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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.

3 articles.

Company · DSE:WMSHIPYARD · Engineering & shipbuilding · Analysis · 31 Oct 2026

Western Marine Shipyard: Tk 916.5m of FY2025 revenue, Tk 23.7bn of term loans and a qualified audit opinion

Revenue has been Tk 0.8bn-0.9bn a year since FY2021, financial expenses exceeded operating profit in each of those years, and the auditor qualified the FY2025 accounts on Tk 3.6bn of advances and four other matters.

Company · DSE:NAHEEACP · Engineering (aluminium building materials) · Analysis · 31 Oct 2026

Nahee Aluminum Composite Panel: back to a Tk 48m profit after the inventory write-off, with a third qualified audit

The ALUCOTIGER maker earned Tk 48.2m in FY2026 after a Tk 490.5m loss, with gross margin back to 30.1%. Receivables reached 260 days and the auditor could not verify Tk 116.8m of advances.

Company · DSE:APEXFOOT · Footwear & leather · Analysis · 31 Oct 2026

Apex Footwear: finance cost takes 79% of operating profit, so a 30% gross margin leaves a 1% net margin

Exports fell 32.5% in FY2024 and came back in FY2026 (Q3 export sales +40.3%), domestic retail kept growing, and FY2026 profit rose 15% to BDT 155m; the auditor qualified the FY2025 accounts over BDT 827m of capitalised borrowing costs.