Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>Bangladesh is the eighth-most populous country in the world and is the second-largest economy in South Asia after India making it a consumer market that warrants close attention. </li>
<li>India - Bangladesh FTA promises to accelerate trade, but we find little excitement on the ground.</li>
<li>For an EM Investor, it may be a bit too adventurous to venture into this frontier market plagued with political dynamics and governance risks which are too large to ignore. </li>
</ul>


Bangladesh is the eighth-most populous country in the world and is the second-largest economy in South Asia after India making it a consumer market that warrants close attention. 
India - Bangladesh FTA promises to accelerate trade, but we find little excitement on the ground.
For an EM Investor, it may be a bit too adventurous to venture into this frontier market plagued with political dynamics and governance risks which are too large to ignore. 


Post Card from Dhaka - A Primer on the Bangladesh Market

Equity Bottom-Up

<ul>
<li>Filtering for governance and management comfort, we believe these names are best positioned and deserve attention to participate in Bangladesh's transition.</li>
<li>
<a href="https://www.smartkarma.com/entities/olympic-industries-ltd" target="_blank" data-smartkarma-citation="entities:23095:1" rel="noopener">Olympic Industries (OLYMPI BD)</a> is a domestic consumption story currently getting impacted by a margin compression.</li>
<li>
<a href="https://www.smartkarma.com/entities/square-textiles-ltd" target="_blank" data-smartkarma-citation="entities:23165:1" rel="noopener">Square Textiles (SQTT BD)</a> , <a href="https://www.smartkarma.com/entities/bashundhara-paper-mills-limited" target="_blank" data-smartkarma-citation="entities:36596:1" rel="noopener">Bashundhara Paper Mills (BPML BD)</a> , the first is a pure export play, while the later is a play on domestic markets as well as exports.</li>
</ul>


Filtering for governance and management comfort, we believe these names are best positioned and deserve attention to participate in Bangladesh's transition.

Olympic Industries (OLYMPI BD) is a domestic consumption story currently getting impacted by a margin compression.

Square Textiles (SQTT BD) , Bashundhara Paper Mills (BPML BD) , the first is a pure export play, while the later is a play on domestic markets as well as exports.


Bangladesh Stock Picks | Olympic Industries, Square Textiles, Bashundhara Paper Mills

Independent, global risk consultancy, Control Risks

Aparajita Verma

Independent, global risk consultancy

Control Risks

Control Risks is an independent, global risk consultancy specialising in helping organisations manage political, integrity and security risks in complex and hostile environments. We support clients by providing strategic consultancy, expert analysis and in-depth investigations, handling sensitive political issues and providing practical on-the-ground protection and support.

Our unique combination of services, geographical reach and the trust our clients place in us ensure we can help them to effectively solve their problems and realise new opportunities across the world.

<p>The deteriorating security environment remains a major concern for foreign companies operating in Bangladesh. There is a need for companies to not only protect their people and assets, but also to focus on the ever-present supply chain risks of doing business there, writes James Owen.</p>

The deteriorating security environment remains a major concern for foreign companies operating in Bangladesh. There is a need for companies to not only protect their people and assets, but also to focus on the ever-present supply chain risks of doing business there, writes James Owen.

Bangladesh: Safety First, but Diligence Always

Bangladesh

Advanced Chemical Industries Limited engages in pharmaceuticals, consumer products, animal health products, and agri businesses in Bangladesh. The company formulates, markets, and exports pharmaceutical products covering a range of therapeutic areas in tablet, capsule, dry powder, liquid, cream, gel, ointment, ophthalmic, and injection forms; and markets various branded pharmaceutical products. Its consumer products include household insecticides, such as aerosols and cockroach sprays, and mosquito coils; antiseptic and personal care products comprise antiseptic creams, liquid antiseptics, first aid kits, antiseptic soaps and hand washes, and shower gels; home care products include air fresheners, toilet and floor cleaners, car washes, and glass cleaners; and female hygiene products consists of sanitary napkins. The company�s consumer products also comprise commodity foods, including salt and sugar; consumer electronics; and electrical products. In addition, it supplies crop protection chemicals; hybrid rice, vegetable, and maize seeds; micronutrient and foiler fertilizers; agri machineries consisting of tractors, power tillers, and harvesters; and animal health supplies, such as nutritional, veterinary, and poultry medicines, as well as vaccines. Further, the company is involved in the manufacture and distribution fisheries products; milling, processing, packaging, and marketing of wheat flour products; and operation of a retail chain. Additionally, it manufactures, processes, and markets plastic products, as well as food items, including spices and snack items; and manages media solutions and related services for various clients comprising television commercials and other advertisement and promotion related activities. The company was formerly known as ICI Bangladesh Manufacturers Limited and changed its name to Advanced Chemical Industries Limited in 1992. Advanced Chemical Industries Limited was incorporated in 1973 and is based in Dhaka, Bangladesh.

RAK Ceramics (Bangladesh) Limited manufactures and markets ceramic tiles, bathroom sets, and various sanitary ware products. The company offers ceramic wall and floor tiles; and sanitary ware, such as bathrooms sets, over and under counters, wall mounted wash basins, water closets, wash basin pedestals, and other accessories. It also produces and sells pharmaceutical drugs and medicines, including biological and non-biological drugs; and operates a power plant located in Gazipur, Bangladesh. The company was incorporated in 1998 and is based in Dhaka, Bangladesh. RAK Ceramics (Bangladesh) Limited is a subsidiary of RAK Ceramics PSC, UAE.

Eastern Cables, Ltd. manufactures cables and conductors in Bangladesh. Its products include PVC insulated and PVC sheated single core and multicore low tension domestic cable; and control, flexible, and power cables with copper conductor. The company also produces armored and screened cables. In addition, it manufactures bare and insulated all aluminium conductor and aluminium conductor steel reinforced. The company was founded in 1967 and is based in Chittagong, Bangladesh. Eastern Cables, Ltd. operates as a subsidiary of Bangladesh Steel & Engineering Corporation.

Bangladesh Building Systems Ltd. was founded in 2003. The company's line of business includes manufacturing fabricated structural metal and steel or other metal products for structural purposes.

Bangladesh Shipping Corporation primarily provides shipping services on international routes. It offers break bulk cargo carrying, chartering and tramping, feeder, crude oil carrying and lightening, food grain carrying and lightening, agency, and ship repair services. The company operates a fleet of 13 ships, including 2 tankers that carry sea borne cargoes in various international sea routes. Bangladesh Shipping Corporation provides its services to shippers, buyers, importers, exporters, and industries. The company was founded in 1972 and is headquartered in Chittagong, Bangladesh.

Saif Powertec Limited provides infrastructure support services in Bangladesh. The company also engages in importing, trading, assembling, and installing generators, sub-stations, and electrical equipment and gridlines; and the installation and erection of power plants, as well as acts as a berth/terminal operator for operation of Chittagong container terminal and New Mooring container terminal of Chittagong Port Authority. In addition, it acts as the technical consultation and service provider for installing, commissioning, and overhauling electrical power plants under the Bangladesh Power Development Board, and fertilizer plants and chemical plants under the Bangladesh Chemical Industries Corporation by supplying spare parts. Further, the company is involved in the manufacture of various types of SAIF brand distributed electrical transformers, as well as PFl and sub-stations of different capacities; and assembling and marketing of the SAIF brand solar home system and solar power grids of various capacities. Additionally, it markets power generating capital machinery; leases heavy-duty construction and material-handling equipment, container-handling cranes, and other equipment; and produces food grade plastic containers, bottles, and caps for pharmaceutical, oil, and beverage industries. Saif Powertec Limited was incorporated in 2003 and is based in Dhaka, Bangladesh.

Summit Alliance Port Limited provides off-dock services in Bangladesh. The company operates an inland container depot, which engages in the transportation and storage of empty containers in the yard, and redelivery of the containers to various locations as per client�s advice. It also operates a container freight station that provides various services, such as export and import cargo handling; and container condition survey, repair and maintenance, and fumigation, etc. In addition, the company provides container vessels for transportation of cargo to and from Chittagong Port. Summit Alliance Port Limited was founded in 2003 and is headquartered in Chittagong, Bangladesh.

TOKAI Holdings Corporation is a holding company established through reorganization of TOKAI CORPORATION and VIC TOKAI CORPORATION.  The Group mainly provides energy business and information-communication business.  TOKAI Holdings Corporation also provides construction and real estate, bridal and insurance and security businesses.

Hong Leong Industries Berhad is an investment holding company. Through its subsidiaries, the Company manufactures and distributes ceramic tiles. Hong Leong also assembles and distributes motorcycles and spare parts, and markets semiconductor devices and electronic components. The Company also manages and leases properties.

Nisshinbo Holdings Inc. manufactures cotton fabrics, synthetic textiles, and chemical products used in apparel and industrial materials.  The Company also makes a variety of paper products, electronics products for wireless communication devices and semiconductors, and specialized machines for industrial manufacturing. In addition, Nisshinbo makes brakes for automobiles.

Indus Holding AG is a holding company with diversified interests.  The subsidiaries operate and offer products in the steel, information technology, oil, chemicals, textiles, industrial machinery, automotive and furniture industries.  The Company also provides engineering and construction project management services.

Balmer Lawrie & Company Ltd. operates in a diverse range of business areas as a manufacturer and service provider.  The Company produces industrial packaging products, greases and lubricants, performance chemicals and marine freight containers.  Services include tea exporting and trading, project engineering and consultancy and travel, tours and cargo.

Gallant Venture Ltd is an investment holding company. The Company owns and operates industrial parks, supplies telecommunications services, electricity and water and wastewater management services, operates resorts and hotels, and develops real estate.

Berjaya Corp Berhad is an investment holding company.  The Company's subsidiaries' businesses include garment and knitted fabrics manufacturing, hotel, resort, TOTO betting games, life and general insurance, marketing agent, education services, shares registration and mailing services, property development and investment, and furniture manufacturing.

Beijing Aerospace Changfeng Co., Ltd. manufactures and markets reinforced computers, embedded computers, numerically controlled machines, medical equipment, and pharmaceutical machinery.  The Company also provides environmental protection engineering, technical consulting, and programming services.

Beijing Aerospace Changfeng Co., (600855 CH)

Create Technology & Science Co., Ltd. is an investment holding company. Through its subsidiaries, the Company manufactures air purification equipment, measuring instruments, bearings, roller pins, grinding tools and materials, crystal elements, elevator and parking equipment, and electronic components. Create Technology also trades automobiles and develops real estate.

Create Technology & Science Co, Ltd. (000551 CH)

Katakura Industries Co., Ltd. operates in a range of business segments. The Company manfucatures and sells clothing and textile products, pharmaceutical products, automobile parts, fire pump cars and agricultural machinery. Katakura also operates shopping and home centers, the leasing of real estate and the provision of building management services.

Bangladesh Export Import Co Ltd. is a diversified company. The Company is active in  textiles, real estate & hospitality, marine food & commodities trading, ICT/media, ceramics and aviation.  Bangladesh's primary division is textiles, which is an integrated manufacturer of cotton and polyester blended garments for men, women and children, both for domestic and export markets.

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Bangladesh Export Import (BEXIMC BD)

Post Card from Dhaka - A Primer on the Bangladesh Market

A week with nine meetings spread across bureaucrats, public companies, private entrepreneurs, professional investors and Uber drivers! This insight...

Pranav Bhavsar

Bangladesh Stock Picks | Olympic Industries, Square Textiles, Bashundhara Paper Mills

Filtering for governance and management comfort, we believe these names are best positioned and deserve attention to participate in Bangladesh's...

Pranav Bhavsar

Bangladesh: Safety First, but Diligence Always

The deteriorating security environment remains a major concern for foreign companies operating in Bangladesh. There is a need for companies to not...

Control Risks

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