Earnings Report /
Bangladesh

Singer Bangladesh: 2019 results – slight miss on earnings, but dividend beat our expectations

    IDLC Securities
    9 February 2020
    Published byIDLC Securities
    • Singer Bangladesh's annual EPS stood at BDT10.35 in 2019 vs BDT9.20 in 2018, implying 12.5% yoy growth. The annual earnings underperformed our expectation by 3.5%.
    • 4Q 19 EPS stood at BDT0.81 against BDT0.83 in 4Q 18, implying a 2.4% decline on a yoy basis. The 4Q 19 EPS significantly underperformed our expectation of BDT1.19.
    • Singer declared a dividend of BDT7.7/share (c74% payout), which outperformed our expectation of BDT5.5/share (c53% payout).

    Please note that we will provide further updates with an updated valuation when the detailed financials become available.