Articles
Neutral, dated analysis and explainers across Iran’s markets.
Sports Ministry Fully Exits Esteghlal Football Club's Shareholder Register; Its 3.1% Stake Lands at a Persian Gulf Financial Group as the Stock Hits an Eight-Month High (Wednesday, September 2, 2026)
Iran's Ministry of Sport and Youth completely exited Esteghlal Football Club's shareholder register on September 2, 2026 (11 Shahrivar 1405), according to Tehran Stock Exchange records. The 3.1 percent stake (334,525,650 shares) the Privatization Organization had announced for sale a month earlier landed at Persian Gulf Capital Pioneers Financial Group. The same day, Esteghlal's closing price hit its highest level since January 7, 2026, its fifth straight gaining session.
Tehran's TEDPIX Falls 1.21% Today, Wednesday, Ending a Rally of At Least 19 Straight Gaining Sessions (September 2, 2026)
TEDPIX, which had climbed without a single losing session from August 3 to a record 6,583,932 points yesterday, fell 1.21% (about 80,000 points) today, Wednesday, September 2, 2026, to close at 6,503,970, alongside 5.7 trillion tomans of retail outflows.
Kian Financial Group's Stock Is Up 465% in a Year, Hit a 12-Month Record on Saturday; Its 180% Capital Increase Diluted No One
Kiana, the Tehran-listed ticker for Kian Financial Group, closed at 8,110 rials on Monday, August 31, 2026, up 465% from 1,435 rials a year earlier on September 2, 2025. Two days earlier, on Saturday, August 29, the stock closed at a 12-month record of 8,160 rials, two weeks after shareholders approved a 180% capital increase funded entirely from retained earnings, which does not dilute holders. Only 9% of the stock's shares are free-floating.
Tehran's TEDPIX Jumps 2.03% to a Fresh Record of 6.516 Million Points; This Week's Liquidity Flows From Parallel Markets Into the Bourse (Saturday, August 29, 2026)
Tehran's TEDPIX (main stock index) rose 2.03% (up 129,581 points) on Saturday, August 29, 2026, to a record 6,516,000 points, its sixth straight gaining session, up nearly 7.5% since August 22. Trading value hit about 41.8 trillion tomans and 224 stocks gained more than 2%, as the dollar and gold pulled back this week.
Rail Pardaz Novafarin's Stake in Dlip Jumps From 49.5% to 80.9% After a 450% Rights-Stripped Capital Increase (Saturday, August 29, 2026)
Rail Pardaz Novafarin's stake in Tehran Stock Exchange base-market ticker Dlip (Delijan Talaei Shokouh Pars) rose from 49.53% to 80.93% in the exchange's official ownership record dated August 26, 2026, three days after Dlip's 450.5% capital increase, funded entirely from cash with existing shareholders' pre-emptive rights stripped, was formally registered.
Iran Radiator Hits Second Straight One-Year High on Tehran Stock Exchange After 36% Sapco Rate Hike Worth 103.5 Billion Tomans in Revenue (Wednesday, August 26, 2026)
Iran Radiator Manufacturing Co. (RADI) told Codal that Sapco raised its product prices 36 percent, an effect it estimates at about 103.5 billion tomans (8 percent of last year's revenue) by fiscal year end. The stock gained more than 10 percent over four sessions and today, Wednesday, August 26, 2026, closed at a fresh one-year high for the second straight session, at its daily price ceiling.
Fameli Hits a One-Year Record of 19,950 Rials on a Third Straight Rally; Its Valuation Sits in the 23rd Percentile of Its Own Sector (Wednesday, August 26, 2026)
Shares of Fameli (National Iranian Copper Industries) on the Tehran Stock Exchange rose 2.99 percent to 19,950 rials on Wednesday, August 26, 2026 (Shahrivar 4, 1405), a one-year closing high and a third straight up session. The company's trailing twelve-month net profit is up 261 percent year on year, yet Sahmino's own screen places Fameli in just the 23rd valuation percentile of its 93-member basic-metals peer group, with a P/E about 31 percent above the sector average.
Bank Tejarat Hits 20th Straight Rising Session and a 795-Billion-Toman Buy Queue, Still Trading 27% Below Book Value (Tuesday, August 25, 2026)
Bank Tejarat (وتجارت) closed Monday, August 24 at a 52-week high of 901 rials, its 20th consecutive rising session, then rose another 3% to 928 rials today, Tuesday, August 25, closing locked in a buy queue worth roughly 795 billion tomans. Yet under its audited Codal financial statement, the stock still trades about 27% below book value; it is up 59% over one month and 187% over one year.
Taban Enters IPO Threshold With a Claimed 40% Guaranteed Return; NAV at 960 Trillion Tomans, Net Profit Forecast at 24.8 Trillion Tomans for 2026/27 (Monday, August 24, 2026)
Tehran Stock Exchange hosted an introductory session on Monday, August 24, 2026 for the IPO of "Taban" (Taban Farda Petrochemical Group). Its NAV was put at 960 trillion tomans and the valuation report's estimated share price at 16,073 rials; net profit for 2026/27 is forecast at about 24.8 trillion tomans. The major shareholder claimed a 40% return guarantee for IPO buyers, a claim Mehr News Agency says still needs checking against the official offering notice.
Third Straight Pharma Buy Queue in Under a Week: IRDR Hits a One Year High on a 19 Session Run With No Price Moving Codal Disclosure Behind It (Monday, August 24, 2026)
IRDR (Iran Daru) closed up 2.94% and locked in a buy queue on Monday, August 24, 2026, taking its closing price to 14,000 rials: a 19th straight higher close and a fresh one year high, 444.2% above its 2,572.58 rial low of September 24, 2025. Unlike DJBR and Razak, which showed the same pattern recently, Sahmino found no price moving material disclosure filed by the company on Codal in the past 90 days.
DJBR Jumps 14.53%, Extends Winning Streak to 10 Sessions and Hits a 52-Week High; 13 Days After Bank Employees' Pension Fund Exited Its Stake (Monday, August 24, 2026)
Tehran Stock Exchange ticker DJBR (Jaber Ebne Hayyan Pharmaceutical) opened 14.53% above yesterday's close on Monday, August 24, 2026, closing at a 10th straight higher session and a 52-week high of 44,340 rials, on volume 17.8 times its 20-session average. The rally began just 13 days after the Bank Employees' Pension Fund sold its entire 16.58% stake, worth about 1,588 billion tomans, to National Investment Company of Iran (NIKI) on August 11, 2026.
Tehran Stock Exchange Notches Second Straight Record, But Sunday's Gain Shrinks to Just 0.14 Percent
TEDPIX climbed as high as 6,154,000 points in mid session trading on Sunday, August 23, 2026, notching a second straight record close, but a wave of second half selling pared the day's gain to just 0.14 percent, at 6,069,888 points. Buy queues held on only 245 symbols, and per Donya-e-Eqtesad, both real money and fixed income funds ended the day with cash flowing out.
Vabmellat, Mobarakeh Steel, Shepna and Ikco: Sahmino's 4-Stock Weekly Watchlist, From Vabmellat's P/E of 2.99 to Ikco's Losses (Saturday, August 22, 2026)
In the first edition of its Weekly Watchlist series, Sahmino examined four Tehran Stock Exchange names for the week ahead: Vabmellat, Mobarakeh Steel, Shepna and Ikco. All four closed higher on Saturday, August 22, 2026, and three closed locked in buy queues, but their P/E ratios and profit trends differ sharply, from Vabmellat's P/E of 2.99 (roughly half the banking sector average) to Iran Khodro's net loss for the twelve months to March 20, 2026.
Sahmino's Screen Finds 4 High-Momentum Tehran Stock Exchange Sectors for the Week Ahead; Data Through Friday, August 21, 2026
Screening Sahmino's own trading, money-flow and fundamentals data through Friday, August 21, 2026 (30 Mordad 1405), four Tehran Stock Exchange sectors, oil refining, basic metals, banks and automotive, show the most momentum for the coming trading week. Brent stood at $93.70 at 18:17 today; Tehran's free-market dollar closed Thursday evening at 1,894,050 rials. No individual stock is named; only the sectors themselves are examined.
Razak Pharmaceutical (DRZK) Has Risen About 176% Since Its June 15 Reopening, Closing Each Session Bid-Locked; Behind the Run, a Jump in Quarterly Profit and a P/E Below the Sector Average
Razak Pharmaceutical (DRZK), halted for roughly four months, has climbed nearly 176% from its June 15, 2026 reopening to August 19, closing that last session at 3,980 rials on a buy queue, with volume about five times the one-month average. Behind the run sits the interim statement for the three months to June 21, 2026, in which net profit rose more than 15-fold year over year and revenue grew 92%. Even so, the stock's P/E of about 8.8 is still below the pharmaceutical sector average.
The Money Behind Iran's Brokerages: Mofid Tops the Registered-Capital Ranking of the 10 Largest Tehran Brokerages With 1,000 Billion Tomans (Wednesday, August 19, 2026)
The registered capital of Iran's 10 largest Tehran Stock Exchange brokerages totals 5,735.1 billion tomans. Mofid leads with 1,000 billion tomans, followed by Pasargad Bank Brokerage (950) and Bank Mellat Brokerage (721.1). The gap from first to tenth place is 630 billion tomans, a 2.7x ratio, but registered capital alone does not measure a brokerage's real strength (August 19, 2026, 28 Mordad 1405).
Howard Marks' Lesson for Wartime Markets: Brent Above $91 and the UAE's Break With Iran, Explained for Tehran's Bourse (Wednesday, August 19, 2026)
On Wednesday, August 19, 2026, with Brent above $91 and world gold at a fresh record of $4,355, the UAE suspended all trade and financial ties with Iran. Howard Marks' advice for days like this is clear: you cannot predict a war, but you can prepare for what it does to Tehran's bourse. This Sahmino report maps the channels and three scenarios ahead.
Global & Regional Equity Indices: From the S&P 500 to Tadawul and Borsa Istanbul
Stock indices are built from three different weighting families: price-weighted, market-cap-weighted and free-float-weighted. Meet the S&P 500, Saudi Arabia's Tadawul and Borsa Istanbul 100, and see why their numbers can never be compared directly to Tehran's non-free-float headline index.
Ako Battery to List on Tehran Stock Exchange Wednesday, August 19, in a 29,206 to 32,934 Rial Price Range; Underwriter Values the Company at About 37,000 Billion Tomans
Ako Battery Iranian, the 11th new company to join the Tehran Stock Exchange in the Iranian year 1405, goes public Wednesday, August 19, 2026 (28 Mordad 1405), offering 4 percent of its shares (400.8 million shares) in a price range of 29,206 to 32,934 rials. Each trading code's allotment is 1,500 shares, and the offering's underwriter, Tamdon Capital, has valued the whole company at about 37,000 billion tomans.
Noosh Mazandaran and Silva, One Day, Two Different Paths Into Iran's Capital Market: A 16.34 Percent Block Sale on the Tehran Stock Exchange and a Three-Day Silver Fund Subscription (Sunday, August 16, 2026)
On Sunday, August 16, 2026 (25 Mordad 1405), the Tehran Stock Exchange is offering a 16.34 percent non-controlling management block of Noosh Mazandaran (symbol Ghanoosh, "غنوش"), a stock trading at a P/E of 33 against a 6.48 sector average. At the same time, the Iran Mercantile Exchange opens a three-day subscription for Silva, Iran's 12th silver-backed fund, worth 200 million units. Noosh Mazandaran's sale is not an IPO; only Silva's is, and that distinction is the point of this report.
BBC Persian Calls Tehran's Bourse Iran's Best-Performing Market; TEDPIX's 52% Gain Against 87.9% Point-to-Point Inflation (Aug 14, 2026)
A recent BBC Persian report cited roughly 52% growth in Tehran's TEDPIX index since the war began and called the bourse Iran's "best-performing market" against inflation, the dollar and gold. But TEDPIX closed Tuesday, August 11, 2026 at 5,736,485 points while Iran's Statistical Center's latest annual inflation reading (Tir 1405) is 66%, with point-to-point inflation at 87.9%, a gap that undercuts the "best-performing market" conclusion on methodological grounds.
Vabmellat's P/E Is 2.84, Versus a 4.95 Banking Sector Average; Here Is How Your Deposit Becomes Bank Mellat's Profit (Friday, August 14, 2026)
Vabmellat's price to earnings (P/E) ratio stood at 2.84 on Friday, August 14, 2026, nearly 43 percent below the 4.95 average for Tehran's banking and credit institution sector; Bank Mellat's net profit alone, in the first half of fiscal 1404, equaled nearly 18 percent of its market capitalization today. This report traces how customer deposits become bank profit, using the same official figures.
65 Percent Controlling Stake in Bemovalled Goes on Sale Saturday, August 15; Base Price Is 2.5 Times the Board
Iran Fara Bourse will sell a 65.05 percent controlling stake in Movalled Niroogahi Tejarat Fars (symbol Bemovalled) on Saturday, August 15, 2026. Under Farabourse's official notice from August 2, the base price equals the stock's closing price plus 150 percent, meaning the buyer must pay at least 2.5 times the board. Bemovalled, which is in a buy queue and at a one year high on Wednesday, August 12, has become the talk of Iran's capital market this week.
A 500 Million Toman Portfolio With a Six-Month Horizon: Tehran's Index Hit 5.736 Million Points on August 11, Screening Beats Guessing at a Correction
A Sahmino reader asked what to buy for a roughly 500 million toman, six-month stock portfolio next week, or whether to wait for a correction in Mehr (late September). Sahmino does not give buy or sell advice. Tehran's TEDPIX hit 5,736,512 points on Tuesday, August 11, 2026 (20 Mordad 1405), up about 11.3 percent over seven sessions. This report explains a screening framework instead: P/E versus sector, free float, liquidity and diversification.
Ehya Locks Limit Up for a Second Session; New Fara Bourse Listing Trades 36 Percent Above Its IPO Price (Tuesday, 20 Mordad 1405)
Ehya (FLBZ), the newest Fara Bourse listing, rose 2.98 percent to its price ceiling of 3,520 rials on Tuesday, 20 Mordad 1405 (August 11, 2026) and stayed locked in a buy queue, meaning the stock is now about 36 percent above its 2,582 rial IPO discovery price after just two sessions. Only 4 percent of the sponge iron producer's shares are freely traded, and institutions were today's net sellers.
Kama (Bama Mining) Hits Buy Queue on Tuesday, Mordad 20; Order Book Shows Only Buyers on All Five Levels as Volume Passes Its Monthly Average
Midday Tuesday, Mordad 20, 1405 (August 11, 2026), Tehran-listed Kama (Bama Mining and Industrial Co.) rose 2.83 percent to 4,000 rials and hit its buy queue. The order book shows buyers only on all five price levels, with no sell orders at all; trading volume passed a full month's daily average within the session's first minutes. Retail traders were net buyers today while institutions were net sellers.
Tehran Bourse Retail Turnover Hit a Record 65 Trillion Tomans on Sunday; the Same Day Saw a 6.9 Trillion Toman Retail Outflow
Retail trading value on the Tehran Stock Exchange topped 65 trillion tomans on Sunday, 18 Mordad 1405 (August 9, 2026), an all-time record. The same day, about 6.9 trillion tomans of retail money left the market net, reversing a five-session run of retail buying. TEDPIX still closed up 0.72 percent at 5,559,964 points.
Ehya IPO Goes Ahead Monday, 19 Mordad on Iran Fara Bourse; 2,582 Rial Valuation for a Sponge Iron Producer With Over 17 Trillion Toman in Assets
A 4 percent stake in Ehya, a sponge iron producer in Baft, Kerman province, lists via a combined method IPO on Iran Fara Bourse on Monday, 10 August 2026 (19 Mordad 1405). The discovered price of 2,582 rials per share puts the company's total value at about 16.6 trillion toman, below the more than 17 trillion toman in assets it reported for the unaudited first half of fiscal 1405.
Tehran's TEDPIX Hit 5.56 Million on August 9 After Five Sessions of Retail Buying Against Institutional Selling, While Iran's PMI Stayed Below 50
Tehran's TEDPIX hit 5,560,234 points on Sunday, August 9, 2026, up almost 8 percent from August 2. Sahmino's own trading data shows institutions were net sellers every single one of those five sessions while retail investors were net buyers. At the same time, Iran's economy wide PMI came in at 47.3 for the month ending mid July, the 16th straight month below the 50 point growth line (Iran Chamber of Commerce).
Samga Earned 1,002 Rials Per Share and Paid Out 300; A 10.2 Percent Cash Yield Against a 34 Percent Earnings Yield (Wednesday, 5 August 2026)
Samga's AGM on 22 July 2026 approved a 300-rial cash dividend per share, while earnings per share stand at 1,002 rials. At 2,947 rials on 5 August 2026 that is a 10.2 percent cash yield against a 34 percent earnings yield, a payout ratio near 30 percent. A dividend is not extra money: it leaves the company's own assets, and under staged payment schedules (Bank Mellat 77 days, Bank Eqtesad Novin 63 days) Iran's 87.9 percent inflation erodes it before it arrives.
Iran's Securities Regulator Enacts a Single Directive on Capital Increases From Asset Revaluation; the Article 141 Threshold Remains 50 Percent of Registered Capital (Wednesday, 5 August 2026)
Article 141 of Iran's Commercial Code states that if losses wipe out at least half of a company's capital, the board must immediately convene an extraordinary general meeting to decide on dissolution or continuation. Iran's Securities and Exchange Organization approved a single directive on capital increases from asset revaluation on 22 June 2026, announced on 1 August 2026: the very route companies use to exit Article 141, without a rial of new money entering the business.
Operating Cash Flow to Net Profit: Why Only 23 of Every 100 Units of Shatran's FY1404 Profit Turned Into Cash (Wednesday, 5 August 2026)
A company can report a spectacular profit jump and have converted almost none of it into cash. The test is the ratio of operating cash flow to net profit. In the Tehran Oil Refining (Shatran) case Sahmino published on 14 July 2026, FY1404 gross profit rose 335% to 818 trillion tomans, yet operating cash flow came in at 187 trillion tomans against net profit of 799 trillion: a cash conversion ratio of 23%. This report turns that one case study into a repeatable tool for any ticker.
The Multi-Industry Group's P/E Sits at 7.61, While Three of Its Largest Members Trade Between 5.08 and 12.42 (Wednesday, 5 August 2026)
At 09:42 on Wednesday 5 August 2026 (14 Mordad 1405), the price to earnings ratio of the Tehran exchange's multi-industry group stood at 7.61, yet three of its largest members traded at 5.08, 7.81 and 12.42; the priciest member was 2.45 times the cheapest. The sentence "it is cheaper than its group" rests on three unwritten assumptions: that members share a business model, that the average is built from like figures, and that fiscal years line up. This report opens all three.
Trailing P/E Under 87.9 Percent Inflation: Isfahan Oil Refining's 6.0 Is Closer to 11.3 in Today's Money (Tuesday, 4 August 2026)
The P/E ratio divides today's price by profit earned over the past twelve months in yesterday's rial. With year-on-year inflation at 87.9 percent in Tir 1405 (July 2026), numerator and denominator are two different currencies. Restated into today's purchasing power, Isfahan Oil Refining's P/E moves from 6.0 to about 11.3, National Iranian Copper's from 11.2 to about 21.0 and Bank Mellat's from 2.6 to about 5.0. Board figures: close of Monday, 3 August 2026.
The Hormuz Deal Is at the Door; the Market Paid 4.4 Percent Just for the News That Talks Had Started, and Signing Is a Far Bigger Event (Tuesday, 4 August 2026)
On 4 August 2026 Trump reposted an item saying the agreement is on the verge of being finalized, the US Treasury Secretary said a deal could come today or tomorrow, and Al-Hadath reported a joint Iran and Oman statement within hours. Tehran's bourse rose 4.4 percent in two sessions on news that talks had merely begun, and the Emami coin premium deflated 29 percent in a day. This report sets out the three channels through which a signed deal reaches equities, currency and gold.
Three Block Offerings in One Week: 6.97, 16.34 and 65.05 Percent, and a Parcel Priced 150 Percent Above the Board (Tuesday, 4 August 2026)
Between 2 and 4 August 2026, three block offering notices were published: 6.97 percent of Pars Paper Industries Group (non-managerial), 16.34 percent of Noosh Mazandaran (managerial, non-controlling) and 65.05 percent of Fars Trade Power Generation (controlling). None of them appears on the retail board. Under the notice's own formula, the base price of the controlling parcel is the board's closing value plus 150 percent of it, or roughly 2.5 times board value.
62 Market-Making Fund Assemblies in 22 Days: What an Iranian Market Maker Guarantees, and What It Never Did (Tuesday, 4 August 2026)
Between 13 July and 3 August 2026 (22 Tir to 12 Mordad 1405), 62 assemblies of dedicated market-making funds were logged in Sahmino's calendar from Codal filings, an institution named every week and explained almost never. A market maker commits to posting orders on both sides of the board, but that commitment has a ceiling. In the session of Monday, 3 August 2026, Bank Mellat sat all day at 1,199 rials, the top of its permitted band, with all five rows of the sell side of the order book empty.
Dollar-Linked and Rial-Based Stocks: How the Exchange Rate and World Prices Enter a Company's Profit
On the Tehran exchange, companies get sorted into "dollar" and "rial" names, but the label is not about where they sell; it is about what sets their selling price. This advanced lesson traces exactly how the exchange rate and world commodity prices enter the income statement, why a currency jump lifts profit only temporarily, and which Iranian market rules bend the equation.
One Day, Three Indices, Three Numbers: Tehran's Bourse Rose 2.27, 2.39 and 2.50 Percent at the Same Time on Monday, 3 August 2026
On Monday, 12 Mordad 1405 (3 August 2026), the Tehran Stock Exchange booked three different gains, and all three are correct: the free-float index rose 2.27 percent, TEDPIX 2.39 percent and the equal-weight index 2.50 percent. The gap comes from a variable the daily board rarely shows: the free-float percentage. Among index heavyweights it runs from 11 to 42 percent, and that spread sets a stock's index weight, the money needed to move its price, and how fast a queue forms.
Bank Mellat Traded All Session at a Single Price of 1,199 Rials as 1.14 Billion Shares Sat Unfilled in the Buy Queue (Monday, 3 August 2026)
Bank Mellat locked at the top of its permitted price band on Monday, 3 August 2026: its first trade, session low, session high, last trade and closing price were all 1,199 rials. Behind that number, 1,138,716,770 shares of demand remained in 2,107 orders, with zero supply at all five best levels. The stock's base volume is 1 share, so the lock was not a base-volume artefact. The board price was a quoted price, not one every buyer could transact at.
Buyer Power Gave Two Opposite Answers in One Session: 1.6 for Iran Khodro and 0.78 for Khiman, and Both Stocks Closed Green (Monday, 3 August 2026)
On the Tehran board of Monday, 12 Mordad 1405 (3 August 2026), buyer power read 1.6 for Iran Khodro and 0.78 for Khiman. Yet both closed higher and both saw positive net retail volume. The apparent contradiction shows what the ratio actually is: a measure of concentration, not direction. Per-capita retail buying over per-capita retail selling tells you how few hands the money sat in, not whether money came in or went out.
Khimen closed both green and red on Monday: the 40 rial gap between closing price and last trade, and which one the index counted
On Monday 3 August 2026 (12 Mordad 1405), the Khimen board at Iran Khodro's Iman Khodro Shargh carried two numbers with opposite signs: a last trade of 4,440 rials (up 0.23 percent) and a closing price of 4,400 rials (down 0.68 percent). The gap was 40 rials, and only the second number entered the main index. Same-day data shows base volume for Tehran-listed symbols is set to 1 share, so today's closing price is simply the volume-weighted average of the session.
Valuing a Stock With Three Tools: Where NAV, Forward P/E and P/S Each Break Down
We open up the three main equity valuation tools: net asset value, the forward price to earnings ratio, and the price to sales ratio. You will see what kind of company each one was built for, how each is calculated, and above all exactly where each breaks down, with a hypothetical example in which one company gets three different answers from three tools.
TEDPIX Fell 0.4% While the Equal-Weight Index Set a Record Close; a Fourth Straight Session of Small-Cap Outperformance (Saturday, 1 August 2026)
On Saturday 1 August 2026 (10 Mordad 1405), Tehran's board carried two contradictory headlines: TEDPIX closed down 20,437 points (0.40%) at 5,054,000, while the equal-weight index rose more than 6,694 points to 1,439,000, its highest close on record and a fourth consecutive session of small-cap outperformance. The less-noticed detail: that record was set on a day when more than 1,300 billion tomans of retail money left the market.
Why We Sell at the Bottom and Buy at the Top: Five Cognitive Errors Tehran's 1399 Bull Market Taught by the Book (Friday, 31 July 2026)
Nobody queues at a shop because prices went up, or flees because there is a sale. In equities, that is exactly what happens. Kahneman and Tversky showed the pain of losing an amount is roughly twice the pleasure of gaining the same amount, and that asymmetry explains why portfolios fill up with losers and empty of winners. TEDPIX closed at 5,075,098 points on Wednesday, 29 July 2026; a level many who entered in 1399 (2020) never saw, because they sold at the bottom.
A Low P/E Does Not Always Mean Cheap: Four Traps the Ratio Hides on the Tehran Exchange
The price to earnings ratio is the stock market's most used number and its most misunderstood. Karbon traded at a P/E of roughly 5.1 against its coal group average of 21.8 on 13 July 2026 (22 Tir 1405), a figure that screams "cheap" at first glance. This guide sets out what P/E actually measures, the four situations in which it misleads, why high inflation bends the number on the Tehran exchange, and the four questions to ask before drawing any conclusion.
How to Read a Financial Statement in 5 Minutes: A Practical Guide to Codal Reports
Codal is full of numbers, but only six of them are decisive: operating revenue, gross profit, operating profit, net profit and EPS, accumulated losses, and operating cash flow. A step by step guide to reading a listed company's income statement, with real examples from Saipa and Iran Khodro, and measured against the 61% annual inflation rate for the year to Tir 1405 (June/July 2026).
Iran's knowledge-based exports grew ninefold in four years to $2,690 million, but 84 percent of it comes from just 36 companies (Wednesday, 29 July 2026)
Exports by Iran's knowledge-based companies rose from about $296 million to about $2,690 million in four years, a more than ninefold increase. But according to the knowledge-based ecosystem report covering data through the end of 1403 (March 2025), roughly 84 percent of that figure comes from just 36 companies, while more than 12,000 others account for the remaining 16 percent combined. The story of real growth, and of a fragility that is even more real.
20 Years, 6 Markets: Tehran's Main Index Rose About 382 Times While Money Supply Rose 119; Deposits and the Dollar Fell Behind (Wednesday, 29 July 2026)
If six Iranians each held 100,000 toman in 1380 (2001) and each put it into a different market, by the end of 1400 (2022) the gap between them was striking: the Tehran Stock Exchange main index about 382 times, gold coins about 190 times, Tehran housing about 96 times, bank deposits about 38 times, the free market dollar about 35 times and a Pride car about 28 times. But the real yardstick is another number: money supply grew about 119 times over the same span, and only two markets beat it.
The Lowest Risk Starting Point for a Beginner Investor in Iran: Why a 40 Percent "Risk Free" Return Is Still a Loss Against 88.6 Percent Inflation (Saturday, 25 July 2026)
With little money and no financial background, where does a newcomer start? The honest answer in July 2026 is not a single stock, not crypto and not coins: a fixed-income fund as the low-risk core, a bullion-based gold fund as the inflation hedge, and IPOs as a supplement. But the central figure is this: the best advertised return of about 40 percent, against 88.6 percent inflation in Khordad 1405, is roughly a 26 percent real loss. (Saturday, 25 July 2026)
Tasico Under the Lens: Subsidiary Profit Jumped From About 1.2 to Nearly 4 Trillion Tomans, and the Pars Tamin Gold Line Opened (Saturday, 25 July 2026)
Sadr Tamin Investment (ticker: Tasico) has posted a marked operational leap in its subsidiaries this year: estimates say the units' combined net profit rose from about 1.2 to nearly 4 trillion tomans, from Iran Salts Mining and China Clay to Parvadeh Tabas Coal. At the same time, gold sales at Pars Tamin Mines Development have begun, targeting roughly 100 kilograms this year. But how much of this growth is real value creation, and how much is a reflection of inflation? (Saturday, 25 July 2026)
Fixed Income and T-Bills (Akhza): Why a Bond's Price Falls When Rates Rise
This lesson explains what fixed-income securities and Iran's Islamic Treasury Bills (Akhza) are, why a bond's price and its yield move in opposite directions, and how to read the single most important number in this market, the yield to maturity (YTM), using simple hypothetical examples.
Starting From Zero on the Tehran Stock Exchange: Five First Moves for a New Investor
If you wanted to enter the stock market from zero today, where would you start? This beginner's guide walks through five basic, evergreen investing steps: separating your risk capital and getting a trading code, understanding the business behind each ticker, starting with funds, keeping a long horizon, and managing your emotions. Principles that do not depend on today's market conditions.
Vomahan Cut Its Price for 5% of Taban Farda by 35%: Where the Real Value of Iran's Biggest Pending IPO Sits (Thursday, July 23, 2026)
For weeks the 5% offering of Taban Farda Petrochemical Group has been called "the biggest IPO in Iran's market history." Yet on July 11, 2026, the value of Vomahan's 5% purchase was revised down from 425 to 275 trillion rials, meaning the two counterparties themselves cut the price by about 35%. This report separates three valuation anchors, tests the "record" claim in dollars, and corrects the wrong prices circulating online. This is not buy or sell advice.
IPOs on the Tehran Stock Exchange: How Book Building Works
Learn what an IPO really is, how the order-registration (book-building) method discovers a price step by step, what a per-code quota means, and why the first sessions of an offering are never a guaranteed profit.
Justice Shares and the Summer That Was Promised: Where the File Really Stands, and What Liberalization Would Mean for the Tehran Bourse (Thursday, 23 July 2026)
Iran's economy minister promised people would taste the "sweetness of Justice Shares liberalization" in summer 2026. We are now mid-summer and the file is still open: the framework is approved, but the provincial investment companies' general meetings are unfinished, the prosecutor has been drawn in, and parliament's economic commission has objected to the new directive. This report separates the real status from the rumors and fact-checks three recurring claims. This is not buy or sell advice.
What Is Technical Analysis? Trend, Support and Resistance, and Moving Averages, Explained Simply
This lesson explains what technical analysis is and how it differs from fundamental analysis, how to read its three basic tools (trend, support and resistance, and moving averages), why they describe the past rather than predict the future, and what you need to know in Iran's market, from the daily price limit to the legal warning against selling trading signals.
Kourosh Food Industry Under the Microscope: The Stock 6.4x'd in a Year, Yet Its P/E Stayed in Line With the Sector (July 2026)
In its last recorded trade, on 21 July 2026, Kourosh Food Industry (ticker "Ghakouresh") closed at its daily ceiling at a final price of 19,130 rials, roughly 6.4 times its level a year earlier. Yet its price-to-earnings ratio is estimated near 6.4, almost in line with the food sector's P/E of 6.44. Why this surge is mostly not a bubble, and where the real risk sits. (An informational report, not buy or sell advice.)
What Is Fundamental Analysis, and How Is a Stock's Intrinsic Value Estimated?
This lesson explains what fundamental analysis is, where a stock's intrinsic value comes from and why it differs from the market price, why earnings-based and asset-based companies are valued with two different logics, and where to find the raw data on Codal.
Earnings Per Share (EPS) and Price-to-Earnings (P/E): What They Are and How to Read Them
This lesson explains how earnings per share (EPS) and the price-to-earnings (P/E) ratio are calculated, the difference between the trailing and forward versions, what "adjustment" means, and why in Iran's inflationary economy a low P/E does not always mean a cheap stock.
TEDPIX vs the Equal-Weight Index: What Sets Them Apart and Why They Diverge
Learn what the Tehran Stock Exchange's overall index (TEDPIX) and its equal-weight index each measure, why one can turn green while the other stays red, and what a divergence between them signals about market breadth and real-money (retail) inflows. A labelled hypothetical shows how an index can rise while most stocks fall.
That Year the Price Was at Its Peak, Today It Is the Risk: The Lesson of 1399 for Stocks and Housing in 1405
In 1399 (2020 to 2021) the Tehran bourse peaked at a price-to-earnings ratio above 35 and a dollar market value up to 427 billion, while housing jumped 92 percent. Today, in Tir 1405 (July 2026), it is inverted: the bourse near a P/E of 6.4 and about 85 billion dollars, deeply discounted, and housing near its long-run dollar average but frozen, transactions down about 80 percent. The lesson of 1399: that year the price was at its peak; today the risk is.
The Market Was Red for Eight Days; These Five Stocks Rose Against the Tide: Anatomy of "Resilience" on the Tehran Exchange (Week Ending Saturday, 18 July 2026)
In the red week when Tehran's TEDPIX index posted an eighth straight decline, sliding from roughly 5,182,622 points (11 July) to around 4,777,285 points (Saturday, 18 July 2026 / 27 Tir 1405), five symbols showed a genuine multi-session uptrend: Fanavar (Tosan), Hormoz, Vakharazm, Sarood and Kakhak. This is a descriptive, educational report, not buy or sell advice; its focus is separating real resilience from a one-day dead-cat bounce.
A reader asked us: the bourse has been red for eight days. Buy gold and dollars, or hunt for war-resistant stocks?
On Saturday 27 Tir 1405 (18 July 2026) the Tehran Stock Exchange main index fell 2.44% for its eighth straight red session, the same day the free-market dollar hit a record near 194,500 tomans. A reader asked: should I pull my money out of stocks and buy gold and dollars, or stay in the bourse and look for war-resistant shares? Sahmino's neutral framework for the dilemma, with dated figures and the intra-bourse divergence signal. This is not buy or sell advice.
Behsaz Kashaneh Tehran (Sabhesaz) Under the Lens: A 74% Gross Margin and 1,877 Billion Toman Profit; How Much Is Value Creation, and How Much Is Cashing In Inflation? (Sunday, 19 July 2026)
Behsaz Kashaneh Tehran (Sabhesaz) closed its fiscal year ending 30 Azar 1404 (21 Dec 2025) with a 73.7% gross margin and audited net profit of about 1,877 billion tomans. But behind that dreamlike margin sits one fact: revenue grew only 15% in a year when average inflation hit 57.7%, meaning real sales shrank. Neutrally and with no buy or sell advice, we trace where this profit comes from. (Figures as of 15 and 19 July 2026.)
Vomodir Under the Lens: A 17,346 Billion Rial Net Profit and a Price to Earnings of 3.2; Why the Market Prices the Pension Fund Holding at a Discount (Saturday, 18 July 2026)
Vomodir (Value Capital Management Group of the Government Employees Pension Fund) closed its audited fiscal 1404 (ended 21 December 2025) with net profit of 17,346 billion rial (about 1,735 billion toman), EPS of 667 rial and a 220 rial dividend. Yet two thirds of that profit came from selling investments, and the market prices the holding at 3.2 times earnings versus 5.8 for the sector. This analysis is not a buy or sell recommendation.
Ghachar Under the Lens: Chaharmahal Sugar's Sales Rose 50% and Profit 43% in FY1404; But Through the Inflation Lens, Real Growth Is Near Zero (Saturday, 18 July 2026)
Chaharmahal Food & Sugar (ticker: Ghachar), on Iran's Farabourse, reported fiscal 1404 (to 20 March 2026) results with revenue up about 50% and net profit up 43%. But on any reasonable read of 1404 inflation, this nominal growth is at best in line with inflation and real growth is near zero. The figures are still unaudited and the ticker carries a supervisory flag; against that, its P/E of about 5.5 sits below the 8.27 sugar-group average. This analysis is not a buy or sell recommendation.
Dabid Under the Microscope: Dr Abidi Pharmaceutical's Six-Month Profit Jumped 3.3x; Dissecting a Surge That Didn't Come From Sales Alone (Saturday, 18 July 2026)
Mid-session today, Dr Abidi Pharmaceutical (Dabid) published its unaudited six-month statements: revenue grew 118% to 13.2 thousand billion tomans, the operating margin jumped to 50.2%, and net profit reached 3.3x at an EPS of 939 rials. A dissection shows four engines behind the jump, but three questions stay open: the cash backing of profit, the price-versus-volume split, and the nature of 958 billion tomans of non-operating income.
Vomelal Under the Lens: A 14.3-Trillion-Toman Net Loss and Negative 59% Capital Adequacy; Why Conventional Valuation Tools Fail for Mellal Credit Institution (Saturday, July 18, 2026)
Mellal Credit Institution (Vomelal) posted a net loss of 14.3 trillion tomans and negative EPS of 7,169 rials for fiscal year 1404; its capital adequacy sank to negative 59% and shareholders' equity turned negative. The ticker has been halted since November 2025 and the institution is run by a Central Bank supervisory board. Why nominal lending-income growth does not solve a balance-sheet crisis, and why P/E and P/B are meaningless here. No buy or sell advice.
Kapshir Under the Lens: Pashm-Shishe Iran's Net Profit Leapt 95%, but Real Sales Have Been Shrinking for Three Years (Friday, 17 July 2026)
Pashm-Shishe Iran (ticker: Kapshir) lifted revenue 54% and net profit 95% in fiscal 1404, pushing its net margin to 40.8%. But the sales charts show real volumes of both glass wool and Isogam falling for a third straight year, meaning the jump is almost entirely inflationary. At a Q ratio of about 0.79, the market is pricing the company slightly below its replacement cost.
What Is an Investment Fund? Fixed-Income, Equity, Balanced, Gold Funds and ETFs Explained
What is an investment fund, and how does it differ from buying shares or gold directly? This lesson explains the main fund types (fixed-income, equity, balanced and gold), what NAV (Net Asset Value) means, and how an exchange-traded fund (ETF) differs from an issuance-and-redemption fund, with simple worked examples.
Vomahan Under the Lens: Why Mehr Ayandegan Financial Group Should Be Judged by Price to Net Asset Value, Not Profit Margin (Tuesday, 14 July 2026)
A reader asked, "What do you make of Vomahan?" The right answer starts with one fact: Vomahan, the ticker of Mehr Ayandegan Financial Group, is an investment holding on Iran's OTC market (Farabourse), not a factory. For this kind of stock the correct yardstick is not profit margin or a simple P/E, but price to net asset value (P/NAV). The last price is 7,380 rials (Sahmino, 14 July 2026), and the stock has historically traded at a discount to NAV. Not investment advice.
Separdis Under the Lens: Why Maskan Pardis Investment Trades at a Discount to the Current Value of Its Assets, A Detailed Fundamental Analysis
A detailed analysis of Separdis (Maskan Pardis Investment) interim statements: revenue fell 44% yet the margin jumped to 59%, operating cash flow turned negative, and receivables and stalled projects rose. The key point, though, is the hidden asset: with 100% housing inflation, the current value of the property inventory and the 115-hectare Pardis land is far above book, and the share likely trades at a 30% to 50% discount to NAV. Neutral, with no buy or sell recommendation.
Shatran Under the Lens: Is Tehran Oil Refining's 335% Gross-Profit Jump Real or Paper? A Fundamental and Forensic Analysis
Tehran Oil Refining (Shatran) in fiscal 1404 (2025/26) lifted revenue 32%, gross profit 335% and net profit 287%. But a forensic look shows operating cash flow is only 23% of net profit and accounts receivable have jumped 273%. This neutral analysis, with no buy or sell recommendation, probes earnings quality, the balance sheet, and the durability of this growth.
BAMA Under the Lens: Bama Mining's Net Profit Roughly Quadrupled in a Year, But Why the Quality of That Jump Matters More Than the Number (Tuesday, July 14, 2026)
A reader asked what we think of BAMA. Net profit at Bama Mining & Industrial rose from roughly 422 to about 1,597 billion tomans, nearly a fourfold jump in a year. But much of it came from FX-translation gains and higher global zinc prices, not more output, output volume actually fell around 6 percent. A neutral look at a profitable but cyclical, dollar-linked miner (as of Tuesday, July 14, 2026). Educational, not buy or sell advice.
Kafpars Under the Lens: A 1,519% Revaluation-Based Capital Increase and the Fundamental Root of a Decade of Shareholder Frustration at Pars Refractories (July 13, 2026)
A Sahmino reader wrote: "I have held Kafpars for ten years, nothing but losses." Neutrally and with no buy or sell advice, drawing on official exchange data and financial statements, we examine why Pars Refractories Products has failed to satisfy its long-term holders: from thin, fragile profitability to a 1,519% capital increase funded entirely by asset revaluation, and how that distorts the unadjusted price chart. Figures as of July 13, 2026.
The Factories Are Back, the Symbols Are Not: 42 War-Damaged Tickers Worth About 35% of the Tehran Bourse Stayed Frozen Through 22 Tir (Monday, July 13, 2026)
Roughly 42 war-damaged tickers on the Tehran Stock Exchange, together about 35% of total market value, from Foolad and Fakhouz to Bafajr, Mobin and Shavan, stayed suspended through 31 Tir 1405 (July 22, 2026), even as many of the same firms restarted production. Mobarakeh Steel revived its No. 8 furnace in about 45 days, and officials say nearly 89% of war-hit petrochemical units are back online. The main index (TEDPIX) closed Monday down 1.79% below 5 million points, at 4,966,761.
Karbon Trades at a 5.1 P/E Against Its Sector's 21.8; Why the Chart's 56% Drop Is Partly a Price-Adjustment Illusion (Monday, July 13, 2026)
Karbon (Kani Karbon Tabas), a coal-mining stock on the second market of Iran's Farabourse (OTC market), trades at a 5,960-rial close, a price-to-earnings ratio near 5.1, and an earnings yield close to 20%, while its coal-mining sector averages 21.8. This data-driven report shows that much of the 56% fall from the one-year high is not a real crash but the price-adjustment effect of two corporate actions (a capital increase and a dividend). Figures as of July 13, 2026.
TAPICO Closes Persian Gulf Star Refinery's 15-Year FX-Debt File; Its 49% Stake One Step From an IPO (Sunday, July 12, 2026)
TAPICO's CEO says the roughly $3 billion FX-debt file of Persian Gulf Star Refinery has been closed after about 15 years, leaving the plant "one step" from an IPO. TAPICO owns 49% of the asset; the PTAP symbol traded at 2,962 tomans on Sunday, July 12, 2026, about 79% of its published NAV. Why the debt fix matters and what the market is pricing.
Tehran Stock Exchange Opens Down About 2.5% on Sunday, July 12, 2026: The Psychology of the Sell-Off and Systematic vs Fundamental Risk
On the morning of Sunday, July 12, 2026 (21 Tir 1405), the Tehran Stock Exchange overall index (TEDPIX) fell about 2.49% to around 5,056,740 in early trade, extending several pressured sessions; the equal-weighted index dropped 2.08%, a sign the selling is broad. This piece explains what a heavy sell queue means, why even fundamentally sound shares get sold on days like this, and why systematic risk does not necessarily mean companies' intrinsic value has changed.
Kermanshah Petrochemical (Karmasha) Is About to Reopen After Its AGM: a 97% Capital Increase, a 1,227-Rial Dividend, and the Global Urea Shock in the Background (Saturday, July 11, 2026)
Kermanshah Petrochemical (Karmasha), one of the few urea and ammonia producers on the Tehran Stock Exchange, is halted for its annual meeting and about to reopen. It registered a 97% capital increase and approved a 1,227-rial dividend (40% payout) at its July 7 AGM. The stock trades at a trailing P/E of about 8.18, roughly in line with the chemicals group average of 8.24, so its story is the global urea cycle amid the renewed Hormuz crisis, not a valuation discount.
Sejam and the Trading Code: A Step by Step Guide to Opening a Brokerage Account in Iran
What is Sejam, why must every investor register before trading on the Tehran Stock Exchange, and where does the trading code come from? This lesson walks through registration, in person and remote identity verification, and choosing a brokerage.
Bank Novin Sets Dividend Payment Schedule: SEJAM Holders Paid From August 19, Last Group Waits Until October 21, 2026
Bank Eqtesad Novin (Tehran Stock Exchange ticker: Vanovin) has announced its dividend payment schedule for the fiscal year ended March 20, 2026. SEJAM-registered shareholders are paid from August 19, 2026; non-SEJAM individuals and funds from September 22; and other non-SEJAM legal shareholders from October 21.
Isfahan Refinery's Replacement Value Is Up to 5x Shapna's Market Cap; How Much of That Gap Does the Market Price In? (Thursday, July 9, 2026)
Shapna's (Isfahan Oil Refining) Tehran Stock Exchange market cap is estimated at $2.6 to $2.8 billion based on available reporting. Rebuilding a refinery of the same capacity from scratch, using global refinery cost benchmarks, could cost $7.5 to $13.1 billion, meaning the market prices this asset at only 20 to 38 percent of its estimated replacement value.
Bank Mellat Announces Four-Stage Dividend Payment Schedule; SEJAM-Registered Shareholders Paid Last, From August 1 (Thursday, July 9, 2026)
Bank Mellat announced a four stage dividend payment schedule for the fiscal year ended March 20, 2026: non-SEJAM individual shareholders from June 5, investment portfolios from July 6, SEJAM-registered shareholders from August 1, and non-SEJAM corporate shareholders from August 21, 2026, an order that puts SEJAM shareholders, against expectation, last in line.
Tehran Stock Exchange 101: What Are Shares, Tickers, and the Overall Index?
Learn what a share and a ticker symbol are on the Tehran Stock Exchange, how the overall index is calculated, which days and hours the exchange trades, and how the daily price fluctuation band limits a ticker's price moves.
Competition Council Calls Iran's 15% Car Price Hike Insufficient; Tehran Bourse's Automaker Stocks Caught Between Codal Rally and War Selloff (Thursday, July 9, 2026)
Iran's Competition Council (session 758, July 8, 2026) again ruled the Industry Ministry's approved 15% car price hike falls short of the Protection Organization's justified 25%. The dispute lands on Tehran Bourse's automaker stocks, Khodro, Khasapa, Khegostar and Khbahman, a group that rode a Codal-driven rally in Khordad but now faces selling pressure from the collapsed Iran-US ceasefire.
TCI's EPS Fell to 4 Rials; The 1,555% Capital Increase Behind Iran Telecom's Numbers (Thursday, July 9, 2026)
TCI's (Telecommunication Company of Iran, ticker اخابر) earnings per share for fiscal year 1403 (ended March 2025) came in at just 4 rials, even as value added, operating revenue, and net profit each grew about 22%. The reason is a 1,555% capital increase approved in Bahman 1402. The June 2025 shareholder meeting approved a 40-rial dividend per share.
Bank Tejarat Raises Capital 340 Percent: What the H1 1404 Earnings Report Shows (Wednesday, July 8, 2026)
Bank Tejarat raised its registered capital 340.6 percent, from 33.6 to 148 trillion tomans, at a March 2025 assembly. Its first six-month report since then shows net profit up 14 percent and earnings per share up 21 percent (Wednesday, July 8, 2026).
Bank Mellat's EPS: 656 Rials or 335? The Reason Behind the Conflicting Six-Month Reports (Wednesday, July 8, 2026)
Two different reports put Bank Mellat's first-half fiscal 1404 earnings per share at 656 rials and 335 rials, both citing the same 79.36-trillion-toman net profit. The gap traces to a capital increase that nearly doubled the bank's share count (Wednesday, July 8, 2026).
Bank Mellat's Capital Grew From 35 to 338 Trillion Tomans; Why Vabmellat's EPS Shouldn't Be Compared to Old Figures (Wednesday, July 8, 2026)
Bank Mellat's (Vabmellat, وبملت) registered capital rose in four stages from December 2023 to May 2026, from 35.3 to 338.2 trillion tomans, a nearly tenfold increase that took its share count above 3.38 billion. This report traces Bank Mellat's capital-increase history and explains why its reported EPS varies across sources.
Shepna and Shabandar Rally as Brent Tops $76; How the $19 Summer Crack Spread Feeds Refiner Profits (Wednesday, July 8, 2026)
On the first Tehran Stock Exchange session after Brent crude jumped above $76.04 (Tuesday, July 7), refiners Shepna and Shabandar gained 2.87% and about 0.65%. With the feedstock formula set at 95% of the Brent, Dubai and Oman average and this summer's approved crack spread near $19 a barrel, this piece traces the mechanism linking global oil prices to listed refiners' profitability (Wednesday, July 8, 2026).
Iran's Largest Ever IPO Is Coming: Taban Farda Petrochemical Valuation Finalized (Tuesday, July 7, 2026)
Iran's Securities and Exchange Organization says the valuation of Taban Farda Petrochemical Group is complete (June 28, 2026); a 5% stake in the holding, whose listed portfolio is valued at roughly 3,180 trillion rials (about 318 trillion tomans), is expected to be offered within two weeks, in what its CEO calls the largest transaction in Tehran Stock Exchange history.
What Is Shapna's Forward P/E? Estimating It From Isfahan Oil Refining's 1,152 Rial EPS (Tuesday, July 7, 2026)
Shapna (Isfahan Oil Refining) last traded at a confirmed 8,160 rials per share (May 15, 2026); against EPS of 1,152 rials that puts trailing P/E at 7.08x. This report estimates forward P/E under three scenarios, built from the company's earnings trend, Brent, and the free market dollar.
What Is Bank Mellat's Forward P/E? An Estimate Based on Its 6-Month EPS of 335 Rials (Tuesday, July 7, 2026)
Bank Mellat's Tehran Stock Exchange ticker, Vabmellat (وبملت), traded around 1,284 rials on Tuesday, July 7, 2026. Using its 335-rial six-month EPS for H1 of Iranian fiscal year 1404 (up 36% year on year), this report calculates a forward P/E under conservative, base, and optimistic scenarios.
How Tehran Stock Exchange Analysts Screen for Undervalued, Overlooked Stocks: Five Current Examples With Official Evidence (Monday, July 6, 2026)
Beyond the headline index, some Tehran Stock Exchange analysts screen for overlooked stocks using criteria like a low forward P/E, a discount to NAV, and leverage from the gap between Iran's free-market and NIMA exchange rates. Sahmino examines the method itself, alongside five current symbols with official financials as evidence, each with its own catalyst and risk (Monday, Tir 15, 1405 / July 6, 2026).
Tehran Stock Exchange Reopens Tomorrow; Gold and Coin Hit Records During Closure, Dollar Holds Near 175,600 Tomans (Monday, July 6, 2026)
The Tehran Stock Exchange, Iran Fara Bourse, Iran Mercantile Exchange and Iran Energy Exchange, closed since Wednesday, July 1 (10 Tir), reopen tomorrow, Tuesday, July 7 (16 Tir 1405). During the six-day closure, 18-karat gold and the Emami coin hit fresh records while the free-market dollar held near 175,600 tomans; meanwhile OPEC+ raised August output, US bitcoin ETFs returned to net inflows, and analysts flagged unresolved questions over options-contract maturities.
Fmelli Under the Microscope: National Iranian Copper Industries' Net Profit Hit 149.6 Trillion Tomans in FY1404 (Fundamental Analysis, Sunday, July 5, 2026)
National Iranian Copper Industries Co. (TSE: Fmelli), Iran's largest copper producer, reported a net profit of 149.6 trillion tomans for fiscal year 1404 (ended March 20, 2026), up 98% year on year. With a P/E ratio of about 22.4 as of the last trading session before the Tehran bourse's three-day closure (July 1, 2026), this report reviews the company's value chain, financials, mineral reserves, and risks, with no buy or sell recommendation.
Iran's Four Capital Market Pillars Close for Three Days; Trading Resumes Tuesday, July 7 (Saturday, July 4, 2026)
The Tehran Stock Exchange, Iran Fara Bourse, Iran Mercantile Exchange and Iran Energy Exchange are closed from Saturday, July 4 through Monday, July 6, 2026, with trading set to resume Tuesday, July 7, per the Securities and Exchange Organization. The last session, Wednesday, July 1, closed with the main index up 1.16% at 5,187,258 points; it is the second major capital-market shutdown of the year, after an 80-day halt from late February to mid-May.
