FIRST ASIA SECURITIES
DATA AS OF 20 JUN 2026 · EOD
01 / Review QueueWORKFLOW DEMONSTRATION · STATIC STATE
InstrumentNoteAnalystStateDraftedUpdated
JKHJohn Keells HoldingsTrough earnings mask a recovery conglomerateNishani PereraIN REVIEW23 JUN 06:4223 JUN 10:18
LOLCLOLC HoldingsCheap on paper, but returns must recover firstDilshan WeerasingheIN REVIEW23 JUN 06:4423 JUN 09:51
COMBCommercial Bank of CeylonA 20% ROE bank at five and a half timesAyesha RazaIN REVIEW23 JUN 06:4723 JUN 11:05
HNBHatton National BankCheapest bank on the board, returns recoveringNishani PereraDRAFT23 JUN 06:4923 JUN 06:49
SAMPSampath BankValue and a 7% yield in a healing systemDilshan WeerasingheDRAFT23 JUN 06:5223 JUN 06:52
DIALDialog AxiataMarket leader, priced for its qualityAyesha RazaSIGNED23 JUN 06:3823 JUN 12:40
SLTLSri Lanka TelecomPrivatisation optionality against a structural dragNishani PereraPUBLISHED23 JUN 06:3523 JUN 14:22
CTCCeylon TobaccoA cash machine paying 8.5%Dilshan WeerasinghePUBLISHED23 JUN 06:3123 JUN 15:07

Source: First Asia Securities editorial workflow — demonstration state built from the desk's note corpus. Data as of 23 Jun 2026, EOD.

02 / Note Under ReviewJKH · IN REVIEW

DRAFTED BY FAS ENGINE · 23 JUN 06:42 · ASSIGNED NISHANI PERERA · LICENSED-ANALYST SIGN-OFF REQUIRED BEFORE PUBLICATION

JKHJohn Keells HoldingsConglomerate

Trough earnings mask a recovery conglomerate

Buy, LKR 27 target: the optically high 29× is on trough earnings (5% ROE); as leisure, consumer and property recover, the forward multiple collapses.[^1]

Sri Lanka's bellwether — leisure, retail, property, financial services and ports — is the cleanest proxy on the post-IMF recovery and the tourism rebound.[^1]

Rating
BUY
12-Mo Target
27.00
Upside
19%
Review Annotations
NISHANI PERERA · 23 JUN 09:58

Target holds against the latest close — restate the upside line before signing.

NISHANI PERERA · 23 JUN 10:18

Soften the valuation paragraph: peer multiple is a range, not a point. Otherwise clean.

DEMONSTRATION — ACTIONS ARE NOT WIRED · NOTHING IS PUBLISHED FROM THIS VIEW

HUMAN-IN-THE-LOOP WORKFLOW DEMONSTRATION · QUEUE STATES ARE ILLUSTRATIVE · NOT INVESTMENT ADVICE