★ Report Analyzer CSE Terminal Research Community JXG IPO Tool
◆ CSE · Colombo Stock Exchange

Independent research
on Sri Lankan
equities.

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

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10
Reports published
20+
Tickers covered
120+
Risk flags found
May 2026
Last updated
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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" are personal observations based on public filings — not buy, sell, or hold recommendations. Consult a licensed advisor.
Latest research
BRWN EPS COLLAPSE · BIL TRICK ↑56% · FY26 +152.5 BRWN FY25 −75.3 BRWN FY26 −149% Rs.63Bn BIL FY25 Rs.98.7Bn ↑56% BIL FY26 Equity still fell Rs.15.3Bn ↓5.6%
⟳ Deep Dive Update 29 MAY 2026
LOLC FY26: The illusion expands. The losses arrive.
LOLC · BIL · BRWN · LOFC · SIRA
BRWN EPS crashed +152 → −75 once bargain-purchase gains dried up. BIL's trick scaled to Rs.98.7Bn yet equity fell. LOFC borrowings +527%. Africa restructuring with VRS costs. Sierra Cables PAT +194% — the genuine story.
▲ Thesis confirmed ● SIRA bright spot ● 5 tickers
→
UML AUTOMOBILE REVENUE — SLFRS 10 FULLY CONSOLIDATED FY23 FY24 FY25 9M FY26 +323% → 33.3B RIL owns only 51% 49% → NCI shareholders
▲ Deep Dive 22 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. Plus: 99.946% public float after Yaseen resignation eliminates director disclosure obligations.
▲ 8 risk flags ● 4 positives ● 3 tickers
→
PARENT EQUITY EROSION · GOING CONCERN −66.5B SEC DEFERRED SUSPENSION · LKR 122.8B DEBT
▲ 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
→
50% VEHICLE SURCHARGE · 71% EXPOSURE +298% Fin. Lease −20.3B OCF 50% TAX Vehicles · 16 May
● Macro · Sector16 MAY 2026
The vehicle-levy squeeze on COCR
COCR.N0000 · Diversified Financials
50% vehicle surcharge hits as COCR's vehicle-financing book drives 71% of revenue. Finance Lease +298% YoY, OCF swings +4.6B to −20.3B.
● 4 exposure channels● 3 scenarios
→
LKR 13.2B FRAUD · PAT RESTATED 11.0B Reported → 5.9B Restated 35× revision in 4 days
▲ Deep Dive11 MAY 2026
The NDB restated franchise
NDB.N0000 · Banks · A−(lka)
LKR 13.2B fraud, PAT restated 11.0B→5.9B, CET1 −183 bps. Then sold Seylan Bank stake for CET1 relief. Deloitte forensic audit, EY→KPMG swap.
▲ 11 red flags● 7 green
→
6-QUARTER REVENUE COLLAPSE DEADLINE 11 JUN 2026 · −LKR 15.1B EQUITY
▲ Deep Dive06 MAY 2026
The HELA unwinding
HELA.N0000 · CSE Watch List
Auditor disclaimer, negative equity −LKR 15.1B, revenue down 50%+ in six quarters. Hard deadline: 11 June 2026 — resolve disclaimer or mandatory trading suspension.
▲ 8 concerns● Watch List
→
RENTAL COMPOUNDER · DEBT → ZERO debt→0 69% Recurring rental −11% NAV 14% ROE
● Thesis29 APR 2026
The OSEA compounding story
OSEA.N0000 · CSE Real Estate
69% recurring rental from WTC Colombo, Havelock City. Bank debt down 99% in 5 years. Net cash Rs 7.85B. Trading 11% below NAV with 14% ROE.
● 5 reasons attractive● 67/100
→
LISTED SHELL vs PRIVATE PARENT PRIME LANDS (Pvt) Ltd USD 250M ↛ PLR.N0000 Shell · −3.84B OCF PAT +144% Debt +243% in 6mo
▲ Deep Dive27 APR 2026
The Prime Lands structural gap
PLR.N0000 · vs Prime Lands (Pvt) Ltd
PAT +144% alongside −LKR 3.84B OCF, debt +243% in 6 months. The USD 250M Port City project sits at the private parent — not the listed PLC.
▲ 11 flags● 5 severe
→
Browse all 12 research reports
Including LOLC FY26, NDB, Softlogic, OSEA, JKH and more →
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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.