A flagship event in the CFA Society Sri Lanka calendar, the 2024 CFA Capital Market Awards was held under the theme The Power of Public-Private Partnerships, focusing on the current status of public-private partnerships in Sri Lanka and their future potential with awards presented under Best Sector Research Report, Best Research Team and Best Unit Trust Fund, in addition to 3 other categories.
Softlogic Stockbrokers, the full-service brokerage arm of Softlogic Capital PLC, won Silver for the Best Sector Research Report compiled by Shadini Silva and Nathashi Fernando on the Sri Lankan tourism sector. This award recognizes the efforts to produce best-in-class sector research and promote best practices in fundamental equity research, ensuring an informed and efficient capital market.
The evaluation process for the Best Sector Research Report award involved an initial shortlisting of submissions, followed by a ranking of the shortlisted reports by an expert panel of judges. The evaluation criteria included a comprehensive industry overview and regional comparison, an assessment of industry attractiveness, an analysis of the competitive landscape, and an identification of industry challenges and risks. Winning the Silver award amidst such stringent criteria demonstrates a commitment to raising industry benchmarks in conducting research that is both effective and meaningful to the clients of Softlogic Stockbrokers.
The award-winning report by Softlogic Stockbrokers provides an in-depth analysis of the recovery and revival of tourism, projecting Sri Lanka to welcome approximately 2.2 million tourists in 2024 and generate over $3.5 billion in tourism earnings. Several factors underpin the optimistic forecast, including increased arrivals from key source markets, improved socio-economic conditions and free visa initiatives. The report also predicts improved hotel occupancy rates due to potential policy changes and efforts to attract MICE travellers, whilst further highlighting the strategic advantage of Sri Lankan hotel chains operating in the Maldives. Furthermore, the report highlights that key landmarks and mixed development projects like Port City and Cinnamon Life Integrated Resort will be an impetus to enhance tourism growth.
A special commendation
Softlogic Stockbrokers also received a special commendation under the Best Research Team category for its contribution to Retail/High-Net-worth Investors via a unique product offering that includes products such as Stockgpt.lk and AI-assisted investment tools backed by regular (weekly) investor webinars and research reports that have been offered to its clients consistently during the year (FY23/24) to assist in their investment journey.
As a pioneer in introducing AI to Sri Lanka’s capital markets, Softlogic partnered with Microsoft Azure OpenAI services to create StockGPT, which provides investors, financial analysts, and fund managers instant access to real-time, credible and secure information and market insights on companies listed on the Colombo Stock Exchange (CSE), the Central Bank of Sri Lanka (CBSL) and tourism sector related reports. Through this client-centric platform, even an inexperienced investor can confidently and efficiently navigate financial markets to make informed and timely decisions without depending solely on investment advisors.
“It is a great honour to receive the Silver Award for the Best Sector Research Report at the CFA Capital Market Awards 2024. At Softlogic Stockbrokers, rigorous, insightful research is vital to fostering informed and efficient capital markets,” says Dihan Dedigama, Director and Chief Executive of Softlogic Stockbrokers. “This award is a testament to our team’s dedication and hard work. We will continue to strive for excellence, setting new benchmarks in research quality and contributing to the growth and development of Sri Lanka’s capital markets,” he concludes.