Queen South Textile debuts today - Share market analysis of dhaka stock exchange, Bangladesh
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13 March, 2018 10:24 AM Source: The Financial Express Bangladesh
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The Trading of shares of Queen South Textile Mills Limited (QUEENSOUTH) will commence on the country’s stock exchanges from today (Tuesday) under 'N' category.

On the day before, the company reported its profit after tax of Tk 36.53 million and basic EPS (earnings per share) of Tk. 0.43 for the three-month period (October-December, 2017) ended on 31 December 2017 as against profit after tax of Tk 25.65 million and basic EPS of Tk. 0.34 for the same period of the previous year, according to the DSE web-posting on Monday.

The basic EPS has been calculated based on the weighted average pre-IPO paid-up number of shares 85,150,000 in 2017 and 75,530,435 in 2016.

However, considering the post-IPO 100,150,000 number of shares, the company's basic EPS for the three months period ended on 31 December, 2017 would be Tk. 0.36.

For the six months period (July-December, 2017) ended on 31 December, 2017 the profit after tax was Tk 75.38 million and basic EPS was Tk. 0.89 as against profit after tax of Tk. 62.45 million and basic EPS of Tk. 0.86 for the same period of the previous year.

The EPS has been calculated based on the weighted average pre-IPO paid-up number of shares 85,150,000 in 2017 and 72,840,217 in 2016.

However, considering the post-IPO 100,150,000 number of shares, the company's basic EPS would be Tk 0.75 for six months period ended on 31 December 2017, (July-December, 2017) and NAV per share would be Tk 16.86 as on 31 December, 2017.

The IPO lottery of the company was held on February 1. Using the fixed-price method, the Queen South Textile Mills, floated 15 million ordinary shares of Tk 10 each and raised Tk 150 million from the public.

The securities regulator-Bangladesh Securities & Exchange Commission (BSEC)-approved the IPO proposal of the textile company on November 14 last.

The company raised the fund for construction of automatic warehouse system, acquisition and installation of new machinery for modernisation of the existing factory unit, partial loan repayment of banks and bearing the IPO expenses.

Queen South Textile Mills, established in 2003 is located at Dhaka Export Processing Zone at Savar. The company operates its business as a backward linkage industry and engaged in dyeing different count of cotton yarns to the sweater industry, knitting industry and the weaving industry.

Currently, 49 companies are listed with the Dhaka Stock Exchange under textile sector, which account for around 3.50 per cent of the DSE's total market capitalisation. 

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