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Heidelberg: 2QCY21 Update – EPS of BDT3.56 meets expectation; Reiterate BUY

2Q CY 21 NPAT of BDT201mn (EPS: BDT3.56), against Net loss of BDT187mn (EPS: BDT-3.31) in 2Q CY 20. 2Q CY 21 Revenue increased to BDT 4,097mn (+132% yoy, 43% up from 2Q CY 19) mainly driven by volume growth from govt infrastructure projects, higher r...
IDLC Securities Joy
Joy Bhattacharjee @ IDLC Securities 2 August 2021

BRAC Bank: NIM recovering from rate cap hit; bKash reports record revenue – reiterate BUY

BRAC Bank, our only recommended bank in Bangladesh, reported BDT 1,341mn NPAT (excluding minority interest) in Q2 CY21 against BDT 298mn reported in Q2 CY20, implying c350% YoY growth. Continuation of SME loan rate cap for an extended period (we assu...
IDLC Securities S. M.
S. M. Galibur Rahman @ IDLC Securities 1 August 2021

Reckitt Benckiser Bangladesh: NPAT falls 3% on an 11% decline in revenue due to base effect

Q2 CY21 revenue stood at BDT1,229.0mn against BDT1,384.2mn in Q2 CY20, implying c11% YoY de-growth, underperforming our expectations. In the first six months of CY 21, Reckitt's NPAT stood at BDT293.1mn (EPS: BDT62.03), up by c8% YoY. As the earnings...
IDLC Securities Auneea
Auneea Haque @ IDLC Securities 1 August 2021

Bangladesh: Expansionary policy continues; cautious against excess liquidity

Bangladesh Bank (BB) continues its expansionary stances in its latest Monetary Policy for the fiscal year 2021-22 by keeping the major policy supports taken in FY21 unchanged as businesses are yet to recover from the COVID-19 impact. However, driven ...
IDLC Securities Shopnil
Shopnil Paul @ IDLC Securities 1 August 2021

Unilever Consumer Care: Covid slows sales growth; royalty, low finance income and GPM dent drags NPAT

Unilever BD reported 2Q CY 21 NPAT of BDT 101mn (EPS: BDT8.39), implying c26% YoY decline against NPAT of BDT137mn (EPS: BDT11.40) in 2Q CY 20. As the NPAT has underperformed our expectations. The growth momentum was hindered by the lockdowns and mov...
IDLC Securities Auneea
Auneea Haque @ IDLC Securities 30 July 2021

Linde Bangladesh Ltd: Lower opex and tax cut boosted earnings; reiterate Buy

LINDE BD reported 2Q CY 21 NPAT of BDT343mn (EPS: BDT22.54), implying a c370% yoy growth against NPAT of BDT73mn (EPS: BDT4.80) in 2Q CY 20. LINDE’s construction & gas business remained buoyant; nevertheless, some sectors such as real estate, and the...
IDLC Securities Joy
Joy Bhattacharjee @ IDLC Securities 29 July 2021