AAKASH CAPITAL LIMITED Weekly Newsletter from Aakash Capital Limited for the week ending on 14th February, 2020

NEPSE UPDATE

Indicators 9th Feb, 2020

13th Feb, 2020

(+)/(-)

Change %

NEPSE 1333.69 1344.59 0.82%

SENSITIVE 284.05 284.24 0.07%

FLOAT 94.58 95.28 0.74%

SEN. FLOAT 93.72 94.25 0.57%

BANKING 1153.81 1144.77 -0.78%

TRADING 802.66 832.11 3.67%

HOTELS 1987.10 1917.55 -3.50%

DEVELOPMENT BANKS 1831.21 1819.67 -0.63%

HYDROPOWER 1021.32 1007.20 -1.38%

FINANCE 670.78 671.31 0.08%

NON LIFE INSURANCE 6029.03 6200.29 2.84%

MANU. & PRO. 2489.86 2616.18 5.07%

OTHERS 686.87 704.99 2.64%

MICROFINANCE 2187.63 2352.12 7.52%

LIFE INSURANCE 7500.16 7637.19 1.83%

MUTUAL FUND 9.99 10.07 0.80%

Market Summary Statistics (9th to 13th Feb, 2020)

Total Turnover (Rs) 6,707,528,406

Total Traded Shares 16,636,582 Total Number of Transactions 70,918 Scrips Traded 175

Market Cap at Week start 1,683,567.85 Millions

Market cap at Week end 1,715,727.10 Millions

Floated Market Cap at Week start 614,033.63 Millions

Floated Market Cap at Week end 625,282.86 Millions

Bullion Update

As on 14th February 2020 Hallmark Gold Rs.76,000/tola

Worked Gold Rs.75,700/tola

Silver Rs.880/tola

Quote for the week

“No price is too low for a bear or too high for a bull.”

The market increased by 0.82% (10.90 points) in the

trading week between 9th and 13th February 2020. The

sensitive index, which measures the performance of

the companies classified under group “A”, also

registered the gain of 0.07% (0.19 points). Similarly,

float index which measures the performance of

securities which are floated to public also went up by

0.74% and sensitive float followed the trend by

increasing 0.57%.

This week market opened at 1333.69 on Sunday and

went down 13.70 points to sit at 1319.99 level. Market

retraced from support level of 1319 with 4.27 points

gain on Monday. The positive sentiment continued on

Tuesday and Wednesday with gain of 17.12 and 4.59

points respectively. The market showed small

correction of 1.38 point on Thursday to end the week

at 1344.59 level.

In this review period, among 12 sub-index 8 were able

to close higher. Microfinance sub-index which declined

0.90% last week registered the highest gain of 7.52% in

the review week. Manu. & Pro. sub-index went 5.07%

up which was followed by Trading sub-index with

3.67%. Similarly, Finance, Non-Life Insurance, Others,

Life Insurance, and Mutual Fund sub-index also

registered the gain of 0.08%, 2.84%, 2.64%, 1.83% and

0.80% respectively. However, Banking, Hotels,

Development Banks, and Hydropower sub-index

declined 0.78%, 3.50%, 0.63% and 1.38% respectively

in the review period.

The market witnessed supportive volume of

transaction turnover this week. The total turnover

stood at Rs.6.7 billion with average of Rs.1.34 billion a

day. The total market value increased by Rs.14,686.69

million as the market capitalization went up by 0.86%.

Similarly, floated market cap also registered the gain of

0.79% this trading week.

.

Market Announcements

Nepal SBI Bank Limited has extended its (25,00,000 units @ Rs.1000 per unit) 10% Nepal SBI Bank Rinpatra 2086 to the general public till (28th Falgun, 2076).

Bank of Kathmandu Limited has allotted its 370,356 units promoter share in auction to the general public on 28th Magh, 2076 and refunding money to non-allottee investors from (1st Falgun, 2076).

Samata Laghubitta Bittiya Sanstha Limited is distributing 1:2 ratio right share directly to DMAT accounts to its shareholders and urged its shareholders to dematerialize their shares.

Rastriya Banijya Bank Limited has urged its shareholders to provide correct details of bank account for cash dividend purposes.

Mahalaxmi Bikas Bank Limited is distributing 8% Bonus share directly to DMAT accounts to its shareholders and urged its shareholders to dematerialize their shares.

Kailash Bikas Bank Limited has posted a net profit of Rs 315.14 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Sindhu Bikas Bank Limited has posted a net profit of Rs 10.41 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Sahara Bikash Bank Limited has posted a net profit of Rs 14.53 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Jyoti Bikas Bank Limited has posted a net profit of Rs 280.83 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Corporate Development Bank Limited has posted a net profit of Rs 27.85 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Lalitpur Finance Limited has posted a net profit of Rs 40.06 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Divya Laghubitta Bittiya Sanstha Limited has posted a net profit of Rs 2.24 million during the 2nd quarter of the fiscal year 2076/77.

Shrijanshil Laghubitta Bittiya Sanstha Limited has posted a net profit of Rs 14.26 million during the 2nd quarter of the fiscal year 2076/77.

Premier Insurance Company (Nepal) Limited has posted a net profit of Rs 89.39 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

NLG Insurance Company Limited has posted a net profit of Rs 87.58 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

National Life Insurance Company Limited has posted a net profit of Rs 235.87 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Neco Insurance Company Limited has posted a net profit of Rs 164.77 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Ngadi Group Power Limited has posted a net profit of Rs 44.13 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Hydroelectricity Investment and Development Company Limited has posted a net profit of Rs 553.62 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Rasuwagadhi Hydropower Company Limited has posted a net loss of Rs 21.01 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Universal Power Company Limited has posted a net profit of Rs 30.28 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Api Power Company Limited has posted a net profit of Rs 41.41 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Dibyashwari Hydropower Company Limited has posted a net loss of Rs 14.94 million and published its 2nd quarter company analysis of the fiscal year 2076/77.

Bottlers Nepal (Terai) Limited urges its shareholders to collect uncollected due dividends.

Nepal Doorsanchar Company Limited has posted a net profit of Rs 4.93 billion and published its 2nd quarter company analysis of the fiscal year 2076/77.

Nepal Doorsanchar Company Limited has published its 12th AGM minute.

NEPSE - TECHNICAL ANALYSIS

The Nepalese stock market (NEPSE) seems to be in the end of bearish trend after falling from July, 2016 as index has already

crossed the long term bearish trend line. Currently, Market seems to be in resistance zone after retracing from support level of

1319 this Monday. In the review week, NEPSE opened at 1333.69 and formed a big red candle by closing at 1319.99, losing 13.70

points during the day. However, overall market gained 8.31 points during the week as it closed at 1344.59 on Thursday. This

week the average turnover has decreased to Rs.1.34 billion from Rs.1.47 billion of previous week. As of daily line chart 1349 level

might be considered as a short term resistance level.

TECHNICAL INDICATORS

Indicators Value Signal

Support (S1) 1319 -

Resistance (R1) 1349 -

Relative Strength Index (RSI) 65.63 Bullish

Moving Average Convergence Divergence (MACD) 27.84 Bearish

5-Day Exponential Moving Average (EMA) 1339.58 Bullish

20-Day Exponential Moving Average (EMA) 1315.20 Bullish

180-Day Exponential Moving Average (EMA) 1222.26 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 65.63 which indicates that the market is at bullish zone. As on daily chart from January 26 to February

9, there seems the formation of regular bullish divergence which is considered positive for the market.

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 1363.73, 1324.59 and 1285.45 respectively. The market is trading in between upper

and middle band which indicates the market is at bullish zone.

Stock Analysis: Nepal SBI Bank Ltd. (SBI)

Nepal SBI Bank Ltd. (SBI) is a subsidiary of State Bank of India having 55 percent of ownership. SBI was established in July

1993 and has emerged as one of the leading banks of Nepal, with 994 skilled and dedicated Nepalese employees working

in a total of 116 outlets that include 88 full-fledged branches, 19 extension counters, 7 Province offices, 1 InTouch Outlet

and Corporate Office. With presence in 50 districts in Nepal, the Bank is providing value added services to its customers

through its wide network of 118 ATMs (including 2 Mobile ATMs and 4 CRMs), internet banking, mobile wallet, SMS banking,

IRCTC Ticket Online Booking facility, etc. SBI is one of the fastest growing Commercial Banks of Nepal with more than 8.33

lakhs satisfied deposit customers and over 6.50 lakhs ATM/Debit cardholders. The Bank enjoys leading position in the

country in terms of penetration of technology products, viz. Mobile Banking, Internet Banking and Card Services.

Board of Directors

Mr. Brahmandam Rama Sundara Satyanarayana, Chief General Manager (International Banking-II), State Bank of India,

Mumbai represents SBI on the Board of Nepal SBI Bank Ltd.

Name Designation

Mr. B. R. S. Satyanarayan Chairman Chairman

Mr. Rajay Kumar Sinha Director

Mr. Arjun Kumar Gautam Director

Mr. Bala Krishna Shrestha Director

Ms. Bimala Subedi Independent Director

(Source: https://nepalsbi.com.np/)

Chief Executive Officer: Mr. Anukool Bhatnagar

Capital Structure (As on 31st Asar 2076)

Authorized Capital (Rs.) 10,000,000,000.00

Issued Capital (Rs.) 8,449,250,523.00

Paid Up Capital (Rs.) 8,449,250,523.00

Shareholding Pattern (As on 31st Asar 2076)

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

1 Domestic Ownership 3,802,162,735.00 45.00%

1.1 Nepal Government - -

1.2 “A” Class Licensed Institutions - -

1.3 Other Licensed Institutions - -

1.4 Other Institutions 1,267,387,578 15.00%

1.5 Public 2,534,775,157 30.00%

1.6 Other - -

2 Foreign Ownership 4,647,087,788 55.00%

Total 8,449,250,523.00 100.00%

- Other Institution reported is Karmachari Sanchaya Kosh (Employee Provident Fund)

- Foreign ownership reported is State Bank of India

Domestic Ownership45%Foreign Ownership

55%

OWNERSHIP STRUCTURE

Financial Analysis (Yearly Analysis)

Year 2071/72 2072/73 2073/74 2074/75 2075/76 CAGR

Paid-up Capital (Rs.000) 3,883,735.57 4,973,079.11 8,000,000.00 8,046,905.26 8,449,250.52 21.45%

Reserve (Rs.000) 1,762,178.96 1,947,493.59 2,413,686.43 3,153,672.66 3,851,456.10 21.59%

Deposits (Rs.000) 51,628,221.95 65,113,316.29 81,566,092.98 84,269,219.57 97,924,444.00 17.35%

Loan and advances (Rs.000) 39,979,173.05 46,975,534.69 63,024,815.42 75,235,861.97 88,644,724.93 22.03%

Total Assets (Rs.000) 59,277,290.45 78,415,462.21 99,751,765.47 102,538,669.90 118,314,225.86 18.86%

Interest Income (Rs.000) 3,821,326.34 3,981,262.34 5,911,160.53 9,069,778.51 11,276,807.39 31.07%

Net Interest Income (Rs.000) 2,047,484.04 2,416,532.18 2,922,078.86 4,144,967.63 4,705,083.39 23.12%

Total Operating Income (Rs.000)

2,814,998.53 3,336,783.58 4,098,611.58 5,249,563.52 5,934,363.83 20.50%

Personnel Expenses (Rs.000) 552,231.47 548,987.10 790,472.87 1,375,420.10 1,618,605.90 30.84%

Net Profit (Rs.000) 1,065,436.14 1,331,992.05 1,538,850.23 2,023,511.12 2,292,524.40 21.11%

YoY Growth % 25.02% 15.53% 31.50% 13.29%

Net Interest Income to Total Operating Income %

72.73% 72.42% 71.29% 78.96% 79.29%

Interest Income to Total Loans & Advances %

9.65% 8.53% 9.51% 11.94% 12.72%

Personnel Expenses to Total Operating Expenses %

50.60% 49.69% 46.87% 53.26% 52.41%

Return on Equity (ROE) % 17.08% 17.46% 14.85% 15.81% 16.20%

Return on Assets (ROA) % 1.64% 1.59% 1.57% 1.97% 1.94%

EPS (Rs.) 34.48 36.78 33.46 25.16 27.13

DPS (including Bonus) % 28.42% 29.53% 16.34% 15.79% 16.84%

Book Value Per share (Rs.) 186.49 184.87 152.2 159.08 167.52

Market Value per share (Rs.) 887 1875 925 499 469

Price Earnings Ratio 25.73 50.98 27.64 19.83 17.29

Capital Adequacy Ratio (CAR) %

14.03% 13.49% 15.71% 15.15% 14.12%

Non-Performing Loan(NPL) to Total Loan %

0.19% 0.14% 0.10% 0.20% 0.20%

Total Staff number 596 679 768 871 1029

No. of Branches 56 62 62 72 88

No. of ATM 78 85 96 110 118

The company has reported stable growth in most of the fundamentals in the review period between 2071/72 to 2075/76. It has

already met the minimum Paid-up Capital of Rs.8 arab in 2073/74 as directed by Nepal Rastra Bank. As of 2075/76 bank has reported

22.13% growth in Reserve to Rs.3.85 billion which is below the industry average. Compounded Annual Growth Rate (CAGR) in

Reserve is 21.59% in the review period. Though the Bank is increasing its general reserve from year to year adding 20% of its Net

profit in each year, but the Bank still has a long way to go to make the general reserve twice of paid up capital as per the regulatory

requirement. Similarly, Bank has Deposit Liabilities of Rs.97.92 billion which have grown 16.20% in 2075/76 has let the Loans and

Advances to increase by 17.82% and interest income by 24.33%. Bank has reported Net Profit of Rs.2.29 billion with growth rate of

13.29% in 2075/76. This growth was 31.50% in the previous fiscal year.

Analyzing the important fundamental ratios like Capital Adequacy ratio (CAR) and Non-performing loan to Total loan, they seems to be in safe zone. As of 2075/76 CAR stand at 14.12% which indicates the safer side as directed by NRB and NPL to Total loan is 0.20%. As of 2075/76, bank is providing financial services in all provinces mobilizing more than 1000 employees. In overall company is operating around industry average and it needs to focus on its expansion to get competitive advantage in the Nepalese emerging financial market.

The bank is providing consistent dividend either in the form of cash or bonus. Earlier it had practice of giving bonus dividend, but after the regulatory requirement were fulfilled it is focusing on dividend with both Share and Cash. As seen in 2075/76, Bank has declared 16.84% dividend (including 6% bonus and 10.84% cash).

Financial Highlights

388.37497.31

800.00 804.69 844.93

176.22 194.75241.37

315.37385.15

0.00

200.00

400.00

600.00

800.00

1,000.00

2071/72 2072/73 2073/74 2074/75 2075/76

Paid-up Capital & Reserve

Paid-up Capital (Rs.crores) Reserve (Rs.crores)

5,162.826,511.33

8,156.61 8,426.929,792.44

3,997.924,697.55

6,302.487,523.59

8,864.47

0.00

2,000.00

4,000.00

6,000.00

8,000.00

10,000.00

12,000.00

2071/72 2072/73 2073/74 2074/75 2075/76

Deposits & Loans

Deposits (Rs.crores) Loan and advances (Rs.crores)

106.54

133.20153.89

202.35229.25

34.48 36.78 33.46 25.16 27.13

0.00

50.00

100.00

150.00

200.00

250.00

2071/72 2072/73 2073/74 2074/75 2075/76

Net Profit vs EPS

Net Profit (Rs.crores) EPS (Rs.)

34.48 36.78 33.46 25.16 27.13

887

1875

925

499 469

0

500

1000

1500

2000

2071/72 2072/73 2073/74 2074/75 2075/76

EPS vs MVPS

EPS (Rs.) Market Value per share (Rs.)

55.22 54.9079.05

137.54161.86106.54

133.20153.89

202.35229.25

0.00

50.00

100.00

150.00

200.00

250.00

2071/72 2072/73 2073/74 2074/75 2075/76

Personnel Expenses vs Net Profit

Personnel Expenses (Rs.crores) Net Profit (Rs.crores)

55.22 54.90 79.05 137.54 161.86

596679

768871

1029

0.00

200.00

400.00

600.00

800.00

1,000.00

1,200.00

2071/72 2072/73 2073/74 2074/75 2075/76

No of Staff vs Personnel Expenses

Personnel Expenses (Rs.crores) Total Staff number

17.08%

17.46%

14.85%

15.81% 16.20%

13.00%

14.00%

15.00%

16.00%

17.00%

18.00%

2 0 7 1 / 7 2 2 0 7 2 / 7 3 2 0 7 3 / 7 4 2 0 7 4 / 7 5 2 0 7 5 / 7 6

RETURN ON EQUITY (ROE) %

28.42%

29.53%

16.34%15.79% 16.84%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

2071/72 2072/73 2073/74 2074/75 2075/76

DPS (including Bonus) %

Technical Analysis of SBI as on February 13, 2020

Day Candle

Open 410

High 414

Low 404

Close 404

Pattern Analysis

Resistance R1: 414 R2: 428

Support S1: 400 S2: 386

Particulars Points Remarks

Volume 9,376 The daily volume of stock is higher than 1 week’s

average volume but below 1 month’s average

volume.

Avg. Volume (1 week) 7,116.60

Avg. Volume (1 month) 10,767.52

No. of Transaction 63 The daily number of transaction is higher than both 1 week and 1 month’s average no of transaction.

Avg. no. of Transaction (1 week) 41.60

Avg. no. of Transaction (1 month) 49.48

180 days Average (Rs.) 421.20 The price of the stock is trading below both 180 day’s 360 day’s average. 360 days Average (Rs.) 428.82

52 Weeks High Price (Rs.) 530 The stock is currently trading in between 52 week’s high and low price. 52 Weeks Low Price (Rs.) 344

Nepse Index 1 year Change 19.94% The overall market and industry has gained in last 1 year. Similarly, the stock has also gained in last 12 months but has declined in last 1 month.

Industry Index 1year Change 19.14%

Stock 1-Month Change -0.25%

Stock 1-Year Change 6.88%

Total Holdings of Mutual Funds (Poush, 2076) 244,427 The Mutual Funds are holding less no of shares of the company.

Quarterly Analysis

Particulars Q2, 2075/76 Q2, 2076/77 Growth (%)

Paid-up Capital (Rs.000) 8,449,250.52 8,449,250.52 0.00%

Reserves (Rs.000) 3,851,456.10 4,105,109.51 6.59%

Deposits from customers (Rs.000) 97,924,444.00 104,647,280.30 6.87%

Loans & advances to customers (Rs.000) 84,386,335.70 94,233,181.15 11.67%

Interest Income (Rs.000) 5,361,823.16 5,716,105.13 6.61%

Interest Expense (Rs.000) 3,173,475.86 3,614,358.82 13.89%

Net Interest Income (Rs.000) 2,188,347 2,010,746 -8.12%

Net Profit (Rs.000) 1,022,790.30 1,000,751.96 -2.15%

Earnings per share 24.21 23.69 -2.15%

Net worth per share 152.93 168.40 10.12%

P/E ratio 16.07 16.84 4.79%

Capital Adequacy Ratio (%) 12.80% 12.98% 1.41%

Non-Performing loan (NPL) to Total Loan (%) 0.19% 0.17% -10.53%

Total Loan Loss Provision to Total NPL (%) 648.05% 689.22% 6.35%

Looking at the second quarter results of the bank, Paid-up Capital stands at Rs.8.44 billion, there is no any change as compared

to second quarter of previous fiscal year. Reserves has increased to Rs.4.10 billion which is 6.59% rise. Similarly, Deposits and

Loans to customers has increased by 6.87% and 11.67% which have let Interest income to rise by 6.61%. But due to increase in

Interest Expense the Bank has failed to grow its Net Profit with positive percentage. It has reported fall in Net Profit by 2.15%

to Rs.1 billion. Bank has reported Capital Adequacy Ratio of 12.98% and NPL to Total Loan of 0.17 which indicates the safer size

of its fundamentals.

Concluding Remarks

State Bank of India, with 211 year history, is the largest commercial Bank in India in terms of assets, deposits, profits, branches, customers and employees. The Government of India is the majority stakeholder. Established in July 1993 SBI has emerged as one of the leading banks of Nepal, with 1029 skilled and dedicated Nepalese employees working in a total of 116 outlets that include 88 full-fledged branches, 19 extension counters, 7 Province offices, 1 In touch Outlet and Corporate Office . With presence in 50 districts in Nepal, the Bank is providing value added services to its customers through its wide network of 118 ATMs (including 2 Mobile ATMs and 4 CRMs), internet banking, mobile wallet, SMS banking, IRCTC Ticket Online Booking facility, etc. SBI is one of the fastest growing Commercial Banks of Nepal with more than 8.33 lakhs satisfied deposit customers and over 6.50 lakhs ATM/Debit cardholders. Company seems to be in a stable position with its sound fundamentals and possess potential to grow further in the Nepalese financial market where only 45% of the population are access to the banking system.

Indicators Points Remarks

RSI (14) 48.79 SBI is at moderate zone.

MACD (12,26,9) 5.07 The MACD line is below the signal line and both are above the baseline.

Signal Line (12,26,9) 8.80

Histogram (12,26,9) -3.72

EMA (5,0) 409.39 The price is trading below both EMA 5 days and 20 days moving average.

EMA (20,0) 409.54

+DMI(13,8) 25.75 The +DMI is dominant over -DMI and ADX is at 27.30

-DMI(13,8) 21.48

ADX (13,8) 27.30

Debenture Notice

Nepal SBI Bank is selling 25 lakh units debenture having 10 years maturity period with 10% coupon rate from Magh 28, 2076 (February 11, 2020). Due to under-subscription, the issue has been extended till Falgun 28, 2076 (March 11, 2020). Interested individuals can apply for a minimum of 25 units at Rs.1,000 per Debenture. Kumari Capital Ltd has been appointed as the issue manager.

The following table shows the total dividend declared by Wholesale Microfinance Companies from the profit of 2075/76

Symbol Company Name Dividend

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

FMDBL First Microfinance Laghubitta Bittiya Sanstha Limited 17.00 0.89 17.89

RMDC RMDC Laghubitta Bittiya Sanstha Limited 12.50 12.50 25.00

RSDC RSDC Laghubitta Bittiya Sanstha Limited 6.00 10.00 16.00

SKBBL Sana Kisan Laghubitta Bittiya Sanstha Limited 27.25 1.43 28.68

Growing our hard-earned money should be simple and accessible to everybody, so that each of us is able to live the life we

desire. With this objective, we ensure we gain an in-depth understanding of each individual’s aspirations and ambitions so

that we are able to recommend the right investment solution. We encourage people to link their investments to specific life

goals so that they are able to realize these goals meticulously and with ease.

Portfolio Management Services

Tailor made solutions to meet your investing needs

Across the world people are turning to specialists Portfolio Management Services for managing their equity investments.

Portfolio Management Services is the Portfolio Management division of Aakash Capital that helps you access the equity

market in Nepal.

Portfolio Management Service brings you a whole range of investment products,

from which your portfolio manager puts together your optimal portfolio. We take

into account your financial goals, time horizon, risk appetite and investment

outlook.

Choose a solution that fits your needs

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

obtained from sources believed to be reliable, Aakash Capital Limited is not liable for erroneous information obtained from the

sources. Aakash Capital Limited, its directors and employees are not liable/responsible for any direct, indirect or consequential

loss arising from use of this document or its contents. Past performance is no indication of future results. Aakash Capital is

regulated by Securities Board of Nepal. This document may not be reproduced, distributed or published by any person for any

purpose without Aakash Capital Limited’s prior written consent.

Aakash Capital Limited

4th Floor, Trade Tower, Thapathali, Kathmandu, Nepal

Tel: 01-5111145

Email: info@aakashcapital.com.np

Website: www.aakashcapital.com.np

Facebook: www.facebook.com/AakashCap