Faculty of Business Studies

Security Analysis and Portfolio Management

Muhammad Mehrab Noor

11428028

In the following table the first three columns show the date and the historic data (From September 1, 2014
to February 26, 2015) of Orion Infusion Ltd. And dsex market index Bangladesh collected from the
website dsebd.com.
Date
9/1/2014
9/2/2014
9/3/2014
9/4/2014
9/7/2014
9/8/2014
9/9/2014
9/10/2014
9/11/2014
9/14/2014
9/15/2014
9/16/2014
9/17/2014
9/18/2014
9/21/2014
9/22/2014
9/23/2014
9/24/2014
9/25/2014
9/28/2014
9/29/2014
9/30/2014
10/1/2014
10/2/2014
10/12/2014
10/13/2014
10/14/2014
10/15/2014
10/16/2014
10/19/2014
10/20/2014
10/21/2014
10/22/2014
10/23/2014
10/26/2014
10/27/2014

Orion Infusion
Price
47
47.8
50.2
49.9
50.8
50.2
49.5
48.9
50
51.7
50.7
51.9
50.7
55.7
59.2
56.6
54.4
53.2
54.7
54.8
53.1
52.1
53.5
54.6
55.2
54
53.9
53.5
52.6
52.5
53.8
54.1
52.4
51.5
51.5
50.8

Market Index Price

4,554.98
4,602.44
4,632.46
4,642.38
4,641.45
4,608.96
4,647.43
4,663.14
4,675.92
4,713.58
4,709.92
4,759.40
4,798.40
4,866.19
4,913.24
4,924.53
4,967.11
4,979.72
5,026.93
5,072.20
5,050.35
5,074.31
5,153.27
5,237.72
5,334.04
5,309.24
5,292.61
5,315.12
5,285.84
5,176.75
5,144.50
5,233.82
5,170.15
5,154.11
5,111.64
5,157.24

Orion Infusion
Return
0.051454139
0.017021277
0.050209205
-0.005976096
0.018036072
-0.011811024
-0.013944223
-0.012121212
0.022494888
0.034
-0.01934236
0.023668639
-0.023121387
0.098619329
0.062836625
-0.043918919
-0.038869258
-0.022058824
0.028195489
0.001828154
-0.031021898
-0.018832392
0.026871401
0.020560748
0.010989011
-0.02173913
-0.001851852
-0.00742115
-0.01682243
-0.001901141
0.024761905
0.005576208
-0.03142329
-0.017175573
0
-0.013592233

Market Index Return

0.001199819
0.010419583
0.006523513
0.002140177
-0.000199144
-0.007000931
0.008348023
0.003379226
0.002740656
0.008054518
-0.000777428
0.010506134
0.008193624
0.014128673
0.009669427
0.002296621
0.008647529
0.002538193
0.009479383
0.009006491
-0.004308495
0.004744318
0.015560897
0.0163881
0.018389142
-0.004648839
-0.003132817
0.004253064
-0.005508417
-0.020637833
-0.006229148
0.017361577
-0.012164833
-0.003103785
-0.008239214
0.008921486

Date
10/28/2014
10/29/2014
10/30/2014
11/2/2014
11/3/2014
11/5/2014
11/6/2014
11/9/2014
11/10/2014
11/11/2014
11/12/2014
11/13/2014
11/16/2014
11/17/2014
11/18/2014
11/19/2014
11/20/2014
11/23/2014
11/24/2014
11/25/2014
11/26/2014
11/27/2014
11/30/2014
12/1/2014
12/2/2014
12/3/2014
12/4/2014
12/7/2014
12/8/2014
12/9/2014
12/10/2014
12/11/2014
12/14/2014
12/15/2014
12/17/2014
12/18/2014
12/21/2014
12/22/2014
12/23/2014
12/24/2014
12/28/2014

Orion Infusion
Price
50.9
50.7
52.1
53.7
58.4
56.7
57.1
59.4
65.3
71.3
69.4
73.4
61.7
56.9
53.8
53.7
51.7
48.9
48.5
48.5
47
46.8
45.7
46.3
46.8
48.8
47.5
46
45.7
45.4
44.8
43.7
44.2
45.8
44.5
44.4
43.9
44.5
44.2
43.9
42.5

Market Index Price

5,128.84
5,109.43
5,173.23
5,105.22
5,065.14
5,017.22
5,025.10
4,938.65
4,914.71
4,934.78
5,005.66
4,984.46
4,963.90
4,917.43
4,898.82
4,926.24
4,899.61
4,838.11
4,768.90
4,804.45
4,756.61
4,772.56
4,769.43
4,868.65
4,932.89
4,992.00
4,961.85
4,930.37
4,930.82
4,944.03
4,943.73
4,933.03
4,892.96
4,878.65
4,837.93
4,856.42
4,849.69
4,868.47
4,838.64
4,823.57
4,801.35

Orion Infusion
Return
0.001968504
-0.003929273
0.027613412
0.030710173
0.087523277
-0.029109589
0.007054674
0.04028021
0.099326599
0.091883614
-0.026647966
0.057636888
-0.159400545
-0.077795786
-0.054481547
-0.001858736
-0.037243948
-0.054158607
-0.008179959
0
-0.030927835
-0.004255319
-0.023504274
0.013129103
0.010799136
0.042735043
-0.026639344
-0.031578947
-0.006521739
-0.006564551
-0.013215859
-0.024553571
0.011441648
0.036199095
-0.028384279
-0.002247191
-0.011261261
0.013667426
-0.006741573
-0.00678733
-0.031890661

Market Index Return

-0.005506925
-0.003785263
0.012487412
-0.013146845
-0.007849904
-0.009461532
0.001570927
-0.01720335
-0.004847847
0.004084199
0.014361562
-0.004234366
-0.004124928
-0.0093617
-0.003783847
0.005596631
-0.00540599
-0.012551594
-0.01430485
0.007454792
-0.00995725
0.003351542
-0.000655374
0.020802876
0.013196191
0.011982619
-0.006040432
-0.006343906
9.17294E-05
0.002679078
-6.20162E-05
-0.002163669
-0.00812303
-0.00292384
-0.008347893
0.003822169
-0.001385303
0.003872676
-0.006128392
-0.003113115
-0.004607936

Date
12/29/2014
12/30/2014
1/1/2015
1/5/2015
1/6/2015
1/7/2015
1/8/2015
1/11/2015
1/12/2015
1/13/2015
1/14/2015
1/15/2015
1/18/2015
1/19/2015
1/20/2015
1/21/2015
1/22/2015
1/25/2015
1/26/2015
1/27/2015
1/28/2015
1/29/2015
2/1/2015
2/2/2015
2/3/2015
2/4/2015
2/5/2015
2/8/2015
2/9/2015
2/10/2015
2/11/2015
2/12/2015
2/15/2015
2/16/2015
2/17/2015
2/18/2015
2/19/2015
2/22/2015
2/23/2015
2/24/2015
2/25/2015

Orion Infusion
Price
42.7
42.5
44
43.5
44.3
43.7
43.1
42.8
42.7
44
46.6
46
45.1
43.2
43
41.7
41.8
40.7
40.7
41.7
41.4
40.8
40.1
39.5
39.7
39.8
39.8
40.3
40.1
41
41.7
43.3
42.5
41.1
41.5
41.7
41.1
41
41.4
41.3
40.6

Market Index Price

4,814.16
4,864.96
4,941.52
4,926.41
4,969.67
4,963.66
4,968.71
4,943.99
4,956.93
4,969.73
4,951.69
4,956.09
4,917.38
4,867.08
4,856.95
4,783.21
4,797.96
4,716.76
4,708.33
4,757.10
4,747.64
4,724.05
4,654.95
4,618.43
4,656.47
4,668.06
4,685.04
4,701.60
4,712.57
4,786.69
4,810.54
4,841.72
4,831.18
4,769.47
4,800.41
4,802.27
4,788.23
4,802.18
4,808.64
4,801.15
4,742.22

Orion Infusion
Return
0.004705882
-0.004683841
0.035294118
-0.011363636
0.018390805
-0.013544018
-0.013729977
-0.006960557
-0.002336449
0.030444965
0.059090909
-0.012875536
-0.019565217
-0.042128603
-0.00462963
-0.030232558
0.002398082
-0.026315789
0
0.024570025
-0.007194245
-0.014492754
-0.017156863
-0.014962594
0.005063291
0.002518892
0
0.012562814
-0.004962779
0.02244389
0.017073171
0.038369305
-0.018475751
-0.032941176
0.00973236
0.004819277
-0.014388489
-0.00243309
0.009756098
-0.002415459
-0.016949153

Market Index Return

0.002669881
0.010552197
0.015735075
-0.003056888
0.00878193
-0.001209035
0.001016598
-0.004975102
0.002616912
0.002583356
-0.00363084
0.000888899
-0.007811801
-0.010227088
-0.002082602
-0.015181602
0.003082194
-0.016922468
-0.001786688
0.010357686
-0.001989655
-0.004968284
-0.014626119
-0.007846261
0.008237027
0.002487814
0.003637854
0.003535435
0.00233223
0.01572876
0.004981471
0.006482733
-0.002177439
-0.012771993
0.006485586
0.000388505
-0.002923807
0.002912512
0.001346069
-0.001558045
-0.012273792

Date
2/26/2015

Orion Infusion
Price
41.3

Market Index Price

4,763.22

Sum

Orion Infusion
Return
0.017241379
-0.011995095

Market Index Return

0.004427487
0.050121295

The fourth column of the table shows the return of Orion Infusion Ltd. And the fifth column shows the
return of dsex index.
Now
x= Stock Return of Orion Infusion Ltd
y= dsex return
xy
6.17357E-05
0.000177355
0.00032754
-1.27899E-05
-3.59177E-06
8.26882E-05
-0.000116407
-4.09603E-05
6.16508E-05
0.000273854
1.50373E-05
0.000248666
-0.000189448
0.00139336
0.000607594
-0.000100865
-0.000336123
-5.59895E-05
0.000267276
1.64652E-05
0.000133658
-8.93469E-05
0.000418143
0.000336952
0.000202078
0.000101062
5.80151E-06
-3.15626E-05

x*x
0.002647528
0.000289724
0.002520964
3.57137E-05
0.0003253
0.0001395
0.000194441
0.000146924
0.00050602
0.001156
0.000374127
0.000560204
0.000534599
0.009725772
0.003948441
0.001928871
0.001510819
0.000486592
0.000794986
3.34215E-06
0.000962358
0.000354659
0.000722072
0.000422744
0.000120758
0.00047259
3.42936E-06
5.50735E-05

y*y
1.43957E-06
0.000108568
4.25562E-05
4.58036E-06
3.96582E-08
4.9013E-05
6.96895E-05
1.14192E-05
7.5112E-06
6.48753E-05
6.04394E-07
0.000110379
6.71355E-05
0.000199619
9.34978E-05
5.27447E-06
7.47798E-05
6.44242E-06
8.98587E-05
8.11169E-05
1.85631E-05
2.25086E-05
0.000242142
0.00026857
0.000338161
2.16117E-05
9.81454E-06
1.80886E-05

9.2665E-05
3.92354E-05
-0.000154246
9.68118E-05
0.000382259
5.33093E-05
0
-0.000121263
-1.08404E-05
1.48733E-05
0.00034482
-0.000403742
-0.000687049
0.000275421
1.10824E-05
-0.000692955
-0.00048152
0.000375271
-0.000382706
-0.000244056
0.000657516
0.000728301
0.00020615
-1.04027E-05
0.00020134
0.000679777
0.000117013
0
0.000307956
-1.42619E-05
1.54041E-05
0.000273123
0.000142507
0.000512078
0.000160913
0.000200334
-5.98235E-07
-1.75869E-05
8.19597E-07
5.31258E-05
-9.29408E-05
-0.00010584
0.000236949

0.000282994
3.61434E-06
0.000613152
3.10941E-05
0.000987423
0.000295
0
0.000184749
3.87501E-06
1.54392E-05
0.000762501
0.000943115
0.007660324
0.000847368
4.97684E-05
0.001622495
0.009865773
0.008442599
0.000710114
0.003322011
0.025408534
0.006052184
0.002968239
3.4549E-06
0.001387112
0.002933155
6.69117E-05
0
0.000956531
1.81077E-05
0.000552451
0.000172373
0.000116621
0.001826284
0.000709655
0.00099723
4.25331E-05
4.30933E-05
0.000174659
0.000602878
0.000130911
0.001310374
0.000805667

3.03427E-05
0.00042592
3.88023E-05
0.000301424
0.000147983
9.63348E-06
6.78847E-05
7.95929E-05
3.03262E-05
1.43282E-05
0.000155935
0.00017284
6.1621E-05
8.95206E-05
2.46781E-06
0.000295955
2.35016E-05
1.66807E-05
0.000206254
1.79299E-05
1.7015E-05
8.76414E-05
1.43175E-05
3.13223E-05
2.92247E-05
0.000157543
0.000204629
5.55739E-05
9.91468E-05
1.12328E-05
4.29515E-07
0.00043276
0.000174139
0.000143583
3.64868E-05
4.02451E-05
8.41428E-09
7.17746E-06
3.84601E-09
4.68147E-06
6.59836E-05
8.54884E-06
6.96873E-05

-8.58914E-06
1.56003E-05
5.29295E-05
4.1315E-05
2.11297E-05
0.00014695
1.25641E-05
-4.94248E-05
0.000555356
3.47374E-05
0.000161507
1.63752E-05
-1.39579E-05
3.46295E-05
-6.11428E-06
7.86502E-05
-0.00021455
-1.1445E-05
0.00015284
0.000430853
9.64168E-06
0.000458979
7.39135E-06
0.000445328
0
0.000254489
1.43141E-05
7.20041E-05
0.000250938
0.0001174
4.17065E-05
6.26653E-06
0
4.4415E-05
-1.15743E-05
0.000353015
8.50495E-05
0.000248738
4.02298E-05
0.000420724
6.31201E-05
1.87231E-06
4.20692E-05

5.04987E-06
0.000126816
0.000186799
4.54488E-05
4.60679E-05
0.001017014
2.21453E-05
2.19384E-05
0.001245675
0.000129132
0.000338222
0.00018344
0.000188512
4.84494E-05
5.45899E-06
0.000926896
0.003491736
0.000165779
0.000382798
0.001774819
2.14335E-05
0.000914008
5.7508E-06
0.000692521
0
0.000603686
5.17572E-05
0.00021004
0.000294358
0.000223879
2.56369E-05
6.34482E-06
0
0.000157824
2.46292E-05
0.000503728
0.000291493
0.001472204
0.000341353
0.001085121
9.47188E-05
2.32254E-05
0.000207029

1.4609E-05
1.91906E-06
1.49976E-05
3.75572E-05
9.69149E-06
2.12331E-05
7.12826E-06
0.000111349
0.000247593
9.34457E-06
7.71223E-05
1.46177E-06
1.03347E-06
2.47516E-05
6.84823E-06
6.67373E-06
1.3183E-05
7.90141E-07
6.10242E-05
0.000104593
4.33723E-06
0.000230481
9.49992E-06
0.00028637
3.19225E-06
0.000107282
3.95873E-06
2.46838E-05
0.000213923
6.15638E-05
6.78486E-05
6.18922E-06
1.3234E-05
1.24993E-05
5.4393E-06
0.000247394
2.4815E-05
4.20258E-05
4.74124E-06
0.000163124
4.20628E-05
1.50936E-07
8.54865E-06

-7.0864E-06
1.31324E-05
3.76339E-06
0.00020803
7.6336E-05
0.011224527

5.91993E-06
9.51814E-05
5.83444E-06
0.000287274
0.000297265
0.133160333

8.48272E-06
1.8119E-06
2.4275E-06
0.000150646
1.96026E-05
0.008447422

Based on the information above-

a) Beta for the Orion Infusion Ltd is calculated according to the following formula

Beta for the Orion Infusion Ltd is 1.332680331. This means the systematic risk of Orion Infusion Ltd in
comparison to the market is about 1.333.