ANNUAL REPORT 2019 - Royal Securities Exchange of Bhutan

2019

ROYAL SECURITIES EXCHANGE OF BHUTAN

ANNUAL REPORT

2 ANNUAL REPORT 2019

1 Equity Market 9

Bonus & Rights Issue 11

Buyback of Shares 11

2 Debt Market 12

Secondary Market Transactions for Corporate Bonds 12

Coupon Payment 12

Redemption of Bonds 13

Total Outstanding Bonds 13

3 Money Market 14

Commercial Paper 14

4 Functional/Divisional Activities 14

4.1 Central Depository 14

4.2 Listing 15

4.2.1 Amendment to Rules 15

4.3 IT/Trading 16

4.4 Brokers/Brokerage 16-17

5 Bhutan Commodity Market Initiative 18

6 H.E the Prime Minister’s Visit 21

7 Financial Literacy/Investor Education 21-22

8 Market Information 23

9 Audited Accounts 23-40

CONTENTS


AIM -

ATS-

BDBL -

BOBL -

BCMI -

CaMS-

CD -

DHI -

DGPCL -

DSBPL -

EIF -

FCBL -

FIAB -

HNWI -

IPO -

MoEA -

RMA -

SMEs -

WGCPL-

ABBREVIATIONAlternate Investment Market

Automated Trading System

Bhutan Development Bank Ltd.

Bank of Bhutan Ltd.

Bhutan Commodity Market Initiative

Capital Market Solution

Central Depository

Druk Holding & Investments

Druk Green Power Corporation Ltd.

Drukyul Securities Broker Pvt. Ltd.

Enhanced Integrated Framework

Food Corporation of Bhutan Ltd.

Financial Institutions Association of Bhutan

High Net Worth Individual

Initial Public Offering

Ministry of Economic Affairs

Royal Monetary Authority

Small and Medium Enterprises

Wangchuk Group of Companies Pvt. Ltd.


BBPLBCCLBFALBNBL BPCL BTCL DPOP DWAL DSCLEBCC KCL PCAL RICB STCB JMCL DFAL BILDPNBTBLDPLGBRLSVL

BBCL BDALDPCLDMLBTL

Disclaimer:The materials provided here are for general information purposes only. While every effort is being made to ensure the accuracy and completeness of information, the Exchange makes no guarantee and assumes no liability for any error or omissions of the information provided herein. Also, no one may use information as the basis of any claim, demand or cause of action.

LISTED COMPANIES

DE-LISTED COMPANIES

- Bhutan Board Products Limited- Bhutan Carbide and Chemicals Limited- Bhutan Ferro Alloys Limited- Bhutan National Bank Limited- Bhutan Polymers Company Limited- Bhutan Tourism Corporation Limited- Druk Plaster and Chemicals Limited- Druk Wang Alloys Limited- Druk Satair Corporation Limited- S.D Eastern Bhutan Coal Company Limited- Kuensel Corporation Limited- Penden Cement Authority Limited- Royal Insurance Corporation of Bhutan Limited- State Trading Corporation of Bhutan Limited- Jigme Mining Corporation Limited- Druk Ferro Alloys Limited- Bhutan Insurance Limited- Druk PNB Bank Limited- T-Bank Limited- Dungsam Polymers Limited- GIC-Bhutan Reinsurance Company Limited- Sherza Ventures Limited

- Bhutan Beverages Company Limited (De-listed on 10th April 2007)- Bhutan Dairy and Agro Products Limited (De-listed on 28th June 2010)- Druk Petroleum Corporation Limited (De-listed on 18th March 2011)- Druk Mining Limited (De-listed on 10th June 2011)- Bhutan Times Limited (De-listed on 8th November 2014)


BOARD OF DIRECTORS

Mr. KarmaCEO, RICBLChairman

Mr. Dorji KadinCEO, BOBLDirector

Mr. Sonam TobgayCEO, BNBLDirector

Mr. Karma YesheyRegistrar of Companies,

MoEA

Mr. Kinzang TobgayManaging Partner,

Bhutan Consultancy Services

Mr. Phub DorjiCEO, BDBLDirector

Mr. Dorji PhuntshoCEO, RSEB

Director Director Independent Director


EMPLOYEES

Mr. Veelash Mongar

Mr. Jangchu WangdiMr. Tenzin RabgayMr. Nawang Lhendup, Head

Mr. Dawa Dakpa,Head

Mr. Dhendup Mr. Kezang Dorji

Mr. Bijoy Chhetri, Head

Ms. Phuntsho Wangmo

Mrs. Khandu Wangmo

Mr. Promod Chhetri, General Manager

Mr. Dorji Phuntsho, Chief Executive Officer

Mr. Tashi Yezer, Advisor

Ms. Kuenzang Choden

Mr. Tashi Dhendup

Mr. Sonam Phuntsho Lhagyel

Operations Division

Policy Division

IT Division

Assistants

Mr. Cheku Dhendup


BROKERAGE FIRMS

RICBL: Thinlay Dema/Kuenzang Choden

Phone: 77735959/17648995Email: [email protected]

Address: C/o RICBL, RICBL Building, Thimphu

BNBL: Dorji ZangmoPhone: 17361750/322767

Email: [email protected]: C/o BNBL Building,

Thimphu

BOBL: Tshering WangmoPhone: 77207417 / 326841

Email: [email protected]: C/o BOBL, Chubachu, Thimphu

DSBPL: Tashi Rabten/Phurba DendupPhone :16913167/02-328800

Email : [email protected] :Room No. 301,

Karsang Building, Jangchub Lam, Thimphu

LDSBPL: Renuka RaiPhone : 17489374

e-mail : [email protected] : Post Box No 761,

S D Building, Opposite RICBL office, Norzin Lam, Thimphu

SSBPL: WangchukPhone : 17851322

e-mail : [email protected] : Yangchen Lam,

Post Box No 369, Thimphu

BDBL: Sangay WangdiPhone : 17516930

e-mail : [email protected] : Corporate Head Office,

Chubachu, ThimphuPost Box: 256


1. Equity MarketThe overall transaction volume (including IPO, sec-ondary trading, rights offer and bonus issues) was 67,061,207 shares worth Nu 1.57 billion as compared to 66,324,428 shares worth Nu 1.05 billion in the previous year.

The market has two components including the primary market where the IPO takes place and the secondary market where existing shares are trad-ed. During the year,SVL officially opened its IPO on 27th August 2019 to raise Nu 247 million through issuance of 19 million equity shares at Nu 13 per share for a period of one month. At the close of the subscription period, a total of Nu 74.27 million was raised from 7,137 investors. The promoter’s contri-bution before the offer was Nu 109 million.

After injection of capital from IPO, the promoter’s shareholding stood at 64.98% and the remaining 35.02% with the general public.

Despite the offer was undersubscribed, SVL was of-ficially listed on 21st October 2019 as it fulfilled the requirements of IPO Regulation and Rules Govern-ing the Official Listing of Securities.

In the secondary market, the transaction by volume and value touched new records. A total of 23,617,665 shares worth Nu 1.12 billion were traded in the sec-ondary market as compared to the total traded volume of 11,828,234 shares worth Nu 384.26 mil-lion in the previous year, indicating an increase of 99.67% in volume and 191.47% in value (Figure 1). The details in tables are appended in page number 24 & 25.

FIGURE 1

TOTAL TRADE VALUE AND VOLUME


During the year, the total number of shareholders’ account in CD increased to 71,420 from 62,911 in the previous year (Figure 3 and details appended as ta-ble in page number 26).

FIGURE 3

FIGURE 2

The market capitalization of 22 listed companies as on 31st December 2019 increased by 46.09% as compared to the previous year. In absolute terms it increased from Nu 35.23 billion to Nu 51.4 billion (Figure 2).

The increase is mainly due to appreciation in mar-ket prices of shares and additional issues through IPO, bonus and rights. A detailed data on market capitalization, for the past five years is appended as table in page number 27

The increase in number of shareholders’ account was mainly due to participation in IPO, second-ary market transactions and rights share auction.

MARKET CAPITALIZATION


Bonus & Rights Issue

TBL issued bonus and right shares to increase their paid-up capital as mandated by RMA and approved during its 40th Board meeting and further ratified by shareholders during the 9th Annual General Meeting held on 5th March 2019.

The bank issued 5,592,077 bonus shares at the ratio 7.6:1 (For every 7.6 shares, 1 bonus share) at the face value of Nu 10 per share. The issue was successfully allocated by CD on 15th March 2019, increasing its paid-up shares from 42,499,786 to 48,091,440 (in terms of paid-up capital from Nu 420 million to Nu 480 million).

Further, the bank issued 11,933,676 rights shares at Nu 10 per share from 29th March to 30th April 2019. Of the total, 1,782 shareholders subscribed to 9,900,761 right shares and 249 shareholders re-nounced 160,389 shares. The remaining 1,872,633 unsubscribed shares were auctioned from 6th to 8th May 2019. A total of 234 bidders participated in the auc-tion with bid price ranging from Nu 11 to Nu 55 per share. The auction price was discovered at Nu 42 per share on 9th May 2019. 16 successful bidders were allocated the remaining rights shares as per pro-rata allocation method. After the allotment date, the paid-up shares of the bank increased to 60,025,233 shares (in terms of paid-up capital Nu 600 million).

Buyback of Shares

As its 15 years lease term is coming to an end with the Government, JMCL bought back 40% of its paid-up shares at Nu 200 per share on 19th April 2019. The paid-up shares of the company decreased from 3,981,341 to 2,388,827 shares (in terms of paid-up capital

BNBL issued 5:1 (one share for every five shares held) bonus shares on its existing share capital to meet the regulatory requirement of RMA. On the al-lotment date, 16th April 2019, the paid-up capital of the bank increased to Nu 3.95 billion from Nu 3.29 billion.

RICBL offered 20 million rights shares to its exist-ing shareholders to raise Nu 200 million at the ratio of 6:1 (one share for every six shares held) at Nu 10 per share. The objective of the issue was to comply with the regulatory requirement of rules and reg-ulations of insurance and re-insurance companies in Bhutan.

The subscription opened for a month from 20th July 2019 to 15th August 2019. After the close of sub-scription, a total of 741 shareholders subscribed to 18,226,959 shares and 111 shareholders renounced a total of 163,200 shares. A total of 180 shares were adjusted as fractional entitlement and the adjust-ment was carried out as per the existing practice of issuing rights shares of RSEB.

The remaining 1,773,041 shares were auctioned from 22nd to 26th August 2019. A total of 271 bid-ders participated in the auction with bid price rang-ing from Nu 12 to Nu 100. The price was discovered at Nu 70 per share and successfully allotted to 84 bidders.

from Nu 39.81 million to Nu 23.88 million).Similarly, DSCL also bought back 25% of its paid-up shares at Nu 80 per share on 3rd April 2019, decreasing its paid-up shares from 9,130,860 to 6,848,142 (in terms of paid-up cap-ital from Nu 91.30 million to Nu 68.48 million).


2. Debt MarketSecondary Market Transactions For Corporate Bonds

Coupon Payment

The CD facilitated coupon payment worth Nu 845.02 million for corporate bonds.

SL NO. BONDS COUPON DATE COUPON PAYMNENTS (NU)

1 RICB BONDS - III (G012) 14-JAN-2019 95,000,000.00

2 RSA BONDS - I (G029) 5-JAN-2019 7,480,000.00

3 DAC BONDS - I (G013) 27-FEB-2019 13,331,872.58

4 DAC BONDS - III (G028) 27-Feb-2019 97,015,226.00

5 DPNB DEBTS(G015) 08-APR-2019 9,000,000.00

6 BIL DEBTS (G016) 08-APR-2019 7,200,000.00

7 RICB DEBTS (G017) 08-APR-2019 15,000,000.00

8 BNBL DEBTS (G018) 08-APR-2019 30,000,000.00

9 BDBL DEBTS (G020) 08-APR-2019 25,800,000.00

10 TBL DEBTS (G021) 08-APR-2019 9,000,000.00

11 DCCL BONDS - I (G014) 29-APR-2019 63,000,000.00

12 TASHI AIR PVT. LTD. (G022) 30-APR-2019 22,500,000.00

13 DCCL BONDS - II (G023) 07-MAY-2019 31,500,000.00

14 RICB BONDS - IV (G025) 27-MAY-2019 142,500,000.00

15 DCCL BONDS - III (G026) 22-JUN-2019 60,000,000.00

16 DAC BONDS - II (G024) 24-AUG-2019 15,446,106.00

17 DCCL BONDS - I (G014) 30-OCT-2019 63,000,000.00

18 DCCL BONDS - II (G023) 06-NOV-2019 31,500,000.00

19 ZIMDRA BONDS - I (G027) 02-DEC-2019 46,750,000.00

20 DCCL BONDS - III (G026) 24-DEC-2019 60,000,000.00

TOTAL: 845,023,204.58

A total of 89,260 units of RICB Bonds-III (G012), DCCL Bond-I (G014), DCCL Bond-II (G023) and RICB Bonds-IV (G025) were transacted in the secondary market

with prices ranging from Nu 950 to Nu 1200 per unit, amounting to Nu 107.05 million.


Redemption of Bonds

The CD successfully redeemed DAC bonds-I (G013), DAC bonds-II (G024) and DAC bonds-III (G028) worth Nu 2.16 billion. The DAC bonds were issued under the sovereign guarantee of the Government.

SL. NO NAME OF BOND AMOUNT RAISED COUPON RATE ISSUE DATE MATURITY DATE COUPON PAYABLE

1 RICB BONDS - III (G012) NU 1,000,000,000 9.50% 15-JAN-2014 14-JAN-2021 ANNUALLY2 DAC BONDS - I (G013) NU 172,820,571 9.00% 28-Feb-2014 27-FEB-2024 ANNUALLY

3 DPNB DEBTS(G015) NU 150,000,000 6.00% 09-APR-2014 08-APR-2024 ANNUALLY

4 BIL DEBTS (G016) NU 120,000,000 6.00% 09-APR-2014 08-APR-2024 ANNUALLY

5 RICB DEBTS (G017) NU 250,000,000 6.00% 09-APR-2014 08-APR-2024 ANNUALLY

6 BNBL DEBTS (G018) NU 500,000,000 6.00% 09-APR-2014 08-APR-2024 ANNUALLY

7 BDBL DEBTS (G020) NU 430,000,000 6.00% 09-APR-2014 08-APR-2024 ANNUALLY

8 TBL DEBTS (G021) NU 150,000,000 6.00% 09-APR-2014 08-APR-2024 ANNUALLY

9 TASHI AIR PVT. LTD. (G022) NU 250,000,000 9.00% 01-MAY-2014 30-APR-2024 ANNUALLY

10 DCCL BONDS - II (G023) NU 700,000,000 9.00% 07-NOV-2014 06-NOV-2024 SEMI-ANNUALLY

11 DAC BONDS - II (G024) NU 200,227,300 9.00% 25-AUG-2014 24-AUG-2024 ANNUALLY

12 RICB BONDS - IV (G025) NU.1,500,000,000 9.50% 28-MAY-2015 27-MAY-2022 ANNUALLY

13 DCCL BONDS - III (G026) NU.1,500,000,000 8.00% 24-JUN-2015 23-JUN-2022 SEMI-ANNUALLY

14 DAC BONDS - III (G024) NU 1,304,406,400 8.50% 28-FEB-2015 27-FEB-2025 ANNUALLY

15 RSA BONDS - I (G029) NU 80,000,000 9.35% 26-JAN-2017 25-JAN-2024 ANNUALLY

16 T BANK SUBORDINATEDDEBT- I NU.350,000,000 9.00% 06-DEC-2019 05-DEC-2026 ANNUALLY

TOTAL OUTSTANDING BONDS NU 8,657,454,271

The bonds are under safe-keeping in CD and is par-tially redeemed over time.Further, Zimdra bonds-I (G027) and DCCL Bond-I (G014) were redeemed prematurely in March and November 2019.

Total Outstanding Bonds

CD registered total outstanding bonds worth Nu 8.65 billion against 13 Bonds listed on the Exchange and 3 bonds under custodial service provieded by CD.

Their redemptions start from 2021 till 2026, as shown in table below:


RSEB started facilitating the issuance of Commer-cial Paper (CP) by companies in dematerialized form. The CP is a short-term debt instrument, issued at a discounted rate to help ease the financing of ac-counts receivable, inventories and meeting short-term liabilities of companies, as specified under the Companies Act.

During the year, two commercial papers were is-sued by companies and the details are given as follows:

Commercial Paper

3. Money MarketWGCPL issued WGCPL Commercial Papers-I (CP009) worth Nu 40 million at a discount rate of 6.75% for 155 days starting from 25th April 2019 and was successfully redeemed on 2nd October 2019.

DGPCL issued DGPC Commercial Papers-III (CP010) worth Nu 250 million at a discount rate of 3.50% for 108 days from 14th June 2019 to 30th September 2019 and was successful-ly redeemed on its maturity date.

The main function of CD is to operate and maintain electronic book-entry system to register the own-ership and record the transfer of securities.

During the year, the volume of securities deposited in CD has increased to 939.56 million from 823.16 million shares in the previous year.

One of the services provided by CD is noting of lien against the shares, which are collateralized with the financial institutions.

4.1. Central Depository

4. Functional/Divisional Activities

This arrangement prevents transaction of any pledged shares in the secondary market, without the consent of pledgee or financial institutions.

During the year, pledging of shares with the finan-cial institutions increased to 72.03 million from 31.57 million shares in the previous year. The CD also released 24.93 million pledged shares.


Rules Governing the Official Listing of Securities

On 21st August 2019, RMA approved the permissible fee charged to bidders by respective brokers for rights auction as per section 6.15 (a) under listing

4.2.1 Amendment to Rules

Suspension of Listed Securities

RSEB suspended trading of DSCL securities with w.e.f 17th January 2019 due to expiry of the compa-ny’s lease period.

Further, BCCL and BFAL securities were suspended in the secondary market w.e.f 1s May 2019 due to

4.2. LISTING

non-compliance to Rules Governing the Official Listing of Securities.

The Exchange provided a timeframe of six months for the companies to submit information and updates on the decision to increase public holding to eliminate any grounds for delisting.

Automated Trading System Rules

The following sub-sections of ATS Rules were amended as per the approval accorded by RMA on 22nd April 2019:

i. Amendment to trading time

The trading days were amended to five days from the existing three trading days per week. Trading frequency was amended to two times a day with execution of trade scheduled at 12:30 PM and 3.30 PM respectively.

ii. Amendment to price fluctuation from last sale price

The price change on a trading day, shall not exceed plus or minus 5% and as determined by RSEB from the closing price of each securities instead of the existing ceiling limits. The authority also approved the charges of Nu 500 annually to any subscribers for the online terminal.

Further, as per sub-section 5.07 of the rules, inter-im reports of listed companies shall hence be made available to public and RSEB within one week after the approval by the respective Boards.

iii. Determination of closing price

The determination of closing price for securities which are not traded for the last one year shall be adjusted to the book value of the latest audited books of accounts and for securities which are not traded for the last one month shall be adjusted to the average of book value and market price.

The RSEB management shall also authorize any amendment to calculation of minimum traded vol-ume for the purpose of determining the closing price.

rules to be increased to 2% and the Exchange com-mission to be increased to 1%.


4.3. IT/TradingThe mobile application, m-CaMS was developed in-house by the RSEB team on hybrid platform to facili-tate online trading of listed shares/bonds.

Hon’ble Governor launched m-CaMS in the presence of the RSEB Board of Directors and other relevant stakeholders on 23rd April 2019 at the RICB training hall.

The launch of m-CaMS will enhance trading accessi-bility and encourage wider participation in the stock market, which would ultimately accelerate RSEB’s role towards achieving financial and digital trans-formation of the economy.

In terms of impact, the application’s system pro-vides ease of access to clients who can now place orders without having to visit brokers every time. A total of 158 online users traded shares worth Nu 51.32 million compared to 14 online users trading shares worth Nu 2.36 million over the course of 8 months in 2018. In terms of frequency of transaction on an average was 128 times per month which totals to 1,536 transactions compared to 1.05 times per month which totals to 118 transactions in the previ-ous year.

4.4. Brokers/Brokerage

During the year, out of the total value of shares traded in the Secondary Market, RICBL securities traded 55.63%, followed by BNBL securities with 22.78%, BOBL securities with 15.92% and DSPL with 5.68%

respectively as shown in Figure 5 and the compara-tive of previous year, 2018 is shown in Figure 6.

RSEB Chairman presents a token of gratitude to Hon’ble Governor during the launch of RSEB’s mobile application m-CaMS

m-CaMS icon


FIGURE 5

FIGURE 6


5. Bhutan Commodity Market Initiative

YEAR LOCATION METRIC TONNE TOTAL VALUE TRADED IN MILLION (NU)

2018 PHUENTSHOLING 1,443.95 37.682019 PHUENTSHOLING 1,832.30 48.70

SAMDRUP JONGKHAR 41.00 0.97TOTAL 1,873.30 49.67

RSEB in collaboration with FCBL and Regional Agricul-tural Marketing and Cooperatives under Department of Agricultural Marketing and Cooperatives, Ministry of Agriculture and Forests, conducted awareness pro-gram on online auction of potatoes and queuing sys-tem in eight Dzongkhags across the country covering 21 Gewogs starting from 27th May 2019. A total of 2,452 farmers attended the program.

The participants were made aware on the use of online auctioning process and its benefits such as higher margins, branding and standardization of the products, faster delivery of auction services like the instant pay-ment due to immediate generation of bills. The farmers were also encouraged to use the queuing system and were informed on how to use the system and its regis-tration process.

The total traded lot and value of potatoes during the year is as given below:

During the year, a total of 1,873.3 MTs of potato valued at Nu 49.67 million were traded through e-Auction compared to 1,443.95 MTs of potato valued at Nu 37.68 million in the previous year.

Official from FCBL and RSEB present on the online auction of potatoes and queuing system to farmers

After the success at the FCB auction yard in Phuent-sholing, the potato grading machine was installed and inaugurated at Samdrup Jongkhar on 4th September 2019. The next commodity identified to be introduced in the online auction system is cardamom.


Bhutan Crowdfunding Portal

In line with this, a team comprising of representatives from RSEB, FCB and MoEA visited Ambala (Delhi) and Vadodara (Gujarat) in India to explore relevant ma-chinery plant for cardamom processing.

Further, the Enhanced Integrated Framework (EIF) agreed in principle to reallocate USD 20,963.80 for purchase of cardamom processing line and their com-mitment for additional fund of USD 40,000 towards the procurement of the machine.

The board members and officials of EIF Secretariat also made onsite visit to the FCBL auction yard in Phuent-sholing to review the progress on implementation of the project as the donor agency.

Bhutan Crowdfunding Portal is an online platform de-veloped by RSEB and licensed under the crowdfunding regulations, which was draftedby RSEB and issued by RMA. Bhutan Crowdfunding aims to provide an al-ternate financing model for start-ups, new business ventures and cottage & small industries in Bhutan to access funds from the general public.

Hon’ble Finance Minister, officially launched Bhutan Crowdfunding Portal at Bhutan Economic Forum for In-novative Transformation (BEFIT) held at Royal Thimphu College and organized by RMA in collaboration with its stakeholders on 17th July 2019.

The platform offers entrepreneurs the opportunity to raise funds for their new businesses and at the same time provides new investment avenues for the public.

Four campaigns registered with the portal to raise funds to scale-up their businesses. However, Free-lancer Bhutan withdrew from the portal to rework on its business model.

On 22nd August, Bhutan Alternatives successful-ly raised Nu 8.34 million for an equity stake of 30% through the portal. Hon’ble Governor handed the cheque to the Founder of Bhutan Alternatives on 27th August 2019.

Official launch of Bhutan crowdfunding portal during BEFIT


After the success of the first campaign, Himalayan Food opened its campaign on 19th July 2020 to raise Nu 4.5 million for an equity stake of 18%. On the close date of the campaign on 20th September 2019, a total of 133 investors invested in the campaign.

The third campaign was registered by One Click Shop to expand their mart on e-commerce platform. The campaign opened on 3rd October 2019 to raise Nu 8.5 million for an equity offer of 37%.

Founder of Bhutan Alternatives receives the amount successfully raised through Bhutan crowdfunding portal


As a part of ‘AM with PM’ on 9th April 2019, Hon’ble Prime Minister, Lyonchhen Dr. Lotay Tshering visited RSEB office and interacted with the management and staff.

6. H.E the Prime Minister’s Visit During the visit, Hon’ble Prime Minister discussed various issues related to the development of capital market.

RSEB started a walk-in session targeting the gen-eral public to provide the fundamentals of capital

7. Financial Literacy/Investor Educationmarket on every Friday at 3:00 PM. More than 650 individuals participated in the session this year.

As a part of GMW celebration organized by RMA from 25th to 31st March 2019, RSEB team led by CEO attended the opening event at Sakteng village under Trashigang Dzongkhag.

Global Money Week (GMW)

In an effort to sensitize our policy makers on the im-portance of the capital market and the role of the secu-rities market in the Bhutanese economy, a team from RSEB led by CEO made a presentation to the Hon’ble Members of the Economic and Finance Committee of the National Assembly of Bhutan on 14th May 2019 and Hon’ble Members of the National Council on I5th August 2019.

Sensitization to Parliamentarians and Policy Makers

The team also visited Sherubtse College and Jigme Sherubling Central School to create awareness on the importance of savings and investments.

Further, RSEB team led by CEO also made a presen-tation on capital market to the Hon’ble Ministers of Ministry of Finance and MoEA on 20th and 22nd March 2019.

Friday Session


On 26th July 2019, around 36 entrepreneurs and indi-viduals from various backgrounds attended the Friday session on crowdfunding financing model, Bhutan crowdfunding portal and other platforms to access finance.

Awareness to Entrepreneurs

RSEB installed a LED display screen in front of RICBL building to display live prices of stocks and other infomercials to promote public awareness on stock market


For the benefit of the general public, the compilation of companies’ information such as issued capital, prof-its/loss, reserves, face value, book value, market val-ue, earnings per share, return on capital, debt equity

8. Market Information

The annual accounts of RSEB for the year ended 31st December 2019 was audited by M/s Jigmi Audit & Fi-nancials Pvt. Ltd.

9. Audited Accounts

During the year, RSEB generated Nu 21.28 million as revenue from its operations, a growth of 57.99% over the previous year. The increase in the revenue is main-ly due to increase in trading fees from the secondary market transaction.

Review of operations

During the year RSEB generated a profit of Nu 6.96 mil-lion as compared to Nu 4.23 million in the previous year.

Profit for the year

CHAIRMAN

ratio, dividend yields etc. are calculated and tabulated manually from the year’s balance sheets of the respec-tive listed companies, which forms a part of this report.

RSEB recorded Nu 32.44 million as annual turnover for the year 2019, a growth of 24.24% as compared to previous year.

On behalf of RSEB and the Board of Directors, I would like to take this opportunity to place on record the acknowledgement of our sincere appreciation to RMA, Registrar of Companies, MoEA, all the listed companies, the brokerage firms, the settlement bank (BNBL) and FCBL for their patronage and contin-ued support in making the year 2019 a successful one.

The increase in profit was mainly due to increase in operating income from trading fees and depository fees.


TOTAL TRADED VOLUME IN SECONDARY MARKETCOMPANY 2015 2016 2017 2018 2019 NO. OF SHARES

BBPL 1000 40,000 - 4000 54,897 99,897.00BCCL 800 75,000 1,250 3,800 3,045 83,89 5.00BFAL - 1,000 - - - 1,000.00BIL 715,020 244,820 47,800 282,021 1,661,657 2,951,318.00BNBL 4,983,929 9,893,122 3,166,772 8,697,358 15,001,313 41,742,494.00BPCL - 23,790 20,000 1,800 48,308 93,898.00BTCL 3,200 - - 1,200 1,628 6,028.00DFAL 11,500 60,000 113,200 129,661 125,149 439,510.00DPL 32,360 17,320 8,930 389,536 248,353 696,499.00DPNB 76,484 52,250 77,309 108,450 392,514 707,007.00DPOP - - - 1,500 2,550 4,050.00DSCL - - 10,280 - - 10,280.00DWAL 63,875 5,050 183,130 81,430 147,737 481,222.00EBCC 9,000 500 7,000 5,000 109,034 130,534.00GBRL` 340,450 155,940 5,952 546,531 1,151,140 2,200,013.00JMCL 37,350 4,044 - 7,700 681 49,775.00

KCL 8,670 1,500 - - 49,322 59,492.00PCAL 310,940 65,050 23,125 650,357 386,941 1,435,513.00RICB 334,495 442,200 423,600 341,578 2,951,444 4,493,317.00STCB 85,500 148,300 900 92,000 75,446 402,146.00SVL - - - - 47,481 47,481.00TBL 274,672 256,730 150,880 484,312 1,159,925 2,326,519.00

TOTAL 7,289,245 11,489,616 4,240,128 11,828,234 23,617,665 58,461,888


TOTAL TRADED VALUE IN SECONDARY MARKET COMPANY 2015 2016 2017 2018 2019 NO. OF SHARES

BBPL 0.01 0.40 - 0.05 1.06 1.52BCCL 0.06 5.63 0.09 0.27 0.22 6.27BFAL - 0.06 - - - 0.06BIL 13.56 6.24 1.34 14.53 78.88 114.55BNBL 134.26 282.97 86.57 256.94 556.61 1317.34BPCL - 0.24 0.20 0.02 1.79 2.25BTCL 0.13 - - 0.05 0.16 0.34DFAL 0.28 1.40 2.14 5.07 11.05 19.94DPL 0.57 0.30 0.14 5.99 5.60 12.61DPOP 1.65 1.12 - 3.23 28.75 0.11DPNB - - 6.27 0.03 0.08 25.29DSCL - - 0.35 - - 0.35DWAL 2.43 0.19 6.27 2.91 13.49 25.29EBCC 0.36 0.02 0.30 0.24 19.43 20.35GBRL` 4.04 2.05 0.10 10.45 54.90 71.53JMCL 2.68 0.32 - 0.54 0.16 3.70

KCL 0.10 0.02 - - 2.15 110.95PCAL 17.76 3.62 1.35 41.98 46.24 110.95RICB 10.36 17.63 22.46 23.21 246.81 320.6STCB 1.47 2.61 - 1.88 3.62 9.58SVL - - - - 0.95 -TBL 4.06 3.85 2.62 16.87 53.79 81.19

TOTAL 193.77 328.67 125.67 384.26 1125.74 2158.11


ISSUING COMPANY

2015 2016 2017 2018 2019

BBPL 479 477 478 476 496BCCL 260 263 265 267 265BFAL 43 43 43 43 43BIL 4318 4294 4269 4283 4,476BNBL 4514 4514 4533 5213 6,253BPCL 128 129 127 127 144BTCL 156 156 156 156 166DFAL 459 459 457 469 487DPL 14416 14359 14317 14288 14,210DPNB 22143 22050 21941 21987 21,630DPOP 214 214 214 215 217DSCL 1265 1262 1262 1262 1,264DWAL 7494 498 500 500 534EBCC 1059 1053 1052 1047 1,074GBRL 1157 1138 1137 1132 1,155JMCL 416 417 417 416 440

KCL 232 231 231 231 246PCAL 1417 1418 1403 1446 1,514309.60 1493 1484 1481 1606 1,853STCB 136 137 136 138 151SVL - - - - 7,116TBL 7756 7703 7647 7609 7,686

TOTAL 62,555 62,299 62,066 62,911 71,420

TOTAL NUMBER OF SHAREHOLDERS’ ACCOUNT


COMPANY NU IN MILLION2015 2016 2017 2018 2019

BBPL 140.00 140.00 140.00 160.30 239.40BCCL 750.00 750.00 750.00 700.00 735.00BFAL 900.00 900.00 900.00 900.00 900.00BIL 440.00 540.00 620.00 1,620.00 1,215.00BNBL 10,289.42 8,888.22 8,723.63 10,205.00 14,023.65BPCL 24.93 24.93 24.93 31.17 133.84BTCL 83.76 83.76 83.76 85.85 290.23DFAL 695.46 637.50 536.09 1,641.29 2,093.63DPL 157.17 157.17 112.50 229.08 236.72 DPOP 20.00 20.00 20.00 20.00 5,460.00DPNB 922.50 945.00 1,129.50 2,625.00 33.15DSCL 273.93 273.93 310.45 310.45 232.84DWAL 774.06 774.06 692.58 686.86 1,272.60EBCC 208.40 208.40 234.45 296.97 1,114.94GBRL 600.00 675.00 750.00 1,257.50 2,200.00JMCL 403.82 318.50 318.51 310.54 1,279.22

KCL 60.00 60.00 60.00 60.00 295.00PCAL 2,040.00 1,754.00 2,244.00 3,128.00 4,352.01RICB 4,512. 00 4,800.00 7,080.00 8,640.00 10,990.01STCB 309.60 315.00 315.00 621.00 1,152.01SVL - - - - 281.71TBL 390.00 480.00 585.00 1,699.99 2,881.21

TOTAL 23,995.05 22,745.47 25,580.40 35,229.00 51,412.17

MARKET CAPITALIZATION


SL. NO.

SYMBOL

PAID U

P CAPITA

L(NU

.)PAI

D UP

SHARES

RGOB/D

HIFIN

ANCIAL

INSTITU

TIONS

FOREIG

N INST.

INVEST

ORSDRA

TSHANG

SINS

TITUTIO

NAL INV

ESTORS

MAJOR

SHARE

HOLDER

SGEN

ERAL PU

BLICNO.

OF SHA

RESPER

CENT

NO. OF

SHARES

PERCEN

TNO.

OF SHA

RESPER

CENT

NO. OF

SHARES

PERCEN

TNO.

OF SHA

RESPER

CENT

NO. OF

SHARES

PERCEN

TNO.

OF SHA

RESPER

CENT

1BBP

L 140

,001,40

0 14,0

00,140

6,6

83,340

47.7

41,85

6,300.

00 13.

26-

-824

,500.0

0 5.8

9731

,200.0

05.2

2-

-3,9

04,800

27.89

2BCC

L 100

,000,0

00 10,

000,00

0 -

- 3,9

23,200

.0039.

23-

-70,0

00.00

0.702,9

10,240

29.10

2,569,

70025.

70526

,860

5.27

3BFA

L150

,000,0

00 15,

000,00

0 3,8

59,460

25.

731,30

3,800.

008.6

9 1,8

00,000

.0012.0

0 43

9,060.

002.9

35,9

58,980

39.73

1,609,3

3010.7

329,

3700.2

04

BIL 30

0,000,

000

30,00

0,000

--

1,500,

000.00

5.0

0 -

- 196

,590.0

0 0.6

6 26

6,108

0.89

8,087,

062

28.26

19,950

,240

66.50

5

BNBL

3,950,

323,110

39

5,032,

311 40,

819,96

012.4

0102

,988,8

96.00

26.07

42,577

,548.0

0 10.7

8 3,2

32,051

.00

0.82

40,88

3,759

10.35

--

156,36

6,105

39.58

6BPC

L24,

933,40

0 2,4

93,340

-

-127

,140.00

5.10-

--

-22,

5000.9

01,33

9,320

53.72

1,004,3

8040.

28 7

BTCL

20,940

,000

2,094,

000

--

--

--

10,000.

00 0.4

8 228

,70010.9

21,04

8,900

50.09

806,40

038.

51 8

DFAL

289,776

,200

28,977

,620

--

6,978,

250.00

24.08

--

6,978,

280.00

24.08

776,760

2.68

7,810,8

7026.

956,4

33,460

22.20

9DPL

152,723

,500

15,272

,350

7,788,

901

51.00

591.00

0.0

0-

- 8,2

60.00

0.05

3,879

0.03

2,608,

992

17.08

4,861,7

27 31.

83

10DPN

B 700

,000,0

00 70,

000,00

0 -

- 3,0

09,764

.00

4.30

35,700

,000.0

0 51.0

0 46

,464.0

0 0.0

7 1,8

81,239

2.69

--

29,36

2,533

41.95

11DPO

P10,0

00,000

1,00

0,000

--

--

--

180,00

0.00

18.00

310,00

031.0

0210

,000

21.00

300,00

030.

00 12

DSCL

68,48

1,420

6,848,

142

--

--

--

2,483,

100.00

36.

26 34

1,760

4.99

--

4,023,

282

58.75

13DW

AL 173

,143,53

0 17,3

14,353

--

--

--

46,85

5.00

0.27

24,112

0.14

9,739,

674

56.25

7,5

03,712

43

.34

14EBC

C52,

100,00

0 5,2

10,000

--

--

--

--

--

3,420,

200

65.65

1,78

9,800

34.35

15

GBRL

500,00

0,000

50,000

,000

--

3,000,

000.00

6.00

13,000,

000.00

26.00

--

1,000,5

00 2.0

017,0

00,000

34.00

15,999,

50032.

00 16

JMCL

23,88

8,270

2,388,

827

--

--

--

6,901.0

0 0.2

9-

--

- 2,3

81,926

99.71

17KCL

50,000

,000

5,000,

000

2,550,

000

51.00

--

--

--

1,432,8

3028.

66-

-1,01

7,170

20.34

18PCA

L340

,000,70

0 34,

000,070

13,7

10,740

40.33

868,750

.002.5

6-

-6,9

52,430

.0020.

456,6

44,180

19.54

--

5,823,

97017.1

3 19

RICB

1,400,

001,80

0 140

,000,18

0 25

,780,4

17 18.4

1442

,500.0

00.3

7-

- 817

,173.00

0.5

8 75,

384,54

9 53

.85

--

37,575

,541

26.84

20

STCB

180,00

1,600

18,000,

160

9,176,0

50 50.

982,15

2,440.

0011.9

6-

-326

,320.0

01.81

2,264,

86012.5

8-

-4,0

80,490

22.67

21SVL

169,072

,210

16,907

,221

--

--

--

--

--

10,776

,208

63.74

6,131,0

13 36

.26

22TBL

600,2

52,230

60

,025,2

23 -

- 10,

345.00

0.0

2-

- 32

,573.00

0.0

5 83

2,211

1.39

31,615

,378

52.67

27,534

,716

45.87

SHARE

HOLDI

NG PA

TTERN


SL. NO.

SYMBOL

PAID U

P CAPITA

L(NU

.)PAI

D UP

SHARES

RGOB/D

HIFIN

ANCIAL

INSTITU

TIONS

FOREIG

N INST.

INVEST

ORSDRA

TSHANG

SINS

TITUTIO

NAL INV

ESTORS

MAJOR

SHARE

HOLDER

SGEN

ERAL PU

BLICNO.

OF SHA

RESPER

CENT

NO. OF

SHARES

PERCEN

TNO.

OF SHA

RESPER

CENT

NO. OF

SHARES

PERCEN

TNO.

OF SHA

RESPER

CENT

NO. OF

SHARES

PERCEN

TNO.

OF SHA

RESPER

CENT

1BBP

L 140

,001,40

0 14,0

00,140

6,6

83,340

47.7

41,85

6,300.

00 13.

26-

-824

,500.0

0 5.8

9731

,200.0

05.2

2-

-3,9

04,800

27.89

2BCC

L 100

,000,0

00 10,

000,00

0 -

- 3,9

23,200

.0039.

23-

-70,0

00.00

0.702,9

10,240

29.10

2,569,

70025.

70526

,860

5.27

3BFA

L150

,000,0

00 15,

000,00

0 3,8

59,460

25.

731,30

3,800.

008.6

9 1,8

00,000

.0012.0

0 43

9,060.

002.9

35,9

58,980

39.73

1,609,3

3010.7

329,

3700.2

04

BIL 30

0,000,

000

30,00

0,000

--

1,500,

000.00

5.0

0 -

- 196

,590.0

0 0.6

6 26

6,108

0.89

8,087,

062

28.26

19,950

,240

66.50

5

BNBL

3,950,

323,110

39

5,032,

311 40,

819,96

012.4

0102

,988,8

96.00

26.07

42,577

,548.0

0 10.7

8 3,2

32,051

.00

0.82

40,88

3,759

10.35

--

156,36

6,105

39.58

6BPC

L24,

933,40

0 2,4

93,340

-

-127

,140.00

5.10-

--

-22,

5000.9

01,33

9,320

53.72

1,004,3

8040.

28 7

BTCL

20,940

,000

2,094,

000

--

--

--

10,000.

00 0.4

8 228

,70010.9

21,04

8,900

50.09

806,40

038.

51 8

DFAL

289,776

,200

28,977

,620

--

6,978,

250.00

24.08

--

6,978,

280.00

24.08

776,760

2.68

7,810,8

7026.

956,4

33,460

22.20

9DPL

152,723

,500

15,272

,350

7,788,

901

51.00

591.00

0.0

0-

- 8,2

60.00

0.05

3,879

0.03

2,608,

992

17.08

4,861,7

27 31.

83

10DPN

B 700

,000,0

00 70,

000,00

0 -

- 3,0

09,764

.00

4.30

35,700

,000.0

0 51.0

0 46

,464.0

0 0.0

7 1,8

81,239

2.69

--

29,36

2,533

41.95

11DPO

P10,0

00,000

1,00

0,000

--

--

--

180,00

0.00

18.00

310,00

031.0

0210

,000

21.00

300,00

030.

00 12

DSCL

68,48

1,420

6,848,

142

--

--

--

2,483,

100.00

36.

26 34

1,760

4.99

--

4,023,

282

58.75

13DW

AL 173

,143,53

0 17,3

14,353

--

--

--

46,85

5.00

0.27

24,112

0.14

9,739,

674

56.25

7,5

03,712

43

.34

14EBC

C52,

100,00

0 5,2

10,000

--

--

--

--

--

3,420,

200

65.65

1,78

9,800

34.35

15

GBRL

500,00

0,000

50,000

,000

--

3,000,

000.00

6.00

13,000,

000.00

26.00

--

1,000,5

00 2.0

017,0

00,000

34.00

15,999,

50032.

00 16

JMCL

23,88

8,270

2,388,

827

--

--

--

6,901.0

0 0.2

9-

--

- 2,3

81,926

99.71

17KCL

50,000

,000

5,000,

000

2,550,

000

51.00

--

--

--

1,432,8

3028.

66-

-1,01

7,170

20.34

18PCA

L340

,000,70

0 34,

000,070

13,7

10,740

40.33

868,750

.002.5

6-

-6,9

52,430

.0020.

456,6

44,180

19.54

--

5,823,

97017.1

3 19

RICB

1,400,

001,80

0 140

,000,18

0 25

,780,4

17 18.4

1442

,500.0

00.3

7-

- 817

,173.00

0.5

8 75,

384,54

9 53

.85

--

37,575

,541

26.84

20

STCB

180,00

1,600

18,000,

160

9,176,0

50 50.

982,15

2,440.

0011.9

6-

-326

,320.0

01.81

2,264,

86012.5

8-

-4,0

80,490

22.67

21SVL

169,072

,210

16,907

,221

--

--

--

--

--

10,776

,208

63.74

6,131,0

13 36

.26

22TBL

600,2

52,230

60

,025,2

23 -

- 10,

345.00

0.0

2-

- 32

,573.00

0.0

5 83

2,211

1.39

31,615

,378

52.67

27,534

,716

45.87 YEAR MARKET PRICE YEAR END

HIGH LOW CLOSING PRCE BCCL 2015 75.00 75.00 75.00

2016 75.00 75.00 75.002017 70.00 70.00 70.00

2018 75.0 70.00 70.002019 73.50 70.0 73.50

RICB 2015 57.00 25.00 37.602016 46.00 35.00 40.00

2017 59.00 40.00 59.00

2019 75.00 64.00 72.00

2019 99.00 64.00 78.50

PCAL 2015 65.00 52.00 60.00

2016 60.00 51.60 51.602017 66.00 50.00 66.002018 92.00 62.00 92.002019 129.00 100 128.00

BTCL 2015 40.00 40.00 40.002016 - - -2017 - - -2018 41.00 40.00 41.002019 145.50 47.15 138.60

BFAL 2015 60.00 60.00 60.002016 60.00 60.00 60.002017 60.00 60.00 60.002018 - - 60.002019 - - 60.00

BBPL 2015 10.00 10.00 10.002016 10.00 10.00 10.002017 - - -2018 11.45 11.45 11.452019 29.55 11.60 17.10

BIL 2015 24.0 17.50 22.002016 27.00 21.00 27.002017 32.00 25.00 31.002018 69.00 32.00 54.002019 55.00 40.50 40.50

YEAR MARKET PRICE YEAR ENDHIGH LOW CLOSING PRCE

DFAL 2015 24.00 24.00 24.002016 24.50 22.00 22.002017 19.00 18.50 18.502018 56.64 21.00 56.642019 110.00 65.13 72.25

DPNB 2015 25.00 17.50 20.50

2016 24.00 19.00 21.00

2017 25.10 21.00 25.10

2018 40.00 34.50 39.67

2019 85.00 37.50 78.00

DWAL 2015 38.00 38.00 38.00

2016 38.00 38.00 38.002017 38.00 34.00 34.002018 40.00 34.50 39.67

2019 115.00 45.62 73.50

DPL 2015 19.00 16.00 19.002016 19.00 17.00 19.002017 16.50 13.60 13.602018 23.00 15.00 15.002019 33.50 13.50 15.50

BNBL 2015 31.00 23.0. 29.002016 30.00 27.00 27.002017 28.00 24.50 26.502018 35.00 26.50 31.002019 46.00 32.00 35.50

BPCL 2015 - - 10.002016 10.00 10.00 10.002017 10.00 10.00 10.002018 12.50 12.50 12.502019 58.27 14.37 53.68

STCB 2015 17.20 17.20 17.202016 18.00 17.50 17.502017 17.50 17.50 17.502018 34.50 20.00 34.502019 78.00 32.76 64.00

YEAR MARKET PRICE YEAR ENDHIGH LOW CLOSING PRCE

EBCC 2015 40.00 40.00 40.002016 40.00 40.00 40.002017 45.00 40.00 45.002018 57.00 45.00 57.002019 224.00 59.85 214.00

DSCL 2015 - - 30.00

2016 - - 30.00

2017 34.00 30.00 34.00

2018 - - 34.00

2019 - - 34.00

DPOP 2015 - - 20.00

2016 - - 20.002017 - - 20.002018 20.00 20.00 20.00

2019 33.15 21.00 33.15

JMCL 2015 78.00 71.00 71.002016 80.00 80.00 80.002017 - - 80.002018 78.00 68.00 70.002019 535.50 81 535.50

KCL 2015 12.00 12.00 12.002016 12.00 12.00 12.002017 - - 12.002018 - - -2019 65.30 13.55 59.00

TBL 2015 17.00 13.00 13.002016 16.00 14.00 16.002017 20.00 16.00 19.502018 45.50 15.00 40.002019 58.50 40.00 48.00

GBRL 2015 12.00 10.50 12.002016 14.00 12.00 13.502017 17.0 15.00 15.002018 25.15 16.50 25.152019 66.50 28.00 44.00

SVL 2015 - - -2016 - - -2017 - - -2018 - - -2019 22.52 13.65 16.63

MARKET PRICECOMPANY COMPANY COMPANY


DIVIDENDCOMPANY 2014 2015 2016 2017 2018 2019

BBPL 7.00 8.00 - - - -BCCL 40.00 10.00 - 35.00 50.00 -BFAL 75.00 40.00 - 100.00 150.00 -DPL - - - - - -BIL 9.42 16.75 27.00 35.00 - 16.00BNBL 10.00 14.10 13.40 16.35 10.00 0.69 BPCL - 15.00 25.00 30.00 20.00 -BTCL 15.00 - 30.00 30.00 30.00 -DFAL 30.00 11.00 30.00 80.00 10DPNB 8.00 - 10.00 12.00 15.00 -DPOP - - - - - -DSCL 125.00 130.00 80.00 100.00 - -DWAL 70.00 15.00 20.00 10.00 20.00 30.00 EBCC 300.00 200.00 200.00 200.00 290.00 JMCL 150.00 200.00 500.00 500.00 500.00 500.00

KCL 12.00 18.00 - 17.00 12.00 15.00

PCAL 80.00 35.00 70.00 70.00 60.00 -RICB 35.00 20.00 25.00 12.60 - -TBL 5.70 5.70 - - - 11.00 STCB - 15.00 18.00 20.00 21.00 15.00GBRL - - - 3.00 - -


COMPAN

YYEA

RPAI

D UP

CAPITAL

P/SHAR

ESRES

ERVES

NET PRO

FITFAC

E VAL

UE (IPO)

DEBT

MARKE

T PRI

CEDIV

IDEND(

%)BOO

K VALUE

BASIC

EARNIN

GS PER

SHARE

PRICE

EARNIN

G RAT

IO

RETURN

S ON

CAPITAL

DIVIDE

ND YEI

LD(%)

DEBT

EQUITY

RATIO

BBPL

1993

2016

140,00

1,400

14,000

,140

150,474

,165.04

7,5

69,949

.51 10

-10.0

0-

20.75

0.54

18.49

0.03

--

2017

140,00

1,400

14,000

,140

116,20

4,031.0

0 ( 15

,123,278

.00)

10-

10.00

- 18.

30 (1.0

8) N.A

(0.

06)-

-

2018

140,00

1,400

14,000

,140

84,78

5,354.

00 ( 31

,635,76

8.00)

10 37,

402,160

.00

11.45

- 16.

06 (2.

26) N.A

(0.

14)-

0.27

2019

140,00

1,400

14,000

,140

596,79

4,288.

00 (27

,231,40

2.00)

10 34

,075,754

.00

17.10

- 52

.63

(1.95)

N.A

(0.04)

- 0.2

4 BCC

L199

3201

6 100

,000,0

00 10,

000,00

0 314

,703,43

8.73

(89,974

,906.18

)10

-75.0

041.4

7(9.0

0)0.0

0(0.2

2) -

-201

7 100

,000,0

00 10,

000,00

0 39

6,801,8

82.27

82,09

8,443.

53 10

-70.0

0 35

.00

49.68

8.21

8.53

0.17 5.0

0 -

2019

100,00

0,000

10,000

,000

459,96

1,442.4

2 103

,043,3

69.15

10-

70.00

50.00

56.

0010.3

06.79

0.18 7.14

-

2019

100,00

0,000

10,000

,000

278,515

,373.20

(132

,109,00

2.22)

10-

70.00

-37.8

5(13.

21)(5.3

0)(0.3

5)-

-BFA

L199

5201

6 150

,000,0

00 15,

000,00

0 721

,968,5

65.98

2,047,9

49.97

10 16,

776,59

4.41

60.00

40

.00

58.13

0.14

439.4

6 0.0

0 6.6

7 0.1

1 201

7 150

,000,0

00 15,

000,00

0 1,5

58,675

,713.06

211

,586,6

30.43

10 103

,621,82

4.03

60.00

110.

00 113

.91 14.

11 4.2

5 0.1

2 18.

33 0.6

9 201

8 150

,000,0

00 15,

000,00

0 1,6

30,938

,745.14

319,65

0,191.08

10

299,13

1,638.7

9 60

.00

150.00

118.73

21.31

2.82

0.18

25.00

1.9

9 201

9 150

,000,0

00 15,

000,00

0 1,19

4,844,

824.61

(113,62

4,733.5

3)10

- 60

.00

0.00

89.66

(7.5

7) (7.9

2) (0.

08) 25

.00

2.71

BNBL

1996

2016

3,291,9

35,960

329,

193,59

6 3,5

34,098

,931.00

702

,256,6

51.00

10 17,6

52,185

,281.00

27.

00 13.

40 20

.74 2.1

3 12.

66 0.1

0 5.0

5.3

6

2017

3,291,9

35,960

329,193

,596

3,747,79

3,558.

00 778

,145,579

.00

10 876

,400,0

00.00

26.50

16.35

22.56

2.36

8.37

0.11

6.2

0.27

2018

3,291,9

35,960

329,193

,596

3,815,8

23,579

.00

596,3

64,134

.00

10 19,

679,99

3,152.0

0 31.

00 10.

00 21.

59 1.8

1 17.1

1 0.0

8 5.3

5.9

8 201

93,9

50,323

,110 39

5,032,

311 3,0

47,471,4

25.00

249,3

09,303

.00

10 24

,790,09

5,356.

00 35.

50.6

9 17.7

1 0.6

3 56

.25

0.084

4.6

6.28

BPCL

1994

2016

24,93

3,400

2,493,

340

41,653

,347.11

10,

957,08

6.39

10 10,

014,736

.22

10.00

25.00

26

.71 0.3

2 30

.97 0.1

6 25

.00

0.40

2017

24,93

3,400

2,493,

340

43,914

,845.15

15,

057,64

9.01

10 1,5

30,461

.68

10.00

30.00

27.

61 6.0

4 1.6

6 0.2

2 30

.00

0.06

2018

24,93

3,400

2,493,

340

43,99

6,307.8

9 7,5

61,482.

74 10

3,929,

570.65

12.5

0 20

.00

27.65

3.03

4.12

0.11

16.00

0.16

2019

24,93

3,400

2,493,

340

44,985

,993.8

9 7,2

31,370.8

9 10

16,980

,878.8

9 53

.68

- 28

.04

2.90

18.51

0.10

- 0.6

8

FINANCIAL HIGHLIGHTS


COMPAN

YYEA

RPAI

D UP

CAPITAL

P/SHAR

ESRES

ERVES

NET PRO

FITFAC

E VAL

UE (IPO)

DEBT

MARKE

T PRI

CEDIV

IDEND(

%)BOO

K VALUE

BASIC

EARNIN

GS PER

SHARE

PRICE

EARNIN

G RAT

IO

RETURN

S ON

CAPITAL

DIVIDE

ND YEI

LD(%)

DEBT

EQUITY

RATIO

BTCL

1994

2016

20,94

0,000

2,094,

000

256,0

34,202

.00

30,131

,162.00

10

104,763

,407.00

40.

0030.

00 132

.27 14.

39 2.7

8 0.1

1 7.5

0 5.0

0 201

7 20

,940,0

00 2,0

94,000

29

2,754,16

2.00

36,05

3,656.

00 10

104,763

,407.00

40.

0030.

00149

.8917.2

22.3

20.11

7.505.0

0

2018

20,94

0,000

2,094,

000

314,724

,078.00

37,

548,04

8.00

10 94

,182,93

5.00

41.00

30.00

160.30

17.9

3 2.2

9 0.1

1 7.3

2 4.5

0 201

9 20

,940,0

00 2,0

94,000

33

2,712,16

5.00

35,98

4,940.

00 10

912509

39138

.60-

168.89

17.1

8 8.0

7 0.10

175235

3 4.3

6 DPO

P200

1201

6 10,

000,00

0 1,0

00,000

16,

032,55

7.00

(2,121,

279.00

)10

690,8

68.00

20.00

-26.

03(2.1

2)(9.4

28)(0.0

81)-

0.069

2017

10,000

,000

1,000,

000

18,792

,852.0

0 2,7

60,294

.00

10 1,0

27,555.

00 20.

00-

28.79

2.767.24

60.0

96-

0.103

2018

10,000

,000

1,000,

000

21,581

,984.0

0 2,7

89,132

.00

10 1,3

59,502

.00

20.00

-31.5

82.79

7.171

0.088

-0.13

6201

9 10,

000,00

0 1,0

00,000

21,

026,36

3.00

(555,6

51.00)

10 29

2,000.

00 33.

15-

31.03

(0.56)

(59.66

0)(0.0

18)-

0.029

DSCL

1998

2016

91,308

,600

9,130,

860

261,15

9,023.

00 101

,728,04

1.00

10-

30.00

80

.00

38.60

11.1

4 2.6

9 0.2

9 (26

.67)

-201

7 91,

308,60

0 9,1

30,860

30

6,471,5

70.00

118,35

9,428.

00 10

- 34

.00

100.00

43

.56

12.96

2.62

0.30

29.41

-201

9 91,

308,60

0 9,1

30,860

416

,740,747

.00

201,57

7,774.0

0 10

- 34

.00

- 55.

64 22

.08

1.54

0.40

---

2019

68,48

1,420

6,848,

142

242,9

86,839

.00

(13,85

9,208.

00)10

- 34

.00

- 45.

48 (2.

02) (16

.80)

( 0.04)

---

PCAL

1993

2016

340,0

00,700

34

,000,0

70 1,15

4,690,

762.00

145

,757,95

4.00

10 8,6

74,291.0

0 51.

60 70.

00 43

.96

4.29

12.04

0.10

13.57

0.03

2017

340,0

00,700

34

,000,0

70 1,0

71,433,

321.00

151

,064,8

64.00

10-

66.00

70.

00 41.

51 4.4

4 14.

85 0.1

1 10.

61 -

2018

340,0

00,700

34

,000,0

70 95

0,485,

984.00

117

,053,15

3.00

10-

92.00

60

.00

37.96

3.44

26.72

0.09

6.52

-201

9 34

0,000,

700

34,00

0,070

950,4

85,984

.00

117,05

3,153.0

0 10

- 128

.00

60.00

37.

96 3.4

4 37.

18 0.0

9 4.6

9 -

RICB

1993

2016

1,200,0

00,000

120,00

0,000

2,097,6

58,128

.00

472,68

8,369.

00 10

6,532,

475,86

4.00

40.00

25

.00

27.48

3.94

10.15

0.14

6.25

5.44

2017

1,200,0

00,000

120,00

0,000

2,103,

039,58

6.00

265,4

04,967

.00

10 5,5

29,426

,207.00

59

.00 12.

60 27.

53 2.2

1 26

.68

0.08

2.14

4.61

2018

1,200,0

00,000

120,00

0,000

1,054,

036,078

.00

( 1,233,

744,28

3.00)

10 4,2

59,242

,987.00

72.

00 -

18.78

(10.28

) (7.0

0) (0.

55) 1.75

3.5

5 201

9 1,4

00,001

,800

140,00

0,180

2,195,

396,62

8.00

263,4

86,270

.00

10 3,5

04,655

,357.00

78.

50 -

25.68

1.8

8 41.

71 0.0

7 1.6

1 2.5

0



COMPAN

YYEA

RPAI

D UP

CAPITAL

P/SHAR

ESRES

ERVES

NET PRO

FITFAC

E VAL

UE (IPO)

DEBT

MARKE

T PRI

CEDIV

IDEND(

%)BOO

K VALUE

BASIC

EARNIN

GS PER

SHARE

PRICE

EARNIN

G RAT

IO

RETURN

S ON

CAPITAL

DIVIDE

ND YEI

LD(%)

DEBT

EQUITY

RATIO

STCB

1997

2016

180,00

1,600

18,000

,160

210,30

4,385.

71 78,

462,62

7.12

10 64

,761,82

2.77 17.2

0 18.

00 21.

68 4.3

6 4.0

1 0.2

0 10.

29 0.3

6 201

7 180

,001,60

0 18,

000,160

25

9,197,10

8.81

81,255

,564.3

1 10

100,60

4,711.64

17.5

0 20

.00

24.40

4.5

1 3.8

8 0.1

9 11.4

3 0.5

6 201

8 180

,001,60

0 18,

000,160

25

9,197,10

8.81

67,485

,749.52

10

105,24

6,228.

63 34

.50

21.00

24.40

3.7

5 9.2

0 0.1

5 5.8

0 0.5

8 201

9 180

,001,60

0 18,

000,160

30

1,155,5

41.00

44,558

,651.00

10

113,212

,469.0

0 64

.00

15.00

26.73

2.48

25.85

0.0

9 3.1

3 0.6

3 EBC

C200

5201

6 52

,100,00

0 5,2

10,000

631,26

7,781.50

159

,410,66

3.62

10 140

,724.31

40.00

20

0.00

131.16

30.60

1.3

1 0.2

3 50

.00

0.00

2017

52,100

,000

5,210,0

00 728

,193,05

5.32

204,76

3,264.

56 10

110,413

.92

45.00

200.0

0 149

.77 39

.30

1.14

0.26

44.44

0.00

2018

52,100

,000

5,210,0

00 82

7,817,4

92.52

203,8

24,437

.20

10 13,

634.81

57.00

290.0

0 168

.89

39.12

1.46

0.23

50.88

0.00

2019

52,100

,000

5,210,0

00 83

5,372,5

93.45

159,64

6,041.2

3 10

- 59

.85

- 170

.34

30.64

1.9

5 0.1

8 48

.45

-KCL 200

7201

6 50

,000,0

00 5,0

00,000

146

,908,4

13.31

25,35

6,098.

65 10

-12.0

0-

39.38

5.0

7 2.3

7 0.1

3 -

-201

7 50

,000,0

00 5,0

00,000

12,285

,960.73

19,775

,769.44

10-

12.00

17.00

41.44

3.96

3.03

0.32

14.17

-201

8 50

,000,0

00 5,0

00,000

174

,006,4

02.22

12,464

,074.90

10

14,156

,000.0

0 12.0

012.0

0 44.

80 2.4

9 4.8

1 0.0

6 10.

00 0.2

8 201

9 50

,000,0

00 5,0

00,000

170,09

7,626.0

0 14,

095,98

5.00

10 14,

156,00

0.00

12.00

15 44.

02 2.8

2 20.

93 0.0

6 2.5

4 0.2

8 DW

AL200

8201

6 20

3,699,

610

20,36

9,961

143,377

,239.8

6 39

,318,124

.70 10

75,899

,948.9

9 38

.00

20.00

17.0

4 1.9

3 19.

69 0.1

1 5.2

6 0.3

7 201

7 20

3,699,

610

20,36

9,961

217,103

,425.5

5 113

,849,15

5.69

10 48

,991,60

0.40

34.00

10.

00 20

.66

5.59

6.08

0.27

2.94

0.24

2019

173,143

,530

17,314,3

53 32

4,398,

455.32

22

2,562,

264.47

10 13,

178,38

1.83

39.67

20.00

28.74

12.85

3.09

0.45

2.52

0.08

2019

173,143

,530

17,314,3

53 36

0,730,0

75.18

66,177

,030.14

10

- 73.

50 30

30.83

3.8

2 19.

23 0.1

2 1.3

6 -

JMCL

2008

2016

39,813

,410

3,981,3

41 88

7,895,

504.78

22

6,416,8

53.80

10-

80.00

50

0.00

233.0

1 56

.87

1.41

0.24

62.50

-

2017

39,813

,410

3,981,3

41 1,0

90,058

,207.00

40

5,157,79

3.00

10-

80.00

50

0.00

283.79

101

.76 0.7

9 0.3

6 62

.50

-201

8 39

,813,410

3,9

81,341

1,374,8

08,570

.00

493,17

8,147.00

10

- 78.

00 50

0.00

355.3

1 123

.87

0.63

0.35

64.10

-201

9 23

,888

,270

2,388,

827

1,391,6

23,133

.00

519,188

,718.00

10

- 53

5.50

500.0

0 59

2.56

217.34

2.4

6 0.3

7 9.3

4 -


COMPAN

YYEA

RPAI

D UP

CAPITAL

P/SHAR

ESRES

ERVES

NET PRO

FITFAC

E VAL

UE (IPO)

DEBT

MARKE

T PRI

CEDIV

IDEND(

%)BOO

K VALUE

BASIC

EARNIN

GS PER

SHARE

PRICE

EARNIN

G RAT

IO

RETURN

S ON

CAPITAL

DIVIDE

ND YEI

LD(%)

DEBT

EQUITY

RATIO

BTCL

1994

2016

20,94

0,000

2,094,

000

256,0

34,202

.00

30,131

,162.00

10

104,763

,407.00

40.

0030.

00 132

.27 14.

39 2.7

8 0.1

1 7.5

0 5.0

0 201

7 20

,940,0

00 2,0

94,000

29

2,754,16

2.00

36,05

3,656.

00 10

104,763

,407.00

40.

0030.

00149

.8917.2

22.3

20.11

7.505.0

0

2018

20,94

0,000

2,094,

000

314,724

,078.00

37,

548,04

8.00

10 94

,182,93

5.00

41.00

30.00

160.30

17.9

3 2.2

9 0.1

1 7.3

2 4.5

0 201

9 20

,940,0

00 2,0

94,000

33

2,712,16

5.00

35,98

4,940.

00 10

912509

39138

.60-

168.89

17.1

8 8.0

7 0.10

175235

3 4.3

6 DPO

P200

1201

6 10,

000,00

0 1,0

00,000

16,

032,55

7.00

(2,121,

279.00

)10

690,8

68.00

20.00

-26.

03(2.1

2)(9.4

28)(0.0

81)-

0.069

2017

10,000

,000

1,000,

000

18,792

,852.0

0 2,7

60,294

.00

10 1,0

27,555.

00 20.

00-

28.79

2.767.24

60.0

96-

0.103

2018

10,000

,000

1,000,

000

21,581

,984.0

0 2,7

89,132

.00

10 1,3

59,502

.00

20.00

-31.5

82.79

7.171

0.088

-0.13

6201

9 10,

000,00

0 1,0

00,000

21,

026,36

3.00

(555,6

51.00)

10 29

2,000.

00 33.

15-

31.03

(0.56)

(59.66

0)(0.0

18)-

0.029

DSCL

1998

2016

91,308

,600

9,130,

860

261,15

9,023.

00 101

,728,04

1.00

10-

30.00

80

.00

38.60

11.1

4 2.6

9 0.2

9 (26

.67)

-201

7 91,

308,60

0 9,1

30,860

30

6,471,5

70.00

118,35

9,428.

00 10

- 34

.00

100.00

43

.56

12.96

2.62

0.30

29.41

-201

9 91,

308,60

0 9,1

30,860

416

,740,747

.00

201,57

7,774.0

0 10

- 34

.00

- 55.

64 22

.08

1.54

0.40

---

2019

68,48

1,420

6,848,

142

242,9

86,839

.00

(13,85

9,208.

00)10

- 34

.00

- 45.

48 (2.

02) (16

.80)

( 0.04)

---

PCAL

1993

2016

340,0

00,700

34

,000,0

70 1,15

4,690,

762.00

145

,757,95

4.00

10 8,6

74,291.0

0 51.

60 70.

00 43

.96

4.29

12.04

0.10

13.57

0.03

2017

340,0

00,700

34

,000,0

70 1,0

71,433,

321.00

151

,064,8

64.00

10-

66.00

70.

00 41.

51 4.4

4 14.

85 0.1

1 10.

61 -

2018

340,0

00,700

34

,000,0

70 95

0,485,

984.00

117

,053,15

3.00

10-

92.00

60

.00

37.96

3.44

26.72

0.09

6.52

-201

9 34

0,000,

700

34,00

0,070

950,4

85,984

.00

117,05

3,153.0

0 10

- 128

.00

60.00

37.

96 3.4

4 37.

18 0.0

9 4.6

9 -

RICB

1993

2016

1,200,0

00,000

120,00

0,000

2,097,6

58,128

.00

472,68

8,369.

00 10

6,532,

475,86

4.00

40.00

25

.00

27.48

3.94

10.15

0.14

6.25

5.44

2017

1,200,0

00,000

120,00

0,000

2,103,

039,58

6.00

265,4

04,967

.00

10 5,5

29,426

,207.00

59

.00 12.

60 27.

53 2.2

1 26

.68

0.08

2.14

4.61

2018

1,200,0

00,000

120,00

0,000

1,054,

036,078

.00

( 1,233,

744,28

3.00)

10 4,2

59,242

,987.00

72.

00 -

18.78

(10.28

) (7.0

0) (0.

55) 1.75

3.5

5 201

9 1,4

00,001

,800

140,00

0,180

2,195,

396,62

8.00

263,4

86,270

.00

10 3,5

04,655

,357.00

78.

50 -

25.68

1.8

8 41.

71 0.0

7 1.6

1 2.5

0


COMPAN

YYEA

RPAI

D UP

CAPITAL

P/SHAR

ESRES

ERVES

NET PRO

FITFAC

E VAL

UE (IPO)

DEBT

MARKE

T PRI

CEDIV

IDEND(

%)BOO

K VALUE

BASIC

EARNIN

GS PER

SHARE

PRICE

EARNIN

G RAT

IO

RETURN

S ON

CAPITAL

DIVIDE

ND YEI

LD(%)

DEBT

EQUITY

RATIO

DFAL

1993

2016

289,77

6,200

28,977

,620

231,83

5,976.3

2 39

,221,30

3.31

10 7,0

08,639

.00

22.00

11.0

0 18.

00 1.3

5 16.

25 0.0

8 5.0

0 0.0

2 201

7 28

9,776,2

00 28

,977,62

0 25

9,995,

112.12

98,83

4,552.

57 10

7,938,

370.00

18.

50 30

.00

18.97

3.41

5.42

0.18

16.22

0.03

2018

289,77

6,200

28,977

,620

274,52

6,284.

27 25

5,694,

769.85

10

8,844,

541.00

56

.64

80.00

19.

47 8.8

2 6.4

2 0.4

5 14.

12 0.0

3 201

9 28

9,776,2

00 28

,977,62

0 155

,533,8

68.25

21,363

,127.10

10 10,

760,04

9.00

72.25

10.00

15.37

0.74

98.00

0.0

5 11.0

7 0.0

4 BIL 200

9201

6 20

0,000,

000

20,00

0,000

229,79

5,488.

00 98

,730,46

7.0010

120,00

0,000.

00 27.

00 27.

00 21.

49 4.9

4 5.4

7 0.2

3 10.

00 0.6

0 201

7 20

0,000,

000

20,00

0,000

291,30

5,376.0

0 115

,509,8

88.00

10 120

,000,0

00.00

31.00

35.00

24

.57 5.7

8 5.3

7 0.2

4 11.2

9 0.6

0 201

8 30

0,000,

000

30,00

0,000

164,85

8,542.

00 43

,553,16

6.00

10 120

,000,0

00.00

54.00

- 15.

50 1.4

5 37.

20 0.0

9 -

0.40

2019

300,0

00,000

30

,000,0

00 26

3,000,

343.00

98

,141,80

1.00

10 120

,000,0

00.00

40.50

16.

00 18.

77 3.2

7 12.

38 0.1

7 -

0.40

DPNB

2010

2016

450,00

0,000

45,000

,000

557,60

8,814.8

9 176

,431,16

3.97

10 3,4

55,715

,220.5

9 21.

00 10.

00 22

.39

3.92

5.36

0.18

4.76

7.68

2017

450,00

0,000

45,000

,000

696,74

9,485.

25 184

,140,670

.37 10

5,513,1

63,855

.59

25.10

12.00

25.48

4.0

9 6.1

3 0.1

6 5.1

0 12.

25 201

8 700

,000,0

00 70,

000,00

0 1,0

00,146

,306.9

6 23

3,741,94

7.71

10 7,9

98,196

,444.0

0 37.

50 15.

00 24

.29

3.34

11.23

0.14

4.00

11.43

2019

700,00

0,000

70,000

,000

1,105,3

97,326.

05 169

,412,812

.89

10 9,0

97,248,

748.66

78.

00 -

246.4

7 2.4

2 32

.23

0.01

1.92

13.00


ANNUAL REPORT 2019 - Royal Securities Exchange of Bhutan

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