Register Online
Online Portal

Banking sector to have a steady phase up to 2020

The Island | 4 -1-2018

By First Capital Research

First Capital Research expects the banking sector to have a steady phase during 2018E-20E with stable credit growth, improving GDP growth supporting lower Non Performing loans and lower interest rate volatility leading to stable net interest margins.

“We expect our banking sector universe to provide 25% average return over 1-Year period exceeding the expected market return,” FC Research said.

FC Research said with average sector return at 25 percent, current interest rates make valuations attractive on expected return despite comparatively cheap frontier market valuations.

“We recommend a strong buy on COMB.N, COMB.X, HNB.N, HNB.X, NDB and NTB, BUY on SEYB.X and HOLD on SAMP and SEYB.N.”

According to First Capital, credit growth is expected to stabilize at 16 percent to 18 percent.

“We expect private sector credit growth to slow down to remain stable at c.16% during 2018E gradually increasing to c.18% through 2019E-2020E on improving GDP growth,” FC Research said.

“It will be backed by progressing external sector performance levels and lower impairment due to better credit quality resultant to more business related credit compared to consumer credit.”

FC Research expects the banking sector interest spreads to stabilize in 2017E and thereon backed by the implementation of Inflation Targeting Framework, improved government revenue streams and increased foreign inflows into government securities market.

The introduction of Liability Management Bill will stabilize the interest rate and rate of inflation while the flexible exchange rate policy further supports it.

“Core and Total Capital Adequacy ratios were maintained at 12.2% and 15% where the regulatory minimums were 5% and 10% respectively,” FC Research said.

“Larger banks in the sector have already taken necessary steps to raise capital thus meeting the BASEL III capital requirement.”

FC Research said this move ensures more stability and paves way for the industry to be more resilient and better poised for future growth. -FC Research

First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka.

Banking sector to provide 25-pct average return over 1-Year: FC Research

Lanka Business Online  | 4 -1-2018

By First Capital Research

First Capital Research expects the banking sector to have a steady phase during 2018E-20E with stable credit growth, improving GDP growth supporting lower Non Performing loans and lower interest rate volatility leading to stable net interest margins.

“We expect our banking sector universe to provide 25% average return over 1-Year period exceeding the expected market return,” FC Research said.

FC Research said with average sector return at 25 percent, current interest rates make valuations attractive on expected return despite comparatively cheap frontier market valuations.

“We recommend a strong buy on COMB.N, COMB.X, HNB.N, HNB.X, NDB and NTB, BUY on SEYB.X and HOLD on SAMP and SEYB.N.”

According to First Capital, credit growth is expected to stabilize at 16 percent to 18 percent.

“We expect private sector credit growth to slow down to remain stable at c.16% during 2018E gradually increasing to c.18% through 2019E-2020E on improving GDP growth,” FC Research said.

“It will be backed by progressing external sector performance levels and lower impairment due to better credit quality resultant to more business related credit compared to consumer credit.”

FC Research expects the banking sector interest spreads to stabilize in 2017E and thereon backed by the implementation of Inflation Targeting Framework, improved government revenue streams and increased foreign inflows into government securities market.

The introduction of Liability Management Bill will stabilize the interest rate and rate of inflation while the flexible exchange rate policy further supports it.

BASEL III Capital requirements satisfied:

“Core and Total Capital Adequacy ratios were maintained at 12.2% and 15% where the regulatory minimums were 5% and 10% respectively,” FC Research said.

“Larger banks in the sector have already taken necessary steps to raise capital thus meeting the BASEL III capital requirement.”

FC Research said this move ensures more stability and paves way for the industry to be more resilient and better poised for future growth.

First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka.

Sri Lankan shares climb to near 2-month closing high

DIMANTHA MATHEW, HEAD OF RESEARCH AT FIRST CAPITAL HOLDINGS PLC, SPEAKS TO REUTERS

JANUARY 5, 2018

COLOMBO, Jan 5 (Reuters) – Sri Lankan shares rose on Friday, closing the first week of the new year on a firm note, on the back of heavy foreign buying in blue chips.

The Colombo Stock Index ended 0.85 percent firmer at 6,514.73, its highest close since Nov. 11.

It rose 2.3 percent this week, in its second consecutive weekly rise.

Foreign investors net bought shares worth 357.1 million rupees ($2.33 million) on Friday, extending the net foreign inflow in this year to 1.96 billion rupees.

They had net bought 18.5 billion rupees worth equities in 2017 and 633.5 million rupees in 2016.

Turnover stood at 1.4 billion rupees on Friday, more than last year’s daily average of 915.3 million rupees.

Shares in conglomerate John Keells Holdings Plc rose 2.6 percent, Dialog Axiata Plc gained 3.1 percent and Melstacorp Ltd climbed 3.1 percent.

There was continued buying interest with an added interest in blue chips, said Dimantha Mathew, head of research at First Capital Holdings.

“There is renewed interest from foreign investors which is a good sign,” said Mathew, adding that he expected the positive trend to continue due to declining market interest rates.

Treasury bill rates fell 188 basis points to 216 basis points between March and end-December 2017, mainly driven by foreign investors buying treasury bonds, resulting in declining market interest rates.

The country’s 2018 economic growth trajectory is likely to help boost market sentiment, analysts said.

Sri Lanka’s economic growth in 2018 is forecast at 5-5.5 percent, bouncing back from an anticipated four-year low of less than 4 percent last year, central bank Governor Indrajit Coomaraswamy said on Wednesday.

The central bank kept its benchmark interest rates unchanged last week, saying inflation and private sector credit growth have cooled to a manageable level as policy makers focus on supporting a slowing economy. ($1 = 153.4500 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

 First Capital is an investment bank providing a full range of financial advisory and services. The Company’s research deliver heightened perspective in fundamental research aiding Share Market Investment in Sri Lanka. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis. With fundamental research coverage of 62 listed securities (reflecting approximately 65% market capitalization) across 15 sectors in Share Market Investment in Sri Lanka

Sri Lankan shares edge down amid high turnover

DIMANTHA MATHEW, HEAD OF RESEARCH AT FIRST CAPITAL HOLDINGS PLC, SPEAKS TO REUTERS

JANUARY 5, 2018

COLOMBO, Jan 4 (Reuters) – Sri Lankan shares ended slightly weaker on Thursday amid heavy buying by foreign investors, but traders said sentiment was likely to remain positive after the central bank kept key policy rates unchanged last week.

The Colombo Stock Index ended 0.06 percent weaker at 6,459.66, snapping an eight-session win streak.

Shares in Ceylon Tobacco Company Plc fell 1.3 percent, while DFCC Bank Plc dropped 2.9 percent.

Losses were, however, capped by gains in Melstacorp Ltd , which climbed 1.9 percent, and conglomerate John Keells Holdings Plc, which rose 0.3 percent.

“Small volume of selling in CTC dragged the market down,” said Dimantha Mathew, head of research at First Capital Holdings.

“The positive trend due to declining market interest rates will continue.”

Turnover stood at 1.5 billion rupees ($9.77 million), more than last year’s daily average of 915.3 million rupees.

Foreign investors net bought shares worth 1.3 billion rupees on Thursday. Foreign investors net bought 18.5 billion rupees worth equities in 2017, and 633.5 million rupees worth stocks in 2016.

The index rose 2.26 percent in 2017, posting its first annual increase in three years. It fell 9.7 percent in 2016.

Since March 2017, treasury bill rates have fallen between 188 and 216 basis points though end-December, mainly driven by foreign investors buying treasury bonds, resulting in declining market interest rates.

The country’s 2018 economic growth trajectory is likely to help boost market sentiment, analysts said.

Sri Lanka’s economic growth in 2018 is forecast at 5-5.5 percent, bouncing back from an anticipated four-year low of less than 4 percent last year, central bank Governor Indrajit Coomaraswamy said on Wednesday. ($1 = 153.6000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)

First Capital is an investment bank providing a full range of financial advisory and services. The Company’s research deliver heightened perspective in fundamental research aiding Share Market Investment in Sri Lanka. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis. With fundamental research coverage of 62 listed securities (reflecting approximately 65% market capitalization) across 15 sectors in Share Market Investment in Sri Lanka.

Banking sector steady from 2018 – 2020: First Capital Research

Ceylon Today | 4 -1-2018

By First Capital Research

A leading research firm expects the Sri Lankan Banking sector to be stable during the next three years, from 2018 to 2020, with a stable credit growth, reduced Non Performing Loans (NPL) and lower interest rate volatility

First Capital Research (FC Research), in its latest report on the banking sector, provided an indication of Strong Buy, saying, “we expect our banking sector universe to provide 25% average return over 1-Year period exceeding the expected market return.”
FC Research expects private sector credit growth to slow down to and remain stable at 16 percent during 2018 and gradually increase to 18 percent throughout the following two years on improving GDP growth backed by progressing external sector performance levels and lower impairment due to better credit quality, resultant to more business related credit compared to consumer credit.

Further, the firm expects the banking sector interest spreads to stabilize in 2017 and thereon backed by the implementation of ‘Inflation Targeting Framework’,……improved government revenue streams, increased foreign inflows into government securities market, introduction of ‘Liability Management Bill’ to stabilize the interest rate and rate of inflation while the flexible exchange rate policy further supports it.

Core and Total Capital Adequacy ratios were maintained at 12.2% and 15% where the regulatory minimums were 5% and 10% respectively. Larger banks in the sector have already taken necessary steps to raise capital thus meeting the BASEL III capital requirement. This move ensures more stability and paves way for the industry to be more resilient and better poised for future growth, the firm said.

In conclusion, the firm added that with average sector return at 25%, current interest rates make valuations attractive on expected return despite comparatively cheap frontier market valuations.

 

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka in government securities – treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management, retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory.

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.

First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka.

FC Research forecasts steady phase for banking sector

Daily News | 4 -1-2018

By First Capital Research

FC Research forecasts steady phase for banking sector

 

First Capital Research (FC Research) expects the banking sector to have a steady phase during 2018E-20E with stable credit growth, improving GDP growth supporting lower Non Performing loans and lower interest rate volatility leading to stable NIMs, it said in a statement issued yesterday.

First Capital Research expects the banking sector universe to provide 25% average return over a one-year period exceeding the expected market return.

Credit growth to stabilize at 16%-18%: FC Research expects private sector credit growth to slow down to remain stable at 16% during 2018E gradually increasing to 18% through 2019E-2020E on improving GDP growth backed by progressing external sector performance levels and lower impairment due to better credit quality resultant to more business-related credit compared to consumer credit.

Interest rate stability to be mirrored in spreads: First Capital Research expects the banking sector interest spreads to stabilize in 2017E and thereon backed by the implementation of Inflation Targeting Framework, improved government revenue streams, increased foreign inflows into government securities market, introduction of Liability Management Bill to stabilize the interest rate and rate of inflation while the flexible exchange rate policy further supports it.

BASEL III Capital requirements satisfied:

Core and total capital adequacy ratios were maintained at 12.2% and 15% where the regulatory minimums were 5% and 10% respectively. Larger banks in the sector have already taken necessary steps to raise capital thus meeting the BASEL III capital requirement. This move ensures more stability and paves way for the industry to be more resilient and better poised for future growth.

 

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka in government securities – treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management, retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory.

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.

First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka.

Analysts expect CBSL to keep monetary policy unchanged

The Island | 2017-12-27

By First Capital Research

First Capital Research analysts stated Tuesday that they believe the Central Bank of Sri Lanka (CBSL) would determine that the current monetary policy is appropriate and no change would be required.

FC Capital Research further said.”Despite inflation remains high, GDP growth and Credit growth are below our expectation, considering the macroeconomic environment, we believe it would be determined by the CBSL that current monetary policy is appropriate for continuation.

“GDP growth for 3Q2017 was lower than expected. It grew by 3.3%YoY with  overall agricultural activities reporting a negative growth  mainly due to the unfavourable weather conditions that prevailed during the last two years in many districts of the country”,

“FC Research August 2017 forecast private sector credit growth for 2017E to edge up to 16% from 14% amidst a possible pickup towards year-end”.

“Private sector credit figure saw deceleration to LKR 50bn in September 2017  despite a slowdown in the credit in August, we believe overall credit is likely to continue to remain under check”.

“We forecast Dec 2017 CCPI headline inflation to be at 7.2%. We believe inflation will be under control over the next 2-3 months while there could be some upward pressure towards 2Q2018 E”.

“Sri Lanka’s forex reserves assets dropped by USD 171Mn to USD 7.32Bn in November which was equivalent to about 4.5 months of imports from USD 6.0Bn reserve at end 2016”.

“The Central Bank of Sri Lanka (CBSL) had net purchased USD 1.46Bn on a net basis from currency markets so far this year. FC Research believes Foreign Reserves are now at comfortable levels and likely to end the year around the USD 7.5Bn mark”.

“During last three months CBSL bought down it’s holding in Government Securities from LKR 60Bn to below LKR 1Bn as at 22nd Dec 2017”, the analysts said.

Meanwhile, the CBSL is to hold a press conference today to brief its Monetary Policy Review No.8 of 2017, chaired by the governor of the Central Bank of Sri Lanka.

 

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka in government securities – treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management, retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory.

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.

First Capital Holdings PLC is an investment bank and is the pioneer non-bank affiliated Primary Dealer in Treasury Bills and Bonds in Sri Lanka. With a track record of over 25 years, the Company was the first licensed primary dealer appointed by the Central Bank, and is also the only listed and rated primary dealer in Treasury Bills and Bonds in Sri Lanka.
First Capital delivers the only source for fixed income research in the local financial services industry. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis.

FC Research forecasts no change in policy rates

Daily Mirror | 2017-12-28

By First Capital Research

FC Research, the research arm of First Capital Holdings PLC, yesterday ruled out a change in policy rates at the monetary policy review that will be announced this morning.
“FC Research believes that despite inflation remains high, GDP growth and credit growth are below our expectation.

Consideration of the above macroeconomic environment, the current monetary policy is appropriate and no change is required,” FC Research said in a brief note. According to FC Research, there is 90 percent bias towards the Central Bank keeping the policy rates unchanged and a 10 percent bias towards cutting the rates by 25 basis points.

FC Research in August upgraded private sector credit growth for 2117 to 16 percent from 14 percent amid a possible pickup towards the year end.

The private credit figure decelerated to Rs.50 billion in September 2017.

Sri Lanka’s GDP grew 3.3 percent in 3Q17, impacted by the poor performance of the agriculture sector due to unfavourable weather conditions.

Meanwhile, FC Research forecasts December headline inflation to be at 7.2 percent.

“We believe inflation will be under control over the next two to three months while there could be some upward pressure towards 2Q2018.”

 

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka in government securities – treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management, retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory.

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.

First Capital Holdings PLC is an investment bank and is the pioneer non-bank affiliated Primary Dealer in Treasury Bills and Bonds in Sri Lanka. With a track record of over 25 years, the Company was the first licensed primary dealer appointed by the Central Bank, and is also the only listed and rated primary dealer in Treasury Bills and Bonds in Sri Lanka.
First Capital delivers the only source for fixed income research in the local financial services industry. The Company’s best-in-class research team provide dynamic reports including economic reviews and proprietary research, encompassing fundamental, quantitative and technical analysis.

Sri Lankan shares rise on banks, diversified stocks

DIMANTHA MATHEW, HEAD OF RESEARCH AT FIRST CAPITAL HOLDINGS PLC, SPEAKS TO REUTERS

JANUARY 4, 2018

COLOMBO, Jan 3 (Reuters) – Sri Lankan shares rose for an eighth straight session to hit a six-week closing high on Wednesday, as investors picked up banks and diversified shares, with sentiment expected to remain positive after the central bank kept key policy rates unchanged last week.

The Colombo Stock Index ended 0.81 percent firmer at 6,463.50, its highest closing level since Nov. 22.

Shares in conglomerate John Keells Holdings Plc gained 3.7 percent, while Lanka ORIX leasing Company Plc rose 4.8 percent.

“The positive trend which started last few days of 2017 is continuing, with investors continuing to buy value stocks,” said Dimantha Mathew, head of research at First Capital Holdings.

“Declining market interest rates is a big positive factor.”

Turnover stood at 638.3 million rupees ($4.15 million), less than last year’s daily average of 915.3 million rupees.

Foreign investors net bought shares worth 190.95 million rupees on Wednesday. Foreign investors net bought 18.5 billion rupees worth equities in 2017, and 633.5 million rupees worth of stocks in 2016.

The index has risen 2.26 percent in 2017, posting the first annual increase in three years, after falling 9.7 percent in 2016.

Since March 2017, treasury bill rates have fallen between 188 and 216 basis points though end-December, mainly driven by foreign investors buying treasury bonds, resulting in declining market interest rates.

Analysts also said the 2018 economic growth trajectory would help boost market sentiment.

Sri Lanka’s economic growth in 2018 is forecast at 5-5.5 percent, bouncing back from an anticipated four-year low of less than 4 percent last year, central bank Governor Indrajit Coomaraswamy said on Wednesday. ($1 = 153.7000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath)

Our Standards:The Thomson 
First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka.

Capital market wish list for the New Year – Interest rates down

Sunday Times | 31.12.2017

By First Capital Research

Next year will see banking interest rates adjust downwards in 1H2018 similar to 4Q2017 to be in line with the dip in yields of Government Securities which is generally a positive sign for equity market as investors may look at alternative investment opportunities for bank FDs, analysts say.

“As long as bank FDs remain at or above 13 per cent-15 per cent is likely to be considered an attractive safe return for most investors diverting funds into fixed income instruments which were the cast throughout 2017,” Dimantha Mathew Head of Research First Capital Holdings PLC said.

He added that with the dip in government securities yields bank interest rates would follow a similar course supported by the expected reduction in the ceiling of the interest rates on FDs for finance companies by December 31. “Ceiling rates for one year which is currently at 13.55per cent is expected to come down by at least 130-140 basis points to about 12.2 per cent. These rates is primarily for finance companies and bank interest rates we believe are likely to trickle down and hover around 10-11 per cent during 1H2018 and be maintained around the same level during 2H2018 as well.”

With equity markets having higher risk premium which is around 8 per cent to the risk free rate, it currently provides an expected return of around 16 per cent-17 per cent down from around 20 per cent-21 per cent about six months ago, he added.

“However, the current tight monetary policy has slowed down the economy significantly reducing earnings growth for most companies. This situation is expected to ease off towards 2H2018. Therefore it is likely to have slightly better earnings performance in 2018/19 compared to the weak performance we are currently seeing in 2017/18. We believe overall market earnings are likely to grow by a modest 5 per cent-7 per cent during 2018/19 supported by a recovery in economic performance in the 2H2018. This is likely to accelerate to 10 to 12 per cent towards 2019/20 backed by further improvement in economic health of the country and also easing of the monetary policy with more stability in the system.”

Market returns are likely to be slow but stay positive in the 1H2018 due to attractive valuations prevailing in the economy and is likely to improve in the 2H2018 supported by expectations of a better economic outlook and earnings performance, analysts say. “We expect overall market returns are likely to be 10 to 12 per cent above the expected earnings performance with some re-rating with an expected better earnings outlook in the future. In terms of the ASPI index it is only likely to reach 7000 (+650 points) towards end of 2018. Market returns are likely to accelerate towards 2019 to about 15 per cent with the actual earnings performance and renewed investor confidence. Index is likely reach 8000 level (+1000 points) towards 2019. These targets however are highly dependent on the current stable outlook and reform agenda continuing during 2018 as well,” Mr. Mathews added.

Analysts say that the key sectors that are likely to outperform the market and expected provide high returns are the banking sector, building materials sector and apparel sector while the energy sector also may turnaround depending on the implementation of the pricing formulas.

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka in government securities – treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management, retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory.

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.

First Capital is an investment bank offering services as Stock Brokers in Sri Lanka. The Company acts as a conduit between retail and institutional clients and the secondary market of the Colombo Stock Exchange. First Capital’s best-in-class research team provide a series of actionable trade recommendations, daily and periodic market commentaries and publications for Stock Brokers in Sri Lanka.