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  • Cement: Local dispatches record high during March

    Apr 5, 2012 12:37

    Cement: Local dispatches record high during March

    Local cement dispatches post strong growth Local cement offtake for 9MFY12 increased by 8% as compared to last year on improvement in demand from North and low base effect of South dispatches last year. Local cement dispatches during Mar-12 increased by 15% to 2.55mn tons, highest during FY12. Mar-12 local [...]

     
  • T-bill auction supports view of status quo in April MPS

    Apr 5, 2012 12:33

    T-bill auction supports view of status quo in April MPS

    In the latest T-bill auction, cut-off yields for all three tenors remained unchanged from the previous auction. This, along with lower than expected CPI for March (10.8% YoY) should douse concerns of a rate hike in the upcoming monetary policy review (April 13th). Average CPI in 9MFY12 of 10.8% indicates [...]

     
  • Fauji Bin Qasim: Minimal catalysts on the radar

    Apr 5, 2012 12:11

    Fauji Bin Qasim: Minimal catalysts on the radar

    Downgrade to U/P; minimal catalysts ahead We downgrade FFBL to Underperform from Neutral. While we see only 7% downside to our new PO of PRs46, we believe the stock will continue to underperform the sector due to 1) EBITDA/earnings falling 20%/21% over 2011-14E due to declining DAP margins and weaker [...]

     
  • PPL 1Q FY12 – Result Review

    Oct 25, 2011 17:52

    PPL 1Q FY12 – Result Review

    Pakistan Petroleum (PPL) reported net profit of PKR 9.89bn (EPS PKR 7.52) for 1Q FY12, in line with our estimates of PKR 9.61bn (EPS PKR 7.31). The slight deviation in our estimate stems primarily from a lower ETR of 33% against our estimate of 35% – pre-tax earnings of PKR [...]

     
  • Lucky Cement 1Q FY12 – Result Review

    Oct 25, 2011 17:41

    Lucky Cement 1Q FY12 – Result Review

    Lucky Cement reported net profit of PKR 1.51bn (EPS PKR 4.66) for 1Q FY12 against our estimate of PKR 1.39bn (EPS PKR 4.31). The deviation from our estimate stems primarily due to 9% higher topline against our estimate of PKR 6.89bn on the back of 21% higher domestic dispatches of [...]

     
  • Banks – SBP further raises FSV benefits

    Oct 25, 2011 11:06

    Banks – SBP further raises FSV benefits

    State Bank of Pakistan (SBP) through a circular on 21st October has further increased FSV benefit available to banks while providing against NPLs. Relief on property is increased while plant/machinery will also be eligible for FSV benefit. Banks can potentially avail the benefit on 57% of their loan portfolio according [...]

     
 

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