Kohat Textile Mills Limited (KOHTM): Corporate Briefing Notes – By Chase Research
Nov 19 2024
- Kohat Textile Mills Limited reported earnings per share of PKR 10.29 in FY24 against PKR 4.09 in FY23, an increase of 152%.
- Revenue in FY24 was recorded at PKR 7.96 Bn, up 34% from PKR 5.95 Bn in FY23
- The company saw its gross margin expand from 14% in FY23 to 15% in FY24.
Technical Outlook: KSE-100; Recovery to continue – By JS Research
Dec 23 2024
JS Global Capital
- The KSE-100 index after making a low of 105,601 recovered during the day, closing in at 109,513 level, up 3,238 points DoD. Volumes stood at 755mn shares versus 1,167mn shares traded previously. The index is expected to re-test resistance at 109,847 (Friday's high) where a break above that will target 111,320, followed by 114,591. However, any downside will find support between 106,800 and 108,320 levels where a fall below that will target 105,601 level. We recommend investors to view any downside as an opportunity to 'Buy', with risk defined below 105,601. The support and resistance levels currently stand at 106,793 and 111,040, respectively.
Morning News: Pakistan, China capital markets to deepen ties – By Vector Research
Dec 23 2024
Vector Securities
- A high-level delegation from Pakistan's capital markets, led by Securities and Exchange Commission of Pakistan (SECP) Chairman Akif Saeed, visited China recently. During the one-week visit, the delegation engaged with key Chinese financial institutions, including the China Securities Regulatory Commission, China Securities Depository and Clearing Corporation and others.
- Chinese company ADM Group has unveiled a major investment of $350 million in Pakistan, with backing from the Special Investment Facilitation Council (SIFC). As part of the initiative, ADM Group plans to establish more than 3,000 electric vehicle (EV) charging stations across the country. The project will see 1,000 stations set up in Sindh, 1,500 in Punjab, and 750 in Khyber Pakhtunkhwa and Balochistan.
- The Punjab government is seeking a loan of $210 million from the Asian Development Bank (ADB) for developing resilient environments and advancing municipal services in the province.
Morning News: Pakistan, China capital markets to deepen ties – By Darson Research
Dec 23 2024
Darson Securities
- A high-level delegation from Pakistan's capital markets, led by Securities and Exchange Commission of Pakistan (SECP) Chairman Akif Saeed, visited China recently. During the one week visit, the delegation engaged with key Chinese financial institutions, including the China Securities Regulatory Commission, China Securities Depository and Clearing Corporation and others
- Chinese company ADM Group has unveiled a major investment of $350 million in Pakistan, with backing from the Special Investment Facilitation Council (SIFC). As part of the initiative, ADM Group plans to establish more than 3,000 electric vehicle (EV) charging stations across the country. The project will see 1,000 stations set up in Sindh, 1,500 in Punjab, and 750 in Khyber Pakhtunkhwa and Balochistan.
- The Punjab government is seeking a loan of $210 million from the Asian Development Bank (ADB) for developing resilient environments and advancing municipal services in the province.
Annual Strategy: Market Strategy 2025 Inflation likely to remain in single digits for most of CY2025 – By Chase Research
Dec 20 2024
- Inflation expected to remain in single digits for most of CY2025.
- Central Bank to continue easing. We consider single digit interest rates a high possibility in 2025.
- Current Account should not present a challenge as improved remittances, recovering exports and administrative measures to keep balance in check.
- Pakistan Credit Ratings could improve in 2025 unlocking flows and strengthening PKR.
Tri-Pack Films Limited (TRIPF): 9MCY24 Corporate Briefing Takeaways – By Taurus Research
Dec 20 2024
Taurus Securities
- Tri-Pack Films Limited (TRIPF) is a subsidiary of Packages Limited which holds 69.3% of the Company. TRIPF produces Biaxially Oriented and Cast Polypropylene (BOPP & CPP) packaging films for food and beverage applications such as snacks, confectionery, dairy food, fresh cut vegetables, beverages etc., and non-food applications such as overwrapping, lamination, bag making etc. TRIPF has annual capacities of 78,000 tons for BOPP, 14,400 tons for CPP, and 32,600 tons for Metallizers.
- TRIPF boasts a product portfolio of 19 specialized films, these include: Low Sealing Temperature Film, Ultra Low Temperature Sealable Film, Tobacco Non-Coated Transparent Wrap, Anti-Fog Films, Perforated Film, Matt Film, In Mould Labels, Low Density Label Film, High Gloss Label Film, Broad Seal High Barrier, Ultra High Barrier Metallized Film, Heat Resistive BOPP Film, Cold Seal, BOPE, BOPP Super Barrier Film, CPP High Speed Lamination Film, Paper Bond Film, CPP Metallized Low Temperature Heat Sealable Film, and CPP Metallized High Barrier Film.
- As of 9MCY24, TRIPF’s revenue increased to PKR 21.8Bn compared to PKR 18.5Bn during the SPLY. Gross margin was recorded at 13% compared to 18% during the SPLY. The loss for the period was recorded at PKR 291Mn compared to a net profit of PKR 830Mn in the SPLY. The main reason cited for the loss during the year by the management was finance costs. Finance costs during 9MCY24 were recorded at PKR 1.7Bn compared to only PKR 700Mn in the SPLY. In addition to these, the gas tariff also increased by 110%.
Annual Strategy: Pakistan Market Strategy 2025 Breaking Barriers: KSE-100 Marches Toward 148K – By Sherman Research
Dec 20 2024
Sherman Securities
- Pakistan’s KSE 100 index is all set to generate total return of 40%, breaching 148k level during CY25. Market is expected to reach target PE of 8x in line with last 10-year average PE versus current PE of 6.1x. Target PE of 8x is justified considering Pakistan’s economic outlook as most of the indicators are in line with average of last 10 years.
- After meeting all the key performance indicators specially during last 2 years (maintaining primary budget surplus, tight monetary policy, energy sector reforms and regulating FX market), Pakistan is now looking at raising tax to GDP which is expected to be key performance criterion for timely disbursement under new IMF Program of US$7bn.
- With inflation to remain below historical average and lower risk to external accounts during IMF Program, we expect policy rate to remain around 10% during next 2 years. Considering ample institutional liquidity, we expect diversion of Rs1.2-1.5trn funds (40% of the free float of KSE-100 Index) during CY25 from fixed income to equity market. Not only this, stable currency and cheap valuations will induce Foreigners’ interest in Pakistan market as they have been net sellers so far.
Economy: Recent PSX rally led by local funds buying Thanks to the falling return on fixed income instruments – By Topline Research
Dec 20 2024
Topline Securities
- Pakistan Market since Sep 2024 to-date has returned 35% in both Rs and US$ terms, thanks to the strong net inflows of Rs58bn (US$207mn) of local mutual funds during the same period mainly due to conversion from fixed income to equities. In this note, we have tried to gauge the expected quantum of further liquidity market can receive due to conversion from fixed income to equities.
- The funds/investors are converting from Fixed income to equities as yields on fixed income instruments have fallen by 1253bps-1261bps from peak of 24.73% and 24.51% on 12M and 6M Treasury Bills in Sep 2023 to 12.20% and 11.9% on Dec 19, 2024.
- Equities will remain the preferred choice for investors: Unlike previous years where investors use to buy dollars, real estate, gold, prize bonds etc. for earning higher returns, we believe, in this cycle equities will get some portion of liquidity due to (1) higher restrictions on purchase of dollars, (2) increase in taxations, compliance and FBR valuation rates of properties, and (3) discontinuation of high denomination unregistered prize bonds.
Textiles: Increased imports vital for export growth – By JS Research
Dec 20 2024
JS Global Capital
- The United States Department of Agriculture (USDA) has raised cotton demand forecasts for India, Pakistan, and Vietnam, likely offsetting the projected decline in Chinese demand as Western importers continue diversifying their sourcing away from China and Bangladesh. Consequently, Pakistan's prospects for value-added exports, such as knitwear and ready-made garments, have improved, albeit at the expense of lower yarn exports to China.
- During 5MFY25, exports of knitwear, bedwear, and garments are up ~20% YoY while yarn exports are down 39%. On the other hand, Pakistan’s domestic cotton output is expected to fall to around 6-8mn bales (-36% to -17% YoY) due to 17% decline in cotton sowing area and lower crop yields.
- To meet the cotton requirement for the export demand, Pakistan is expected to import 5mn bales of raw cotton, costing ~US$2bn (at current avg import prices) compared to merely 1.2mn bales or US$0.45bn in FY24.
Morning News: Pakistan’s exports rise 9.06% in five months, imports edge up 1.06%: PBS – By WE Research
Dec 20 2024
- Exports from Pakistan increased by 9.06% in the first five months of FY2024-25, reaching Rs. 3,816,094 million, compared to Rs. 3,499,216 million in the same period last year. In November 2024, exports rose 7.17% year-on-year to Rs. 787,152 million. Key export commodities included knitwear, rice, readymade garments, and bedwear. Imports during July–November FY2024-25 totaled Rs. 6,248,611 million, a 1.06% increase from the previous year. November imports declined by 1.03% to Rs. 1,255,209 million. Key imports included petroleum products, LNG, palm oil, plastic materials, and mobile phones. Month-on-month, both exports and imports showed modest changes.
- Pakistan and China agreed to build an expressway linking Gwadar Port with the new Gwadar International Airport and initiate feasibility studies for new motorways, including the Mirpur-Muzaffarabad and Karachi-Hyderabad routes, under the China-Pakistan Economic Corridor (CPEC). The agreement was made during a meeting between Pakistan’s Federal Minister Ahsan Iqbal and China’s Vice Minister of Transport Li Ying in Beijing. Iqbal emphasized expediting major projects, including the KarachiHyderabad Section and ML-1 railway upgrade. He also proposed the Mashkhel-Panjgur Highway in Balochistan. Iqbal later met the President of the Export-Import Bank of China to discuss economic recovery and space projects. Both sides reaffirmed their commitment to strengthening the CPEC partnership for sustainable development and prosperity.
Technical Outlook: KSE-100; Testing the support range – By JS Research
Dec 20 2024
JS Global Capital
- The KSE-100 index witnessed another negative session, closing at 106,275, down 4,795 points DoD. Volumes stood at 1,167mn shares compared to 1,112mn shares traded in the previous session. The index is expected to test support at 105,937; a fall below this level will extend the decline towards 105,510, followed by 103,048. However, any upside will face resistance in the range of 107,980-110,040 levels. The Stochastic Oscillator and the RSI are heading down, supporting a corrective view. We recommend investors to stay cautious on the higher side and wait for dips. The support and resistance levels currently stand at 104,226 and 110,034, respectively.
Annual Strategy: Market Strategy 2025 Inflation likely to remain in single digits for most of CY2025 – By Chase Research
Dec 20 2024
- Inflation expected to remain in single digits for most of CY2025.
- Central Bank to continue easing. We consider single digit interest rates a high possibility in 2025.
- Current Account should not present a challenge as improved remittances, recovering exports and administrative measures to keep balance in check.
- Pakistan Credit Ratings could improve in 2025 unlocking flows and strengthening PKR.
Emco Industries Limited (EMCO): Corporate Briefing Notes – By Chase Research
Dec 13 2024
- Emco Industries reported net sales of PKR 4,192 million for FY24, reflecting an 18% year-over-year (YoY) increase compared to PKR 3,546 million in FY23. However, 1QFY25 sales sharply declined by 40% YoY to PKR 756 million, down from PKR 1,260 million in 1QFY24, due slowdown in demand.
- Gross profit grew 17% YoY to PKR 1,124 million, maintaining a stable gross margin of 27%. Gross profit plummeted by 83% to PKR 70 million. This led to a significant contraction in the gross margin to 9%, from 32% in 1QFY24.
- EPS declined by 25% YoY to PKR 6.26 in FY24 from PKR 8.37 in FY23, while no dividends were declared for the year, compared to a payout of PKR 0.50 per share in the prior period. In 1QFY25, EPS turned negative at PKR -1.96, reflecting the net loss during the quarter.
Lotte Chemical Pakistan Limited (LOTCHEM): Corporate Briefing Notes – By Chase Research
Dec 5 2024
- Lotte Chemical Pakistan Limited (LOTCHEM) reported a net profit of PKR 2.66 billion (EPS: PKR 1.76) in 9MCY24. This represents a 45% decline from a net profit of PKR 4.84 billion (EPS: PKR 3.20) in the same period last year (SPLY).
- Revenue for 9MCY24 increased by 43% year-on-year to PKR 88.98 billion, compared to PKR 62.14 billion in 9MCY23. The trading of Acetic Acid contributed gross profit of PKR 358 million during 9MCY24. The price of Acetic Acid ranged between $450 and $500 per ton during the period.
- LOTCHEM is the sole producer of purified terephthalic acid (PTA) in Pakistan, with an annual production capacity of 500 KT. Approximately 40% of the company’s sales are made to Novatex Limited.
Jubilee General Insurance Limited (JGICL): Corporate Briefing Notes – By Chase Research
Nov 29 2024
- Jubilee General Insurance Limited (JGICL) reported a net profit of PKR 2.58 billion (EPS: PKR 13.00) in 9MCY24, a significant increase from PKR 1.96 billion (EPS: PKR 9.90) in 9MCY23.
- Net insurance premium for 9MCY24 rose by 6% year-on-year to PKR 5.54 billion compared to PKR 5.24 billion in the corresponding period last year. The portfolio mix was comprised of fire at 43%, miscellaneous at 19%, accident and health at 14%, motor at 12%, marine at 8%, and liability at 4%.
- Management reported that all business lines contributed to topline growth, alongside an expansion in the client base. However, motor and health business segments faced a decline, attributed to the negative impact of Pakistan's struggling auto industry. The miscellaneous category showed significant growth due to the introduction of valueadded products.
Panther Tyres Limited (PTL): Corporate Briefing Notes – By Chase Research
Nov 27 2024
- Monetary easing to support profitability through reduced finance costs.
- Expansion to yield higher sales of more sophisticated products.
- Panther Tyres Limited reported earnings per share of PKR 2.77 in FY24 against earnings per share of PKR 2.58 in FY23, an increase of 7%
Shifa International Hospitals Limited (SHFA): Corporate Briefing Notes – By Chase Research
Nov 26 2024
- The Shifa National Hospital Faisalabad (SNHF) – Phase 1, a PKR 5.1 billion equity-funded project, is set to operationalize by 2026.
- Management is evaluating alternative options to optimize its value instead of selling Shifa Medical Center Islamabad (SMCI).
- Management plans to drive future revenue growth through expansion into new specialties, regional outreach, and enhanced operational efficiencies.
Hi-Tech Lubricants Limited (HTL): Corporate Briefing Notes – By Chase Research
Nov 25 2024
- Local blending of lubricants to enhance margins and volumes.
- Exports to be focused on with foreign partner providing distribution network in 16 countries.
- Hi-Tech Lubricants Limited reported loss per share of PKR 0.99 in FY24 against loss per share of PKR 1.77 in FY23.
Unity Foods Limited (UNITY): Corporate Briefing Notes – By Chase Research
Nov 25 2024
- Introduction of fortified and premium products to cater to the health-conscious urban demographic.
- Positioning itself as a leader in branded staples, leveraging its Sunridge brand for premium pricing and consumer trust.
- Plans for potential entry into landlocked markets like Azerbaijan and Uzbekistan for processed edible oil.
United Brands Limited (UBDL): Corporate Briefing Notes – By Chase Research
Nov 22 2024
- United Brands limited reported loss per share of PKR 0.64 in FY24 against a loss per share of PKR 1.07 in FY23.
- Furthermore, in 1QFY25 the company reported profit per share of PKR 0.09 against loss per share of PKR 0.27 in SPLY.
- In Past few years company have reduced their borrowings due to high finance margin on imports.
Ghandhara Automobiles Limited (GAL): Corporate Briefing Notes – By Chase Research
Nov 22 2024
- Cherry Tiggo Cross release of CBU expected in 3QFY25 followed by CKD.
- Truck sales are picking up with more growth anticipated.
- Ghandhara Automobiles Limited reported earnings per share of PKR 6.40 in FY24 against earnings per share of PKR 3.04 in FY23 an increase of 111%.
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