IPO Note on Crystal Insurance Limited (CRYSTALINS)

IPO Note on Crystal Insurance Limited (CRYSTALINS) Date: December 20,2020

Offer Price (BDT): 10.0 IPO Issue Size (BDT mn): 160.00

IPO Issue Size (No. of Shares) (mn): 16.00

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EBL Securities Limited Research

2017 2018 2019 2020

6M An’

Financial Information (BDT mn):

Gross Premium 409 431 527

Gross Profit 73 65 100 67

Operating Profit 32 34 63 24

Profit After Tax 62 62 70 70

Assets 892 952 1,056 1,135

Equity 516 556 586 569

Cash 23 25 30 45

Margin:

Gross Profit

Margin (GPM)

17.9% 15.1% 19.0%

Operating Profit

Margin (OPM)

7.8% 7.8% 12.0%

Net Profit Margin 15.2% 14.5% 13.3%

EBIDTA Margin 20.0% 25.0% 24.5%

Growth (YoY):

EPS 37.7% 0.1% 12.6% 1.0%

Gross Premium 4.8% 5.4% 22.3%

Gross Profit 39.5% -11.2% 53.8% -33.3% Net Income -8.39% 14.19

%

1.07% 1.0% Profitability:

ROA 7.0% 6.6% 6.7% 5.3%

ROE 12.1% 11.2%

%

12.0% 10.6%

EPS (Restated) 1.56 1.56 1.75 1.77

NAVPS (Basic) 21.48 23.16 24.42 25.79 *Certain margins from 2020 6m An’ cannot be calculated due to lack of availability of data regarding gross premium. *EPS of 2020 is 9M An’ and NAVPS of 2020 is as of 30th September, 2020.

Post IPO Securities Holding:

Shareholder Type No. of

Shares (mn) % Holding Lock In

Directors/Sponsors 24.0 60.0% 3 Years

Mutual Funds (EIs) 4.8 12.0%

Lock- in

Free

Other EIs 1.6 4.0%

Public 8.0 20.0%

NRBs 1.6 4.0%

Total 40.0 100.0%

Company Overview: Crystal Insurance Limited is a public limited company engaging in general insurance business mainly in the fire insurance, motor insurance, marine cargo insurance, miscellaneous insurance, liability insurance and engineering insurance.

Company Profile:

Incorporation: November 11,1999

Commercial Operation: November 11, 1999

Key Personnel: Mr. Mia Fazle Karim ( MD & CEO S. M. Shahidullah ( Company Secretary).

Corporate Head office Location: DR Tower (14th floor), 65/2/2, Box Culvert Road.

Business Profile: Crystal Insurance currently has 31 branches. The business environment is very competitive with 46 insurance companies operating in this sector. Marine cargo and hull insurance and Motor Insurance segments contributed the bulk of the revenue in 2018 and 2019.

Revenue Composition:

Revenue Segments

2019 2018 Amount

(mn) %

Amount (mn)

%

Fire Insurance 5.41 5.41% -8.05 -12.38%

Marine cargo and Hull Insurance

71.67 71.68% 47.22 72.65%

Marine Hull Insurance

-0.93 -0.93% 0.67 1.03%

Motor insurance

16.48 16.48% 15.77 24.26%

Miscellaneous insurance

7.36 7.36% 9.30 14.44%

Total 99.99 100% 65.00 100%

Competitors:

Listed Companies

1. Agrani Insurance Co. Ltd 2. Asia Insurance Limited 3. Asia Pacific General Insurance Co. Ltd. 4. Bangladesh General Insurance Company Ltd. 5. Bangladesh National Insurance Company Limited

6. Central Insurance Company Ltd. 7. City General Insurance Co. Ltd. 8. Continental Insurance Ltd. 9. Dhaka Insurance Limited 10. Eastern Insurance Company Ltd.

IPO Fund Utilization Plan:

Particulars Amount

(mn) %

Investment in FDR & Treasury Bond

80.00 50.0%

Investment in Capital Market 69.27 43.3%

To meet up IPO expenses 10.73 6.7%

TOTAL 160.00 100%

The company intends to invest in the capital market and FDR with nationalized commercial bank within the first 3 months of receiving the IPO fund.

Capital Raising History: Allotment Date of Allotment BDT

1st 11-11-1999 60,000,000

2nd 22-03-2017 150,000,000

3rd* 22-04-2017 30,000,000

Total 240,000,000 * The third allotment was in bonus share.

IPO Information

Face Value 10.0

Offer Price 10.0

Authorized Capital (BDT mn) 1,000.0

Pre IPO Paid up Capital (BDT mn) 240.0

Post IPO Paid up Capital (BDT mn) 400.0

Retained Earnings as on 30st June, 2020 (BDT mn)

9.7

IPO Issue Size (No. of shares) (mn) 16.0

IPO Issue Size (BDT mn)

160.0

Oversubscription 41.5x

1st Day Free Float Shares (mn) 16.00

Issue managers Sonar Bangla Capital Management Limited

Auditor Mahfel Huq & Co.




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Lock-In Free Share (Trading Date: December 21, 2020): Trading Day Lock-In Free

Shares (mn)

Tradable

Shares (mn)

Lock-In for

21st December, 2020 16.00 16.00 1st day

21st December, 2023 40.00 40.00 3 Years

Distribution of IPO:

Eligible Investors General Public

Mutual Funds

(10%)

Other EIs

(30%)

NRB

(10%)

Others

(50%)

Amount (BDT mn) 16.0 48.0 16.0 80.0

Shares (mn) 1.6 4.8 1.6 8.0

Industry Overview Immediately after the liberation of Bangladesh, insurance companies were nationalized along with the banks under the presidential order no. 95 in 1972. This order was implemented through creation of five corporations which were further changed by merging these five corporations into two corporations namely Sadharan Bima Corporation- for conducting general insurance business and Jiban Bima Corporation- for conducting life insurance business. Privatization of Insurance Sector took place in 1984 as a result of promulgation of Insurance Corporation Ordinance 1984. Currently there are 78 insurance companies including two previously mentioned government owned corporation. Among these, 47 are non-life insurance companies and 31 are life insurance companies. 35 non-life and 12 life insurance companies are listed in the capital market.

Insurance Development and Regulatory Authority (IDRA) is the sole entity to regulate the insurance business in Bangladesh. It was formed in 2010 under the Insurance Development and Regulatory Authority Act 2010, and it is a de-facto and de-jury independent entity after three years of its formation.

The supreme governing act for insurance companies of

Bangladesh is the Insurance Act 2010. As per Insurance Act 2010, minimum paid up capital requirement for non-life insurance companies is BDT 400 million, of which 60% would be provided by the sponsor rest would be open for public subscription. Moreover, this act made it mandatory for non-life insurance companies to invest in Bangladesh Government Treasury Bond (BGTB) minimum BDT 25 million. IDRA Act 2010 and Insurance Act 2010 has set 15% of gross premium of own business as the highest limit for agency commission. It also made minimum 40% of net premium as unexpired risk reserve for any category of non-life insurance business except marine hull and aviation insurance. In case of marine hull and aviation insurance it was set as 100% of net premium. In 2017 a project was launched in collaboration with World Bank called, “Bangladesh Insurance Sector Development Project”. Actual commencement of this project took place in late 2018 and project is expected to be completed within 2022. Estimated project cost is around USD 80 million.

Comparison among Peer Companies:

Scrips Paid Up Capital

(mn)

EPS

(An.)

P/E Current

Price*

PRIMEINSUR 408.8 1.47 43.91 50.3

BGIC 540.3 1.60 24.88 39.8

CONTININS 381.0 1.84 25.98 47.8

CITYGENINS 681.7 1.00 31.80 31.8

EIL 391.0 1.12 31.80 37.3

CRYSTALINS 400.0 1.5

Comparison among Recently listed Companies:

Scrips

Post IPO

Paid Up

(mn)

Issue

Size

(mn

Shares)

Re EPS

While

Listing

1st Day

Closing

Price

P/E

(listing

day)

Current

Price*

VFSTDL 847 22 1.5 30.7 20.7 22.5

MLDYEING 1,604 20 1.4 24.2 17.5 50.0

SILVAPHL 1,300 30 0.8 29.0 36.7 18.3

IBP 930 20 1.1 32.4 41.4 19.1

KTL 890 34 1.2 24.4 12.5 10.5

SSSTEEL 2,450 25 1.3 50.1 39.1 17

GENEXIL 816 20 1.4 56.5 38.7 59.7

ESQUIRENIT 1,349 35 3.0 45.9 15.2 25.5

RUNNERAUTO 1,081 14 4.3 99.8 23.2 49.8

NEWLINE 699 30 1.1 19.8 17.7 14.5

SILCOPHL 944 30 1.1 25.1 22.6 24.6

SEAPEARL 1150 15 0.7 36.4 54.3 79.1

COPPERTECH 600 20 0.8 44.8 56.0 24.1

RINGSHINE 4351 150 1.60 15 8.7 6.4

ADNTEL 647 20 1.76 40.5 23.0 52.3

EIL 652 26.1 0.71 15 21.1 37.3

WALTONHIL 4,000 3 60.9 378 6.2 1,074.5

DOMINAGE 950 30 1.0 15 15 38.4

CRYSTALINS 400 16 1.8 *Current price is as on 20th December, 2020.

Investment Insight

Investment Positive With the IPO proceeds, CRYSTALINS is going to invest BDT

80 million in FDR & Treasury bond and another 69.27 million in capital market. Interest income contributed 36.16% of the total revenue of CRYSTALINS in 2020 and the contribution may increase further as a result of the upcoming investment.

Gross premium of CRYSTALINS has achieved 9.61% CAGR from 2015 to 2019. This indicates healthy growth rate on the number of clients and insurance policies in a competitive industry.

Total profit transferred from different insurance segments has only witnessed downturn in 2018 from 2015 to 2019 period. This indicates the diverse nature of CYRSTALINS business as despite fire segment reporting negative profit from 2015 to 2018, it didn’t harm the overall business profit that much due to continued positive contributions from other segments.

CRYSTALINS didn’t raise any capital through private placement and the directors/sponsors own 60% of the total share which means the directors/sponsors of the company may remain committed to the company.




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With investments made by World Bank and with the recent regulatory updates by IDRA, the efficiency and transparency in the insurance industry can be expected to increase which will have positive impact on the industry.

Expense of Management has decreased from being 10.08% to the total gross premium in 2017 to 6.92% in 2019 which indicates the company is getting efficient over the years.

CRYSTALINS has given 7% to 12% cash dividend from 2015 to 2019. The trend can be expected to continue after the listing in the secondary market.

Investment Concern

The industry is very competitive with new entrants increasing competition over time which can squeeze the earnings of CRYSTALINS. Also, regulatory mandate for Insurance companies to include in the capital market will further intensify this competition.

CRYSTALINS has currently BDT 70 million investment in the Treasury bond and in shares which they intend to increase by another BDT 149 million. However, this also

exposes CRYSTALINS further to the interest rate risk and the risk of capital market volatility which can have adverse impact on its earnings given downward macroeconomic, money market and capital market scenario.

Currently, there is an ongoing litigation going on where The Commissioner of Customs Excise & VAT Commissionerate, Dhaka (South) has demanded a total amount of BDT 4.1 million from CRYSTALINS and the decision of the ongoing litigation has not been given yet.

Marine hull, a new segment introduced in 2018 has reported -0.93 million profit in 2019 and -1.78 million in 2020. If the negative earnings continue from this segment, this will hurt CRYSTALINS’s bottom line.

Possibility of earnings and liability management in the insurance industry is there as management has significant discretion over making provisions which can result in unreliable financial figures.

Relative Valuation and Pricing:

*EPS is 2020’s 9M Annualized EPS. NAVPS is as on 30th September, 2020.

Pricing Based on Relative Valuation

Particulars EPS* Multiple Value

Market Forward P/E 1.77 13.36 23.65

Sector Forward 1.77 21.10 37.35

Sensitivity Analysis

Price @15(x)PE 1.77 15.00 26.55

Price @20(x)PE 1.77 20.00 35.40

Price @25(x)PE 1.77 25.00 44.25

Price @30(x)PE 1.77 30.00 53.10

NAV Based Pricing

NAVPS Multiple Value

NAVPS (Market) 25.79 1.57 40.49

NAVPS (Sector) 25.79 1.90 49.00

0%

5%

10%

15%

20%

2016 2017 2018 2019

Profitability Margins of CRYSTALINSGP Margin OP Margin PBT Margin NPAT Margin

1.13

1.56 1.56

1.75 1.77

2016 2017 2018 2019 2020 9M An'

Five Year's Restated Post IPO EPS (BDT)




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HIGHEST PRICE RANGE AND P/E FOR THE FIRST 3 TRADING DAYS:

CURRENT PRICE OF COMPANIES WITH SIMILAR EPS:

STATEMENT OF COMPREHENSIVE INCOME (IN BDT)

Particulars Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 6m

An’

Expenses of management 19,965,926 41,196,832 31,310,893 36,517,120 42,599,370

Advertisement & Publicity 434,525 129,066 170,350 882,657 793,300

Audit fees 275,000 300,000 400,000 405,000

Bank Charges 483,164 387,755 351,130 468,721 167,484

Bima Mela 927,444

Credit Rating Fee 150,000 223,850

Excise Duty 237,494 266,300 402,321 522,917 367,900

Depreciation 14,497,900 26,533,231 28,103,330 28,654,382 35,950,138

Director’s meeting attendance fees 115,000 150,000 310,500 414,000 264,000

Donation & Subscription Fees and Charges

956,212 269,000 230,500 2,694,000 2,570,000

Bangladesh Insurance Association 200,000 300,000 100,000 100,000

Business Development Expenses (SBC)

40,000 42,222 48,889 36,667 73,334

Renewal & Registration 2,726,631 12,819,258 1,043,873 2,114,926 1,485,770

Profit transferred to profit & loss appropriation account

50,499,862 53,796,227 79,571,490 105,777,187 80,375,730

Total 70,465,788 94,993,059 110,882,383 142,294,307 122,975,100

Profit/(Loss) transferred from: 52,485,536 73,221,973 65,000,849 99,990,114 66,684,848

Fire (13,705,989) (13,373,328) (8,048,702) 5,410,616 39,359,334

Marine Cargo 43,313,654 61,878,146 47,223,338 71,670,497 26,340,248

Marine Hull 672,280 (933,115) (1,777,652)

Motor 11,489,951 14,322,865 15,769,106 16,480,476 255,370

Miscellaneous 11,387,920 10,394,290 9,384,827 7,361,640 2,507,548

Interest Income 15,745,306 18,061,968 24,570,974 36,158,542 19,360,072

Other Income 2,234,946 3,709,118 11,019,060 6,145,651 36,930,180

Gain from sale of Assets 10,291,500

Total 70,465,788 94,993,059 110,882,383 142,294,307 122,975,100

STATEMENT OF PROFIT AND LOSS APPROPRIATION ACCOUNT (IN BDT)

Particulars Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 6m

An’

Opening balance of Appropriation Account

41,866,129 40,558,748 24,273,559 32,180,451 24,613,792

Net profit for the period brought down 50,499,862 53,796,227 79,571,490 105,777,187 80,375,730

Transfer from General Reserve 6,000,000 5,000,000

Total 92,365,991 94,354,975 109,845,049 137,957,638 109,989,522

Reserve for exceptional losses 51,807,243 70,081,416 77,664,599 113,343,845 60,146,281

Day Circuit Breaker Price P/E

1st 50% 15.0 8.47

2nd 50% 22.5 12.71

3rd 10% 24.8 14.01

Particular ISLAMINS TAKAFULINS MERCINS JANATAINS BGIC

EPS (2020 An’) 1.88 1.49 1.53 1.48 1.6

Current Price 75.2 45.3 46.1 39.7 39.8




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General Reserve during the year 39,035,412 40,866,169 43,130,117 52,732,530 20,722,860

Provision for Companies Income Tax 1,500,000 500,000 500,000 1,000,000 500,000

Provision for WPPF 5,271,831 4,795,169 10,998,368 17,485,073 7,844,590

Provision for deferred tax expenses/(Income)

5,037,009 1,913,707

Dividend paid from last year profit (13,279,922) 6,236,114 13,089,233 365,124

Balance transferred to balance sheet 40,558,748 24,273,559 32,180,450 24,613,793 49,843,241

Total 92,365,991 94,354,975 109,845,049 137,957,638 109,989,522

Net Profit Tax After Year 45,228,031 62,280,980 62,337,008 70,165,872 70,252,309

EPS Restated 1.13 1.56 1.56 1.75 1.77

STATEMENT OF FINANCIAL POSITION (IN BDT) Particulars Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 6m An’

Non-Current Assets: 374,454,309 426,801,350 430,895,844 418,250,632 458,437,820

Property, Plant and Equipment

64,185,142 51,066,994 293,457,012 298,748,116 319,808,503

Advance against land & office Space

261,828,000 275,926,900 12,000,000 12,000,000 12,000,000

Investments 20,935,888 60,397,519 78,825,117 70,087,619 90,291,924

Investment Property 27,505,279 26,130,015 39,569,906 37,414,897 36,337,393

Deferred Tax Assets 13,279,922 7,043,809

Current Assets : 98,484,792 107,032,887 125,540,640 135,517,740 151,771,859

Insurance Stamps 1,197,046 1,361,593 1,173,391 1,259,956 1,844,002

Sundry Debtors 27,675,500 25,010,970 28,080,557 30,018,904 34,289,187

Interest receivable account

5,096,514 6,194,197 10,292,328 17,360,798 17,842,970

Amount due from other persons or bodies carrying on insurance business

64,515,732 74,466,127 85,994,364 86,878,082 97,795,700

Cash and Cash Equivalents :

281,290,405 358,399,213 395,890,384 502,117,535 524,301,809

Cash in hand 1,890,970 2,723,455 2,818,141 231,729 258,372

Cash In BO A/c 16,180,629 6,061,085 455,543 1,876,289

Cash and Bank Balances 106,187,601 23,387,680 25,164,988 29,612,902 45,113,768

Cash at Banks on CD accounts

5,661,834 4,707,449 3,246,170 1,267,361 4,803,380

Fixed Deposit Receipt (FDR) with Banks

167,550,000 311,400,000 358,600,000 470,550,000 472,250,000

Total Assets 754,229,506 892,233,450 952,326,868 1,055,885,907 1,134,511,488

Issued, Subscribed and Paid up Capital

60,000,000 240,000,000 240,000,000 240,000,000 240,000,000

Reserve & Surplus: 334,681,937 275,609,707 315,957,016 346,175,394 329,006,652

Reserve for Exceptional Losses

193,085,967 233,952,136 277,082,253 329,814,783 350,537,643

Profit & Loss Appropriation Account*

40,558,748 24,273,559 32,180,451 24,613,792 9,655,376

Share money deposit 88,000,000

Investment Fluctuation Fund

2,537,222 6,384,012 1,194,312 (14,753,181) (33,186,367)

General Reserve 10,500,000 11,000,000 5,500,000 6,500,000 2,000,000

Total Shareholders Equity 394,681,937 515,609,707 555,957,016 586,175,394 569,006,652

Balance of fund and accounts

118,233,490 120,581,415 122,231,476 157,910,934 145,840,390

Fire Insurance Revenue accounts

47,415,832 49,202,775 49,513,474 63,295,852 55,010,989

Marine Insurance Revenue accounts

47,110,302 48,912,750 51,168,460 73,405,808 66,814,089

Marine Hull Insurance Revenue accounts

2,627,050 1,953,223 2,589,156 1,927,478




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Motor Insurance Revenue accounts

14,103,630 15,258,639 14,147,495 15,094,398 17,043,095

Misc. Insurance Revenue accounts

9,603,726 4,580,201 5,448,824 3,525,720 5,044,739

Deposit Premium 11,535,948 13,496,717 21,621,653 69,592,387 109,101,087

Deferred Tax Liability 6,045,424 6,410,548

Estimated liability in respect of Outstanding claims whether due or intimated

52,835,149 75,124,182 99,321,911 32,119,989 57,218,536

Amounts due to other persons or bodies carrying on insurance business:

132,436,165 128,537,541 110,926,278 132,810,042 149,662,356

Sundry Creditors 44,506,817 38,883,888 42,268,534 66,194,728 90,321,203

Provision for WPPF 5,037,009 6,950,716

Total Liabilities and Provisions

754,229,506 892,233,450 952,326,868 1,055,885,907 1,134,511,488

Net Asset Value (NAV) per share

65.78 21.48 23.16 24.42 25.79

No. of Share Outstanding 6,000,000 24,000,000 24,000,000 24,000,000 24,000,000

*FY’20 data are as on 30th June, 2020.

RATIO ANALYSIS

Particulars Year 2016 Year 2017 Year 2018 Year 2019 Year 2020 6m An'

Liquidity Ratios

Current Ratio 1.09 1.37 1.45 1.45 1.20

Quick Ratio 1.09 1.37 1.45 1.45 1.20

Operating Efficiency Ratios

Accounts Receivable Turnover

Ratio

6.05 5.49 5.02 6.07

Inventory Turnover Ratio 0.003 0.003 0.003 0.002

Total Asset Turnover 0.52 0.46 0.45 0.50

Operating Profitability Ratios

Gross Profit Margin (GPM) 13.45% 17.92% 15.07% 18.96%

Operating Profit Margin

(OPM)

8.33% 7.84% 7.81% 12.04%

Net Profit Margin 11.59% 15.24% 14.45% 13.31%

EBIDTA Margin 16.65% 19.66% 24.97% 24.54%

Return on Total Assets (ROA) 6.00% 6.98% 6.55% 6.65% 5.30%

Return on Equity (ROE) 11.46% 12.08% 11.21% 11.97% 10.57%

Growth Rates

EPS Growth Rate 10.39% 37.70% 0.09% 12.56% 0.90%

Sales Growth Rate 6.85% 4.69% 5.54% 22.26%

Gross Profit Growth Rate 7.73% 39.51% -11.23% 53.83% -33.31%

Net Income Growth Rate 10.39% 37.70% 0.09% 12.56% 0.12%

Valuation Ratios

NAVPS (Basic) 65.78 21.48 23.16 24.42 25.79

EPS (Restated, Post IPO) 1.13 1.56 1.56 1.75 1.50

Other Data

Number of shares outstanding 6,000,000 24,000,000 24,000,000 24,000,000 24,000,000

IMPORTANT DISCLOSURES

Disclaimer: This document has been prepared by the Research Team of EBL Securities Limited (EBLSL) for information purpose only of its clients residing both in Bangladesh and abroad, on the basis of the publicly available information in the market and own research. This document does not solicit any action based on the material contained herein and should not be taken as an offer or solicitation to buy or sell or subscribe to any security. Neither EBLSL nor any of its directors, shareholders, member of the management or employee represents or warrants expressly or impliedly that the information or data or the sources used in the documents are genuine, accurate, complete, authentic and correct. However all reasonable care has been taken to ensure the accuracy of the contents of this document. Being a broker, EBLSL may have a business relationship with the public companies from time to time. EBLSL and its affiliates, directors, management personnel and employees may have positions in, and buy or sell the securities, if any, referred to in this document. EBLSL disclaims liability for any direct, indirect, punitive, special, consequential, or incidental damages related to the report or the use of the report.

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EBLSL Rating Interpretation

Overweight : Stock is expected to provide positive returns at a rate greater than its required rate of return Accumulate : Stock is expected to provide positive inflation adjusted returns at a rate less than its required rate of return Market weight : Current market price of the stock reasonably reflect its fundamental value Underweight : Stock expected to fall by more than 10% in one year Not Rated : Currently the analyst does not have adequate conviction about the stock's expected total return

About EBL Securities Ltd.: EBL Securities Ltd. (EBLSL) is one of the fastest growing full-service brokerage companies in Bangladesh and a fully owned subsidiary of Eastern Bank Limited. EBLSL is also one of the top five leading stock brokerage houses of the country. EBL Securities Limited is the TREC-holder of both exchanges of the country; DSE (TREC# 026) and CSE (TREC# 021). EBLSL takes pride in its strong commitment towards excellent client services and the development of the Bangladesh capital markets. EBLSL has developed a disciplined approach towards providing capital market services, including securities trading, margin loan facilities, depository services, foreign trading facilities, Bloomberg Terminal, online trading facilities, research services, panel brokerage services, trading through NITA for foreign investors & NRBs etc.

EBLSL Key Management

Md. Sayadur Rahman Managing Director [email protected] Md. Humayan Kabir SVP & Chief Operating Officer (COO) [email protected]

EBLSL Research Team

M. Shahryar Faiz SAVP & Head of Research [email protected] Mohammad Asrarul Haque Research Analyst [email protected] Mohammad Rehan Kabir Senior Research Associate [email protected] Arif Abdullah Research Associate [email protected] Md Rashadur Rahman Ratul Junior Research Associate [email protected]

EBLSL Institutional & Foreign Trade Team

Asif Islam Associate Manager [email protected]

For any queries regarding this report: [email protected]

EBLSL Research Reports are also available on www.eblsecurities.com > Research

Our Global Research Distribution Partners

To access EBLSL research through Bloomberg use <EBLS>

Our Locations

Head Office:

Jiban Bima Bhaban,

10 Dilkusha C/A, 1st Floor,

Dhaka-1000

+8802 9553247, 9556845

+8802 47111935 FAX: +8802 47112944 [email protected]

HO Extension:

Bangladesh Sipping Corporation (BSC) Tower 2-3, Rajuk Avenue (4th floor), Motijheel, Dhaka-1000 +880257160801-4

Chattogram Branch:

Suraiya Mansion (6th Floor); 30, Agrabad C/A Chattogram-4100 +031 2522041-43

Dhanmondi Branch:

Sima Blossom, House # 390 (Old), 3 (New), Road # 27 (Old), 16 (New),Dhanmondi R/A, Dhaka-1209. +8802-9130268, +8802-9130294

mailto:[email protected]









http://www.eblsecurities.com/

https://www.refinitiv.com/en

IPO Note on Crystal Insurance Limited (CRYSTALINS)

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Transcript of IPO Note on Crystal Insurance Limited (CRYSTALINS)