Earnings Report /
Bangladesh

Linde Bangladesh Ltd: Lower sales and margin contraction declined earnings; Recommend Hold

  • LINDE BD reported 3Q CY 21 NPAT of BDT 274mn (EPS: BDT 17.99), implying a c21% yoy degrowth

  • 3Q CY 21 GPM stood at 47.5%, down by 100bps YoY, attributed to higher copper

  • We recommend HOLD rating with TP at BDT 1,609, suggesting an ETR of +14.1%

Shopnil Paul
Shopnil Paul

Research Associate

Tanay Kumar Roy
Tanay Kumar Roy

Research Analyst

IDLC Securities
24 October 2021
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