donor-funded works drive a multi-year earnings recovery.

  3. 03

    Falling rates ease project financing and revive private construction alongside.

  4. 04

    At ~12× FY26E our LKR 95 target re-rates the order-book recovery.

Where we differ from the street
Street viewOur viewWe change our mind if
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.
Lumpy and government-dependent.A diversified book across roads, water and buildings smooths the lumpiness.Order intake stalling for two quarters.
Contractors carry receivable and margin risk.Improving public finances ease payment risk as the economy recovers.Receivables ballooning on delayed government payments.

— FIRST ASIA SECURITIES RESEARCH · NOT INVESTMENT ADVICE