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Multinational firms fare well on bourses

Gazi Towhid Ahmed
Listed multinational companies are performing better than firms in other sectors, with steadily rising reserves and surplus, and positive trends in dividend declaration and share prices.
British American Tobacco Bangladesh declared 500 percent cash dividends last year, up from 420 percent in 2011.
The share price of the company, which was listed in 1977, also rose by 115 percent in the last 12 months and closed at Tk 1,386.2 on Wednesday.
Its reserve and surplus stood at Tk 643 crore last year, according to the Dhaka Stock Exchange.
Matico Bangladesh Ltd, a leader in fast moving consumer goods, declared 100 percent cash dividends in 2012 and 45 percent in 2011. Its reserve and surplus reachedTk 203 crore lastyear.
The company was listed on the bourses in 2009 and its price surged 78 percent during September 15, 2012 to August 14 this year. The company traded at Tk 628.4 on Wednesday.
Bata Shoe Company (Bangladesh) Ltd, which was listed in 1985, declared 275 percent divined in 2012 and 250 percent in the previous year.
Its reserve and surplus was Tk 171 crore last year. The share price of the company rose 33 percent in the last one year and closed atTk 618 crore on Wednesday.
The prices of GlaxoSmithKline and Grameenphone also increased by 66 percent and 24 percent in the September-August period.
Analysts have termed the price hike of these companies 'logical" due to their sound fundamentals, especially huge reserve and surplus funds, at a time when other sectors were witnessing a declining trend.
'The rise in the price of a company is logical if it has a strong fundamental base with a plenty of reserve," said Ahsanul Islam, president of the DSE.
The price hike will be more logical if the company's fixed assets, including the lands, are not included in its reserve and surplus, he said.
Multinational companies' profit includes only the profit after tax and assets that have been kept beyond the reserve and surplus, according to the DSE.
"It is rational if the price of a company goes up based on its fundamentals and potential. A company having a huge reserve can issue a significant amount of cash dividends if it has no plan of expansion."
The earnings per share and the continuous growth of a company are important factors, he added.
Yawer Sayeed, managing director of AIMS of Bangladesh, an asset management company, said the price hike of a company can be logical in accordance with its fixed assets and reserves.
He said the multinational companies have declared a significant amount of cash dividends every year after their listing with the bourses.
gazitowhid@gmail.com