Articles
Neutral, dated analysis and explainers across Iran’s markets.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
