Comprehensive Research & Analysis
Overview
CAL Research operates as an independent research unit focusing on providing comprehensive research and analysis of the economy and equities of Bangladesh.
One of CAL’s most significant differentiating factors in Sri Lanka has been its award-winning research and insights. Here in Bangladesh, we hope to bring the same approach and similar level of expertise to the local capital market. Our research team adheres to a research process that is robust and dynamic. Driven by fundamental valuation techniques, our recommendations will allow investors to position themselves favorably by investing for long-term sustainable gains.
Our research and analysis will strategically guide investors in developing the most-suited equity portfolio while ensuring alignment with their unique risk profiles and long-term investment objectives. We are working towards developing a reputation for providing clients with the industry-leading macro, sector, and company research in driving more effective investment decision-making.
Featured Reports
Sector Report
Our sector-specific reports are detailed and offer a close up look at particular industries. It’s an industrial report that provides a comprehensive look at a specific sector within the economy.
Company Reports
Company reports prepared by CAL Research Bangladesh offer important insights and recommendations that facilitate top-level decision-making.
Macroeconomic Report
CAL’s macroeconomic reports offer detailed analyses of the numerous macroeconomic factors that comprise the wider economy. These reports discuss, in-depth, the current and future outlook of the country from an economic perspective.
Flash Notes
Concise notes that are offered periodically to investors, comprising information on the impact of a particular economic event, development or regulation change.
Earnings report
A quarterly update which serves the purpose of reporting a company’s performance, earnings reports detail released earnings along with predictions.
Featured Reports
Sector Report
Our sector-specific reports are highly detailed and offer a close up look at particular industries. It’s an industrial report that offers a comprehensive look at a specific sector within the economy.
Company Reports
Company reports prepared by CAL Research Bangladesh offer important insights and recommendations that facilitate top level decision-making.
Macroeconomic Report
CAL’s macroeconomic reports offer detailed analyses of the numerous macroeconomic factors that comprise the wider economy. These reports discuss, in-depth, the current and future outlook of the country from an economic perspective.
Flash Notes
Concise notes that are offered periodically to investors, comprising information on the impact of a particular economic event, development or regulation change.
Earnings report
A quarterly update which serves the purpose of reporting a company’s performance, earnings reports detail released earnings along with predictions.
Latest Reports
CAL Bangladesh Budget FY27 | Balancing on a Tightrope
CALBD_BD Budget FY27 | Balancing on a Tightrope Download Report Download Report
Bangladesh National Budget FY2026-27: Balancing on a Tightrope provides CAL Research’s analysis of Bangladesh’s largest-ever national budget, examining its growth ambitions, revenue targets, expenditure priorities, deficit financing, taxation, household impact, investment, and capital markets. The FY2026-27 budget totals BDT 9,380 billion, with a record BDT 6,950 billion revenue target, BDT 3,000 billion ADP, and BDT 2,430 billion budget deficit, equivalent to 3.6% of GDP. The government targets 6.5% GDP growth for FY27.
The report examines the sharp 19% increase in expenditure, the highest growth in a decade, with the ADP contributing BDT 1 trillion of the increase. It also assesses the record revenue target, which relies heavily on VAT despite the NBR consistently falling short of collection targets.
The analysis covers the government’s financing strategy, including a greater reliance on foreign borrowing, personal and corporate taxation, social safety-net spending, ADP implementation, VAT increases, and measures affecting consumers and businesses. The report also explores how the budget could influence household consumption, private investment, inflation, corporate earnings, and the Bangladesh equity market.
CAL Research
CAL 1H2026 Macroeconomic Outlook | Off Pace, On Course
CAL 1H2026 Macroeconomic Outlook | Off Pace, On Course Download Report Download Report
Bangladesh’s economic recovery remains on course despite persistent headwinds, with stable exchange rates, easing inflation, and gradual monetary easing expected to support growth through 1H2026. CAL Research forecasts USD/BDT at 122–125, inflation at 6.75%–7.75%, interest rates at 8.5%–9.5%, and GDP growth at 4.5%–5.5% by June 2026. Strong remittances, improving external balances, post-election policy clarity, and expected foreign fund inflows strengthen the recovery outlook. For equities, earnings growth, falling interest rates, and political stability could drive a structural market recovery, with the DSEX potentially moving toward 10,000+ and offering 106% upside over 12–18 months.
CAL Research
CALBD Macro Outlook 2H’2025 | All Signals Green
CALBD Macro Outlook 2H’2025 | All Signals Green Download Report Download Report
Bangladesh’s macroeconomic outlook is turning increasingly positive in 2H2025, with easing inflation, lower interest rates, a stable exchange rate, and improving external balances creating a more supportive environment for growth. CAL Research expects inflation to fall to 6.5%–7.5%, interest rates to ease to 8.5%–9.5%, GDP growth to recover to 5%–6%, and USD/BDT to remain stable at 122–125 by December 2025. Strong remittance inflows, a current account surplus, improved FX liquidity, and lower power-sector arrears further strengthen the outlook. With monetary easing and improving economic stability, Bangladesh moves closer to an “All Signals Green” environment for recovery and investment.
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