S. M. Galibur Rahman

IDLC Securities

Research Analyst @ IDLC Securities

An experienced Research Analyst with over five years' experience, S M Galibur Rahman, CFA, is one of IDLC’s lead in-house experts on the Banking sector and the Macro-economy. His global and domestic insights, coupled with knowledge in financial modelling techniques, allow him to produce comprehensive analyses with unique perspectives. 

S. M. Galibur Rahman
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Latest from S. M. Galibur Rahman

BRAC Bank: CY21 — Spread improvement and higher commission income led bottom-line growth

BRAC Bank, our only recommended bank in Bangladesh, reported BDT 5465mn consolidated NPAT (excluding minority interest) in 2021 against BDT 4,418mn reported in 2020, implying c24% YoY growth. The bottom-line of its core-banking business (solo) increa...
IDLC Securities Shopnil
Shopnil Paul @ IDLC Securities 21 March 2022

Bangladesh ready for next level graduation; a few challenges to overcome

Bangladesh's economy maintained a steady 6%+ growth rate during FY10-FY15, a 7.0%+ growth rate during FY16-FY18, and the growth rate increased to 8.15% in FY19. On the other hand, the central started the BB bill auction from August 2021 as a cautiona...
IDLC Securities S. M.
S. M. Galibur Rahman @ IDLC Securities 31 December 2021

Olympic Industries: Bottom-line fell amid commodity price upsurge; Reiterate Buy with updated TP

Revenue grew by 6.6% YoY in Q1 21/22, underperforming our expectations. But we believe, the dent is temporary and will recover with commodity price normalizing. We also expect selling expense/sales to improve with scale and change in product mix. As ...
IDLC Securities Auneea
Auneea Haque @ IDLC Securities 19 November 2021
Flash Report / Bangladesh

Bangladesh: SoftBank to acquire 20% stake in bKash

SoftBank Vision Fund (SVF), the world’s largest tech investment fund, will acquire a 20% stake in bKash Limited. There will be both primary and secondary transactions. Hence, bKash will be issuing new shares in addition to secondary stake sales by th...
IDLC Securities S. M.
S. M. Galibur Rahman @ IDLC Securities 11 November 2021

Unilever Consumer Care: NPAT grew after four quarters led by substantial sales growth; upgrade to Hold

Unilever BD reported 3Q CY 21 NPAT of BDT 163mn (EPS: BDT13.52), implying c16% YoY growth against NPAT of BDT141mn (EPS: BDT11.67) in 3Q CY 20, beating our expectations. As the NPAT has outperformed our expectations, we have increased our NPAT foreca...
IDLC Securities Auneea
Auneea Haque @ IDLC Securities 2 November 2021

Reckitt Benckiser Bangladesh: Earnings grew by c27% driven by lower opex; downgrade to Hold

Q3 CY21 Revenue stood at BDT1,301.0mn against BDT1,452.3mn in Q3 CY20, implying c10% YoY de-growth. Moreover, the quarter started with a strict lockdown which created some supply-side disruptions. In the first nine months of CY 21, Reckit’s NPAT stoo...
IDLC Securities Auneea
Auneea Haque @ IDLC Securities 2 November 2021

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