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Pakistan Equities

Fatima Fertilizer 2QCY12 Review: Bottom line disappoints

Markets Post ― 2QCY12 bottom-line disappoints Fatima Fertilizer reported 2QCY12 bottom line at PKR2.1bn (EPS: PKR1.03) against PKR438mn (EPS: PKR0.21) in 1QCY12, up 3.9xQoQ. Bottom line came in lower than our and consensus estimates. Reasons for the variance ...

Tags: Fatima, Pakistan Equities, Fertilizer, KIBOR

Markets Post ― 31 weeks ago

Fatima Fertilizer: Estimates cut but lower DR to support PO

Markets Post ― Estimates cut; Discount rate cut supports PO at PRs30  We cut our earnings estimates for Fatima Fertilizer by ~12% for 2012/13E to account for 1) decline in industry-wide fertilizer product prices, 2) higher operating expense inline with 2Q12, 3)...

Tags: Fatima, Pakistan Equities, Discount Rate, Fertilizer

Markets Post ― 31 weeks ago

Fauji Fertilizer: Downgrade to U/P on rising risk profile for urea business

Markets Post ― Downgrade to Underperform on rising risk profile  We downgrade FFC to Underperform on deteriorating industry pricing power. We lower 2012/2013E EPS by 4%/9% and PO by 9% to PRs109 to account for 1) recent 4% cut in urea prices and 2) decline in...

Tags: Fauji Fertilizer, Pakistan Equities

Markets Post ― 31 weeks ago

Fatima Fertilizer 2QCY12 Preview: In Cruise control

Markets Post ― Fatima Fertilizer is expected to announce its 2QCY12E results tomorrow. We expect the company to clock in bottom line of PKR3.05bn (EPS: PKR1.53) which will take 1HCY12 PAT to PKR3.4bn (EPS: PKR1.75). Earnings are expected to improve 6x QoQ as ...

Tags: Fatima, Pakistan Equities, Earnings, Fertilizer Offtake, Topline

Markets Post ― 31 weeks ago

FFBL: Estimates cut; triggers need clarity

Markets Post ― We cut our PO for FFBL by 7% to PRs38/sh led by 7/17% cut in earnings estimates due to decline in urea and DAP prices. FFBL’s DAP inventory level has surged to ~200k tons which is close to levels seen post 2010-floods. We expect inventories to get...

Tags: FFBL, Pakistan Equities, DAP Prices, Urea

Markets Post ― 31 weeks ago

Fauji Bin Qasim: Record earnings in 2011; margins erosion ahead

Markets Post ― Fauji Bin Qasim (FFBL) reported record profits; sedate period ahead Fauji Bin Qasim (FFBL) announced record EPS of PRs11.53 for 2011, +67% YoY on the back of peak DAP margins. The excitement surrounding the results has seen Fauji Bin Qasim‘s...

Tags: FFBL, Financial Results, Pakistan Equities, DAP, DAP Margins

Markets Post ― 27 Jan, 12

Lucky Cement: Earnings growth to continue during 2QFY12

Markets Post ― 1HFY12 EPS expected at PKR9.52: Lucky cement is scheduled to announce its 2QFY12 financial results on January 30, 2012. We expect Lucky cement to post PAT of PKR3.0bn (EPS: PKR9.52), up 1.1x YoY during 1HFY12. 2QFY12 EPS is expected at PKR4.86, up...

Tags: Lucky Cement, Pakistan Equities, Export Dispatches, Top Pick

Markets Post ― 26 Jan, 12

PPL: Robust 1H; stronger 2H ahead

Markets Post ― Pakistan Petroleum (PPL) posted a strong set of numbers with 1H FY12 EPS of PRs15.3/sh and DPS of PRs5, the results carried a nominal negative surprise. 21% bottom line growth is mainly driven by higher sales and other income. We maintain our full...

Tags: Financial Results, Pakistan Equities, Gas Price Hike, Pakisatan Petroleum, Rupee Devaluation

Markets Post ― 26 Jan, 12

Indus Motors: Triggers abound for stock to rally

Markets Post ― We see strong 1HFY12 earnings of PRs23.6/sh – 2x YoY, expected PRs10/sh interim payout and seasonal uptick in sales as key triggers set to unfold strong stock performance for Indus Motors. Indus Motors is trading at FY12E P/E of 5.1x, P/B of...

Tags: Indus Motors, Pakistan Equities, Sales, Stock Performance

Markets Post ― 25 Jan, 12

Pakistan Oilfields: Tal promise to override weak outlook on own operated blocks

Markets Post ― Makori East -01 to commence from Feb-12: Due to delays, production from Makori East -01 will likely commence from Feb-12, and revitalize the pace of volume growth which has slowed down for Pakistan Oilfields recently. Future production additions ...

Tags: Pakistan Equities, Pakistan Oilfields, Domial, Oil, Pariwali, Pindori

Markets Post ― 15 Jan, 12

Lucky Cement: Triggers unfolded; estimates up

Markets Post ― We are revising up Lucky Cement‘s earnings by 15% for FY12E and 17% for FY13E and PO by 5% on the back of strong cement prices, installation of TDF project and addition to other income from (1) power sales to HESCO and (2) revenue from ...

Tags: Lucky Cement, Pakistan Equities, Cement Prices, Earnings Growth, Kse-100, Lucky Cement

Markets Post ― 15 Jan, 12

Engro raises urea prices by PKR210/bag

Markets Post ― Our channel checks suggest Engro has increased urea price by PKR210/bag (PKR181/bag net of sales tax) whereby increase in feed and fuel stock prices has been fully passed on. Engro‘s urea price now stands PKR1790/bag (PKR1543/bag net of ...

Tags: Engro, Pakistan Equities, Fatima, FFC, Urea Price

Markets Post ― 15 Jan, 12

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