EBL Securities Ltd. - Square Pharmaceuticals Ltd (SQURPHARMA) Equity Note on Square Pharmaceuticals Ltd

Report

EBL Securities Ltd.

Mohammad Rehan Kabir

Equity Note on Square Pharmaceuticals Ltd

Square Pharmaceuticals Ltd (SQURPHARMA) is the market leader of pharmaceutical industry in Bangladesh with possession of 16.45% market share by the end of June 2020. Company has strong fundamentals compared to other pharmaceutical companies. They have 11 blockbuster drugs ranked within top 30 drug list of the country. Company is well-known for their good corporate governance and historically showed consistent performance. Ground work of setting up a subsidiary manufacturing plant in Nairobi, Kenya is going on which is expected to commence by March, 2021 (due to the slowdown in activities caused by lockdown and curfew in Kenya). Another Subsidiary (Square Lifesciences Ltd.) for oral dosage products worth of BDT 3.5 bn will commence its operation from 2023. Besides, by the end of FY’20, company board has decided to invest BDT 2.5 bn in BMRE, Capital Machineries and Land purchase. Overall, the company has solid growth potential in days ahead while retaining the leading position in the industry.

10/12/2020 8 EN

Underlying

Square Pharmaceuticals Ltd

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BD0473SQPH00 Dhaka Stock Exchange Bangladesh

Provider

EBL Securities Ltd.

EBL Securities Ltd. (EBLSL) is one of the fastest growing full-service institutional brokerage companies in Bangladesh. On top of our expertise and achievements, we take pride in our strong commitment towards excellent client services and development of the Bangladesh capital markets.

EBLSL is a fully owned subsidiary of Eastern Bank Limited (EBL), one of the leading private commercial banks of Bangladesh. EBLSL is one of the TOP-10 brokerage companies of Bangladesh.

We have unwavering faith in the potential of Bangladesh. We also believe that an efficient, vibrant and transparent capital market can strongly contribute to the overall development of Bangladesh. Bangladesh is currently at the initial stage of capital market growth, and we are committed to assist the entry of early movers into a growth-oriented, vibrant, nascent emerging market.

EBLSL has developed a disciplined approach towards providing capital market services. The foundation for our business is a strong commitment towards market experience & professionalism, investment knowledge, market intelligence and research services.

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Analysts

Mohammad Rehan Kabir

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