March 13, 2014 [MARKET SYNOPSIS OF DHAKA STOCK EXCHANGE] Dhaka Stock Exchange Performance Indices 2,500,000,000,000 Tk in BDT 2,000,000,000,000 1,500,000,000,000 1,000,000,000,000 500,000,000,000 0 Total Market Capitalisation in BDT Indexed Market Capitalsation in BDT Issued Market Capital Indexed Issued Market Capital DSEX 2,193,732,464,192 770,173,266,621 388,070,525,956 191,524,431,090 DSI 2,226,363,151,158 2,087,080,484,247 396,585,343,160 377,632,682,860 DS30 1,121,956,863,510 312,627,189,856 134,391,743,002 55,339,949,000 Particulars DSEX DSI DS30 Total Market Capitalisation in BDT 2,193,732,464,192 770,173,266,621 388,070,525,956 191,524,431,090 38,428,836,596 19,082,224,344 11,880,711,000,000 18.5 6.5 28,236,999,153 9,913,415,711 3,451,906,600 0.1764 2,226,363,151,158 2,087,080,484,247 396,585,343,160 377,632,682,860 39,278,846,816 37,383,580,786 11,880,711,000,000 18.7 17.6 28,657,010,570 26,864,210,120 3,534,637,000 0.1806 123,568,376,589 107,927,260,849 18.02 20.63 1,121,956,863,510 312,627,189,856 134,391,743,002 55,339,949,000 13,439,174,300 5,533,994,900 11,880,711,000,000 9.4 2.6 14,441,457,890 4,024,033,851 Indexed Market Capitalsation in BDT Issued Market Capital Indexed Issued Market Capital Issued No of Shares Indexed No of Shares National GDP (2012-2013) in BDT Total Market Capitalisation/GDP Ratio in % Indexed Market Capitalsation/GDP Ratio in % Total Market Capitalisation in USD 1USD=77.69 Indexed Market Capitalsation in USD Turnover Turnover/Indexed Market Capitalisation in % Net Profit After Tax2012 Net Profit After Tax2013 Market PE 2012 (Trailing) Market PE 2013 (Forward) 1 Source/Comments http://www.bbs.gov.bd/WebTestApplication/userfiles/ Based on last audited accounts Annualised where necessary Total Market Capitalisation in BDT/Net Profit After Tax 2012 Total Market Capitalisation in BDT/Net Profit After Tax 2013 All the information contained herein is based on published material. Empire Capital reserves the right of copyright on its organic research and indemnifies itself from the accuracy or interpretation of the information contained in this material. Investor discretion is advised in the interpretation of this analysis. Generally stock market prices are subject to market risks. Any feedback, comments and/or suggestions can be sent to empirecapital.bd@gmail.com March 13, 2014 SECTOR YDAY MARKET CAP Bank Cement Ceramic Engineering Financial Institutions Food & Allied Fuel and Power Insurance IT Sector Jute Miscellaneous Pharma & Chemicals Service & Real Estate Tannery Telecommunication Textile Travel & Leisure Paper and Printing TOTAL EQUITY MARKET CAP 2 422,649,673,946 115,470,489,748 22,245,087,471 101,645,835,380 160,863,491,225 190,965,116,308 303,911,700,481 126,578,279,803 5,475,217,161 606,646,400 51,422,237,344 304,180,315,484 10,001,153,287 22,088,591,880 322,560,276,466 86,718,359,433 32,435,695,885 628,900,000 2,280,447,067,702 [MARKET SYNOPSIS OF DHAKA STOCK EXCHANGE] MARKET CAP 419,883,328,719 116,722,834,200 22,589,810,329 102,120,509,449 159,847,212,072 187,470,618,264 303,235,320,948 125,679,029,552 5,503,333,321 629,236,800 51,515,744,606 303,643,882,042 9,964,202,705 22,167,088,980 323,505,593,793 89,410,692,428 31,994,095,885 665,000,000 2,276,547,534,094 % CHANGE MARKET CAP % OF TOTAL MARKET CAP YDAY TURNOVER(in mn) TURNOVER(in mn) -0.65% 1.08% 1.55% 0.47% -0.63% -1.83% -0.22% -0.71% 0.51% 3.72% 0.18% -0.18% -0.37% 0.36% 0.29% 3.10% -1.36% 5.74% -0.17% 18.44% 5.13% 0.99% 4.49% 7.02% 8.23% 13.32% 5.52% 0.24% 0.03% 2.26% 13.34% 0.44% 0.97% 14.21% 3.93% 1.41% 0.03% 100.00% 397.9561 227.1728 22.0175 446.8226 153.1599 287.9219 965.856 282.8641 31.7259 8.8637 294.9724 442.3588 35.9793 85.3217 264.248 427.6438 48.022 2.7154 4425.6221 301.2829 278.1247 26.5029 373.4296 142.4126 208.5685 521.571 238.1619 29.2933 10.1929 210.3343 442.5313 38.7383 77.4304 175.6433 321.7365 52.0367 3.9158 3451.9066 % CHANGE TURNOVER -24.29% 22.43% 20.37% -16.43% -7.02% -27.56% -46.00% -15.80% -7.67% 15.00% -28.69% 0.04% 7.67% -9.25% -33.53% -24.77% 8.36% 44.21% -22.00% All the information contained herein is based on published material. Empire Capital reserves the right of copyright on its organic research and indemnifies itself from the accuracy or interpretation of the information contained in this material. Investor discretion is advised in the interpretation of this analysis. Generally stock market prices are subject to market risks. Any feedback, comments and/or suggestions can be sent to empirecapital.bd@gmail.com March 13, 2014 [MARKET SYNOPSIS OF DHAKA STOCK EXCHANGE] Market Capitalisation Composition Market Turnover Composition 3 All the information contained herein is based on published material. Empire Capital reserves the right of copyright on its organic research and indemnifies itself from the accuracy or interpretation of the information contained in this material. Investor discretion is advised in the interpretation of this analysis. Generally stock market prices are subject to market risks. Any feedback, comments and/or suggestions can be sent to empirecapital.bd@gmail.com March 13, 2014 [MARKET SYNOPSIS OF DHAKA STOCK EXCHANGE] % Turnover of TMC(DSEX) % Turnover of TMC(DSI) % Turnover of TMC(DS30) Total Market Cap.(DSEX) Total Market Cap.(DSI) Total Market Cap.(DS30) Turnover Sector 0.2704% 0.0733% 0.0733% 301.2829 111,431,655,063 411,094,517,701 411,094,518,065 Bank 0.3367% 0.2383% 0.2383% 278.1247 82,593,828,968 116,722,838,746 116,722,838,746 Cement 0.0000% 0.1269% 0.1289% 26.5029 20,883,452,592 20,565,588,667 Ceramic 1.1843% 0.4104% 0.4124% 373.4296 31,531,516,035 90,983,346,499 90,548,545,127 Engineering 0.5647% 0.0876% 0.0886% 142.4126 25,217,841,033 162,545,061,403 160,747,045,063 Financial Institutions 0.1379% 0.1179% 0.1307% 208.5685 151,276,603,957 176,900,781,747 159,567,219,947 Food & Allied 0.2233% 0.1796% 0.1799% 521.5707 233,531,759,423 290,387,504,602 289,960,084,746 Fuel and Power 0.5671% 0.1903% 0.1930% 238.1619 41,993,595,942 125,120,461,185 123,416,505,318 Insurance 0.0000% 0.5734% 0.5734% 29.2933 5,108,585,374 5,108,585,409 IT Sector 0.0000% 1.6199% 2.5241% 10.1929 629,236,800 403,816,800 Jute 1.2616% 0.3845% 0.3851% 210.3343 16,671,732,530 54,700,546,051 54,612,939,027 Miscellaneous 0.8912% 0.1462% 0.1499% 442.5313 49,658,040,657 302,610,492,032 295,184,943,272 Pharma & Chemicals 0.0000% 0.4212% 0.4212% 38.7383 9,197,110,324 9,197,110,338 Service & Real Estate 0.0000% 0.3493% 0.3544% 77.4304 22,167,088,980 21,847,168,980 Tannery 0.0543% 0.0543% 0.0543% 175.6433 323,505,593,793 323,505,593,793 323,505,593,793 Telecommunication 1.3988% 0.3969% 0.4071% 321.7365 23,000,416,910 81,057,474,113 79,040,681,695 Textile 0.1650% 0.1622% 0.1650% 52.0367 31,544,279,200 32,084,059,216 31,544,279,200 Travel & Leisure 0.0000% 0.5888% 0.5888% 3.9158 665,000,000 665,000,000 Paper and Printing Sector Indexed Market Cap.(DSEX) Indexed Market Cap.(DSI) Indexed Market Cap.(DS30) Turnover % Turnover of IMC(DSEX) % Turnover of IMC(DSI) % Turnover of IMC(DS30) Bank 212,751,064,621 410,914,411,210 54,091,005,268 301.2829 0.1416% 0.0733% 0.5570% Cement 56,668,268,022 101,575,153,746 44,465,941,509 278.1247 0.4908% 0.2738% 0.6255% Ceramic 5,777,213,388 20,883,452,592 26.5029 0.4587% 0.1269% 0.0000% Engineering 35,057,191,831 73,811,309,199 12,146,036,203 373.4296 1.0652% 0.5059% 3.0745% Financial Institutions 59,374,677,511 158,659,438,134 8,057,700,638 142.4126 0.2399% 0.0898% 1.7674% Food & Allied 37,841,591,339 175,774,849,020 28,363,085,389 208.5685 0.5512% 0.1187% 0.7354% Fuel and Power 86,813,584,696 273,431,678,020 69,902,023,968 521.5707 0.6008% 0.1907% 0.7461% Insurance 52,889,148,249 97,799,987,698 16,239,126,980 238.1619 0.4503% 0.2435% 1.4666% IT Sector 3,711,730,626 4,623,012,351 29.2933 0.7892% 0.6336% 0.0000% Jute 149,412,216 629,236,800 10.1929 6.8220% 1.6199% 0.0000% Miscellaneous 19,986,549,049 51,054,485,287 13,170,668,669 210.3343 1.0524% 0.4120% 1.5970% Pharma & Chemicals 113,043,908,961 293,922,058,700 6,856,883,142 442.5313 0.3915% 0.1506% 6.4538% Service & Real Estate 3,456,177,637 9,197,110,324 38.7383 1.1208% 0.4212% 0.0000% Tannery 9,024,580,219 22,167,088,980 77.4304 0.8580% 0.3493% 0.0000% Telecommunication 37,639,528,783 304,209,821,797 37,639,528,783 175.6433 0.4666% 0.0577% 0.4666% Textile 34,394,681,755 64,016,288,273 10,531,424,833 321.7365 0.9354% 0.5026% 3.0550% Travel & Leisure 11,163,764,472 15,859,884,016 11,163,764,472 52.0367 0.4661% 0.3281% 0.4661% Paper and Printing 227,363,500 665,000,000 3.9158 1.7223% 0.5888% 0.0000% 4 All the information contained herein is based on published material. Empire Capital reserves the right of copyright on its organic research and indemnifies itself from the accuracy or interpretation of the information contained in this material. Investor discretion is advised in the interpretation of this analysis. Generally stock market prices are subject to market risks. Any feedback, comments and/or suggestions can be sent to empirecapital.bd@gmail.com March 13, 2014 [MARKET SYNOPSIS OF DHAKA STOCK EXCHANGE] Sector Sectoral PE Market Capitalisation Negative Earnings excluded Bank 11.24 419,883,328,719 ICBIBNK, NBL, PREMIERBAN, MTBL Cement 18.18 116,722,834,200 Ceramic 27.27 22,589,810,329 Engineering 25.25 102,120,509,449 BDAUTO, BDLAMPS, KAY&QUE Financial Institutions 23.10 159,847,212,072 ILFSL, MIDASFIN Food & Allied 26.62 187,470,618,264 BEACHHATCH, CVOPRL, FINEFOODS, MEGHCONMILK, Fuel and Power 13.32 303,235,320,948 General Insurance 14.55 48,974,908,090 IT Sector 21.27 Jute 169.67 Miscellaneous 25.42 Pharma & Chemicals 23.16 Service & Real Estate 31.14 Tannery 19.56 Telecommunication 21.29 Textile 13.65 89,410,692,428 ALTEX, DULAMIACOT, SONARGAON Travel & Leisure 19.84 31,994,095,885 5,503,333,321 ISNLTD. 629,236,800 JUTESPIN, NORTHERN 51,515,744,606 BSC 303,643,882,042 IMAMBUTTON 9,964,202,705 22,167,088,980 SAMATALETH 323,505,593,793 TOP 10 GAINERS BASED ON YCP AND CLOSE PRICE YCP High Low CLOSE %CHG Instr Code SAMORITA 95.6 105.1 96.4 105.1 9.9372 HAKKANIPUL 30.2 33.2 31 33.1 9.6026 APEXSPINN 95.5 105 98 104.3 9.2146 STANCERAM 46.6 51.1 48.8 50.3 7.9399 REPUBLIC 42.8 46.5 43.1 45.7 6.7757 MONNOCERA 33.7 36.6 34.4 35.8 6.2314 ANLIMAYARN 24.6 27 25.2 26 5.691 EASTERNINS 39 42.5 39 41.2 5.641 7THICB 90 95 95 95 5.5555 BEACHHATCH 30.1 32.7 30.4 31.7 5.3156 TOP 10 LOSERS BASED ON YCP AND CLOSE PRICE Instr Code BRACBANK UCBL EBL MIDASFIN EBLNRBMF PRIMEFIN ENVOYTEX NORTHRNINS MITHUNKNIT ABBANK 5 YCP 28.7 27.5 30.8 31.7 7.9 24.4 53.7 46.8 101.6 28.9 High 24.9 26.7 28.8 29.3 7.5 24 54 47 104.4 29 Low CLOSE 24 24.8 27.9 29.3 7.4 22.9 51.2 44.6 97.3 27.8 %CHG 24.4 -14.9825 24.8 -9.8181 28.1 -8.7662 29.3 -7.5709 7.4 -6.3291 23.2 -4.918 51.6 -3.9106 45 -3.8461 97.7 -3.8385 27.8 -3.8062 All the information contained herein is based on published material. Empire Capital reserves the right of copyright on its organic research and indemnifies itself from the accuracy or interpretation of the information contained in this material. Investor discretion is advised in the interpretation of this analysis. Generally stock market prices are subject to market risks. Any feedback, comments and/or suggestions can be sent to empirecapital.bd@gmail.com March 13, 2014 [MARKET SYNOPSIS OF DHAKA STOCK EXCHANGE] NOTES DSE Indices as per ‘DSE Bangladesh Index Methodology’ designed and developed by S&P Dow Jones Indices Dhaka Stock Exchange Indices The Dhaka Stock Exchange presently computes two indices, DSE Broad Index (DSEX) and DSE 30 Index (DS30). None of the DSE Indices include mutual funds, debentures and bonds. DSEX and DS30 Index Introduction of DSE Indices The Dhaka Stock Exchange Limited introduced DSE Broad Index (“DSEX”) and DSE 30 Index (“DS30”) as per ‘DSE Bangladesh Index Methodology’ designed and developed by S&P Dow Jones Indices with efect from January 28, 2013.” DSEX” is the Broad Index of the Exchange (Benchmark Index) which reflects around 97% of the total equity market capitalization.DS30 constructed with 30 leading companies which can be said as investable Index of the Exchange. “DS30” reflects around 51% of the total equity market capitalization. The criteria taken into consideration in construction of these Indices are: Market Capitalization DS30 - Eligible stocks must have a float-adjusted market capitalization above 500 million BDT as of the rebalancing reference date. DSEX - Eligible stocks must have a float-adjusted market capitalization above 100 million BDT. Additionally, if a current index constituent falls below the 100 million BDT threshold, but is no less than 70 million BDT, then the stock remains in the index provided it also meets the other inclusion criteria. Float-Adjustment: A stock’s weight in an index is determined by its float-adjusted market capitalization. Liquidity DS30- Stocks must have a minimum three-month average daily value traded (ADVT) of 5 million BDT as of the rebalancing reference date. Liquidity criteria can be reduced to 3 million BDT in certain circumstance to ensure there are enough constituents in the index. At each semi-annual rebalancing, if a current index constituent falls below 5 million BDT but is no less than 3 million BDT then the stock remains in the index provided it also meets the other eligibility criteria. DSEX - Stocks must have a minimum six-month ADVT of 1 million BDT as of the rebalancing reference date. At each annual rebalancing, if a current index constituent falls below 1 million BDT, but is no less than 0.7 million BDT, then the stock remains in the index provided it also meets the other eligibility criteria. In addition, all eligible stocks for the DSE indices are required to trade at least half of normal trading days each month for the three months prior to the rebalancing reference date. Financial Viability DS30 - Stocks must be profitable as measured by positive net income over the latest 12-month period, as of the rebalancing reference date. The figure is calculated by adding the latest four quarters of net income reported for the company. DSEX - Financial viability is not required for index membership. Sector Classification All listed DSE stocks are classified according to the DSE Industry Classification system. The number of constituents in Banks, Financial Institutions, Insurance sector and Real Estate Sub-sector of Service & Real Estate sector is capped at 5 each and 10 combined for the DS30 Index. Sector diversification rule is not applied to the DSEX. Base Date The base dates of the DSE 30 Index (DS30) and The DSE Broad Index (DSEX) are January 17, 2008. Base Value DSE 30 Index (DS30): The base value is 1000 for DS30 Index. The DSE Broad Index (DSEX): The DSE Broad index has a base value of 2951.91 on Jan 17th 2008 which was the index value of the DSE General Index on this date. The new index is a broad market index and is designed to refect the broad market performance. Starting the base value at 2951.91 the performance of the two indices has been linked and we maintain the continuity of the performance of the benchmark. The two indices are very close in design and we can build on the history of the older index which goes back to 2001. “Interim IPO additions to the DSE Broad Index 6 All the information contained herein is based on published material. Empire Capital reserves the right of copyright on its organic research and indemnifies itself from the accuracy or interpretation of the information contained in this material. Investor discretion is advised in the interpretation of this analysis. Generally stock market prices are subject to market risks. Any feedback, comments and/or suggestions can be sent to empirecapital.bd@gmail.com March 13, 2014 [MARKET SYNOPSIS OF DHAKA STOCK EXCHANGE] (DSEX) take place quarterly on the third Thursday of April, July and October. To be considered eligible for inclusion, an IPO must fall within the top half of the ranked companies, by float-adjusted market capitalization and have at least one month of sufficient liquidity at each quarterly observation date”. After ranking the companies in accordance with “DSE Bangladesh Index Methodology” designed &developed by S&P Dow Jones Indices, following one (1) company was qualified for inclusion in the DSEX with effect from October 20, 2013. 1 Familytex (BD) Limited As a result, the total numbers of constituents in DSEX stands at 207 (Two Hundred and Seven). On January 16, 2014 new 23 companies were included to the DSEX and existing 4 companies were excluded. The new 23 companies that were included to the DSEX are Fareast Finance, Eastern Cables, Renwick Jajneswar, National Tubes, Bengal Windsor Thermoplastics, Bangladesh Building Systems, AMCL (Pran), Rahim Textile, Ambee Pharma, The Ibn Sina, Libra Infusions, Global Heavy Chemicals, JMI Syringes & Medical Devices, Central Pharmaceuticals, Hakkani Pulp & Paper, Samorita Hospital, Information Services Network, Purabi General Insurance, Pragati Insurance, Prime Insurance, Sunlife Insurance, Usmania Glass and Berger Paints. On the other hand, existing four companies that lost their eligibility to retain their position in the index are Kay & Que, Midas Finance, CVO Petrochemical and Rahima Food. As a result, the total numbers of constituents in DSEX stands at 226 (Two Hundred and twenty Six). Similarly on January 16, 2014 in the DS30, four new companies were added to the index. They are United Commercial Bank Ltd., Delta Life Insurance Ltd, Orion Pharma Ltd and Renata Ltd. The existing four companies that were excluded from the index are Beximco Ltd, Khulna Power Company Ltd, Square Textiles Ltd and Southeast Bank Ltd as they failed to meet their criteria to stay in the index. 7 All the information contained herein is based on published material. Empire Capital reserves the right of copyright on its organic research and indemnifies itself from the accuracy or interpretation of the information contained in this material. Investor discretion is advised in the interpretation of this analysis. Generally stock market prices are subject to market risks. Any feedback, comments and/or suggestions can be sent to empirecapital.bd@gmail.com