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

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Pakistan's Exports at a 6 Year Low Pakistan's exports have been on a strong and consistent decline, and most recently declined by 7.3% YoY in August.  This has resulted in Pakistan's exports dropping to a new six-year low, and GDP growth only reaching 4.24% in 2015.  Pakistan's GDP growth is significantly lagging behind other frontier markets in Asia such as Vietnam, Laos, Cambodia, and Bangladesh.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/013/822/original/pakistan%20exports.png?1474957024" class="editor-image img-responsive" data-smartkarma-image-id="13822"></figure>Textile exports declined by <a href="http://res.bmacapital.com/dailyreports/SOD/PDFS/9232016.PDF" target="_blank">2% YoY</a> last month, which included an 11% YoY decline in non-value…

Pakistan's Exports at a 6 Year Low  Pakistan's exports have been on a strong and consistent decline, and most recently declined by 7.3% YoY in August.  This has resulted in Pakistan's exports dropping to a new six-year low, and GDP growth only reaching 4.24% in 2015.  Pakistan's GDP growth is significantly lagging behind other frontier markets in Asia such as Vietnam, Laos, Cambodia, and Bangladesh.Textile exports declined by 2% YoY last month, which included an 11% YoY decline in non-value…

Pakistan's Textile Industry: Coping with Threats from Bangladesh and Vietnam

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

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.


Bangladesh

Square Textiles Ltd. manufactures cotton yarn products.

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Square Textiles (SQTT 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

Pakistan's Textile Industry: Coping with Threats from Bangladesh and Vietnam

Pakistan's Exports at a 6 Year LowPakistan's exports have been on a strong and consistent decline, and most recently declined by 7.3% YoY in...

Nomadic Equity

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Pakistan's Textile Industry: Coping with Threats from Bangladesh and Vietnam

Pakistan's Exports at a 6 Year LowPakistan's exports have been on a strong and consistent decline, and most recently declined by 7.3% YoY in...

Nomadic Equity

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

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

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