BBS Cables financial analysis: revenue down 75% since FY2019, FY2026 loss of BDT 5.08 a share (Oct 2026)

Investment considerations: a cable maker that lost its government orders, with equity still well above debt

BBS Cables PLC makes electrical cables and wires: house wiring, industrial and power cables. It sells through 84 sales centres across Bangladesh [1 p.50] and, until recently, a large part of its revenue came from government power utilities that buy cables through tenders. The sponsor group also owns Bangladesh Building Systems PLC, which holds 13.46% of the shares [1 p.50]. Through FY2019 the company was one of the most profitable cable makers on the Dhaka Stock Exchange: net profit was BDT 1,456m on revenue of BDT 8,514m [6 p.98].

Since then revenue has fallen in five of six years. It was BDT 3,859m in FY2024 and BDT 2,105m in FY2025, 75% below FY2019 [1 p.107]. The company's own explanation is that government tender orders, historically a meaningful part of revenue, were reduced or cancelled, that a weaker taka raised the cost of imported raw materials, and that it could not raise selling prices because of competition [1 p.166]. Tenders from Dhaka Power Distribution Company (DPDC), Dhaka Palli Bidyut Samity and the Bangladesh Rural Electrification Board totalling BDT 1,519m were cancelled because goods were not delivered on time; the company told its auditor that banks could not open letters of credit while foreign-exchange reserves were low [1 p.166]. The utilities then encashed BDT 152m of performance guarantees [1 p.170].

The losses followed. The net loss was BDT 133m in FY2024 and BDT 857m in FY2025 [1 p.132]. For FY2026 the company announced EPS of BDT (5.08), a loss of about BDT 1,075m, with NAV per share of BDT 22.93 [8] [15]. The annual report for FY2026 is not yet in our filings corpus, so FY2026 line items below come from the nine-month statements to March 2026. This note sets out the evidence from the filings. It carries no valuation and no view on the share price.

Solvency: BDT 3.3bn of bank debt, 81% short-term, against BDT 5.4bn of equity at March 2026

Because the auditor flagged going concern, the funding position comes first. At 31-Mar-2026 the company owed banks BDT 3,272m: short-term loans of BDT 2,655m, long-term loans of BDT 502m and a current portion of BDT 114m [2 p.3]. Short-term loans were 81.2% of the total [15]. Cash was BDT 419m, so net debt was BDT 2,852m. The short-term lines are working-capital facilities that are renewed each year; the auditor made them a key audit matter because of their size, rollover risk and classification, and concluded that the carrying amount and disclosure were appropriate [1 p.126].

The rates are high. The loan notes list, among others, a United Commercial Bank overdraft and term loan at 14.5% and a Woori Bank import loan at 11% [1 p.159] [1 p.161] [1 p.162]. Total interest on overdrafts, import loans and term loans was BDT 490m in FY2025, up from BDT 385m, while debt rose only from BDT 2,905m to BDT 3,109m [1 p.170] [15]. In the nine months to March 2026 the company reported financial expenses of BDT 473m, against BDT 360m a year earlier [2 p.4].

The going-concern key audit matter reads in full as a revenue question. The auditor wrote that the fall in turnover from BDT 3,859m to BDT 2,105m 'gives rise to events or conditions that may cast substantial risk on the company's ability to continue as a going concern', tested management's twelve-month cash-flow forecast, borrowing facilities and covenant compliance, and concluded that the reasons (economic conditions, cancelled government tenders, higher material costs, weaker customer purchasing power) did not require any adjustment [1 p.128]. The opinion itself is unmodified [1 p.124]. Management states that the fall in turnover alone does not threaten the going concern, given its liquidity and order backlog, and that it will monitor cash flow, working capital and the order book [1 p.166]. The size of that backlog is not disclosed in the pages we read.

Equity is the cushion. It fell from BDT 7,048m in FY2022 to BDT 5,931m at June 2025 [1 p.107] and to BDT 5,368m at March 2026 [2 p.3]; the DSE disclosure of NAV per share of BDT 22.93 at June 2026 implies about BDT 4,855m [8] [15]. Equity at June 2026 was about 4.5x the FY2026 loss of about BDT 1,075m; each year of loss also raises the share of bank debt in total funding. The credit rating moved the same way: National Credit Ratings assigned 'A' (long term) on the June 2024 accounts and 'BBB' on the June 2025 accounts, both with ST-3 and a developing outlook [8].

Business: a 23,600-tonne cable plant that produced 11,500 tonnes in FY2025 after government orders fell away

How the company makes money. BBS Cables buys copper and PVC compound, draws and insulates wire and sells it by the tonne. In FY2025 it produced 11,500 tonnes and sold 11,606 tonnes from an installed capacity of 23,600 tonnes [1 p.182]; in FY2024 it produced 16,200 tonnes [5 p.200]. Revenue per tonne sold was about BDT 181 thousand in FY2025 and raw material consumed per tonne produced about BDT 134 thousand [15]. Exports were only BDT 17m (US$145,549); domestic sales were BDT 2,088m [1 p.182]. Raw materials were 86% of cost of goods sold [1 p.127].

Two customer groups. Retail and dealer demand for house wiring is served through the sales centres; their receivable balances, listed one by one in note 9, range from under BDT 1m to BDT 74m (Savar) [1 p.147]. Government utilities buy power and distribution cables through tenders. TBS reported in December 2025 that the company once had 'robust government contracts', and that in FY2019 it earned its highest net profit of Tk145 crore [10]. The annual report does not split revenue between government and private customers, so the size of the tender business can be seen only through the cancelled orders (BDT 1,519m) and the guarantee encashments [1 p.166] [1 p.170].

The market. The company's annual report cites an industry estimate of about Tk10,000 crore for the Bangladesh cable market, of which Tk7,000 crore is branded, Tk1,000 crore non-branded and Tk2,000 crore imported [1 p.38]. TBS reported on 28-Oct-2026 that the market has shrunk by 25%, that BRB Cable Industries holds more than 30% according to company and industry estimates, that Bizli Cables (PRAN-RFL) and Walton have expanded, and that AkijBashir Group announced more than Tk300 crore of cable investment in January 2026 [11]. On those reports, BBS Cables' FY2025 revenue of BDT 2.1bn would be about 2% of the earlier Tk10,000 crore estimate; we treat that only as an order of magnitude, because both market figures are industry estimates, not audited data.

What changed over six years. From FY2019 to FY2023 revenue held between BDT 6.3bn and BDT 8.5bn, but gross margin fell from 33.1% to 15.2% [6 p.98] [1 p.107] [15]: the company told DSE in successive quarters that raw-material prices and the dollar raised costs faster than it could raise prices [8]. Then the volume went. Revenue fell 41.1% in FY2024 and 45.5% in FY2025 [15], which the company attributes to cancelled tenders and the LC problem [1 p.166]. TBS also cited market analysts on an 'alleged loss of political patronage' after August 2024 [10]; that is the newspaper's attribution to analysts, not a statement in the filings. The capacity of 23,600 tonnes did not change between the two annual reports [5 p.200] [1 p.182], so the plant is now running at under half its rating.

Line items: interest of BDT 490m and BDT 426m of tender penalties and bad debts against BDT 318m of gross profit in FY2025

Revenue. Gross sales were BDT 2,419m in FY2025 and VAT of BDT 314m was deducted, leaving revenue of BDT 2,105m; VAT was 13.0% of gross sales in both years [1 p.166] [15]. Volume explains most of the fall: production was down 29.0% in tonnes while revenue was down 45.5% [15]. The company says it could not raise prices materially because of competition, and that it is re-prioritising higher-margin products and seeking new customers at home and abroad [1 p.166].

Cost of goods sold. Raw material consumption fell to BDT 1,539m from BDT 2,972m; it was 73.1% of revenue, against 77.0% [1 p.167] [15]. Manufacturing overhead fell only 9% to BDT 232m, because it is mostly fixed: wages of BDT 86m, depreciation of BDT 72m and utilities of BDT 33m [1 p.167] [1 p.168]. As a share of revenue overhead rose from 6.6% to 11.0% [15]. Copper is the main input and is bought partly by import; in FY2024 BDT 704m of raw materials were imported and BDT 2,208m bought locally [5 p.200]. Gross margin fell to 15.1% from 17.3% [15].

Administrative expenses. These rose to BDT 359m from BDT 124m, entirely because of BDT 242m of bad debts: on 30-Jul-2025 the board approved writing off receivables that had been outstanding for a long period despite repeated follow-up [1 p.169] [1 p.170]. Without the write-off, administrative expenses were about BDT 116m. Directors' remuneration fell to BDT 8.4m from BDT 12.1m [1 p.168].

Selling and distribution. These rose 8% to BDT 269m in FY2025, mostly salaries of BDT 143m, and included BDT 13m of cash sales incentives, a new line [1 p.169]. Selling costs are largely fixed against a shrinking revenue base: they were 12.8% of revenue in FY2025 against 6.5% in FY2024 [15].

Finance cost. The FY2025 'Finance Cost' of BDT 689m has three parts. Interest on borrowings was BDT 490m (overdraft BDT 335m, import loans BDT 79m, term loans BDT 76m). Tender penalties were BDT 184m: BDT 152m of bank guarantees encashed by DPDC, Dhaka Palli Bidyut Samity-1 and BREB, and BDT 32m of late-delivery charges. The rest, BDT 15m, was bank charges, lease interest and FX loss [1 p.170] [15]. The penalties are a consequence of the cancelled tenders and are not interest; with the BDT 242m bad debts they total BDT 426m, against a loss before tax of BDT 989m [1 p.132] [15].

Tax. Current tax is a minimum tax of 1% of turnover, BDT 21m in FY2025, because there is no taxable profit; a deferred tax credit of BDT 153m, from a lower temporary difference on property, plant and equipment, turned the tax line into a credit of BDT 132m [1 p.171]. The deferred tax liability fell to BDT 103m from BDT 256m, which the auditor made a key audit matter [1 p.128]. The minimum tax means each BDT 100m of revenue costs about BDT 1m of tax regardless of profit. No WPPF has been charged since FY2024 [1 p.107].

FY2026: revenue steadied after a 48% drop in Q1, but every quarter lost money and the year closed at EPS of BDT (5.08)

FY2026 so far. The first quarter (July-September 2025) was the weakest: revenue fell 48.2% to BDT 525m and the loss after tax was BDT 182m [4 p.2] [15]. Revenue then stabilised at about the prior year's level: BDT 456m in Q2 and BDT 347m in Q3 [3 p.4] [2 p.4]. Gross margin was 14.5%, 15.4% and 15.0% in the three quarters [15]. Financial expenses were BDT 144m to BDT 171m a quarter, close to or above revenue-driven gross profit of BDT 52m to BDT 76m, so every quarter lost money [15].

The derived fourth quarter of FY2025 (April-June 2025) shows where the one-off items landed: gross profit was only BDT 16m, the operating loss BDT 325m and financial expenses BDT 329m, for a loss of BDT 509m, or BDT (2.41) a share [1 p.132] [2 p.4] [15]. That quarter carried the bad-debt write-off approved after the year end and the guarantee encashments. The quarter EPS figures in the exhibit agree with the company's DSE disclosures: (0.20), (0.48) and (0.96) for FY2025's first three quarters and (0.86), (0.83) and (0.97) for FY2026's [8].

The full year to June 2026, as announced. On 28-Oct-2026 the company reported FY2026 EPS of BDT (5.08) against BDT (4.05), NAV per share of BDT 22.93 against BDT 28.01, and net operating cash flow of BDT 1.06 a share against BDT 1.39 [8]. With nine-month EPS of BDT (2.66), the fourth quarter (April-June 2026) lost BDT 2.42 a share, almost exactly the BDT 2.41 of the same quarter a year earlier [2 p.4] [15]. The full-year loss was about BDT 1,075m. We do not yet have the FY2026 statements, so we cannot say whether the fourth quarter again held tender penalties or write-offs. The board recommended a cash dividend of 0.25% (BDT 0.025 a share), with a record date of 17-Nov-2026 and the AGM on 15-Dec-2026 [8].

Ratios: ROE went from 22% (FY2020) to -13% (FY2025); interest cover from 7.1x to below zero

Seven years of ratios show two stages. From FY2019 to FY2022 the business shrank slowly and stayed very profitable: operating margin 22.4%-28.4%, ROE 12.0%-22.5%, and financial expense covered 4.1x-7.1x by operating profit and other income [15]. From FY2023 the margin broke: gross margin 15.2% in FY2023 against 28.1% in FY2022, then revenue fell and fixed costs and interest took the rest. In FY2025 the operating margin was -14.7% and financial expense was 32.8% of revenue [6 p.98] [1 p.107] [15].

The company's own ratio page needs care. For FY2025 it prints 'Debt to Equity Ratio' of 1.61 against 0.52 for FY2024 and an EBITDA margin of 24.12% in a year with an operating loss [1 p.108]; the five-year table on the previous page prints FY2025 EPS as (0.63), the FY2024 figure, while the income statement shows (4.05) [1 p.107] [1 p.132]. We use our own ratios from the statements. On our definition (bank loans over equity) debt to equity was 0.43x at June 2024 and 0.52x at June 2025 [15].

Working capital. Receivables and inventory have each been well over a year of sales or cost. Receivable days were 305 at June 2024, 482 at June 2025 and 547 on nine months to March 2026; inventory days on cost of goods sold were 285, 494 and 560 [15]. Trade payables are tiny, about 9 days, so the cash cycle of 967 days at June 2025 is funded by bank loans and equity [15].

Cash and balance sheet: positive operating cash flow from collecting old receivables, but 25% of receivables are over six months old

Cash flow. Operating cash flow was BDT 486m in FY2024 and BDT 294m in FY2025, positive in both loss years, because collections exceeded revenue as receivables ran down: the company collected BDT 2,553m in FY2025 against revenue of BDT 2,105m [1 p.134] [1 p.172]. The cash flow statement shows the whole finance cost, BDT 689m, as interest paid under financing [1 p.134]. After capex of BDT 35m and that payment, free cash flow was BDT -430m in FY2025, against BDT -65m in FY2024 [15]; short-term loans rose by BDT 129m and cash fell by BDT 247m [1 p.134].

Receivables. Trade receivables were BDT 2,775m at June 2025: BDT 1,249m due within three months, BDT 833m within six months and BDT 694m six months and above [1 p.147]. The company calls them unsecured but good, and the FY2024 report said it considered debts over one year good and made no provision [1 p.147] [5 p.200]. The ageing for June 2024 is not consistent between the two reports: the FY2024 report showed BDT 2,569m within three months and BDT 289m over six months, while the FY2025 report restates the same date as BDT 1,445m and BDT 803m, with the same total [5 p.200] [1 p.147]. On the restated figures, 25% of receivables were six months or older in both years [15]. The BDT 242m write-off in FY2025 shows that part of the old book did not collect [1 p.170].

Advances. Advances, deposits and prepayments were BDT 1,941m at June 2025, a fifth of total assets: advance income tax BDT 1,099m, advances to suppliers BDT 393m, an advance for office space BDT 255m, margin on LCs and bank guarantees BDT 108m and an advance for land BDT 62m [1 p.148]. The office-space and land advances were unchanged from June 2024, and capital work-in-progress has stayed at about BDT 235m since June 2024 [1 p.131] [1 p.148] [2 p.3]. The advance income tax builds up because minimum tax is paid every year while there is no profit to set it against.

Inventories were BDT 2,420m at June 2025, including finished goods of BDT 1,059m and work in process of BDT 593m [1 p.167]. The auditor made inventory valuation a key audit matter and used external and its own experts to count it [1 p.127]. Finished goods of BDT 1,059m are about half a year of FY2025 revenue, so the net realisable value of stock is a live question while volumes are low.

Audit. T. Hussain & Co. gave an unmodified opinion on FY2025, signed on 28-Oct-2025; the previous auditor, A. Hoque & Co., audited FY2024 [1 p.124] [1 p.131]. The emphasis of matter covers the absence of an NBR-approved gratuity fund and of a provident fund required under the Bangladesh Labour Act, which 'may expose the Company to regulatory penalties and employee claims' [1 p.124]; DSE published the emphasis on 17-Dec-2025 [8]. The key audit matters were PPE valuation, revenue and receivables, short-term loans, inventories, deferred tax and going concern [1 p.124] [1 p.125] [1 p.126] [1 p.127] [1 p.128].

Peers: both listed cable makers lost over 45% of revenue in FY2025; BBS kept a 6.8pp higher gross margin than Eastern

The other listed cable maker in this comparison is Eastern Cables Limited of Chattogram, which describes itself as a government organisation and also reports a June year [7 p.35] [7 p.50]. Both annual reports cover the year to 30-Jun-2025, so the periods match. Each row below quotes the label each company prints; both revenue lines are net of VAT [1 p.166] [7 p.50].

Both companies lost most of their revenue in FY2025: BBS Cables 45.5% and Eastern Cables 60.0%. Eastern Cables names the same cause, a 'sudden decline of govt. development project after 5th August 2024', along with dependence on bank loans and difficulty importing raw materials [7 p.35]. Of the two, BBS Cables kept the higher gross margin, 15.1% against 8.3%, a gap of 6.8pp, while operating margins were close (-14.7% and -14.4%) [15]. Eastern Cables' equity of BDT 8,958m is almost all revaluation reserve (BDT 8,799m); excluding it, its bank loans are 3.8x equity, against 0.52x for BBS Cables, which has no revaluation reserve [7 p.49] [1 p.131] [15].

The larger cable makers are unlisted. TBS reports BRB Cable Industries at more than 30% of the market on company and industry estimates, and Bizli Cables at around 30% of power cables on its parent's managing director's estimate [11]. Their figures are not filed with DSE, so we do not put them in the table.

Governance: founders and a group company own 30%; a sister cable company buys and licenses the brand

Ownership. Sponsors and directors held 30.12% at June 2025, unchanged from a year earlier: four engineer-founders hold 4.17% each, and Bangladesh Building Systems PLC holds 13.46% through a nominated director [1 p.157] [1 p.50]. Spouses of directors hold a further 6.25% between them [1 p.50]. Institutions held 23.12% (22.30% a year earlier), the general public 46.55%, the government 0.12% and foreign investors 0.09% [1 p.157].

Board. The chairman is Eng. Md. Abu Noman Howlader and the managing director Eng. Mohammad Badrul Hassan; the independent director listed is Md. Belayet Hossain [1 p.50]. The FY2025 report says a female independent director was appointed during the year and BSEC approval was pending [1 p.41]. Directors' remuneration was BDT 8.4m in FY2025 [1 p.174].

Related parties. BBS Cables bought raw materials from three companies with common directors: Helix Wire & Cable Industries (BDT 8.6m), BBS Metallurgic Industries (BDT 6.6m) and BBS Cables (Unit-2) Ltd (BDT 10.2m), under a board approval of 16-Jun-2022, and received a royalty of BDT 0.72m from BBS Cables (Unit-2) for use of its brand [1 p.174] [1 p.170]. The amounts are small against cost of goods sold of BDT 1,787m A sister company, BBS Cables (Unit-2), uses the brand and makes cables.

Capital actions and news in the last 24 months, from the DSE archive [8]: a 1% cash dividend for FY2024 (record date 14-Nov-2024, paid by February 2025); no dividend for FY2025 (28-Oct-2025); an NCR rating of A/ST-3 (May 2025) and BBB/ST-3 (17-Sep-2026); a DSE query on an unusual price rise in September 2025, answered with no undisclosed information; the auditor's emphasis of matter (17-Dec-2025); and a 0.25% cash dividend for FY2026 (28-Oct-2026). The sweep found no board decision on new capacity, capex, borrowing or a sale of assets in that period. The FY2025 report's 'future prospects' page says the company 'has taken decision to expand the business capacity' without an amount, date or approval [1 p.38].

Dividends followed profit down: cash dividends of 10% of par for FY2019-FY2021, 8% for FY2022, 2% for FY2023 and 1% for FY2024, then nil for FY2025 [6 p.98] [1 p.107]. Stock dividends between FY2019 and FY2022 took the share count from 158.7m to 211.71m [6 p.98] [1 p.107]. The FY2024 dividend of BDT 21m was paid in a loss year [1 p.133], and the FY2026 proposal of BDT 5.3m follows a loss of about BDT 1,075m [8] [15].

What's next: Q1 FY2027 in mid-November, the FY2026 annual report and the 15-Dec-2026 AGM

Events already disclosed, with the line each would move (direction only, no forecast):

Passed events whose outcome the filings do not yet show: the FY2025 AGM on 24-Dec-2025 (passed), outcome unknown; the appointment of a female independent director awaiting BSEC approval at the time of the FY2025 report (passed), outcome unknown [8] [1 p.41].

Risks: tender volumes, old receivables and short-term bank funding matter most

Each risk below is tied to the line it moves. Their scale is set against FY2025 gross profit of BDT 318m [1 p.132].

History-based sensitivities: in FY2025 each 1pp of gross margin equalled about BDT 21m, and each BDT 100m of extra borrowing at the 14.5% term-loan rate costs about BDT 14.5m a year in interest [1 p.159] [15]. Each 1,000 tonnes of FY2025 sales was about BDT 181m of revenue [15].

Key questions: tender volume, receivable collection and finance cost decide what reaches shareholders

BBSCABLES closed at BDT 15.5 on 29-Oct-2026, a market value of BDT 3.28bn [14]. EPS for FY2026 was negative, so P/E is not meaningful. The price was 0.68x the June 2026 NAV per share of BDT 22.93 [8] [15], and 1.56x FY2025 revenue [15]. Over the 52 weeks to 29-Oct-2026 the share traded between BDT 11.6 and BDT 26.8 intraday [14]; the DSE company page carries the exchange's own trading data [9]. These are facts about the price, not a view on it.

FAQ

Why did BBS Cables' revenue fall?

Government tender orders were reduced or cancelled (BDT 1,519m cancelled for late delivery), import costs rose with the weaker taka, and prices could not be raised because of competition, according to the company [1 p.166].

How much did BBS Cables lose in FY2025 and FY2026?

BDT 857m (EPS BDT (4.05)) in FY2025 [1 p.132]; FY2026 EPS was BDT (5.08), about BDT 1,075m, as announced to DSE [8].

What were the one-off items in FY2025?

BDT 151.9m of encashed bank guarantees and BDT 31.9m of late-delivery charges in finance cost, and BDT 242.4m of bad debts in administrative expenses [1 p.169] [1 p.170].

Did the auditor raise going concern?

Yes, as a key audit matter; the opinion is unmodified, with an emphasis of matter on missing gratuity and provident funds [1 p.124] [1 p.128].

How much does BBS Cables owe banks?

BDT 3,272m at 31-Mar-2026, of which short-term loans were BDT 2,655m [2 p.3].

Who owns BBS Cables?

Sponsors and directors 30.12% (including Bangladesh Building Systems PLC 13.46%), institutions 23.12% and the public 46.55% [1 p.157].

What dividend is proposed for FY2026?

0.25% cash (BDT 0.025 a share); record date 17-Nov-2026, AGM 15-Dec-2026 [8].

Which results does this note use?

Annual reports FY2019-FY2025, quarterly statements to 31-Mar-2026, and the FY2026 figures announced to DSE on 28-Oct-2026; the FY2026 annual report is not yet in our corpus.

Sources

1. BBS Cables PLC Annual Report 2024-2025 (year to 30-Jun-2025), audited financial statements · link · accessed 2026-10-31
2. BBS Cables PLC unaudited financial statements, nine months to 31-Mar-2026 · link · accessed 2026-10-31
3. BBS Cables PLC unaudited financial statements, six months to 31-Dec-2025 · link · accessed 2026-10-31
4. BBS Cables PLC unaudited financial statements, three months to 30-Sep-2025 · link · accessed 2026-10-31
5. BBS Cables PLC Annual Report 2023-2024 (year to 30-Jun-2024) · link · accessed 2026-10-31
6. BBS Cables Limited Annual Report 2019-2020 (five-year data FY2016-FY2020) · link · accessed 2026-10-31
7. Eastern Cables Limited Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-10-31
8. Dhaka Stock Exchange news archive, BBSCABLES, 31-Oct-2024 to 31-Oct-2026 (company disclosures) · link · accessed 2026-10-31
9. Dhaka Stock Exchange company page, BBSCABLES · link · accessed 2026-10-31
10. The Business Standard, 'Short-circuit at BBS Cables: Once a Tk100cr profit maker, now a Tk100cr loss burden' (8-Dec-2025) · link · accessed 2026-10-31
11. The Business Standard, 'Cable market shrinks 25% as demand slump hits manufacturers' (28-Oct-2026) · link · accessed 2026-10-31
12. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
13. The Business Standard, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
14. AnalystBro price data (TradingView feed): DSE:BBSCABLES daily bars to 29-Oct-2026 · link · accessed 2026-10-31
15. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31