The Week in Review. For the period Jun 25, 2018 Jun 29, News This Week. Stock Market Overview
|
|
- Monica Prudence Hudson
- 5 years ago
- Views:
Transcription
1 The Week in Review For the period Jun 25, 2018 Jun 29, 2018 News This Week KSE-100 Green despite being grey-listed Urea sales down in May Forex reserves fall to USD16.2bn FATF decides to keep Pakistan on 'grey list' Profit repatriation soars 19% Margins on petrol, diesel sales raised International Steels emerges as biggest cold roller after kickstarting new plant E&P companies plan offshore drilling in January 2019 Private sector borrowing down 20% Lucky achieves financial close for USD1bn coal power project Stock Market Overview The outgoing week started off on a negative note in anticipation of the crucial decision by FATF to place Pakistan in the grey list, consequently, the index shed 664pts on the first day of the week. However on weekly basis, the benchmark index closed in green at 41,911pts, up by 0.7%WoW. The announcement of placing Pakistan in the grey list failed to deteriorate market participation in this week as evident from ADT that increased by 6.8%WoW, however, ADTV decreased by 1.6%WoW. Foreigners continued their selling spree in this week as well with a net outflow of USD15.5mn. EFUG, NCPL, PAKT, HASCOL and UNITY were the major gainers while CHCC, KTML, GLAXO, AGIL, and KAPCO were the major losers in the benchmark KSE-100 this week. REP 039 BIPL Securities Limited 5 th Floor, Trade Centre, I.I. Chundrigar Road, Karachi 1
2 KSE-100 Green despite being grey-listed Date Open High Low Close Change Vol (mn) 25-Jun-18 41,642 41,843 40,901 40, % Jun-18 41,007 41,527 40,978 41, % Jun-18 41,281 41,817 41,246 41, % Jun-18 41,710 42,078 41,539 41, % Jun-18 41,999 42,082 41,750 41, % 166 Market Review The outgoing week started off on a negative note in anticipation of the crucial decision by FATF to place Pakistan in the grey list, consequently, the index shed 664pts on the first day of the week. However on weekly basis, the benchmark index closed in green at 41,911pts, up by 0.7%WoW. The announcement of placing Pakistan in the grey list failed to deteriorate market participation in this week as evident from ADT that increased by 6.8%WoW, however, ADTV decreased by 1.6%WoW. Foreigners continued their selling spree in this week as well with a net outflow of USD15.5mn. During the week, NFDC released the latest numbers on urea offtakes that declined by 5%YoY, clocking in at 494k tons for May 18 taking the cumulative 5MCY18 volumes to 2.1mn MT, up by 29%YoY. Moreover, International Steels Limited commenced the production of its largest cold rolling mill having an annual capacity of 1.0mn MT. Additionally, the government increased the OMC margins for petrol and HSD to PKR2.64/ltr and PKR2.63/ltr, respectively. Furthermore, Lucky Electric Power Company achieved the financial close for its 660MW coal based power project that is anticipated to come online by Mar 21. On the macro front, central bank s foreign exchange reserves decreased to USD9.7bn, down by USD602mn accredited to the official debt repayments. Also, foreign repatriation for 11MFY18 increased by 19%YoY to USD2.2bn with the highest outflow of USD329mn was witnessed in the telecommunication sector. Moreover, the private sector credit offtake for FY18 clocked in at PKR601bn in comparison to PKR748bn in SPLY, down by 20%YoY. Furthermore, as per sources, the FBR has made recoveries of USD46mn tax under the tax amnesty scheme till Jun 23, 2018 which is going to expire on Jun 30, 2018 but may be extended potentially. Outlook This week marks the end of FY18 where the market will now begin to factor in the annual result expectations. However, economic troubles will continue to put weight on market performance. 2 2
3 Economic highlights & Data points News This Week Forex reserves fall to USD16.2bn (The News): Pakistan s foreign exchange reserves fell 3.3% to USD16.2bn during the week ended June 22, the central bank said on Thursday. The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased USD602mn on weekly basis. FATF decides to keep Pakistan on 'grey list' (The News): The Financial Action Task Force (FATF) on Thursday decided to keep Pakistan on its 'grey list'. According to details, Pakistan has fielded its interim Finance Minister Shamshad Akhtar to defend the country in Paris where the Financial Action Task Force is meeting. While pleading Pakistan's case to remove its name from FATF grey list, the minister apprised the anti-terror financing body of measures that country has taken to combat money laundering, terrorist financing and to eliminate the terrorism from its soil. Profit repatriation soars 19% (Dawn): The outflow of profits and dividends on foreign investments from Pakistan has increased by over 19% to USD2.24bn in the 11MFY18. The State Bank of Pakistan reported on Wednesday that the outflow on foreign direct investment (FDI) rose over 26pc during July-May FY18; but the FDI decreased 1.3% during this period. The outflow of profits on foreign portfolio investment declined to USD291mn against USD346.7mn in the same period of last fiscal year. Private sector borrowing down 20% (Dawn): The private sector credit off-take for FY18 stood at PKR601bn, down 19.65%, from PKR748bn in FY17, the State Bank of Pakistan released on Monday. The government which completed its tenure on May 31 had set the GDP target of 6%, however, with the passage of time doubts have emerged over the target. Outlook changed to negative: Moody s affirms B3 deposit ratings of five banks (BR): Moody's Investors Service has affirmed the longterm local-currency B3 deposit ratings of five Pakistani banks and changed the outlook to negative from stable. Moody's says that affected banks include Allied Bank Limited (ABL), Habib Bank Ltd (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Limited (UBL). Sector and Corporate highlights Lucky achieves financial close for USD1bn coal power project (The News): Lucky Electric Power Company has achieved financial close for its Thar coal-based 660MW Lucky Electric Coal Power Project on Monday. International Steels emerges as biggest cold roller after kick-starting new plant (The News): International Steels Limited has begun production from its new plant to emerge as the country s biggest cold roller with one million tons of output capacity and to shed reliance on steel inbound shipments that account for 10% of the country s imports. Margins on petrol, diesel sales raised (Dawn): The government has notified increase in profit margins of Oil Marketing Companies (OMCs) and dealers by up to 10% on petrol and diesel sales effective from July 1. The regulator has been told that margin for OMCs on high-speed diesel (HSD) had been jacked up by 23 paisa to PKR2.64 per litre instead of PKR2.41. Petroleum Division also notified an increase of 9 paisa per litre for OMCs on petrol. As such, the OMC s margin would go up to PKR2.64 per litre from PKR2.55. Urea sales down in May (Nation): National Fertilizer Development Corporation (NFDC) released fertilizer numbers for May-2018, wherein local urea sales depicted a slight attrition of 5 percent YoY to clock-in at 494,000 tons, in-line with estimates. 3
4 Stock Market Last week in pictorals Chart 1: KSE-100 Index Chart 2: KSE Advance/Decline Ratio Chart 3: Pak Foreign Portfolio Flows (US$mn; US$=PKR115) Chart 4: KSE- Volumes & Values Source: NCCPL Chart 5: Price to Money Ratio Chart 6: Off market activity Source: NCCPL 4
5 Economy Watch Chart 7: Revenue Collection (PKRbn) Chart 8: Forex Reserves (US$mn) Chart 9: Import & Export (US$mn) Chart 10: Foreign Exchange Rate (PKR/US$) Chart 11: 6-mth T-Bill Yield (%) Chart 12: Yield Curve (%) 5
6 Stock Market Synopsis Last week This Week %Change 1M 3M 12M Mkt. Cap (US $ bn) % Avg. Dly T/O (mn. shares) % Avg. Dly T/O (US$ mn.) % No. of Trading Sessions KSE 100 Index 41, , % 42, , ,711.9 KSE ALL Share Index 30, , % 31, , ,437.8 Chart 13: KSE-100 Active Issues (ADTO-million shares) Chart 14: KSE-100 Least Traded Issues (ADTO- shares) Chart 15: KSE-100 Top Gainer (% change) Chart 16: KSE-100 Top Losers (% change) 6
7 Disclaimer This research report is for information purposes only and does not constitute nor is it intended as an offer or solicitation for the purchase or sale of securities or other financial instruments. Neither the information contained in this research report nor any future information made available with the subject matter contained herein will form the basis of any contract. Information and opinions contained herein have been compiled or arrived at by BIPL Securities Limited from publicly available information and sources that BIPL Securities Limited believed to be reliable. Whilst every care has been taken in preparing this research report, no research analyst, director, officer, employee, agent or adviser of any member of BIPL Securities Limited gives or makes any representation, warranty or undertaking, whether express or implied, and accepts no responsibility or liability as to the reliability, accuracy or completeness of the information set out in this research report. Any responsibility or liability for any information contained herein is expressly disclaimed. All information contained herein is subject to change at any time without notice. No member of BIPL Securities Limited has an obligation to update, modify or amend this research report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate, or if research on the subject company is withdrawn. Furthermore, past performance is not indicative of future results. The investments and strategies discussed herein may not be suitable for all investors or any particular class of investor. Investors should make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives when investing. Investors should consult their independent advisors if they have any doubts as to the applicability to their business or investment objectives of the information and the strategies discussed herein. This research report is being furnished to certain persons as permitted by applicable law, and accordingly may not be reproduced or circulated to any other person without the prior written consent of a member of BIPL Securities Limited. This research report may not be relied upon by any retail customers or person to whom this research report may not be provided by law. Unauthorized use or disclosure of this research report is strictly prohibited. Members of BIPL Securities and/or their respective principals, directors, officers, and employees and their families may own, have positions or affect transactions in the securities or financial instruments referred herein or in the investments of any issuers discussed herein, may engage in securities transactions in a manner inconsistent with the research contained in this research report and with respect to securities or financial instruments covered by this research report, may sell to or buy from customers on a principal basis and may serve or act as director, placement agent, advisor or lender, or make a market in, or may have been a manager or a co-manager of the most recent public offering in respect of any investments or issuers of such securities or financial instruments referenced in this research report or may perform any other investment banking or other services for, or solicit investment banking or other business from any company mentioned in this research report. Investing in Pakistan involves a high degree of risk and many persons, physical and legal, may be restricted from dealing in the securities market of Pakistan. Investors should perform their own due diligence before investing. No part of the compensation of the authors of this research report was, is or will be directly or indirectly related to the specific recommendations or views contained in the research report. By accepting this research report, you agree to be bound by the foregoing limitations. BIPL Securities Limited and / or any of its affiliates, which operate outside Pakistan, do and seek to do business with the company(s) covered in this research document. Investors should consider this research report as only a single factor in making their investment decision. BIPL Securities Limited prohibits research personnel from disclosing a recommendation, investment rating, or investment thesis for review by an issuer/company prior to the publication of a research report containing such rating, recommendation or investment thesis. BIPL Securities Limited endeavors to make all reasonable efforts to disseminate its publication to all eligible clients in a timely manner through either physical or electronic distribution such as mail, fax and/or . Nevertheless, not all clients may receive the material at the same time. Disclaimers/Disclosures to US Investors This investment research is distributed in the United States by BIPL Securities Limited (BIPLS), and in certain instances by Enclave Capital LLC (Enclave), a U.S.-registered broker-dealer, only to major U.S. institutional investors, as defined in Rule 15a-6 promulgated under the U.S. Securities Exchange Act of 1934, as amended, and as interpreted by the staff of the U.S. Securities and Exchange Commission. This investment research is not intended for use by any person or entity that is not a major U.S. institutional investor. If you have received a copy of this research and are not a major U.S. institutional investor, you are instructed not to read, rely on or reproduce the contents hereof, and to destroy this research or return it to BIPLS or to Enclave. The analyst(s) preparing this report are employees of BIPLS who are resident outside the United States and are not associated persons or employees of any U.S. registered broker-dealer. Therefore, the analyst(s) are not subject to Rule 2711 of the Financial Industry Regulatory Authority (FINRA) or to Regulation AC adopted by the U.S. Securities and Exchange Commission (SEC) which among other things, restrict communications with a subject company, public appearances and personal trading in securities by a research analyst. Any major U.S. institutional investor wishing to effect transactions in any securities referred to herein or options thereon should do so by contacting a representative of Enclave. Enclave is a broker-dealer registered with the SEC and a member of FINRA and the Securities Investor Protection Corporation. Its address is 19 West 44th Street, Suite 1700, New York, NY and its telephone number is BIPLS is not affiliated with Enclave or any other U.S. registered broker-dealer.
The Week in Review. For the period Jun 19, 2018 Jun 22, News This Week. Stock Market Overview
The Week in Review For the period Jun 19, 2018 Jun 22, 2018 News This Week KSE-100 A massive fall in the index Forex reserves up USD341mn Moody s downgrades Pakistan s rating to negative on external risks
More informationThe Week in Review. For the period Oct 8, 2018 Oct 12, News This Week. Stock Market Overview
The Week in Review For the period Oct 8, 2018 Oct 12, 2018 News This Week KSE-100 Another bearish week at the bourse Forex reserves fall USD100mn Exports grow by 4.6% Remittances up 13% to USD5.4bn ADB
More informationThe Week in Review. For the period Dec 31, 2018 Jan 04, News This Week. Stock Market Overview. REP 039
The Week in Review For the period Dec 31, 218 Jan 4, 219 News This Week New Year to bring additional PKR155bn tax burden Government cuts petrol price by PKR4.86 for January Revenue collection posts meagre
More informationThe Week in Review. For the period Feb 25, 2019 Mar 1, News This Week. Stock Market Overview. REP 039
The Week in Review For the period Feb 25, 219 Mar 1, 219 News This Week 4,5 KSE1 Border tensions domineer the index Reserves edge lower 39,5 FBR misses collection target by PKR235bn for 8MFY19 Stabilization
More informationThe Week in Review. For the period Dec 24, 2018 Dec 28, News This Week. Stock Market Overview. REP 039
The Week in Review For the period Dec 24, 218 Dec 28, 218 News This Week UAE to deposit USD3.bn in State Bank of Pakistan Government mulls freezing corporate tax rate at 29% Bailout impasse caused by three
More informationThe Week in Review. For the period Dec 3, 2018 Dec 7, News This Week. Stock Market Overview. REP 039
The Week in Review For the period Dec 3, 2018 Dec 7, 2018 News This Week Forex reserves drop to USD14bn SBP hikes interest rate to 10% on inflation fears Consumer inflation clocks in at 6.5% in November
More informationThe Week in Review. For the period Feb 04, 2019 Feb 08, News This Week. Stock Market Overview. REP 039
The Week in Review For the period Feb 4, 219 Feb 8, 219 News This Week Reserves up by USD82mn to USD14.9bn Pakistan signs USD1bn gas pipeline agreement Revenue collection falls PKR191bn short of target
More informationCOMMODITIES CORNER. Gold rises as dollar slips, set for first weekly gain in three. Synopsis
COMMODITIES CORNER April 12, 2019 Synopsis Gold (Play the Range) US$1,310 US$1,300 US$1,290 US$1,280 Silver (Play the Range) US$15.50 US$15.20 US$14.90 US$14.80 WTI (Play the Range) US$65.50 US$64.50 US$62.50
More informationThe Week in Review. For the period Dec 4, 2017 Dec 8, News This Week. Stock Market Overview
The Week in Review For the period Dec 4, 2017 Dec 8, 2017 News This Week Growth of 20% in revenue collection WB approves USD130m for Punjab farmers CDWP approves 17 projects worth PKR19.2bn Government
More informationCOMMODITIES CORNER. Gold nudges up amid looming U.S. tariffs on China. Synopsis Gold (Play the Range) 2nd Resistance
COMMODITIES CORNER September 17, 2018 Synopsis Gold (Play the Range) US$1,210 US$1,200 US$1,190 US$1,185 Silver (Play the Range) US$14.50 US$14.30 US$14.00 US$13.80 WTI (Play the Range) US$71.40 US$70.20
More informationCOMMODITIES CORNER. Gold steadies above 5-week lows as market rally pauses. Synopsis
COMMODITIES CORNER March 06, 2019 Synopsis Gold (Play the Range) US$1,300 US$1,290 US$1,280 US$1,270 Silver (Play the Range) US$15.50 US$15.30 US$15.00 US$14.80 WTI (Play the Range) US$57.30 US$56.30 US$55.30
More informationCOMMODITIES CORNER. Oil prices rebound slightly after heavy declines over trade dispute. Synopsis Gold (Play the Range) 2nd Resistance
COMMODITIES CORNER Synopsis Gold (Play the Range) US$1,235 US$1,225 US$1,210 US$1,205 Silver (Play the Range) US$15.70 US$15.50 US$15.20 US$14.90 WTI (Play the Range) US$69.40 US$68.10 US$66.40 US$65.50
More informationCOMMODITIES CORNER. Gold prices slip as Dollar recover. Synopsis
COMMODITIES CORNER December 21, 2018 Synopsis Gold (Play the Range) US$1,278 US$1,266 US$1,255 US$1,240 Silver (Play the Range) US$15.00 US$14.85 US$14.70 US$14.30 WTI (Play the Range) US$47.85 US$46.90
More informationCOMMODITIES CORNER. Gold inches up as retreat of bond yields weigh on dollar. Synopsis Gold (Play the Range) 2nd Resistance
COMMODITIES CORNER October 10, 2018 Synopsis Gold (Play the Range) US$1,200 US$1,195 US$1,185 US$1,180 Silver (Play the Range) US$14.80 US$14.60 US$14.30 US$14.10 WTI (Play the Range) US$75.90 US$74.90
More informationCOMMODITIES CORNER. Oil prices rise on lower U.S. crude inventories, looming Iran sanctions. Synopsis Gold (Play the Range) 2nd Resistance
COMMODITIES CORNER September 12, 2018 Synopsis Gold (Play the Range) US$1,210 US$1,200 US$1,190 US$1,185 Silver (Play the Range) US$14.60 US$14.40 US$14.00 US$13.80 WTI (Play the Range) US$71.40 US$70.20
More informationCOMMODITIES CORNER. Gold set for biggest weekly loss since August as dollar weighs. Synopsis Gold (Play the Range) 2nd Resistance
COMMODITIES CORNER Synopsis Gold (Play the Range) US$1,230 US$1,225 US$1,215 US$1,210 Silver (Play the Range) US$14.70 US$14.60 US$14.30 US$14.20 WTI (Play the Range) US$61.80 US$60.80 US$58.30 US$57.00
More informationCOMMODITIES CORNER. Gold prices hold steady amid easing dollar. Synopsis Gold (Play the Range) 2nd Resistance
COMMODITIES CORNER November 05, 2018 Synopsis Gold (Play the Range) US$1,245 US$1,235 US$1,225 US$1,210 Silver (Play the Range) US$15.00 US$14.90 US$14.50 US$14.30 WTI (Play the Range) US$64.90 US$63.90
More informationCOMMODITIES CORNER. Gold subdued ahead of Fed Chair speech, G20 summit. Synopsis
COMMODITIES CORNER November 27, 2018 Synopsis Gold (Play the Range) US$1,236 US$1,228 US$1,218 US$1,210 Silver (Play the Range) US$14.70 US$14.60 US$14.30 US$14.20 WTI (Play the Range) US$53.30 US$52.30
More informationCOMMODITIES CORNER. Gold falls to 1-week low on stronger dollar, but holds above $1,300 level. Synopsis
COMMODITIES CORNER February 07, 2019 Synopsis Gold (Play the Range) US$1,320 US$1,310 US$1,300 US$1,295 Silver (Play the Range) US$16.20 US$16.00 US$15.60 US$15.50 WTI (Play the Range) US$56.60 US$55.60
More informationCOMMODITIES CORNER. Gold prices ease as U.S. rate hike views, trade tensions boost dollar. Synopsis Gold (Play the Range) 2nd Resistance
COMMODITIES CORNER September 11, 2018 Synopsis Gold (Play the Range) US$1,210 US$1,200 US$1,190 US$1,185 Silver (Play the Range) US$14.60 US$14.40 US$14.00 US$13.80 WTI (Play the Range) US$69.20 US$68.70
More information6:30pm USD High PPI m/m 0.2% 0.2% 6:30pm USD Medium Core PPI m/m 0.2% 0.2% BIPL Securities Limited. 8:00pm USD Medium
COMMODITIES CORNER November 08, 2018 Synopsis Gold (Play the Range) US$1,240 US$1,230 US$1,220 US$1,210 Silver (Play the Range) US$14.70 US$14.60 US$14.30 US$14.20 WTI (Play the Range) US$64.50 US$63.50
More informationCOMMODITIES CORNER. Dollar hits another 13-month peak on continuing concerns over Turkey. Synopsis Gold (Play the Range) 2nd Resistance
COMMODITIES CORNER August 15, 2018 Synopsis Gold (Play the Range) US$1,205 US$1,195 US$1,180 US$1,172 Silver (Play the Range) US$15.20 US$15.00 US$14.80 US$14.60 WTI (Play the Range) US$69.40 US$68.10
More informationCOMMODITIES CORNER. Gold prices nod higher as optimism on US-China trade pressures the dollar. Synopsis Gold (Play the Range) 2nd Resistance
COMMODITIES CORNER August 20, 2018 Synopsis Gold (Play the Range) US$1,205 US$1,195 US$1,180 US$1,160 Silver (Play the Range) US$15.30 US$15.00 US$14.60 US$14.30 WTI (Play the Range) US$67.40 US$66.40
More informationCOMMODITIES CORNER. Gold slips as new U.S. tariffs on China lifts dollar. Synopsis Gold (Play the Range) 2nd Resistance
COMMODITIES CORNER September 18, 2018 Synopsis Gold (Play the Range) US$1,210 US$1,205 US$1,190 US$1,185 Silver (Play the Range) US$14.50 US$14.30 US$14.00 US$13.80 WTI (Play the Range) US$70.20 US$69.20
More informationPakistan Fertilizer Sector
Aug-16 Sep-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 May-17 Jun-17 Jul-17 Fertilizer Sector Report Pressure on margin set to continue; Maintain Marketweight Chemical sector Performance 3M 6M 12M Absolute %
More informationCommodities Corner. U.S. equities closed at record high; oil prices soar. REP-039
REP-039 www.jamapunji.pk U.S. equities closed at record high; oil prices soar GOLD: Gold prices plunged to a five-month low as Federal Reserve raised its benchmark interest rates for the third time this
More informationCOMMODITIES CORNER. Gold edges up ahead of G20 meeting; set to post second weekly gain. Synopsis Gold (Play the Range) 2nd Resistance
COMMODITIES CORNER November 23, 2018 Synopsis Gold (Play the Range) US$1,236 US$1,228 US$1,218 US$1,210 Silver (Play the Range) US$14.70 US$14.60 US$14.30 US$14.20 WTI (Play the Range) US$55.50 US$54.50
More informationCommodities Corner. REP Synopsis Gold (Play the Range)
REP-039 www.jamapunji.pk Gold prices set to post fourth consecutive weekly gains GOLD: Gold prices fell initially in the previous session, making a low of US$1,307/oz after traders booked profit as the
More informationThe Week in Review. For the period Jun 29, 2018 Jul 05, News This Week. Stock Market Overview
The Week in Review For the period Jun 29, 2018 Jul 05, 2018 News This Week KSE-100 A dull week at the bourse SBP s reserves up by USD126mn Consumer inflation hits four-year high of 5.2% in June Huge revenue
More informationPakistan Pkit Economy
Pakistan Equity Economy Update Jun 21, 2018 REP 057 Pakistan Pkit Economy Credit Rating Agencies turning Negative Saad Hashemy saad@topline.com.pk Tel: +9221 35303330 Topline Securities, Pakistan www.jamapunji.pk
More informationHabib Bank (HBL) Result Review. 3Q2015 EPS Rs6.9. Key takeaways. October 21, Best Local Brokerage House
FOCUS Equity Commercial Banks Habib Bank (HBL) October 21, 2015 Topline Securities (Private) Limited 508, Continental Trade Centre, 5 th Floor Block-8, Clifton, Karachi, Pakistan Tel: +9221-35303330-32
More informationMarket Pulse. Inter. FFBL: Weak pricing power; Sell. Pakistan Fertilizer
Inter Pakistan Fertilizer FFBL: Weak pricing power; Sell Research Entity Number REP-85 We resume coverage on Fauji Fertilizer Bin Qasim Ltd (FFBL), the only local producer of DAP fertilizer, with a Sell
More informationPakistan cement sales +4% YoY in Jul 2018 Local sales +2% YoY, Export sales +15% YoY
Pakistan Equity Cement Sector Research Aug 1, 2018 REP 057 Pakistan cement sales +4% YoY in Jul 2018 Local sales +2% YoY, Export sales +15% YoY Nabeel Khursheed AC nabeel@topline.com.pk Tel: +9221 35303330
More informationBanking Sector Profits down 18% YoY in 1Q2018 Profits excluding pension cost & capital gains +7%
Pakistan Equity Banks Sector Research May 2, 2018 REP 057 Banking Sector Profits down 18% YoY in 1Q2018 Profits excluding pension cost & capital gains +7% Umair Naseer AC umair.naseer@topline.com.pk Tel:
More informationEQUITY MONITOR SAAO. NBP: The Banking Giant PKR 64; Target PKR 97; Upside Potential 51.2% Thursday, 26 February, 09
SAAO C A P I T A L EQUITY MONITOR NBP: The Banking Giant PKR 64; Target PKR 97; Upside Potential 51.2% We initiate our BUY recommendation on NBP with a target price of PKR 97 using the DDDM with an upside
More informationEngro Fertilizers (EFERT) 1Q2018 EPS: 2.9, +137% YoY, ( 8% QoQ) Above expectations
Pakistan Equity Result Review April 20, 2018 REP 057 1Q2018 EPS: 2.9, +137% YoY, ( 8% QoQ) Above expectations Shankar Talreja AC shankar@topline.com.pk k Tel: +9221 35303330 Topline Securities, Pakistan
More informationSector witnesses 5 Year low margins
REP 057 Pakistan Equity Cement Sector Research November 6, 20 Cement Sector Profits 3%, Pretax Profits 15% YoY YYin 1QFY18 Sector witnesses 5 Year low margins Nabeel Khursheed AC nabeel@topline.com.pk
More informationUpgrade to Buy. Pakistan Equity E&Ps Target Price and Estimate Change December 22, 2017
REP 057 Pakistan Equity E&Ps Target Price and Estimate Change December 22, 2017 Upgrade to Buy Nabeel Khursheed AC nabeel@topline.com.pk pk Tel: +9221 35303330, Ext: 112 Topline Securities, Pakistan Best
More informationPAKISTAN ECONOMIC REVIEW FY18 GDP Growth at 13 year High of 5.8%
Pakistan Equity Economy April 26, 2018 REP 057 PAKISTAN ECONOMIC REVIEW FY18 GDP Growth at 13 year High of 5.8% Topline Research research@topline.com.pk Tel: +9221 3530 3338 40 Topline Securities, Pakistan
More informationIGI Life. Funds Performance Report March IGI Life Insurance Limited
IGI Life Funds Performance Report March 20 IGI Life Insurance Limited FUND MANAGER REPORT July 20 Macro Review and Outlook: Headline inflation at +9.4% above market consensus of +8.5% CPI Inflation Domestic
More informationManappuram Finance (MGFL IN) Healthy operating performance
INSTITUTIONAL EQUITY RESEARCH Manappuram Finance (MGFL IN) Healthy operating performance INDIA BFSI Quarterly Update Top takeaways from Q2FY19 Operating results ahead of expectations with NII/PAT at Rs
More informationPakistan Fertilizers. 2QCY16 profitability to decline 69% amidst soft demand. Result Preview 25 th July, 2016
1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15A 3Q15A 1Q16A 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16A Pakistan Fertilizers Result Preview 25 th July, 2016 2QCY16 profitability to decline 69% amidst soft demand
More informationHousehold Goods Overweight TGL PA
1QFY13A 2QFY13A 3QFY13A 4QFY13A 1QFY14A 2QFY14E 3QFY14E 1QFY13A 2QFY13A 3QFY13A 4QFY13A 1QFY14A 2QFY14A 3QFY14A May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Household Goods Overweight TGL PA Price
More informationJUBILEE LIFE INSURANCE COMPANY LTD
JUBILEE LIFE INSURANCE COMPANY LTD (WINDOW TAKAFUL OPERATIONS) INVESTORS' OUTLOOK (TAKAFUL FUNDS) FOR THE MONTH OF APRIL 2017 TABLE OF CONTENTS REVIEW... 3 MANAGED TAKAFUL FUND... 5 CAPITAL GROWTH TAKAFUL
More informationManappuram Finance (MGFL IN) Growth picks up in gold loan; Microfinance drive profitability
INSTITUTIONAL EQUITY RESEARCH Manappuram Finance (MGFL IN) Growth picks up in gold loan; Microfinance drive profitability INDIA BFSI Quarterly Update Top takeaways from Q1FY19 Operating results inline
More informationMarket Pulse. Inter. Expect profits to grow substantially in 2QCY18. Pakistan Fertilizer
Inter Pakistan Fertilizer Expect profits to grow substantially in 2QCY18 Research Entity Number REP-085 We expect IMS Fertilizer Universe to post strong profit growth of 69% YoY for 2QCY18, where core
More informationIGI Life. Funds Performance Report August 2017
IGI Life Funds Performance Report August 2017 IGI Life Insurance Limited FUND MANAGER REPORT July 2015 Macro Review and Outlook: CPI for the month of Aug-17 clocks in at +3.42%YoY CPI Inflation As per
More informationChannel Becomes Credible Resistance.
T E C H N I C A L A N A L Y S I S 15, 2010 D A I L Y Channel Becomes Credible Resistance. Syed Rehan Ali rehan@fs.com.pk +92 (21) 561 2290-94 Ext. 306 Open High Low Close Vol. (m) RSI(14) 21ema 55ema 233ema
More informationJUBILEE LIFE INSURANCE COMPANY LTD
JUBILEE LIFE INSURANCE COMPANY LTD INVESTORS' OUTLOOK FOR THE MONTH OF APRIL 2017 TABLE OF CONTENTS REVIEW... 3 MANAGED FUND... 5 CAPITAL GROWTH FUND... 6 MEESAQ FUND... 7 YAQEEN GROWTH FUND... 8 MANAGED
More informationCement Sector Profits 26% YoY in 2QFY18 Sector witnesses fourth consecutive fall in earnings
Pakistan Equity Cement Sector Research March 2, 2018 REP 057 Cement Sector Profits 26% YoY in 2QFY18 Sector witnesses fourth consecutive fall in earnings Nabeel Khursheed AC nabeel@topline.com.pk Tel:
More informationKDDL (KDDL IN) In expansion mode
INSTITUTIONAL EQUITY RESEARCH KDDL (KDDL IN) In expansion mode INDIA MIDCAP Quarterly Update Top takeaways from 2QFY19 Results in line, recovery in manufacturing & strong growth in precision engineering.
More informationIGI Life. Funds Performance Report February 2018
IGI Life Funds Performance Report February 2018 IGI Life Insurance Limited FUND MANAGER REPORT July 2015 Macro Review and Outlook: CPI for the month of Feb-18 remains relatively subdued: For the CPI Inflation
More informationMRSK Holding Publishes Good 2008 IFRS Results
RUSSIA Electric Utilities MRKH RX BUY Price, USD 0.12 Price Target, USD 0.22 Upside, % 88% MRKHp RX BUY Price, USD 0.063 Price Target, USD 0.156 Upside, % 147% 28 October 2009 MRSK Holding Publishes Good
More informationPakistan Fertilizer Sector Profitability Earnings up by 47% YoY in 1Q2018
Pakistan Equity Fertilizer Sector Research May 3, 2018 REP 057 Sector Profitability Earnings up by 47% YoY in 1Q2018 Shankar Talreja AC shankar@topline.com.pk k Tel: +9221 35303330 Topline Securities,
More informationMarket Pulse. Inter. Regulatory changes weigh on auto sales. Pakistan Autos
Inter Pakistan Autos Regulatory changes weigh on auto sales Research Entity Number REP-085 Pakistan s Auto industry sold 17,662 units in Aug 18, down 20%yoy, taking 2MFY18 sales to 39,006 units, down 6%yoy.
More informationPakistan Equity Result Review
Pakistan Equity Result Review January 24, 2018 REP 057 2QFY18 EPS Rs9.0, 13% YoY ( 19% QoQ) Cash Dividend Rs17.5/sh Below Expectations Nabeel Khursheed AC nabeel@topline.com.pk Tel: +9221 35303330, Ext:
More informationMarket Monitor. KSE-100: Market declines on DR outlook
Market Monitor Pakistan Weekly Update KSE-1: Market declines on DR outlook 29,1 28,8 9 May 214 KASB Research research@kasb.com KASB Securities Limited Ph. No. (9221) 111-222- 28,5 28,2 Monday Tuesday Wednesday
More informationMonetary Policy Statement: Surprising 25 bps hike
REP-300 Monetary Policy Statement: Surprising 25 bps hike 31-Jan-2019 AHL Research D: +92 21 32462742 UAN: +92 21 111 245 111, Ext: 322 F: +92 21 32420742 E: research@arifhabibltd.com Best Domestic Equity
More informationDaily Call. PTI Govt s First Major Economic Decision to save PKR 94bn REP September 17,
REP- 300 Gas Price Hike PTI Govt s First Major Economic Decision to save PKR 94bn f1 Old & New Gas Prices PKR/MMBTU Old New Change Domestic (1st Slab) 110.0 121.0 10.0% Domestic (2nd Slab) 110.0 127.0
More informationIn Focus Banks Marketweight
Banks HBL - SELL TP Dec-11: PKR 100 Current Price: PKR 122 Abdul Shakur abdul.shakur@bmacapital.com Stock Statistics Ticker HBL Mkt Cap USD mn 1,423 12M ADT mn shares 0.3 Shares Outstanding mn 1,002 Stock
More informationFROM INVESTMENT DESK ECONOMY AND CAPITAL MARKETS UPDATE
INVESTMENT FACT SHEET FOR THE MONTH OF MARCH 2018 FROM INVESTMENT DESK ECONOMY AND CAPITAL MARKETS UPDATE 01 KEY INDICATORS CPI Inflation Trade Deficit (USD mn) Remittances (USD mn) Current A/C (USD mn)
More informationIGI Life. Funds Performance Report February IGI Life Insurance Limited
IGI Life Funds Performance Report February 2019 IGI Life Insurance Limited FUND MANAGER REPORT July 2015 Macro Review and Outlook: Headline inflation at +8.2% above market consensus CPI Inflation On the
More informationFROM INVESTMENT DESK ECONOMY AND CAPITAL MARKETS UPDATE
INVESTMENT FACT SHEET FOR THE MONTH OF JUNE 2018 FROM INVESTMENT DESK ECONOMY AND CAPITAL MARKETS UPDATE 01 KEY INDICATORS CPI Inflation Trade Deficit (USD mn) Remittances (USD mn) Current A/C (USD mn)
More informationEquity Market Analysis
SEPTEMBER Equity Market Analysis KSE-100 Index generated a negative return of ~1.8% in the month of September taking the FYTD return to ~-2% closing at 40,999 points at the month end. The sectors that
More informationTurkcell EARNINGS REVIEW 4Q17. Digital transformation on track BUY
EARNINGS REVIEW 4Q17 Turkey Telecom Services 16 February 2018 Turkcell Digital transformation on track We maintain our BUY recommendation for Turkcell with a 12M target price of TRY17.54, which offers
More informationLuk Fook (590 HK) Hold Target price: HK$ Downgrade to Hold on more challenging HK & Macau market outlook. Equity Research Consumer Discretionary
Equity Research Consumer Discretionary Luk Fook (590 HK) Hold Target price: HK$24.60 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage Limited
More informationJUBILEE LIFE INSURANCE COMPANY LTD INVESTORS' OUTLOOK
JUBILEE LIFE INSURANCE COMPANY LTD INVESTORS' OUTLOOK FOR THE MONTH OF JANUARY 2018 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 INVESTORS' OUTLOOK ECONOMY
More informationMarket Pulse. Inter. ICI: Earnings growth intact despite drag from Life Sciences segment. Pakistan Chemicals
Inter Pakistan Chemicals Research Entity Number REP-085 ICI: Earnings growth intact despite drag from Life Sciences segment We revisit our earnings estimates for ICI post poor 1QFY19 results. While we
More informationINDIAN OIL CORPORATION LIMITED RESEARCH
RESULTS REVIEW Indian Oil Corporation Ltd. Hold Share Data Market Cap Rs. 439.99 bn Price Rs. 369.0 BSE Sensex 15,185.32 Reuters Bloomberg Avg. Volume (52 Week) IOC.BO IOCL IN 0.19 mn 52-Week High/Low
More informationAisha Steel Mills Limited
Rating Report RATING REPORT REPORT DATE: October 6, 2017 RATING ANALYSTS: Talha Iqbal talha.iqbal@jcrvis.com.pk Asfia Aziz asfia.aziz@jcrvis.com.pk RATING DETAILS Initial Rating Rating Category Longterm
More informationEquity Market Analysis
OCTOBER Equity Market Analysis The KSE-100 Index finally rebounded during the latter half of the month after Premier successfully negotiated a bailout package worth USD 6 billion from Saudi Arabia. The
More informationTPL LIFE. Fund Performance Report
TPL LIFE Fund Performance Report 1 FUND MANAGER REPORT July 2015 Macro Review and Outlook: CPI inflation during clocked in at 5.02% YoY (+0.01 MoM) compared to April 2017 at 4.8% YoY (+1.4 MoM). The major
More informationEquity Market Analysis
JANUARY Equity Market Analysis CY19 started itself on a positive note as the benchmark Index KSE100 posted a gain of ~10% in the month of January. Long-awaited foreign buying was seen in the market with
More informationRepco Home Finance REPCO IN
11 August 2014 Price: `431 India Banking & Financial Services Company Update BUY Repco Home Finance REPCO IN 12m Price Target: `460 Steady quarter REPCO reported 1Q15 net profit at `248mn, up 11% YoY and
More informationMarket Pulse. Inter. Record sales tempered by emerging risks. Pakistan Autos
Inter Pakistan Autos Record sales tempered by emerging risks Research Entity Number REP-085 Pakistan s auto industry registered sales of 18,518 units in Jun 18, up 20%YoY, taking FY18 sales to 258,632
More informationSpectrum Securities Limited
Cement Sector Reveiw (REP-141) Cement Sector: Higher coal price & PKR devaluation errodes profit The cement sector performance was remained subdued posted a decline of 1% YoY in PAT however profit before
More informationBharat Petroleum Corporation Ltd
Institutional Equity Research Key data 19 June 2008 Sector Oil& Gas Market Cap Rs.7bn/US$2.3bn 52 Wk H/L (Rs) 560/260.25 Avg. daily vol. (6 month) 799,179 BSE Code 500547 NSE Code BPCL Bloomberg BPCLIN
More informationIGI Life. Funds Performance Report August 2017
IGI Life Funds Performance Report August 2017 IGI Life Insurance Limited FUND MANAGER REPORT July 2015 Macro Review and Outlook: CPI for the month of Aug-17 clocks in at +3.42%YoY CPI Inflation As per
More informationRamco Cement. Rating: Target price: EPS: Rating CMP. Target BUY. Rs.415. Rs. 360
: price: EPS: How does our one year outlook change? We maintain our positive stance on s (TRCL). The company is one of the largest cement producers in South and remains among the best plays on Southern
More informationSaudi Arabian economy
Research Department ARC Research Team Tel 966 11 211 9370, research@alrajhi-capital.com Saudi Arabian economy Saudi Arabian Economy The IMF executive board maintained the Kingdom s real GDP growth outlook
More informationJUBILEE LIFE INSURANCE COMPANY LTD
JUBILEE LIFE INSURANCE COMPANY LTD (WINDOW TAKAFUL OPERATIONS) INVESTORS' OUTLOOK (TAKAFUL FUNDS) FOR THE MONTH OF JANUARY 2017 TABLE OF CONTENTS REVIEW... 3 MANAGED TAKAFUL FUND... 5 CAPITAL GROWTH TAKAFUL
More informationColgate Palmolive (CLGT IN) Volume growth revival is the biggest positive
INSTITUTIONAL EQUITY RESEARCH Colgate Palmolive (CLGT IN) Volume growth revival is the biggest positive INDIA FMCG Quarterly Update Top takeaways from Q2FY19 In line results. Benefits of gross margin improvement
More informationLARGE CAP & 1,970 BSE
Batlivala & Karani RESULT UPDATE LARGE CAP Share Data Reuters code DIVI.BO Bloomberg code DIVI IN Market cap. (US$ mn) 4,97 6M avg. daily turnover (US$ mn) 4.7 Issued shares (mn) 133 Target price (Rs)
More informationBHEL (BHEL IN) Weak execution and margins lead to the miss in earnings
INSTITUTIONAL EQUITY RESEARCH BHEL (BHEL IN) Weak execution and margins lead to the miss in earnings INDIA CAPITAL GOODS Quarterly Update 26 October 2018 Top takeaways from 2QFY19 BHEL s reported earnings
More informationIn Focus Banks Marketweight
Banks UBL - NEUTRAL Fair Value: PKR 6 Current Price: PKR 7 Abdul Shakur abdul.shakur@bmacapital.com UBL vs KSE Relative Index Chart UBL UBL Mkt Cap USD mn 818 12M ADT mn shares 1.2 Shares Outstanding mn
More informationQ4 EARNINGS REPORT Welspun India 25 Apr 17
Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Q4 EARNINGS REPORT Welspun India 25 Apr 17 CMP (Rs) 94 TP (Rs) 112 Maintain Outperformer
More informationEquity Market Analysis
NOVEMBER Equity Market Analysis During first week of November, The Pakistan Stock Exchange (PSX) market index remained flattish, declining just 0.1%WoW (41pts) to close at 41,064pts. The market broke through
More informationSaudi Arabia Cement Sector
Arabia Sector Demand strong in Makkah and Madinah Provinces EQUITY RESEARCH April 9 The 3.38mt of cement/clinker sales achieved in KSA, for Mar-9, is the highest ever monthly sales reported in the country.
More informationKENANGA INVESTMENT CORPORATION LTD
Yield LKR Mn Economic Indicators: LKR/USD 14.54 (.46% WoW) AWPR: 7.15% (1.56% WoW) AWDR: (.17% MoM) ASPI: 7,96 (.14% WoW) S&P SL2: 3,82 (.55% WoW) 1 11.5% 1 1.5% 1 9.5% 9.% 8.5% 7.5% 6.5% Government Securities
More informationBullion Weekly Technicals Monday, 15 October 2012
Technical Analysis Research Bullion Weekly Technicals Monday, 15 October 2012 Technical Outlook Axel Rudolph +44 207 475 5721 axel.rudolph@commerzbank.com For important disclosure information please see
More informationSaudi Arabian Economy
Saudi Arabian Economy Economic Research Research Department ARC Research Team Tel. +966 11 211 937, research@alrajhi-capital.com Saudi Arabia: Preliminary Govt. estimates for 219 budget point to expansionary
More informationPhillipCapital-Actionable Trades (P-ACT)
Alternative Research INDIA 13 October 2017 armg@phillipcapital.in DAILY REPORT PhillipCapital-Actionable Trades (P-ACT) KEY POINTS» Outlook & Chart» Sharp Shooter Trading & Delivery Trades» Silent Samurai
More informationJUBILEE LIFE INSURANCE COMPANY LTD
JUBILEE LIFE INSURANCE COMPANY LTD (WINDOW TAKAFUL OPERATIONS) INVESTORS' OUTLOOK (TAKAFUL FUNDS) FOR THE MONTH OF MARCH 2017 TABLE OF CONTENTS REVIEW... 3 MANAGED TAKAFUL FUND... 5 CAPITAL GROWTH TAKAFUL
More informationIGI Life. Funds Performance Report April IGI Life Insurance Limited
IGI Life Funds Performance Report April 2017 IGI Life Insurance Limited FUND MANAGER REPORT July 2015 Macro Review and Outlook: Inflation gains momentum in printing a 4.8%YoY growth CPI Inflation For the
More informationAmbuja Cements. Rating: Target price: EPS: Rating CMP. Target BUY. Rs.225. Rs. 195
: price: EPS: How does our one year outlook change? We maintain our positive stance on ACEM. We expect ACEM to be a big beneficiary of the restructuring of LafargeHolcim s global operations. The long pending
More informationIn Focus Strategy. Pakistan Capital Markets Day at LSE: Conference Takeaways. Equity Research Pakistan
Hamad Aslam, CFA haslam@bmacapital.com Select Economic Indicators CPI Inflation Nov-10 YoY 15.5% SPI Inflation Nov-10 YoY 23.2% NFNE Inflation Nov-10 YoY 9.5% Reserves As 04-Dec-10 USD16.39bn Remittances
More informationPakistan Strategy. Govt. Finally Notifies the Much Awaited Hike in Gas Tariff Positive for Economy while Negative for Corporates
Pakistan Equity Strategy October 5, 2018 REP-057 Govt. Finally Notifies the Much Awaited Hike in Gas Tariff Positive for Economy while Negative for Corporates Topline Research research@topline.com.pk Tel:
More informationPakistan State Oil. PSO: Pessimism overplayed. WE Detailed Report
1 KEY DATA KATS Code PSO Reuters Code PSO.KA Current Price (Rs) 198.97 Year High, Low (Rs) 251.74, 198.45 Market Cap (Rs' bn) 49 Market Cap (US$ mn) 496 Shares Outstanding (mn) 247 Free Float (%) 46 Source:
More informationCG Power (CGPOWER IN) Analyst meet takeaways
INSTITUTIONAL EQUITY RESEARCH CG Power (CGPOWER IN) Analyst meet takeaways INDIA CAPITAL GOODS Company Update 22 November 2018 We recently interacted with the management of CG Power to better understand
More informationMCX Ltd. Rating: Target price: EPS: Is commodity option a game changer for MCX? - Unlikely. Target. Rating CMP. Rs. 1,080 SELL. Rs.
: price: EPS: Is commodity option a game changer for MCX? - Unlikely In the union budget 2015-16, the Finance Minister announced the much anticipated merger of SEBI and FMC. Given the powers accorded to
More information