Professional Documents
Culture Documents
183.8
14.5
76.69
73%
A
Dec
Key Comps
Annualized
EPS
EPS' 16(Q2)
EPS' 16(Q1)
Audited
EPS'15
6.9
2.7
0.8
4.8
Company vs
Industry
Audited
Income
Y-o-Y
Annualized
Vs Audited
Growth
Current
Quarter
Y-o-Y
SINGERBD
1.7%
29.9%
43.5%
49.0%
154.8%
127.9%
Engineering
1.04
231.3%
9.0%
-2.0%
2.6%
Year end
Q No.
14.89
4.05
Dec
Audited
P/E
LTM P/E
Annualized
P/E
P/B
38.5x
22.7x
25.4x
18.0x
26.9x
15.2x
10.0x
2.0x
2011
2012
2013
2014
2015
2,975.8
377.5
998.6
225.0
3,723.6
472.1
1,270.7
274.5
3,854.3
580.3
1,226.2
289.0
884.3
5,461.2
1,401.2
549.6
503.0
399.6
3,680.3
27.2
2,198.7
962.5
6,703.4
1,809.5
811.4
762.2
490.4
4,493.2
494.2
2,539.6
655.3
6,605.1
1,785.5
658.3
586.4
382.1
4,236.2
25.5
2,632.8
4,274.6
765.3
1,558.2
360.6
26.6
276.3
7,261.8
1,839.7
665.4
600.4
362.3
3,821.2
218.4
1,527.2
4,071.0
792.0
1,421.8
353.7
74.8
197.4
6,910.7
1,843.0
690.4
622.4
368.6
3,652.9
18.8
1,417.3
2011
2012
2013
2014
2015
25.7%
9.2%
36.3%
27.0%
11.4%
20.7%
27.0%
8.9%
14.8%
25.3%
8.3%
17.4%
26.7%
9.0%
25.0%
ROE Decomposition
2011
2012
2013
2014
2015
7.3%
3.0
1.7
2011
7.3%
3.0
1.7
2012
5.8%
3.1
1.7
2013
5.0%
3.8
1.9
2014
5.3%
3.8
2.5
2015
25.1%
29.1%
51.5%
22.7%
3.5%
-1.3%
-23.1%
-22.1%
10.9%
3.0%
2.4%
-5.2%
-4.8%
0.2%
3.7%
1.7%
Sales Growth
Gross Profit Growth
Operating Profit Growth
Net Profit Growth
Stock DSEX
%
Last
-7.2% 0.5%
Week
Last
3.6% 2.5%
Month
Last
11.2% -3.3%
Local consumer market gaining pace with grow- Year
ing national income
Velocity 49.84% 26.05%
According to BCG (Boston Consultancy Group), (6 Months)
Bangladesh has a growing consumer market and
Risk
termed as one of the fastest growing in consumer
Debt to Capital
goods sector.
Bangladeshs affluent class people expanding rap- Interest Coverage
idly (average 10.5% annually) and expected to
grow 65% more in next five years.
Valuation Metrics
The average household consumption expenditure P/OCF
grew by 8.4% (CAGR) over the last 15 years. PEG
Countrys per capita income stands at USD 1190 Price/Sales
in FY 2015, which is projected to grow USD 1466
Dividend Yield
in FY 2016. Per capita GNI now stands at USD
EV/EBITDA
1190 registering a growth of 9.1% (10 year
CAGR).
Singer generates a significant proportions of its revenue from refrigerator (59%). The sales from consumer
electronics derives 19.6%, A.C (11.5%), Sewing machine (4.9%) and furniture (1%) in 2015.
2011
0.0
10.7
2011
2012
0.2
(11.8)
2012
2013
0.0
(14.6)
2014
2015
0.1
(8.5)
0.01
(9.69)
2013
2014
2015
71.8x
-2.5x
3.0x
10.4x
17.8x
0.0x
0.7x
-193.2x
0.3x
-2.9x
0.7x
-0.7x
1.4x
-4.2x
2.0x
0%
26%
11%
12%
4%
6.1x
2.8x
6.7x
15.5x
21.2x
The demand for Air Conditioner (AC) in Bangladesh is 160 thousand unit per annum. Walton leads the market with 300 thousand capacity. The capacity for Singer is 10,000 unit which is fully
utilized now and the capacity enhancement is in process now.
In FY 16-17, Import duty for A.C machines are 100.0% while for
parts/accessories import the duty is 60.0% (which was 20% in FY
15-16).
Countrys annual demand for television is approximately 1.5 mn
units while 1.2 to 1.3 mn units are assembled or manufactured
locally, 200 thousand is imported per annum. Singer produces 64
thousand television per annum, while Walton the market leader
alone produces 1 mn television sets.
Duty Structure of different electronics product (FY 16-17)
HS Code
Description
TTI (%)
84189910
Household refrigerators
For Refrigerator Parts Import
25
25
30
0
15
15
5
5
4
4
4
4
85287200
Television Import
25
20
15
89.8
85299040
25
15
58.82
84151090
25
100
15
213.71
84159091
25
60
15
151.7
84182900
105.29
58.82
Singer has a revenue growth of 6.0% CAGR over the last five
years.
Singer has started production from its newly established refrigeration plant in Savar. The commercial operation of the
plant reportedly started at 27th July, 2016. The annual capacity of the plant is 132,000. The production from this plant
aims at targeting lower end refrigeration customers.
Singer is now trading at a LTM P/E of 18x against the engineering sector LTM P/E of 25.4x.
2015
Q1
-2.2%
40.5%
-1.1%
0.9%
-6.4%
10.0%
653.8%
Q2
-14.3%
76.6%
-13.2%
-12.2%
-16.2%
-5.4%
1374.4%
Q3
21.9%
17.4%
21.9%
17.5%
35.4%
6.5%
151.3%
Q4
-37.7%
-12.3%
-37.1%
-41.2%
-24.8%
6.4%
-2092.8%
Q1
29.3%
-12.9%
27.7%
19.5%
51.8%
19.9%
-68.1%
Q2
43.2%
5.1%
42.3%
36.8%
58.9%
28.6%
-18.5%
-63.7%
-44.4%
-32.2%
110.6%
85.8%
-6.2%
-47.4%
413.5%
151.9%
125.6%
100.5%
522.7%
-5.4%
-131.2%
-32.7%
-19.4%
-101.7%
-76.1%
-125.8%
-44.0%
-39.5%
-45.6%
110.6%
138.8%
102.3%
-51.4%
-9.3%
-35.2%
-11656.3%
429.9%
-1097.7%
150.0%
142.0%
153.3%
Income Statement (% of
sales)
2015
Q1
Cost of sales
Gross Profit
Operating expenses
Other income/(loss)
2016
Q2
2016
Q3
Q4
Q1
Q2
74.4%
75.0%
72.7%
70.5%
69.6%
72.1%
25.6%
25.0%
27.3%
29.5%
30.4%
27.9%
24.1%
0.3%
17.4%
0.1%
13.7%
0.0%
29.5%
6.1%
22.6%
0.1%
15.7%
0.1%
0.5%
0.9%
0.1%
0.5%
1.1%
7.4%
12.9%
5.6%
7.6%
0.2%
11.7%
0.1%
-1.2%
-0.9%
1.9%
2.0%
1.4%
1.4%
0.4%
1.0%
0.8%
0.0%
0.0%
0.0%
-1.4%
-0.2%
-0.4%
3.8%
0.5%
8.8%
1.7%
14.3%
3.0%
4.6%
2.4%
8.5%
2.0%
12.0%
3.0%
3.4%
7.0%
11.4%
4.4%
6.4%
9.1%
2015
Q1
Q2
2016
Q3
Q4
Q1
Q2
ASSETS
Property Plant and Equipment
894,112,684
889,391,843
877,407,649
Intangible assets
Investments
828,954,308
815,647,247
830,902,585
45,041,154
42,789,096
40,537,039
93,199,050
92,687,350
147,804,450
183,882,558
183,684,683
172,362,593
6,801,482
10,821,168
12,588,172
29,056,261
28,549,767
32,932,067
182,373,130
175,882,874
201,806,757
994,113,216
992,900,361
1,037,800,271
1,269,307,411
1,246,553,667
1,278,541,041
1,527,205,221
1,711,253,873
1,112,270,351
1,127,463,294
1,803,804,701
1,991,706,587
Trade Receivables
769,584,138
1,074,517,606
1,805,771,288
1,042,142,492
1,152,623,079
1,944,898,854
444,611,594
337,666,476
227,181,231
107,900,404
231,041,435
210,349,502
2,210,492
22,915,234
23,141,535
75,311,871
18,584,929
86,884,076
230,653,008
103,885,107
68,234,310
144,517,340
Current assets
2,835,297,753
3,233,463,566
3,375,875,878
2,383,601,789
3,278,618,759
4,291,472,283
Total Assets
3,829,410,969
4,226,363,927
4,413,676,149
3,652,909,200
4,525,172,426
5,570,013,324
Share capital
613,555,930
766,944,910
766,944,910
766,944,910
766,944,910
766,944,910
Reserves
392,542,132
388,526,225
385,706,103
421,897,695
419,594,290
417,290,886
Retained earnings
515,827,976
232,782,343
487,856,652
228,490,099
292,947,320
307,239,393
1,521,926,038
1,388,253,478
1,640,507,665
1,417,332,704
1,479,486,520
1,491,475,189
125,199,151
129,761,724
134,970,696
129,507,000
129,088,818
132,452,989
1,070,327,774
1,123,271,296
1,134,171,915
1,283,006,853
1,283,683,562
1,325,524,192
1,195,526,925
1,253,033,020
1,269,142,611
1,412,513,853
1,412,772,380
1,457,977,181
771,818,630
900,368,046
1,051,842,104
804,293,657
724,254,169
1,202,913,850
340,139,376
684,709,383
434,219,637
18,768,986
908,659,357
1,410,682,888
Total equity
Liabilities
Retirement benefit obligations (gratuity)
Other liabilities
Deferred tax liabilities
Total non-current liabilities
Current liabilities
17,964,132
6,964,216
Current liabilities
1,111,958,006
1,585,077,429
1,504,025,873
823,062,643
1,632,913,526
2,620,560,954
Total liabilities
2,307,484,931
2,838,110,449
2,773,168,484
2,235,576,496
3,045,685,906
4,078,538,135
3,829,410,969
4,226,363,927
4,413,676,149
3,652,909,200
4,525,172,426
5,570,013,324
www.sheltechbrokerage.com
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Research Executive
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Phone: +8801777764900
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