Sonali Paper & Board Mills financial analysis: operating margin up to 13.7%, share losses and a qualified FY2025 audit (Oct 2026)

Investment considerations: mill profit up to BDT 386m, with a share book, a qualified audit and land-heavy equity alongside

Sonali Paper & Board Mills Limited makes and sells media, liner, simplex and duplex board papers and quality writing and printing papers from a single mill at Jatramura, Tarabo, Rupganj, in Narayanganj [1 p.67]. It was incorporated in 1978, listed on the Dhaka Stock Exchange in 1985 and re-listed on 15-Jun-2020 after years off the main board [1 p.67]. Revenue was BDT 2,827m in FY2025 (year to June 2025) and BDT 2,228m in the nine months to March 2026 [1 p.64] [2 p.3]. Three directors hold 67.49% of the shares; the general public holds 25.98% [1 p.79].

The company's numbers have three layers, and this note separates them. The first is the paper mill, whose profit from operation went from BDT 141m in FY2023 to BDT 386m in FY2025 [18]. The second is a portfolio of listed shares, bought partly with margin loans, whose gains and losses run through other income and whose fees run through finance cost; in FY2023 it made up 72% of profit before tax, and in FY2024 its loss nearly equalled the year's profit before tax [18]. The third is a balance sheet dominated by land: the revaluation reserve of BDT 4,927m was 89% of equity at June 2025 [1 p.63]. Ratios on total equity therefore look low, and ratios on equity without the revaluation look high; both are shown below.

Business and history: one mill, 43,500 tonnes of capacity, and a land revaluation that makes up most of equity

Ten years in outline. In FY2017 Sonali Paper sold BDT 1,348m of paper and earned BDT 28.6m after tax on 15.1m shares [8 p.12]. Revenue reached BDT 1,836m in FY2019 and fell to BDT 1,409m in FY2020; net margin stayed between 1.9% and 3.5% over FY2017-FY2020 [8 p.12] [18]. The step up came from FY2022: revenue grew 45% to BDT 2,046m, then to BDT 2,491m in FY2023, BDT 2,781m in FY2024 and BDT 2,827m in FY2025 [1 p.41]. Profit followed a different path because of other income, as the section on earnings quality shows.

Capital history. The land was revalued by S. H. Khan & Co. on 18-May-2016 from a cost of BDT 40.6m to BDT 5,175m, creating the revaluation reserve [1 p.79]. The share count grew from 15.1m (FY2019) through a 10% stock dividend for FY2020 and a 20% stock dividend for FY2021 to 21.96m, and a rights issue in FY2023 raised BDT 109.8m and took it to 32.95m [9 p.64] [8 p.70] [6 p.61] [6 p.58]. The Business Standard reported on 07-Sep-2024 that the securities regulator granted the company at least 18 exemptions, including from the minimum paid-up capital rule, when it returned to the main board in 2020 [14]. On today's share count, profit per share was BDT 0.87 in FY2017 and BDT 7.17 in FY2025 [18].

Capacity. The capacity note showed 38,500 tonnes a year from FY2019 to FY2023 and 43,500 tonnes in FY2024 and FY2025 [9 p.64] [1 p.88]. Production was 35,003 tonnes in FY2019, fell to 29,695 tonnes in FY2020, recovered to 35,528 tonnes in FY2022, dropped to 30,367 tonnes in FY2023 and then rose to 34,349 and 37,738 tonnes [9 p.64] [7 p.81] [6 p.80] [1 p.88]. Utilisation across the seven years ranged from 77.1% to 92.3% [18]. The AR2023 note prints 85.03% for FY2022, while AR2022 prints 92.28% for the same 35,528 tonnes; the model uses production over capacity [7 p.81] [6 p.80].

Line items: cheaper raw material per tonne lifted gross margin to 16.3%; gas is 15% of revenue with electricity

Revenue. The company does not split revenue by product or customer and reports no segments [2 p.7]; the tonnage notes are the only volume series. Revenue per tonne sold was BDT 57,591 in FY2022, BDT 81,367 in FY2023, BDT 80,436 in FY2024 and BDT 75,510 in FY2025 [18]. FY2025 revenue grew 1.7% year-on-year because tonnes sold rose 8.3% while revenue per tonne fell 6.1% [1 p.82] [18]. The finished-goods stock list shows the price range: at June 2025 simplex paper was carried at BDT 38 per kg and white printing paper at BDT 128 per kg, against BDT 43.86 and BDT 151 a year earlier [1 p.14]. In the nine months to March 2026 revenue fell 3.2% year-on-year, with the January-March quarter down 17.8% on the same quarter of 2025 [2 p.3].

Raw materials. Raw materials used were BDT 1,660m in FY2025, 58.7% of revenue, down from 74.2% in FY2023 [1 p.83] [18]. Per tonne produced they fell from BDT 60,863 in FY2023 to BDT 43,996 in FY2025, which is the main source of the margin gain: revenue per tonne sold less raw materials per tonne produced went from BDT 20,504 to BDT 31,515 [18]. The purchase mix moved to imports: imported raw materials were 51.1% of purchases in FY2022 and 87.9% in FY2025 [6 p.75] [1 p.83]. The financial risk note nevertheless says the company 'procures major part of raw materials from local markets' [1 p.89]; the cost note is the figure used here. In the nine months to March 2026 the imported share fell to 77.2% [2 p.14].

Energy. Gas is the second cost. The gas bill was BDT 155m in FY2022 and BDT 373m in FY2025; per tonne produced it went from BDT 4,354 to BDT 9,875 [6 p.75] [1 p.83] [18]. Gas and electricity together were 10.1% of revenue in FY2022 and 15.3% in FY2025, and 17.1% in the nine months to March 2026 against 14.2% a year earlier [18] [2 p.14]. History-based sensitivity: in FY2025 each 1% change in the gas bill moved cost of sales by BDT 3.7m, 1.3% of profit before tax [18].

Operating expenses. Administrative expenses were BDT 58.5m and selling and distribution BDT 16.5m in FY2025; together 2.7% of revenue, against 5.1% in FY2021 [1 p.84] [1 p.85] [18]. The managing director's remuneration was BDT 0.6m for the year, and the company had 43 staff on its salary range table [1 p.87].

Finance cost. The BDT 100.6m finance cost of FY2025 is not all interest. It includes BDT 14.0m of fees and charges on the share portfolio, BDT 22.2m of foreign exchange losses on UPAS letters of credit, and BDT 28.5m of unrealised interest on UPAS bills [1 p.85]. Excluding share fees and exchange losses, finance cost was BDT 64.5m in FY2025 against BDT 51.7m in FY2024 [18]. In the nine months to March 2026 finance cost rose to BDT 96.6m from BDT 58.6m, including BDT 32.8m on the Pubali Bank term loan against BDT 6.4m [2 p.16].

Other income and tax. Other income was BDT 12.1m in FY2025 after a negative BDT 91.5m in FY2024; its components are share gains and losses, dividends and bank interest [1 p.85]. FDR interest has grown with the deposits: bank interest income was BDT 28.5m in FY2025 and BDT 65.6m in the nine months to March 2026 [1 p.85] [2 p.16]. The effective tax rate was 16.8% in FY2025 against a 22.5% corporate rate, because of BDT 22.4m of deferred tax income [1 p.86] [18].

Earnings quality: without the share book, pre-tax profit went from BDT 48m (FY2023) to BDT 314m (FY2025)

How much of profit is the mill. The share portfolio is held through three brokers (SBL Capital Management, EBL Securities and ABACI Investment) [1 p.76]. Its gains and losses, dividends and the fees charged on it moved pre-tax profit by a net BDT 86.8m in FY2022, BDT 119.8m in FY2023, BDT -152.3m in FY2024 and BDT -30.4m in FY2025 [6 p.77] [1 p.85] [18]. Taking it out, profit before tax from the rest of the business was BDT 66.6m, 47.6m, 306.9m and 314.2m [18]. That series shows the mill's improvement more clearly than reported profit, which fell in FY2024 while the mill's profit from operation more than doubled.

What the portfolio holds. At 31-Mar-2026 shares bought for BDT 192.8m were carried at BDT 77.3m. The SBL portfolio, funded partly by a BDT 102.7m loan against the shares, held BD Paints shares bought for BDT 130.8m and valued at BDT 40.3m; the EBL portfolio held IPDC, Crystal Insurance and other insurers [2 p.20]. In FY2025 the company paid BDT 14.0m in fees on the portfolio and received BDT 1.8m of dividends [1 p.85].

Quarter pattern. The directors' report itself notes a 'significant variance' between quarters: EPS of BDT 1.76, 3.72 and 1.05 in the first three quarters of FY2025 [1 p.15]. Derived quarters show that the January-March quarter is weak in both years: gross margin was 11.0% in Q3 FY2025 and 8.8% in Q3 FY2026, against 22.1% and 23.1% in the preceding October-December quarters [18]. Q3 FY2026 profit after tax was BDT 22.0m, down 36% year-on-year and 78% quarter-on-quarter, and BDT 36.7m of other income in that quarter exceeded its profit [2 p.3] [18].

FY2026 as announced. The board met on 26-Oct-2026 and the DSE published the results on 27-Oct-2026: EPS BDT 7.34 (FY2025: BDT 7.17), NAV per share BDT 153.96 (BDT 167.90) and NOCFPS BDT 2.21 (BDT 14.86), with a 42% cash dividend [13]. The annual report is not yet in our corpus, so the line items for FY2026 are not available. Arithmetic on the announced EPS: profit after tax was about BDT 242m, Q4 FY2026 EPS was BDT 0.77 against BDT 0.64 in Q4 FY2025 (year-on-year), and operating cash flow was about BDT 73m for the year, implying about BDT -15m in April-June 2026 [13] [2 p.5] [18].

Ratios: interest cover rose to 3.8x and ROE on equity without land revaluation was 43% in FY2025

Returns. ROE on average total equity was 4.3% in FY2025 and ranged from 0.5% to 4.3% over FY2018-FY2025 [18]. The revaluation reserve explains the low level. On equity excluding the revaluation reserve, ROE was 42.8% in FY2025 and ranged from 14.7% to 46.3% [18]. Neither is a complete measure: the first counts land at a 2016 valuation that earns nothing directly, the second ignores the land entirely. Asset turnover rose from 0.21x in FY2021 to 0.40x in FY2025 [18].

Working capital. Inventory days on cost of sales went from 56 at June 2023 to 73 at June 2025 and 85 at March 2026, as raw materials stock rose to BDT 407m and then BDT 432m [1 p.73] [2 p.8] [18]. Receivable days fell from 40 to 3 by June 2025 and rose to 17 at March 2026, when trade receivables were BDT 110.8m [2 p.9] [18]. The rise in receivables and inventory explains much of the fall in nine-month operating cash flow [2 p.18].

Leverage and coverage. Bank borrowings were 0.19x total equity at June 2025 and 0.32x at March 2026, or 1.77x and 2.34x equity excluding the revaluation reserve [18]. Net of cash and FDRs, debt fell from BDT 1,029m (June 2023) to BDT 438m (June 2025) and was BDT 567m at March 2026 [18]. Interest cover on profit from operation was 3.84x in FY2025; finance cost was 3.6% of revenue [18].

Cash conversion and payout. Over FY2021-FY2025 cumulative operating cash flow was BDT 1,322m against cumulative profit after tax of BDT 739m; free cash flow was negative only in FY2022, when PPE purchases were BDT 180.7m [18] [7 p.63]. Cash dividends paid were BDT 131.8m a year in FY2023-FY2025, covered 3.45x by FY2025 free cash flow and 0.23x by nine-month FY2026 free cash flow [18]. Cash payout on reported EPS was 105.5% for FY2024, 55.8% for FY2025 and 57.2% for FY2026 [18] [13].

Peers: among the three mills, Sonali's FY2025 interest cover was 3.8x against 1.6x and 1.2x

Peer comparison on the same basis. The table uses the three companies' audited statements for the year to 30-Jun-2025 and quotes each company's own line labels: Sonali's 'Profit from Operation' and 'Finance Cost', Monospool's 'Operating Profit' and 'Financial Expense', Hakkani's 'Profit from Operation' and 'Financial Expenses' [1 p.64] [10 p.10] [12 p.9].

Of the three, Sonali had the widest gap between operating profit and finance cost: interest cover of 3.84x against 1.64x at Monospool and 1.24x at Hakkani [18]. Monospool had the higher gross margin (27.6% against 16.3%), but finance cost took 14.8% of its revenue against 3.6% at Sonali [18]. Loans were 0.19x equity at Sonali, 3.19x at Monospool and 1.80x at Hakkani. Revaluation reserves were 89%, 17% and 51% of equity, which is why ROE on total equity (4.3%, 8.6%, 0.3%) is not like for like across the three [18]. Sonali's finance cost includes share-portfolio fees and exchange losses, as shown above; the peers' notes were not split the same way here.

Balance sheet: a BDT 569m deferred tax charge on land cut NAV, and borrowings rose to BDT 1.6bn as FDRs grew

Assets. Property, plant and equipment of BDT 5,827m at June 2025 included the land at its 2016 revalued amount of BDT 5,175m; the cost of PPE was BDT 6,693m and accumulated depreciation BDT 866m [1 p.73] [1 p.80]. PPE additions were BDT 36.7m in FY2025 and BDT 57.1m in the nine months to March 2026 [1 p.66] [2 p.5]. Current assets were BDT 1,248m at June 2025 and BDT 1,889m at March 2026, of which FDRs were BDT 925m at the later date [1 p.63] [2 p.2].

Borrowings. At June 2025 all bank debt was short-term: BDT 1,071.5m, of which BDT 914.1m was foreign-currency UPAS bills with Pubali Bank and Dhaka Bank and BDT 97.4m a margin loan from SBL Capital Management against the shares [1 p.81]. The old Pubali term loan was fully repaid in FY2025 [1 p.80]. In FY2026 a new Pubali Bank term loan of BDT 500m was drawn, of which BDT 462.9m was outstanding at March 2026, and Modhumoti Bank lent a further BDT 1.4m [2 p.11]. The same nine months saw BDT 414.6m placed in FDRs [2 p.5]. FDR interest received was BDT 50.7m in the nine months; the Pubali term loan cost BDT 32.8m [2 p.16].

Deferred tax on land and the audit qualification. The FY2025 auditor qualified the opinion because deferred tax income of BDT 22.4m, including BDT 16.1m relating to FY2023 and FY2024, was booked in one year, and because the deferred tax on land had not been raised for the Income Tax Act 2023 change in the capital gains rate from 4% to 15% [1 p.57]. The DSE published the qualified-opinion notice on 11-Nov-2025 [13]. In FY2026 the company made that adjustment: BDT 569.25m was charged against the revaluation reserve, taking the deferred tax liability to BDT 837.1m at March 2026 [2 p.11]. It went through equity, not profit, and NAV per share fell from BDT 167.90 to BDT 153.18 at March 2026 and BDT 153.96 at June 2026 [2 p.2] [13].

Contingencies and related parties. The company reports contingent liabilities of BDT 190.9m in an NBR customs duty case dating from 1996 and BDT 123.8m in a Titas Gas case dating from 2006 [2 p.7]. It states there were no related-party transactions other than directors' remuneration and meeting fees in FY2025 and in the nine months to March 2026 [1 p.15] [2 p.7]. Inventories are pledged to Modhumoti Bank, Pubali Bank and Dhaka Bank [1 p.73]. The income tax assessments for FY2021-FY2024 are recorded as completed [1 p.87].

Governance: three directors hold 67.5%, 2.6m shares are pledged, and a mill purchase proposal has had no EGM yet

Ownership and board. At June 2025 Mohammed Javed Noman held 39.94%, Chairman Mohammed Younus 13.79% and Managing Director Mahfuza Younus 13.76% of the shares [1 p.17]. During FY2025 Mr. Noman pledged 585,000 shares with Modhumoti Bank, 800,000 with NRB Bank and 1,200,000 with Midland Bank, a total of 2,585,000 shares or 7.8% of the company [1 p.17]. The board has five directors, two of them independent, and met six times in FY2025 [1 p.87]. The independent directors K. M. Ashaduzzaman and Khondaker Muhammad Aminur Rahman were appointed on 25-Jul-2025 and 18-Aug-2025 for three-year terms [1 p.17]. Mahfuza Younus has been managing director since February 2020 [9 p.64].

Auditors. FAMES & R audited FY2023 and FY2024; MABS & J Partners audited FY2022 and FY2025 [7 p.60] [6 p.58] [5 p.60] [1 p.63]. The FY2025 opinion is qualified, as set out in the balance sheet section [1 p.57]. Key audit matters in FY2025 included inventory valuation and the measurement of deferred tax liabilities [1 p.59].

Twenty-four months of DSE news. The archive for 31-Oct-2024 to 31-Oct-2026 contains these board decisions [13]: on 08-Apr-2025 the board 'considered to purchase a running paper mill' and asked management to find one and arrange finance, subject to shareholders' approval at an EGM whose date 'will be disclosed later'; no EGM notice appears in the archive up to 31-Oct-2026, so the outcome is unknown. On 26-Aug-2025 the board resolved to buy a third A4 paper converting (auto cutting and wrapping) machine; no cost was disclosed. The DSE and CSE queried unusual price and volume moves in August and September 2025, and the company replied that it had no undisclosed price-sensitive information. CRAB rated the company A2 long-term and ST-3 short-term with a stable outlook in January 2025 and again in February 2026.

What's next: dividend record date on 18-Nov-2026, Q1 FY2027 in mid-November, AGM on 15-Dec-2026

Already decided and announced. The FY2026 results and the 42% cash dividend were announced on 27-Oct-2026 and are discussed in the earnings-quality section [13]. The audited FY2026 annual report, which will give the full-year line items, the land deferred tax treatment and the auditor's opinion, is not yet in the corpus. The A4 converting machine approved on 26-Aug-2025 and the mill-purchase proposal of 08-Apr-2025 have no dated next step in the archive [13].

LDC graduation. The UN General Assembly adopted Bangladesh's move from 24-Nov-2026 to 24-Nov-2029 on 29-Oct-2026 in New York (30-Oct-2026 in Dhaka), as The Daily Star and The Business Standard reported [15] [16]. Sonali reports domestic sales only and 88% of FY2025 raw-material purchases were imported [1 p.89] [18]; the line graduation touches is raw-material cost through any change in import duties. The filings give no estimate.

Risks: imported pulp, gas, the share book and the tax treatment of land are the main lines to watch

The risks below are tied to the line each moves, using FY2025 for scale: profit before tax was BDT 283.8m, gas BDT 372.7m and raw materials used BDT 1,660.3m [1 p.64] [1 p.83].

Two of these interact. The FDRs earn interest that is booked as other income, while the borrowings that grew in the same period are charged in finance cost; in the nine months to March 2026 bank interest income was BDT 65.6m and finance cost BDT 96.6m [2 p.16]. A change in deposit or lending rates moves both lines, in opposite directions.

Shareholder returns: the mill spread, the treasury side and cash conversion

What drives returns to shareholders. Three items connect the accounts to shareholder returns. First, the mill's spread: revenue per tonne less raw materials per tonne was BDT 31,515 in FY2025 against BDT 20,504 in FY2023 [18]. Second, the treasury side: FDR interest, share-portfolio results and the cost of the borrowings now sit next to each other, and in FY2024 the portfolio alone removed BDT 152m of pre-tax profit [18]. Third, cash: dividends of BDT 131.8m a year have been paid from operating cash flow of BDT 246m-490m in FY2023-FY2025 [18], while FY2026 operating cash flow was about BDT 73m on the DSE-announced NOCFPS [13].

Earnings quality checklist. Reported EPS in FY2025 (BDT 7.17) included BDT 22.4m of deferred tax income that the auditor qualified, and a share-portfolio loss of BDT 30.4m before tax [1 p.57] [18]. In the nine months to March 2026, other income of BDT 84.5m was 30% of profit before tax [2 p.3]. Over FY2021-FY2025, operating cash flow of BDT 1,322m exceeded cumulative profit [18]; FY2026 is the first year since FY2022 in which it fell well short.

Where the price sits, as facts. SONALIPAPR closed at BDT 210.3 on 29-Oct-2026 [17]. On the DSE-announced FY2026 EPS of BDT 7.34 that is 28.7x earnings; on the June-2026 NAV of BDT 153.96 it is 1.37x book; the recommended BDT 4.20 dividend is 2.0% of the price [13] [18]. NAV per share excluding the revaluation reserve was BDT 20.90 at March 2026; the price is 10.1x that figure [2 p.2] [18]. On 30-Oct-2025 the close was BDT 255.2, 35.6x FY2025 EPS [17]. Market capitalisation was BDT 6.93bn and bank borrowings at March 2026 BDT 1.61bn [18].

Key questions and the signposts that answer them. Is the FY2025 margin repeatable? The Q1 FY2027 statements expected in mid-November 2026 (inference) will show the July-September gross margin against 16.8% in Q1 FY2026 [18]. What did the new BDT 500m term loan finance? The FY2026 annual report's loan and PPE notes. How will the auditor treat the FY2026 deferred tax adjustment? The FY2026 audit report. Has the board pursued the mill purchase? Any EGM notice in the DSE archive. How large is the share book now? The investment annexure in the FY2026 annual report.

FAQ

What does Sonali Paper & Board Mills make?

Media, liner, simplex and duplex board papers and quality writing and printing papers, made at its mill in Rupganj, Narayanganj [1 p.67]. Capacity is 43,500 tonnes a year [1 p.88].

What were the FY2026 results?

The DSE announcement of 27-Oct-2026 gives EPS of BDT 7.34 (FY2025: BDT 7.17), NAV per share of BDT 153.96 and NOCFPS of BDT 2.21, with a 42% cash dividend [13].

Why did NAV per share fall in FY2026?

BDT 569.25m of deferred tax on the revalued land, at the 15% capital gains rate under the Income Tax Act 2023, was charged to the revaluation reserve [2 p.11].

Why is the FY2025 audit opinion qualified?

The auditor objected to booking BDT 22.4m of deferred tax income, including BDT 16.1m for earlier years, in one year, and to the deferred tax liability not being adjusted for the change in the capital gains tax rate from 4% to 15%, as applied to the revalued land [1 p.57].

How much does the share portfolio affect profit?

Net of fees it added BDT 120m to pre-tax profit in FY2023, took away BDT 152m in FY2024 and BDT 30m in FY2025 [18].

When is the dividend record date and AGM?

The record date is 18-Nov-2026 and the AGM is on 15-Dec-2026 on a digital platform [13].

Which reports does this note use?

Annual reports FY2020-FY2025 (with the five-year table back to FY2017), the Q1, H1 and nine-month FY2026 statements, the DSE announcement of FY2026 results, and the peers' FY2025 statements.

Sources

1. Sonali Paper & Board Mills Limited Annual Report 2024-2025 (year to 30-Jun-2025, audited) · link · accessed 2026-10-31
2. Sonali Paper & Board Mills Limited unaudited statements, nine months to 31-Mar-2026 (Q3 FY2026) · link · accessed 2026-10-31
3. Sonali Paper & Board Mills Limited unaudited statements, six months to 31-Dec-2025 (H1 FY2026) · link · accessed 2026-10-31
4. Sonali Paper & Board Mills Limited unaudited statements, three months to 30-Sep-2025 (Q1 FY2026) · link · accessed 2026-10-31
5. Sonali Paper & Board Mills Limited Annual Report 2023-2024 (year to 30-Jun-2024) · link · accessed 2026-10-31
6. Sonali Paper & Board Mills Limited Annual Report 2022-2023 (year to 30-Jun-2023) · link · accessed 2026-10-31
7. Sonali Paper & Board Mills Limited Annual Report 2021-2022 (year to 30-Jun-2022) · link · accessed 2026-10-31
8. Sonali Paper & Board Mills Limited Annual Report 2020-2021 (five-year summary FY2017-FY2021) · link · accessed 2026-10-31
9. Sonali Paper & Board Mills Limited Annual Report 2019-2020 (year to 30-Jun-2020) · link · accessed 2026-10-31
10. Monospool Bangladesh PLC audited financial statements, year to 30-Jun-2025 · link · accessed 2026-10-31
11. Monospool Bangladesh PLC unaudited statements, nine months to 31-Mar-2026 (share capital after the FY2025 bonus) · link · accessed 2026-10-31
12. Hakkani Pulp & Paper Mills PLC audited financial statements, year to 30-Jun-2025 · link · accessed 2026-10-31
13. Dhaka Stock Exchange news archive for SONALIPAPR, 31-Oct-2024 to 31-Oct-2026 (company news, criteria=3) · link · accessed 2026-10-31
14. The Business Standard, 'How Shibli-commission acted as magic lamp for Sonali Paper' (07-Sep-2024) · link · accessed 2026-10-31
15. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
16. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-10-31
17. AnalystBro price data (TradingView feed): DSE:SONALIPAPR, DSE:MONOSPOOL, DSE:HAKKANIPUL daily bars to 29-Oct-2026 · link · accessed 2026-10-31
18. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-10-31