A Third of TSE Market Cap Held by 10 Firms

Close to one-third of Tehran Stock Exchange’s total market capitalization is held by 10 companies.

According to TSE data, the total market capitalization stood at 3.2 quadrillion rials ($85.37 billion) as of the end of the first quarter of the current fiscal year (June 21). Big petrochemical, telecoms, information technology, steel and oil firms account for close to 1 quadrillion rials of the total figure.

Persian Gulf Petrochemical Industries Company (PKLJ) is TSE’s largest listed firm with a market cap of 229.3 trillion rials ($6.11 billion). The company has forecasted 822 rials earnings per share for the current fiscal year.

Despite its large size and 50 billion shares, however, only about 0.8% of them are free floating.

Mobile Telecommunications Company of Iran (HMRZ) is the second largest with a market cap of 131.1 trillion rials ($3.49 billion). The firm's EPS is forecasted to be 3,230 rials for the year based on its quarterly performance. Its price to earnings ratio currently stands at 10.15.

On Monday, the company signed a deal with Finland’s Nokia to set up and offer fifth-generation mobile networks in Iran. The new generation is to decrease costs, battery consumption and latency compared with 4G equipment, while also helping media connections.

The two companies were in talks since mid-2016 and the finalization of the deal can propel MCI’s shares once they reopen. MCI's ticker symbol is currently closed to trading.

The third largest-cap company listed in TSE is Telecommunications Company of Iran (MKBT) with 115.68 trillion rials ($3.08 billion) in market capitalization. The company’s last recorded EPS stood at 539 rials. Free floating shares make up 8% of its 60 billion shares.

Mobarakeh Steel Company (FOLD) is fourth with 107.7 trillion rials ($2.87 billion) in market capitalization. The company's last recorded EPS was 270 rials and its price to earnings ratio stood at 5.68. MSC has 22.6% of floating stocks.

Together with its subsidiaries, MSC is the largest flat steel producer in the Middle East and North Africa region and Iran’s largest steelmaker, accounting for 1% of Iran’s GDP. Rising steel prices and the inauguration of several new plants are expected to lift MSC’s stocks further.

Hot-rolled coil, billet and rebar prices are all growing over depleting inventories in China. MSC recently started a trial run of its 5 million-ton per year iron ore pelletizing plant in Sangan mineral zone in northeastern Iran.

National Iranian Copper Industries Company (MSMI) is with 92.25 trillion rials ($2.46 billion) in market cap. It operates with a P/E ratio of 9 and its latest EPS was 205 rials; 24% of NICICO’s stocks are floating.

The sixth largest company is Jam Petrochemical Company (PJMZ) with a market cap of 90.81 trillion rials ($2.42 billion). Its latest EPS forecast is 1,570 rials and the P/E ratio stands at 6.

Tamin Petroleum & Petrochemical Investment Co. (PTAP) comes next with 80.08 trillion rials ($2.13 billion). With 10% of its shares floating, TAPPICO’s current EPS and P/E stand at 290 and 6.35.

Ghadir Investment Company (GDIR) ranks eighth with 77.68 trillion rials ($2.07 billion). Its EPS and P/E stand at 205 rials and 5.26 respectively.

Informatics Services Corporation (INFO) is next with 74.58 trillion rials ($1.98 billion). Its EPS and PE are 2,293 rials and 12. Only 5% of ISC’s shares are floating.

MAPNA Group (MAPN) is the tenth largest company with a market cap of 71.8 trillion rials ($1.91 billion). The company’s latest EPS is 527 and its P/E ratio stands at 14.