4th Floor Trade Tower, Thapathali, Kathmandu

Contact No: 01-5111145

Newsletter Published on 24th July 2020

Index Value

NEPSE 1,442.61

SENSITIVE 303.90

FLOAT 101.45

SEN. FLOAT 100.44

Your companion to Nepal Stock Market

AAKASH CAPITAL LIMITED Weekly Newsletter from Aakash Capital Limited for the week ending on 24th July, 2020

NEPSE UPDATE

Indicators 19th July, 2020

23rd July, (+)/(-)

2020 Change %

NEPSE 1394.77 1442.61 3.43%

SENSITIVE 295.06 303.90 3.00%

FLOAT 98.02 101.45 3.50%

SEN. FLOAT 97.41 100.44 3.11%

BANKING 1193.99 1246.73 4.42%

TRADING 889.96 873.95 -1.80%

HOTELS 1480.00 1673.35 13.06%

DEVELOPMENT BANKS 1771.48 1831.03 3.36%

HYDROPOWER 976.10 972.15 -0.40%

FINANCE 671.53 669.81 -0.26%

NON LIFE INSURANCE 6324.55 6634.38 4.90%

MANU. & PRO. 2747.24 2833.13 3.13%

OTHERS 775.31 789.18 1.79%

MICROFINANCE 2445.46 2456.78 0.46%

LIFE INSURANCE 8218.48 8552.44 4.06%

MUTUAL FUND 10.48 10.59 1.05%

Market Summary Statistics (19th to 23rd July, 2020)

Total Turnover (Rs) 7,596,667,389

Total Traded Shares 19,137,311 Total Number of Transactions 128,324 Scrips Traded 187

Market Cap at Week start 1,835,428.29 Millions

Market Cap at Week end 1,898,954.52 Millions

Floated Market Cap at Week start 655,182.41 Millions

Floated Market Cap at Week end 678,450.47 Millions

Bullion Update

As on 24th July 2020 Hallmark Gold Rs.94,500/tola

Worked Gold Rs.94,065/tola

Silver Rs.1,145/tola

Quote for the week

“The stock market is a device for transferring money

from the impatient to the patient”.

– Warren Buffett

The market increased by 3.43% (47.84 points) in the

trading week between 19th and 23rd July 2020. The

sensitive index, which measures the performance of

the companies classified under group “A”, also

registered the rise of 3% (8.84 points). Similarly, float

index which measures the performance of securities

which are floated to public also went up by 3.5% and

sensitive float followed the trend by increasing 3.11%.

This week market opened at 1394.77 on Sunday and

went up 84.26 points to sit at 1479.03 level. Market

couldn’t continue its positive trend on Monday,

Tuesday and Wednesday. Correction of 14.09 points

was seen on Monday which was followed by negative

15 and 17.5 points on Tuesday and Wednesday

respectively to sit at 1432.44 level. However, market

gained 10.17 points on Thursday to end the week at

1442.61 level.

In this review period, most sub-index closed higher

except the Trading, Hydropower and Finance sub-

index. Hotels sub-index which was the only sub-index

to loose last week, registered the highest gain in the

review week with 193.35 points (13.06%). Non-Life

Insurance sub-index gained with 4.9% followed by

Banking sub-index with 4.42%. Similarly, Development

Banks, Manu & Pro., Others, Microfinance, Life

Insurance and Mutual Fund sub-index also registered

the gain with 3.36%, 3.13%, 1.79%, 0.46%, 4.06% and

1.05% respectively. However, Trading, Hydropower,

and Finance sub-index registered declined with 1.80%,

0.4% and 0.26% respectively.

The market witnessed supportive volume of

transaction turnover this week. The total turnover

stood at Rs.7.59 billion with average of Rs.1.51 billion

a day. The total market value increased by

Rs.63,526.23 million as the market capitalization went

up by 3.46%. Similarly, floated market cap also

registered the rise of 3.55% this trading week.

.

Market Announcements

NRN Infrastructure and Development Limited has published an offer letter to issue 33,98,046 units IPO shares the

general public from (16th to 21st Shrawan, 2077).

Laxmi Capital Market Limited is issuing 80 million units of Rs 10 face value each mutual fund scheme worth Rs 800

million (Laxmi Unnati Kosh) to the general public from (11th to 14th Shrawan, 2077).

Prudential Insurance Company Limited is selling its 54,631 units ordinary share in an auction to the general public

from (12th to 19th Shrawan, 2077).

Liberty Energy Company Limited is re-issuing its 15,00,000 units IPO shares the project affected local residents of

Besisahar Rural Municipality, Dordi Municipality Ward No. 11, and Lamjung District from (Shrawan 7-21, 2077).

Mountain Energy Nepal Limited has cancelled its IPO issue due to ongoing natural calamities in the different parts of

the country.

Civil Laghubitta Bittiya Sanstha Limited is issuing it's 1:1 ratio 11,41,140 units right share to its shareholders from 25th

Shrawan to 14th Bhadra, 2077.

Shikhar Insurance Company Limited has closed it's 10:3 ratio 31,71,932 units right share issued to its shareholders

from 4th Shrawan, 2077.

Gurans Life Insurance Company Limited has closed it's 1:1 ratio 93,85,200 units right share issued to its shareholders

from 4th Shrawan, 2077.

Nepal SBI Bank Limited Limited urges its shareholders to collect the uncollected due dividends.

Miteri Development Bank Limited is distributing 18.525% bonus shares directly to Demat accounts of its shareholders

Manjushree Finance Limited is distributing 1.75% bonus shares directly to DEMAT accounts of its shareholders and has

urged to dematerialize their shares.

Hydroelectricity Investment and Development Company Limited is distributing cash dividend directly to bank accounts

of its shareholders and has urged to dematerialize their shares.

ICFC Finance Limited urges its shareholders to collect the uncollected due dividends.

Barun Hydropower Company Limited has appointed RBB Merchant Banking Limited as its share registrar.

Prime Commercial Bank Limited is merging its different branch offices located in various parts of the country.

Kumari Bank Limited has published a notice regarding the interest rate on the various deposit and loan products and

its effective from 9th Shrawan, 2077.

NMB Bank Limited has published a notice regarding the interest rate on the various deposit products and its effective

from 5th Shrawan, 2077.

Shangrila Development Bank Limited has published a notice regarding the interest rate on the various fixed deposit

products and its effective from 9th Shrawan, 2077.

Goodwill Finance Limited has published a notice regarding the interest rate on the various deposit and loan product

and its effective from 4th Shrawan, 2077.

Manjushree Finance Limited has posted a net profit of Rs 280.90 million and published its 4th quarter company

analysis of the fiscal year 2076/77.

First Microfinance Laghubitta Bittiya Sanstha Limited has posted a net profit of Rs 139.72 million and published its 4th

quarter company analysis of the fiscal year 2076/77.

Peoples Hydropower Company Limited has announced its SGM going to be held on Shrawan 22, 2077.

Nepal Rastra Bank Limited has published a notice regarding the acquisition of Smart Laghubitta Bittiya Sanstha Limited

by Manakamana Laghubitta Bittiya Sanstha Limited.

NEPSE - TECHNICAL ANALYSIS

The Nepalese stock market (NEPSE) has ended its three and half years of bearish trend in mid-Jan 2020 as seen from weekly

trend line perspective. The bearish trend was started in July 2016 when index was at 1881 level. Currently, Market is retracing

from support level of 1188 after falling from 1632 level. In the review week, NEPSE opened at 1394.77 and formed a green candle

by closing at 1479.03 gaining 84.26 points during the day with 3 positive circuit break. The overall market gained 47.84 points as

it closed at 1442.61 level on Thursday. In daily line chart, market has already tested the resistance level of 1424 level and touched

1556 level and falling towards support level of 1424. Supportive turnover was seen in the review week as the average turnover

has increased to Rs.1.51 billion from Rs.1.07 million of previous week. As of weekly line chart 1632 level might be the resistance

level.

TECHNICAL INDICATORS

Indicators Value Signal

Support (S1) 1424 -

Resistance (R1) 1478 -

Relative Strength Index (RSI) 60.43 Moderate Zone

Moving Average Convergence Divergence (MACD) 29.47 Bullish

5-Day Exponential Moving Average (EMA) 1435.32 Bullish

20-Day Exponential Moving Average (EMA) 1379.04 Bullish

180-Day Exponential Moving Average (EMA) 1257.67 Bullish

Relative Strength Index (RSI) Analysis

RSI is a moment indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions

in the price of a stock. RSI is typically used on a 14-day time frame, measured on a scale from 0 to 100, where a value above 70

represents overbought and below 30 represents oversold condition.

Current RSI value of NEPSE is 60.43 which indicates that the market is at moderate zone. There is no any formation of divergence

in short term chart.

Bollinger Band

Bollinger band is a technical indicator that consists of a set of lines plotted two standard deviations up and below a 21-day simple

moving average. The bands are an indication of volatility; a widening gap indicates higher volatility and vice-versa. Prices are

relatively high when above the upper band and low when below the lower band.

The upper, middle and the lower bands are at 1505.65, 1342.92 and 1180.19 respectively. The market is falling from upper band

which indicated the correction phase of market falling towards support zone.

Stock Analysis: Mahalaxmi Bikas Bank Ltd.

Mahalaxmi Bikas Bank Ltd. has been recognized amongst the top and fastest growing development bank because the bank

believes in delivering a responsible business for individual, society and nation. The bank’s Head Office is located in

Durbarmarg, Kathmandu, Nepal. Being the first development bank to achieve the capital obligation which was raised by

Nepal Rastra Bank with the paid up capital of Rs. 3.07 billion, the bank has become one of the largest development banks

of Nepal in terms of balance-sheet size, customer base and branch network. The bank offers a wide range of banking

products and financial services to corporate and retail customers through varieties of delivery channels through its

102 branches by the team of highly motivated and dynamic professionals. The bank always moves forward on implementing

prolong business practices through consistent growth to all its stakeholders for sustainability and profitability with the long

term mission of Innovation, Improvement, Corporate Governance, and Culture.

Board of Directors

Name Designation

Mr. Rajesh Upadhyay Chairman

Mr. Sanjay Giri Director

Mr. Rajesh Kumar Rauniar Director

Mr. Rupendra Poudel Director (Public)

Mr. Shyam Sundar Rungta Director (Public)

Mr. Rahul Agrawal Director (Public)

Acting CEO: Sagar Sharma

Capital Structure (Asar end 2076)

Authorized Capital (Rs.) 4,000,000,000

Issued Capital (Rs.) 2,844,501,230

Paid Up Capital (Rs.) 2,844,501,230

Share Ownership Details (Asar end 2076)

S.N. Particulars Amount (Rs.) Ownership (%)

1 Domestic Ownership 2,844,501,230 100.00%

1.1 Nepal Government - -

1.2 “A” Class Licensed Institutions - -

1.3 Other Licensed Institutions - -

1.4 Other Institutions 31,573,964 1.11%

1.5 Public 2,812,927,266 98.89%

1.6 Other - -

2 Foreign Ownership - -

Total 2,844,501,230 100.00%

54%46%

OWNERSHIP (%)

Promoter General Public

Financial Analysis

Particulars Yearly Analysis (Rs.000)

Quarterly Analysis (Rs.000)

2072/73 2073/74 2074/75 2075/76 CAGR

(%) 2075/76, Q3

2076/77, Q3

Growth (%)

Share Capital 1,386,233 2,633,797 2,633,797 2,844,501 27.07% 2,844,501 3,072,061 8.00%

Reserves & Surplus

24,885 854,562 1,565,183 1,824,783 318.56% 1,824,783 1,713,132 -6.12%

Total Equity 1,411,119 3,488,360 4,198,981 4,669,284 49.01% 4,669,284 4,785,193 2.48%

Deposit from customers

10,861,524 25,136,613 26,751,913 30,591,111 41.22% 30,591,111 35,439,655 15.85%

Borrowings - - - - - - 512,610 -

Loans & Advances to customers

8,367,522 19,962,484 20,443,596 26,157,196 46.22% 26,999,348

30,692,755 13.68%

Other Liabilities

123,719 616,494 1,242,268 2,665,331 178.25% 2,665,331 2,544,338 -4.54%

Total Assets 12,396,361 29,241,467 32,193,162 37,925,726 45.17% 37,925,726 43,281,796 14.12%

Interest Income

927,961 1,647,663 3,213,409 3,805,972 60.07% 2,689,199

3,380,656 25.71%

Net Interest Income

399,337 779,891 1,092,325 1,426,072 52.85% 1,002,673 1,198,944 19.57%

Total Operating

Income 488,435 886,862 1,317,047 1,696,079 51.43% 1,188,298 1,377,381 15.91%

Personnel Expenses

88,974 111,102 374,147 496,397 77.36% 313,578 395,543 26.14%

Other Expenses

65,656 331,514 421,997 541,909 102.09% 477,355 593,932 24.42%

Net Profit 333,806 444,246 520,903 657,773 25.37% 397,365 387,906 -2.38%

No. of Staffs 219 617 634 773 52.26% - - -

No. of Branches

71 71 73 96 10.58% - 102 -

Base on the data presented above, the bank has made consistent growth in its financials in last four years. As of 2075/76, bank has

reported Share Capital of Rs.2.84 billion with Compounded Annual Growth Rate (CAGR) of 27.07%. Reserve & Surplus which was

Rs.24.88 million in 72/73 has reached to Rs.1.82 billion in 75/76 which have grown significantly with CAGR of 318.56%, which have

let Total Equity to grow with 41.22%. Similarly, its business has also shown consistent growth in the review period from 72/73 to

75/76. Deposit Liabilities which is a main source of capital mobilization has grown from Rs.10.86 billion to Rs.30.59 in 75/76 with

CAGR of 41.22%, which have let Loans & Advances to increase with CAGR of 46.22%. Other Liabilities, which includes higher portion

of liabilities to BFIs has increased significantly due to Nepal Financial Reporting System, new accounting system for BFIs. However,

Income statement has shown substantial growth in the review period. Interest Income which is a main source of Revenue for bank

has register CAGR of 25.37% to Rs.657.77 million.

As per the latest third quarter report of 76/77, Bank has more than Rs.3 billion in its share capital. Reserve & Surplus has declined

by 6.12% due to bonus distributed to shareholders. Deposit collection increased by 15.85%, Loans & Advance by 13.7%, which have

let bank to collect revenue Rs.3.48 billion as interest income which have helped Net Profit to grow by 2.44% as compared to

corresponding quarter of previous fiscal year. Due to nationwide lockdown implemented by Nepal government from 11th Chaitra

2076 to fight againt COVID-19, banking business has been affected and it’s seen on its financial statements. However, bank has able

to make its growth positive.

Profitability

Particulars Yearly Analysis

Quarterly Analysis

2072/73 2073/74 2074/75 2075/76 CAGR (%) 2075/76,

Q3 2076/77,

Q3 Growth

(%)

Earnings Per Share (Rs.) 24.08 27.84 19.78 23.12 -1.35% 18.18 17.25 -5.12%

Dividend Per Share (including Bonus) (%)

- 9.00 15.00 17.89 40.99% 15.00 17.89 19.27%

Book Value Per share (Rs.) 101.80 132.45 132.94 164.15 17.26% 145.23 155.76 7.25%

Market Price Per Share (Rs.) 330 219 171.00 195.00 -16.08% 172 197 14.53%

Price to Earnings ratio 13.70 7.87 8.65 8.43 -14.94% 9.46 11.42 20.71%

Price to Book ratio 3.24 1.65 1.29 1.19 -28.44% 1.18 1.26 6.79%

Dividend Yield (%) - 4.11% 8.77% 9.17% 49.41% 8.72% 9.08% 4.13%

Return on Assets (%) 2.69% 1.52% 1.62% 1.73% -13.64% 1.05% 0.90% -14.46%

Return on Equity (%) 27.16% 18.13% 13.55% 14.83% -18.26% 9.36% 8.21% -12.33%

Gross Profit Margin (%) 43.03% 47.33% 33.99% 37.47% -4.51% 37.29% 35.46% -4.88%

Net Interest Income to Total Operating Income (%)

81.76% 87.94% 82.94% 84.08% 0.94% 84.38% 87.05% 3.16%

Personnel Expenses to Total Operating Income (%)

18.22% 12.53% 28.41% 29.27% 17.12% 26.39% 28.72% 8.82%

Net Profit Ratio (%) 35.97% 26.96% 16.21% 17.28% -21.68% 14.42% 11.75% -18.51%

Earnings per share has declined from Rs.24.08 to Rs.23.12, which is due to increase in Share Capital. Company was able to

distribute consistent dividend except in 72/73 when the share price was Rs.330 per share. In 75/76, its share price has fallen

Rs.195 per share but company’s book value has increased to Rs.164.15 per share. As per the latest financial report of 76/77

Q3, Book value per share has increased to Rs.155.76 with 7.25% of growth. Similarly, Net Interest Income to Total Operating

income, which measures the portion of main operation in income has also increased to 87.05%, but major indicators like ROA,

ROE, Gross profit margin, Net profit ratio has declined as compared to corresponding quarter of previous fiscal year.

Major Regulatory Requirements

Particulars Yearly Analysis

Quarterly Analysis

2072/73 2073/74 2074/75 2075/76 CAGR

(%) 2075/76,

Q3 2076/77,

Q3 Growth

(%)

Capital Adequacy (On Risk Weighted Assets)

Core Capital 11.43% 15.35% 16.55% 15.97% 11.79% - -

Total Capital Fund 12.67% 16.86% 18.10% 17.22% 10.77% 15.97% 11.77% -26.30%

Liquidity (CRR) 11.05% 6.28% 5.09% 4.07% -28.32% - - -

Non-Performing Loan(NPL) to Total Loan

4.10% 3.91% 3.92% 2.59% -14.20% 3.85% 3.78% -1.82%

Total Loan Loss Provision to Total NPL

- - - - - 86.84% 77% -10.86%

Cost of Funds - - - - - 8.58% 8.31% -3.15%

CD Ratio - - - - - 75.95% 74.37% -2.08%

Base Rate 9.90% 11.38% 12.34% 11.25% 4.35% 11.45% 11.04% -3.58%

Weighted Average Interest Rate Spread

5.19% 5.18% 4.28% 4.76% -2.84% 4.77% 5.37% 12.58%

As a national level development banks, it was supposed to have a share capital of Rs.2.5 billion by 2073/74 asar end and

company was able to collect share capital of Rs.2.6 billion by the end of 2073/74. Bank has reported CCD ratio of 74.37% where

85% CCD ratio is the limit, means there is liquid available in the bank which can be utilized for lending purpose. Similarly, banks

seem quite stable in maintaining major regulatory requirements like Capital Adequacy Ratio, NPL etc.

Financial Highlights

1,386

2,634 2,6342,845

25

855

1,5651,825

0

1,000

2,000

3,000

2072/73 2073/74 2074/75 2075/76

Share Capital and Reserve & Surplus

Share Capital (Rs.millions) Reserves & Surplus (Rs.millions)

10,862

25,137 26,75230,591

8,368

19,962 20,44426,157

0

10,000

20,000

30,000

40,000

2072/73 2073/74 2074/75 2075/76

Deposits & Loans

Deposit from customers (Rs.millions)

Loans & Advances to customers (Rs.millions)

334

444521

658

24.08 27.84 19.78 23.120

200

400

600

800

2072/73 2073/74 2074/75 2075/76

Net Profit vs EPS

Net Profit (Rs.millions) Earnings Per Share (Rs.)

24.08 27.8419.78 23.12

330

219 171 195

0

100

200

300

400

2072/73 2073/74 2074/75 2075/76

EPS vs MPPS

Earnings Per Share (Rs.) Market Price Per Share (Rs.)

101.80132.45 132.94 164.15

330219

171195

0.00

100.00

200.00

300.00

400.00

2072/73 2073/74 2074/75 2075/76

BVPS vs MPPSBook Value Per share (Rs.) Market Price Per Share (Rs.)

89111 374 496

219617 634 773

0

500

1,000

2 0 7 2 / 7 3 2 0 7 3 / 7 4 2 0 7 4 / 7 5 2 0 7 5 / 7 6

PERSONNEL EXPENSES VS NO OF STAFF

Personnel Expenses (Rs.millions) No. of Staffs

2.69% 1.52% 1.62% 1.73%

27.16%

18.13%

13.55% 14.83%

2072/73 2073/74 2074/75 2075/76

ROA vs ROE

Return on Assets (%) Return on Equity (%)

0

9.00

15.00

17.89

0.00%4.11% 8.77% 9.17%

0

5

10

15

20

2072/73 2073/74 2074/75 2075/76

DPS vs Dividend Yield

Dividend Per Share(including Bonus) (%)

Dividend Yield (%)

Technical Analysis of MLBL as on July 23, 2020

Day Candle

Pattern Analysis

Open 205 Resistance R1: 214 R2: 219

High 210 Support S1: 200 S2: 192

Low 205 Trend Sideways

Close 206

Particulars Points Remarks

Volume 7,839 The daily volume of stock is lower than both 1

week’s and 1 month’s average volume. Avg. Volume (1 week) 22,438.20

Avg. Volume (1 month) 11,912.43

No. of Transaction 63 The daily number of transaction is lower than 1 week’s avg no of transaction but higher than 1 month’s average no of transaction.

Avg. no. of Transaction (1 week) 101.80

Avg. no. of Transaction (1 month) 52.95

180 days Average (Rs.) 199.52 The price of the stock is trading above both 180 day’s and 360 day’s average. 360 days Average (Rs.) 189.11

52 Weeks High Price (Rs.) 255 The stock is currently trading in between 52 week’s high and low price. 52 Weeks Low Price (Rs.) 167

Nepse Index 1 year Change 12.95% The overall market and industry has gained in last 1 year. But, the stock price has declined in last 1 year and even more in last 1 month.

Industry Index 1year Change 12.09%

Stock 1-Month Change -6.19%

Stock 1-Year Change -1.48%

Total Holdings of Mutual Funds (Magh, 2076) 146,801 The Mutual Funds are holding very less no of shares (0.52%) of the company.

Indicators Points Remarks

RSI (14) 58.94 MLBL is at moderate zone.

MACD (12,26,9) -4.98 The MACD line is below the signal line and base line.

Signal Line (12,26,9) 0.58

Histogram (12,26,9) 4.86

EMA (5,0) 202.34 The price is trading above both EMA 5 and 20 days moving average.

EMA (20,0) 195.57

+DMI(13,8) 32.22 The +DMI is dominant over -DMI and ADX is at 23.64

-DMI(13,8) 18.54

ADX (13,8) 23.64

Concluding Remarks

Mahalaxmi Bikas Bank Limited (MLBL) is a national level development bank operating in all 7 provinces, 40 districts through

102 branches mobilizing more than 800 employees. Promoted by individual investors, MLBL has more than a decade experience

in Nepalese banking industry. As of latest third quarter report of 2076/77, bank has Rs.1.71 billion Reserve & Surplus which is

the highest in national level development banking sector. In terms of Deposits & Loans, they have grown by 19.35% & 26.97%

in 2075/76 where overall BFIs growth was 18.13% & 20.28% in the same fiscal year. Its balance sheet size has increased

significantly in recent years and possess potential grow further in Nepalese developing economy where significant portion of

the population lacks access to financial system. However, its operations have been affected with overall banking industry due

to nation-wide lockdown implemented by Nepal government to fight against Corona Virus (COVID-19) pandemic.

s

1,004 1,021

1,157

922

752

1,568

1,713

1,440

718

1,505

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

DBBL GBBL GDBL JBBL KSBBL LBBL MLBL MNBBL SADBL SHINE

National Level Development Banks, Rreserve & Surplus (millions)

The following table shows the total dividend declared by Development Banks from the profit of 2075/76

Symbol Company Name Dividend

Total Dividend (%) Bonus (%) Cash (%)

MDB Miteri Development Bank Limited 18.53 0.98 19.50

GBBL Garima Bikas Bank Limited 16.15 0.85 17.00

JBBL Jyoti Bikash Bank Limited 12.75 0.00 12.75

GDBL Gandaki Bikas Bank Limited 0.00 17.32 17.32

SBBLJ Sahayogi Vikas Bank Limited 0.00 18.72 18.72

EDBL Excel Development Bank Limited 17.10 0.90 18.00

SADBL Shangrila Development Bank Limited 0.00 8.96 8.96

MNBBL Muktinath Bikas Bank Limited 17.60 0.93 18.53

SINDU Sindhu Bikas Bank Limited 11.49 0.60 12.09

KADBL Kanchan Development Bank Limited 10.00 6.00 16.00

SHINE Shine Resunga Development Bank Limited 15.00 0.00 15.00

DBBL Deva Bikas Bank Limited 8.55 0.00 8.55

MLBL Mahalaxmi Bikas Bank Limited 8.00 9.89 17.89

KSBBL Kamana Sewa Bikas Bank Limited 0.00 6.80 6.80

LBBL Lumbini Bikas Bank Limited 5.00 15.00 20.00

TMDBL Tinau Mission Development Bank Limited 12.00 0.00 12.00

SAPDBL Saptakoshi Development Bank Limited 6.00 0.00 6.00

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Disclaimer and important information: This document has been prepared by Aakash Capital Limited for information and

illustration purpose only. The information provided in this document is subject to change. While this information has been

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