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Company valuation reports, peer comparisons, results notes, industry reports and macro views, built from company filings and official data and independently reviewed before publishing. Company reports show their full model as view-only sheets. Facts and estimates, not investment advice.
9 articles.
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Company · DSE:MIRAKHTER · Engineering & construction · Analysis · 31 Oct 2026
Mir Akhter Hossain: a contractor earning mainly through joint ventures, with Tk 20.6bn of debt and an FY2026 loss
Own revenue halved to Tk 1.34bn in FY2025 while 89% of profit came from joint ventures funded by MAHL's borrowing. FY2026 EPS was -Tk 6.58 and no dividend was declared.
Company · DSE:ANWARGALV · Engineering · Analysis · 29 Oct 2026
Anwar Galvanizing: a loss-making fittings plant carried by a borrowed share portfolio
FY2025 gross margin -8.6% and a Tk 372m net loss; FY2026 EPS Tk 8.26 came from a Tk 495m listed-share book funded by margin and group loans.
Company · DSE:PREMIERCEM · Cement · Analysis · 29 Oct 2026
Premier Cement: the best gross margin of the four listed cement makers compared, eaten by interest and a turnover tax
Premier sold 2,816 kt in FY2025 at 49% utilisation and earned Tk 1,498 a tonne gross, but Tk 2.3bn of finance cost and an 84% tax rate left EPS at Tk 1.29. FY2026 EPS Tk 0.72; NCML and the power unit merged in January 2026.
Company · DSE:CROWNCEMNT · Cement · Analysis · 29 Oct 2026
Crown Cement: one of the largest grinders, but interest, the taka and tax take most of the margin
Crown sold 4,083 kt in FY2025 from 5,736 kt of capacity, buys clinker with US-dollar loans and earned a 2.0% net margin. FY2026 EPS Tk 5.08 after a weak nine months; 22.5% cash dividend.
Company · DSE:HEIDELBCEM · Cement · Analysis · 29 Oct 2026
Heidelberg Materials Bangladesh: debt-free, but imported clinker and parent fees leave little for shareholders
A grinder with 3,510 kt of capacity running at 52.5%, buying 87.5% of its clinker from the group and paying parent fees of 1.8 times its 2025 profit. H1 2026 loss Tk 111m.
Company · DSE:BSRMLTD · Steel · Initiation · 29 Oct 2026
BSRM Ltd fair value range Tk 45-140: a billet and rod maker plus a 31% BSRM Steels stake, with the taka as the swing factor
Fair value range Tk 45-140 by sum of the parts; price Tk 95.4 is inside it. FY27F EPS falls to Tk 19.06 from Tk 23.54 as power, the taka and a weaker BSRM Steels bite; the US$ trade loans are the swing factor.
Fair value ৳45–140 · price ৳95.40 (2026-10-29)
Company · DSE:BERGERPBL · Chemicals · Initiation · 29 Oct 2026
Berger Paints: 10% annual growth and a 24% ROE support BDT 509–1571 a share
Fair value BDT 509–1571; base 1129, probability-weighted 1,084. Price BDT 1,449 on 29-Oct-2026. Price rises lifted H1 FY2027 EPS to BDT 52.79; the BDT 11.84bn Mirsarai plant, TiO2 and solvent costs, the taka and supplementary duty decide FY2028–29.
Fair value ৳509–1,571 · price ৳1,449.00 (2026-10-29)
Company · DSE:LHB · Cement · Initiation · 29 Oct 2026
Aggregates now earn 80% of LafargeHolcim's profit; cement margins carry the risk
Fair value Tk 18-42 (base 30) vs Tk 48.7. Imported clinker at ~US$53/t and energy squeezed cement to a Q3 loss; the Meghalaya quarry and aggregates carry the value.
Fair value ৳18–42 · price ৳48.70 (2026-10-29)
Company · DSE:BSRMSTEEL · Steel · Initiation · 29 Oct 2026
BSRM Steels earns Tk 8,568/t through the cycle; the price implies Tk 8,030/t
Fair value Tk 52-144 (base 110) vs price 90.6; base = 5.5x mid-cycle EV/EBITDA at Tk 8,500/t. Scrap prices, the taka and rod demand decide FY27.
Fair value ৳52–144 · price ৳90.60 (2026-10-29)