Summary

  • Grameenphone Ltd is the largest telecommunications company in Bangladesh. The company is founded by Iqbal Quadir and started its operation on March 26, 1997.
  • Grameenphone launched its operation with a concept similar to Grameen Bank’s microcredit program. The ‘village phone’ concept was introduced to empower the rural women. The company later on attracted investment from Norway’s Telenor group.
  • Telenor Group holds a controlling 55.80% share of the company. Another 34.20% of the share is held by Grameen Telecom and the rest 10% of the share is owned by the general public.
  • The company holds more than 46% of market share in terms of subscribers in 2021.
  • The operator is declared Significant Market Power (SMP) in 2019.
  • Grameenphone has posted a profit after tax of BDT 37.19 billion in 2020, which was BDT 34.52 billion in 2019. Net profit margin of the company is 27% in the year 2020. Despite the restrictions due to pandemic, the company has been able to see a positive growth of 7.74% in the profits.

Company overview

Grameenphone Ltd (DSE:GP, CSE:GP) is the largest telecommunications company in Bangladesh, headquartered in GPHOUSE, Bashundhara, Baridhara, Dhaka-1229, Bangladesh. The company started its operation on March 26, 1997. It is listed in both Dhaka Stock Exchange (DSE) and Chattagram Stock Exchange (CSE). Earnings per share (EPS) of the company in 2020 is BDT 27.54 and Net Asset Value (NAV) per share in the same year is BDT 38.59. The company got listed in the exchanges on 16 November, 2009 and it currently belongs to ‘Category A’ in both the markets. Credit rating of the company by Credit Rating Information and Services Limited (CRISL) on 30 April, 2020 is ‘AAA’ for long-term, and ST-1 for short-term.

As of the year ended on December 31, 2020, the share holding of the company has been as following –

DateSponsor/DirectorGovernmentInstituteForeignPublicTotal
Dec 31, 202090%0.00%4.49%3.38%2.13%100%
Jul 31, 202190%0.00%4.83%3.19%1.98%100%

Grameenphone Ltd. is the leading telecommunications service provider that operates digital telecommunications network based on the GSM standard in 900 MHz, 1800 MHz, 2100 MHz frequency bands. The spectrum allowed to Grameenphone by Bangladesh Telecommunication Regulatory Commission (BTRC) and their expiry date is presented in the following table –

SpectrumBandwidth (MHz)Expiry
900 MHz2×7.42026
1800 MHz2×7.2 + 2×7.42026
1800 MHz2×52033
2100 MHz2×102028

The company’s network covers 99.6% of the population in Bangladesh. Total subscribers of the company stand at 79.0 million in 2020 and total number of data users in the same year stand at 41.3 million. The company has a total of 16,547 sites across the country and among them 14,000 are 4G sites. Grameenphone has invested BDT 379.6 billion in infrastructure since its inception. In 2020, the company has invested 13.8 billion (excluding licenses & leases) to rollout 4G LTE sites, enhance capacity, expand network coverage, and build higher IT readiness.1

Company Ownership Structure

The ownership of the company belongs to two sponsors – Telenor Mobile Communications AS (TMC) (55.80%), Grameen Telecom (34.20%). The rest 10% of the shares belong to the general public. Telenor holds the controlling interest in the company by owning 753,407,724 shares. Grameen Telecom is the entrepreneur and initiator of the company, which holds 461,766,409 shares. Among other major investors, who share parts of the other 10%, Grameen Bank Borrower’s Investment Trust, Investment Corporation of Bangladesh, Government of Norway are the mentionable big institutional investors.

Ownership structure.png

About Telenor Mobile Communications AS (TMC)

Telenor Mobile Communications AS (TMC) is a fully-owned subsidiary of Telenor ASA, which is a leading telecommunications company in Norway. Telenor ASA is listed on Oslo Stock Exchange. The company was found in 1855 and has expanded its operation in Scandinavia, Central and Eastern Europe, and Asia. The company was ranked as the world’s seventh largest mobile operator. It was listed as No.01 on Dow Jones Sustainability Index in 2008. The company has 188 million customers around the world, and annual sales is around USD 14 billion in 2020. The company employs 16,000 people worldwide. Telenor is operating across the world with high reputation and success rate. Telenor owns 55.80% of Grameenphone Ltd.

About Grameen Telecom

Grameen Telecom was established as a not-for profit company in Bangladesh by Professor Muhammad Yunus, the winner of Nobel Peace Prize 2006. The mandate of GTC is to provide easy access to GSM cellular services in rural Bangladesh. The company has started its operation on the same day as Grameenphone Ltd. – on March 26, 1997. More on Grameen Telecom is in the ‘History of Grameenphone’ section of this article.

History of Grameenphone

gp old logoThe story of Grameenphone is linked with Grameen Bank, a first of its kind microcredit organization in the world. The model of microcredit is innovated by Dr. Muhammad Yunus – a noble laureate for peace together with his established organization Grameen Bank in 2006. Inspired by the business model of Grameen Bank, the founder of Grameenphone Iqbal Quadir has initiated an effort to provide an income source to the rural entrepreneurs through mobile phone services. Quadir has raised some fund from New York based investor and philanthropist Jashua Mailman and worked three years to establish Grameenphone. The company got incorporated as a private limited company on October 10, 1996. Quadir obtained a license for cellular phone operation in Bangladesh from then Posts and Telecommunications Ministry on November 28, 1996. Grameenphone, together with Grameen Bank’s Grameen Telecom, has initiated Village Phone (VP) service. Under the scheme, the rural women could get a microcredit for purchasing their cell phone and got 50% discount on the airtime. The target women with this opportunity could even generate more income than men; thus, the dream of women empowerment comes to realization. Grameenphone later obtained support from Telenor of Norway.2

Grameenphone converted to a public limited company on June 25, 2007. It has got listed to the stock exchanges on November 16, 2009. The company was declared significant market power (SMP) by Bangladesh Telecommunications Regulatory Commission on February 10, 2019. The categorisation is done based on market share of a company. In this oligopoly market, if a company holds more than 40% market share, the regulatory authority imposes the SMP tag to protect other companies and keep the competition intact.

Industry Analysis

The government has set its vision to take the country towards a ‘Digital Bangladesh’, in which telecommunications industry has a major role to play. Total number of mobile subscribers stood at 174.6 million on May, 2021, which is about 99% of the population. Among the subscribers Grameenphone holds 80.7 million, Robi has 51.9 million, Banglalink achieved a number of 36.2 million, and Teletalk possesses the rest 5.6 million subscribers. The sector is contributing almost 1.8% to the total GDP. Most of the revenues are coming from Voice Calls and Internet Data services. Revenue from internet data usage is getting a boost recently owing to the introduction of 4G in 2018.3

Telecommunications market is an oligopoly market with numbered players – currently 4 only. Among the companies, Grameenphone holds the highest market share in terms of subscribers – about 46.41% followed by Robi, Banglalink, and Teletalk by 29.75%, 20.69% and 3.15%, respectively.

market share in terms of subscribers

Many changes of corporate restructuring nature have taken place in this industry. In 2010, Bharti Airtel has acquired 70% stake in Warid Telecom of Bangladesh, which later was renamed to match the parent company name. Later on, Airtel and Robi Axiata merged in 2016 to form the second largest telecommunications operator in the country. Country’s first operator Citycell has quit the battle after a long history of struggle to survive. BTRC has cancelled its license for non-payment of dues in Q4, 2016.

The industry is experiencing higher growth in internet subscribers. Number of subscribers are increasing at a smother pace. According to official source of BTRC, total mobile internet subscribers in Bangladesh has stood at 103.19 million, ISP + PSTN users at 9.5 million.

internet users trend in Bangladesh

Competition analysis

According to researches, competitiveness factors in the industry are price & tariff, convenience, sales promotion, customer service care, value added service (VAS), and communication and coverage. All these factors are elaborated in the following figure (source: Nekmahmud & Rahman, 2018).4

competitiveness factors in telecom industry in bd

With some statistics, the competitive positioning of Grameenphone in the market can be established. First comes the market share of the company, which is 46.41% in 2021. The company has been holding above 40% market share for more than a decade. The company has closed the year 2020 with 79.0 million subscribers, of which 41.3 million (52.2%) are internet users. Main strength of Grameenphone against its competitors is the network coverage across the country. About 99.9% population are under strong internet coverage of the company. According to customer surveys, internet coverage of Grameenphone is outstanding in the remote areas compared to its competitors. Call rate of the company is a little bit high for which the company has experienced a 2.8% decrease in revenue in earning from 2019. However, the company has successfully added 3.4% to its customer base. The company strives a transition from a commodity-based company to a platform-based digital technology company that is working toward IoT adaptation. In the national budget of 2020-21, the government has imposed an extra 5% supplementary duty (SD) on telecom sector. Grameenphone has rolled out smaller voice packs to absorb the SD and to relay an adaptive pressure only to the lower-income group.

Financial Performance

Grameenphone has posted a profit after tax of BDT 37.19 billion in 2020, which was BDT 34.52 billion in 2019. Net profit margin of the company is 27% in the year 2020. Despite the restrictions due to pandemic, the company has been able to see a positive growth of 7.74% in the profits. However, a closer inspection reveals that the company has actually lost some revenue in the year 2020 compared to the previous year. Then the profit growth is explained by reduction in the costs. The increase in profit has been due to reduction in finance expenses as well as in taxes. The company has incurred interest expenses in 2019 of BDT 0.8 million but has earned interest in 2020 of 1.2 million.

Net asset value (NAV) per share of the company in 2020 is BDT 38.59, which is a 35.88% increase from the previous year. Earnings per share of the company is BDT 27.54, a 7.75% increase than the previous year. Return on assets of the company is 25% in 2020, which is a 1%-point increase than the previous year. But the company has experienced a negative growth in the return on equity. ROI in 2019 was 92% and in 2020 it came down to 82%. The reason behind this decrease is an increase in total equity by 35.88% in 2020. Total non-current asset-base of the company has increased during the last one financial year. Equity of the company has also increased for an increase in the retained earnings. The company has increased lease liabilities, paid off some deferred tax liabilities and increased some employee benefits liabilities.

Cash and cash equivalent of the company at the end of financial year 2020 is BDT 2.6 billion, which was BDT 13.76 billion a year earlier. The cash position has decreased significantly due to a drastic decrease in the cash flow from operating activities. During the year, the company has received less from customers and paid more, comparative to the previous year.

Recent Developments

  • On February 10, 2019, BTRC has declared Grameenphone a Significant Market Power (SMP) and imposed 4 restrictions. However, following a writ petition by Grameenphone, and for the pandemic, BTRC has reduced the number of restrictions to 2. Now, the company has to take prior approval from the authority before rolling out any packages. Also, it would need to take permission for the existing packages. And a customer can abandon Grameenphone in 60 days instead of existing 90 days under the mobile number portability facility.
  • In April, 2019, BTRC claimed that Grameenphone owes an unpaid audit claim of BDT 12,580 crore (BDT 1.25 billion). After much negotiation and bids, Grameenphone paid BDT 100 crore (BDT 10 billion) to the authority on February
  1. ^ Annual Report 2020, p.20 https://www.grameenphone.com/about/investor-relations/ir-annual-report/annual-report-2020
  2. ^ https://web.archive.org/web/20010802042329/http://www.asiaweek.com/asiaweek/technology/article/0%2C8707%2C132167%2C00.html
  3. ^ http://www.eblsecurities.com/AM_Resources/AM_ResearchReports/SectorReport/Bangladesh%20Telecommunication%20Industry-A%20Comprehensive%20Review%202019.pdf
  4. ^ https://www.researchgate.net/publication/325122492_Measuring_the_Competitiveness_Factors_in_Telecommunication_Markets
Created by MD. TOUHIDUL ISLAM on 2021/09/19 10:17
     

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