Saiham Textile Mills financial analysis: spinning unit shut for BMRE, FY2026 EPS falls to BDT 0.29 (Oct 2026)

Investment considerations: a thin-margin spinner rebuilding half its mill, with a loss quarter and all-short-term debt

Saiham Textile Mills Ltd. spins cotton and melange yarn at Noyapara, Saiham Nagar, in Madhabpur, Habiganj. It was incorporated on 27 March 1981 and listed on the Dhaka Stock Exchange in August 1988 [1 p.69] [1 p.22]. It has two units. The original spinning unit dates from 1993, and a melange unit with 30,960 spindles began commercial production on 16 July 2013, paid for by a 2:1 rights issue at BDT 25 a share in 2012 [1 p.69] [6]. Installed capacity is 10.65m kg of yarn a year [1 p.87]. The company belongs to the Saiham group: its directors also sit on the boards of Saiham Cotton Mills, Faisal Spinning Mills, Saiham Knit Composite and Saiham Denims [1 p.25] [1 p.86].

The investment picture is dominated by one decision. On 10 May 2026 the board decided to stop production and close the spinning unit on 1 June 2026, for about 18 months, to rebuild the factory building and install new automatic spindle machinery. It also decided to sell all of the unit's existing machines [6]. The company said the old 1993 machines produced low-quality yarn at a high cost and that capacity had fallen. It also said that capacity, turnover and profit would rise once the rebuild is done [6]. The filings in our corpus show neither the cost of the rebuild, nor how it will be funded, nor how the two units split output. So for the next year and a half the company is a melange mill, and the size of the spinning unit's contribution cannot be measured from the published accounts.

Before the shutdown, the numbers were those of a thin-margin, short-term-funded spinner. Gross margin was 9.8% in FY2025 and 9.2% on average over FY2019-FY2025. Net margin never exceeded 4.6% [3 p.32] [1 p.66] [13]. All borrowing is short-term bank finance, mostly dollar EDF and UPAS loans against imported cotton [1 p.81]. Finance cost took 4.1% of FY2025 turnover, against a gross margin of 9.8% [1 p.66] [13]. Equity of BDT 3,964m includes a revaluation surplus of BDT 1,762m from a 2019 revaluation [1 p.65] [1 p.80].

Business: two units, 10.65m kg of capacity, and a spinning unit now closed for BMRE

How the mill makes money. Saiham buys raw cotton and other fibre, spins it into yarn of various counts, and sells the yarn. In FY2025 it bought BDT 1,940m of its BDT 2,145m of raw material abroad and BDT 205m locally, so about 90% of fibre is imported [1 p.88]. Imports are financed with EDF and UPAS loans, which are dollar facilities: they were BDT 1,333m of the BDT 1,651m of bank loans at June 2025 [1 p.81]. Revenue therefore follows the yarn price and the taka, cost follows the cotton price and the taka, and profit is the spread less gas, wages, depreciation and interest. The company reports a single segment and does not split revenue by unit, count or customer type [1 p.23].

Capacity and output. The capacity note gives one figure for the whole mill: 10.65m kg a year. Production was 9.24m kg in FY2024 and 8.88m kg in FY2025, utilisation of 86.7% and 83.4% [1 p.87] [13]. The directors' report does not give kilos sold, so this note uses kilos produced as the volume measure and flags it where it matters. Employment was 818 at June 2025: 568 workers, 224 officers and staff at the factory and 26 at head office [1 p.87].

Seven years in brief. Turnover was BDT 2.6bn in FY2019, fell to BDT 1.6bn in the Covid year FY2020, and has risen every year since, to BDT 3.4bn in FY2025 [3 p.32] [1 p.34]. Profit did not follow. The company lost money in FY2019, FY2020 and FY2023 and earned BDT 100-124m in FY2021-FY2022 [4 p.52], when yarn prices were strong after Covid. In FY2024-FY2025 it earned BDT 47-53m, which is 1.4-1.6% of turnover [3 p.32] [1 p.66] [13]. The directors explain the FY2023 loss by inflation in raw material and utility costs, and the FY2025 gain by higher yarn prices, the weaker taka, and lower finance cost [3 p.32] [1 p.34]. The chairman describes FY2025 as a year of high power tariffs and duty-free imported yarn competing with local mills [1 p.21].

The 2019 revaluation. Land, factory buildings, office space and plant in both units were revalued by Ata Khan & Co. on 28 April 2019, adding a surplus of BDT 2,003m, effective 1 May 2019 [1 p.80]. Land and office space were valued at recent market prices and buildings and machinery at current replacement cost [1 p.80]. The surplus is still BDT 1,762m, 44% of equity at June 2025 [1 p.65]. It is released to retained earnings as the revalued assets are depreciated: BDT 64.8m in FY2025 and BDT 69.1m in FY2024 [1 p.67]. Part of the revalued plant is in the spinning unit whose machines the board now plans to sell, so the rebuild will move this reserve.

The rebuild. The DSE announcement of 11 May 2026 is the only public description of the BMRE. It covers the reconstruction of the factory building, the installation of new automatic spindle machinery, commissioning and trial production, over about 18 months from 1 June 2026 [6]. That puts a restart around the end of 2027, if the timetable is met. The spinning unit's plant was carried at BDT 1,060m at June 2025, after BDT 50.6m of cost was removed in FY2025 [1 p.76]. The FY2026 annual report, due before the 12-Dec-2026 AGM, is the first filing that will show the accounting for the closure [6].

Line items: cotton and the taka set the spread, gas and wages the conversion cost, and interest takes most of the rest

Turnover. FY2025 turnover rose 5.3% to BDT 3,415m while production fell 3.8% to 8.88m kg [1 p.66] [1 p.87]. The directors credit better sales prices and the weaker taka [1 p.34]. Turnover per kilo produced rose from BDT 351 to BDT 384 [13]. That ratio overstates the price rise, because the company also sold stock: closing finished goods fell from BDT 599m to BDT 343m [1 p.83]. In the nine months to March 2026 turnover fell 3.1% to BDT 2,166m, and in the March quarter alone it fell 22.6% [2 p.4] [13].

Raw material. Cotton and fibre are the largest cost: BDT 2,191m in FY2025, 64.2% of turnover, against 76.6% in FY2024 [1 p.83] [13]. Per kilo produced, raw material fell from BDT 269 to BDT 247 [13]. Two items inside the raw-material note matter. Exchange losses on dollar purchases were booked into raw material: BDT 116.8m in FY2024 and BDT 45.4m in FY2025 [1 p.84]. And short-weight claims on cotton deliveries rose to BDT 45.5m from BDT 13.4m [1 p.84]. So part of the FY2025 fall in cotton cost per kilo was a smaller currency loss rather than a lower fibre price.

Gas. The mill runs on gas from Jalalabad Gas T&D. It used 7.79m cubic metres in FY2025 at an average BDT 27.57, against 8.09m at BDT 26.33 in FY2024; the gas bill was BDT 214.7m, 6.3% of turnover [1 p.84] [13]. The company has BDT 62.6m of bank guarantees outstanding in favour of Jalalabad Gas [1 p.88]. Gas per kilo rose from BDT 23.05 to BDT 24.17. On FY2025 volume, each BDT 1 a cubic metre on the tariff is about BDT 7.8m of cost, 10% of FY2025 profit before tax [1 p.84] [1 p.66] [13]. The managing director names gas scarcity, cotton price volatility and regional competition as the spinning industry's main problems [1 p.35].

Wages, stores and depreciation. Direct wages rose 12% to BDT 169m and stores and spares consumption nearly doubled to BDT 64m [1 p.83]. Conversion cost per kilo, which is everything except fibre and packing, rose from BDT 59 to BDT 67 [13]. Factory depreciation was BDT 120.8m [1 p.84]. Part of it is the charge on revalued assets: BDT 64.8m of that charge is released from the revaluation surplus each year [1 p.67].

Administrative and marketing expenses were BDT 109.5m in FY2025, 3.2% of turnover [1 p.66] [13]. Salaries were BDT 48.4m and carriage outward doubled to BDT 15.3m [1 p.84] [1 p.85]. The managing director's remuneration is BDT 960,000 a year [1 p.84].

Finance cost is the line that changed the business. It was BDT 35m in FY2022, BDT 44m in FY2023, then BDT 149m in FY2024 and BDT 140m in FY2025 [3 p.65] [1 p.66]. Two things moved it: loans more than doubled from BDT 890m at June 2022 to BDT 2,260m at June 2024, and the cost of those loans rose from 3.1% to 7.1% of the average balance [3 p.64] [1 p.65] [13]. In the March 2026 quarter finance cost was BDT 58.7m, nearly double the BDT 30.2m of a year earlier [2 p.4]. Each 1pp on the March 2026 loan balance is about BDT 20m a year, against FY2025 profit before tax of BDT 79m [13].

Foreign exchange below the line. Besides the losses inside raw material, the profit and loss shows an unrealised exchange line: a gain of BDT 37.3m in FY2022, then losses of BDT 42.4m in FY2023, BDT 1.3m in FY2024, BDT 5.3m in FY2025 and BDT 10.9m in the March 2026 quarter [3 p.65] [1 p.66] [2 p.4]. The FY2022 gain was 23% of that year's profit before tax; the FY2023 loss turned an operating profit into a pre-tax loss [13]. The dollar loan book is the source.

Tax. Current tax is set by minimum tax, not by profit: in FY2025 the company paid the higher of 15% on business income, tax deducted at source, and 0.75% of turnover; tax deducted at source of BDT 29.4m was the binding figure [1 p.82]. That is why the effective rate was 38.4% in FY2024 and 32.5% in FY2025, and why tax was paid even in the FY2023 loss year [3 p.65] [13]. Because tax follows turnover, a fall in profit raises the effective rate.

FY2026: nine months up, then a loss quarter as the spinning unit closed

Nine months to March 2026. Turnover fell 3.1% but gross profit rose 2.8% to BDT 261m, as cost of goods sold fell faster; gross margin was 12.1% against 11.4% [2 p.4] [13]. Higher finance cost and administration absorbed most of the gain, and profit after tax rose 6.9% to BDT 45.9m, EPS BDT 0.51 [2 p.4]. The company said profit rose because cost of goods sold fell in proportion, and that cash flow fell on lower collections and higher payments [6]. Operating cash flow was BDT -194m against BDT +992m a year earlier [2 p.6].

The full year. On 29 October 2026 the company announced FY2026 EPS of BDT 0.29, NAV per share of BDT 43.39 and NOCFPS of BDT -0.21, against BDT 0.59, BDT 43.77 and BDT 9.22 for FY2025, with a 5% cash dividend [6]. Nine-month EPS was BDT 0.51, so the April-June 2026 quarter lost about BDT 0.22 a share, or roughly BDT 20m [6] [13]. The DSE announcement does not give a reason. The spinning unit closed on 1 June, in the last month of that quarter [6]. Whether the loss came from lost output, closure costs, an impairment or the sale of machines will only be clear in the FY2026 annual report.

What the closure removes. The filings do not split output between units, so the spinning unit's share of the 8.88m kg produced in FY2025 is not known [1 p.87]. Its plant was 35% of the book value of PPE at June 2025 [1 p.76] [13]. Until the rebuild is done, revenue will come from the melange unit alone. Fixed costs of the closed unit, including staff, gas guarantees and depreciation on buildings, continue unless the company says otherwise.

Ratios: gross margin near 10%, ROE under 3%, inventory over 200 days, cover of 1.6x

Growth. Turnover grew at 7.4% a year from FY2021 to FY2025 [13]. Because capacity did not change, that growth was price and taka, not volume. The FY2026 announcement implies the first fall since FY2020.

Margins. Gross margin ranged from 4.8% (FY2023) to 12.9% (FY2019); the median is 10.0% [13]. FY2023 was the weakest year, when cotton costs rose faster than yarn prices. Net margin ranged from -4.8% to 4.6%.

Returns. ROE on average equity was between -2.0% and 3.2% over FY2020-FY2025, 1.4% in FY2025 [13]. Taking out the revaluation surplus, which earns nothing in cash, FY2025 ROE was 2.5% [13]. Asset turnover was 0.57x in FY2025: each taka of assets produced 57 poisha of sales [13].

Efficiency. Inventory days on cost of sales rose from 107 at June 2022 to 290 at June 2024, eased to 230 at June 2025 and reached 350 at March 2026 on annualised nine-month cost of sales [13]. Receivable days were 109 at June 2025 and 146 at March 2026. Creditors are small, under 5 days at the June year ends, so the cash cycle is driven by stock and debtors [13]. The company carries cotton for months and pays for it with short-term loans; that is the working-capital model.

Leverage and coverage. Loans rose from 0.23x equity at June 2022 to 0.57x at June 2024, fell to 0.42x at June 2025 and rose again to 0.52x at March 2026 [13]. Without the revaluation surplus the March 2026 figure is 0.92x. Interest cover, operating profit over finance cost, fell from 4.7x in FY2022 to 1.61x in FY2025 [13].

Cash conversion. Operating cash flow over profit swung between -2.6x and 21.0x [13]. Over FY2019-FY2025 operating cash flow summed to BDT 368m against cumulative profit of BDT 114m [13]. Two notes on quality: interest paid is classed as a financing outflow, so operating cash flow is before BDT 140m of interest in FY2025 [1 p.68]; and the large swings are working-capital movements, a BDT 1,119m stock build in FY2024 and a BDT 378m release in FY2025 [1 p.88].

Payout. Cash dividends were BDT 0.50 for FY2024, BDT 0.60 for FY2025 and BDT 0.50 for FY2026, payouts of 97%, 102% and 172% of EPS [5] [6] [13]. The FY2026 dividend, about BDT 45m, is larger than the year's profit of about BDT 26m [13].

Balance sheet: BDT 2,050m of short-term loans, heavy stock, and large flows with sister concerns

Debt. Every taka of borrowing is a current liability. At June 2025 the BDT 1,668m short-term loan was BDT 1,333m of EDF and UPAS loans against cotton and spares imports, BDT 183m of IDBP, BDT 90m of cash credit with four banks, a BDT 45m demand loan, and BDT 17.5m from Mrs. Momena Begum, a sponsor shareholder [1 p.81] [1 p.86]. The cash credit is secured on cotton, work in process, finished goods and debtors, plus directors' personal guarantees [1 p.81]. By March 2026 loans were back up to BDT 2,050m [2 p.3]. Cash was BDT 23m [2 p.3].

Receivables and related parties. Trade receivables were BDT 1,019m at June 2025 [1 p.65]. The related-party note lists four companies with common directors: Faisal Spinning Mills, Saiham Cotton Mills, Saiham Knit Composite and Saiham Denims [1 p.86]. Additions to their balances during FY2025 were BDT 2,438m, equal to 71% of turnover, against BDT 1,378m in FY2024 [1 p.86] [1 p.87] [13]. Closing balances fell from BDT 556m to BDT 228m. The note labels these 'trade and other receivable' (Saiham Cotton 'receivables/creditors') and does not say how much is yarn sales, so this note does not treat the additions as revenue. Shareholders approved related-party supply of goods at the AGM of 28 December 2024 [1 p.86].

Other items. BDT 11.8m of gratuity provision was transferred to a sister concern in FY2025 [1 p.83]. Contingent liabilities are BDT 62.6m of bank guarantees to Jalalabad Gas [1 p.88]. FDRs of BDT 8.3m are under lien for those guarantees [1 p.76]. Deferred tax liability of BDT 279m is mostly the tax on the revaluation surplus and on accelerated depreciation [1 p.80] [1 p.81].

Audit. Khan Wahab Shafique Rahman & Co. gave an unmodified opinion on FY2025, signed 29 October 2025 [1 p.59] [1 p.64]. It drew attention to two matters: the gratuity fund trust deed was formalised only from 1 February 2025, and the general-public share count in Schedule X differed from the financial statements, though total shares agreed with CDBL [1 p.59]. The FY2024 accounts were audited by Rahman Mostafa Alam & Co. [1 p.59], whose report also carried emphasis-of-matter paragraphs, according to a DSE notice of 27 November 2024 [6].

Governance: sponsors steady at 34.2%, institutions up, B category, and two DSE price queries

Ownership. Sponsors and directors own 34.20%, unchanged across the June 2025, August 2026 and September 2026 disclosures [5]. Institutions rose from 13.75% at June 2025 to 23.73% at August 2026 and 21.41% at September 2026, while the public share fell from 52.05% to 44.39% [5]. There are 90.56m shares and 7,314 shareholders at June 2025 [1 p.79] [1 p.80].

Board. The chairman is Engr. Syed Ishtiaq Ahmed, also managing director of Saiham Cotton Mills; the managing director is S. M. Faisal [1 p.25] [1 p.87]. The other directors in FY2025 were Syed Shafqat Ahmed, Mrs. Yasmin Faisal and Rio Aziza Salim, with independent directors Md. Tariquzzaman Khan, Mohammad Nazmul Hossain and Tasnuva Ahmed [1 p.87]. The board met seven times in FY2025 [1 p.87]. Syed Ishtiaq Ahmed and Yasmin Faisal retired by rotation and offered themselves for re-election at the 44th AGM [1 p.25]. The company has a dividend distribution policy approved by the board under BSEC directive [1 p.33].

Capital actions and DSE news, last 24 months [6]:

Dividends and category. The DSE lists cash dividends of 10% (2019), 10% (2021), 12% (2022), 5% (2024) and 6% (2025), and none for 2020 or 2023 [5]. The 5% cash dividend for FY2024 moved the shares from A to B category from 22 December 2024 [6]; the 6% for FY2025 and 5% for FY2026 keep dividends below the 10% that DSE A category requires, and the company page still shows category B [5]. The last stock dividend was 5% in 2016 and the last rights issue the 2:1 issue of 2012 [5].

The share price. The stock traded between BDT 13 and BDT 23 from mid-2024 to June 2026, below half of book NAV [12] [13]. From BDT 18.8 at the end of June 2026 it rose to BDT 44.5 on 29 October, on weekly volumes above 20m shares in August and September [12]. The DSE queried the price twice and the company twice said there was no undisclosed price-sensitive information [6]. The company's only price-sensitive news between the two was the September 2026 rating [6].

Peers: the lowest margins and ROE of four spinners, the least debt, and the thinnest interest cover

The peers are three listed spinners with June year ends whose FY2025 reports we re-opened: Matin Spinning (standalone), Square Textiles (consolidated) and Malek Spinning (consolidated) [7 p.151] [8 p.74] [9 p.42]. They label lines differently: Saiham prints 'Turnover' and 'Financial expenses', Matin 'Revenue' and 'Finance cost', Square 'Sales Revenue' and 'Finance Cost', and Malek 'Sales' and 'Financial Expenses' [1 p.66] [7 p.152] [8 p.75] [9 p.43]. The table puts them on one definition: loans are all short- and long-term borrowing including current portions and sponsor or director loans, and exclude acceptance liabilities and leases; ROE is profit to owners over closing equity to owners.

On FY2025 figures Saiham had the lowest gross margin of the four, 9.8% against 13.3% to 15.0%, and the lowest net margin, 1.6% against 5.2% to 6.3% [13]. Its ROE was 1.3%; the others ranged from 6.7% to 13.0%. It was also the least indebted, at 0.42x equity, but its interest cover of 1.61x was the lowest, because its gross profit per taka of sales is the smallest [13]. It is also the smallest: revenue of BDT 3.4bn against BDT 8.8bn to BDT 24.7bn.

On the market side, at 29 October 2026 Saiham traded at 75x FY2025 EPS and 1.02x June 2025 book, against 5.9x-17.7x and 0.72x-1.19x for the peers [12] [13]. On its own history, its June-end P/B ranged from 0.30x to 0.59x over FY2020-FY2025 [13]. These are facts about the multiples, not a view on the price.

What's next: the FY2026 report and AGM by 12 December, then a restart around end-2027

The rebuild moves almost every line. Turnover falls while the spinning unit is shut, by an amount the filings do not let us size. Cost of sales loses the unit's variable costs but keeps fixed ones. The sale of old machines brings cash and a gain or loss against book value, and the revaluation surplus on those machines moves to retained earnings. New machines will need capital; the company has not disclosed the cost or whether it will be paid with loans, internal cash or new equity [6]. With all borrowing short-term today [1 p.81], a term loan for the BMRE would change the debt profile and the finance cost line.

LDC graduation. The UN General Assembly adopted Bangladesh's move from 24 November 2026 to 24 November 2029 on 29 October 2026 in New York, early on 30 October Dhaka time, as reported by both The Daily Star and The Business Standard [10] [11]. For Saiham the effect runs through its customers, the knit and woven garment exporters who buy local yarn. Three more years of current preferences delay any change to their orders. The company does not discuss graduation in its FY2025 report.

Rates and the taka. The EDF and UPAS loans are dollar facilities that roll with each cotton shipment [1 p.81]. The cost of the loan book rose from 3.1% to 7.9% of the average balance between FY2023 and the nine months to March 2026 [13]. A weaker taka raises both the yarn price in taka and the cost of cotton and dollar debt; in FY2023 the net effect through the exchange line was a BDT 42.4m loss [3 p.65].

Gas. The FY2025 average gas price of BDT 27.57 a cubic metre is the company's own figure [1 p.84]. A tariff change moves cost of sales; on FY2025 volume each BDT 1 a cubic metre was about BDT 7.8m [13]. With the spinning unit shut, gas volume and the bill fall with it.

Risks: rebuild execution, the spread, and short-term dollar debt matter most

Each risk below is tied to the line it moves, with history for scale.

Two risks stand out. The first is execution: the company has removed a production unit for a year and a half on a plan whose cost and funding are not public, while every loan it carries is short-term [6] [1 p.81]. The second is the spread: in FY2023, with no change in capacity, gross margin halved to 4.8% and the company lost money [3 p.65] [13]. With only the melange unit running, there is less volume to absorb a similar squeeze.

Key questions: the loss quarter, the BMRE bill and the melange unit's cover

In one line: Saiham earned 1-2% net margins on a 33-year-old spinning unit and a 13-year-old melange unit, and has now stopped the older one to rebuild it [1 p.66] [6]. The FY2026 annual report is the next hard evidence.

FAQ

When does Saiham Textile Mills' financial year end?

On 30 June [1 p.65] [5].

What was Saiham Textile's EPS for FY2026?

BDT 0.29 as announced on the DSE on 29-Oct-2026, against BDT 0.59 in FY2025 [6]. The FY2026 annual report is not yet in our corpus.

What dividend did Saiham Textile declare for FY2026?

5% cash (BDT 0.50 a share); record date 19-Nov-2026, AGM 12-Dec-2026 [6].

Why did Saiham Textile close its spinning unit?

The board said the 1993 machines made low-quality yarn at high cost with falling capacity; it closed the unit from 1-Jun-2026 for about 18 months of BMRE [6].

Is the melange unit still running?

The DSE disclosure covers only the spinning unit; the 30,960-spindle melange unit opened in 2013 is not part of the suspension [6] [1 p.69].

How much debt does Saiham Textile have?

Short-term loans of BDT 2,050m and cash of BDT 23m at 31-Mar-2026 [2 p.3].

What is Saiham Textile's credit rating?

AA- long term and ST-2 short term with a stable outlook from NCR, on FY2025 accounts (DSE, 8-Sep-2026) [6].

Does LDC graduation affect Saiham Textile?

Indirectly, through its garment-exporter customers. Graduation was moved to 24-Nov-2029 on 29-Oct-2026 [10] [11].

Sources

1. Saiham Textile Mills Ltd. Annual Report 2024-2025 (year to 30-Jun-2025) · link · accessed 2026-11-01
2. Saiham Textile Mills Ltd. un-audited third-quarter financial statements, nine months to 31-Mar-2026 · link · accessed 2026-11-01
3. Saiham Textile Mills Ltd. Annual Report 2022-2023 (five-year table FY2019-FY2023; FY2022-FY2023 statements) · link · accessed 2026-11-01
4. Saiham Textile Mills Ltd. Annual Report 2020-2021 · link · accessed 2026-11-01
5. Dhaka Stock Exchange, Saiham Textile Mills company page (shareholding Jun-2025, Aug-2026, Sep-2026; dividend history; category), accessed 1-Nov-2026 · link · accessed 2026-11-01
6. Dhaka Stock Exchange news archive for SAIHAMTEX, 1-Nov-2024 to 1-Nov-2026 (results, dividends, BMRE suspension, rating, queries), accessed 1-Nov-2026 · link · accessed 2026-11-01
7. Matin Spinning Mills PLC Annual Report 2024-25 (standalone statements) · link · accessed 2026-11-01
8. Square Textiles PLC Annual Report 2024-25 (consolidated statements) · link · accessed 2026-11-01
9. Malek Spinning Mills PLC annual report, year to 30-Jun-2025 (consolidated statements) · link · accessed 2026-11-01
10. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
11. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
12. AnalystBro price data (TradingView feed): DSE:SAIHAMTEX, DSE:MATINSPINN, DSE:SQUARETEXT, DSE:MALEKSPIN bars to 29-Oct-2026 · link · accessed 2026-11-01
13. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01