Research & Analysis
Fundamental analysis of Nepal's industries and companies. Each sector starts with an industry overview, followed by individual company deep-dives.
Company Research
Citizen Investment Trust is Nepal's largest listed investment institution — a quasi-sovereign retirement fund manager with Rs 333 billion of AUM, a 35-year operating history, and a structural business model under pressure from the Social Security Fund, falling spreads, and an unresolved Rs 21 billion loan to Nepal Airlines.
Hydroelectricity Investment and Development Company Limited is Nepal's only purpose-built development finance institution for hydropower — carrying Rs 6,164 crore in committed project exposure across 4,210 MW. The business model is real, but disbursement chronically lags commitment, more than half of assets sit in bank deposits, and FY 81/82 earnings fell 36% as deposit rates collapsed.
Nepal Infrastructure Bank Limited is the only NRB-licensed infrastructure development bank in Nepal — a unique franchise financing hydro, solar, hospitals, and tourism projects across a Rs 25.6 billion loan book with near-zero NPL. FY 81/82 saw the bank's first green bond and a 64% balance sheet expansion. NIM compression from the green bond negative carry is the central analytical question heading into FY 82/83.