Earnings Report /

Singer Bangladesh: Lower sales and high shipping costs resulted in c70% yoy profit decline in Q3 21

  • Revenue of the company declined by c26% yoy in Q3 21 due to a 20-day lockdown before Eid-ul-Adha

  • Singer booked BDT 170mn demurrage expenses due to bottleneck in shipping, port clearing & inventory related procedures

  • We recommend Buy with a revised TP of BDT225 (ETR 28.8%). Our TP implies 17.8x 2022f PE, 1.2x 2022f EV/Sales.

Tanay Kumar Roy
Tanay Kumar Roy

Research Analyst

IDLC Securities
20 October 2021
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