Summary

  • BSRM Limited is one of the leading steel manufacturing companies in Bangladesh.
  • Currently, the company is holding the second position in the steel re-rolling market of Bangladesh with 1.2 million metric tons unit production capacity.
  • In the financial year 2020-21, BSRM has reported a consolidated revenue of BDT 59.91 billion as compared to BDT 48.19 billion a year earlier.
  • BSRM Ltd. made its share market debut in 2015. Currently, the company is listed in Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) ­– two bourses of Bangladesh.
  • In FY20, BSRM Ltd. has been recognized as the “2nd Highest Tax Payer” in the engineering category in Bangladesh.

Company Overview

Bangladesh Steel Re-Rolling Mills Ltd. (DSE: BSRMLTD, CSE: BSRMLTD), known as BSRM, is one of the leading steel manufacturing companies and prominent corporate houses in Bangladesh. Based in Chittagong, the company started its journey with four manual rolling mills in the then East Pakistan in 1952. Later on, the manual rolling mills were replaced with the state-of-the-art Italian-built rolling mill in 1970. In 2002, BSRM incorporated a new company named “BSRM Steels Ltd”. Currently, 31.19% share of BSRM Steels is held by BSRM Ltd. It  has a subsidiary company as well named “BSRM (Hong Kong) Limited” which is based in Hong Kong.1

After independence, BSRM was the sole company operating in the Steel Re-rolling market in Bangladesh. In 1984, KSRM, a Concern of Kabir Group of Industries entered the market. In the year 1993, another company Abul Khair Steel started its operations in Bangladesh. Later on, more and more competitors entered the Steel Re-rolling market of the country. Currently, Abul Khair Steel is leading the steel Re-rolling market with a production capacity of 1.4 million metric tons. BSRM is holding the second position in this market with 1.2 million metric tons unit production capacity. The other top competitors of BSRM are - KSRM, GPH Steel, and Anwar Steel.

steel production capacity of different companies

At present, BSRM owns two melting units called “Steel Melting Works (SMW)” and Melting-2 (SML) which are producing billets with a capacity of 150,000 and 8,62,000 M. Ton per annum, respectively.

For the year ended 30th June, 2021, 46.35% share of BSRM Ltd. is held by directors/sponsors, 14.91% by institutes, 17.49% by foreigners, and 21.25% is held by public.2

BSRM has a vision to be the market leader by producing the best quality steel products, enhancing customer satisfaction, and becoming a reliable business partner for its customers and suppliers. The company also aspires to be an employer of choice through preserving the trust of all its stakeholders by adopting ethical business practices. BSRM is also concerned to protect the interest of its shareholders and playing its role consciously on Corporate Social responsibilities. Currently, BSRM has more than 2800 employees which include professionals, technicians, and workers.3

BSRM Ltd. made its share market debut in 2015. Currently, the company is listed in Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) ­– two bourses of Bangladesh. The market category of the company is “A” in both of the stock exchanges.

In FY20, BSRM Ltd. has been recognized as the “2nd Highest Tax Payer” in the engineering category in Bangladesh. In 2020, BSRM Ltd. has received the Best Corporate Award under the “Others Manufacturing” category, organized by ICMAB. Recently the company has achieved the “Best Brand Award” for the 10th time in a row organized by Bangladesh Brand Forum (BBF). BSRM Ltd. has also achieved CSR Award in the “Environment Category” for the best CSR Initiative in 2021.4

journey of BSRM limited

Industry Analysis

The steel re-rolling industry of Bangladesh is playing a significant role in developing the overall infrastructure of the country. The journey of Bangladesh steel re-rolling industry started in this region in 1952 with the establishment of BSRM. With the passage of time KSRM, AKS, GPH, Anwar Steel, and other companies entered the market. Currently, about 400 steel mills are operating in Bangladesh with a total production capacity of about 9 million metric tons. The top three steel producers – Abul Khair Steel (AKS), BSRM, and KSRM are meeting 50% of the demands in the domestic market.

The current market size of steel re-rolling in Bangladesh is about BDT 450 billion. The demand for steel has significantly increased over the years. Only a decade ago the demand was 1.6 million metric tons which reached 7 million tons in 2018 and are expected to rise to 18 million metric tons by 2030. At present 60% of the steel is used by Bangladesh’s public sector, 25% is used by households, and 15% is used for commercial construction. The export rate of this industry is also increasing rapidly. The steel export of Bangladesh has increased at a rate of 22.73% per annum during FY17 - FY21.

Annual CAGR of the company

Likewise other industries, the Covid-19 pandemic severely hampered the steel re-rolling industry of Bangladesh. During an interview, the president of the Bangladesh Steel Mills Owners Association (BSMOA) said that the total loss to steelmakers due to the Coronavirus epidemic in 2020 was BDT 5957.61 crore. He also added that since the situation has slowly normalized, the steel mills have begun turning around again.5

Key growth drivers of the industry

Integration with Mega-projects: The govt. of  Bangladesh has a vision of transforming the country into a developing country by 2041. To implement this motto the govt. has undertaken hundreds of projects and several mega projects which have created a huge demand for the steel industry. In some mega projects for example Padma Bridge and Rooppur Nuclear Power Plant, the demand for steel has been met entirely from locally produced steel. Moreover, after meeting domestic demand steel is also exported to foreign countries. It is expected that the growth of the steel re-rolling industry of Bangladesh will continue for the next 20 to 25 years.

Increase in Purchasing Power: Bangladesh has one of the fastest-growing economies in the world. The country experienced an exemplary record of economic growth and poverty reduction in the past decade. The continuous growth in GDP indicates a significant increase in the purchasing power of the common people. Consequently people are now more incliened to building new houses which eventually left a positive impact on the steel re-rolling industry. Even a decade ago the per capita steel-rod consumption in Bangladesh was 25 kg while it has increased to 45 kg in January 2020, and expected to reach 75 kg by 2022.

production facility

Future prospects of the Industry

Development of Port Facilities: Currently Bangladesh has two ports – Chittagong and Mongla port in which the large scrap ships are unable to enter due to inadequate port facilities. Considering the situation, Bangladesh govt. has taken the initiative of building new ports such as ‘Mirsarai Ocean-Front Economic Zone’ and ‘Payra Sea Port’. Moreover, the PM has confirmed that the existing ports will also be renovated. If the steps are taken then it will certainly help the steel manufacturers to import scrap more easily.

Discovery of Iron Ore Reserve: Bangladesh doesn’t have any source of iron ore and so most of the scrap steel required for steel production has to be imported from foreign countries causing heavy expenses. But in 2019 a magnetic mine or iron ore has been discovered in the country’s Dinajpur area. This iron ore has opened up new possibilities that could supply iron ore for the next 30 years which will save expense and help the industry to grow faster.6

Financial Analysis

In the financial year 2020-21, BSRM has reported a consolidated revenue of BDT 59.91 billion as compared to BDT 48.19 billion a year earlier – an increase of roughly BDT 10 billion. Profit after tax of the company for the last financial year has been BDT 4.97 billion while it was only BDT 1.25 billion the previous year. The revenue of the company has grown by only 23.42% but profit after tax has grown by 298% during the same period of time. The disparity in the growth rate of these two parameters must have caused by the differences in the cost pattern. Cost of Sales, selling and distribution costs, and administrative costs remained within almost the same growth rate.

turnover of BSRM

The operating profit is reported BDT 5.46 billion in FY21 and BDT 4.38 billion in FY20 – a growth of 24.65%. However, the real difference occurs in the finance cost/income section. The net finance cost of the company during FY21 is only BDT 0.711 billion while it was BDT 2.24 billion in the previous year. Therefore, after adjusting contribution to WPFF and share of profit from equity accounted investee, profit before tax of the company stood at BDT 5.50 billion in FY21, which was BDT 2.33 billion in FY20 – a growth rate of 136% occurred.

Net income of BSRM

A close inspection to the finance cost of the company reveals that it has decreased long-term borrowings significantly. In FY20, long-term borrowing was BDT 2.66 billion but in the latest year FY21, the company has reduced the same to BDT 0.728 billion. The company had a syndicate term loan of BDT 2.097 billion in FY20 which it has paid and balanced to BDT 0.597 billion in FY21. Another loan of BDT 0.668 billion from United Commercial Bank Limited was fully settled on 16 March, 2021. Another loan from IPDC Finance Limited of BDT 57 million was fully settled on 22 March, 2021. BSRM earned interest income from some short-term investments as well as from advances and deposits placed in different bank and financial institutions.

Earnings per share (EPS) of the company in FY21 is BDT 18.96 while it was BDT 3.90 in FY20. Total number of shares outstanding for the company has increased from 236 million to 298 million in the course of that one year. Net asset value per share of the company was reported BDT 127.56 in FY21, while it was BDT 99.89 in FY20. It is notable that although the EPS has changed drastically during the year, NAV is within the normal growth rate limits.

financial performance at a glance

The company has heavily invested in its property, plant and equipment. During FY20, total PPE was BDT 15 billion while it is increased to BDT 38 billion in FY21. BSRM has reduced the amount of investment in subsidiaries and associates by BDT 6 billion during the course of the year. In FY21 investment in subsidiaries and associates is BDT 7.33 billion, while it was BDT 13.07 billion. However, the company has increased its production during the year which is evident from its increase in sales revenue as well as a knocking increase inventory by BDT 5 billion – from BDT 9.85 billion to BDT 14.71 billion. The company has also increased the advances and deposits from BDT 2.01 billion in FY20 to BDT 7.03 billion in FY21. Thus, the total assets base of the company has increased from BDT 47.05 billion in FY20 to BDT 80.53 billion in FY21.

On the equity and liability side of the company, short-term borrowing has increased significantly during the operation year of FY21. It was BDT 9.33 billion in FY20 while it has increased to BDT 32.54 billion in FY21. This indicates that the company is decreasing its financial leverage – by decreasing long-term borrowing, but increasing its operating leverage.

The company has paid dividend of BDT 85 million from its earnings of FY21. This is 50% cash dividend on face value of its shares. In previous year, the company declared a dividend of 15% in 2020, 25% in 2019, 10% in 2018, and 10% in 2017. Authorised capital of the company is BDT 5 billion and paid-up capital is BDT 2.985 billion. Current market capitalization of the company as on 12 February, 22 is BDT 31.86 billion.

return on equity of the company

Return on equity (ROE) of the company in FY21 is 13.08% while it was 3.96% in the previous year.

Business Analysis

BSRM is the country’s first producer of 500 MPa yield strength re-bar,  branded  and  marketed  as  Xtreme 500W,  proving  BSRM’s  quest  for  continuous  innovation  as  nation  building  partner. Beside re-bar production, BSRM rolls and markets sectional steels such as angles and channels and ribbed wire which are manufactured in separate plants of BSRM. Currently, BSRM’s steel products are being used in Padma bridge, Rooppur Nuclear Powerplant, Karnaphuli Tannel, Hatir Jheel and other mega projects. The current product list of the company has been illustrated below:

  • FastBuild & SecuRing
  • Xtreme B500DWR
  • Xtreme B500CWR
  • Centura
  • Utima
  • Maxima
  • Xtrong
  • Square Bar
  • BSRM Slag

BSRM distributes these products through its 449 authorized dealers who sell its products to the end-users. The company has its own distribution channel all over the country. Moreover, the company is constantly trying to expand its distribution channel. The company has its own sales and customer service centers in 8 districts including Dhaka, Comilla, Sylhet, Bogra, Khulna, Barishal, Rangpur and Rajshahi which ensure hassle free customer experience and customer satisfaction. Here BSRM gets an competitive advantage as most of its competitors do not have such robust distribution channel.

distribution network of the company

Though BSRM has worked hard to diversify its product portfolio over the years, the company continued being only in the steel industry. The reason can be that the company senses strong scope for rising demand in this industry. As a part of its product diversification, certain steel products such as span, guarder, etc. are now produced locally while they were used to be imported from China and other countries in the past. For decreasing the company’s dependency on obtaining raw materials, BSRM established the largest billet-making plant in Bangladesh under the name of BSRM Iron & Steel Co Ltd (BISCO).7

BSRM follows the broad differentiation strategy with standardization in market segmentation. The company focus on producing premium quality products for its customers and charges higher price in return to create better brand image and reliability for best quality. For ensuring innovation the company is investing heavily on market research and its R&D. As BSRM sells similar products just like its competitors the company is trying to be more efficient in its operation. BSRM is working on the following functions to ensure efficiency –

  • Infrastructure
  • Production
  • Material Management
  • Information System
  • Human Resources

BSRM Ltd. uses the price skimming strategy while setting price of its products. The company has gained reliability and a strong brand value among customers. Consequently, BSRM is successful even after charging more price than its competitors. The company has segmented its market based on age, income, occupation, and geography. The attributes of BSRM’s  TG has been illustrated below:

Age:

CriterionAge
Builders 35-5035-50
Accumulators50-60

Income:

Criterion
BDT 80000-100000
Above 100000

Occupation:

Criterion
Service Holders
Engineers
Developers
Architects
Retired Personnels

Geography:

Criterion
Dhaka
Khulna
Chittagong
Sylhet

Recent Developments

In June 2021, BSRM Limited noded to merge with BSRM Steel Mills. The Bangladesh Securities and Exchange Commission (BSEC) approved the merger of non-listed BSRM Steel Mills Limited

with listed Bangladesh Steel Re-Rolling Mills Limited (BSRM) at 1:0.28 share exchange ratio. Through this merger the paid-up capital of BSRM Limited would increase to BDT 298.58 crore from existing BDT 236.06 crore.

On October 2021, BSRM Limited announced to expand its production capacity to meet growing demand. The company has planned to increase rod re-rolling capacity by six lakh tonnes, for which it will also increase its billet making capacity by 2.5 lakh tonnes. BSRM expects that the investment will make the company self-reliant for the semi-finished raw materials.


  1. ^ https://bsrm.com/about-us/history/
  2. ^ https://bsrm.com/wp-content/uploads/2021/07/Details-of-ShareholdingBSRMLTD.pdf
  3. ^ https://bsrm.com/wp-content/uploads/2021/12/bsrm_steels_ltd_annual_report_2020-21_re-rolling.pdf
  4. ^ https://bsrm.com/category/uncategorized/#:~:text=28%20Feb%202021-,Bangladesh%20Steel%20Re%2DRolling%20Mills%20Limited%20has%20been%20awarded%20%E2%80%9CICMAB,from%20on%20behalf%20of%20BSRM.
  5. ^ https://www.thedailystar.net/business/news/steel-sector-still-shakeout-2025153
  6. ^ https://www.thedailystar.net/backpage/bangladesh-discovers-first-magnetite-iron-mine-dinajpur-1758988
  7. ^ https://www.thedailystar.net/news-detail-55486
Created by MD. TOUHIDUL ISLAM on 2022/02/25 04:40
     

Become a Contributor

If you follow a company closely and would like to share your knowledge, we would love your contributions. Register Now and start editing!

Tag Cloud

  1. AU:BHP
  2. AU:DTL
  3. AU:PNC
  4. AU:SSR
  5. BD:ACI
  6. BD:AMCL.PRAN
  7. BD:BATBC
  8. BD:BERGERPBL
  9. BD:BEXIMCO
  10. BD:BRACBANK
  11. BD:BSRMLTD
  12. BD:GP
  13. BD:KOHINOOR
  14. BD:LANKABAFIN
  15. BD:MARICO
  16. BD:PREMIERCEM
  17. BD:RBBL
  18. BD:RENATA
  19. BD:ROBI
  20. BD:SINGERBD
  21. BD:SQURPHARMA
  22. BD:WALTONHIL
  23. Brazil
  24. CA:ABX
  25. CA:AC
  26. CA:AEM
  27. CA:AFI
  28. CA:AGI
  29. CA:AQN
  30. CA:BAM.A
  31. CA:BCE
  32. CA:BHC
  33. CA:BLDP
  34. CA:BMO
  35. CA:BNS
  36. CA:BTO
  37. CA:CCO
  38. CA:CM
  39. CA:CNQ
  40. CA:CNR.TO
  41. CA:CP
  42. CA:CSU
  43. CA:CU
  44. CA:CVE
  45. CA:EMA
  46. CA:ENB
  47. CA:FFH
  48. CA:FM
  49. CA:FSV
  50. CA:FTS
  51. CA:GFL
  52. CA:GIB
  53. CA:GWO
  54. CA:H
  55. CA:IFC
  56. CA:IMO
  57. CA:K
  58. CA:LULU
  59. CA:MFC
  60. CA:MG
  61. CA:MRU
  62. CA:MX
  63. CA:NA
  64. CA:NG
  65. CA:NTR
  66. CA:OTEX
  67. CA:PASS
  68. CA:POW
  69. CA:PPL
  70. CA:PVG
  71. CA:QSR
  72. CA:RBA
  73. CA:RCI.A
  74. CA:RY
  75. CA:SHOP
  76. CA:SJR.B
  77. CA:SLF
  78. CA:SSRM
  79. CA:STN
  80. CA:SU
  81. CA:T
  82. CA:TA
  83. CA:TARD
  84. CA:TD
  85. CA:TECK
  86. CA:TFII
  87. CA:TRI
  88. CA:TRP
  89. CA:WEED
  90. CA:WN
  91. CA:WPM
  92. CA:WSP
  93. CA:X
  94. CA:YRI
  95. Canada
  96. CH:ALSN
  97. CH:NESN
  98. CIPLA
  99. DE:TIMA
  100. EU:CCAP
  101. EU:HHFA
  102. FR:CEN
  103. FR:HCO
  104. GB:0HMI
  105. GB:0L85
  106. GB:0Q1S
  107. GB:0QZD
  108. GB:AAL
  109. GB:ABDN
  110. GB:ABF
  111. GB:ADM
  112. GB:AHT
  113. GB:ANTO
  114. GB:AUTO
  115. GB:AUY
  116. GB:AV
  117. GB:AVST
  118. GB:AVV
  119. GB:AZN
  120. GB:BA
  121. GB:BARC
  122. GB:BATS
  123. GB:BDEV
  124. GB:BHP
  125. GB:BME
  126. GB:BP
  127. GB:CCH
  128. GB:CPG
  129. GB:CTO
  130. GB:DARK
  131. GB:DGE
  132. GB:FERG
  133. GB:GLEN
  134. GB:HL
  135. GB:HSBA
  136. GB:IHG
  137. GB:III
  138. GB:IMB
  139. GB:INCH
  140. GB:NWG
  141. GB:NXR
  142. GB:OCDO
  143. GB:REL
  144. GB:RIO
  145. GB:RKT
  146. GB:SGE
  147. GB:SGRO
  148. GB:SKG
  149. GB:SMIN
  150. GB:SN
  151. GB:STAN
  152. GB:STJ
  153. GB:WPP
  154. Great Britain
  155. HK:0995
  156. HK:1052
  157. HK:107
  158. HK:189
  159. HK:548
  160. HK:819
  161. HK:995
  162. IN:3MINDIA
  163. IN:ADANITRANS
  164. IN:BHARATFORG
  165. IN:CIPLA
  166. IN:CROMPTON
  167. IN:GODREJIND
  168. IN:HDFCAMC
  169. IN:IDEA
  170. IN:INDUSTOWER
  171. IN:LICI
  172. IN:LUPIN
  173. IN:LUPINE
  174. IN:MFSL
  175. IN:MOFSL
  176. IN:MOTHERSUMI
  177. IN:MUTHOOTFIN
  178. IN:NATCOPHARM
  179. IN:NATIONALUM
  180. IN:NBCC
  181. IN:NESTLEIND
  182. IN:NIACL
  183. IN:NMDC
  184. IN:OBEROIRLTY
  185. IN:OFSS
  186. IN:PAGEIND
  187. IN:PAYTM
  188. IN:PEL
  189. IN:PETRONET
  190. IN:PFIZER
  191. IN:PGHH
  192. IN:PIDILITIND
  193. IN:PIIND
  194. IN:PNB
  195. IN:PNBHOUSING
  196. IN:POWERGRID
  197. IN:QUESS
  198. IN:RAMCOCEM
  199. IN:RELAXO
  200. IN:SAIL
  201. IN:SANOFI
  202. IN:SBILIFE
  203. IN:SIEMENS
  204. IN:SRF
  205. IN:SUPREMEIND
  206. IN:TATAPOWER
  207. IN:TECHM
  208. IN:TITAN
  209. IN:TORNTPHARM
  210. IN:TORNTPOWER
  211. IN:TRENT
  212. IN:TVSMOTOR
  213. IN:UBL
  214. IN:ULTRACEMCO
  215. IN:UNIONBANK
  216. IN:UPL
  217. IN:VBL
  218. IN:WHIRLPOOL
  219. IN:ZEEL
  220. Ireland
  221. JP:1070
  222. JP:2654
  223. JP:4220
  224. JP:4734
  225. JP:6916
  226. SG:BCY
  227. SG:F13
  228. UK:IHG
  229. US:AABA
  230. US:AAOI
  231. US:AAPL
  232. US:AAUKF
  233. US:ABCL
  234. US:ABEO
  235. US:ABUS
  236. US:ACAD
  237. US:ACAN
  238. US:ACBFF
  239. US:ACDVF
  240. US:ACHN
  241. US:ACIA
  242. US:ACRX
  243. US:ADAP
  244. US:ADMP
  245. US:ADMS
  246. US:ADXS
  247. US:AEM
  248. US:AEZS
  249. US:AFMD
  250. US:AGEN
  251. US:AGI
  252. US:AGRX
  253. US:AGTK
  254. US:AKAO
  255. US:ALDR
  256. US:ALIM
  257. US:ALQA
  258. US:AMC
  259. US:AMD
  260. US:AMDA
  261. US:AMIGF
  262. US:AMMJ
  263. US:AMN
  264. US:AMPE
  265. US:AMRN
  266. US:AMRS
  267. US:AMZN
  268. US:ANCUF
  269. US:ANFGF
  270. US:ANLDF
  271. US:ANTH
  272. US:ANY
  273. US:APHQF
  274. US:AQMS
  275. US:AQN
  276. US:AQSZF
  277. US:ARDX
  278. US:ARGS
  279. US:ARLZ
  280. US:ARNA
  281. US:ARRY
  282. US:ARWR
  283. US:ASBFF
  284. US:ASHTF
  285. US:ATDRY
  286. US:ATER
  287. US:ATHX
  288. US:ATNM
  289. US:ATOS
  290. US:ATRS
  291. US:AUPH
  292. US:AUY
  293. US:AVASF
  294. US:AVEO
  295. US:AVEVF
  296. US:AVGR
  297. US:AVIR
  298. US:AVP
  299. US:AVVIY
  300. US:AVXL
  301. US:AXON
  302. US:AXSM
  303. US:AZN
  304. US:BABA
  305. US:BAC
  306. US:BAESF
  307. US:BAM
  308. US:BBAY
  309. US:BBIG
  310. US:BBRY
  311. US:BCE
  312. US:BCOR
  313. US:BCS
  314. US:BHP
  315. US:BIOA
  316. US:BIOC
  317. US:BLCM
  318. US:BLDP
  319. US:BLEVF
  320. US:BLOZF
  321. US:BLPH
  322. US:BLRX
  323. US:BMO
  324. US:BMRPF
  325. US:BNS
  326. US:BP
  327. US:BPMX
  328. US:BSTG
  329. US:BTDPF
  330. US:BTE
  331. US:BTG
  332. US:BTI
  333. US:BW
  334. US:BZUN
  335. US:CALA
  336. US:CANN
  337. US:CAPR
  338. US:CARA
  339. US:CASC
  340. US:CATB
  341. US:CBDS
  342. US:CCJ
  343. US:CEI
  344. US:CERC
  345. US:CERU
  346. US:CHK
  347. US:CIE
  348. US:CLDX
  349. US:CLF
  350. US:CLOV
  351. US:CLSN
  352. US:CLVS
  353. US:CM
  354. US:CMPGF
  355. US:CNAB
  356. US:CNAT
  357. US:CNBX
  358. US:CNI
  359. US:CNQ
  360. US:CNSWF
  361. US:CORT
  362. US:CP
  363. US:CPRX
  364. US:CRBP
  365. US:CRIS
  366. US:CRMD
  367. US:CTRV
  368. US:CU
  369. US:CUR
  370. US:CVE
  371. US:CVSI
  372. US:CYCC
  373. US:CYTR
  374. US:CYTX
  375. US:DCTH
  376. US:DEPO
  377. US:DGEAF
  378. US:DMPI
  379. US:DRKTF
  380. US:DRYS
  381. US:DVAX
  382. US:DXTR
  383. US:DYLLF
  384. US:EARS
  385. US:ECYT
  386. US:EDIT
  387. US:EGLT
  388. US:EKSO
  389. US:ELVT
  390. US:ENB
  391. US:ENDP
  392. US:ENRT
  393. US:ETRM
  394. US:EVC
  395. US:EXEL
  396. US:FATE
  397. US:FB
  398. US:FERG
  399. US:FINL
  400. US:FIT
  401. US:FLXN
  402. US:FOLD
  403. US:FQVLF
  404. US:FRFHF
  405. US:FSV
  406. US:FTR
  407. US:FTS
  408. US:FVE
  409. US:FWDG
  410. US:GALE
  411. US:GALT
  412. US:GBHPF
  413. US:GBT
  414. US:GERN
  415. US:GFL
  416. US:GIB
  417. US:GILD
  418. US:GLDFF
  419. US:GLEN
  420. US:GLYC
  421. US:GME
  422. US:GNCA
  423. US:GNMX
  424. US:GOLD
  425. US:GPRO
  426. US:GSAT
  427. US:GVXXF
  428. US:GWLIFU
  429. US:HLTH
  430. US:HMNY
  431. US:HRGLF
  432. US:HRNNF
  433. US:HRTX
  434. US:HSBA
  435. US:HTGM
  436. US:HTZ
  437. US:HUSA
  438. US:ICPT
  439. US:IDRA
  440. US:IDXG
  441. US:IFCZF
  442. US:IHG
  443. US:IMBBF
  444. US:IMGN
  445. US:IMMU
  446. US:IMNP
  447. US:IMO
  448. US:IMUC
  449. US:INFI
  450. US:INPX
  451. US:INSM
  452. US:INTC
  453. US:INVA
  454. US:ITEK
  455. US:IVITF
  456. US:JD
  457. US:JOBS
  458. US:JVA
  459. US:KAYS
  460. US:KEM
  461. US:KERX
  462. US:KGC
  463. US:KTOS
  464. US:KTOV
  465. US:LKM
  466. US:LODE
  467. US:LPCN
  468. US:LULU
  469. US:LWLG
  470. US:LXRP
  471. US:MACK
  472. US:MARA
  473. US:MBOT
  474. US:MBRX
  475. US:MDCL
  476. US:MDCO
  477. US:MEET
  478. US:MEIP
  479. US:MEOH
  480. US:MFC
  481. US:MGA
  482. US:MGWFF
  483. US:MNKD
  484. US:MOMO
  485. US:MQPXF
  486. US:MRNS
  487. US:MRTX
  488. US:MSFT
  489. US:MTRAFU
  490. US:MU
  491. US:MVIS
  492. US:MZOR
  493. US:NAK
  494. US:NBEV
  495. US:NBRV
  496. US:NEOS
  497. US:NG
  498. US:NH
  499. US:NLNK
  500. US:NMUS
  501. US:NTIOF
  502. US:NTNX
  503. US:NTR
  504. US:NVAX
  505. US:NVCN
  506. US:NVDA
  507. US:NVRO
  508. US:NWBO
  509. US:NWG
  510. US:NXTTF
  511. US:NYMX
  512. US:OCDGF
  513. US:OCLR
  514. US:OCUL
  515. US:OGRMF
  516. US:OMER
  517. US:ONCS
  518. US:ONTX
  519. US:ONVO
  520. US:OPGN
  521. US:OPHT
  522. US:OPK
  523. US:OPTT
  524. US:OTEX
  525. US:OTIC
  526. US:P
  527. US:PANXF
  528. US:PARA
  529. US:PASS
  530. US:PBA
  531. US:PBR
  532. US:PBYI
  533. US:PETS
  534. US:PETX
  535. US:PGNX
  536. US:PHOT
  537. US:PIRS
  538. US:PLSE
  539. US:PLUG
  540. US:PLX
  541. US:PRTO
  542. US:PSDV
  543. US:PTI
  544. US:PTN
  545. US:PTON
  546. US:PTX
  547. US:PUFXF
  548. US:PULM
  549. US:PVG
  550. US:QRSRF
  551. US:QSR
  552. US:RAD
  553. US:RBA
  554. US:RBGPF
  555. US:RCI
  556. US:RCKT
  557. US:RDHL
  558. US:RDUS
  559. US:RELX
  560. US:REPH
  561. US:RGLS
  562. US:RIGL
  563. US:RIO
  564. US:RNN
  565. US:RNVA
  566. US:ROX
  567. US:RSSFF
  568. US:RTTR
  569. US:RY
  570. US:SCYX
  571. US:SDRL
  572. US:SEGXF
  573. US:SENS
  574. US:SESN
  575. US:SGBY
  576. US:SGGEF
  577. US:SGMO
  578. US:SGYP
  579. US:SHMP
  580. US:SHOP
  581. US:SJR
  582. US:SKLN
  583. US:SLF
  584. US:SLFPF
  585. US:SMFTF
  586. US:SMGKF
  587. US:SNAP
  588. US:SNN
  589. US:SPHS
  590. US:SPLIF
  591. US:SPRWF
  592. US:SQ
  593. US:SRNA
  594. US:SRNE
  595. US:SRRA
  596. US:SSRM
  597. US:STJPF
  598. US:STLY
  599. US:STML
  600. US:STMP
  601. US:STN
  602. US:STRRF
  603. US:SU
  604. US:SWN
  605. US:SYN
  606. US:TAC
  607. US:TBQBF
  608. US:TD
  609. US:TECK
  610. US:TENX
  611. US:TEVA
  612. US:TFII
  613. US:TGOPF
  614. US:TGTX
  615. US:THCBF
  616. US:TK
  617. US:TMXXF
  618. US:TNDM
  619. US:TOP
  620. US:TRI
  621. US:TROV
  622. US:TRP
  623. US:TRTC
  624. US:TRVN
  625. US:TRXC
  626. US:TSG
  627. US:TSLA
  628. US:TTM
  629. US:TTNP
  630. US:TTNQY
  631. US:TU
  632. US:TVTY
  633. US:TWTR
  634. US:TXMD
  635. US:UBQU
  636. US:UNXL
  637. US:VAPE
  638. US:VBLT
  639. US:VCEL
  640. US:VDQSF
  641. US:VPCO
  642. US:VSTM
  643. US:VXRT
  644. US:VZ
  645. US:WIT
  646. US:WLDFF
  647. US:WLL
  648. US:WMIH
  649. US:WMT
  650. US:WPM
  651. US:WPP
  652. US:WSPOF
  653. US:XGTI
  654. US:XON
  655. US:XTNT
  656. US:XXII
  657. US:ZGNX
  658. US:ZSAN
  659. US:ZYNE
This site is funded and maintained by Fintel.io