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