Equity Coverage Initiation on LHBL

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LafargeHolcim Bangladesh Limited (LHBL) is the 5th largest player in Bangladesh’s cement industry, holding an 8.2% share of the BDT 300bn market as of 2022. With its own limestone mine in Meghalaya, India, that is connected to its plant in Sylhet using a 17km long conveyor belt, LHBL is the only vertically integrated company in the industry, giving it distinct cost advantages over its competitors. During the period of 2020-22, LHBL achieved an average revenue growth of 21%

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