EPCL - Engro Polymer & Chemicals Ltd.
Wednesday, May 08, 2013 11:58 AM
Engro polymer has reported profit after 3 consecutive years of loss. We see better earning to be posted for the FY13 on the basis of stable VCM plant operations and high PVC and VCM production , also the profitability would be raised by increase in PVC and caustic soda prices also we see increase in VCM export in the coming years.
Saud Khan Research Analyst
KOHC - Kohat Cement Limited
Wednesday, May 08, 2013 11:49 AM
Kohat Cement is a Lahore based industrial company which is yielding EVEBITDA of 1.54x and FY13 PE of 4x. We see impact lessening impact of financial charges and hence we recommend KOHC. BUY
Faisal Shaji Head of Research
FATIMA - Fatima Fertilizer Company Ltd
Friday, April 05, 2013 4:22 PM
Management is increasing production capacity of urea to 1800tons per day. It may take some time. We are upbeat on urea price stability. FATIMA will always be a small capacity play. It has also successfully marketed NP. At present it is yielding PE of 6.8x with potential upside of above 30%. BUY
Saud Khan Analyst fertilizer sector
FATIMA - Fatima Fertilizer Company Ltd
Friday, April 05, 2013 4:04 PM
Management is increasing production capacity of urea to 1800tons per day. It may take some time. We are upbeat on urea price stability. FATIMA will always be a small capacity play. It has also successfully marketed NP. At present it is yielding PE of 6.8x with potential upside of above 30%. BUY
Saud Khan Analyst fertilizer sector
LPCL - Lafarge Pakistan Cement Limited
Thursday, March 21, 2013 1:13 PM
Lafarge has come onto the radar after the French brand has finally stamped its presence in Pakistan. Now we see LPCL spells CY13 PE of 3.4x to 3.7x based on improved earnings forecast. Buy LPCL
Mubeen Diwan
FFC - Fauji Fertilizer Company Limited.
Thursday, March 21, 2013 12:52 PM
We have come up with a detailed outlook on FFC with a target price of Rs137 since we see urea price stability. FFC also yield PE of 6.3x and a cumulative dividend yield of 15%. Buy
Saud Khan
General News
Monday, March 11, 2013 1:33 PM
We like cement sector companies which are available at FY13PE of 4x such as PIOC DGKC CHCC etc. The triggers include price increase in northern zone and also increased development activity at the aftermath of elections. We also see dispatches going strong across the border in Afghanistan.
Faisal Shaji Head of Research
FCCL - Fauji Cement Company Ltd.
Friday, May 11, 2012 12:37 PM
Buy – Major Support at 6.25 with stop loss of 5.9
Naushad H Chamdia
AKBL - Askari Bank Limited
Monday, March 12, 2012 4:34 PM
Askari Bank is back in limelight with significant presence all around growing agriculture diaspora of Punjab province. The commodity price increase over the years and rural economy`s appetite to keep money at accessible banking brands such as Askari is a good trigger. Lower PBV multiple of 0.6x with recent positive CY11 EPS prompts us to look at Askari Bank with renewed vigor.
Faisal Shaji Banking sector analyst
POL - Pakistan Oilfields Ltd.
Wednesday, January 11, 2012 12:22 PM
POL is riding on the success of joint venture partners at Tal block Distt. Kohat. POL has also found good flows in Distt. Attock and hence we see its earnings propensity to remain intact. Unlike other E&Ps, POL is exposed to low risk of prevailing inter corporate debt since its size is small. POL yield FY12 PE of 6x & div.yield of 10%. We assign target price of Rs 440 - 450 per share. It is also sitting on a better cash per share. BUY
Faisal Shaji Head of Research
BAFL - Bank Alfalah Limited
Wednesday, January 11, 2012 12:16 PM
We like BAFL given earnings propensity coming for the first time in CY11. BAFL is yielding PE of 4x & PBV of 0.6x which is extremely bet. There is a change of guard in BAFL as far as leadership is concerned and the bank is already known for the best Market cap to deposit ratio. BAFL has continuously provided against bad loans since 2004 and hence sitting pretty as against peers. BUY
Faisal Shaji Head of Research
MCB - MCB Bank Limited
Wednesday, January 11, 2012 12:12 PM
We like MCB given lowest ever PE of 6x in nearly 8yrs. MCB is known for low cost deposit penetration and better risk management. MCB has reaped better NIMs and spread over the years due to efficient business model. BUY
Faisal Shaji Head of Research
FATIMA - Fatima Fertilizer Company Ltd
Friday, December 09, 2011 5:16 PM
Fatima Fertilizer to attain benefit of any urea price increase. Fatima is already getting dedicated gas supplies and hence at a favorable position. If price of urea increases then Fatima would also yield CY11 PE of 6x. Buy Fatima
Faisal Shaji Research Head
MCB - MCB Bank Limited
Friday, December 09, 2011 5:13 PM
We like MCB which is yielding CY10 PE 6x i.e. 3 year below average. MCB is a consistent dividend payer and less affected to provisions against NPLs given best business model. MCB is also a low cost deposit play. Buy
Faisal Shaji Research Head
ABL - Allied Bank Limited
Friday, October 21, 2011 10:44 AM
ABL continued to impress with its earnings growth; after tax profit increased by 32% in 9MCY11 (Diluted EPS: Rs 8.98/sh). We expect ABL to yield CY11 EPS of Rs 12.03/sh, growing by 14% y-o-y basis. We also expect it to declare final dividend in the range of Rs 2.0/sh – Rs 2.5/sh. We have fine tuned our model which yield justified Price to Book Value multiple (PBV) of 1.8x wherein upgrading our target price to Rs 93.4/sh (45% upside). We signal ‘Buy’.
Research Analyst: Zain Saleem