Telecom Industry

Jagannath University
Department of Finance
Assignment on
“A Case Study of Prime Finance Capital Management Limited”
Course Name: Investment Banking & Lease Financing

Course Code: Fin-3201
Submitted To:
Dr. Shaikh Masrick Hasan
Associate Professor
Submitted By
Group -7
3ed year 2nd semester
1 Bangladesh Telecommunication Industry Risk
Group List:
No Name ID
01 Sayma Akter Mim B180203009
02 Sadia Rahman Neizum B180203029
03 Umme Habiba Doel B180203034
04 Sangida Akther B180203060
05 Maimuna Rahman B180203065
06 Shoma Islam Mim B180203075
07 Siam Hossain B180203078
08 Ayesha Siddika Mim B180203089
09 Md Parvez Hossen B180203094
JAGANNATH UNIVERSITY Department of finance

Letter of transmittal
Date:18-09-2022
Dr. Shaikh Masrick Hasan
Associate professor
Jagannath university, Dhaka
Subject: Requesting for acceptance of the report on “Telecommunication
industry in Bangladesh”
Respected sir,
it is a great pleasure and opportunity to present you the report titled
“Telecommunication industry in Bangladesh” which is assigned to group 7 as
a requirement of course, Investment Banking & lease Financing(FIN-3201).We
go through various article and research paper and understand how the
telecommunication industry going on in Bangladesh’s perspective. We believe
it is a great learning for us. Throughout the study, we tried to follow every
instruction that you have suggested for which we tried our best to make this
report informative as possible and add value to the reader. Despite a few
limitations we tried our best effort to make this report meaningful to the
readers. We honestly believe that it will gratify your requirement.
We are indebted for your valuable suggestions and humble cooperation. Now
we have placed this report before you for your consideration. We enjoyed this
task and will be glad to appear any of yours inquires to clarify our point, if
necessary.
Sincerely Yours,
Member of group-7
BBA 13th Batch
3rd year, 2nd semester
Department of finance
Jagannath university, Dhaka

Submission Date: October 13, 2022

Acknowledgment
Firstly, we would like to express our deep gratitude to the creator, the almighty
ALLAH. We also expressed our gratitude to him for giving us an opportunity to
complete the report.
Then, we would like express our indebtedness and deep sense of gratitude to
our honorable professor, Dr. Shaikh masrick hasan, Associated professor,
Department of finance, Jagannath university, whose scholastic professor, kind
and sympathetic guidance, warm advice and encouragement have enabled us
to materialized this report successfully.
We would like to thank Gramenphone, Bangladesh Submarine Cable

Company Limited, Robi Axiata Limited, for their publicly available
Information that helped us for the purpose.
Finally, we thank all the persons who have directly or indirectly contributed in
preparing this report.

Table of Contents
ABSTRACT.............................................................................................................................................2
PART-1
1.1INTRODUCTION..............................................................................................................................3
LITERATURE REVIEW.................................................................................................................................4
TABLE 1: MOBILE PHONE INDUSTRY IN BANGLADESH...........................................................................10
1.2OBJECTIVE AND THE METHODOLOGY OF THE STUDY.......................................................14
PART -2
2.1 Top 10 Telecommunication industry risk...........................................................................39
2.2 SEVEN RISK DRIVER IN TELECOM INDUSTRY.......................................................40
2.3 SWOT ANALYSIS............................................................................................................42
2.4 Eight shaping trend of telecom industry.............................................................................42
PART-3
3.1 Improvement of risk control...............................................................................................44
3.3Overview of Bangladesh telecom industry..........................................................................47
PART-4
4.1 CONCLUSION....................................................................................................................48
4.2 REFERANCE.......................................................................................................................49

ABSTRACT
The aim of the study is to acknowledge about the industry risk. As we choose
work on telecommunication industry here we are going to know about the risk
of telecommunication industry. The study is based on primary and secondary
information, quantitative and qualitative analysis has been done to reach the
desired result. Consolidate evaluation of relevant data and empirical
information collected accordingly. We also going to know about top 10 risk in
telecom industry in 2021 and beyond, and the risk driver in the telecom sector,
moreover SWOT, top 8 trend of shaping telecommunication industry, risk
management process, asses and improve risk control, overview on
Bangladesh’s telecom industry, pricing strategy, systemic model for security
and risk management in telecom industry, evaluations of telecom industries
performance, Overview of 3 listed (GP, ROBI, BCCL) companies in DSE. And
lastly the profitability of leading telecom industries in Bangladesh.

Part-1
1.1INTRODUCTION
An industry is a group of companies which are similar by nature with similar
primary business activity. In this modern era there are lots of industry
classification and those are classified into grouped and the larger category is
called sector. In this dozens of sectors, we are going to work on telecom
sector. which consists of companies that transmit data in word, voice, audio, or
video across the globe. Telecommunication mesmerized our life style ever
since it was developed. Now it’s merely impossible for us to live a day without
it. As it is adaptable to rapidly changing market demand and accelerate its
innovation in order to adjust and continue its expansion, and within this
expansion comes great risk and consequences.
Communication is a basic part of human life. From the early age people start
communicate with each other through various media in order to fulfill their
social need. As a developing country in the world Bangladesh finds a way to
grow its telecommunication sector, against various difficulties more than
160million people are comparatively low GDP has been involved in the
creation of highly competitive market. Its growing rapidly that mobile
telephone penetration was approaching 30% milestone in back 2009.It become
the major contributor in revenue, employment, and infrastructure
development. In bd telecom companies are provide cost effective and quality
service to the customer as customer satisfaction is more important issue for
the survival and success of a company. As it’s become a great part of our life
Bangladesh government granted permission to BD telecom private limited to
introduce the mobile telecommunication operations and other wireless
communication network for the first time 1989 to private investment in this
sector. Grameenphone Ltd is a public limited company and incorporated in
Bangladesh in 1996 under the companies act 1994.GP’s standard deviation for
last 10 years is 0.073111522, which indicate risk deviation of this company
which is so small and as we know the less risky company are very profitable for
investment.

Literature Review
The risk of the stock price is affected by demand and supply, economy, govt.
Policies, political scenario and dividend. The author of [1] uses some methods
and models to determine risk factor like BIAS method that measures that how
much stock price deviates from moving average. They also use output layer that
reflects the overall return of share. [1] Equity market risk is the risk of
fluctuations in market price. Capital market usually faces higher risk due to
unsound market mechanism, immature investors and excessive growth. The
scholar used variance method, Generally Autoregressive Conditional
Heteroscedasticity (GARCH) method and tail index estimation. [2]. Share price
volatility is the rate at which price of a share increase or decrease over a period.
Higher volatility means higher risk and help investors to estimate the
fluctuations. In the third paper the scholars use regression in which price
volatility was dependent Variables while earning volatility, dividend yield,
dividend payout ratio and growth in assets were independent variables. And also
determine the mean, standard deviation and correlation matrix of this variables.
This paper discusses the hypothesis of the study that this variable has significant
positive correlation and has direct effect on price volatility. [3]
The telecommunication industry has faces different type of risk due its
management and nature. The potential risk factors affect the telecommunication
companies. There are several risk factors identified for the sustainability supply
chain of the telecommunication industry. Based on diversification of factors and
occurrence, the study shows the factors of different name & title. This factors
consent by decision maker of telecommunication industry sector.
Market competition, this risk is associated with the fact that are often competing
companies on the market, each of which seeks of obtain the highest position and
consumer resting on it in order to gain maximum benefits for themselves. A
competitive risks of the business entity depend on the characteristics of it work
in the market and it functional areas activity. It also depends on the complexity
of product. Market competition is unexpected demand forecast; uncertain due to
market competition.
Quality issues of supplies, this affect the sustainability of supply chain in
telecommunication industry. This quality makes the efficiency of supply chain
Customer expectation change, the changes of customer preference, expectation
and need in the market is the another risk factor of telecommunication industry.

Social factors impact, the factor of age, income, and culture refers the benefit of
the telecommunication organization to the community.
Insufficient telecom infrastructure in semi-rural areas is major risk factor which
include power, road, skilled labor availability and resource availability.
Unethical and illegal activities are also risk factor of telecom companies.
Customer relationship management and market orientation to the approach of
building customer care initiatives and relationship marketing. It has no clear
definition in its field. The problem of using customer data in practice often
cause underestimated. There are many issues that have the function of
gathering, manipulating and using data. Due to the intangibility, variability,
there are inevitable problems related to managing CRM service and affect the
customer relationship. Data protection sector specific regulation is needed more
attention to gain companies trust and handle their relationship.
According to Jonvenpaa, there are many factors affecting intention to purchase
from internal stores. (E-Commerce)
According to lee and kim (2006), Mobility of reader device may cause privacy
threats, thus becoming a barrier for the development of telecommunication
service. Pavlov (2003), shows the perceived risk was the strongest antecedent to
intention. Trust has direct and indirect effect on intention.
(1) Internal development is changes that an organization undertakes by

recombining its existing resources or developing new resources on its own
process. Internal development can be examples of internal development
training, Internal product development etc.
On the other hands External sourcing can be strategic capability stems from
external sources. It can be purchase of resources or services from the
organization that produce it.
Internal development is able to maintain healthy gearing position. Internal
development growth is generally more organic.
The choice of internal development may mirror the firm’s disability to peruse
external sourcing due to the lack of availability.
External capability sourcing is commonly requiring firms to adjust internal
routines that are far away from internal capabilities. We hope firms to develop
its external figure as they gain knowledge in external sourcing. There is a

stronger negative relationship between external capability availability and like

to internal development when the organization has weak in external routines.
Internal development requires that organization develop routines for
producing internal search to make internal capabilities is transferrable within
the organization. We disputed that organization that wished to develop
capabilities close to their capability and social values were more likely to
peruse internal development than external development.
(2) Network effects are the questions with respect to technology adoption
decisions or why consumers purchase a given system.
It may product selection decisions. May authors have stressed the value of
network effects as technology strategy. The adoption of new technology is only
empirical study which has looked at how network effects influence in the
organization level adoption behavior. Network effects arisen when there is
inter-dependence between different components of an economic system. The
nature of inter-dependence is a change in one of the components of the
system might change in the behavior of the system. It is attractive to a firm if
there are significant economic incentives to the firm adopting the change.
The ability to set increasing returns is a primary incentive for firms adopting
new technologies in network industries. Network effects encourage business
to pursue more efficient and innovative products. It helps scale your business
by increasing your customer base, market share overall proposition of your
product. If you're wondering what a network effect is, it happens when the
product increases in value the more people use it. Network effects imply that
the business with the highest market share will be more successful in the long
run. It’s market share is likely to grow more sustainably.
Technology adoption in business refers to the acceptance and integration of
new technologies into existing systems or creating a new one.
So, Network effect and the adoption of new technology in telecommunication
is the most vital elements all the time.
(3) Quantum technology is an emerging field of physics and engineering,

encompassing technologies that rely on the properties of quantum mechanics,

especially quantum enlargement, quantum superposition and quantum

tunneling.
The first wave of quantum technologies gave us the transistor. These devices
became the foundation of modern computers and digital communication.
Others examples of technologies powered by quantum mechanics include: MRI
scanners for medical imaging.
Quantum computers were proposed in the 1980s by Richard Feynman and Yuri
minim.
IBM has been one of the leading quantum computing companies for some
time. Many modern electronic devices are designed using quantum machines.
A quantum machine, the counterintuitive brain child of early 20th century
physics, is poised to take over technologies of the 21st century.
Quantum technology is mostly related to telecommunication industry.
(4) Environment risk is closely associated with our sustainable existence and
development and it is giving importance to environmental risk disclosure
reporting practice globally. A number of specific environmental issues can
impede human health and wellness. These issues include chemical pollution,
air pollution, climate change, disease causing microbes, lack of access to health
care, poor infrastructure and poor water quality. Environmental risk considers
the impact on the environment caused by, examples -the introduction of GM
plants, the use of certain substances in food, feed and plant protection
products.
Environmental risks to health include pollution, radiation noise, work
environment, climate change; these are driven by policies in sectors outside
the health sector such as energy, Industry, agriculture corporate environment.
Environmental risk is the probability and consequence of an unwanted
accident. Because of deficiencies in waste management, waste transport, and
waste treatment
(5) Operational risk is the risk of losses caused by flawed, policies system or
events that disrupt business operations. Employee’s errors, criminal activity
such as fraud and physical events are among the factors that can trigger
operational risk. One of the most important challenges for the management of
the company and operational risk identification and evaluation. Operational
risk assessment to evaluate operational risk. Business organizations find their

fundamental purpose. Enterprise risk management (ERM) is the most

important element in operational risk. ERM focus on the employment of a risk
management is a key step of risk evaluation. Rubino (2018) explains that risk
and uncertainty bring negative outcomes. Operational risk is the basic and the
most important in business organization. Operational risk identification,
evaluation and management being the operational risk and common events for
any business unit. Financial organization risk management has always played
on significant role based on shareholder value concepts. EMR and the value for
the shareholders both in developed and developing economies. Financial
service industry evaluates ERM operating performance. Operational risk is
highly context dependent and it is concerned the risk. Established the context,
risk identification, risk analysis, risk treatment related to the monitor and
review of communication and
consultation. ISO 31000 implementation for risk management for risk
management implies an in- depth understanding. The main result of this risk
study is the building, description and application of methodology. Which has
two components? Such as (1) operational risk assessment process. (2)
Operational risk self-assessment method. The main characteristics of OPRAM
are involvement of business unit and economic qualification of the risk. (2)
calculation of the economic impact of the risk. Risk - self assessment process
based on the control self-assessment. Maintenance of the operational risk self-
assessment process performs the periodic review of the operational risk self-
assessment process. ERM include the relationship between sustainability,
corporate governance, corporate social responsibility and compliance.
Enterprise risk
management can help in evaluating the operational risk for a
telecommunications company.
6. Customer considered as master of the market. Customer plays a vital role in
an internal marketing approach. The success of an organization as well as
depends on the satisfaction of the customer. However, the performance
depends on the satisfaction of customer target market. Internal marketing in
mobile phone telecommunication industry has grown from generation. It also
suggests the research problem because of there is a research gap.
Sustainability developments of the mobile phone telecommunication industry
by assure profitability, internal people satisfaction; satisfy the external people
and friendly telecom business can be developed. The present study examines

the relationship between internal market and sustainability development of

the mobile phone telecommunication industry. October 10 to November 15,
2015 on 123 employees that internal marketing plays a significant role in the
sustainable development of the mobile phone telecommunication industry in
Bangladesh. Effective achievement depends on the voluntary resourceful
employees. The study also found that employee’s welfare, training,
performance, recognition, promotion, good work place, recreation, equal
employment opportunity, work balance etc. Finally, the study will enable the
mobile phone telecommunication operates to attain and development of
employees various inspiring to improve and intercept them to work for the
sustainable development of the industry. Mobile phone telecommunication
industry is one of the potential industries. Also mobile phone
telecommunication has many challenges and opportunities for its entire
shareholder
The development and success depends on customer satisfaction. Customer
satisfaction is important term in mobile phone telecommunication industry.
The satisfied employees play a significant role in satisfaction of customer,
which encourage making repeat purchase of clients. The satisfaction and
concerned shareholder and profitability depend on the employee’s effort and
business development. Employees’ satisfaction and welfare business success
depends on the principal reasons and examine the relationship between
internal marketing and sustainable development of the mobile phone industry
of Bangladesh. But the recent study is not free from limitations. For example:
the competitiveness in the mobile phone telecommunication industry is very
delicate. A market player plays us trying to secure the position in the market
long run. The success of their efforts depends on the performance of their
employees. In the present time, merger, acquisition, diversification etc.
plays an important role in the mobile phone telecommunication industry of
Bangladesh.
Sustainable development of the mobile phone telecommunication industry of
Bangladesh success mainly depends on the customer satisfaction and the
development of the telecommunication industry. In the previous study,
focused on some specific factors more than maximum factors. In current
research the following hypothesis have been developed. (1) Internal marketing
does not have any role in the sustainable development of the mobile phone
telecommunication industry of Bangladesh. (2) Internal marketing has role in

the sustainable development of the mobile phone telecommunication industry

of Bangladesh. The mobile phone telecommunication industry of Bangladesh
first started its journey in the year 1989. The telecom sector and private sector
was participation allowed nationwide operating licenses to Hutchison
Bangladesh telecommunication limited for 20 years. The Pacific Bangladesh
telecommunication Limited (PBTL) and the Bangladesh Telecom Limited (BTL)
operates the other wireless communication network. In 1990, HBTL joint
venture between BTL and HBTL. In 1991, PBTL acquired HBTL and in 1992,
BTTB start the first cellular operation. In 1993 by introducing advance mobile
phone system. In 1997, Grameenphone launched its GSM service. In 1998,
Sheba Telecom launched its GSM service. The Bangladesh telecommunication
regulatory commission. In 2005, Sheba Telecom establish brand and its name
Banglalink. In 2008-2009, Japanese NTT DoCoMo bought 30% stake in Aktel
and rebrand Robi. Bharti Airtel 70% stake in Waird Telecom in January 2010
and rebrand Airtel. 3G mobile service introduced by stake owned Teletalk in
October 2012.
Table 1: Mobile Phone Industry in Bangladesh

Rank November November November November
/Sequence Operators 2014 2015 2016 2017
01 GP 51.112 56.477 56.785 64.959

02 Banglalink 30.681 32.956 30.431 32.330
03 Robi 25.251 28.296 25.261 41.397
04 Airtel 7.468 10.345 7.729 Merged with
Robi
05 Citycell 1.306 1.034 0.000 0.000
06 Teletalk 3.805 4.057 3.081 4.419
Total 119.623 133.163 123.287 143.106
The present study represents the necessity to acquire and development of the
mobile phone telecommunication industry of Bangladesh.
(7) Worldwide internet is developing day by day about corporate
responsibility. In recent year, customer satisfaction and loyalty by corporate
social responsibility. The study found the relationship between corporate
social responsibility and purchase intention. However, the significant
relationship between customer satisfaction and corporate social responsibility
of telecommunication industry of Bangladesh. In present business world,

internet plays a significant role in the telecommunication industry of

Bangladesh. Most of the organization trying to apply Bottom Line concept.
Sustainable behavior, interrelationships between economic and social
environmental aspects. Now a day, Bangladesh we have 10 million active cell
phone users to the BTRC (Bangladesh Telecommunication Regulatory
Commission). Corporate social responsibility on customer satisfaction depends
on customer behavior. Economic corporate social responsibility, legal
corporate responsibility. Ethical corporate social responsibility, and
philanthropy refers to the customer satisfaction and customer loyalty and
customer intention is the most important term in telecommunication industry
of Bangladesh. Five questions were asked to the customer about sustainable
behavior. Five questions were wanted from the customer about the
telecommunication industry. Corporate social responsibility and customer
satisfaction depends customer satisfaction, customer loyalty and purchase
intention. Corporate social responsibility is important that 64(32%)customer
neither agree or disagree. In our paper, sustainable behavior, purchase
intention awareness is important term. Service quality and customer
satisfaction in telecommunication industry of Bangladesh growing day by day.
8. Wireless telecom industry in Bangladesh is an important term. Private and
public organization as loyal customer of wireless telecommunication industry
in Bangladesh growing worldwide day by day. Loyalty, trust, switching cost and
corporate image is the important term in wireless telecom industry in
Bangladesh. Telecommunication Regulatory commission (BTRC). The number
of mobile phone users was 72.63 million at end of the March 2011. The
number of users are increasing day by day. In 2012, the number of active
member increase 14.924 million and annual growth rate 20.45%per year.
According to the fifth national (BBS March 2011) Bangladesh Bureau of
statistics population of Bangladesh stands at 142.319 million. And the ratio
between female and male 71.255 million and 71.064 million. 51.26% people of
Bangladesh engaged in using mobile phone service and market coverage by
wireless telecom industry. Six mobile phone operators service are grammen
phone (GP), Orascom telecom limited (Banglalink) Robi Axiate Limited (Robi),
Airtel Bangladesh Limited (Airtel), Teletalk Bangladesh Limited (Teletalk) and
Pacific Bangladesh Telecom Limited (Citycell) industry providing the wireless
telecom communication services via mobile phone. Wireless telecom industry
entitled by employed personal and private and public organization has been
addressed for the study. Trust is the most important term in employed

personal vs loyal customers. Researchers have established that trust is

essential for long term relationships. In business environment to build and
long-term relationships between trust and customer loyalty. Fundamental
developing customer loyalty. It positively related to customer loyalty and
provide customer service. Customer loyalty and customer service both are
considered and relating customer behavior corporate image can be described
and the result of a process of ideas, feelings. Switching cost is another
important term in telecom industry in Bangladesh. Customer loyalty divided
loyalty from the prospective of the behavior school. (2) customer loyalty from
the perspective of the attitudinal school. The study was examined and
previously developed and findings the employees and customer satisfaction.
Customer loyalty and switching cost is the main reason of developing the
customer satisfaction. High growth of the market availability of sustainable
product. This service gradually increasing of Bangladesh plays a significant role
in telecom industry of Bangladesh.
9. Customer satisfaction is a major concern of marketing. Markets are now a
day will improve in future. Quality factor affecting customer satisfaction in
mobile phone telecommunication industry in Bangladesh. Some particular
factors are responsible for customer satisfaction in mobile phone
telecommunication industry in Bangladesh. Mobile phone providers should be
concerned for factors responsible and can play significant role in the customer
satisfaction in mobile phone telecommunication industry in Bangladesh. Today
telecommunication is an important part in our daily life. Now a day mobile
phone play an significant role in our everyday life. Mobile phone is not only
used for calls but also used for text, email, many other function an
communicating with others. As well as connect internet. Mobile
telecommunication is one of the most developing sector in Bangladesh. The
number of mobile phone users are increasing day by day. There are many
challenges of customer satisfaction. Many foreign investors are interested to
do business in telecom industry in Bangladesh. Bangladesh has six mobile
telecommunication industry (BTRC 2014). Now a days total mobile phone
subscriber has reached 111.797 million at the end of the October 2013 (BTRC
2014). Mobile phone operators in Bangladesh currently provide voice call,
voice message, SMS, MMS, internet etc. Customer is main elements of
business. Without customer business is impossible. Customer is created for
business. Higher customer satisfaction leads higher profitability. Customer
satisfaction in mobile phone telecommunication industry in Bangladesh and

provide customer satisfaction. Customer satisfaction is the main concerned of

marketing and markers. Customer satisfaction is main factors and leads to
customer success. Customer satisfaction provide customer service.
Increasing customer satisfaction increase profitability customer loyalty, quality
and customer satisfaction. Customer satisfaction is a key elements of the profit
chain. Quality affecting customer satisfaction. The factors that output technical
quality, service performance quality and an organizations mental picture
affecting customer satisfaction also. Price is the most important element of
customer satisfaction. Price is indicator of product quality. Service
innovativeness, service consistency, service competitiveness, network
coverage, pricing, quality offering, customer demand and brand value is
related to customer satisfaction. And also affecting in mobile
telecommunication industry in Bangladesh. Signal quality and network
coverage plays a significant role in customer satisfaction. Mobile service
provide value added service and customer satisfaction includes SMS, MMS
service, voice call service alert and information service etc. The study was
examined that the customer satisfaction and customer fulfilment of demand
value added service, brand value.
1.2OBJECTIVE AND THE METHODOLOGY OF THE STUDY

Objective of this study is to evaluate the telecom industry risk of the selected
mobile telecom company for past 10(2012-2022) years. Moreover, we are also
going to study on
 Top 10 industry risk.
 Risk driver.
 SWOT.
 8 shaping trend of telecom industry.
 Risk management process.
 Improvement of risk control.
 Overview of 3 listed company of DSE.
 Overview of Bangladesh telecom industry.
We work on telecommunication industry. Under this sector DSE has listed 3

companies they are Grameenphone , Robi Axiata LTD and BSCCL.We calculate
their industry risk. We have work with their closing prices, market index
(DSEX) and market return.GP and BSCCL have 10 year closing price but ROBI
has listed for 2 year so it has closing price for 2 year. By using closing prices we

calculate Mean Return SD, SSD, Beta, Risk free, Sharpe ratio, Sortino ratio and
Treynor Ratio.
Mean Return: Mean return is the average of the return.Mean is used to
understand the performance of a company’s stock price over a time.
SD (Standard Deviation): Standard deviation is a basic mathematical concept
that measures volatility in the market or the average amount by which
individual data points differ from the mean.
SSD (Semi Standard Deviation): semi standard deviation is used to measure
the dispersion of a stock price from an observed mean. Semi-deviation
measures only the below-mean, or negative, fluctuations in an asset's price.
Beta: Beta is a measure of the systematic risk of a security or portfolio

compared to the market as a whole. If betas value is more than 1 it is more
risky.
Risk Free Rate of Return: The risk-free rate of return is the theoretical rate of
return of an investment with zero risk. The risk free rate represents the
interest an investor would expect from an absolutely risk-free investment over
a specified period of time.
Sharpe Ratio: The Sharpe ratio compares the return of an investment with its
risk. A higher Sharpe ratio is better when comparing similar portfolios.
Sortino Ratio: The Sortino ratio is a variation of the Sharpe ratio that
differentiates harmful risk from total overall risk by using the stock’s standard
deviation of negative portfolio returns downside deviation instead of the
total standard deviation of portfolio returns.
Treynor Ratio: The Treynor ratio is a performance metric for determining how
much excess return was generated for each unit of risk taken on by a
portfolio.

Treasury Bill
2 01 August, 2022 5.75%
3 03 July, 2022 5.13%
4 01 June, 2022 3.90%
5 05 May, 2022 3.07%
6 03 April, 2022 2.39%
7 01 March, 2022 2.38%
8 01 February, 2022 2.66%
9 01 January, 2022 2.74%
10 01 December, 2021 2.57%
11 01 November, 2021 1.94%
12 01 October, 2021 1.24%
13 01 September, 2021 0.82%
14 01 August, 2021 0.65%
15 01 July, 2021 0.69%
16 01 June, 2021 0.72%
17 01 May, 2021 0.64%
18 01 April, 2021 0.58%
19 01 March, 2021 0.53%
20 01 February, 2021 0.70%
21 01 January, 2021 1.04%
22 01 December, 2020 1.97%
23 01 November, 2020 3.11%
24 01 October, 2020 4.36%
25 01 September, 2020 5.56%
26 01 August, 2020 6.51%
27 01 July, 2020 7.13%
28 01 June, 2020 7.17%
29 01 May, 2020 7.06%
30 01 April, 2020 7.11%
31 01 March, 2020 7.07%
32 01 February, 2020 6.85%
33 01 January, 2020 6.76%
34 01 December, 2019 7.04%
35 01 November, 2019 7.63%
36 01 October, 2019 7.58%
37 01 September, 2019 7.13%

38 01 August, 2019 6.33%

39 01 July, 2019 5.44%
40 01 June, 2019 4.31%
41 01 May, 2019 3.58%
42 01 April, 2019 3.14%
43 01 March, 2019 2.66%
44 01 February, 2019 2.01%
45 01 January, 2019 1.50%
46 02 December, 2018 1.51%
47 01 November, 2018 1.61%
48 01 October, 2018 2.14%
49 03 September, 2018 2.52%
50 01 August, 2018 2.57%
51 01 July, 2018 2.46%
52 03 June, 2018 2.47%
53 03 May, 2018 3.16%
54 01 April, 2018 3.36%
55 01 March, 2018 3.40%
56 01 February, 2018 3.34%
57 01 January, 2018 3.36%
58 03 December, 2017 3.54%
59 01 November, 2017 3.83%
60 02 October, 2017 4.02%
61 04 September, 2017 3.91%
62 01 August, 2017 3.53%
63 02 July, 2017 3.09%
64 01 June, 2017 2.89%
65 02 May, 2017 2.91%
66 02 April, 2017 2.94%
67 01 March, 2017 2.97%
68 01 February, 2017 3.00%
69 01 January, 2017 3.06%
70 01 December, 2016 3.18%
71 01 November, 2016 3.43%
72 02 October, 2016 3.98%
73 01 September, 2016 4.14%
74 01 August, 2016 4.08%
75 10 July, 2016 3.65%
76 01 June, 2016 3.34%
77 02 May, 2016 3.00%
78 03 April, 2016 2.87%

79 01 March, 2016 2.92%

80 01 February, 2016 3.01%
81 03 January, 2016 3.81%
82 01 December, 2015 4.56%
83 01 November, 2015 5.39%
84 01 October, 2015 5.43%
85 01 September, 2015 5.48%
86 01 August, 2015 5.85%
87 01 July, 2015 6.56%
88 01 June, 2015 7.21%
89 01 May, 2015 7.45%
90 01 April, 2015 7.59%
91 01 March, 2015 7.61%
92 01 February, 2015 7.61%
93 01 January, 2015 7.49%
94 01 December, 2014 7.28%
95 01 November, 2014 7.12%
96 01 October, 2014 6.91%
97 01 September, 2014 6.96%
98 01 August, 2014 7.03%
99 01 July, 2014 7.20%
100 01 June, 2014 6.920%
101 01 May, 2014 7.113%
102 01 April, 2014 7.295%
103 01 March, 2014 7.238%
104 01 February, 2014 7.402%
105 01 January, 2014 7.425%
106 01December, 2013 7.478%
107 01 November, 2013 8.132%
108 01 October, 2013 8.405%
109 01 September, 2013 8.558%
110 01 August, 2013 8.663%
111 01 July, 2013 8.490%
112 01 June, 2013 8.380%
113 01 May, 2013 8.348%
114 01 April, 2013 8.370%
115 01 March, 2013 9.163%
116 01 February, 2013 9.913%
117 01 January, 2013 10.150%
118 01 December, 2012 9.220%
119 01 November, 2012 9.600%

120 01 October, 2012 10.240%

121 30 September, 2012 11.150%
122 30 August, 2012 11.290%
123 30 July, 2012 11.360%
124 30 June, 2012 11.370%
125 30 May, 2012 11.340%
126 30 April, 2012 11.200%
127 30 March, 2012 11.000%
128 28 February, 2012 11.000%
129 30 January, 2012 10.500%
For GP & BSCCL 0.04869

For Robi 0.02007
Grameenphone
Date Closing Return Down-side Market index MARKET
Price Return (DSEX) Return
1 October, 2012 167.4 4311.13825
1 November, 174.2 0.040621266 4136.30619 -0.040553573
2012
1 December, 167.4 -0.039035591 -0.039035591 3973.28261 -0.039412841
2012
1 January, 2013 172.6 0.031063321 3458.10185 -0.129661242
1 February , 2013 169.5 -0.017960603 -0.017960603 3438.89753 -0.005553428
1 March, 2013 141 -0.168141593 -0.168141593 3878.07027 0.127707423
1 April, 2013 146.2 0.036879433 4104.646 0.058424864
1 May, 2013 146 -0.001367989 -0.001367989 3911.75212 -0.046994036
1 June, 2013 173.9 0.19109589 4140.30469 0.058427161
1 July, 2013 187.4 0.077630822 3928.4889 -0.051159469
1 August, 2013 183.8 -0.019210245 -0.019210245 3967.72898 0.009988594
1 September, 221.3 0.204026115 4147.20938 0.045235045
2013
1 October, 2013 187.7 -0.151830095 -0.151830095 4286.15366 0.033503078
1 November, 197.5 0.052210975 4753.17024 0.108959365
2013

1 December, 200.5 0.015189873 4749.86891 -0.000694553

2013
1 January, 2014 202 0.007481297 4526.94479 -0.046932689
1 February, 2014 211.4 0.046534653 4566.85991 0.008817231
1 March, 2014 219.4 0.037842952 4448.5761 -0.025900468
1 April, 2014 215.7 -0.016864175 -0.016864175 4480.52158 0.007181057
1 May, 2014 267.9 0.242002782 4427.1551 -0.011910774
1 June, 2014 275.4 0.027995521 4554.9777 0.028872402
1 July, 2014 291.9 0.059912854 5153.26797 0.131348672
1 August, 2014 313.1 0.072627612 5173.23208 0.003874068
1 September , 337.4 0.077610987 4868.64575 -0.058877376
2014
1 October, 2014 384.2 0.138707765 4941.51504 0.014967055
1 November, 370.7 -0.035137949 -0.035137949 4654.95482 -0.057990357
2014
1 December, 338.5 -0.086862692 -0.086862692 4739.65132 0.018194913
2014
1 January, 2015 364.3 0.076218612 4513.107 -0.047797676
1 February, 2015 326.2 -0.104584134 -0.104584134 4047.28611 -0.103215122
1 March,2015 335 0.026977315 4623.63092 0.142402784
1 April, 2015 353.7 0.055820896 4583.10991 -0.008763894
1 May, 2015 322.6 -0.087927622 -0.087927622 4792.30659 0.045645137
1 June, 2015 325.9 0.010229386 4724.51883 -0.014145122
1 July, 2015 328.6 0.00828475 4856.96557 0.028033911
1 August, 2015 325.7 -0.00882532 -0.00882532 4514.85128 -0.070437866
1 September, 314.7 -0.033773411 -0.033773411 4621.67443 0.023660392
2015
1 October, 2015 285.8 -0.091833492 -0.091833492 4629.64302 0.001724178
1 November, 248.9 -0.129111267 -0.129111267 4560.42394 -0.014951278
2015
1 December, 269.9 0.084371233 4484.03847 -0.016749642
2015
1 January, 2016 253.3 -0.061504261 -0.061504261 4357.53806 -0.028211268
1 February, 2016 256.3 0.011843664 4195.69851 -0.037140135
1 March, 2016 244.1 -0.047600468 -0.047600468 4421.79486 0.053887654
1 April, 2016 233.9 -0.041786153 -0.041786153 4507.58048 0.019400633
1May, 2016 244.4 0.044890979 4533.71246 0.005797341
1 June, 2016 256.4 0.049099836 4549.04373 0.003381615
1 July, 2016 256 -0.001560062 -0.001560062 4695.18902 0.032126596
1 August, 2016 275.6 0.0765625 4596.86451 -0.020941545
1 September, 264.4 -0.040638607 -0.040638607 4823.02378 0.049198594
2016
1 October, 2016 269.9 0.020801815 5083.89246 0.054088201
1 November, 278.2 0.03075213 5473.89142 0.076712669
2016

1 December, 284.2 0.021567218 5597.21656 0.022529702

2016
1 January, 2017 283 -0.004222379 -0.004222379 5719.61091 0.021867003
1 February, 2017 306.5 0.083038869 5475.55266 -0.042670429
1 March, 2017 309.4 0.009461664 5438.70501 -0.006729485
1 April, 2017 338.3 0.093406593 5656.04928 0.039962504
1 May, 2017 340 0.005025126 0.005025126 5876.26377 0.03893433
1 June, 2017 334.3 -0.016764706 -0.016764706 6006.43351 0.022151786
1 July, 2017 344.5 0.030511517 6092.84094 0.014385813
1 August, 2017 379.3 0.101015965 6072.33484 -0.003365606
1 September, 397 0.046664909 6306.86095 0.038622065
2017
1 October, 2017 414.8 0.044836272 6254.41473 -0.008315741
1 November, 440 0.06075217 6021.44709 -0.037248512
2017
1 December, 476.2 0.082272727 5870.83441 -0.025012705
2017
1 January, 2018 472 -0.008819824 -0.008819824 5747.14299 -0.021068797
1 February, 2018 500 0.059322034 5739.22955 -0.001376935
1 March, 2018 483.1 -0.0338 -0.0338 5343.87807 -0.068885811
1 April, 2018 471.7 -0.023597599 -0.023597599 5405.46105 0.011524024
1 May, 2018 463.6 -0.017171931 -0.017171931 5348.20253 -0.010592717
1 June, 2018 405.8 -0.124676445 -0.124676445 5600.6401 0.047200451
1 July, 2018 376.7 -0.071710202 -0.071710202 5369.91286 -0.041196584
1 August, 2018 392.4 0.041677728 5258.47686 -0.02075192
1 September, 388.4 -0.01019368 -0.01019368 5281.25158 0.004331049
2018
1 October, 2018 371.9 -0.042481977 -0.042481977 5465.25479 0.034840834
1 November, 380.1 0.022048938 5821.01017 0.065094015
2018
1 December, 360.6 -0.051302289 -0.051302289 5711.82993 -0.018756236
2018
1 January, 2019 312.3 -0.133943428 -0.133943428 5503.0807 -0.036546822
1 February, 2019 338 0.082292667 5202.85448 -0.054556027
1 March, 2019 349.5 0.034023669 5377.74607 0.033614546
1 April, 2019 376.5 0.077253219 5421.6246 0.008159279
1 May, 2019 322 -0.144754316 -0.144754316 5169.73894 -0.046459443
1 June, 2019 315.9 -0.018944099 -0.018944099 5070.68547 -0.019160246
1 July, 2019 311.2 -0.014878126 -0.014878126 4949.39923 -0.023919101
1 August, 2019 296.6 -0.046915167 -0.046915167 4682.90238 -0.053844282
1 September, 278.5 -0.061024949 -0.061024949 4758.81114 0.016209768
2019
1 October, 2019 317.4 0.13967684 4453.29095 -0.064200949
1 November, 283 -0.108380592 -0.108380592 4469.65654 0.003674943
2019

1 December, 279.9 -0.010954064 -0.010954064 4409.9186 -0.013365219

2019
1 January, 2020 281.4 0.005359057 0.005359057 4060.44779 -0.079246544
1 February, 2020 272.7 -0.030916844 -0.030916844 3999.49423 -0.015011536
1 March, 2020 270.5 -0.008067473 -0.008067473 3989.08858 -0.002601741
1 May, 2020 255.9 -0.053974122 -0.053974122 4214.42998 0.056489445
1 June, 2020 243.5 -0.048456428 -0.048456428 4862.22357 0.153708471
1 July, 2020 238.8 -0.019301848 -0.019301848 4995.31992 0.027373556
1 August, 2020 263.5 0.103433836 4896.68573 -0.01974532
1 320.1 0.214800759 4903.95567 0.001484665
September,2020
1 October, 2020 331 0.034051859 5402.06586 0.101573143
1 November, 329.2 -0.005438066 -0.005438066 5599.80065 0.03660355
2020
1 December, 320 -0.027946537 -0.027946537 5426.82205 -0.030890135
2020
1 January, 2021 376.4 0.17625 5270.53103 -0.028799732
1 February, 2021 370.3 -0.016206164 -0.016206164 5479.61533 0.039670443
1 March, 2021 336.7 -0.09073724 -0.09073724 5993.33355 0.093750782
1 April, 2021 325.5 -0.033264033 -0.033264033 6150.48392 0.026220862
1 May, 2021 337 0.035330261 6425.25664 0.044674976
1 June, 2021 346.4 0.027893175 6916.38971 0.076437892
1 July, 2021 348.4 0.005773672 0.005773672 7329.03694 0.059662229
1 August, 2021 370.7 0.064006889 6998.0396 -0.04516246
1 362.1 -0.023199353 -0.023199353 6847.00432 -0.021582513
September,2021
1 October, 2021 378.1 0.044186689 6756.6568 -0.01319519
1 November, 353.9 -0.064004232 -0.064004232 6997.6036 0.035660654
2021
1 December, 355.8 0.005368748 0.005368748 6753.78965 -0.034842492
2021
1 January, 2022 349.2 -0.018549747 -0.018549747 6757.83526 0.000599013
1 February, 2022 354.6 0.015463918 6655.6665 -0.015118563
1 March, 2022 340.3 -0.040327129 -0.040327129 6433.1729 -0.033429199
1 April, 2022 324.9 -0.045254187 -0.045254187 6376.94392 -0.008740474
1 May, 2022 318.9 -0.018467221 -0.018467221 6163.99432 -0.033393676
1 June, 2022 306.8 -0.037942929 -0.037942929 6508.60736 0.055907423
1 July, 2022 291.1 -0.051173403 -0.051173403 6376.94392 -0.020229126
1 August, 2022 302.7 0.039848849 6163.99432 -0.033393676
1 September, 288.1 -0.048232574 -0.048232574 6508.60736 0.055907423
2022
Mean 0.007206373 Sharpe ratio -0.56886389

Return

SD 0.073111522 Sortino Ratio -0.984251784

SSD 0.042255961 Treynor Ratio 0.365063963
Beta -0.113926624
Risk Free 0.0487968782
Bangladesh Submarine Cable Company

Limited
Date Closing Return Down-Side Market index MARKET
1 October, 138.1739 4311.13825
2012
1 November, 132.3478 - -0.042164982 4136.30619 -
2012 0.042164982 0.04055357
3
1 December, 122.1739 - -0.076872453 3973.28261 -
2012 0.076872453 0.03941284
1
1 January, 2013 114.087 - -0.066191715 3458.10185 -
0.066191715 0.12966124
2
1 February , 112.5217 - -0.013720231 3438.89753 -
2013 0.013720231 0.00555342
8
1 March, 2013 104.087 - -0.074960652 3878.07027 0.12770742
0.074960652 3
1 April, 2013 100.9565 - -0.030075802 4104.646 0.05842486
0.030075802 4
1 May, 2013 102 0.010336135 0.010336135 3911.75212 -
0.04699403
6
1 June, 2013 132.6957 0.300938235 4140.30469 0.05842716
1
1 July, 2013 249.3044 0.878767737 3928.4889 -
0.05115946
9
1 August, 2013 257.1304 0.031391343 3967.72898 0.00998859
4

1 September, 231.7391 - -0.098748728 4147.20938 0.04523504

2013 0.098748728 5
1 October, 212.8 - -0.081725958 4286.15366 0.03350307
2013 0.081725958 8
1 November, 174.2 - -0.181390977 4753.17024 0.10895936
2013 0.181390977 5
1 December, 169.4 - -0.027554535 4749.86891 -
2013 0.027554535 0.00069455
3
1 January, 2014 171.1 0.010035419 0.010035419 4526.94479 -
0.04693268
9
1 February, 167.4 - -0.021624781 4566.85991 0.00881723
2014 0.021624781 1
1 March, 2014 221.1 0.32078853 4448.5761 -
0.02590046
8
1 April, 2014 204.7 - -0.074174582 4480.52158 0.00718105
0.074174582 7
1 May, 2014 177 -0.13531998 -0.13531998 4427.1551 -
0.01191077
4
1 June, 2014 183.2 0.035028249 4554.9777 0.02887240
2
1 July, 2014 181.7 - -0.008187773 5153.26797 0.13134867
0.008187773 2
1 August, 2014 179.7 - -0.011007155 5173.23208 0.00387406
0.011007155 8
1 September , 139.2 - -0.225375626 4868.64575 -
2014 0.225375626 0.05887737
6
1 October, 146.3 0.051005747 4941.51504 0.01496705
2014 5
1 November, 137.8 - -0.058099795 4654.95482 -
2014 0.058099795 0.05799035
7
1 December, 123.8 - -0.101596517 4739.65132 0.01819491
2014 0.101596517 3
1 January, 2015 117.9 - -0.047657512 4513.107 -

0.047657512 0.04779767
6
1 February, 103.1 -0.12553011 -0.12553011 4047.28611 -
2015 0.10321512
2
1 March,2015 142.5 0.382153249 4623.63092 0.14240278
4
1 April, 2015 121.8 - -0.145263158 4583.10991 -
0.145263158 0.00876389
4
1 May, 2015 110.7 - -0.091133005 4792.30659 0.04564513
0.091133005 7
1 June, 2015 159.1 0.437217706 4724.51883 -
0.01414512
2
1 July, 2015 129 - -0.189189189 4856.96557 0.02803391
0.189189189 1
1 August, 2015 135.2 0.048062016 4514.85128 -
0.07043786
6
1 September, 121.7 - -0.099852071 4621.67443 0.02366039
2015 0.099852071 2
1 October, 112.5 - -0.075595727 4629.64302 0.00172417
2015 0.075595727 8
1 November, 104.6 - -0.070222222 4560.42394 -
2015 0.070222222 0.01495127
8
1 December, 107.1 0.023900574 4484.03847 -
2015 0.01674964
2
1 January, 2016 106.9 - -0.001867414 4357.53806 -
0.001867414 0.02821126
8
1 February, 104.9 - -0.018709074 4195.69851 -
2016 0.018709074 0.03714013
5
1 March, 2016 102.8 - -0.020019066 4421.79486 0.05388765
0.020019066 4
1 April, 2016 105.7 0.028210117 4507.58048 0.01940063

3
1May, 2016 99.2 - -0.061494797 4533.71246 0.00579734
0.061494797 1
1 June, 2016 105.4 0.0625 4549.04373 0.00338161
5
1 July, 2016 109.5 0.038899431 4695.18902 0.03212659
6
1 August, 2016 107.8 - -0.015525114 4596.86451 -
0.015525114 0.02094154
5
1 September, 109.3 0.013914657 4823.02378 0.04919859
2016 4
1 October, 123.4 0.129002745 5083.89246 0.05408820
2016 1
1 November, 116.8 - -0.053484603 5473.89142 0.07671266
2016 0.053484603 9
1 December, 119.1 0.019691781 5597.21656 0.02252970
2016 2
1 January, 2017 117.7 - -0.011754828 5719.61091 0.02186700
0.011754828 3
1 February, 122.9 0.044180119 5475.55266 -
2017 0.04267042
9
1 March, 2017 123 0.00081367 0.00081367 5438.70501 -
0.00672948
5
1 April, 2017 121.4 -0.01300813 -0.01300813 5656.04928 0.03996250
4
1 May, 2017 120.2 - -0.009884679 5876.26377 0.03893433
0.009884679
1 June, 2017 116.2 -0.03327787 -0.03327787 6006.43351 0.02215178
6
1 July, 2017 121.4 0.04475043 6092.84094 0.01438581
3
1 August, 2017 121.5 0.000823723 0.000823723 6072.33484 -
0.00336560
6
1 September, 117.2 - -0.035390947 6306.86095 0.03862206
2017 0.035390947 5

1 October, 113.2 - -0.034129693 6254.41473 -

2017 0.034129693 0.00831574
1
1 November, 108.7 -0.03975265 -0.03975265 6021.44709 -
2017 0.03724851
2
1 December, 103.5 - -0.047838086 5870.83441 -
2017 0.047838086 0.02501270
5
1 January, 2018 104.2 0.006763285 0.006763285 5747.14299 -
0.02106879
7
1 February, 95.5 - -0.083493282 5739.22955 -
2018 0.083493282 0.00137693
5
1 March, 2018 97.5 0.020942408 5343.87807 -
0.06888581
1
1 April, 2018 93.7 - -0.038974359 5405.46105 0.01152402
0.038974359 4
1 May, 2018 93.1 - -0.006403415 5348.20253 -
0.006403415 0.01059271
7
1 June, 2018 85.9 - -0.077336198 5600.6401 0.04720045
0.077336198 1
1 July, 2018 99.6 0.159487776 5369.91286 -
0.04119658
4
1 August, 2018 90.4 - -0.092369478 5258.47686 -
0.092369478 0.02075192
1 September, 113.7 0.257743363 5281.25158 0.00433104
2018 9
1 October, 76.4 - -0.328056288 5465.25479 0.03484083
2018 0.328056288 4
1 November, 86.3 0.129581152 5821.01017 0.06509401
2018 5
1 December, 86.9 0.006952491 0.006952491 5711.82993 -
2018 0.01875623
6

1 January, 2019 96.7 0.112773303 5503.0807 -

0.03654682
2
1 February, 155.8 0.611168563 5202.85448 -
2019 0.05455602
7
1 March, 2019 175.5 0.126444159 5377.74607 0.03361454
6
1 April, 2019 162.2 - -0.075783476 5421.6246 0.00815927
0.075783476 9
1 May, 2019 152.8 - -0.057953144 5169.73894 -
0.057953144 0.04645944
3
1 June, 2019 143.2 - -0.062827225 5070.68547 -
0.062827225 0.01916024
6
1 July, 2019 122.8 - -0.142458101 4949.39923 -
0.142458101 0.02391910
1
1 August, 2019 123 0.001628664 0.001628664 4682.90238 -
0.05384428
2
1 September, 112.5 - -0.085365854 4758.81114 0.01620976
2019 0.085365854 8
1 October, 123.5 0.097777778 4453.29095 -
2019 0.06420094
9
1 November, 106.2 - -0.140080972 4469.65654 0.00367494
2019 0.140080972 3
1 December, 104.2 - -0.018832392 4409.9186 -
2019 0.018832392 0.01336521
9
1 January, 2020 92.7 - -0.110364683 4060.44779 -
0.110364683 0.07924654
4
1 February, 106.8 0.15210356 3999.49423 -
2020 0.01501153
6
1 March, 2020 92.6 - -0.132958801 3989.08858 -

0.132958801 0.00260174
1
1 May, 2020 78.4 - -0.153347732 4214.42998 0.05648944
0.153347732 5
1 June, 2020 81.2 0.035714286 4862.22357 0.15370847
1
1 July, 2020 81.7 0.006157635 0.006157635 4995.31992 0.02737355
6
1 August, 2020 105.5 0.29130967 4896.68573 -
0.01974532
1 129.3 0.225592417 4903.95567 0.00148466
September,202 5
0
1 October, 130.2 0.006960557 0.006960557 5402.06586 0.10157314
2020 3
1 November, 138.5 0.06374808 5599.80065 0.03660355
2020
1 December, 138.7 0.001444043 0.001444043 5426.82205 -
2020 0.03089013
5
1 January, 2021 165.8 0.195385725 5270.53103 -
0.02879973
2
1 February, 162.6 - -0.019300362 5479.61533 0.03967044
2021 0.019300362 3
1 March, 2021 161.6 - -0.006150062 5993.33355 0.09375078
0.006150062 2
1 April, 2021 160.4 - -0.007425743 6150.48392 0.02622086
0.007425743 2
1 May, 2021 169.4 0.056109726 6425.25664 0.04467497
6
1 June, 2021 179.5 0.059622196 6916.38971 0.07643789
2
1 July, 2021 173.7 - -0.032311978 7329.03694 0.05966222
0.032311978 9
1 August, 2021 180.9 0.041450777 6998.0396 -
0.04516246
1 178.9 - -0.011055832 6847.00432 -
September,202 0.011055832 0.02158251

1 3
1 October, 221.8 0.23979877 6756.6568 -
2021 0.01319519
1 November, 204.6 -0.07754734 -0.07754734 6997.6036 0.03566065
2021 4
1 December, 183.7 - -0.102150538 6753.78965 -
2021 0.102150538 0.03484249
2
1 January, 2022 205.3 0.117583016 6757.83526 0.00059901
3
1 February, 225.5 0.098392596 6655.6665 -
2022 0.01511856
3
1 March, 2022 208.6 - -0.074944568 6433.1729 -
0.074944568 0.03342919
9
1 April, 2022 210.9 0.011025887 0.011025887 6376.94392 -
0.00874047
4
1 May, 2022 223 0.057373163 6163.99432 -
0.03339367
6
1 June, 2022 217.2 - -0.026008969 6508.60736 0.05590742
0.026008969 3
1 July, 2022 222 0.022099448 6376.94392 -
0.02022912
6
1 August, 2022 221.7 - -0.001351351 6163.99432 -
0.001351351 0.03339367
6
1 September, 229.6 0.035633739 6508.60736 0.05590742
2022 3
Mean 0.013787759 Sharpe Ratio -

Return 0.23131713
9
SD 0.151346847 Sortino Ratio -

0.56969032
7
SSD 0.061452895 Treynor Ratio 0.19267816
9
Beta -
0.181697386
Risk Free 0.048796878
2
Robi Axiata Limited

Date Closing Return Down-side Market index MARKET
1 January, 2021 32.7 5270.53103
1 February, 51.5 0.574923547 5479.61533 0.03967044
2021 3
1 March, 2021 45.3 -0.12038835 -0.12038835 5993.33355 0.09375078
2
1 April, 2021 44.7 - -0.013245033 6150.48392 0.02622086

0.013245033 2
1 May, 2021 46.2 0.033557047 6425.25664 0.04467497
6
1 June, 2021 47.4 0.025974026 6916.38971 0.07643789
2
1 July, 2021 43.6 - -0.080168776 7329.03694 0.05966222
0.080168776 9
1 August, 2021 42.9 - -0.016055046 6998.0396 -
0.016055046 0.04516246
1 42.4 - -0.011655012 6847.00432 -
September,202 0.011655012 0.02158251
1 3
1 October, 40.6 -0.04245283 -0.04245283 6756.6568 -
2021 0.01319519
1 November, 39.7 - -0.022167488 6997.6036 0.03566065
2021 0.022167488 4
1 December, 38.6 - -0.027707809 6753.78965 -
2021 0.027707809 0.03484249
2
1 January, 2022 35.3 - -0.085492228 6757.83526 0.00059901
0.085492228 3
1 February, 38.3 0.084985836 6655.6665 -
2022 0.01511856
3
1 March, 2022 35.6 - -0.070496084 6433.1729 -
0.070496084 0.03342919
9
1 April, 2022 33.8 - -0.050561798 6376.94392 -
0.050561798 0.00874047
4
1 May, 2022 32.1 - -0.050295858 6163.99432 -
0.050295858 0.03339367
6
1 June, 2022 29.2 - -0.090342679 6508.60736 0.05590742
0.090342679 3
1 July, 2022 33.1 0.133561644 6376.94392 -
0.02022912
6
1 August, 2022 30 - -0.093655589 6163.99432 -

0.093655589 0.03339367
6
1 September, 30 0 0 6508.60736 0.05590742
2022 3
Mean 0.003915876 Sharpe Ratio -

Return 0.12254635
5
SD 0.14795824 Sortino Ratio -
0.49427315
SSD 0.036683649 Treynor Ratio -
0.06952194
8
Beta 0.260806028
Risk Free 0.022047619
0
GP BSCCL ROBI
Mean Return 0.007206373 0.013787759 0.003915876
SD 0.073111522 0.151346847 0.14795824
SSD 0.042255961 0.061452895 0.036683649
Beta -0.113926624 -0.181697386 0.260806028
Risk Free 0.0487968782 0.0487968782 0.0220476190
Sharpe Ratio -0.56886389 -0.231317139 -0.122546355
Sortino Ratio -0.984251784 -0.569690327 -0.49427315
Treynor Ratio 0.365063963 0.192678169 -0.069521948

Mean return: Mean return represent the average return on any investment
over a period of time. Here the mean returns are:
GRAMEENPHONE : 0.00720 or 0.72%
BSCCL: 0.0137 or 1.4%
ROBI: 0.0039 0R 0.39%
Here it is clear that BSCCL has largest mean return. After that Grameenphone
and lowest return on Robi. As mean represent return the largest return will be
preferred. According to mean BSCCL performance is better.
Standard Deviation: The standard deviation can help quantify how risky an
investment is and determine their minimum required return on the
investment.
GRAMEENPHONE : 7.31%
BSCCL: 15.13%
ROBI: 14.80%
Higher standard deviation represents higher risk, BSCCL has 15.13% then Robi
with 14.80% and Grameenphone has lowest risk with 7.31%.
According to SD Grameenphone performance is better
Semi- Standard deviation: Semi-deviation is an alternative measurement to
standard deviation or variance. However, unlike those measures, semi-
deviation looks only at negative price fluctuations. More accurate than
standard deviation in a point of view of investment.
GRAMEENPHONE : 4.23%
BSCCL: 6.15%
ROBI: 3.67%

Here it is clear BSCCL has highest risk with 6.15%, and then Grameenphone
with 4.23% and Robi has lowest SSD with 3.67%. Here Robi’s performance is
better
Beta: Beta represent the volatility (how securities price swing around the
mean price) of stock. Beta less than 1 is better for investment. As beta more
than 1 represents higher volatility which means higher swing of price as a
result higher return.
Here
GRAMEENPHONE : -0.11
BSCCL: -0.18
ROBI: 0.26
GP & BSCCL both of them has beta less than 1 and Robi has more than 1, GP &
BSCCL are less risky than Robi.
Sharpe Ratio: Sharp ratio tells how much return is generated by taking per
unit of risk.
BSCCL: -0.23
ROBI: -0.12
 By taking 1-unit risk of Grameenphone an investor can earn -0.57 return

 By taking 1-unit risk of BSCCL an investor can earn -0.23 return
 By taking 1-unit risk of Robi an investor can earn -0.12 return
Here Robi is giving the highest return and then BSCCL and Grameenphone is
giving the lowest by taking a unit of risk.
Sort ratio: Because the Sortino ratio focuses only on the negative deviation of
a portfolio's returns from the mean, it is thought to give a better view of a
portfolio's risk-adjusted performance since positive volatility is a benefit.
BSCCL: -0.57
ROBI: -0.49

The higher Sortino ratio will be better for any investor, thus Robi will be
preferred for investor with higher sortino ratio.
Treynor Ratio:
GRAMEENPHONE : 0.37
BSCCL: 0.19
ROBI: -0.07
A higher ratio indicates a more favorable risk/return scenario. GP and BSCCL
has positive ratio and GP has the higher ratio. GP’s performance is better in
this ratio
Keep in mind that Treynor Ratio values are based on past performance that
may not be repeated in future performance.
Summary table: best investment decision

According to Company performance
Mean return BSCCL with 1.3%
SD Grameenphone with lowest risk

(7.31%)
SSD Robi with lowest risk (3.61%)
Beta Both BSCCL & Robi with less than 1

beta
Sharpe ratio Robi with higher return by taking 1
unit of risk
Sortino Ratio Robi with higher sortino
Treynor Ratio GP with higher Treynor
Overall Robi’s performance is better but as both Sharpe and sortino ratio is
given negative value and Treynor ratio is given positive value GP also can be
give better performer .

Summary statistics of data analysis:
Column1( Mean)
Mean 0.008303336
Standard Error 0.002902069
Median 0.007206373
Mode #N/A
Standard Deviation 0.005026531
Sample Variance 2.5266E-05
Kurtosis #DIV/0!
Skewness 0.935283845
Range 0.009871883
Minimum 0.003915876
Maximum 0.013787759
Sum 0.024910008
Count 3
This Colum 1 is summary of Mean of telecommunication industry. Here Mean

of mean is 0.008303336 which is average of mean of 3 companies. Standard
Error is 0.002902069 which means the standard deviation of its sampling
distribution. Median is 0.007206373 which means it is the middle value of
mean of 3 companies. Here the mean is greater than the median, the
distribution is positively skewed. Standard Deviation is 0.005026531 which
means data are gathered around mean because standard deviation is lower
than mean. Mode can’t be calculated for these data. Standard variance is
0.000025266 which means the average of the squared differences from the
mean is 0.000025266 . Kurtosis can’t be calculated for these data.Skewness is
0.935283845 which means the data are moderately skewed. Minimum value
of mean of 3 companies is 0.003915876 and it is the mean of Robi Axiata LTD.
Range is 0.009871883 which means how much mastery the mean is.Minimum

value of mean of 3 companies is 0.003915876and it is the mean of Robi Axiata

Company. Maximum value of mean of 3 companies is 0.013787759 and it is
the mean of BSCCL. Sum is 0.024910008 which is sum of mean of 3
companies . Count is 3 that means we work with 3 companies.
Column2(SD)
Mean 0.12413887
Median 0.14795824
Mode #N/A
Sample Variance 0.001955713
Kurtosis #DIV/0!
Skewness -1.720617169
Range 0.078235324
Minimum 0.073111522
Maximum 0.151346847
Sum 0.372416609
Count 3
This Colum 2 is summary of Standard Deviation of telecommunication industry.

Here Mean of SD is 0.12413887 which is average of SD of 3 companies.
Standard Error is 0.025532419 which means the standard deviation of its
sampling distribution . Median is 0.14795824 which means it is the middle
value of SD of 3 companies. Here the mean is lower than the median, the
distribution is negatively skewed. Mode can’t be calculated for these data.
Standard Deviation is 0.044223447 which means data are gathered around
mean because standard deviation is lower than mean. Kurtosis can’t be
calculated for these data . Skewness is -1.720617169 which means the data
are moderately skewed that means the data are fairly symmetrical. Range is
0.078235324 which means how much mastery the mean of the three
companies work. Minimum value of SD of 3 companies is 0.073111522 and it is
the SD of Grameenphone . Maximum value of SD of 3 companies is
0.151346847 and is the SD of BSCCL. Sum is 0.372416609 which is sum of SD
of 3 companies . Count is 3 that means we work with 3 companies.

Column3 (SSD)
Mean 0.046797502
Median 0.042255961
Mode #N/A
Kurtosis #DIV/0!
Range 0.024769245
Minimum 0.036683649
Maximum 0.061452895
Sum 0.140392505
Count 3
This Colum 3 is summary of SSD of telecommunication industry. Here Mean of

SSD is 0.046797502 which is average of SSD of 3 companies. Standard Error is
0.007502179 which means the standard deviation of its sampling
distribution .Median is 0.042255961 which means it is the middle value of SSD
of 3 companies. Here the mean is greater than the median, the distribution is
positively skewed. Standard Deviation is 0.012994155 which means data are
gathered around mean because standard deviation is lower than mean. Mode
can’t be calculated for these data. Standard variance is 0.000168848 which
means the average of the squared differences from the mean is 0.000168848 .
Kurtosis can’t be calculated for these data.
Skewness is 1.380656496 which means the data are highly skewed that
means the data are not evenly distributed.
Range is 0.024769245 which means how much mastery the mean of the three
companies Minimum value of SSD of 3 companies is 0.036683649 and it is the
SSD of Robi Axiata LTD. Maximum value of SSD of 3 companies is
0.061452895and is the mean of BSCCL. Sum is 0.140392505 which is sum of
SSD of 3 companies . Count is 3 that means we work with 3 companies.

Column4 (Beta)
Mean -0.011605994
Median -0.113926624
Mode #N/A
Kurtosis #DIV/0!
Range 0.442503414
Minimum -0.181697386
Maximum 0.260806028
Sum -0.034817982
Count 3
This Colum 4 is summary of Beta of telecommunication industry. Here Mean of

Beta is -0.011605994 which is average of Beta of 3 companies. Standard Error
is 0.137603841 which means the standard deviation of its sampling
distribution. Median is- 0.113926624 which means it is the middle value of
Beta of 3 companies. Here the mean is higher than the median, the
distribution is positively skewed. Mode can’t be calculated for these data.
Standard Deviation is 0.238336844 which means data are not gathered
around mean because standard deviation is higher than mean.so data are
more spread in that case.. Kurtosis can’t be calculated for these data .
Skewness is 1.575835104 which means the data are highly skewed that
means the data are not evenly distributed. Range is 0.442503414 which
means how much mastery the Beta of the three companies work. Minimum
value of Beta of 3 companies is --0.181697386 and it is the Beta of BSCCL.
Maximum value of SD of 3 companies is 0.260806028 and is the Beta of
BSCCL. Sum is -0.034817982 which is sum of Beta of 3 companies . Count is 3
that

Column5(Sharpe Ratio)
Mean -0.30758
Median -0.23132
Mode #N/A
Kurtosis #DIV/0!
Skewness -1.31622
Range 0.446318
Minimum -0.56886
Maximum -0.12255
Sum -0.92273
Count 3
This Colum 5 is summary of Sharpe ratio of telecommunication industry. Here

Mean of Sharpe ratio is -0.30758 which is average of Sharpe ratio of 3
companies. Standard Error is 0.134364 which means the standard deviation of
its sampling distribution Median is -0.23132 which means it is the middle value
of Sharpe ratio of 3 companies. Here the mean is lower than the median, the
distribution is negatively skewed. Mode can’t be calculated for these data.
Standard Deviation is 0.232726 which means data are not gathered around
mean because standard deviation is higher than mean.o data are more spread
in that case.. Kurtosis can’t be calculated for these data . Skewness is
1.575835104 which means the data are highly skewed that means the data
are not evenly distributed. Range is 0.442503414 which means how much
mastery the Beta of the three companies work. Minimum value of Beta of 3
companies is -0.181697386 and it is the Beta of BSCCL. Maximum value of Beta
of 3 companies is 0.260806028 and is the Beta of Robi Axiata LTD. Sum is -
0.034817982 which is sum of Beta of 3 companies . Count is 3 that means we
work with 3 companies.

PART-2
2.1 Top 10 Telecommunication industry risk
The EY global communication sector Identify 10 threats confronting the industry right now at high
level. It also need to consider new risk and opportunities across customer priorities, workforce,
supply chain, cyber security, portfolio management, eco system relationship, sustainability, and
business model innovation.
1.Failure to ensure Infrastructure reach and resilience.

In this pandemic the usage of telecom network increase in a higher level as everyone is locked in. So
it’s become a pressure on telecom industry to upgrade its network performance and coverage.
User’s become frustrated for this slow speed, and there is a widening gap between network reach
and service adoption in emerging market. On the other hand, policy maker become focused in
developing digital society-yet the remote area remains challenging and disruptive alternatives.
2.Understanding changing imperatives in privacy security and trust.

After pandemic people become more conscious about their privacy and data. Operator face shifting
facing shifting sentiment’s amid cyberattacks, in last 12 month75% cyberattack report submit. 47%
are responding effectively.
They have never been more concern about their own ability to manage cyber threat.
3.Failure to improve workforce structure and skillsets

Now telecom industry diverse its focus from improving diversity and inclusion to building
organizational structure supportive to collaborative partnership between internal functions and
customer facing teams. While tackling the new structural change its being difficult to attract new
skilled talent, other hand reskilling program need to be revamped to keep up with new technology
cycle.
4.Failure to mitigate supply chain disruption

Network and customer premise equipment supply chain under unprecedented strain during
pandemic, its limiting the availability of engineer on the other hand it’s higher demand contributing
to the cheapest crunch. Government restriction on “high risk” interrupt the long term 5G
deployment plans of vendors. Supply chain disaggregating by new technology
cycle, so that telecom industry increasingly considering open radio access
network(RNA)solution to help diversify their supplier relationship.
5.Poor management of sustainability agenda.
Sustainability derived by stakeholder’s changing attitude. For operator this mean tackling energy
inefficiency along their value chain and incorporating economic circular principle on their business
model service offering for customer and enterprise. Climate change quality need to improve and a
discloser should be needed because investors push for more information.

6.Inability to scale internal digitization initiatives.

Telecommunications CEOs now plan to create a new transformation initiative and investment
because past pandemics accelerate their digital transformation plan. But the biggest barrier for this
plan could be limited boardroom bandwidth, though they come up with multiple continues
transformation inside their organization but lower customer become another obstruct, where 54%
of the customer still comfortable with traditional service on the other hand 45% have no faith in
instant messaging, complex queries.
7.Ineffective engagement with external ecosystem.

69% of large enterprise innovate through ecosystem, where 43% telecom and technology supplier
can play their role in them. Realizing benefit from ecosystem including lower innovation cost and
shorter time revenue should be focused by telecom industry.
8.Failure to maximize the value of infrastructure asset.

In order to unlock the hidden value of infrastructure asset it undertake joint venture and craves out
associated with infrastructure asset though these increase specialization and investor interest along
value chain but realizing the resulting opportunities is challenging because this is difficult to non-core
asset and optimize investment timing. Careful evaluations of opportunities and good customer
service with perfect asset scoping is required for telecom industry success.
9.Inability to take advantage of new business model.

5G enable loT offering to roll out in order to effective monetizing it need new business model that
can combine connectivity with apps and services, as connectivity represent the decline share of loT
revenue, cellular loT average revenue per user remain low. 5G network for enterprise is another new
model innovation. In retail and whole sale business model telecommunication industry offer
“network-as-a-service” this kind of variation make this industry contentiously important for every
aspect in human life.
10.Inability to adapt to changing regulatory landscape.

After pandemic customer protection become their major concern. Their emphasis varies by region
and the maturity of sector regulation significantly between developed and emerging region. But
when spectrum release, there is a lack of clarity around auction timing and reserve prices, that’s why
this new concept for private network become controversial.
2.2 SEVEN RISK DRIVER IN TELECOM INDUSTRY
1.Cyber Incidents: Over the past three-year cyber insurance claim increase significantly.
Overall claim seen by AGCS (across all industry sector) increased from 500 in 2018 to around 1100
last year. Ransomware attack have emerged as a growing threat. In 2020 AGCS claim number of
ransomware claim which incised over by 40%. This activity is so potentially lucrative criminal are now
offering ransomware as a service for $40 per month. Telecom sector should ensure compliance with
the legislation and regulation that govern their activity in all the sector their working with. Industry
should be aware of the impact on their activity and should take step to protect their asset. Many

companies in this industry are on alert for an escalation in hacking attempts and Russian reprisal
cyberattack after the imposing sensation by western nation, which make a kick out of some country
lender from global payment system Swift.
2.Business interruption: Around 60% cost account in business interruption caused by the
value of cyber claim based on AGCS analysis. Recent pandemic become another interruption in this
industries supply chain. Supply chain interruption claim as a result of delayed component or in D&O
(director and officer) security claims if operational management is deemed inadequate. Liability for
third party risk could arise if lower quality component is used because of a shortage.
3.Pandemic outbreak: During Covid lockdown telecom industry has fared relatively. This
sector was offering much needed product and service but this isn’t the only reason that it overcome
the storm- it was buoyed by robust distribution chain.
4.New technology: Rapid advancing of technology we must be mindful of potential impact

on our society and environment which ultimately affect the telecom industry. As we see new tech
are rolling out there an increased reliance on cloud provider, data aggregator, APls (Application
programming interface) and other intermediary. With any new technology we need to aware of
associated health risk and unintended consequences. Also digital currency become a new emerging
asset class, but there is uncertainty around potential asset bubble and concern about money
laundering, ransomware attack, third party liability and ECG issues.
5.Change in legislation and regulation: Change in regulation often leg behind

telecom sector, it can inhibit the adoption of innovations. This regulation is driven by a combined
factor including advanced technology and high profile cyber incident. Here data security and privacy
law is top concern whether number of company receiving significant fines for failing foul of general
data protection regulation (GDRP). As investor exert pressure, young generation raised voice hard
about ESG concern; companies must face more shareholder and class action around such area as
climate change, diversity and executive pay which will be a major consideration for telecom industry
in years to come.
6.Natural catastrophe: Various kind of natural catastrophe can affect the industry like
companies whose asset are in the cloud and have physical server and office building located in the
coastal area in climate change they are in a heightened risk of flood.
7.Shortage of skilled workforce: Talented skilled worker is a very challenging part of

this industry. Amazon recently pay double its maximum based salary for the tech and corporate
worker. Us Higher salary in this sector make it harder for tech companies around the world that’s
why we need more global mobility in the workforce.
2.3 SWOT ANALYSIS

strength Weakness Opportunity Threat

 High amount  Lack of skilled  Govt.  Political
of customer. manpower. willingness. instability.
 Available  Corruption.  Job creation.  Excessive
energetic  Limited  Source of competition
youth. power. government .
 Available  Poor income.  Ignoring
ICT/CSE/ETE economic  Public private rural area.
/EEE background. partnership.  Brain Drain.
graduate.  Lack of  Digital  Increasing
 4G network proper Bangladesh foreigner.
upgrading. monitoring. initiative.
 People’s  Limited  Expanding
involvement network value added
. coverage. service (VAT)
 Opportunity
for other
business.
2.4 Eight shaping trend of telecom industry.
Nowadays telephone industries face business challenges. Last few years its revenue had declined
gradually in COVID 19 crisis. That's why to stay competitive telecommunication industry focuses
digital transformation such as MEC, Iot, 5G. The services should be improved customer efficiency
and high value margins. The providers are trying to adopt high performing network so that
customer's needs will be fulfilled. The technological trends are:
1. 5G network- the network of today and tomorrow.

Billions of users use smartphones because of using internet. This services can be enabled by
5G and wireless because of faster speed. Telecoms are already using 5G applications and Iot
devices to target industry vertical.
2. Wi-Fi 6.
Wi-Fi 6 can be defined as a Wi-Fi network with an extended range that deliver, better
network provides faster communication. Telecom industry can leverage Wi-Fi 6 for
developing better ways. When 5G and Wi-Fi 6 will provide services together, it can enhance
signal, strength, minimizes resources congestion.

3. Artificial intelligence.
Artificial intelligence has greatly effect on telecom industries. They are virtual assistants,
chat boats, Al tools. When artificial intelligence is used in telecom industries the
improvement is growing increasingly. It is expected to grow to 70% in 2025. In fact, Al will
enable better root to deal with emerging hardware issues.
4. Internet of Things.
The adoption of iot helps telecom industries to monitor base station and ensures minimal
downtime for the network generate revenue.
5. Big data.
Big Data can help these industries to build business stronger, create more revenue.
6. RPA.
It offers high level of scalability and agility as it takes over the repetitive and rules based
tasks. It enables telecom companies to leverage a digital workforce to connect disparate
data, free team for facing opportunities.
7. Cloud computing.
Many telecom companies relay on the basic computer-based infrastructure for their
services. But nowadays, they are switching their services to cloud computing systems.
Because it not only save resources but is also good for decreasing internal cost and
Increasing revenue. The could competing systems works on a pay-per-use method. So the
telecom company has to pay for what they use. This service can reduce the cost and be
efficient in work. Most of the telecom industries including single-product telecoms also
switch to cloud computing to grow and expand their services. We can see the effect as it
reached $25.44 billion in 2020 and is projected to $74.36 billion in 2026.
8. Cyber security.
There are much opportunities for malicious attacks to gain unauthorized access in
telecommunication sectors. It affects the whole country, government, businesses,
consumers. Taking up preventive measures, detection threats etc. can be done by adoption
holistic approach such as mesh. It treats all the data systems and equipment securely of
their location or outside of the location.
How i link digital help telecom to deliver the right benefit: I link digital identity the significant
challenges in delivering services to customers. It helps telecommunications providers to
achieve organizational growth and increase quality of services.
2.5Risk management process

To perform risk analysis, we have to go through some steps.
 Identify the risk,

 define the level of uncertainty,
 estimate the impact,
 complete the risk analysis model,
 analyze the model and
 implementation.
PART-3
Findings

3.1 Improvement of risk control.

Overview of tabular methods for the joint resilience and risk management process
Resilience Sample (Look-up) Preliminar Dependency Assessment table

and risk list and matrix y list (correlation) matrix or matrix
manageme
nt step
1 Context Potential stakeholder System- Correlation (main Prioritized
analysis list; Potential overall specific relevancies) of stakeholder list;
objectives list; stakeholde stakeholders vs. prioritized
r list; objectives objectives list
Overall
system
objectives
list
2 System Potential system System Prioritized system
analysis elements list; elements elements list
Potential system list (e.g.,
functions list subsystem
s,
component
s); System
functions
list
3 System Performance System Correlation of Prioritized system
performanc functions list function objectives vs. (non) performance
e function list and System (non) functions list
identificatio system performance
n non- function; Relation of
function system (non)
list performance
functions vs. system
elements
4 Threat Threat example list System Correlation of threats Prioritized threat
and per threat vs. threats; list covering
disruptions resilience cycle lists, Correlation matrix of system-relevant
phase; per specified threats resilience
identificatio resilience (technical) per vs. system elements; dimensions
n capability and resilience Correlation of threats
resilience ability; and dimension vs. system functions
further resilience
dimensions
5 Pre- Sample single Assessment matrix
assessmen performance function of system (non)
t of critical vs. performance performance
combinatio function assessment functions vs. threats
ns of matrix considering
threats and resilience
functions dimensions;
6 Overall Sample overall threat Tabular
risk and vs. performance overall/collective
resilience function assessment assessments per
assessmen matrix threat type; per

t: resilience phase
qualitative, (e.g., overall
quantitative frequency,
absorption,
response, recovery)
7 Joint risk Sample risk and System risk and
and resilience evaluation resilience
resilience matrix evaluation matrix
acceptance for single/ overall
evaluation combinations of
threats vs. system
(non) performance
functions resolve
per resilience
dimension
8 Risk Improvement System- Assessment matrix Evaluation matrix
control and measures per specific of risk of risk
resilience resilience cycle improveme control and resilience control and
phase; per nt issues resilience
improveme resilience capabilities measure (critical combinations improvement
nt or list of measures
options abilities system performance
selection functions and
threats) vs.
improvement
measures
9 List of domain- System- Assessment matrix of Pre-evaluation
Improveme specific system specific table of
nt
options development, list of improvement improvement
design, implementation, measures and options;
developme maintenance, and approache procedures vs. pre- Iteration of overall
nt control s implementation process
implementa standards; List of ad assessment criteria; to assess
tion hoc assessment as well as vs. results secondary and
operation options before of second and third higher order
and implementation iterations of overall effects
maintenanc (e.g., resources and process
e time needed,
acceptance,
acceptability)
3.2

Overview of 3 listed company of DSE.
Under this sector DSE has listed 3 company they are Grameenphone, Robi Axiata LTD and BSCCL.
We calculate their industry risk. We have work with their closing prices, market index(DSEX) and
market return.GP and BSCCL have 10 year closing price but ROBI has listed for 2 year so it has closing
price for 2 year. By using closing prices we calculate Mean Return SD, SSD, Beta, Risk free, Sharpe
ratio , Sortino ratio and Treynor Ratio.
GP BCCL ROBI
Mean Return 0.007206373 0.013787759 0.003915876
SD 0.073111522 0.151346847 0.14795824
SSD 0.042255961 0.061452895 0.036683649
Beta -0.113926624 -0.181697386 0.260806028
Risk Free 0.0487968782 0.0487968782 0.0220476190
Sharpe Ratio -0.56886389 -0.231317139 -0.122546355
Sortino Ratio -0.984251784 -0.569690327 -0.49427315
Treynor Ratio 0.365063963 0.192678169 -0.069521948
Recommendation
Summary table: best investment decision

According to Company performance
Mean return BSCCL with 1.3%

SD Grameenphone with lowest risk
(7.31%)
SSD Robi with lowest risk (3.61%)
Beta Both BSCCL & robi with less than 1
beta
Sharp ratio Robi with higher return by taking 1
unit of risk

Sortino Ratio Robi with higher sortino
Treysan Ratio GP with higher treysan
3.3Overview of Bangladesh telecom industry

Subscribers of Different operators:
Operators Nov. 2011 Dec. Jan. 2011 March April Growth
2011 Feb. 2011 2011 %
2011 (Nov. to
April)
Grameen Phone 28.843 29.970 30.428 31.14 31.98 32.640 13.16
Ltd. (GP) 3
Orascom 18.843 19.327 20.038 20.17 20.126 20.049 6.40
Telecom 8
Bangladesh
Limited
(Banglalink)
Robi Axiata 12.059 12.368 12.626 12.80 13.259 13.794 14.38
Limited (Robi) 5
Airtel 3.797 3.956 4.184 4.371 4.607 4.782 25.94
Bangladesh
Limited (Airtel)
Pacific 1.873 1.811 1.858 1.792 1.787 1.747 -6.72
Bangladesh
Telecom Limited
(Citycell)
Teletalk 1.204 1.211 1.204 1.216 1.198 1.174 -2.49
Bangladesh Ltd.
(Teletalk)
Total 66.621 68.645 70.340 71.51 72.963 74.19 11.36
Part-4
4.1 Conclusion
Here we have calculated risk of telecommunication industries in Bangladesh.
There are three company under DSE. Though these companies face different
types of risk ,the benefits of these companies have increasing day by day. As a
country like Bangladesh,the significance of these sectors are many. Different
types of factors are described above which are affected this sector's risks like
poor management, lack of efficient security, lack of proper data. Internal
development, network effect , quantum technology, environment risk,
operational risk, customer satisfaction are major concern of
telecommunication industry. Robi has the lowest risk according to our analysis.

The major analysis have taken from secondary data. That's why Robi is in
strong position. If all telecom operators come in one platform for giving better
services to all subscribers telecommunication industry will gain more profit.
From above it can say that telecommunication has lot of chances to
improve.There are some threats and opportunities across cyber security,
portfolio management, business development model innovation, customer
priorities etc. Some industry risk of these sectors are failure to ensure
infrastructure, ineffective engagement with external ecosystem, inability to
adapt to changing regulatory landscape, failure to mitigate supply chain
disruption. Pandemic outbreak, new technology, change in legislation and
regulations, natural catastrophe, shortage of skilled workforce are risks in this
sector. Nowadays telecommunication industries face business challenges.
That's why to stay competitive telecommunication industries, they are trying
to adopt high performing network. Some technological trends such as 5G
network, Wifi 6, artifical intelligence, RPA, big data, cyber security, cloud
computing. The incentives both from government and private sectors have
helped the industry to grow. Bangladesh Telecommunications Regulatory
Commission (BTRC) is the regulatory authority for this sector, overseeing,
licensing, policy. It is now one of the biggest industries in Bangladesh and its
huge market has attracted many foreign investors.
According to risk analysis, we have concluded that Robi has the lowest risk. In
point of risk , Robi performance is better than others.
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Jagannath University

Course Name: Investment Banking & Lease Financing

JAGANNATH UNIVERSITY Department of finance

JAGANNATH UNIVERSITY Department of finance

Submission Date: October 13, 2022

We would like to thank Gramenphone, Bangladesh Submarine Cable

JAGANNATH UNIVERSITY Department of finance

JAGANNATH UNIVERSITY Department of finance

JAGANNATH UNIVERSITY Department of finance

JAGANNATH UNIVERSITY Department of finance

JAGANNATH UNIVERSITY Department of finance

(1) Internal development is changes that an organization undertakes by

JAGANNATH UNIVERSITY Department of finance

stronger negative relationship between external capability availability and like

(3) Quantum technology is an emerging field of physics and engineering,

JAGANNATH UNIVERSITY Department of finance

especially quantum enlargement, quantum superposition and quantum

JAGANNATH UNIVERSITY Department of finance

fundamental purpose. Enterprise risk management (ERM) is the most

JAGANNATH UNIVERSITY Department of finance

the relationship between internal market and sustainability development of

JAGANNATH UNIVERSITY Department of finance

the sustainable development of the mobile phone telecommunication industry

Table 1: Mobile Phone Industry in Bangladesh

01 GP 51.112 56.477 56.785 64.959

JAGANNATH UNIVERSITY Department of finance

internet plays a significant role in the telecommunication industry of

JAGANNATH UNIVERSITY Department of finance

personal vs loyal customers. Researchers have established that trust is

JAGANNATH UNIVERSITY Department of finance

provide customer satisfaction. Customer satisfaction is the main concerned of

1.2OBJECTIVE AND THE METHODOLOGY OF THE STUDY

We work on telecommunication industry. Under this sector DSE has listed 3

JAGANNATH UNIVERSITY Department of finance

Beta: Beta is a measure of the systematic risk of a security or portfolio

JAGANNATH UNIVERSITY Department of finance

JAGANNATH UNIVERSITY Department of finance

38 01 August, 2019 6.33%

JAGANNATH UNIVERSITY Department of finance

79 01 March, 2016 2.92%

JAGANNATH UNIVERSITY Department of finance

120 01 October, 2012 10.240%

For GP & BSCCL 0.04869

JAGANNATH UNIVERSITY Department of finance

1 December, 200.5 0.015189873 4749.86891 -0.000694553

JAGANNATH UNIVERSITY Department of finance

1 December, 284.2 0.021567218 5597.21656 0.022529702

JAGANNATH UNIVERSITY Department of finance

1 December, 279.9 -0.010954064 -0.010954064 4409.9186 -0.013365219

Mean 0.007206373 Sharpe ratio -0.56886389

JAGANNATH UNIVERSITY Department of finance

SD 0.073111522 Sortino Ratio -0.984251784

Bangladesh Submarine Cable Company

JAGANNATH UNIVERSITY Department of finance

1 September, 231.7391 - -0.098748728 4147.20938 0.04523504

JAGANNATH UNIVERSITY Department of finance

JAGANNATH UNIVERSITY Department of finance

JAGANNATH UNIVERSITY Department of finance

1 October, 113.2 - -0.034129693 6254.41473 -