Annualized PE

Daily Market Commentary

Tuesday, April 19, 2016

Sector Indicators

Market started in a negative tone today and continued to fell as the

session progressed. Broad index DSEX retreated by 33.8 points,
accompanied by a 10.5 points fall in DS30. Mid caps (-1.1%) took a hit
today, while Mini caps (+1.3%) did well. Activities were slow in todays
session, generating a total turnover of BDT 3.4 bn. Pharmaceuticals
(25.3%) captured the majority share of total turnover, with ACI (+2.3%)
topping the turnover chart. Miscellaneous (+3.0%) was the top gainer
today, as BERGERPBL (+6.2%) flourished on robust 1Q 2016 earnings.
On the other hand Fuel & Power (-1.2%) fell on profit booking.
Mkt. Stat: Index

Today

Trailing PE

14.1x

2016 YTD

2015

2014

2013

Annualized PE (Top Ten MCap)

13.6x
Industry Cap
(Equity) (Bn)

20.9x

Industry Cap
(Equity) (%)

Industry Cap (FF)

(%)

Annualized PE*

Trailing
PE**

Price/BV

22.1x

22.0x

4.9x

ACI

Top Ten Value

Pharmaceuticals & Chemicals

407.8

16.5%

19.3%

Bank

373.8

15.1%

21.2%

6.4x

5.9x

1.0x

Fuel & Power

345.5

14.0%

10.6%

13.9x

13.0x

2.6x

Telecommunication

335.2

13.6%

3.7%

16.1x

16.1x

8.6x

IBNSINA

Food & Allied

236.5

9.6%

9.6%

28.8x

29.6x

17.8x

Engineering

160.2

6.5%

6.9%

18.6x

19.4x

NBFI

143.3

5.8%

8.3%

21.1x

Cement

132.4

5.4%

4.8%

Miscellaneous

86.3

3.5%

Textile

82.6

Life Insurance

Close

YCP

Value

590.0

576.6

222.9

MJLBD

99.2

100.0

137.4

DOREENPWR

62.0

65.3

107.9

208.4

207.5

104.0

LANKABAFIN

34.9

35.9

97.4

3.1x

KEYACOSMET

13.9

14.6

90.4

15.6x

2.0x

BXPHARMA

81.2

83.1

85.3

22.0x

25.0x

5.1x

UPGDCL

156.7

155.5

83.3

2.7%

20.8x

24.7x

1.6x

AMANFEED

84.1

86.4

77.2

3.3%

4.3%

11.2x

11.7x

1.4x

ACIFORMULA

191.4

187.6

74.5

45.0

1.8%

2.7%

N/A

N/A

N/A

Non Life Insurance

27.5

1.1%

1.6%

9.2x

10.1x

1.1x

Top Ten Gainers

Ceramics

24.8

1.0%

0.7%

19.3x

19.5x

8.3x

BDLAMPS

2012

Tannery

21.8

0.9%

0.9%

24.9x

24.3x

4.1x

BERGERPBL

Close

YCP

% Change

209.5

194.4

7.8

2,030.8

1,911.4

6.2

DSEX

4,357.6

-5.9%

-4.8%

14.0%

5.2%*

Travel & Leisure

19.3

0.8%

1.2%

16.6x

17.8x

0.6x

PRAGATILIF

158.3

149.4

6.0

DS30

1,662.4

-5.0%

-2.9%

23.0%

0.4%*

Services & Real Estate

17.4

0.7%

0.8%

23.5x

23.7x

2.1x

GQBALLPEN

70.4

66.6

5.7

DSES

1,056.0

-4.6%

-3.7%

22.0%

IT

9.4

0.4%

0.5%

18.7x

21.6x

2.1x

HWAWELLTEX

29.9

28.4

5.3

Turnover (BDT Mn)***

3,399.6

Paper & Printing

1.6

0.1%

0.1%

24.5x

15.3x

1.3x

IDLC

56.6

53.9

5.0

Jute

0.8

0.0%

N/A

N/A

N/A

47.8x

FEKDIL

19.4

18.5

4.9

Mutual Funds

N/A

N/A

N/A

N/A

N/A

0.6x

ATLASBANG

115.9

112.1

3.4

Corporate Bond

N/A

N/A

N/A

N/A

N/A

N/A

BSC

329.5

319.2

3.2

2,486.7

100.0%

100.0%

14.1x

13.6x

2.4x

GHAIL

27.2

26.4

3.0

4,389.0

4,227.0

4,993.8

4,003.1

4,209.5

*Returns are calculated from Jan 27, 2013; **Return is calculated from Jan 20, 2014; ***Turnover reflects avg. daily trade value, except today's.

Currency: BDT**
Mkt. Cap.

Today (BDT)

All (Bn)
Equity (Bn)

Today (USD)*

3,070.3
2,486.7

2015

39.1
31.7

2014

3,159.8
2,574.2

2013

3,259.2
2,703.7

2012

2,647.8
2,056.7

2,403.6
1,807.8

*Annualized PE: Based on Annualized Earnings of the latest declared quarter; **Trailing PE: Based on Latest 12-Months Earnings
Note 1: PE calculation excludes all stocks with Negative Earnings and PE greater than 80.

19-Apr-16

*BDT 78.5 is used for conversion; **Mkt. Cap represents year-end value.

Turnover

DSEX
DSE Turnover (BDT Mn)

15,000

5,500

DSEX
5,000

13,500

4,500

12,000

4,000
10,500
3,500
9,000

3,000
7,500
2,500
6,000

2,000
4,500
1,500
3,000

1,000

1,500

500

Jan-16

Feb-16

Mar-16

Oct-15

Sep-15

Dec-15

Jul-15

Aug-15

Apr-15

May-15

Feb-15

Mar-15

Dec-14

Nov-14

Jul-14

Oct-14

Jun-14

Sep-14

May-14

Jan-14

Feb-14

Mar-14

Oct-13

Sep-13

Dec-13

Jun-13

Aug-13

May-13

Jan-13

Apr-13

Mar-13

18-Apr-16

10 Days' MA

Liquidity

Top Ten Losers

Close

UNITEDINS*

21.5

24.3

(11.5)

YCP

% Change

BDT (Mn)

(%)

BDT (Mn)

(%)

(%)*

(%)**

ISNLTD

12.2

13.5

(9.6)

Pharmaceuticals & Chemicals

861

25.3%

815

19.2%

17.7%

0.5%

ARAMIT

477.3

512.1

(6.8)

Fuel & Power

647

19.0%

948

22.3%

21.2%

0.6%

SPCERAMICS

9.3

9.9

(6.1)

Engineering

399

11.7%

520

12.2%

12.3%

0.6%

SAMATALETH

23.5

24.9

(5.6)

Textile

275

8.1%

508

11.9%

8.8%

0.7%

SHURWID

10.1

10.7

(5.6)

Miscellaneous

261

7.7%

239

5.6%

6.9%

1.0%

DOREENPWR

62.0

65.3

(5.1)

NBFI

237

7.0%

233

5.5%

7.2%

0.3%

AMBEEPHA

327.4

344.5

(5.0)

Bank

202

5.9%

259

6.1%

5.7%

0.1%

SONARBAINS

13.6

14.3

(4.9)

Food & Allied

146

4.3%

197

4.6%

8.7%

0.2%

CMCKAMAL

17.5

18.4

(4.9)

Cement

79

2.3%

125

2.9%

2.4%

0.2%

*Represents post record date adjustments

Life Insurance

60

1.8%

54

1.3%

1.6%

0.2%

Telecommunication

60

1.8%

129

3.0%

1.1%

0.2%

Top Ten MCap

IT

46

1.4%

41

1.0%

1.7%

0.0%

GP

Services & Real Estate

32

0.9%

48

1.1%

1.7%

0.4%

Ceramics

24

0.7%

25

0.6%

0.9%

0.3%

Travel & Leisure

19

0.6%

29

0.7%

0.7%

0.2%

Mutual Funds

16

0.5%

13

0.3%

0.6%

Non Life Insurance

12

0.3%

14

0.3%

Tannery

10

0.3%

47

Jute

0.2%

Paper & Printing

Corporate Bond

Sectoral Turnover

Annualized
% of T. Cap

PE

317.7

10.3%

16.1x

SQURPHARMA

159.6

5.2%

20.3x

BATBC

163.0

5.3%

27.9x

LAFSURCEML

75.5

2.5%

33.0x

0.1%

ICB

65.6

2.1%

34.1x

0.4%

0.1%

RENATA

65.6

2.1%

31.6x

1.1%

0.4%

0.1%

OLYMPIC

56.4

1.8%

37.2x

0.2%

0.2%

2.1%

JAMUNAOIL

20.0

0.7%

10.8x

0.1%

0.1%

0.1%

0.4%

MPETROLEUM

17.5

0.6%

9.6x

0.0%

0.0%

0.0%

0.0%

BERGERPBL

47.1

1.5%

19.2x

988.1

32.2%

20.9x

*10 Days' MA is lastest 10 days' rolling avg. turnover **Liquidity = Today's Turnover/Free Float Mkt. Cap

Page # 1 of 2

*New listing

BDT Bn

Research, IDLC Investments Limited

Sectoral Performance (Today)

DSE Code
Miscellaneous

3.0%

Telecommunication

0.7%

Pharmaceuticals & Chemicals

0.2%

DSE Code

Block Trade

Trade #

Quantity

Value (Mn)

Lowest PE

Earning Yield

Lowest P/NAV

% Discount

STANDBANKL

4.0x

25.1%

POPULAR1MF

39.5%

60.5%

ACI

35,000

21

SOUTHEASTB

4.2x

23.6%

PHPMF1

40.2%

59.8%

AFCAGRO

170,000

12

Services & Real Estate

-0.1%

ONEBANKLTD

4.3x

23.1%

TRUSTB1MF

41.1%

58.9%

FEKDIL

200,000

Food & Allied

-0.1%

UCB

4.4x

22.8%

EBL1STMF

41.6%

58.4%

IBNSINA

100,000

20

APOLOISPAT

4.5x

22.5%

ABB1STMF

41.7%

58.3%

MITHUNKNIT

150,000

UTTARABANK

4.6x

22.0%

IFIC1STMF

42.2%

57.8%

JAMUNABANK

4.8x

20.9%

EBLNRBMF

42.3%

57.7%

STANDARINS

4.8x

20.9%

1JANATAMF

42.9%

57.1%

MTB

4.9x

20.6%

GREENDELMF

46.6%

53.4%

SIBL

4.9x

20.2%

NCCBLMF1

50.8%

49.2%

Tannery

-0.5%

Non Life Insurance

-0.5%

Life Insurance

-0.6%

Engineering

-0.7%

Cement

-0.7%

NBFI

-0.8%

Bank

-1.0%

Travel & Leisure

-1.0%

Paper & Printing

-1.1%

Textile

-1.1%

Fuel & Power

Important DSE News

BERGERPBL:
(Q1 Un-audited): Consolidated EPS for January-March, 2016 was Tk. 26.41 as against Tk. 18.16 for January-March, 2015; Consolidated NOCFPS was Tk. 28.68 for January-March, 2016 as against Tk. 10.22
for January-March, 2015. Consolidated NAV per share was Tk. 212.83 as of March 31, 2016 and Tk. 186.42 as of December 31, 2015.

-1.2%

IT

-1.6%

Jute

-1.8%

Ceramics

-2.1%
-3%

-2%

-1%

0%

1%

2%

3%

4%

Sectoral Performance (2016 YTD)

Miscellaneous

1.2%

Pharmaceuticals & Chemicals

SHURWID:
(Q3 Un-audited): EPS was Tk. (0.015) for January-March 2016 as against Tk. 0.01 for January-March 2015; EPS was Tk. (0.03) for July'15-March'16 as against Tk. 0.40 for July'14-March'15. NAV per share
was Tk. 12.10 as of March 31, 2016 and Tk. 12.12 as of June 30, 2015. The Company has further informed that NOCFPS was Tk. (0.74) for July'15-March'16 as against Tk. 0.24 for July'14-March'15.

-0.3%

Textile

-1.9%

Jute

-3.5%

Food & Allied

-4.2%

NBFI

-4.3%

Non Life Insurance

-4.6%

Telecommunication

-4.7%

Ceramics

-4.9%

Bank

-5.9%

Life Insurance

-6.6%

IT

-7.3%

Cement

-7.5%

Engineering

-8.4%

Travel & Leisure

-9.5%

Paper & Printing

-9.7%

Tannery
Services & Real Estate

PIONEERINS:
(Q1 Un-audited): EPS for January-March, 2016 was Tk. 1.04 as against Tk. 1.09 for January-March, 2015; NOCFPS was Tk. 0.64 for January-March, 2016 as against Tk. (2.60) for January-March, 2015. NAV
per share was Tk. 28.76 as of March 31, 2016 and Tk. 22.15 as of March 31, 2015.

1.9%

Fuel & Power

PIONEERINS:
The Board of Directors has recommended 15% cash and 10% stock dividend for the year ended on 31.12.15. Date of AGM: 22.06.2016, Time: 11:00 AM, Venue: Spectra Convention Centre Ltd., House # 19,
Road # 7, Gulshan # 1, Dhaka-1212. Record Date: 10.05.2016. The Company has also reported EPS (after tax) of Tk. 3.01, EPS (after tax and reserve) of Tk. 2.21, NAV per share of Tk. 29.65 and NOCFPS of
Tk. 0.26 for the year ended on 31.12.15.

-11.0%

-17.7%

-20%

-15%

-10%

-5%

0%

5%

Disclaimer: This Document has been prepared and issued by IDLC Investments Limited on the basis of the public information available in the market, internally developed data and other sources believed to be reliable. Whilst all reasonable care has been taken to ensure that
the facts & information stated in the Document are accurate as on the date mentioned herein. Neither IDLC Investments Limited nor any of its director, shareholder, member of the management or employee represents or warrants expressly or impliedly that the information or
data of the sources used in the Document are genuine, accurate, complete, authentic and correct. Moreover none of the director, shareholder, member of the management or employee in any way be responsible about the genuineness, accuracy, completeness, authenticity and
correctness of the contents of the sources that are publicly available to prepare the Document. It does not solicit any action based on the materials contained herein and should not be construed as an offer or solicitation to buy sell or subscribe to any security. If any person
takes any action relying on this Document, shall be responsible solely by himself/herself/themselves for the consequences thereof and any claim or demand for such consequences shall be rejected by IDLC Investments Limited or by any court of law.
Page # 2 of 2

Research, IDLC Investments Limited