How to Read Listed Companies' Monthly Reports: A Step-by-Step Guide
Fundai Education Team · · 7 min read
A practical guide to reading the monthly activity report on Codal and Fundai, separating the volume and price effects, and finding companies with a sales jump using a filter.
The monthly report of listed companies is the monthly activity report that issuers on the Tehran Stock Exchange and Iran Fara Bourse must publish on the Codal system under the disclosure instruction, showing production volume, sales volume and the selling price of their products. In this guide you learn step by step how to read the report, compare it with earlier months and filter for companies with a sales jump in Fundai.
What is the monthly report of listed companies and why should you look at it?
Each issuer on the Tehran Stock Exchange or Iran Fara Bourse publishes its monthly activity report on its own performance on the Codal system. Under the executive disclosure instruction, issuers are required to publish it within the set deadlines.
In the reports of manufacturing companies, the figures for production, sales and product prices appear separately, and Rahavard 365 treats this same breakdown as the basis for assessing performance.
Under the executive disclosure instruction, issuers on the Tehran Stock Exchange and Iran Fara Bourse are required to disclose their monthly performance report on the Codal system within the set deadlines. For this reason, in Fundai you can compare each company's monthly report with those of other companies.
The same source shows that in Bahman 97, 315 of 326 listed issuers submitted their monthly report on time. This figure relates only to that month.
How do you read the monthly activity report on Codal and Fundai?
You read the monthly report of a manufacturing company through three figures: production volume, sales volume and selling price. These three figures are given for each product, separately for the domestic and export markets.
Open the company's monthly report On the company page in Fundai, select the "Monthly report" section. The same figures also appear on Codal in the issuer's monthly activity report.
Isolate one product and one market Find the row of a product in the domestic or export market and read production volume separately from sales volume; the two are not necessarily equal.
Check the price The price of each product equals that product's sales amount divided by that product's sales volume in the same month.
Product sales amount (rials)
Product selling price (rials per kilogram)
Product sales amount (tomans)
Do not equate the sum of the monthly revenue of products directly with the operating revenue of the income statement: operating revenue covers every revenue from the company's main activity and is not only the sale of goods. The monthly report is also a snapshot of one month, while the income statement is a snapshot of the financial period.
How do you compare the monthly report with the previous month, last year and the yearly average?
You measure each month's figure against three comparison bases: the previous month, the same month last year and the average of the current fiscal year. In Fundai you select these same three bases in the filter for the monthly report and the Iran Mercantile Exchange.
| Comparison base | What this month's figure is measured against | What it shows |
|---|---|---|
| Previous month | The same figure in the previous month | Change between two consecutive months |
| Same month last year | The same month in the previous year | Change against the same calendar month |
| Average of the current fiscal year | The average of the past months of the current fiscal year | The distance of the current month from this year's usual level |
The comparison type has two modes: simple comparison is the difference between two figures, and relative comparison gives the percentage change against the base.
Previous month sales amount (billion tomans)
This month sales amount (billion tomans)
Simple comparison, difference (billion tomans)
Relative comparison (percent)
Do not mix the two views: the cumulative view is the sum of the fiscal year's months up to that month, and the monthly breakdown view gives only that month's figure. Comparing a cumulative figure with a single-month figure makes the difference meaningless.
Is sales growth from price or volume? A dollar view of the monthly report
To understand the source of sales growth, break the sales amount into sales volume and selling price: the sales amount of each product equals sales volume times that product's price in the same month.
Previous month sales amount (rials)
This month sales amount, constant volume and higher price (rials)
Sales amount growth (percent)
Sales volume growth (percent)
So read each product with two separate columns. In the Fundai filter, too, the parameters "Sales volume/quantity", "Sales amount/realized revenue" and "Selling price" can be selected separately.
Why does a dollar view of the price help?
In an economy with rial inflation, a rise in the rial price can merely reflect the fall in the value of money. In Fundai the figures can be viewed in dollars: each period is converted at the average exchange rate of that period, and you choose the NIMA or free-market rate yourself. If the rial price has risen but the dollar price is flat or lower, rial growth alone is not a sign of strength.
How do you find companies with a sales jump using the Fundai monthly report filter?
To find companies with a sales jump, you build a condition from the "Monthly report" family on the filters page, and Fundai returns the companies that meet that condition in a table.
Select the family and the parameter In "General filters", set the scope: industry, sub-industry, symbol or watchlist. Then pick the Monthly report family and one parameter: "Sales volume/quantity", "Sales amount/realized revenue" or "Selling price".
Set the comparison type and base Choose between simple and relative comparison, and set the base to "Previous month", "Same month last year" or the average of the current fiscal year.
Set the level and the market Set the level of analysis to "All products" or "Specific product", and select the domestic or export market.
Enter the operator and the number Choose the operator from "Greater than", "Less than", "Greater than or equal to" or "Less than or equal to", and type the number. Conditions within a group apply together, and groups are combined with "or".
Know the package limits Running a single condition is free. To combine several conditions at once you need the "Multiple filters" package; the details are in the pricing.
The monthly report is a snapshot of one month of the company's activity, and it gains meaning when you put the right base next to it. By separating volume and price, you trace the growth in the sales amount back to its source. The Fundai filter takes this check to the whole market, but its output is only a starting point and the final decision is yours.
What is the difference between simple and relative comparison in the monthly report?
Simple comparison is the difference between two figures and shows the size of the change. Relative comparison gives that same difference as a percentage of the base figure.
Is the total sales of products in the monthly report equal to the operating revenue in the income statement?
Not necessarily. Operating revenue covers every revenue from the main activity, and the monthly report is a snapshot of one month, not of the whole financial period.
What happens if a company does not publish its monthly report on time?
According to a report by Tehran Stock Exchange magazine, in addition to written notice, the exchange issues a warning announcement of non-disclosure and, with a flag mark next to the symbol, announces that the company is subject to the suspension process.
#Fundamental Analysis #Stock Screener #Selling Price #Codal #Monthly Report