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Return Analysis of Apex Footwear Limited (APEXFOOT) and Bata Shoe Company (Bangladesh) Limited (BATASHOE):

1st of May, 2026

Six companies are listed with Dhaka Stock Exchange in Tannery Industries Sector. Which include Apex Footwear Limited (DSE Code: APEXFOOT) and Bata Shoe Company (Bangladesh) Limited (DSE Code: BATASHOE). Amongst six, we are going to present the return pattern of two companies (APEXFOOT, BATASHOE) in last five years.

Yearly return:

Yearly return of BATASHOE showing a downtrend throughout the years except 2023 where APEXFOOT gains in 2023 and in 2025.

Return and Risk Plotting:

A glimpse of the mean of Monthly Return and Standard Deviation, shown in the above figure. APEXFOOT has higher variability in the return and it compensates for the variability at a higher rate in term of return.

Monthly return distributions:

Figures depict distribution of Monthly Returns of the two companies are as below-

Monthly Return distributions for both of the companies are not in normal distribution. There is positive skewness in the distributions. In both cases, excess Kurtosis are positive. Thus we can say these distributions are leptokurtic distribution. Mean is tend to closer to the upper quartile and greater than median.

Daily return distributions:

Figures depict Daily Return distribution of these two companies are as below-

In case of daily return too, the distributions don’t follow normal distribution. There is positive skewness in the distributions. Excess kurtosis is positive. Thus we can say they are leptokurtic distributions and mean is greater than median.

	Minimum (Rounded up to Ceiling)	Maximum (Rounded up to Ceiling)	Range
Monthly Return of APEXFOOT	-11%	31%	43%
Daily Return of APEXFOOT	-15%	19%	33%
Monthly Return of BATASHOE	-9%	19%	28%
Daily Return of BATASHOE	-8%	7%	15%

In above cases of Monthly Return and Daily Return, for both of the companies’ higher return from mean, are fewer in number but larger in value. The returns in all cases tend to positive direction.

Relative measures of valuation of these two companies are as below-

Notes:

1. All the returns are from Prices on Dhaka Stock Exchange. Yearly Returns are time weighted returns. Monthly and daily returns are for Calendar Year from 2021 to 2025.
2. All the returns are adjusted to Stock Issues and Cash Dividends.
3. For relative measures of valuation, we use Companies’ Accounting Year End prices.

Data Source:

Dhaka Stock Exchange

www.stockanalysis.com