Annual Report 2012

Transkrypt

Annual Report 2012

Tehran Stock Exchange
Annual Report 2012
Damavand Peak-Iran
Contents
CEO Message .................................................................................................................................................................. 4
An Overview of Global Capital Markets in 2012 ................................................................................ 5
Iran’s Economy at a Glance ................................................................................................................................. 5
Highlights of Tehran Stock Exchange in 2012 ....................................................................................... 6
About the Exchange
A Brief History of Tehran Stock Exchange ............................................................................................... 8
Organization
Directors
Values ................................................................................................................................................................................... 11
Mission
Vision
Goals
Key Financial Figures ................................................................................................................................................ 12
Capital .................................................................................................................................................................................. 12
Markets and Trading at TSE ................................................................................................................................ 13
Markets of TSE
Trading Procedures
Listing Requirements at TSE ............................................................................................................................... 16
Market Surveillance .................................................................................................................................................. 16
Statistics
Statistics ............................................................................................................................................................................ 18
Corporate Finance
Tables of 2012 Performance
TSE Operations
TSE Operations in 2012 .......................................................................................................................................... 26
Board of Directors and the Committees
Members of the Exchange
Protecting Investors
Education
International Ties
Foreign Investment
Anti-Money Laundering Regulations
Research and Development
Industry Roundtables
Development Projects 2013 ............................................................................................................................... 29
Contacts .............................................................................................................................................................................. 30
Key Addresses ................................................................................................................................................................ 31
Attachments
List of Tehran Stock Exchange’s Members ............................................................................................... 34
Listed Companies at TSE - 2012 ....................................................................................................................... 38
4
CEO Message
B
ased on the statistics distributed by the World
Federation of Exchanges, 2012 was a challenging
year for the securities market. The total value and
volume of some products, including equities, bonds and
ETFs in the member Exchanges diminished dramatically.
In 2012, the value of equities trading decreased
more than 22 percent comparing 2011. The number
of derivatives contracts and value of bonds trading
both declined 20 percent. However, the total market
capitalization of WFE’s members grew more than 15
percent and the average return of the Exchanges raised
nearly 14 percent on the basis of their broad indices.
Despite real challenges regarding the fluctuations of the
currency rates in Iran, tensions existing in the country’s
international ties, and the ambiguities in the launching
of the subsidy reform plan’s second phase, Tehran
Stock Exchange had considerable growth in most of its
indicators, including market capitalization, trading value,
broad index and free-float level last year. During the last
fiscal year (ended 20th March 2013), TSE’s total market
capitalization increased more than 33 percent and the
trading value of bloc and retail transaction jumped more
than 9 percent than its preceding year. The return of the
TSE’s broad index for the last fiscal year was about 47
percent, and the Exchange facilitated financing of the
listed companies for the value of IRR 57 trillion.
Efforts to increase transparency and integrity of the
market, as well as its liquidity were carried on through
market’s infrastructure improvement, introduction of
new investment products and mechanisms, reforming
the existing regulations and proposing new rules to be
ratified.
TSE had considerable achievement in 2012 regarding
Iran’s protecting investors index upgrading by the
World Bank. In the latest Doing Business report, the
country’s rank lifted 17 steps, which is mainly due to the
ratification of Disclosure Requirements Directive in the
Iranian capital market.
Tehran Stock Exchange is perseveringly working to boost
relations with its international peers and has dynamic
attendance in the global or regional entities of the
securities industry; and also hosted FEAS second On-site
Training Program November 2012.
Annual Report 2012
An Overview of Global Capital Markets in 2012
T
he year was a challenging one for Exchanges, in which
based on World Federation of Exchanges (WFE),
they lost about 22 percent of their equity transactions
value. The derivatives trading was also 20 percent down
comparing 2011. Other products’ turnover declined as
well, including ETFs, securitized derivatives and bonds.
The only positive indicator among WFE’s members was
market capitalization, which grew 15 percent in 2012
following the sharp decline in its preceding year.
and accounted to 46,332 companies.
The largest Exchanges by market capitalization at the
end of 2012 were NYSE Euronext, NASDAQ OMX, Tokyo
SE and London SE, which accounted for about half of the
total market capitalization of the global Exchanges. The
Exchanges from Hong Kong, China, Canada, Germany
and Australia were among the other largest securities
market worldwide.
In 2012, total global market capitalization reached USD
55 trillion. Among different regions, the Exchanges’
market capitalization in the Americas jumped more than
17 percent to outperform among others; in the next
steps stood Asia-Pacific and EAME regions with about
15 and 11 percent increase.
The entire equities trading value among WFE
Exchanges had an opposite direction than their market
capitalization. While the latter increased by 15 percent,
the trading value retreated to below USD 50 trillion with
about 22 percent downfall. The decline was evident
even in the number of trades in equity shares about 14
percent to about 9.8 billion trades in 2012.
Despite global market capitalization improvement in
2012, the Exchanges were not doing well over listing
new companies. During the year, the total number of
listed companies on the Exchanges declined 0.3 percent
World Federation of Exchanges estimated due to some
global economic recovery and the promising news from
some of the developed markets, in the first half of 2013
most of the indicators will be in green.
Iran’s Economy at a Glance
T
here are great economic capacities for Iran in the
Middle East region and beyond. The country is
located in one of the most strategic geo-economic parts
of the world. With a population of about 78 million,
mostly young and academically educated, Iran is a fairly
vast country of 1.65 million square km, and privileged
with opulent natural resources.
Iran has the third biggest oil and the second largest
natural gas resources in the world. It is estimated that
the country holds the first global zinc and the second
copper reservoirs, and on the average, with 1 percent
of the global population, Iran has 7 percent of mineral
resources.
Despite copious challenges, Iran’s GDP reached USD
480 billion in 2012, ranking the country second in MENA
region and 23rd in the world.
5
Highlights of Tehran Stock Exchange in 2012
Initial public offering of Parsian Oil & Gas, Kish Credit Card, Bandar Abbas Oil Refinery, Mellat Insurance, and
transferring Kharazmi Investment from Iran Farabourse to TSE
Holding Industry Roundtables forCement and Auto-manufacturing companies in order to discuss with industries’
authorities about the trends, problems and possible solutions
Accomplishing the international architecture contest for the new TSE headquarters building with participants
from 7 countries: Germany, France, Chile, the Netherlands, Australia, Austria and Canada
Issuing of participation bonds of the auto-manufacturer SAIPA
Launching new trading instrument, embedded put options for the selected companies
Contributing in the 6th Exhibition of Exchange, Bank and Insurance in Tehran, Iran
Hosting 2nd FEAS On-site Training Program in the Iranian capital market with several attendants from 7 countries
for the two-week event
Participating in the provincial capital market exhibitions in Shiraz and Isfahan
Signing of a memorandum of understanding with Karachi Stock Exchange to further boost the cooperation and
relationship
Developing dissemination infrastructure and data management policy
About The Exchange
8
A Brief History of Tehran Stock Exchange
T
SE was established in February 1967, as the first
Exchange in Iran. At the outset, only six companies
were listed in TSE. The Government bonds and certain
state-backed certificates were later traded in the
market.
Tehran Stock Exchange has come a long way and has
evolved into an exciting and growing marketplace where
individual and institutional investors trade different
securities.
The number of listed companies increased to over 420
by early 2000s; however, more recently, due to market
development and the launching of a new Exchange for
SMEs, as well as, upgrading TSE’s listing requirements
some less qualified companies were de-listed from TSE
and transferred to the other Exchange.
In the period of 1967 to 1978, the number of listed
companies and their capital raised from 6 and IRR 6.2
billion to 105 (22 private banks, 2 insurance companies,
and 81 industrial corporations) and IRR 240 billion.
In 1967 aboutIRR 15 million shares and bonds were
traded in TSE and the figure increased to IRR 34.2 billion
in 1978. Actually, most of this development activity was
due to the ratification of share ownership development
laws for manufacturing entities and tax exemption for
the listed companies.
The trading activities diminished during 1980s due to the
conflicts with the neighboring country, Iraq. In 1982 only
IRR 9 million were traded in the Exchange. However, the
trend shifted by a conciliatory resolution at the end of
the decade, whenthe annual trading value at TSE soared
to IRR 9.9 billion.
After decades of TSE’s activity in the Iranian economy,
the capital market authorities started to think about
reformation. Therefore, enactment of the new market
law in 2005 provided more capacity for market growth
and investment. New entities were established due to
the modern requirements and recent regulations have
been approved for more development.
Historical Highlights
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Establishment Law of the Stock Exchange was approved
1966
Tehran Stock Exchange commenced equities trading on Feb. 4th
1967
Trade of Treasury and Land Reform Bills started
1969
Enactment of the law for usury-free banking
1983
Economic and market growth of the post –war construction activities
1988
Membership in World Federation of Exchanges as a full member
1992
Co-founding the Federation of Euro-Asian Stock Exchanges
1995
Capital market physical development around the country; principal steps in dissemination of information,
education and development of financial products
2002
Licensing the listed companies to issue corporate bonds
2003
Ratification of new market law
2005
Demutualization of TSE; Iranian capital market re-structuring
2006
Launching Privatization Plan of the state-owned companies
2007
Establishment of SMEs Exchange (Iran Farabourse); launching the first mutual fund in the market
2008
Foreign investment deregulation; launching single – stock futures market and on-line trading services – Chairman
of FEAS until 2012
2010
Launching a new derivatives product: Embedded Put Option
2012
Annual Report 2012
Organization
The top executive of Tehran Stock Exchange is the board-elected CEO, who supervises the departments and deputies
as shown in the chart below:
General
Compensation
Assembly
Committee
Advisors
Board of
Strategic
Directors
& Risk Management
Committee
Board of Directors
Secretariat
Advisors
Internal
Auditing
Auditing
Committee
CEO
CEO Office
Physical
Security
Public Relations &
International Dept.
Legal &
Contract Affairs Dept.
Logistics
Issuers &
Market
Development
Deputy
Members Deputy
Deputy
Deputy
Finance
Issuers
Operations
Dept.
Dept.
Dept.
Administration
Listing
Data & Information
Dept.
Dept.
Dept.
Information Technology
Members
Market Surveillance
Dept.
Dept.
& Systems Dept.
Research & Development
Dept.
Organizational Excellence
Dept.
Investment
Development Dept.
Staff Structure (Financial Year Ended March 20th 2013)
Level of
Education
Tehran
Headquarter
Regional
Floors
Total
% of Total
PhD
2
4
6
2
Master’s
63
17
80
31
Bachelor’s
48
48
96
37
Associate’s
7
10
17
7
General Diploma
and Below
36
23
59
23
Total
156
102
258
100
9
10
Directors
Board of Directors
Hamid Reza Rafiei
Chairman of the Board
Amir Hossein Erza
Vice Chairman of the Board
Seyed Mojtaba Fahim Hashemi
Member of the Board
Mohammad Ebrahim Mohammad Pourzarandi
Member of the Board
Ali Rostami
Member of the Board
Hossein Salimi
Member of the Board
Behrooz Zare
Member of the Board
Executive Officers
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Hassan Ghalibaf Asl
CEO and President
Mohammadreza Arabi MazraeShahi
Vice President, Listing and Members
Ahmad Javidigharicheh
Vice President, Administration
Ali Sahraee
Vice President, Market
Shahram Daneshvar
Director, Members Department
Maryam Ebrahimi
Director, Legal Department
Kazem Farhang
Director, IT Department
Habibreza Haddadi Siahkali
Director, Financial Department
Seyed mohammad Hasheminejad
Director, Investment Development Department
Aliabbas Karimi
Director, Research and Development Department
Ramin Malmasi
Director, Organizational Excellence Department
Naser Omidvari
Director, Internal Auditing Department
Mohammadali Pouladi Baghbaderani
Director, Administration Department
Esmaeil Dargahi
Head, Listing Department
Tuba Dehghani Ahmadabad
Head, Operation Department
Seyed Rouhollah Hosseini Moghaddam
Head, Issuers Department
Samira Khoshnood
Head, Market surveillance Department
Hossein Moraveji Tabasi
Head, Regional Floors Department
Hamid Rouhbakhsh Amoli Moghaddam
Head, PR and International Department
Annual Report 2012
Values
Mission
Launching a fair, efficient and transparent market equipped with diversified instruments and easy access to create
added value for the stakeholders
Vision
The region s leading Exchange and country s economic growth drive
Goals
1. Increasing the share of capital market in financing the economic productive activities
2. Applying effective rules and procedures to protect the market's integrity and shareholders' rights
3. Expanding market with the use of updated and efficient technology and processes
4. Developing financial knowledge and improving investment and shareholding culture in Iran
5. Treating all stakeholders with the principles of accountability and transparency
6. Constant expansion of the company's intellectual properties and human resources
7. Value creation for the shareholders
11
12
Key Financial Figures
Indicators
Financial Year ended
20th March 2013 (IRR billion)
Financial Year ended
19th March 2012 (IRR billion)
Change
%
Operating Incomes
295
250
18
Total Expenses
162
127
27.56
Operating Profit
147
128
14.84
EBIT
201
184
9.24
Net Profit
164
153
7.19
Cash Flows from Operations
164
120
36.67
EPS (IRR)
545
509
7.07
Current Assets
236
221
6.79
Total Assets
692
535
29.35
Total Liabilities
89
63
41.27
Registered Capital
300
300
-
Total Equity
604
472
27.97
Personnel (Number)
258
256
0.78
Capital
T
he initial registered capital of Tehran Stock Exchange was IRR 150 billion,
distributed in 150 million fully paid ordinary shares. The extraordinary
general meeting on October 2010 ratified TSE’s capital increase for 100 percent
financed by the Exchange’s prudent reserves and accumulated profits.
Shareholders
Based on the article 54 of the securities market law, each legal and personal
entity is liable to hold at maximum 2.5 percent of TSE’s shares, directly or
indirectly. The shareholders are divided into three main groups; brokerage
firms, financial entities, retail shareholders as mentioned in the table.
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Groups
No. of Shareholders
No. of Shares
% of Total
Brokerage Firms
74
101873997
34
Financial Entities
72
117767997
39.2
Retail Shareholders
5576
80358006
26.8
Total
5722
300000000
100
Annual Report 2012
Markets and Trading at TSE
T
he trading system is an order driven system, which
matches buying and selling orders of the investors.
Investors can place their orders with TSE accredited
brokers, who enter these orders into the trading system.
Then, the system automatically matches buy and sell
orders of a particular security based on the price and
quantity requirements. The mechanism for which the
price of equities is determined is as follows:
The best price (price priority)
Time of order priority
Under the price priority rule, a selling (buying) order
with the lowest (highest) price takes precedence. Under
the time priority rule, an earlier order takes precedence
over others at the same price.
Thus, when the lowest sell and the highest buy orders
match in price, the transaction is executed at the price.
In short, the TSE market is a pure order- driven Market.
The trading system also generates and displays details of
current and historical trading activity, including prices,
volumes traded and outstanding buy and sell orders. This
ensures that investors have the required information to
be able to take informed investment decisions.
TSE has cash, derivatives and bond markets. The cash
market, itself, divided into two markets: First market
(including two boards) and second market. There is a
separate market for participation certificate (Islamic
Bonds). The futures market launched in the middle of
2010 with listing the single stock future.
13
14
Markets of TSE
Tehran Stock Exchange has two equity markets, as well as two separated markets for bonds and derivatives.
Equity Markets
1. First Market, including Main and Secondary boards
2. Second Market
Equity listing at TSE is carried out based on the companies’ registered
capital, number of shareholders, free-float level, the record of profitability,
etc. After listing, the companies’ shares will be graded and traded in one of
the following markets and boards.
Bonds Market
The public, municipality, and Securities and Exchange Organization’s
registered companies’ participating bonds can be issued at TSE. In 2012, the
car manufacturer SAIPA, as well as Shiraz municipality offered their bonds at
Tehran Stock Exchange.
Derivatives Instruments
1. Single stock Futures Contracts
This product was introduced in July 2010 and during 2012 the contracts were
traded based on 14 underlying assets.
2. Embedded Put Option Contracts
The contracts were launched in 2012 with 6 TSE’s listed companies.
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Annual Report 2012
Trading Procedures
Opening an Account
Investors willing to start trading in TSE should open a trading and Central Securities
Depository (CSD) account with a TSE accredited broker.
GivingOrder
Give an order to your broker to buy or sell a specified number of shares of a company
at market or a specified price.
Placing Order
Your orders are keyed into TSE's fully automated trading system by your broker.
Matching
System automatically matches buy and sell orders of a particular security based on the
price and quantity requirements. All prices which orders are matched are determined
by market forces of supply and demand through a process of bids and offers.
Clearing
CSDI accomplishes clearing and settlement of trading and uses book an entry system
to keep track of the movement of shares which arise from trades affected on TSE.
All buy orders are paid in advance and sellers receive the net proceeds within three
working days (T+3) of the conclusion of the deal. The seller broker is obliged to
complete the relevant formalities and hand over the traded shares to buyer on T+3.
Trading
Days of Trading
Saturdays - Wednesdays
Trading Hours
9:00 – 12:00 (8:30 – 9:00 Pre-opening)
Mechanism
Opening/Continuous Auction
Tradable Instruments
Shares and Rights – Derivatives - Bonds
Trading Currency
Iranian Rial (IRR)
System
Automated Trading System (ATS) (Order-driven)
Clearing & Settlement Period
T+3
Clearing
Netting
Settlement
Book Entry
Dividend Tax
Exempt
Capital Gain Tax
Exempt
Transaction Tax (Selling)
0.5%
Companies Profit Tax (%)
22.5 (including 10% exemption for the listed companies)
Daily Fluctuation (%)
+/- 4 Shares, +/-8 Rights, +/- 1 Bonds
15
16
Listing Requirements at TSE
First Market – Main Board
First Market – Secondary Board
Second Market
Minimum Capital (IRR billion)
1000
500
200
Minimum Years of Operation
3
2
2
Minimum Free-float %
20
15
10
Minimum No. of Shareholders
1000
750
250
Years of Profitability Prior to Listing
3
2
1
Asset/Equity %
30
20
15
No. of Listed Companies (2012 end)
64
56
202
Market Making
Optional
Optional
Obligatory
Market Surveillance
Tehran Stock Exchange applies the surveillance software
to maintain its market’s integrity.
The surveillance department at TSE is a sub-division
of Market deputy. The department monitors market’s
operations to prevent manipulations and violations,
reports the cases to the brokerages and superior
surveillance bodies, and proposes development projects
and amendments to the existing regulations.
ARAMIS (Automated Real-time Alerts for Market
Intelligence Supervision) is based on the use of virtual
desktops. One can build several desktops with different
screens, each displaying its own data. This enables you
to set up various screen layouts in order to track data on
different subjects.
The data that can be displayed through the various
ARAMIS screens can be grouped into several types. For
each type of information a new window can be opened
within each virtual desktop. In most of these window
types, one or more values for the requested information
type can be shown.
ARAMIS helps surveillance teams detect:
• Market or price manipulation
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• Insider trading
• Fraudulent or deceitful conduct
• Continuous collection of data with configurable
triggers provides real-time alerting
• Predefined and configurable
investigation time
reports reduce
PAM displays real-time trading data for monitoring
securities trading, price movement, traded volume, and
buy and sell orders that are sent to the Exchange.
PAM Provides customized functions for:
• Point and trade, basket orders and cross trading
• Position monitoring, reporting and order history audit
• Market watch alerts and tickers
ARTIMA extracts lists of events from transaction logs in
accordance with the request set.
Reports are available in two formats (PDF & XLS)
SAMPA-PRO is a new surveillance program designed
to support the domestic characteristics of the trading
system. The program is designed by SEO.
Statistics
18
Statistics
Corporate Finance
amount of IRR 57518 billion. The table elaborates on the
financing sources applied by Tehran Stock Exchange’s
listed companies in the past two years.
During the last Iranian year 51 TSE’s listed companies
increased their capital through the Exchange for the total
Financial Year ended 20th March 2013 (IRR billion)
Financial Year ended 19th March 2012 (IRR billion)
Sources
Companies No.
Value(IRR bil)
% of Total
Companies No.
Value (IRR bil)
% of Total
Cash Flow and Credits
29
22787
40
40
23421
31
Reserves
12
20456
36
22
20073
27
Cash-Credits-Reserves
10
14275
25
20
31722
42
Total
51
57518
100
82
75242
100
Tables of 2012 Performance
TSE Top 10 Companies by Market Capitalization (December 2012)
No.
Company
Market Cap. (IRR billion)
% of Total
1
National Iranian Copper Industries
135,912
8.04
2
Mobarake Steel
123,917
7.33
3
Iran Telecommunication
104,133
6.16
4
Qadir Investment
75,600
4.47
5
Gole –e Gohar Iron Ore
72,792
4.3
6
Chadormalou Mining & Industrial
71,520
4.23
7
Parsian Oil & Gas Development
70,860
4.19
8
Bandar Abbas Oil Refinery
61,589
3.64
9
Omid Investment
58,860
3.48
10
Padris Petrochemical
57,911
3.42
Total Market
1,691,273
TSE Trading Value Outperformers 2012
No.
Company
Trading Value (IRR billion)
% of Total
1
14,060
6.45
2
13,933
6.39
3
9,409
4.31
4
Mobarake Steel
7,978
3.66
5
Omid Investment Group
6,943
3.18
6
Mines & Metals Development
6,629
3.04
7
Padris Petrochemical
6,120
2.81
8
Pasargad Bank
6,076
2.79
9
Qadir Investment
5,500
2.52
5,099
2.34
10
SAIPA
Total Market
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218,070
Annual Report 2012
TSE Trading Volume Outperformers 2012
No.
Company
Trading Volume (million shares)
% of Total
1
SAIPA
4,233
5.65
2
4,125
5.51
3
Pasargad Bank
3,660
4.89
4
Bank Mellat
2,645
3.53
5
2,376
3.17
6
Mobarake Steel
2,364
3.16
7
2,183
2.92
8
Mines & Metals Development
1,547
2.07
9
Mellat Investment
1,466
1.96
1,411
1.88
10
Omid Investment Group
Total Market
74,855
TSE’s Industrial Sectors’ Market Capitalization
December 2012
Sector
December 2011
%
MC
Change
# of Listed
Companies
Market
Capitalization
(billion IRR)
% of
Total
MC
# of Listed
Companies
Market
Capitalization
(billion IRR)
% of
Total
MC
Basic Metals
22
375,024.30
22.17
24
194,973.40
16.28
92.35
Chemical Products
29
243,145.30
14.38
29
83,697.60
6.99
190.50
Monetary Intermediation
10
201,687.70
11.93
10
234,419.40
19.58
-13.96
Metal Ores Mining
8
190,567.70
11.27
8
100,518.90
8.4
89.58
Diversified Industries
4
168,201.60
9.95
4
113,695.30
9.5
47.94
Refined Petroleum & Nuclear
Products
6
111,511.80
6.59
6
30,634.60
2.56
264.01
Post & Telecommunications
1
104,133.20
6.16
1
143,401
11.98
-27.38
Motor Vehicles & Auto Parts
31
42,890.40
2.54
31
66,385.80
5.54
-35.39
Investment Companies
15
38,799.80
2.29
14
29,611
2.47
31.03
Cement, Lime & Plaster
30
37,693.50
2.23
30
33,646.60
2.81
12.03
19
20
TSE’s Industrial Sectors’ Market Capitalization
December 2012
Sector
%
MC
Change
# of Listed
Companies
% of
Total
MC
# of Listed
Companies
Market
Capitalization
(billion IRR)
% of
Total
MC
Technical & Engineering Services
2
26,105.70
1.54
2
21,632.60
1.81
20.68
Pharmaceutical Products
27
25,706.80
1.52
27
31,470.30
2.63
-18.31
Computers
5
22,489.30
1.33
4
17,580.30
1.47
27.92
Real Estate & Construction
12
16,869.10
1
12
15,313.70
1.28
10.16
Food & Beverages
20
15,218.70
0.9
22
14,600.30
1.22
4.24
Transportation & Storage
5
14,208.70
0.84
4
9,624.90
0.8
47.62
Sugar & By-products
12
8,027
0.47
14
5,146.70
0.43
55.96
Insurance & Pension Funds
5
8,015
0.47
4
6,973.90
0.58
14.93
Oil & Gas Extraction
1
7,360.30
0.44
1
5,596.40
0.47
31.52
Electrical Machinery
8
6,561.10
0.39
11
9,917.50
0.83
-33.84
Machinery &Equipments
14
4,770.70
0.28
16
4,289
0.36
11.23
Financial Leasing
4
4,225.70
0.25
4
4,774.60
0.4
-11.50
Fabricated Metal Products
7
4,061.30
0.24
9
2,530.90
0.21
60.47
Rubber & Plastic Products
8
3,770.90
0.22
10
2,540.40
0.21
48.44
Other Non-metallic Mineral
Products
12
3,010.10
0.18
20
2,743.40
0.23
9.72
Ceramic & Tiles
10
2,482.40
0.15
10
3,440.40
0.29
-27.85
Tanning & Dressing of Leather
1
1,350.80
0.08
1
1,843.30
0.15
-26.72
Medical, Precision & Optical
Instruments
1
1,324.30
0.08
1
1,825.10
0.15
-27.44
Agriculture
1
682.7
0.04
1
229.4
0.02
197.60
Paper Products
2
298.5
0.02
4
369.8
0.03
-19.28
Textiles
3
278
0.02
3
322.6
0.03
-13.83
1
231
0.01
4
389.6
0.03
-40.71
1
181.4
0.01
1
161.9
0.01
12.04
Coal & Lignite Mining
1
164.5
0.01
1
371.8
0.03
-55.76
Wood Products
2
137.5
0.01
2
88.3
0.01
55.72
Other Mining & Quarrying
1
86
0.01
1
88.6
0.01
-2.93
Industrial Contractors
0
-
-
1
2,470.50
0.21
-100.00
Radio, TV & Communication
Equipment
Publishing, Printing &
Reproduction
Total
Market Capitalization
tse.ir
December 2011
Market
Capitalization
(billion IRR)
1,691,273
1,197,320
41.25
Market Capitaliza�on in Top 10 Sectors
Annual Report 2012
2011
Basic Metals
MarketCapitaliza�on
Capitaliza�onininTop
Top10
10Sectors
Sectors
Market
Basic Metals
Chemical Products
Market
Chemical Products
2011Monetary
Capitalization in Top 10 Sectors
2011
2011
Intermediation
Metal Ores
Mining
Basic
BasicMetals
Metals
Monetary
Intermediation
Metal
Ores Mining
Basic Metals
2012
Basic Metals
DiversifiedChemical
Industries
Products
Chemical
Products
Diversified
Industries
Chemical
Products
Chemical
Products
Refined Petroleum
Monetary
Monetary&
Nuclear Products
Intermediation
Intermediation
Post & Metal
MetalOres
OresMining
Mining
Telecommunications
Diversified
Industries
Diversified
Industries
Motor Vehicles & Auto
Parts
Refined
Petroleum
Refined
Petroleum&&
Investment
Companies
Refined
Petroleum &
Monetary
Monetary
Nuclear
Products
Intermediation
Intermediation
PostMetal
&Metal
Ores
Mining
Ores
Mining
Telecommunications
Diversified
Industries
Industries
MotorDiversified
Vehicles &
Auto Parts
Refined
Petroleum
&&
Refined
Petroleum
Investment
Nuclear
Products
Nuclear
Products
Companies
Post
&&
Post
Cement,
Lime &
Telecommunications
Telecommunications
Plaster
Motor
Vehicles
&&
Motor
Vehicles
Others
Auto Parts
Nuclear
NuclearProducts
Products
Post &
Telecommunications
Telecommunications
Motor
MotorVehicles
Vehicles&&Auto
Auto
Parts
Parts
Investment
InvestmentCompanies
Companies
Post&&Plaster
Cement, Lime
Others
Auto Parts
Investment
Investment
Companies
Companies
Cement,
Lime
&&
Cement,
Lime
Plaster
Plaster
Others
Others
Cement,
Cement,Lime
Lime&&Plaster
Plaster
Others
Others
Market Capitaliza�on 2012
Market Capitalization 2012 (USD billion)
Market
MarketCapitaliza�on
Capitaliza�on2012
2012
150
125
100
75
50
25
0
103
102
107
108
104
97
150
150
125
103
125
103 102
107 108
102 107
108 104
104
100
100
75
75
50
50
JAN25 FEB
25
MAR APR
MAY JUN
00
91
97
97
91
91
91
JUL
JAN
JAN FEB
FEB MAR
MAR APR
APR MAY
MAY JUN
JUN
9191
AUG
JUL
JUL
SEP
AUG
AUG
Broad Index 2012
Broad
BroadIndex
Index2012
2012
107
107
OCT
SEP
SEP
141
120
115
107
141
141
120
120
115
115
USD…
NOV
OCT
OCT
NOV
NOV
DEC
DEC
DEC
USD
……
USD
21
22
38000
37860
36000
34000
32000
Broad Index 2012 (
38000
30000
36000
28000
38000
26000
38000
34000
37860
38000
26576
38000
37860
37860
25913
2400036000
32000
36000JAN
36000
36000
FEB MAR
APR
34000
30000
MAY JUN
JUL AUG SEP
OCT NOV DEC
34000
32000
32000
26000
32000 Daily Average Equity Turnover 2012
3200026576
28000
TEDPIX
29207
TEDPIX TEDPIX
TEDPIX
TEDPIX
25913
30000
DEC
24000
30000
JAN
28000
OCT
28000
SEP
37860
37860
24584
34000
34000
NOV
TEDPIX )
29207
30000
30000
24584
FEB MAR APR MAY JUN
29207
JUL AUG SEP
28000
28000
OCT NOV DEC
29207
29207
29207
26576 26576
2600025913 25913
26576
26576
JUL
26000
26000 Daily Average
25913
25913 Equity Turnover 2012
24584 USD
24584
million
JUN
24000 24000
24584
24584
MAY
24000
JAN24000
FEB
JANMAR
FEB APR
MARMAY
APRJUN
MAYJUL
JUNAUG
JUL SEP
AUGOCT
SEPNOV
OCTDEC
NOV DEC
APR
DEC
JAN FEB MAR
JANAPR
FEBMAY
MARJUN
APRJUL
MAYAUG
JUNSEPJULOCT
AUGNOV
SEPDEC
OCT NOV DEC
MAR
AUG26000
NOV
FEB
OCT
JAN
SEP
0
10
AUG
20
30
40
JUL
60
70
80
90
Daily Average Equity Turnover 2012 ( USD million )
JUN
MAY
APRDEC
DEC
NOVDEC
DEC
MAR
NOV
FEB
NOV
OCT
JAN
OCTSEP
OCTNOV
SEPOCT
0
SEP
AUG
AUGJUL
10
30
40
50
60
70
80
90
USD million
USD million
USD million USD million
Equi�es Turnover 2012
APRMAY
MARAPR
MARFEB
FEBJAN
0
Equi�es Turnover 2012
JUN JUL
MAYJUN
MAY
APR
APR
MAR
JAN
20
AUG SEP
JULAUG
JULJUN
JUN
MAY
tse.ir
50
Daily Average
Daily Average
Equity Turnover
Equity Turnover
2012 2012
Daily Average
Daily
Equity
Average
Turnover
Equity
2012
Turnover 2012
FEBMAR
JANFEB
0
10
JAN
100
020
20
10
10
30
30
20
20
40
40
30
30
50
50
40
40
60
60
50
50
70
70
60
60
80
80
70
70
90
Equi�esEqui�es
Turnover
Turnover
2012 2012
Equi�es Turnover
Equi�es
2012
Turnover 2012
90
80
80
90
90
DEC
Annual Report 2012
NOV
OCT
SEP
AUG
JUL
Equities Turnover 2012 ( USD billion )
JUN
MAY
APR
DEC
DEC
FEB NOV
NOV
MAR
JAN
OCT
OCT
0
0.5
SEP
1
1.5
SEP
AUG
AUG
JUL
JUL
JUN
JUN
MAY
MAY
APR
APR
MAR
MAR
FEB
FEB
JAN
JAN
0
0.5
2
2.5
3
3.5
USD billion
0 1
0.51.5
1 2
1.52.5
2 3
2.53.5
3
3.5
Market Indicators
2012
2011
% Change
Broad Index (TEDPIX)
37,860
24,403
55.1
Market Capitalization (billion IRR)
1,691,273
1,197,320
41.25
Trading Volume (Shares & Rights) (million shares)
74,855
69,938
7.03
Turnover (billion IRR)
218,070
213,488.1
2.15
No. of Newly Listed Companies
6
6
-
Value of State-owned Offerings (billion IRR)
2,921
20,864
-86
Volume of State-owned Offerings (million shares)
1,401
6,287
-77.71
No. of Listed Companies
322
347
-7.2
Turnover Velocity
12.9
17.83
-27.6
Number of Trades
4,969,542
4,450,135
11.7
Bonds and Derivatives in 2012
Bonds
Futures
Option
Volume
5,000,990
838
6,267,710
Value (IRR million)
5,001,091
26,599
300
USD billion
23
TSE Operations
26
TSE Operations in 2012
Board of Directors and the Committees
T
ehran Stock Exchange’s board of directors attended
in 26 meeting sessions during the previous
financial year ended 20th March 2013. The sevenmember board includes 3 technical and 2 subsidiary
committees: Auditing, Risk and Strategic Management,
Remuneration, Regulations, and Building Project.
The auditing committee is in charge of internal auditing
surveillance, as well as proposing independent auditors
to the board, reviewing the auditing reports and tracking
the prompt reforming measures in the processes for
controlling the weaknesses and shortcomings.
The risk and strategic management committee is the
board body which is responsible for monitoring the
management activities regarding strategic and liquidity,
reputation, operational and other risk policies. The
committee has an integral role for the top management
to access the objectives, and reports regarding all
subjects related to governance, regulations and risk
management. The committee has 3 members, a board
member, a CEO-chosen executive, and a board-verified
expert. Some independent figures may be invited in
some sessions as well.
To examine the payment andcompensationprocess
and policies of TSE’s personnel and to ensure that
they run along with the set values of the Exchange,
remuneration committee is established. The boardchosen three members of the committee carry out all
decision making and surveillance about TSE’s payment
and bonus projects.
TSE’s board of directors has established the regulations
Trading Stations
TSE is building its new headquarters in the north western
part of Tehran, and for the same reason the building
project committee counsels the board for accomplishing
the project. During the previous year, a contest was
held among some international architectural companies
for the new premises designing. The winners received
their awards and the technical phases of construction
operations based on the designated plan has initiated
since December 2012.
Members of the Exchange
A
t the end of the last financial year (ended 20th
March 2013) 94 Tehran Stock Exchange’s member
brokerage firms with 945 trading stations in the country
were providing services to their clients. 83 firms out of
the total number had on-line access for the investors,
59 were listing consultants, 43 companies provided
portfolio management services and 70 firms had mutual
funds.
In order to facilitate the investors’ access in the
provinces, provide training courses about capital market
to the public, develop the brokerage network around
the country and deliver all market operations in most
of the Iranian cities, TSE’s regional floors are of great
importance.
# in Financial Year
ended 20th March 2013
# in Financial Year
ended 19th March 2012
Change %
Brokerage Firms
94
88
6.82
Brokerages with On-line Services
84
67
25.37
Trading Stations in the Headquarter
93
87
6.90
Trading Stations in Tehran Brokerages Offices
289
260
11.15
Trading Stations in Provincial Brokerage Offices
333
295
12.88
Trading Stations in TSE’s Regional Floors
212
154
37.66
Trading Floors of the Mutual Funds
18
18
-
Total Trading Stations
945
814
16.09
List of TSE’s members are in the attachments.
tse.ir
committee in order to increase the efficiency of its
activities. The committee supervises the regulations
observance and executive procedures in the Exchange;
it is the legally responsible to validate operation license
of the brokerage firms’ offices, as well as regional
trading floors, and to resolve about the cases of law
infringement and violations.
Annual Report 2012
Protecting Investors
I
n words of the World Bank, this protection is a
measurement of how efficient minority shareholders
are looked after against misuse of corporate assets by
directors for their personal gain, and the most recent
data was released in June 2012. The measurement is
a part of Doing Business project. The project monitors
minority shareholders rights in public companies and
the related legal and executive protections against such
rights. Whether directors’ interests are in conflict with
those of the enterprises, or how minority shareholders
are able to protect their rights against such behaviors
are taken into consideration.
Protecting Investors rank of Iran in 2012 was 167, which
promoted to 150 in 2013. The main reason behind
this improvement was the ratification of Disclosure
Requirements Directive. Such a directive and issuers’
liability to disclose information, directors’ responsibility
against contracts and agreements, and minority
shareholders’ facilitated complaint process are among
the factors which improved Iran’s rank of investors’
protection globally.
To reach the appropriate rank, revisions to the commerce
act, securities market law, bonds and capital market’s
surveillance regulations are indispensable.
Education
T
ehran Stock Exchange as the oldest entity of the
Iranian capital market considers itself responsible for
increasing public awareness and financial literacy of the
market’s participants and all those who are willing to invest
their funds in the capital market. For the same reason,
a part of TSE’s website is dedicated to Education Portal
(http://tse.ir/amuzesh/).
Public, investors, young shareholders, brokers, and
issuers may find their related subjects in the portal.
The less experienced investors can also find a trading
simulation at http://irvex.ir/, which is a virtual
Exchange, where the participants learn about the
capital market’s basic subjects and are allowed to have
a real-like trading practice on their account at TSE. The
website is designed by the Securities and Exchange
Organization (SEO).
Investment Development Department at TSE is in charge
of public training and has published 20 books, magazines
and brochures in 2012. TSE held more than 40 different
training courses, seminars and conferences to improve
the market participants’ knowledge, which account for
more than 31 thousand person-hours of trainees. The
activities are either exclusively carried out by TSE or
in cooperation with six renowned universities of Iran.
Moreover, 38 delegates from academies, colleges and
schools had their Exchange tour in 2012, in which the
participants are presented about TSE and market’s
fundamentals.
International Ties
T
ehran Stock Exchange is a member of international
capital market entities since 1990s, and the local
policies have encouraged TSE’s global participation and
contribution. TSE’s international ties and participation
have recently developed dramatically. Since its
demutualization in 2006, Tehran Stock Exchange has
signed cooperation contracts and MoUs with stock
exchanges in different parts of the world including
Korea, Pakistan, Cyprus, Malaysia, Indonesia, etc. TSE
was the chairman of Federation of Euro-Asian Stock
Exchanges between 2010 and 2012, and also hosted the
first working committee of OIC Member States’ Stock
Exchanges Forum in 2009, as well as the second FEAS
On-site Training Program in 2012. Both events were held
in Tehran, and were attended by dozens of delegates
from the Euro-Asian capital markets.
Foreign Investment
U
pon the recommendation No. 22159 of the Ministry
of Economic Affairs and Finance on April 11 2010,
and by virtue of the paragraph 3 of article 4 of the
Securities Market Law of I.R.I ratified in 2005, the Council
of Ministers approved «The Regulations Governing
Foreign Investment in the Exchanges and OTC Markets»
on April 18. 2010. The text of the regulations can be
found at http://www.tse.ir/cms/default.aspx?tabid=81.
Though the foreigners were able to invest in the Iranian
capital market before the above rule’s ratification,
the new regulations have facilitated the investment.
Currently foreign investors are categorized into two
main groups: Strategic and Non-strategic investors.
Those with up to ten percent of ownership in any listed
company’s equities are Non-strategic foreign investors,
who have no restriction for the earnings and principal
capital repatriation. However, the investors willing to
own more percentages in TSE’s listed companies are
considered as Strategic foreign investors. For this group,
the principal capital repatriation will not be sooner than
two years. Based on the mentioned regulations, the
number of shares owned by the total foreign investors
shall not exceed twenty percent of the total shares
number of the companies listed in the Exchange, or
twenty percent of the shares number of any company
listed in the Exchange.
27
28
Anti-Money Laundering Regulations
A
pplying proper regulations to overcome money
laundering may result in diminishing financial crimes
and more stability in the market and financial entities,
which all will end in economic development.
Pursuing enforcement of the Iranian Constitution’s
article 49, the anti –money laundering regulation was
ratified by the Parliament in 2007 and the related
executive bylaw was issued two years later. In this
text, money laundering is considered as an offense as
described in Vienna Convention.
As the entity in charge of market’s regulating and
surveillance, Securities and Exchange Organization
(SEO) is liable to enforce the law to prevent money
laundering and terrorism financing through the Iranian
capital market. SEO’s anti money laundering division has
developed asuspicious operation and trading integrated
reporting system. The system provides data and
indicators of such transactions and the related clients or
traders and their accounts and records. The findings will
be forwarded to the related authorities.
Research and Development
T
ehran Stock Exchange carried out some feasibility
studies during last year to launch new financial
instruments:
• Inflation Protected bonds
• Convertible bonds
• Warrants
The research and development department of TSE also
provided the regulations required to apply equities
trading on the basis of Salam contracts. The Exchange
has examined the market’s regulations for high
frequency trading, as well as algorithmic trading.
Efforts were also made to provide Enterprise Risk
Management (ERM) for TSE, and a study was done to
launch hedge funds in the Iranian capital market.
Reviewing market’s microstructure and the related
rules to secure market’s integrity and improve its
liquidity, and also surveying the troubles with the online trading system were among TSE’s last year research
projects.
Industry Roundtables
T
he roundtable sessions are held at Tehran Stock
Exchange in order to bring coordination between
capital market, issuers and the related industries to
remain updated about the challenges and to tackle the
complexities.
Each industry’s roundtable is usually proposed and
planned following the sector’s destabilized performance
and weakened trend, and will be held by CEO’s
approval.
Listed companies’ CEOs, and their major shareholders,
prominent figures in the industry, as well as the
representatives of TSE and SEO are invited to the
sessions for the discussions.
In the previous year, cement, auto manufacturing,
petrochemical and refinery industries’ roundtables
were held in the Exchange.
tse.ir
Annual Report 2012
Development Projects 2013
Reviewing the trading procedures and regulations and develop mechanized surveillance whistleblowers
Launching corporate governance index
Revising TSE’s Listing Directives
Studying and introducing new trading products; ETFs, Insurance Funds, etc
Confining market manipulation through new regulations
Maintaining the new TSE’s premises construction project (phase 2)
Upgrading accessibility and security of the Exchange’s website
Establishing anti money laundering principles in TSE
29
30
Contacts
No. 192, Hafiz Avenue
1138964161
Tehran, Iran
www.tse.ir
PR & International Department
T +98 21 6674 0341 - +98 21 6673 0776
F +98 21 6671 0111
E [email protected]
Legal Affairs
T +98 21 6675 0079
F +98 21 6670 6127
Financial Department
T +98 21 6675 0084
F +98 21 6675 0085
IT
T +98 21 6676 0545
F +98 21 6671 6571
tse.ir
Annual Report 2012
Key Addresses
Securities and Exchange Organization
http://www.seo.ir
Central Securities Depository of Iran
http://www.csdiran.com
Tehran Securities Exchange Technology Management Company
http://www.tsetmc.com
Iran Farabourse
http://irfarabourse.com
Iran Energy Exchange
http://www.irenex.ir
Iran Mercantile Exchange
http://new.ime.co.ir
Organization for Investment, Economic and Technical Assistance of Iran
http://www.investiniran.ir/en/home
31
32
tse.ir
Tachar/Persepolis-Iran
Annual Report 2012
Attachments
33
34
List of Tehran Stock Exchange’s Members
Tehran Stock Exchange’s Members
tse.ir
No
Name
TEL*
FAX
Website
E-mail
Rank**
1
Aban
88553030
85510
88556080
abanbroker.com
[email protected]
A
2
Abtin Stock
88939890-91
88809271
88939821
abtinstock.com
[email protected]
C
3
Apadana
88731716
88534066
88732873
88741582
88732873
apadanabroker.com
apadana. [email protected]
B
4
Atisaz Bazar
88215800-2
88614405-8
88215800-2
www.atibroker.ir
www.atibroker.com
[email protected]
B
5
Atieh
66710285
66716285
66742071
66701235
atieh-broker.com
[email protected]
B
6
Arad Iranian
42718000
42718000
aradbourse.com
[email protected]
A
7
ArmanTadbireNaghsheJahan
0311-6615973
0311-6414710-12
03116615973
armanbroker.ir
[email protected]
B
8
Armoon Bourse
88706570
88718879
armoonbourse.com
[email protected]
B
9
Aria Bourse
88756082
88756082
ariabourse.ir
[email protected]
-
10
Aria Novin
88323530-4
88303633
arianovinbroker.com
[email protected]
D
11
Agah
88674421-31
88640653
agahbroker.com
[email protected]
A
12
Ordibehesht Iranian
82446
88736260
oibourse.com
[email protected]
B
13
ArgHouman
88203311
88533832
88209670
argbroker.com
[email protected]
B
14
ArzeshAfarineAlvand
88563984
88563896
88563520
arzeshafarin.com
[email protected]
C
15
EtminanSahm
66728080-1
66742381
etminansahm.com
[email protected]
B
16
Amin Avid
88659635
88659634
88659636
aminbc.com
amin avid @gmail.com
B
17
OmidSahm
88345219-20
88345212
88842739
omidsahm.com
[email protected]
C
18
Amin Sahm
66726227
66726505
66726040
66726284
aminsahm.com
[email protected]
B
19
Iran Sahm
88873236
88873236
iransahm.info
[email protected]
B
21
IsatisPooya
0351-5220458-9
03515220458
ipb.ir
[email protected]
A
21
Imen Bourse
66740877
66740878
66742085
66705292
imenbourse.ir
[email protected]
B
22
Bazar Saham
22254127-9
22254165
bazarsahambourse.
com
[email protected]
B
23
EghtesadNovin Bank
66743848-9
66743222-3
66744240
novinbourse.com
[email protected]
A
24
Pasargad Bank
88101723-5
88101723-5
pasargadbroker.com
[email protected]
A
Annual Report 2012
No
Name
TEL*
FAX
Website
E-mail
Rank**
25
Tat Bank
88721100-3
88711701
tbsc.ir
[email protected]
B
26
Tejarat Bank
88702572
88702571
bt-broker.com
[email protected]
A
27
ToseeSaderat Bank
88306005
88308066
edbibroker.com
[email protected]
A
28
SahmAndish
28931158
26218339
www.daybankbroker.
com
[email protected]
C
29
Bank RefahKargaran
88921925-26
88940341
refahbroker.com
[email protected]
A
30
Saman Bank
88774669-71
88648950-53
88774689
samanbourse.com
[email protected]
A
31
Sepah Bank
88726057-8
88725599
sepahbourse.com
[email protected]
A
32
Saderat Bank
88707107-9
88104772-4
888726157
saderatbourse.com
[email protected]
A
33
SanatvaMadan Bank
88511535
88764231
smbroker.ir
[email protected]
A
34
Karafarin Bank
22655911
22655912
karafarinbrokerage.
com
[email protected]
A
35
Keshavarzi Bank
8658
88728155
agribourse.com
[email protected]
A
maskanbourse.com
[email protected]
A
36
Maskan Bank
88527060-63
8852706063
37
Bank Mellat
88106375
88106345
mellatbroker.com
[email protected]
A
38
Bank Melli Iran
84358
88712312
bmibourse.com
[email protected]
A
39
BurhanSahand
88425242-3
88474019
bsbourse.com
[email protected]
B
40
Asel Bourse
88882263
88874269
88882286
aselbroker.com
[email protected]
C
41
Bourse Ebraz
88318884
88318886
ebrazbourse.com
[email protected]
C
42
Bourse Bimeh Iran
8948
88964040
boursebimeh.com
[email protected]
A
43
Boursiran
88832860
88832891
88810329
boursiran.ir
[email protected]
B
44
Bourse Behgozin
42846
88769923
behgozinbroker.com
[email protected]
A
45
Bahman
83326
88724241
bahmanbroker.com
[email protected]
A
46
BehinPouya
0311-6612889-90
03116612889-90
behinpouya.com
behinpouya @yahoo.com
B
47
Pars IdehBonyan
88944428
88933898
88933895
88928230
88933896
pib.co.ir
[email protected]
-
48
Pars GostarKhobreh
22012883
22012901
22012895
22012891
22012886
parsarmoon.com
[email protected]
B
49
Pars Nemoudgar
42874000
88861916
88307829
parsnem.ir
[email protected]
A
50
Parsian
87148
8851681-2
88511683
parsianbroker.com
[email protected]
A
35
36
tse.ir
No
Name
TEL*
FAX
Website
E-mail
Rank**
51
PishgamanBehparvar
66576750-55
66576756
behbourse.com
[email protected]
-
52
TaminSarmayehNovin
86791000
88720935
nibbourse.com
[email protected]
A
53
TahlilgaraneBasir
66748990-3
66748994
basirbourse.com
[email protected]
C
54
TadbirgaraneFarda
82428
88798734
tadbirbroker.com
[email protected]
A
55
TadbirgarSarmayeh
88882265
88873381
tadbirgar.com
[email protected]
B
56
ToseeAndisheh Dana
22622630
26602046
danabroker.com
[email protected]
B
57
ToseeSarmayehDonya
66729121-2
66742104
tsd-broker.com
[email protected]
B
58
ToseeSahand
88556285-6
88105179
sahandbroker.com
[email protected]
B
59
Tosse-eh Farda
88215904
88051494
tsstock.ir
[email protected]
A
60
JahanSahm
66726650
66726670
66707888
jahanibroker.com
[email protected]
C
61
Hafez
88729810-17
88729818
hafezbourse.com
A
62
KhobreganSaham
66706146
66724958
khobregan.com
[email protected]
A
63
DonyayeKhobreh
66724001-2
66724003
dkhobreh.com
[email protected]
A
64
DonyayeNovin
66705889
66742766
dnovinbroker.com
[email protected]
D
65
RahbordeSarmayehgozari
Iran Saham
66731087
66732394
rahbord-investment.
com
C
66
RahnamayeSarmayehgozaran
66726011
6723355
66723356
66702570
rahnamabroker.com
[email protected]
A
67
Razavi
27631110
27631631
27631401
rbc.ir
[email protected]
A
68
SavAfarin
88300824
88319290
88328848
88830596
savbroker.com
[email protected]
B
69
SarmayehGozariMeli Iran
88784215
88784214
nibi.ir
[email protected]
A
70
SarmayehvaDanesh
66743087-8
66716428
ckbroker.com
71
SahamBarez
66731315-16
61984
66737764
sahambarez.com
[email protected]
C
72
SahamPajoohan-e Shayan
66741864
66741865
66735361
sahampajoohan.com
sp_shayan @ yahoo.com
B
73
SahamPouya
88546814-17
88546836
mebbco.com
C
74
SahamGostaraneShargh
0511-7235081-5
05117284395
sahamgostaran.com
[email protected]
C
75
SahmAzin
22903707-8
22903699
sahmazin.com
[email protected]
C
76
SahmAshena
2771
22073072
abco.ir
[email protected]
A
[email protected]
A
Annual Report 2012
No
Name
TEL*
FAX
Website
E-mail
Rank**
77
Sahmyar
88710357
88710357
sahmyar.ir
[email protected]
B
78
Simabgoon
66724995
66732888
66701411
66718808
simabgoonbourse.com
simabgoon @simabco.com
B
79
ShakhesSaham
66750439
66732834
shakhessaham.com
[email protected]
C
80
Shahr
88481651-57
88481650
BcityB.com
[email protected]
-
81
Saba Tamin
88550662-4
88550665
sababroker.com
info@sab broker.com
B
82
Saba Jahad
63486000
63486000
sjb.co.ir
[email protected]
-
83
Omran Fars
22631662-6
22004208
omranfars.com
[email protected]
B
84
Farabi
88557274-6
88557278
irfarabi.com
[email protected]
A
85
Firoozeh Asia
22130924-6
22130924-6
firouzehasia.com
[email protected]
D
86
Karamad
22012620
22012763
22012554
irankbc.com
[email protected]
B
87
KalayeKhavarmiyaneh
87168
87169900
mecbroker.com
[email protected]
-
88
MobinSarmayeh
88382904-7
88382908
mobinsarmayeh.com
[email protected]
-
89
MoshaveranSaham
88718406-8
88701363
88701398
88719814
tehranstock.com
[email protected]
B
90
MeyarSaham
88308855
88833417
meyarsaham.com
[email protected]
A
91
Mofid
8700
81909
emofid.com
[email protected]
A
92
Mehrafarin
66743900
66744851
mehrbroker.com
[email protected]
A
93
NoandishanBazarehSarmayeh
82450
84051000
84051111
noandishan.ir
[email protected]
A
94
Nahayatnegar
84450000
88601764
nahayatnegar.com
[email protected]
A
*All TEL and FAX numbers should be dialed with +9821 (country code of Iran and area code for Tehran); however, for
the brokerage companies with their offices in other cities than Tehran, the related area code is provided in the table.
**TSE’s members are classified based on several criteria into four grades (A, B, C, D) of excellence. The brokerage firms
are monitored by TSE and the Securities and Exchange Organization (SEO) regarding their branches, trading services,
qualified staff, their websites’ accessibility, on-line access, customers’ base, accounting qualifications, portfolio
management, etc.
Note: Tehran Stock Exchange’s member brokerage firms provide different services other than trading securities based
on their ranking. These may include on-line trading access, mutual funds management, portfolio management, listing
advisory and market making.
37
38
Listed Companies at TSE - 2012
tse.ir
No.
Industry
Company’s Name
1
Coal & Lignite Mining
NeginTabas Lignite Co.
2
Other Mining and Quarrying
Foundry Sand Preparation Co.
3
Metal Ores Mining
Bafgh Mining Co.
4
Metal Ores Mining
Bama Co.
5
Metal Ores Mining
Chadormalu Mineral & Ind. Co.
6
Metal Ores Mining
Damavand Mineral Co.
7
Metal Ores Mining
Gol-E-Gohar Iron Ore Co.
8
Metal Ores Mining
Mines & Metals Development Investment Co.
9
Metal Ores Mining
Maaden Manganese Iran Co.
10
Metal Ores Mining
Iran Zinc Mines Development Co.
11
Oil & Gas Extraction and related services except Surveying
North Drilling Co.
12
Real Estate and Construction
Abadgarane Iran Tourism and Welfare Complex
13
International Construction Development Co.
14
Housing Investment Co.
15
Tehran Renovation & Construction Co.
16
Fars Reconstruction & Development Co
17
Shahed Investment Co.
18
SakhtAjand Co.
19
Iran Construction Investment Co.
20
Isfahan SamanGostar Co.
21
Azarbayjan Development Investment Co.
22
Toosgostar Investment Co.
23
Isfahan Construction Co.
24
Publishing, Printing & Reproduction of Media
Offset Press Inc.
25
Ansar Bank
26
Mellat Bank
27
Parsian Bank
28
Pasargad Bank
29
Post Bank
30
Saderat Bank
Annual Report 2012
No.
Industry
Company’s Name
31
Tejarat Bank
32
Karafarin Bank
33
EN Bank
34
Sina Finance & Credit CO.
35
Insurance & pension funding except compulsory Social Security
Asia Insurance Co.
36
Alborz Insurance Co.
37
Dana Insurance Co.
38
0
39
Parsian Insurance Co.
40
Transportation and Storage
Persian Gulf Transportation Company
41
Petrochemical Transport Co.
42
Tuka Transportation Co.
43
Islamic Republic of Iran Shipping Lines Co.
44
Tidewater Middle East Co.
45
Iran Power Plant Projects Managements Co.(MAPNA)
46
Techinco Technical & Corrosion Control Co.
47
Motor Vehicles and Auto Parts
Iran Tractor Forging Co.
48
SaipaAzin Co.
49
Bahman Group Co.
50
Charkheshgar Co.
51
Zar Spring Co.
52
Iran Auto-Parts Industrial Group
53
Iran Khodro Investment Development Co.
54
Iran Credit Investment Co.
55
Iran Khodro Industrial Group Co.
56
IndaminSaipa Shock Absorber Mfg. Co.
57
Iran Khodro Diesel Co.
58
Khavar Spring Mfg. Co.
59
Electric KhodroShargh Co.
60
Iran Carburetor Co.
39
40
tse.ir
No.
Industry
Company’s Name
61
Lent Tormoz Iran Co.
62
Mehvarsazan Iran Khodro Industrial Co.
63
Mehrcam Pars Co. (MCP)
64
Nasir Machine Engineering Corporation
65
Motorsazan Co.
66
NiruMoharreke Industrial Co.
67
Pars Khodro Co.
68
Radiator Iran Co.
69
Rena Industrial Group Investment Co.
70
Iran Casting Industries Co.
71
Mashad Wheel Mfg. Co.
72
Iran Tractor Foundry Co.
73
Saipa Co.
74
Chemicals & Chemical products except Pharmaceutical Products
Saipa Diesel Co.
75
76
SazehPouyesh Co.
77
Vehicle Axle Mfg. Co. (VAMCO)
78
Zamyad Co.
79
Tanning and Dressing of Leather
Melli Industrial Group
80
Computer & Related Activities
Data Processing Iran Co. (DPI)
81
Parsian E-commerce Electronic Co.
82
Iran Argham Co.
83
Informatics Services Corp.
84
Kish Iran Credit Card Corp.
85
Radio, TV & Communication Equipment
Pars Electric Mfg. Co.
86
Fabricated Metal Products except Machinary&Equipments
Azarab Industries Co.
87
JaamDarou Co.
88
Lamiran Co.
89
MashinSazi Arak Co.
90
Ama Industrial Co.
Annual Report 2012
No.
Industry
Company’s Name
91
JooshvaOxijene Iran Co.
92
Suliran Corporation Co.
93
Other Non-metallic Mineral Products
ArdakanIndusterial Ceramics Co.
94
Iran China Clay Industries Co.
95
Iran Refractories Co. (IREFCO)
96
Azar Refractories Co.
97
Pars Refractories Co.
98
Pars Ceram Co.
99
Glass Wool Company of Iran
100
Shisheva Gas Co. (SHOGA)
101
Hamadan Glass Co.
102
Electrical Machinery & Apparatus
Saipa Glass Co.
103
104
RaziPharmacutical Glass Co.
105
Varziran Co.
106
Financial Leasing
GhadirKhodro Leasing Co.
107
Financial Leasing
Industry & Mine Leasing Co.
108
Financial Leasing
Iran Leasing Co.
109
Financial Leasing
RayanSaipa Leasing Co.
110
Atye Damavand Investment Co.
111
Pardis Investment Co.
112
Buali Investment Co.
113
Insurance Industry Investment Co.
114
Behshahr Industries Investment Group Co.
115
Kharazmy Invest
116
Mellat Investment Corporation Co.
117
National Investment Company of Iran Co. (NICI)
118
Bahman Investment Co.
119
Industry and Mine Investment Co.
120
Nirou Investment Co.
41
42
tse.ir
No.
Industry
Company’s Name
121
Sepah Investment Co.
122
Saipa Investment Co.
123
ToseeMelli Investment Co.
124
Iran Industrial Development Investment Co.
125
Iran Gatch Co.
126
Ardebil Cement Co.
127
Behbahan Cement Co.
128
Bojnourd Cement Co.
129
Darab Cement Co.
130
Doroud Cement Co.
131
Dashtestan Cement Ind. Co.
132
Isfahan Cement Co.
133
Ilam Cement
134
Fars & Khuzestan Cement Co.
135
Fars-e-Nou Cement Co.
136
Fars Cement Co.
137
Qayen Cement Co.
138
Gharb Cement Industries Co.
139
Hegmatan Cement Co.
140
Hormozgan Cement Co.
141
Shomal Cement Co.
142
Khazar Cement Co.
143
Kerman Cement Co.
144
Khash Cement Co.
145
Kordestan Cement Co.
146
Karoon Cement Co.
147
Mazandaran Cement Co.
148
Shahroud Cement Co.
149
Sepahan Cement Co.
150
Shargh Cement Co.
Annual Report 2012
No.
Industry
Company’s Name
151
Neyriz Cement Co.
152
Soufian Cement Co.
153
Tehran Cement Co.
154
Urmia Cement Co.
155
Diversified Industrials (Holdings)
Tose-e Melli Group Investment Co.
156
Ghadir Investment Co.
157
Omid Investment Co.
158
Civil Pension Fund Investment Co.
159
Refined Petroleum Products & Nuclear Fuel
Oil Industry Investment Co.
160
Behran Oil Co.
161
Pars Oil Co.
162
Bandar Abbas Oil Refining Co.
163
Esfahan Oil Refining Co.
164
Tabriz Oil Refining Co.
165
Basic Metals
Iran Aluminium Co.
166
Basic Metals
Alomrad Co.
167
Basic Metals
ShahidBahonar Copper Industries Co.
168
Basic Metals
Iran Alloy steel Co.
169
Basic Metals
AmirKabirKashan steel Co.
(previous name: FajreSepahan Galvanizing Industries Company)
170
Basic Metals
Khorasan Steel Complex Co.
171
Basic Metals
Khouzestan Steel Co.
172
Basic Metals
Esfahan's Mobarakeh Steel Co.
173
Basic Metals
Iran Ferrosilice Co.
174
Basic Metals
FaravariMavadMadani Iran Co.
175
Basic Metals
Kaavian Steel Co.
176
Basic Metals
Calcimine Co.
177
Basic Metals
LulehVaMachinsazi Iran Co.
178
Basic Metals
Iran National Copper Industries Co.
179
Basic Metals
Alominum Rolling Mfg. Group
180
Basic Metals
Rolling Mill & Steel Production Co.
43
44
tse.ir
No.
Industry
Company’s Name
181
Basic Metals
Sadid Industrial Group
182
Basic Metals
Sepahan Industrial Group Co.
183
Basic Metals
National Iranian Lead & Zinc Co. (NILZ)
184
Basic Metals
Sepanta Industrial & Investment Co.
185
Basic Metals
Tukafoolad Investment Co.
186
Basic Metals
Alumtek Corp.
187
Sugar & By-products
Isfahan Sugar
188
Sugar & By-products
Ghazvin Sugar Co.
189
Sugar & By-products
Hegmatan Sugar Co.
190
Sugar & By-products
Shahd Sugar Co.
191
Sugar & By-products
Lorestan Sugar Co.
192
Sugar & By-products
Marvdasht Sugar Co.
193
Sugar & By-products
Neyshabur Sugar Co.
194
Sugar & By-products
NaghsheJahan Sugar Co.
195
Sugar & By-products
PiranshahrSuger Co.
196
Sugar & By-products
SabetKhorasan Ind. & Mfg. Co.
197
Sugar & By-products
ShirinKhorasan agro. Industry Co.
198
Sugar & By-products
Shahroud Sugar Co.
199
Ceramic & Tiles
Alvand Tile & Ceramic Industries Co.
200
Ceramic & Tiles
Behceram Co.
201
Ceramic & Tiles
Irana Tile Co.
202
Ceramic & Tiles
Isfahan Tile Industries Co.
203
Ceramic & Tiles
Hafez Tile & Ceramic Co.
204
Ceramic & Tiles
Pars Tile Co.
205
Ceramic & Tiles
Saadi Tile & Ceramic Co.
206
Ceramic & Tiles
Nilou Tile Co.
207
Ceramic & Tiles
Sina Tile & Ceramic Co.
208
Ceramic & Tiles
Takceram Co.
209
Agriculture
Magsal Co.
210
Barez Industrial Group
Annual Report 2012
No.
Industry
Company’s Name
211
Derakhshan Tehran Co.
212
PlascokarSaipa Co.
213
Sahand Rubber Ind. Co.
214
Iran Tire Mfg. Co.
215
Iran Yasa Tire & Rubber Co.
216
Gazlouleh Mfg. Co.
217
Artavil Tire Industrial Complex
218
Jooshkab Yazd Ind. Co.
219
Alborz Cable Co.
220
ShahidGhandi Communication Cable Co.
221
Pars Shahab Lamp Co.
222
Motogen Co.
223
224
Nirou Trans Co.
225
Pars Switch Co.
226
Iran Transfo Co.
227
Absal Group Co.
228
Butane Industrial Group
229
Iran Combine Mfg. Co.
230
Firouza Engineering Co.
231
Agricultural Industries & Services Development Co.
232
Pars Khazar Industrial Co.
233
Niroumoharekeh Machine Mfg. Co.
234
Pumpiran Co.
235
SarmaAfarin Industries Co.
236
Technotar Engineering Co. (TTECO)
237
Iran Tractor Manufacturing Co.
238
Pars Tousheh Investment Co.
239
Heavy Equipment Production Co. (HEPCO)
240
Iran Tractor Industrial Machinery Co.
45
46
tse.ir
No.
Industry
Company’s Name
241
Wood & Wood products
TowlideFibre Iran (Royal Board Mfg. Co.)
242
Wood & Wood products
BahmanNeopan Co.
243
Iran Amlah (Mineral Salts) Co.
244
Pars International Mfg. Co.
245
Iran Carbon Co.
246
Pars Carbon Black Co.
247
Goltash Co.
248
Kaf Co.
249
Loabiran Co.
250
Fiber Intermediate Products Co.
251
NiroChlor Co.
252
Abadan Petrochemical Co.
253
Paxan Corporation Co.
254
Shazand (Arak Petrochemical Co.)
255
parsian Oil and Gas Development
256
Isfahan Petrochemical Company Co.
257
Petrochemical Industries Investment Co.
258
Fanavaran Petrochemical Co.
259
Farabi Petrochemical Co.
260
Kermanshah Petrochemical Industries Co.
261
Khark Petrochemical Co.
262
Poly acryl Iran Co.
263
Pars Pamchal Chemical Co.
264
Pardis petrochemical Co.
265
Shiraz Petrochemical Co.
266
Fars Chemical Ind. Co.
267
Rangin Industrial & Chemical Co.
268
Sina Chemical Industries Co (SCIC)
269
Chemical Industries Investment Co.
270
Tolypers Co.
Annual Report 2012
No.
Industry
Company’s Name
271
Chemicals & Chemical products
except Pharmaceutical Products
272
Herbicides Production Co.
273
Food Products and Beverages except sugar
Behnoush Iran Co.
274
Chin Chin Cultivation Complex
275
DashtMorghab Group Co.
276
Glucosan Co.
277
Gorji Biscuit Co.
278
Pars Animal Feed Co.
279
Kalber Dairy Co.
280
Pak Dairy Co.
281
Pars Minoo Industry Co.
282
Mahram Co.
283
Margarin Co.
284
MazandaranNoosh Co.
285
PiazarCo.
286
Behshahr Industrial Co.
287
Shahdiran Inc.
288
West AzarbaijanPegah Dairy Co.
289
Salemin Co.
290
KhorasanPegah Dairy Co.
291
Isfahan Pegah Dairy Co.
292
Behshahr Industrial Development Corp.
293
Paper & Paper products
Iran Carton Inc.
294
Paper & Paper products
Kaveh Paper industry
295
Post and telecommunications
Iran Telecommunications Co.
296
Textiles
Boroujerd Textile Co.
297
Textiles
Iranmerinos Co.
298
Textiles
Tous Woolen Co.
299
Pharmaceutical & Medicinal Products
Dr. AbidiPharma Laboratory Co.
300
Alborz Investment Co.
47
48
tse.ir
No.
Industry
Company’s Name
301
Amin Pharmaceutical Company Co.
302
Aburaihan Pharmaceutical Co.
303
AlborzDarou Co.
304
Textiles
305
DamloranRazak Pharmaceutical Co.
306
Daroupakhsh Co.
307
DarouPakhshPharma. Chem. Co.
308
Farabi Pharmaceutical Co.
309
JaberEbneHayyan Pharmaceutical Co.
310
Cosar Pharmaceutical Co.
311
Loghman Pharmaceutical Co.
312
Osvah Pharmaceutical Company
313
Daroupakhsh Pharmaceutical Mfg. Co.
314
Razak Laboratories
315
SinaDarou Laboratories Co.
316
Sobhan Pharmaceutical Co.
317
Zahravi Pharmaceutical Co.
318
Exir Pharmaceutical Co.
319
Iranian Parenteral & Pharmaceutical Co.
320
Iran Darou Co.
321
Chimidarou Co.
322
Pars Darou Co.
323
RouzDarou Pharmaceutical Co.
324
Tehran Sheme Co.
325
Temad Co.
326
Tehran Darou Pharmaceutical Co.
327
Medical, Precision & Optical Instruments
Kontorsazi Iran Co. (SKI)

Annual Report 2012

Transkrypt

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