Walton Hitech

Revenue recorded a -22.6% YoY degrowth to BDT 11.0bn (vs. BDT 14.3bn in 2Q2022) on the back of the
significant volume decline due to subdued demand in the economy.

Gross profit recorded an 18.0% YoY degrowth to BDT 3.5 bn (vs. BDT 4.3bn in 2Q2022). However, the
gross profit margin increased by 180 bps to 31.9% (vs. 30.1% in 2Q2022) due to decline in global
commodity prices and price hike in their own product lines.

Net profit recorded an 63.4% YoY degrowth to BDT 605mn (vs. BDT 1652mn in 2Q2022) due to a 253.6%
YoY growth in the finance expenses to BDT 1461mn (vs. BDT 413mn in 2Q2022), primarily driven by an
increase in interest expenses and currency depreciation.

Revenue: 11,077

YOY GROWTH: -22.6%

EPS: 2

2Q2022 EPS: 5.45

P/E: 1114.57

Net Income 605mn

YOY Growth -63.4%

NAVPS: 320.06

2QNAVPS: 309.24

Price: 1047.7

p/BV: 3.27x

ADNTEL

Revenue recorded a 21.85% YoY growth to BDT 336.8mn (vs. BDT 276.4mn in 2Q2022) primarily due to
growth in core business.

Gross profit recorded a 39.58% YoY growth to BDT 147.4mn (vs. BDT 105.6mn in 2Q2022) because of the
revenue growth outpaced the cost of sales compared to the previous period.

Net profit recorded a 65.63% YoY growth to 64.1mn (vs. BDT 38.7mn in 2Q2022) due to the increase in
finance income to 5.8mn and non-operating income of 2.2 mn growing at a rate of 127.04% from the
previous period. (vs. bdt 0.96mn in 2Q2022)

Revenue: 336.8mn

YOY GROWTH: 21.85

EPS: 1.00 vs.

2Q2022 EPS 1.14

P/E: 30.15

Net Income 64.1

YOY Growth 65.63%

NAVPS 21.56

2QNAVPS: 26.19

Price: 121.20

p/BV: 5.62x