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◆ CSE · Independent Research

Independent research
on the Colombo
Stock Exchange.

Quality-of-earnings analysis, accounting reality checks, and governance deep dives on CSE-listed companies — built to surface what broker coverage misses.

■ Browse all research AI Report Analyzer →
25
Reports published
18+
Tickers covered
150+
Risk flags found
Jun 2026
Last updated
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Latest Research
Deep Dive · DCF · FY26
JAT
JAT.N0000 · ~LKR 39 · Mkt cap ~LKR 20.4Bn
DCF base ≈ LKR 21 · Cash cycle 267 days
◆ Deep Dive · DCF 08 JUN 2026
JAT Holdings FY26: Paths With Purpose, or Treading Water?
JAT.N0000 · ~LKR 39 · Mkt cap ~LKR 20.4 Bn
Revenue +9% and gross profit +20% are genuine — but operating profit was flat (+1%), every return metric fell, and the cash-conversion cycle blew out to ~267 days. DCF base case ≈ LKR 21 vs market LKR 39.
▼ 5.4 / 10 score ● 57% wood-coatings ◆ Live DCF
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Sector Analysis · 6 Stocks Ranked · FY26
Utilities
WIND · VLL · VPEL · HPWR · LVEF · PAP · ~595 MW
VPEL attractive† · P/E ~5.4× · Rs.17.8Bn revenue
◆ Sector Deep-Dive · DCF · Radar 17 JUN 2026
Sri Lanka Utilities FY26: 6 Stocks Ranked — Who Powers Growth, Who's Running on Fumes
WIND · VLL · VPEL · HPWR · LVEF · PAP · ~595 MW combined · Rs. 107Bn market cap
Full sector comparison with spider-web scorecard, margin wars, debt stress test, DCF per company. VPEL is the standout — P/E ~5.4x, D/E 0.23x, and even the bear-case DCF (Rs. 18) sits 19% above today's price. HPWR is the sector's weakest (D/E 1.57x, interest cover 1.5x). PAP's 150% capacity jump is FY27's key growth catalyst.
● VPEL attractive† ▲ HPWR caution ◆ Radar chart
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Sector Deep-Dive · Capital · FY26
8 Finance Cos
+0.55pp thinnest Tier 1 headroom
◆ Sector · Capital 24 JUL 2026
Eight Finance Companies, One Balance-Sheet Cycle
LFIN · LOFC · PLC · CDB · VFIN · SFCL · HNBF · MI · Rs 595bn loan growth
Every one of eight licensed finance companies grew loans 39–91% — none funded it mainly with deposits. Free briefing; US$9 for full rankings, valuation and the LOLC Finance repurchase dashboard.
▲ Capital, not profit ◆ US$9 full research
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Deep Dive · DCF · FY26
WIND
P/E 40.5× · Revenue +16% · Q4 Loss
◆ Deep Dive · DCF 06 JUN 2026
WindForce FY26: Revenue +16%, Profits −17%, Q4 Loss at Parent
WIND.N0000 · 253 MW · Rs. 44.6 · P/E 40.5×
Tax shields eroding, Rs. 2.2Bn CEB receivables, SPPA revenue gone. IFC-backed 100 MW solar is the bull case. Interactive DCF included.
▲ HOLD ◆ Live DCF
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Group Structure · FY26
ASIR
Rs 16.9Bn upstream · SHL equity −Rs 44.7Bn
▲ Group Structure16 JUN 2026
Asiri & Softlogic: The Rs 16.9Bn Upstream Trail
ASIR · AMSL · SHL · SCAP · AAIC
Two profitable hospitals carry Rs 16.9Bn in related-party loans partly directed at a parent with negative equity Rs 44.7Bn. Impairments taken two years running. Stake sale 15 Jun 2026.
▲ Recoverability risk● Strong operators
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Deep Dive · DCF · FY26
HAYL
OCF −Rs.10.5Bn · Short-term debt +50%
▲ Deep Dive · DCF04 JUN 2026
Hayleys FY26: Half-trillion revenue, negative operating cash flow
HAYL.N0000 · Fitch AAA(lka) · Rs. 585bn Revenue
Operating CF collapsed from +Rs.18bn to −Rs.10.5bn. Short-term debt up 50% to Rs.152.9bn. Receivables +40% vs revenue +19%. Includes interactive DCF with 11 flex sliders.
▲ 9 red flags● 9 green flags◆ Live DCF
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Macro · Quant · Market Autopsy
ASPI
−8.3% from peak · Rs.25Bn+ foreign outflow
◆ Macro · Quant03 JUN 2026
CSE June 2026: Eight triggers nobody saw coming together
ASPI · S&P SL20 · CSE Market Autopsy
Full quant + news sentiment autopsy of the ASPI's 8.3% drawdown: Iran war energy shock, CBSL's surprise 100bps hike, Rs.25bn+ foreign outflow, and what to watch next.
▲ 8 triggers● Word cloud
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Platform DCF · FY26
PICK
Revenue +49% · GTV Rs.84.5Bn · DCF base Rs.239
◆ Platform DCF31 MAY 2026
PickMe: Platform economics & full DCF valuation
PICK.N0000 · Digital Mobility Solutions Lanka PLC
Revenue +49% for two years, Rs.84.5Bn GTV, 35% EBIT margin, Rs.2.46Bn FCF. 9-year DCF: bear Rs.87, base Rs.239, bull Rs.315.
◆ Base DCF Rs.239● 9 green flags
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Deep Dive Update · FY26
LOLC
BRWN EPS +152→−75 · Equity fell Rs.15.3Bn
⟳ Deep Dive Update29 MAY 2026
LOLC FY26: The illusion expands. The losses arrive.
LOLC · BIL · BRWN · LOFC · SIRA · 5 tickers
BRWN EPS crashed +152 → −75 once bargain-purchase gains dried up. BIL's trick scaled to Rs.98.7Bn yet equity fell Rs.15.3Bn. LOFC borrowings +527%.
▲ Thesis confirmed● SIRA bright spot
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Deep Dive · Structure · FY26
RIL
94% auto revenue via 51%-owned UML · +323%
▲ Deep Dive22 MAY 2026
RIL: The automobile company hiding inside a property stock
RIL.N0000 · UML.N0000 · PPOW.N0000
Listed as "Real Estate" but 94%+ of group revenue is automobile sales from 51%-owned UML. SLFRS 10 consolidation inflates the headline. 99.946% public float after Yaseen resignation.
▲ 8 risk flags● 4 positives
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Deep Dive · Going Concern
SHL
Equity −LKR 66.5Bn · Debt LKR 122.8Bn
▲ Deep Dive17 MAY 2026
The Softlogic negative-equity conglomerate
SHL.N0000 · CSE Diversified Holdings
Parent equity −LKR 66.56B, accumulated losses −LKR 90.94B, group debt LKR 122.8B. EY going concern flag, SEC-deferred trading suspension.
▲ 12 concerns● 4 delisting precedents
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Browse all 25 research reports
JAT, WindForce, Hayleys, PickMe, LOLC, JKH, CSE Utilities sector + more →
View all research →
!
Not investment advice. All research reflects personal analytical views by DamithInvest, who is not registered with the SEC of Sri Lanka as an investment advisor or broker. "Red flag / green flag", "Attractive / Positive / Neutral / Monitor / Caution" and similar signals are personal analytical assessments based on public filings — they do not constitute buy, sell, or hold recommendations. Consult a licensed advisor.
Research methodology
Every dossier is built on three layers: (1) IFRS numbers from audited annual reports and CSE interim releases; (2) market-side reality checks via TradingView TTM data and CSE price history; and (3) quantitative screens from the inwestout CSE Terminal flagging quality-of-earnings divergences.

▲ Quality-of-Earnings

PAT / Operating Cash Flow >1.5× flags earnings not backed by cash.

▲ Gain-on-PBT ratio

Fair-value + bargain gains / PBT >25% signals accounting-driven profit.

▲ EPS divergence

Reported EPS vs TTM EPS gap >30% means recent quarters rolled over.

● Piotroski F-Score

Nine-point profitability, leverage and efficiency checklist. ≥7 is quality.

● Altman Z-Score

Bankruptcy probability model. <1.8 = distress zone, >3 = safe.

● EWMA sentiment

λ=0.94 exponential weighting on news flow for near-term catalysts.