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Equity Note - Active Fine Chemicals Ltd.
Equity Note - Active Fine Chemicals Ltd.
Equity Note - Active Fine Chemicals Ltd.
BLOOMBERG: ACTVC:BD
products to Vietnam, South Africa and other countries to Financial Information (BDT mn):
some extent. Sales 1,395.0 1,728.5 940.9 2,060.0
Gross Profit 611.0 756.1 403.3 970.1
The company’s main raw materials are products of the 543.5 677.3 345.9 845.8
Operating Profit
Biotechnology Industry which are mainly imported from Profit After Tax 359.2 455.7 222.5 543.6
China and India. Materials consumed accounted for Assets 3,159.0 4,143.9 4,766.8 5,303.2
around 75% of total costs of goods sold. However, AFCL Long Term Debt 38.8 24.2 26.6 4.3
has established an associate company – AFC Agro Short Term Debt 58.7 362.8 575.4 803.9
Biotech Ltd. (AFCABL) (holding 12% stake) for facilitating Equity 2,758.6 3,299.2 3,509.2 3,764.6
uninterrupted supply of some particular raw materials. Margin:
AFCABL has got listed in the capital market in 2014. Gross Profit 43.8% 43.7% 42.9% 47.1%
AFCL has other associate companies – AFC Solvents Ltd. Operating Profit 39.0% 39.2% 36.8% 41.1%
(12.50% ownership) engaged in chemical trading Pretax Profit 34.8% 35.3% 31.5% 35.1%
activities, AFC Capital Ltd. (47.69% ownership) engaged Net Profit 25.7% 26.4% 23.6% 26.4%
in merchant banking activities, AFC Health Ltd. (17.68% Growth:
ownership), AFC Agro Biotech Ltd. (12.01% ownership) Sales 13.7% 23.9% 21.3% 19.2%
engaged in chemical industry and AFC Agro Biology Ltd. Gross Profit 15.6% 23.7% 25.4% 28.3%
(16.67% ownership) engaged in chemical industry. Operating Profit 20.3% 24.6% 20.1% 24.9%
Net Profit 7.3% 26.9% 12.7% 19.3%
The Firm has been enlisted in DSE and CSE on November
Profitability:
22, 2010. Historical shareholding status is shown in the
ROA 14.7% 12.5% 10.0% 10.8%
following table:
ROE 17.7% 15.0% 13.1% 14.9%
As on Sponsor Govt. Instt. Foreign Public Leverage:
30-Apr-17 12.02% 0.00% 35.67% 3.00% 49.31% Debt Ratio 3.1% 9.3% 12.6% 15.2%
31-Dec-16 12.02% 0.00% 23.14% 3.00% 61.84% Debt-Equity 3.5% 11.7% 17.2% 21.5%
30-Jun-16 12.02% 0.00% 23.14% 3.00% 61.84% Interest Coverage 14.0 14.1 9.0 9.1
31-Dec-15 12.02% 0.00% 21.50% 2.60% 63.88% Dividend History:
Dividend % (C/B) 6/20 -- 5/30+ -/-
In August 2014, the company raised its capital through
+
issuance of 20 million ordinary shares to the Investment Dividend Yield 0.9% -- 1.0% --
Corporation of Bangladesh (ICB) and/or different Dividend Payout 27% -- 36% --
institutional investors upon permission of Bangladesh Valuation:
Securities and Exchange Commission for expansion of Price/Earnings 22.3 17.6 17.6 14.7
business which were locked-in for three years. The lock- Price/BV 2.9 2.4 2.3 2.1
in free up date of the said shares is November 30, 2017. EPS (BDT) 2.2 2.8 1.4 3.4
NAVPS (BDT) 17.2 20.6 21.9 23.5
N.B: The Company has changed the accounting year to July-June from January-
December in compliance of Finance Act 2015. *Growth is calculated for 6
months over same period last year. **Growth is calculated on annualized data
over full year of 2015. +Dividend yield was calculated on the closing price on
record date for the respective dividend entitlement. The Company has
recommended 5% cash & 30% stock dividend for the 18 months period from
January 2015 to June 2016.
100
pharma companies gain more export orders with a
Volume ('000)
10000
competitive edge and maintain stable prices in the 80
domestic market. 60
5000
40
Investment Positives
20 0
The company maintains a steady growth in its May-13 May-14 May-15 May-16 May-17
turnover and profit after tax. 5 year CAGR
(Compound Annual Growth Rate) of turnover and Movement of DSEX & ACTIVEFINE Index (Rebased)
DSEX ACTIVEFINE
profit after tax of the company are 35% and 30% 250
respectively. 200
As per DSE news published on January 2016, the
company has decided to produce Cephalosporin 150