Shepherd shares rise by 440pc - Share market analysis of dhaka stock exchange, Bangladesh

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09 March, 2017 10:17 AM Source: New Age

Share prices of debutant Shepherd Industries skyrocketed by 440 per cent despite the fact that earnings per share of the company fell by 50 per cent.
Shares of Shepherd closed at Tk 53.10 on Wednesday after opening at Tk 45 from its issue price of Tk 10 each.
As per the Bangladesh Securities and Exchange Commission’s approval, Shepherd’s last five years’ weighted average earnings per share was Tk 1.44.
Half yearly EPS of the company, however, declined to Tk 0.34 from that of Tk 0.72 (considering its annual earnings of Tk 1.44), meaning that the entity’s EPS declined by 52.77 per cent.
Stockbrokers said that the price movement of the company can be treated as unusual considering the company’s earnings of Tk 0.34.
Investors’ much hype regarding the debutant companies might be among other reasons behind the sharp rise in share prices, they said.
As prices of debutant companies rose abnormally in first couple of trading sessions, the company failed to retain investors’ attraction later and faced sharp price fall, stockbrokers said.
Earlier on November 15 last year, the BSEC approved Shepherd to raise Tk 20-crore through initial public offering under the fixed price method.
Shepherd Industries, which was established in 2000, will use its IPO proceeds in purchasing machinery, constructing buildings, enhancing capacity of effluent treatment plant, repaying bank loans and meeting IPO expenses. 

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