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  • Bangladesh Banking Sector H1 2018 Earnings Update

    15 Sep 2018
    33
    12

    Riding on growing economic activity and favorable policy interventions by BB,  Listed Banks’ profitability improved in Q2’18 than Q1’18 but profit growth was not so high while comparing with Q2’17.
  • IPO Note on VFS Thread Dyeing Limited

    06 Sep 2018
    25
    3

    VFS Thread Dyeing Ltd. is engaged in dyeing and finishing of different types of sewing thread and supplying the same to 100% export oriented readymade garments company. The company has undertaken a project to increase the capacity of the production units for which it has collected BDT 177.4mn from IPO. 
  • Equity Note on Active Fine Chemicals Limited

    30 Aug 2018
    39
    16

    Active Fine Chemicals Limited (AFCL) is primarily engaged in the business of manufacturing & selling of Bulk Drugs/Active Pharmaceuticals Ingredients and different Laboratory Reagents. Active Fine Chemicals Limited was incorporated on December 1, 2004 as a private limited company. In December 09, 2009, AFCL has been converted into a public limited company. The company started its commercial operation in 5th October 2009. The registered office of the company is located at Tejgaon Link Road, Dhaka and the factory is situated at West Muktarpur, Munshiganj.
  • Equity Report on Unique Hotel and Resorts

    16 Aug 2018
    44
    8

    Unique Hotel and Resorts Limited is a hotel & hospitality management company which is the owner of “The Westin Dhaka”.The principal activity of the Company is to carry out the hotel business. The business activities connected with the hotel business is carried out through a Management Contract between Unique Hotel & Resorts Ltd (the Owner) and J.W. Marriott International (the operator). Different hotels & resorts like The Westin Dhaka, Hansa premium serviced apartments etc. are entitled to be managed under this contract
  • Bangladesh BoP likely to turn into positive riding on fresh large Japanese FDI worth USD 1.48 bn

    07 Aug 2018
    43
    14

    A landmark deal between Japan Tobacco Group and Akij Group will book single largest FDI in Bangladesh that is expected to lose some pressure on the Balance of Payments of Bangladesh. Japan Tobacco Inc. has acquired Akij Group’s tobacco business, United Dhaka Tobacco Company Limited with a record payment of USD 1,476 million, the biggest ever buyout involving a Bangladeshi company. With the completion of the transaction that is likely to occur in the Jul’18-Sep’18 period, Bangladesh will receive a FDI worth of USD 1,476 million.
  • IPO Note on Aman Cotton Fibrous Limited

    05 Aug 2018
    60
    7

    Aman Cotton Fibrous Limited (ACFL) is engaged in manufacturing, marketing and selling of cotton yarn in the domestic market of Bangladesh. Aman Cotton Fibrous Limited was incorporated as a private limited company on 28 December 2005. Corporate office of this company is located at Uttara, Dhaka and the factory is in Gazipur.
  • Monetary Policy Statement Review for H1 FY'19 

    31 Jul 2018
    56
    8

    Monetary Policy Stance for H1 FY’19 is intended to foster price stability while fostering growth target of the government. Ahead of general election, policy rates were kept unchanged but BB may intervene with interest rate instruments like they did last fiscal year. 
  • Equity Valuation Report on British American Tobacco Bangladesh Company Ltd. (BATBC)

    31 Jul 2018
    76
    26

    BAT Bangladesh (BATBC), a part of British American Tobacco plc, is the leading tobacco manufacturing and distribution company having approximately two-third of the total tobacco market in Bangladesh. BATBC is serving the market with different categories of tobacco products to cater to the demand from consumers across different income level. BATBC has recorded lucrative 17.5% CAGR in gross revenue over the past 7 years. During the preceding 7 years CAGR of volume sales of the company was 11.74%.  The stock appears to be highly undervalued, having 27%+ potential upside, in terms of average of the DCF, relative, historical earnings and asset based valuation estimates.
  • Equity Valuation Report on IFAD Autos Limited

    26 Jul 2018
    98
    30

    IFAD Autos Limited (IAL) is capitalizing the favorable industry dynamics posting a robust growth in sales, 5 Years (2011-12 to 2016-17) CAGR of 19.78%. The trend is likely to continue as Bangladesh is currently on the higher growth trajectory and the growth engine is likely to be accelerated which will further shoot up the growth of automobile industry. Adoption of CKD unit which commenced its production in the 4th quarter of 2016-17 with an initial capacity of assembling 1,000 vehicles per annum and is expected to lead up to 10,000 vehicles per annum in the next 5 years has given IAL a strong foothold to ride on the growth engine. 

    We conducted a valuation on IFADAUTOS based on Discounted Cash Flow method and relative valuation. Currently, IFADAUTOS is traded at BDT 120.7 (as on 26th July, 2018). In our valuation, the target price for IFADAUTOS based on DCF and Relative Valuation is determined at BDT 149.0 per share for 1 year holding period.
     
  • Flash Note on Grameenphone Ltd.(HY'18 Update)

    17 Jul 2018
    71
    9

    The file contains highlights of the financial performance and analyst's commentary on Grameenphone Ltd.'s latest half-yearly financial results.
  • IPO Note on SK Trims and Industries Ltd.

    15 Jul 2018
    66
    6

    SK Trims & Industries Ltd. is deemed exporter that produces different accessories and packaging materials.SKTIL has undertaken a project to increase the capacity (around 82.7%) of the company. To finance the project, the company has raised capital up to June 2017 and gone for IPO to raise BDT 300mn to complete the project. 
  • Pharmaceuticals Industry of Bangladesh

    10 Jul 2018
    66
    8

    Domestic market of Pharmaceutical products in Bangladesh has shown an increasing trend over the past few years and the market size is BDT 187,566 million as on 2017 Q2 (Source: IMS Health Report Q2). According to Bangladesh Bureau of Statistics, the industry has contributed 1.85% to the GDP in 2016-17 . Pharmaceutical industry of Bangladesh is largely protected from external competition, as there is a restriction regarding import of similar drugs that is manufactured locally. This industry is the second largest contributor to national exchequer. At the same time, the industry provides the largest white collar (note) intensive employment.
  • IPO Note on Bashundhara Paper Mills Limited, BPML

    10 Jul 2018
    17
    2

    Bashundhara Paper Mills Limited (BPML) is one of the major concerns of Bashundhara Group. The Company was incorporated in Bangladesh in 1993 as a private limited company under the Companies Act, 1913 having its registered office at Dhaka. Bashundhara Paper Mills Limited is engaged in manufacturing and marketing of all kinds of Paper products, Tissue products, Hygienic products, PP woven bag, Paper sack and other allied products for domestic consumption as well as for exports. Bashundhara Paper Mills Limited holds around 15.4% market share of the paper & exercise product at this moment. 
  • Equity Insight on IPDC Finance Ltd. (IPDC)

    10 Jul 2018
    59
    9

    IPDC Finance Limited (earlier known as Industrial Promotion and Development Company of Bangladesh Limited) is the first private sector financial institution of the country which laid its foundation in 1981. IPDC has 12 branches from where they offer retail, corporate, SME, women entrepreneurship, factoring products to its clients. IPDC took an ambitious plan to increase the loan portfolio to BDT 110 bn by 2021 (3.2x times higher than the current size of BDT 34.6 bn) and accordingly investing heavily in network (new branch as well as 300+ BRAC Centers), IT, human resources, rebranding, product & portfolio rebalancing etc. Besides they intend to issue 2 subordinated debts (BDT 3000 mn + BDT 1000 mn) & pending right issues (BDT 2830 mn) to support growth & strengthen capital base. All these initiatives are taken to retain current growth and attain strategic objectives of the company.  
  • Bangladesh National Budget Review 2018-19 (Update) 

    28 Jun 2018
    84
    11

    Earlier on 7th June, 2018, we provided Bangladesh National Budget Review: FY’19 based on the budget proposal, placed by finance minister. The Parliament passed the final budget on 27th June, 2018 with some minor changes from the proposed one and this update depicts those changes in the Finance Bill- 2018 along with some observations. 
  • Weekly Mutual Fund Update 24/06/2018

    24 Jun 2018
    45
    9

    During this week, PRIME1ICBA (4.55%) and EBLNRBMF (3.45%) experienced highest positive price change while ICBAMCL2ND (-2.60%) and SEMLIBBLSF (-2.15%) experienced highest price correction.
  • FMCG Industry Review of Bangladesh

    23 Jun 2018
    1344
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    Consumer goods refer to the final goods and services that are consumed by the households and not used in the production process of other goods & services. Consumption of these goods and services is defined as the Private Consumption or Household Consumption.
    On the other hand, Fast Moving Consumer Goods (FMCG) are products that are sold rapidly and at comparatively lower cost. Examples of such FMCGs are packaged foods, beverages, toiletries, over the counter drugs and similar consumables.
     
    Usually, FMCGs have a short shelf life. Some FMCGs are highly perishable such as meat, fruits, vegetables, dairy products and baked goods. Others products like toiletries, packaged foods, soft drinks, housework products have high turnover rates. Revenue margin from the FMCGs is comparatively small, these products are generally sold in bulk quantities to make considerable aggregate earnings. The business of FMCGs is considered as the most definitive instance of low margin and high volume business.
  • Bangladesh National Budget Review 2018-19

    10 Jun 2018
    755
    37

    The 47th National Budget of Bangladesh and 12th by Finance Minister AMA Muhith has been proposed on 7th June, 2017. Proposed budget size for FY ’18 is BDT 4,645.7 bn which is 18.6% of GDP. This is the largest budget in the history of Bangladesh. Target Revenue is BDT 3,392.8 bn caused a deficit amounting to BDT 1,252.9 bn which will be financed through domestic sources (BDT 712.3 bn) and External Borrowings (BDT 540.7 bn).
  • Equity Note on Appollo Ispat Complex Limited

    31 May 2018
    96
    9

    Appollo Ispat Complex Limited (AICL) was incorporated on December 31, 1994 as a private limited company. In March 30, 2010 AICL has been converted into a public limited company. The company started its commercial operation in its 1st Continuous Galvanizing Line (CGL) in July 1997, 2nd CGL in early 2000 and in Cold Rolled Manufacturing Unit in January 2005. The registered office of the company is located at Tejgaon, Dhaka and the factory is situated at Shiddirgonj, Narayongonj.
  • Weekly Mutual Fund Update

    27 May 2018
    34
    9

    During this week, SEMLLECMF (9.47%) and ICBAMCL2ND (3.90%) experienced highest positive price change while MBL1STMF  (-2.35%)  and FBFIF (-1.82%) experienced highest price correction. 
  • Equity Insight on Evince Textiles Ltd.

    24 May 2018
    107
    5

    Evince Textile Ltd. (ETL) is engaged in manufacturing and selling of yarn dyed woven fabric. It is 100% deemed export oriented company.ETL produces yarn dyed woven fabrics and sells the same as deemed exporter.  The IPO project undertaken by ETL has been completed in December 2017. The company has used the IPO fund to increase the capacity unit of dyeing unit. Commercial operation of the project has been started recently.
  • IPO Note on Intraco Refueling Ltd

    16 May 2018
    76
    6

    Intraco Refuelling Station is involved in the operation of CNG Refuelling Station in different places in Bangladesh. The company will be listed in both DSE & CSE on 17th May, 2018. This company was incorporated in 2007 and started commercial operation in 2008.  Core service of INTRACO Refueling Station is selling gas through CNG re-fueling stations. Company sells Compressed Natural Gas (CNG) from its CNG re-fueling stations and the purpose of procuring fund is to  establish an LPG Bottling and Distribution plant at Chorkalikapur, Imampur, Gojaria, Munshigonj. 
  • Equity Insight on Navana CNG Limited

    13 May 2018
    126
    7

    Navana CNG Limited, a sister concern of Navana Group, is one of the leading CNG service provider in Bangladesh.The Company is involved in the business of conversion of petrol and diesel vehicles to Compressed Natural Gas (CNG) driven vehicles, CNG Re-fuelling stations and other related services.The company has three subsidiaries named Navana Engineeing Limited, Navana Welding Electrode Limited and Navana LPG limited. Navana CNG Ltd. has completed a BMRE program for its subsidiary ‘Navana Engineering Limited’. It has doubled total production capacity of the concern. LPG project of the company under its new fully owned subsidiary, Navana LPG Limited, has commenced its operation on recently. The new project is likely to generate handsome growth in the consolidated financials of the company. 
  • Flash Note on Dutch-Bangla Bank Limited

    26 Apr 2018
    161
    21

    Dutch Bangla Bank is a 2nd generation bank that provides conventional banking services. Their Mobile Financial Service i.e. ‘Rocket’ is the number 2 MFS in BD.
  • Flash Note on Mercantile Bank Limited 

    24 Apr 2018
    133
    7

    Mercantile Bank Ltd. is a 3rd generation commercial bank from Bangladesh that provides a broad range of financial services to its clients. The Board of Directors has recommended 17% cash dividend and 5% stock dividend for the year ended on December 31, 2017 and this flash note summarizes investment insights on Mercantile Bank Limited. 
  • IPO Note on Advent Pharma Limited

    11 Apr 2018
    155
    15

    Advent Pharma Ltd (ADVENT) is engaged in manufacturing, importing and marketing of animal health care drugs, nutritional supplements and feed additives for livestock. The company manufactures products in the form of powder, bolus and liquid dosage. ADVENT produces both Non-Biological and Biological products. ADVENT manufactures 32 products likely electrolyte, vitamins & minerals, multivitamins, zinc supplement, calcium supplement, stomachic, anticoccidial, antibiotic, anthelmintic, analgesic, appetizer for both poultry and dairy. 
  • Weekly Market Update (01 April- 05 April 2018)

    05 Apr 2018
    136
    10

    The winning streak in the prime bourse of the country extended for the two weeks in a row with optimistic vibe among investors. Market partakers started to exhibit their active participation as they regained confidence  riding on various steps taken by the government like- reducing CRR, increase fund flow in the market and so on. As a result, market observed significant increase in participation of investors from both side of the fence in this week. Almost all the sectors showed shining performance this week. Investor’s activities were mostly concentrated on Bank (23.4%), Engineering (13.7%) and Pharmaceuticals & Chemicals (11.7%) Sectors. Financial Institutions (10.5%), IT (8.7%) and Life Insurance (7.1%)  sectors has witnessed positive change this week while Tannery (-0.7%) and Food & Allied (-0.1%) sectors have faced correction in this week. Average market turnover of this week increased to BDT 5.43 billion as opposed to BDT 3.21 billion last week. During this week, the port city bourse, CSE closed in green zone. CSCX and CASPI were increased by 488.1  and 803 points respectively.
     
  • Equity Valuation Report on Paramount Textiles Ltd. (PTL)

    05 Apr 2018
    284
    33

    Primarily engaged in the business of manufacturing and marketing of 100% export oriented woven fabric, PTL operates as backward linkage of textile sector.The company manufactures dyed woven fabrics for export oriented garments industries in Bangladesh. The product range of PTL comprises of yarn dyed fabrics and finished woven fabric.Besides its ongoing business operation in textile sector, the company is going to make fresh investment in the private power generation sector of the country through its investment in Paramount BTrac Energy Consortium, a proposed 200 MW diesel fired power plant, having 49% ownership from PTL.  

     
  • Equity Valuation Report on LafargeHolcim Bangladesh Limited

    29 Mar 2018
    238
    52

    LafargeHolcim Bangladesh Limited (LHBL), previously known as Lafarge Surma Cement Limited (LSCL) produces clinker and cement in its plant located in Chhatak, Sunamganj which is the only fully integrated dry process cement plant in Bangladesh. It sources its primary raw material, limestone from its own quarry in Meghalaya, India which is brought to the plant using 17 Kilometer long conveyor belt. Currently it has 3 subsidiaries - Lafarge Umiam Mining Private Limited (100% Holding), Lum Mawshun Minerals Private Limited (74% Holding), and Holcim Bangladesh Limited (100% Holding).

    We conducted a valuation on LHBL based on Discounted Cash Flow method and relative valuation. Currently, LHBL is traded at BDT 56.9 (as on 29th March, 2018). In our valuation, the target price for LHBL based on DCF and Relative Valuation is determined at BDT 58.7 per share for 1 year holding period.

     
  • Weekly Market Update (18 Feb-22 Feb 2018)

    26 Mar 2018
    52
    9

    The prime bourse of the country extended the losing streak for the fifth straight week as investors continued their selling binge amid pessimism. Investors remained cautious as political tension along with prevailing liquidity crisis and also uncertainty over the Dhaka bourse share sales to strategic partner and followed a see-saw strategy ahead of dividend declaration.
  • Equity Valuation Report on Berger Paints Bangladesh Limited

    22 Mar 2018
    192
    28

    Berger Paints Bangladesh Limited is the largest paint manufacturer and distributor in Bangladesh. Berger Paints manufactures world class paints for all kinds of substances and also provides different support services with more than 250 years of rich heritage. Louis Berger from Germany started dye and pigment making business in 1760. The company was introduced as Louis Berger & Sons Limited.  The company grew and expanded rapidly with a strong reputation for excellence in innovation and entrepreneurship. Production of dyes and pigments evolved into production of paints and coatings, which till today, remains the core business of Berger. Berger expanded globally by establishing branches all over the world and through mergers and acquisitions with other leading paint and coating manufacturing companies. Berger Robbialac, the flagship brand of Berger Paints, is the number one paint brand in Bangladesh. The product line of Berger Paints includes decorative, industrial, marine, power coating, adhesive, wood coating, textile paints and construction chemicals.
  • Equity Note-Bengal Windsor Thermoplastics Limited

    19 Mar 2018
    152
    6

    Bengal Windsor Thermoplastics Ltd. is a concern of Bengal Group of Industries. The Company is engaged in manufacturing and exporting of garment hangers and accessories  which facilitate the export of garments to the world’s largest retailers like  WalMart, K-Mart, Khol’s, J C Penny etc. in the USA as well as in Europe. The company generates 100% of its revenue from export sales.  It was incorporated on  2 January,  2002  as a Private Limited  Company with the name “Bengal Build up Bangladesh Limited”  and  subsequently  changed  its  name  to  “Windsor Plastic (BD) Ltd. in 2005 and again changed to Bengal Windsor Thermoplastics Ltd. in 2010.
  • IPO Note on Queen South Textiles Ltd

    12 Mar 2018
    88
    2

    Queen South Textile Mills Ltd. (QSTML) is a 100% export oriented textile company. The company is engaged in dyeing different counts of Cotton, Polyester, Viscose, Acrylic, Nylon and Blended yarn and supplying the processed yarn as deemed exporter.The total cost of undertaken project by the company for the modernization of existing factory unit is BDT 172.5mn of which BDT 41.9mn will be financed from own source and 130.7mn will be financed from IPO fund. The aforesaid project is expected to increase capacity from 42MT/Day to 57MT/Day
  • Equity Valuation Report on Golden Harvest Agro Industries Limited

    27 Feb 2018
    239
    26

    Golden Harvest Agro Industries Limited (GHAIL) is the market leader in Frozen Food Industry of Bangladesh having around 25% market share. The product line of GHAIL includes frozen ready to eat snacks, Ice Cream and dairy products. GHAIL regularly introduces new products to meet the diversified customer needs and explore new frontiers. It has 75 varieties of premium quality frozen food items and 40 types of Ice Cream available in the market.
  • Equity Note on Fortune Shoes Ltd

    22 Feb 2018
    168
    13

    Fortune Shoes Ltd. manufactures and exports all kind of leather shoes, footwear etc. It is a 100% export oriented company.The company is increasing its production capacity and utilization gradually since 2016. Total capacity will be increased to 4.05mn pairs from current level i.e. 3.50mn pairs. Again, interest income earned on FDR using IPO fund will be abolished in this year. Considering other concerns along with these, it will be challenging for the company to bring lucrative growth in revenue and other profitability margins.
  • Equity Note on Shasha Denims Ltd.

    18 Feb 2018
    215
    13

    Shasha Denims Ltd. (SDL) is a 100% export oriented company that manufactures and exports denim fabrics.Though the company is facing decreasing trend in its profitability margin, it is expected that the company will be able to bring positive turn after implementation of the IPO project.

     
  • Updated Equity Valuation report on Square Pharmaceuticals Limited

    13 Feb 2018
    245
    40

    The Pharmaceuticals industry of Bangladesh is expected to grow  at  a  CAGR  of  15%  over  the  next  five  years  due  to steady  economic  growth,  population  growth,  growth  of income  level  of  people  and  increased  health  awareness. Being  the  leader  in  the  growing pharmaceuticals  industry; Square Pharmaceuticals Limited is expected to grow at the same pace with the industry.
  • Monetary Policy Statement, H2 FY'18 Highlights

    30 Jan 2018
    219
    23

    Bangladesh Bank is going to pursue a ‘Cautionary’ monetary policy stance for the second half of FY18 with an aim at bringing back monetary aggregates to a sustainable growth trends by ensuring the quality of credit flows rather than restricting it.  Current monetary policy stance is formulated for the second half of FY’18 considering the actual result of H1, FY’18 and the target made for H2, FY’18. Prior to national election, Central Bank of Bangladesh undertakes a growth supportive but cautious monetary policy stance with an aim to bring price stability.
  • Market Outlook for 2018

    22 Jan 2018
    312
    47

    Our market outlook for 2018 is supported by optimism even after some glitches from economy are expected. In 2017, our capital market resembled a robust growth posting an impressive return of 24.0%. During that period, Dow Jones Industrial Average Index provided 24.2% return and SENSEX provided 29.4% return. We expect market return will remain positive in 2018, however market return may be lower than that of in 2017.Market Capitalization to GDP in DSE was 18.35% at the end of December, ’17 which was 23.56% in Colombo SE, 27.59% in Pakistan SE, 88.63% in BSE (India). We anticipate this proportion will increase further in 2018. Unlike 2017, market drivers will be from Fast Moving Consumer Good providers, Pharmaceutical and Construction Sectors. Though financial sector will face few challenges like governance issues, increased default loans, unexpected change in management, financial scams and liquidity crunch etc. but banks with strong financials and  corporate governance along with good dividend payout ratio will do well in 2018.
  • Equity Note on Midas Financing Limited

    18 Jan 2018
    211
    14

    MIDAS Financing Limited (MFL) was incorporated on May 16,1995  under  Companies  Act  1994.  In  October,  1999,  the Company obtained license from Bangladesh Bank to operate as a Non-Bank Financial Institution under Financial Institution Act 1993. The Company was listed with DSE on October, 2002 and with CSE on July, 2004. MIDAS Investment Ltd is the subsidiary of MIDAS Financing Ltd where MFL’s share is 99.99%.
  • Bangladesh Money Market Scenario and Outlook

    11 Jan 2018
    1091
    69

    Money market of Bangladesh has gone through some swift changes due to the backlash on the liquidity. Liquidity drag has been mainly occurred due to the extensive private sector credit growth keeping most of the banks’ advance deposit ratio (ADR) close to 85%. At least 12 commercial banks including the public banks have exceeded the existing ADR limit. Private sector credit growth was mainly fuelled by borrowers’ appetite for cheap fund and banks’ opportunity to generate profit. As a drive to squeeze the excessive private sector credit growth, Bangladesh Bank plans to curtail limit on advance-deposit ratio which will persuade banks to seek large deposits in short time. To pursue the objective, deposit rate needs to be attractive for all sorts of potential depositors. The impact is already apparent in the interest rates of banks. According to the industry participants, interest rate has gone up by around 1% already from October, 2017. Upward pressure on USD has also led to a critical scenario for retaining strong liquidity of BDT. Import of consumer goods has surged to a massive level due to shortage of food supply. Furthermore, import of capital machineries has also gone up as construction of large development projects are on the pipeline. Unless strong interference is initiated by Government, USD may escalate further and lead to squeezed liquidity. Interest rate is supposed to go up further in 2018.
  • Pharmaceuticals Industry of Bangladesh

    04 Jan 2018
    263
    29

    Domestic market of Pharmaceutical products in Bangladesh has shown an increasing trend over the past few years and the market size is BDT 187,566 million as on 2017 Q2 (Source: IMS Health Report Q2). According to Bangladesh Bureau of Statistics, the industry has contributed 1.85% to the GDP in 2016-17 . Pharmaceutical industry of Bangladesh is largely protected from external competition, as there is a restriction regarding import of similar drugs that is manufactured locally. This industry is the second largest contributor to national exchequer. At the same time, the industry provides the largest white collar (note) intensive employment.
  • Equity Valuation Report- Singer Bangladesh Limited

    28 Dec 2017
    292
    24

    Singer Bangladesh Limited manufactures and markets color televisions, refrigerators, home appliance, furniture, sewing machine. The company is also engaged in marketing of electric cables, computer and instant power supply, kitchen appliances, other consumer electronics and household appliances of other brands.
     
  • Equity Note on Saif Powertec Limited

    18 Dec 2017
    293
    18

    Saif Powertec Limited is a berth/terminal operator of Chittagong Container  Terminal  and  New Mooring  Container  terminal  of Chittagong Port Authority. Saif  Powertec  is  an  infrastructure  support  services provider.  Saif  Powertec  is  also  engaged  in  importing,  trading, assembling,  and  installing  generators,  sub-stations,  electrical equipment and gridlines and installation and erection of power plants. In addition, it sells and services construction equipment.
  • A Comparative Analysis on Listed IT Companies of Bangladesh

    09 Dec 2017
    246
    22

    IT Industry has been professed as a thrust sector assessing the ability and interests of young populace of the country. In Bangladesh, there are more than 100 software houses, 35 data entry centers, thousands of formal and informal IT Training centers and numerous computer workshops. VAT  has  been  withdrawn  from  locally  developed  Software,  Digital  Data  Network has  been  introduced,  and  VSAT  is deregulated in Bangladesh. Some remarkable events are going on in every sector covering E -commerce, E-governance, Computer Networking, Internet, Web Browsing, Web Applications, Multimedia Product Development and others.

     
  • Equity Valuation Report- Grameenphone Ltd.

    03 Dec 2017
    318
    45

    Grameenphone Ltd. (GP) is the leading telecommunication service provider in Bangladesh. The immediate parent of GP is Telenor Mobile Communications AS and the ultimate parent is Telenor ASA; both the companies were incorporated in Norway. After launching 3G, data subscription in telecom industry has increased radically. GP is poised to launch 4G after obtaining required approval from the regulator by the beginning of 2018. We initiated a valuation on Grameenphone Ltd. based on Discounted Cash Flow and various other methods while assuming next 5-Years’ CAGR of revenue will be 8.1%.
  • Equity Note on GPH Ispat Limited

    23 Nov 2017
    289
    16

    GPH Ispat Limited is engaged in manufacturing and trading of iron products and steel materials of all kinds or other metallic or allied materials and marketing the same. GPH Ispat Limited was incorporated in May 17, 2006 and production commenced on 21st August, 2008. The Company produces two types of products mainly, M.S. Rod & M.S. Billet. Besides Miss Roll and Ovel, Steel Bim, Angle, Channel, Flat Bar etc. are also produced by GPH Ispat Limited.


     
  • Equity Valuation Report-Square  Pharmaceuticals  Limited

    16 Nov 2017
    356
    34

    Square Pharmaceuticals Limited is the largest pharmaceuticals company in Bangladesh securing 17.73% market shares. The company manufactures and distributes pharmaceuticals drugs, medicine, basic chemicals, animal health product, agrovet and pesticide products.Square Pharma holds 58.78% market share in the top two therapeutic segments of Pharma Market that accounts for 52.77% of total Pharma Market in Bangladesh.
     
  • IPO Note: Oimex Electrode Limited

    EBL Securities Ltd. EBLSL    Mohammad Rehan Kabir, Tajkera Rahman, Md. Nazmus Sakib
    05 Nov 2017
    128
    10

    Oimex Electrode Limited (OEL) carries out the business of manufacturing and selling of Welding Electrodes, Wire (G. I. Wire) and Tarkata (Nail) in local market. The company is not exporting any product currently and has no plan of export in near future. The company uses own distribution network to distribute its products nationwide and does not use any agent or dealer.
  • Bangladesh Power Sector Overview- Oct' 2017

    26 Oct 2017
    848
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    Power is the prime mover of any economy. Any big push of the economy would need uninterrupted power supply. The provision of adequate and reliable supply of electricity at a reasonable cost is a pre-requisite to attain the goal of being a middle income country by 2021.The report contains major highlight on ongoing state of power supply in Bangladesh, major steps and new approvals of power supply as well as financial highlights of some listed power producing companies.
     
  • Equity Valuation Report on Confidence Cement Limited

    23 Oct 2017
    441
    60

    Confidence Cement Limited is regarded as one of the pioneers in private sector cement manufacturing industry in Bangladesh. Besides being a manufacturer of Cement, the company is setting up power plants in a joint venture with Confidence Steel Limited.We conducted a valuation on CONFIDCEM based on Discounted Cash Flow method and relative valuation. Currently, CONFIDCEM is traded at BDT 154.3 (as on 22nd October, 2017). In our valuation, the target price (1 Year Holding Period) for CONFIDCEM based on DCF and Relative Valuation is determined at BDT 204.2 per share.
     
  • A Comparative Analysis on Fuel-Oil Distribution Companies of Bangladesh

    05 Oct 2017
    5110
    82

    Petroleum sector is considered the most sensitive sector of economy. Macroeconomic indicators are highly sensitive to the price of petroleum products.  The three  oil  distribution  companies  namely Padma  Oil  Company  Limited,  Jamuna  Oil Company Limited, and Meghna Petroleum Limited  procure,  store,  and  market petroleum  products  all  over  the  country from  their  main  installations.  The  price and  margin  of the  petroleum  products  is fixed by the Government on the basis of quantity sold. According to BPC, the demand  of  petroleum  products  in  our country  stood  at  5.26  million  MT  in  year 2015-16
  • Equity Report on Apex Footwear Ltd.

    24 Sep 2017
    462
    42

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • A Comprehensive Review on the Cement Industry

    07 Sep 2017
    1710
    130

    Owing to the urbanization, improved living standard and increasing purchasing power, the construction sector of Bangladesh is passing a shining period. The installed capacity of the local manufacturers far outstrips domestic demand. Although the growth in the demand of cement has been increasing in Bangladesh, it is far below than that of many developing countries. Currently there are seven listed cement manufacturing companies in Bangladesh capital market.
  • Equity Valuation on Olympic Industries Limited

    17 Aug 2017
    417
    44

    Olympic  Industries is the market leader in biscuit, cookies and  confectionery  market  in Bangladesh  having  market share of 39% of the total branded market for biscuits and confectionery items. It has noted 16.25% CAGR in total revenue while 36.68% CAGR in net profit over the period 2011-12  to 2015-16.
  • Equity Insight on Regent Textile Mills Limited

    17 Aug 2017
    411
    16

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Monetary Policy Statement Summary, FY'18 

    EBL Securities Ltd. EBLSL    Mohammad Rehan Kabor , Md. Nazmus Sakib, Tajkera Rahman
    26 Jul 2017
    356
    27

    Monetary Policy Statement (MPS) reports Bangladesh Bank’s (BB) monetary policy outcome for the fiscal year 2017 (FY17) and the monetary policy stance for FY18. As in the past, the FY18 monetary program and the monetary stance for H1 FY18 have been formulated taking into account actual outcome for FY17, internal and external developments, macroeconomic condition and current period budget. This report is a summary regarding last fiscal's achievement along with target and programmed monetary measures for next HY is presented in a concise form here in this attached file. 
  • Equity Valuation Report- Acme Laboratories Limited

    23 Jul 2017
    535
    56

    Acme Laboratories Limited, one of the leading pharmaceuticals company  engaged  in manufacturing  and  marketing  of  Generic Pharmaceuticals  Formulations  Product  both  for  human  and animal.  Currently,  the  company  has  22  categories  with  798 different  types  of  product.  In  2015-16,  the  company  had launched 50 new different project in both human and veterinary area.
  • Equity note on Olympic Industries Limited

    08 Jul 2017
    458
    31

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Equity Insight on Golden Harvest Agro Industries Ltd.

    03 Jul 2017
    407
    31

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Bangladesh National Budget (Update) 

    02 Jul 2017
    428
    30

    This report demonstrates latest update on Bangladesh National Budget Review for Finance Bill-2017. Earlier on 1st June, 2017, we provided a budget review based on the budget proposal, placed by finance minister. The Parliament passed the final budget on 29th June, 2017 with some changes from the proposed one and here in this report we presented the changes in the Finance Bill- 2017 along with some observations in a concise manner.
  • Equity Note on Marico Bangladesh Limited

    22 Jun 2017
    540
    30

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Equity note on ACME Laboratories Ltd.

    20 Jun 2017
    551
    31

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Bangladesh National Budget Review FY'18

    04 Jun 2017
    1089
    136

    The 46th National Budget of Bangladesh and 11th by Finance Minister AMA Muhith has been proposed on 1st June, 2017. Proposed budget size for FY ’18 is BDT 4002.66 bn which is 18.0% of GDP. This is the largest budget in the history of Bangladesh. Target Revenue is BDT 2879.91 bn caused a deficit amounting to BDT 1122.75 bn which will be financed through domestic sources (BDT 603.52 bn) and External Borrowings (BDT 519.24 bn).
     
  • Equity Insight on Confidence Cement Limited

    01 Jun 2017
    430
    28

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Equity Report on IDLC Finance Limited

    06 May 2017
    578
    39

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Equity Report on Keya cosmetics Limited

    22 Apr 2017
    512
    17

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Equity Insight on Golden Harvest Agro Industries Ltd

    06 Apr 2017
    302
    22

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Equity Note on United Power Generation and Distribution Co. Ltd.

    23 Mar 2017
    396
    26

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Equity Insight on ACI Limited

    09 Mar 2017
    410
    18

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • IPO Note on Shepherd Industries Limited

    08 Mar 2017
    342
    15

    EBLSL prepares IPO Notes for the newly listed issues that provide brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Equity Insight on Summit Power Limited

    04 Mar 2017
    454
    34

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Equity Insight Report- IFAD Autos Ltd.

    18 Feb 2017
    642
    71

    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Equity Insight- Olympic Accessories Limited

    06 Feb 2017
    429
    21

    Equity insight report is part of a regular product from EBLSL Research Portfolio. The attached report contains brief analysis and investment insight on Olympic Accessories Limited.
  • Bangladesh Steel Industry Review

    04 Feb 2017
    703
    74

    Industry analysis is a part of EBLSL research product basket. The attached report contains the current market condition and competitive structure of the steel industry in Bangladesh. Besides, the report also contains a comparative review on the listed steel manufacturing companies in the capital market of Bangladesh.