Company Results July 2013

Profit/Loss (million): 293.027
EPS: 14.45
Bouns/Dividend: 15% , 10% B

Profit/Loss (million): (26.976)
EPS: (5.97)
Bouns/Dividend: NIL

Profit/Loss (million): 4586.350
EPS: 7.46
Bouns/Dividend: 37.50%

Profit/Loss (million): (66.487)
EPS: 7.00
Bouns/Dividend: NIL

Profit/Loss (million): 66.735
EPS: 13.25
Bouns/Dividend: 5.0%

Profit/Loss (million): (67.549)
EPS: (43.10)
Bouns/Dividend: NIL

Profit/Loss (million): (84.998)
EPS: 7.65
Bouns/Dividend: 30% , 10% B

Profit/Loss (million): 33.845
EPS: 19.84
Bouns/Dividend: NIL

Profit/Loss (million): 951.322
EPS: 1.93
Bouns/Dividend: 15.00%

Profit/Loss (million): 511.303
EPS: 17.22
Bouns/Dividend: 200.00%

Profit/Loss (million): 405.443
EPS: 36.45
Bouns/Dividend: 140% , 10% B

Profit/Loss (million): (246.982)
EPS: (10.39)
Bouns/Dividend: NIL

Profit/Loss (million): 460.095
EPS: 1.49
Bouns/Dividend: NIL

Profit/Loss (million): 46.153
EPS: 1.55
Bouns/Dividend: NIL

Profit/Loss (million): (33.220)
EPS: 0.27
Bouns/Dividend: NIL

Profit/Loss (million): 180.100
EPS: 3.93
Bouns/Dividend: NIL

Profit/Loss (million): 68.145
EPS: 5.93
Bouns/Dividend: NIL

Profit/Loss (million): (2.581)
EPS: 1.05
Bouns/Dividend: NIL

Profit/Loss (million): 256.017
EPS: 17.68
Bouns/Dividend: NIL

Profit/Loss (million): 0.859
EPS: 1.78
Bouns/Dividend: NIL

Profit/Loss (million): (359.080)
EPS: (0.88)
Bouns/Dividend: NIL

Arif Habib Corporation Limited (Formely AHSL)(AHCL)
Profit/Loss (million): 789.515
EPS: 3.01
Bouns/Dividend: 25.00%

Profit/Loss (million): 38.450
EPS: 81.13
Bouns/Dividend: NIL

Profit/Loss (million): 327.543
Bouns/Dividend: NIL

Profit/Loss (million): 1325.284
EPS: 1.95
Bouns/Dividend: 17.50%

Profit/Loss (million): (11.820)
EPS: 14.07
Bouns/Dividend: NIL

Profit/Loss (million): (4.241)
EPS: 6.16
Bouns/Dividend: NIL

Profit/Loss (million): (22.466)
EPS: (7.24)
Bouns/Dividend: NIL

Profit/Loss (million): 162.554
EPS: 3.47
Bouns/Dividend: 15.00%

Profit/Loss (million): 66.230
EPS: 12.18
Bouns/Dividend: NIL

Profit/Loss (million): (16.657)
EPS: (8.86)
Bouns/Dividend: NIL

Profit/Loss (million): 357.547
EPS: 4.69
Bouns/Dividend: 10.00%

Profit/Loss (million): (4679.894)
EPS: (5.40)
Bouns/Dividend: 55% R

Profit/Loss (million): (91.907)
EPS: (19.08)
Bouns/Dividend: NIL

Profit/Loss (million): (32.111)
EPS: (3.40)
Bouns/Dividend: NIL

Profit/Loss (million): 32.400
EPS: 2.49
Bouns/Dividend: 15% , 3% B

Profit/Loss (million): 60.213
Bouns/Dividend: NIL

Profit/Loss (million): 776.160
EPS: 4.92
Bouns/Dividend: 20.00%

Profit/Loss (million): 29.986
EPS: 15.23
Bouns/Dividend: NIL

Karachi Stock Exchange Weekly Analysis 27 July, 2013

The Karachi Stock Exchange (KSE) benchmark movement was volatile which moves up a notch near all time peak. After notching up a 1.5% (+347 points) gain in the first three trading sessions of the week, the KSE-100 index witnessed correction towards the end of the week, closing up by a nominal 0.3% WoW (+68 points). KSE – 100 index closed at 23,497.07 points by gaining 68.14 points or 0.3 percent. Average trading volumes; however, increased by 40 percent to 302 million shares against 216 million shares, despite reduced working timings at the market. This week foreign portfolio investment saw flight of $138.01 million because of German Power Company’s exit from Kot Addu Power Company.

The market witnessed profit-taking during the outgoing week, as the index reached the record high level. The benchmark accelerated faster than anticipated posting a massive return of 11.86% on a month to date basis with average daily volume of 260 million shares. The volume traded was lower by 26% in contrast with preceding month average daily volume of 354 million shares. With the corporate earnings season kicking in, the market seemed poised to reach new heights in the coming weeks.

Following news have played vital role in Karachi Stock Market index movement:

  • This week saw a major off‐market bloc deal going through with National Power (major sponsor of Kapco) off‐loading its 36% stake (317mn shares) to a consortium of local banks at PRs46/sh. Inclusive of this, FPI outflow for the week amounted to US$138mn
  • With the onset of the generally higher payout June 2013 result season, trading volumes at the bourse rose by ~40% WoW to 302mn shares
  • Cement sector was back inaction with CHCC, ACPL, LPCL and FCCL posted hefty returns of around 30% (Average). Reduction in coal prices may have triggered improvement in industry wide margins. Furthermore with ample cash in hand of cement manufacturers a new wave of expansion or BMR may result in efficiency gains for the industry 
  • Cement stocks gained on the expectation of better June-end results
  • Doomsday scenario was painted by investors about the prospects of fertilizer industry after international urea prices moved downwards to USD315/ton which reduces the gap between the international and local prices. It seems government is likely to increase the gas prices for the industry, the manufacturers may not be able to pass on the cost which results in margin attrition 
  • Investors shrugged off concerns on Banks’ slow core performance in light of an anticipated U-turn in spreads
  • TCP finalizes deal: 75,000 tons of urea to be imported at USD317/ton
  • IMF has agreed to enhance the amount of loan to USD6.5bn from its offer of USD5.3bn and the US onboard to plead Pakistan's case for a further increase to US$7.5bn
  • ADB and World Bank are also expected to chip in with up to US$500mn budgetary support apiece
  • According to FBR, The dividend received from Money Market Funds and Income Funds is taxable at the rate of 25% for Tax Year 2013 and onwards
  • A sanction order of PKR138bn has been issued. In total, PKR480bn circular debt, including PKR342bn payments made last month by government of Pakistan
  • SBP has further tightened the foreign currency business by putting more conditions on exchange companies
  • Government of Pakistan has decided to show the door to the contractual OGDCL whose appointments at key posts are questionable. The decision is being taken in light of the directions given by PM
  • The New management of Privatization Commission has decided to revisit the entire strategy of the previous government regarding offloading OGDCL exchangeable bonds in international capital market 
  • Following strong 2Q2013 results last week, the spotlight shone on PTC again this week (+10.1% WoW)
  • Etisalat, the Gulf’s biggest telecommunications operator, has hired Goldman Sachs Group Inc to advise on its planned bid for Pakistan mobile operator Warid Telecom. Etisalat and China Mobile, who have existing operations in the country, were seen as potential bidders
  • China continues to make positive noises on investment in Pakistan, citing a US$6bn investment in the power sector over the next 5-years
  • The Pak Rupee has shed 2.5% vs. the US Dollar in July 2013 alone
  • PPL (+3.2% WoW) was the E&P poster boy, announcing its 4th discovery in 3-months while KAPCO took a beating (-6.4% WoW) after International Power Plc offloaded its 36% stake in the company to local investors at Rs46/sh (28% discount to market price) 
  • Key results this week included 2Q2013 announcements by (1) Askari Bank (AKBL) which posted an unexpected loss and (2) Fauji Fertilizer Bin Qasim (FFBL) with belowexpected EPS partly compensated for by a decent cash DPS 
  • Askari Bank issued 55% rights (issue at par value of PRs10/sh); FFC & FFBL would subscribe
  • Nishat Chunian Limited (NCL) has acquired Taj Textile Mills Limited (TTML) at a reserve price of Rs350.1 million
  • Next week will be important as results of Engro Foods and Sui Southern Gas Company Limited are expected
  • Cement and oil sectors are likely to remain in the limelight because of expectations of strong results. The oil sector is performing well on the hopes for the resolution of the circular debt issue
  • Presidential elections are also being held next week, If the presidential elections go through smoothly, it will also have a positive impact over the market
  • Banking stocks remained volatile during the week on account of expectation of reversal of monetary easing, while weak result expectations brought selling pressure

Top ten gainers of last week were: Attock Cement, Fauji Cement Company, Attock Refinery, Siemens Pak Engg, Mari Petroleum, Lafarge Pakistan, Netsol Technologie, Thal Ltd, Cherat Cement and Pak Tobacco Co.

Top ten losers of last week were: Kohinoor Energy, United Bank, Askari Bank, Grays Of Combridge, B.O.Punjab, Fauji Fert Bin, Engro Foods Ltd, Kot Addu Power Co., Lotte Chemical Pakistan Ltd and  Pace (Pak).

Top ten volume leaders were: BOP, FCCL, LPCL, NBP, PTC, JSCL, BAFL, DGKC, ENGRO, and KESC.

Thank you very much for reading this article.

NOTE: The information posted in this blog (forum) is based on current affairs & investors point of view. There may be discrepancy in the ground realities.

Written by: Rana Khurram

Karachi Stock Exchange Weekly Analysis 20 July, 2013

The Karachi Stock Exchange (KSE) benchmark movement was volatile which moves up a notch near all time peak. KSE-100 hits new peak amid higher earnings expectations. KSE – 100 index closed at 23,428.93 points by gaining 391.61 points or 1.7 percent. While KSE – 30 index closed at 18,330.01 by gaining  339.91 points or 1.89 percent. However, average daily volumes dropped 18% to 216 million shares this week vs. 263mn shares a week prior. There are some concerns on an early return to monetary tightening later this year, with a further 25bps increase seen in the 10-year PIB yield.

According to analysts, there is hope of good corporate results, and market is likely to continue upward rally next week, but volumes might remain low.

Following news have played vital role in Karachi Stock Market index movement:

  • Results season commencement, rupee’s depreciation and Kot Addu Power Company’s (Kapco) international investors’ divestment plans remained the key highlights of the week
  • The key result announced during the week was that of PTCL, which delivered robust 1H2013 earnings (+15%YoY) alongside a somewhat rare dividend payout of Rs1/share
  • The govt needed to allay concerns of Etisalat on grey trafficking as well as settling the issue of properties in order to release the remaining US$800mn on account of PTCL privatization
  • Pakistan now officially wants US$7.3bn from the IMF
  • The government has restored the zero-rated General Sales Tax (GST) status on milk and dairy products. FBR has restored sales tax zero‐rating facility for dairy products, stationery items and bicycles along with their raw material, packing material, sub‐components, components, sub‐assemblies and assemblies, imported or purchased locally for manufacture of above mentioned goods
  • Phosacid contract price for 3Q2013 has been finalized at US$715/ton, down US$35/ton
  • Ministry of Water and Power stated that the energy sector would be fixed in 3 years
  • Economic Coordination Committee (ECC) of the Cabinet was expected to consider a proposal to privatize 25%‐30% shares along with management control to a strategic investor of Pakistan International Airlines Corporation (PIAC)
  • The unpaid bills of private power companies — commonly known as circular debt — have again started to pile up in spite of the payment by the government of PKR260bn to clear their outstanding bills up to end March this year 
  • In order to strengthen Shariah compliance framework, the SBP has asked Islamic Banking Industry to adopt the AAOIFI Shariah Standard No 17 on 'Investment Sukuk'
  • Pakistan’s oil production stood at 76.5k bpd during FY13, up by 14% against 67.3k in FY12, data released by PPIS revealed
  • Qatar has agreed to provide 500mn Cubic Feet per Day (MMCFD) LNG to Pakistan, but has shown its inability to construct LNG terminal in Karachi
  • Urea prices on the world market are gradually declining and so far witnessed a steep fall of some USD100/ton during the last few months mainly due to oversupply. Market declining trend in the urea prices would be benefit for Pakistan as it is going to finalize urea deal for the import of 0.3mn tons 
  • Import of 0.3mon tons of urea recently approved by the ECC of Cabinet has reportedly turned out to be a mega scandal as two ministries are challenging each other's definition of "emergency"
  • PM Sharif inaugurated the 84MW Laraib New Bong Hydropower project
  • This week foreign portfolio investment remained at $4.64 million only
  • Good results of independent power producers (IPPs), oil & gas and fertiliser sectors are expected, which will have a positive impact on the market
  • There were talks that the discount rate will be increased that would improve profits of the banking sector. Such talks invited more attraction in the banking stocks
  • Engro Corporation, which closed at the upper lock in some sessions because of the announcement of more gas availability to its fertiliser plant, witnessed lower locks when it was witnessed that the gas supply will be delayed. However, later in the week, Engro again gathered strength on the assurance of gas supply on time
  • Cement sector also remained active amid hope for better June earnings due to decline in the international coal prices and better margins

Top ten gainers of last week were: Faysal Bank, B.O.Punjab, Habib Bank, Fauji Fert Bin, Abbot Laboatories, National Bank Of Pakistan, Nishat Chunian, Pakistan Cables, National Foods and Adamjee Insurance.

Top ten losers of last week were: Ghani Glass, International Industries, Lucky Cement, Bata (Pak) Ltd., NIB Bank, Fatima Fert.Co., K.E.S.C., Colgate Palmolive, JS Bank and Mari Petroleum.

Top ten volume leaders were: BOP, NBP, PTC, FABL, FCCL, JSCL, ENGRO, FFBL, DGKC and BAFL.

Thank you very much for reading this article.

NOTE: The information posted in this blog (forum) is based on current affairs & investors point of view. There may be discrepancy in the ground realities.

Written by: Rana Khurram

Karachi Stock Exchange Weekly Analysis 13 July, 2013

The Karachi Stock Exchange (KSE) benchmark was bullish. Bulls consolidate their position as KSE closes at an all-time high. KSE – 100 index closed at 2 3,037.32 points by gaining 858.98 points or 3.87 percent. While KSE – 30 index has reached on 17,990.10 by gaining 846.04 points or 4.93 percent.

Average volumes in the market also improved this week to 263mn shares (+0.2%WoW). Average daily value, however, shot up by 30% to Rs12 billion per day reflecting higher interest in blue-chip stocks. The market capitalisation of the KSE rose 3.8% to Rs5.6 trillion by the end of the week. The volume shrinkage was largely on account of closure of trading in BOP right shares. With result season around the corner, corporate fundamentals and valuations should remain in the limelight in the weeks ahead even as activity slows down due to Ramzan. The market has risen by 9.7% in the last two weeks, and is now at its all-time high. We expect consolidation at these levels. The next trigger for the market would be results season, in which a number of companies, particularly in energy and power, are expected to announce high payouts.

Following news have played vital role in Karachi Stock Market index movement:

  • Pakistan and China signed 8 cooperation agreements to strengthen bilateral strategic relationship between the two countries
  • Finalization of deal with IMF along with possible inflow from other donor provided some relief to the investors
  • The Ministry of Petroleum & Natural Resources decision to allocate 60mmcfd of unutilized gas reserved for Guddu Power plant to Engro Fertilizer. On anticipation of this news Engro’s stock remained in the limelight throughout the week and outperformed the market by 19%
  • Foreign exchange reserves declined to $10.5 billion, according to data released by the State Bank of Pakistan
  • Investors are also confident that the companies will post solid earnings growth for the quarter ended June 30 as future outlook remains strong, particularly for the all-important energy sector, after the government delivered on its promise and partially relieved the sector of the circular debt crisis
  • Auto sales dipping by 24%YoY in FY13
  • Remittances sent by overseas Pakistanis surging by 5.6%YoY in FY13
  • According to the Pakistan Telecom Authority (PTA) Pakistan’s Teledensity (including FLL, WLL and cellular) reaching an all-time high level of 73.5%
  • The Finance Ministry directed urgent resolution of all issues pertaining to receipt of the outstanding US$800mn from Etisilat
  • Government of Pakistan decided to raise power tariffs to over PkR17/unit for industrial consumers. Under an agreement reached with the IMF over a USD5.3bn EFF, Pakistan has to completely eliminate power sector subsidies in a phased manner in 3‐years
  • The ECC postponed its decision to provide a PkR15bn bailout package to PIA
  • Banking stocks especially HBL and NBP posted a staggering return of 10.57% and 9.86% respectively. NBP is likely to observe a greater boost in credit offtake backed by newly announced government schemes
  • Federal government has directed TCP to import 0.3mn tons of urea on an urgent basis for Kharif season
  • Gold jumped to a near threeweek high on Thursday as the dollar tumbled after the US Federal Reserve signalled it would continue to pursue monetary stimulus, given tame inflation and a fragile labour market
  • Sector-wise activity was also strong during the week, with the banking, fertiliser, cement and energy sectors leading the way
  • Banks gained across the board on rumours that the government is likely to cut the minimum deposit rate of 6% in the light of monetary easing over recent months
  • The cement sector also gained following rumours of a hike in cement prices, while the energy sector also performed decently as petroleum companies were subject to foreign buying during the week

Top ten gainers of last week were: Engro Corporation, Pak Tobacco Co, Attock Refinery, Kohinoor Energy, Habib Bank, Shifa International Hospitals, National Bank Of Pakistan, Grays Of Combridge, Dawood Hercules Corp and Lucky Cement.

Top ten losers of last week were: Pak Services, Pace (Pak), Pakistan Cables, B.O.Punjab, K.E.S.C., Feroz 1888 Mills, TPL Trakker Ltd, TRG Pakistan Ltd, JS Bank and International Steels.

Top ten volume leaders were: NBP, PTC, KESC, LPCL, FCCL, SNGP, BOP, ENGRO, BAFL, and DGKC.

Thank you very much for reading this article.

NOTE: The information posted in this blog (forum) is based on current affairs & investors point of view. There may be discrepancy in the ground realities.

Written by: Rana Khurram

Karachi Stock Exchange Weekly Analysis 7 July, 2013

The Karachi Stock Exchange (KSE) benchmark was bullish. Bulls remained dominant at the local bourse throughout the week after two weeks of bearish spell. KSE – 100 index closed at 2 2,178.34 points by gaining 1,172 points or 5.58 percent. While KSE – 30 index has reached on 17,144.06 by gaining 936 points or 5.78 percent.

Average daily volumes during the week also increased by a robust 26.7%WoW to 262.6mn shares. With the start of Ramazan next week volumes might decline as the market business timing would be shortened. Foreign inflow was recorded at USD7.84mn also contributed towards the bullish rally.

Following news have played vital role in Karachi Stock Market index movement:

  • The key event this week was the staff-level agreement between IMF and Pakistan regarding a new program worth US$5.3bn which carries positives for medium-term macroeconomic stability
  • Release of PkR161.2bn to IPPs to partly settle circular debt alongside a planned bond issue worth PkR127bn to OGDC, PPL and PSO
  • PM Nawaz Sharif was expected to request China’s assistance for a number of projects particularly pertaining to the energy sector. Specifically the PM sought support for construction of 1,100MW nuclear power plant, release of US$448mn loan for the 969MW Neelum‐Jhelum hydropower project and setting up of an oil refinery at Gwadar port
  • CPI inflation figures were also released during the week for the month of June 2013 that clocked in at 5.9% YoY
  • Proposed diversion of 60mmcfd gas reserved for Guddu Power Plant to the fertilizer sector
  • Bullish sentiment was also perpetuated by visiting UK PM David Cameron’s promise to increase bilateral ties with Pakistan
  • News related to 60mmcfd gas diversion from Guddu power plant to fertilizer plants pushed ENGRO upwards, while rest of the sector stocks followed the news
  • A ship carrying 53,000 tons of urea, imported TCP from international market, reaching Pakistan in the third week of this month
  • ECC of the Cabinet in its meeting approved to import a total of 300,000 tonnes of urea for Kharif 2013
  • Irrespective of discount rate cut, banking stocks were in rock & roll mood as UBL, HBL and MEBL moved swiftly towards higher levels. Most probably rumors of reduction in minimum deposit rate may have instigated the bullish momentum in banking stocks
  • The banking sector's cash recovery against NPLs posted a notable decline of 38% during the 1QCY13 as compared to previous quarter
  • Etisalat gave green signal to release the outstanding amount of USD800mn soon. Amount was withheld after the privatization of PTCL, it is learnt. A joint task force comprising members from Privatization, IT and Finance ministries and Etisalat would be constituted to resolve all the contentious issues and move forward
  • Increase in 5% withholding tax on telecom sector has started to pare its revenue since during the first four days of the imposition of levy the recharge by prepaid card users registered a decline of an average 4% per day. The government has long planned to auction licenses of 3G/4G and raise USD1bn dollar 
  • In order to improve the present situation at operational level of Pakistan Railways, the revenue position will have to be made better for which a New Carriage Freight Plan is inevitable, FM for PR 
  • During FY13, FBR revenue collection came in at PRs1.92tn, a shortfall of PRs125bn from revised target of PRs2.05tn

Top ten gainers of last week were: K.E.S.C., Sui North Gas Pipe, Pak Tobacco Co, Meezan Bank, United Bank, Dawood Hercules Corp, Engro Corporation, Sui South Gas, NIB Bank and Netsol Technologie.

Top ten losers of last week were: Shifa International Hospitals, EFU General Insurance, Stand.Chart.Bank, Nestle Pakistan, Indus Motor, Pak.Int.Con, Pak Suzuki Motor, Rafhan Maize Prod, Clariant Pakistan and IGI Insurance.

Top ten volume leaders were: PTC, KESC, FCCL, BOP, NBP, JSCL, LPCL, ENGRO, SNGP and BAFL.

Thank you very much for reading this article.

NOTE: The information posted in this blog (forum) is based on current affairs & investors point of view. There may be discrepancy in the ground realities.

Written by: Rana Khurram