1.

Fuel and power sector nsummary:The utility electricity sector in Bangladesh has one National Grid with an
installed capacity of 15,379 MW as on February' 2017. Bangladesh's energy sector is booming .Recently
Bangladesh started construction of 2.4 GW Rooppur Nuclear Power Plant expected to go into operation in
2023[1] . But still the per capita energy consumption in Bangladesh is considered low. Bangladesh has small
reserves of oil and coal, but very large natural gas resources. Commercial energy consumption is mostly
natural gas (around 66%), followed by oil, hydropower and coal.

Electricity is the major source of power for most of the country's economic activities.. Bangladesh's total
installed electricity generation capacity (including captive power) was 15,351 MW as of January 2017.[2] As
2015 92% urban population and 67% rural population have the access to the electricity for their source of
light . Average 77.9% population have the access to the electricity in Bangladesh [3]. Problems in the
Bangladesh's electric power sector include , high system losses, delays in completion of new plants, low
plant efficiency, erratic power supply, electricity theft, blackouts, and shortages of funds for power plant
maintenance. Overall, the country's generation plants have been unable to meet system demand over the
past decade. Noncommercial energy sources, such as wood fuel, and crop residues, are estimated to
account for over half of the country's energy consumption

2. Companies in fuel and power sector:

BARKAPOWER( Baraka Power Limited )

BDWELDING( Bangladesh Welding Electrodes Ltd. )

CVOPRL( CVO Petrochemical Refinery Limited )

DESCO( Dhaka Electric Supply Company Ltd. )

DOREENPWR( Doreen Power Generations and Systems Limited )

EASTRNLUB( Eastern Lubricants Ltd. )

GBBPOWER( GBB Power Ltd. )

JAMUNAOIL( Jamuna Oil Company Limited )

KPCL( Khulna Power Company Limited )

LINDEBD( Linde Bangladesh Limited )

MJLBD( MJL Bangladesh Limited )

MPETROLEUM( Meghna Petroleum Limited )

PADMAOIL( Padma Oil Co. Ltd. )

POWERGRID( Power Grid Company of Bangladesh Ltd. )

SPCL( Shahjibazar Power Co. Ltd. )

SUMITPOWER( Summit Power Limited )

TITASGAS( Titas Gas Transmission & Dist. Co. Ltd. )

UPGDCL( United Power Generation & Distribution Company Ltd. )

3. CVOPRL( CVO Petrochemical Refinery Limited )

DESCO( Dhaka Electric Supply Company Ltd. )

JAMUNAOIL( Jamuna Oil Company Limited )

PADMAOIL( Padma Oil Co. Ltd. )

MPETROLEUM( Meghna Petroleum Limited )

SUMITPOWER( Summit Power Limited )

TITASGAS( Titas Gas Transmission & Dist. Co. Ltd. )

 4. market price:

CVO DESCO jamuna summit padma meghna titas

mrkt tk 214.1 tk 45.8 tk 188.3 tk 35.9 tk 234.6 tk 186.8 tk 43.9

price

5. paid up capital

CVO DESCO jamuna summit padma meghna titas

paid up 247.50 mn 3975.69 1104.24 10678.80 982.32 mn 1082.16 989.21 mn

capital mn mn mn mn

6. authorized capital

CVO DESCO jamuna summit padma meghna titas

authorized 1500 mn 5000 mn 3000 mn 15000 mn 1000 mn 4000 mn 20000 mn

capital

7. ownership structure as at November 30,2017

CVO DESCO jamuna summit padma meghna titas

sponsor/director 50.00% 0.00% 0.00% 56.60% 0.01% 0.00% 0.00%

govt 0.00% 67.63% 60.08% 0.00% 50.35% 58.67% 75.00%

institute 19.41% 20.23% 21.10% 25.15% 32.97% 31.22% 13.42%

foreign 0.66% 0.61% 3.49% 3.65% 1.83% 0.00% 2.22%

public 29.93% 11.53% 15.33% 14.60% 14.84% 10.11% 9.36%

8. EPS, P/E Ratio

EPS:

CVO DESCO jamuna summit padma meghna titas

P/E
2016 7.40 1.12 17.74 5.75 19.07 17.10 7.37
Ratio as at
December 2015 9.17 4.32 20.40 4.56 19.63 18.80 8.98
21, 2017:
2014 -3.33 1.94 23.08 3.61 21.66 23.99 10.38

CVO DESCO jamuna summit padma meghna titas

28.93 40.89 10.61 6.24 12.3 10.92 5.96

Comparative analysis
Padma has the highest asset base among the seven. Based on latest 2016-17 seven disclosure Jamuna outperformed on basis
of net profit margin and growth. On the other hand, Meghna has the highest ROE among the seven. Jamun earned the highest
ROA. So Jamuna’s asset utilization capability is the best among the seven. Padma earned the highest operating profit. Currently
DESCO is trading in the lowest P/E.

JAMUNA
Sales volume of most of the products (except Octane and Diesel) are in decreasing trend over the last years. Sales of Petrol fell
due to conversion of vehicle into CNG. If this trend continues, the profitability will be negatively affected. JAMUNAOIL is
consistent in paying dividend and constantly paid 100% dividend (stock and cash) in last four years.

CVOPRC

Almost 94.5% profit before tax (PBT) comes from non-operating income like, interest on FDR, profit on disposal of fixed assets,
Interest on bank deposit, dividend income etc. Decreasing trend in interest rate will negatively affect the earnings. Consistent
in paying dividend and constantly paid 75% dividend (stock and cash) in last four years.

PADMA

Earnings from non-operating income added considerably to the company’s profitability. In 2015-16, non-operating Income
(interest come from SND & FDR) was BDT 1.5bn whereas Gross Earnings on Petroleum Products was BDT 1.9 bn. Hence,
profitability of the company will be hampered as interest rate is decreasing day by day. Consistent in paying dividend and
constantly paid 100% dividend (stock and cash) in last three years.

DESCO

Almost 66.1% profit before tax (PBT) comes from non-operating income like, profit on disposal of fixed assets, Interest on bank
deposit, dividend income, interest on house building loan etc. Decreasing trend in interest rate will negatively affect the
earnings. Consistent in paying dividend and constantly paid 50 % dividend (stock and cash) in last three years.

SUMIT
Company didn’t perform well in its core business function as according to its 2016-17 quarter one statements, its net operating
cash flow is negative.
Consistent in paying dividend and constantly paid 85% dividend (stock and cash) in last three years.

Meghna

Almost 84.5% profit before tax (PBT) comes from non-operating income like, interest on FDR, profit on disposal of fixed assets,
Interest on bank deposit, dividend income, interest on house building loan etc. Decreasing trend in interest rate will negatively
affect the earnings. Meghna has consistently announced 105.0% cash dividend in recent two years.

Titas gas

On year 2015-16, companies operating profit decreased significantly by 46.7% from year 2014-15 due to lower sales volume. As
a result, its earnings decreased. Consistent in paying dividend and constantly paid 90% dividend (stock and cash) in last three
years.