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

Equity Bottom-Up

<ul>
<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> sustained and improved profitability despite the revenue drop. </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> faced challenges in FY23 but now seems to be turning around. </li>
<li>
<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> saw a weak performance driven by lower profitability due higher interest rates on borrowings.</li>
</ul>



Olympic Industries (OLYMPI BD) sustained and improved profitability despite the revenue drop. 

Square Textiles (SQTT BD) faced challenges in FY23 but now seems to be turning around. 

Bashundhara Paper Mills (BPML BD) saw a weak performance driven by lower profitability due higher interest rates on borrowings.


Bangladesh Stock Picks | Quarterly Updates | OLYMPI, SQTT, BPML

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

Bashundhara Paper Mills / Equity Bottom-Up

<ul>
<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>  experienced weak 3Q earnings due to moderated growth, contraction of margins, and the impact of high inflation.</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> recorded weak 3Q numbers due to factors such as a decline in yarn production, increased energy costs, and decreased yarn prices in the international market.</li>
<li>
<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>  delivered strong 3Q earnings driven by increased sales, leading to improved profitability.</li>
</ul>



Olympic Industries (OLYMPI BD)  experienced weak 3Q earnings due to moderated growth, contraction of margins, and the impact of high inflation.

Square Textiles (SQTT BD) recorded weak 3Q numbers due to factors such as a decline in yarn production, increased energy costs, and decreased yarn prices in the international market.

Bashundhara Paper Mills (BPML BD)  delivered strong 3Q earnings driven by increased sales, leading to improved profitability.


<ul>
<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> posted a strong set of financial results, and the current valuations are not overly demanding, making OLYMPI attractive.</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> was impacted by a strong dollar and a weak demand environment. The current valuations reflect the worst-case scenario, which makes SQTT an attractive candidate to watch.</li>
<li>Although <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> revenues have remained steady margins have been impacted. Therefore, it may be wise to wait for a better entry point before investing in BPML.</li>
</ul>



Olympic Industries (OLYMPI BD) posted a strong set of financial results, and the current valuations are not overly demanding, making OLYMPI attractive.

Square Textiles (SQTT BD) was impacted by a strong dollar and a weak demand environment. The current valuations reflect the worst-case scenario, which makes SQTT an attractive candidate to watch.
Although Bashundhara Paper Mills (BPML BD) revenues have remained steady margins have been impacted. Therefore, it may be wise to wait for a better entry point before investing in BPML.


<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

Bangladesh

Aman Feed Limited manufactures and distributes poultry, fish, shrimp, and cattle feeds in Bangladesh. It produces and distributes feeds that are used for broiler chicken and layer chicken. The company distributes its products through approximately 200 outlets of dealers. Aman Feed Limited was incorporated in 2005 and is based in Dhaka, Bangladesh. Aman Feed Limited operates as a subsidiary of Aman Group Limited.

Kohinoor Chemical Company (Bangladesh) Limited manufactures and markets soaps, cosmetics, and toiletries in Bangladesh and internationally. The company offers bath and washing soaps, snows and creams, powders, shaving creams, hair oils, glycerin, and attars. It also provides toilet cleaners, tooth pastes and powders, dish wash powders, and hand wash products, as well as glass, liquid toilet, and surface cleaners. The company sells its products under the Tibet, Sandalina, Ice Cool, Fair & Care, AM PM, Bactrol, Fruity, Clean Master, Xpert, Genstar, Heel Guard, and Wiper brands. Kohinoor Chemical Company (Bangladesh) Limited was founded in 1956 and is based in Dhaka, Bangladesh.

Kohinoor Chemical Co Banglades (KOHINO BD)

Reckitt Benckiser (Bangladesh), Ltd. offers health and hygiene care products for consumers in Bangladesh. It provides products in the areas of surface and fabric care, dishwashing, homecare, health and personal care, and food. The company�s surface care products include disinfectant and lavatory cleaners, general purposes and specialty cleaners, and polishes and waxes. Its fabric care products comprise fabric treatments, fine fabric, water softeners, fabric softeners, and ironing aids laundry detergents. The company�s health and personal care products comprise antiseptics, depilatories, denture care, analgesics cold/flu, and gastro-intestinals. Reckitt Benckiser (Bangladesh), Ltd. was formerly known as Reckitt & Colman Bangladesh, Ltd. The company was founded in 1961 and is based in Dhaka, Bangladesh. Reckitt Benckiser (Bangladesh), Ltd. operates as a subsidiary of Reckitt Benckiser Plc.

Reckitt Benckiser Bangladesh L (RECKIT BD)

Keya Cosmetics Ltd. manufactures cosmetic products.

British American Tobacco Bangladesh Company Limited manufactures and sells cigarettes in Bangladesh. The company offers its products under the Benson & Hedges, John Player Gold Leaf, Pall Mall, Capstan, Star, Pilot, Hollywood, Derby, and Bristol brands. It also exports tobacco leafs. The company was formerly known as Bangladesh Tobacco Company Limited and changed its name to British American Tobacco Bangladesh Company Limited in 1998. British American Tobacco Bangladesh Company Limited was founded in 1910 and is headquartered in Dhaka, Bangladesh. British American Tobacco Bangladesh Company Limited is a subsidiary of Raleigh Investment Co. Ltd.

British American Tobacco Bangl (BATBC BD)

Marico Bangladesh Limited manufactures and markets fast moving consumer goods in Bangladesh. The company offers coconut oil, hair nourishment products, edible oils, and male grooming products. It provides coconut oil and value added hair oil products, such as Parachute Advansed Beliphool, Nihar Naturals Shanti Badam Amla, Parachute Advansed Extra Care Enriched Coconut Hair Oil, Parachute Advansed Enriched Hair Oil, and Parachute Advansed Cooling Hair Oil. The company�s hair dye products comprise HairCode, HairCode Active, and HairCode Keshkala; hair serum products include Livon Silky Potion; edible oils include Saffola Active; and male grooming products consist of Set Wet and Set Wet Infinity. It also offers skin care products, such as Parachute Advansed Body Lotion. The company sells its products through its own distribution channels comprising of sales depots located in Gazipur, Chittagong, Bogra, Jessore, and Comilla. Marico Bangladesh Limited was incorporated in 1999 and is based in Dhaka, Bangladesh. Marico Bangladesh Limited operates as a subsidiary of Marico Limited.

Harim Co., Ltd manufactures and distributes poultry products such as fresh and processed meat.  The Company's products inclulde canned chicken breasts, nuggets, frozen wings, chicken sticks, chicken sausages, and salad dressings.

Guangdong Jialong Food Company Limited is a food research, development, production, and sales company.  The Company's products include chicken powder and chicken essence. Guangdong Jialong Food Company Limited sells its products in China.

Khon Kaen Sugar Industry PCL produces sugar, energy and agricultural products. The Company produces sugar and molasses, fertilizers, ethanol, and electricity.

Siam Food Products Public Company Limited produces canned pineapple, canned fruit salad, and concentrate pineapple juice under Siam Food brand name. Majority of its products are exported to North America, Germany, and the United Kingdom.

DCM Shriram Industries Ltd.  produces diverse products.  The company makes fertilizers, chemicals, cement, silk fabrics, textiles and PVC components.

Sanford Limited owns and manages deepwater and inshore fisheries throughout New Zealand waters.  The Company also operates cool-storage, ship-building, engineering and aquaculture businesses.  The Company exports seafood throughout the world.  The Company's seafood products include orange roughy, squid, hoki, tuna, mussels and salmon.

Morozoff Limited produces, markets, and sells chocolate, candy, cake, and other confectionery products.  The Company sells its products at its own retail shops, most of which are located in department stores.  Morozoff also operates coffee shops and restaurants throughout Japan.

Fwusow Industry Co Ltd manufactures and markets cooking oil, animal food, flour, canned and frozen food.  The Company also produces fertilizers.

PT FKS Multi Agro Tbk manufactures animal feeds such as fish meal, fish oil and feather meal. The Company also trades soybean meal, meat and bone meal, corn.

ROKKO BUTTER CO., LTD. produces and sells dairy products.  The Company's products include cheese and cheese cake, as well as nuts and chocolates.

Olympic Industries Ltd. manufactures, markets, and distributes biscuits, candies, dry-cell batteries and ballpoint pens for local consumption and export.

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Olympic Industries (OLYMPI BD)

Bangladesh Stock Picks | Quarterly Updates | OLYMPI, SQTT, BPML

Olympic Industries sustained and improved profitability, Square Textiles is turning around, and Bashundhara Paper Mills had a weak performance due...

Pranav Bhavsar

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 | Quarterly Updates | OLYMPI, SQTT, BPML

Olympic Industries: Weak 3Q due to inflation & margin contraction. Square Textiles: Weak 3Q from yarn production decline, Bashundhara Paper Mills...

Pranav Bhavsar

Bangladesh Stock Picks | Quarterly Updates | OLYMPI, SQTT, BPML

Olympic Industries posted strong numbers, Square Textiles was impacted by a strong dollar, Bashundhara Paper Mills, had steady revenue growth.

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bangladesh Stock Picks | Quarterly Updates | OLYMPI, SQTT, BPML

​Olympic Industries sustained and improved profitability, Square Textiles is turning around, and Bashundhara Paper Mills had a weak performance due...

Pranav Bhavsar

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 | Quarterly Updates | OLYMPI, SQTT, BPML

Olympic Industries: Weak 3Q due to inflation & margin contraction. Square Textiles: Weak 3Q from yarn production decline, Bashundhara Paper Mills...

Pranav Bhavsar

Bangladesh Stock Picks | Quarterly Updates | OLYMPI, SQTT, BPML

Olympic Industries posted strong numbers, Square Textiles was impacted by a strong dollar, Bashundhara Paper Mills, had steady revenue growth.

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

Olympic Industries sustained and improved profitability, Square Textiles is turning around, and Bashundhara Paper Mills had a weak performance due...