AKD Securities Limited

AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.

AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.

Coverage

Export
Ticker Underlying First Report Latest Report
024850 KR7024850000 PSMC Co Ltd 2018/07/24 2018/10/04
1108 TW0001108009 Lucky Cement Co. 2017/08/31 2017/08/31
A112MK PK0099701010 Engro Fertilizers 2017/10/20 2019/01/29
APL PK0082901015 Attock Petroleum 2017/10/06 2018/10/12
BAFL PK0078701015 Bank Alfalah 2017/09/20 2018/06/20
DGKC PK0052401012 D.G. Khan Cement Co. 2017/09/01 2018/06/04
EFOODS PK0096501017 Engro Foods 2017/09/25 2018/05/16
ENGRO PK0012101017 Engro 2017/08/21 2017/08/21
FATIMA PK0091601010 Fatima Fertilizer Co. Ltd. 2017/10/30 2018/02/26
FCCL PK0074501013 Fauji Cement 2017/10/27 2019/01/07
FFBL PK0074601011 Fauji Fertilizer Bin Qasim Ltd. 2017/11/21 2018/12/24
FFC PK0053401011 Fauji Fertilizer Co. Ltd. 2017/09/22 2018/11/27
HBL PK0085101019 Habib Bank 2017/08/22 2018/11/26
HCAR PK0064901017 Honda Atlas Cars (Pakistan) Ltd. 2017/12/14 2018/03/13
HUBC PK0065001015 Hub Power Co. Ltd. 2017/10/26 2019/02/07
INDU PK0054501017 Industrial Motor Co. 2017/09/11 2018/07/12
KAPCO PK0083101011 Kot Addu Power 2017/08/18 2018/08/17
KESC PK0000501012 K-Electric 2017/10/16 2018/07/06
LUCK PK0071501016 Lucky Cement Ltd. 2017/10/13 2019/02/08
MCB PK0055601014 MCB Bank 2017/11/16 2018/03/29
MLCF PK0066201010 Maple Leaf Cement Factory Ltd. 2017/10/03 2017/10/27
MLCFR PK0066203065 Maple Leaf Cement Factory Ltd 2018/03/02 2018/03/02
NBP PK0078001010 National Bank of Pakistan 2018/02/14 2018/02/14
NCL PK0048001017 Nishat Chunian 2017/09/15 2018/08/09
NCPL PK0098301010 Nishat Chunian Power Ltd. 2017/10/10 2017/10/10
NML PK0005501017 Nishat Mills Ltd. 2017/08/24 2019/01/18
OGDC PK0080201012 Oil & Gas Development 2017/08/23 2018/11/23
PAEL PK0034601010 Pak Elektron 2017/11/24 2018/10/18
PIOC PK0056201012 Pioneer Cement Ltd. 2017/09/19 2017/09/19
POL PK0023901017 Pakistan Oilfields Ltd. 2017/11/03 2019/01/22
PPL PK0081801018 Pakistan Petroleum Ltd. 2017/11/20 2018/07/23
PSMC PK0030501016 Pak Suzuki Motor Co. Ltd. 2017/08/18 2019/02/15
PSO PK0022501016 Pakistan State Oil Co. 2017/08/09 2019/02/06
S44 SG1H26001476 EnGro Corp. Ltd. 2017/12/11 2019/01/25
SHEL PK0016701010 Shell Pakistan Ltd. 2018/06/05 2018/06/05
TRG PK0079201015 TRG Pakistan 2017/11/30 2017/11/30
UBL PK0081901016 United Bank 2017/08/10 2018/03/15
UBLS US90953P2011 United Bank Ltd/Pakistan (GDR) 2018/02/14 2018/02/14
WTL PK0084301016 WorldCall Telecom 2017/12/29 2017/12/29

Analysts

  • Ali Asghar Poonawala

    Investment Analyst
  • Team AKD Research

    Investment Analyst
  • Umer Farooq

    Investment Analyst
Team AKD Research

AKD STOCK SMART

Weekly Review                                 Continuing from the close of last week, index started the week on a negative note and remained on the trajectory, ending the week at 40,487pts, down -1%WoW. Even the hint by Finance Minister of opting for an IMF program could not cheer the investors as they preferred to book profits after the index posting an increase of ~10% in Jan'18. Declining coal prices (down 11% since start of Dec'19) invigorated euphoria among cement stocks in the early part of the week, however, some selling was witnessed in the latter half as profit taking took effect. I...

Team AKD Research

Pakistan OMC's: PSO & HASCOL Result Previews,

PSO expected to post NPAT of PkR6.3bn for 1HFY19, down 26%YoY: Board of Management of PSO is scheduled to meet tomorrow (Feb 16 ’19) to announce 1HFY19 results. For 2QFY19, the company is expected to post an EPS of PkR5.45 vs. PkR8.93 in 2QFY18. A 46/3% YoY/QoQ decline in volumes (in-line with an industry-wide down cycle) will soften the topline as economic cyclicality dampens demand, leading to a YoY decline while the QoQ decline was on the back of seasonality (worsened by smuggled product). Declining oil prices will also drag the bottom-line as we expect the company to incur inventory loss o...

Team AKD Research

Pakistan Commodities: Dazed and confused' from global developments,

Recovering from a weak 4QCY18, global commodity prices bounced back as fears of global economic growth remained prominent (IMF pulling 2019 global growth forecast to 3.5%), despite which a spate of geopolitical developments (Venezuela sanctions, China's coal import slowdown) pushed the TRJ Commodities index higher (up 5.8%MoM) Energy commodities witnessed mixed performance with Crude benchmarks rising (Brent/Arab Light prices up 14.6/14.4%MoM) from US sanctions levied on crude from Venezuela pushing prices for heavy grades, while slowing demand from China kept Coal prices soft (Richard's Bay ...

Team AKD Research

Pakistan Banks_4QCY18_Interest rate hikes to reflect on NIMs

AKD banking universe is set to announce their full year CY18 results where we expect the sector to post an NPAT of PkR86.4bn for CY18E vs. PkR124.3bn in CY17 (excluding HBL penalty). 4QCY18 NPAT is likely to record at PkR14.3bn (down 22.1/54.6% QoQ/YoY), with attrition in earnings attributable to super tax. On a PBT basis, we expect earnings to register a growth of 18.1%QoQ driven through NIMs improvement 4QCY18E NIMs: 3.54% vs. 3.27/3.45% in 3QCY18E/4QCY17) pulling-up NII growth by 10.3%QoQ vs. –ve 3.5%QoQ in 3QCY18. 4QCY18 provisions are likely to creep up by 38.7%QoQ/3.5xYoY to PkR8.1bn l...

Team AKD Research

Pakistan Auto: Slimmer sales jump this January

Following a trimmed 4QCY18, a lean start to CY19 is seen with Jan’19 total industry sales of 23,140 units (+16%MoM/-6%YoY) consisting of 19,353 passenger cars (+20%MoM/-3%YoY), 3,185 LCVs & Pickups (-4%MoM/-12%YoY) and 537 Trucks (+78%MoM/-39%YoY), marking the slowest MoM move since Jan’07 For the passenger car segment, premium segment sales hunkered-on where 1300+ segment sales of 9,750 units (+49%MoM/+13%YoY) allowed premium players INDU/HCAR to record sales growth of +17%/+91%MoM and +16%/+3%YoY, whereas 800CC and below segment sales receded (4,318 units down 12%MoM/34%YoY), suppressing PS...

Team AKD Research

Pakistan Commodities: Dazed and confused' from global developments,

Recovering from a weak 4QCY18, global commodity prices bounced back as fears of global economic growth remained prominent (IMF pulling 2019 global growth forecast to 3.5%), despite which a spate of geopolitical developments (Venezuela sanctions, China's coal import slowdown) pushed the TRJ Commodities index higher (up 5.8%MoM) Energy commodities witnessed mixed performance with Crude benchmarks rising (Brent/Arab Light prices up 14.6/14.4%MoM) from US sanctions levied on crude from Venezuela pushing prices for heavy grades, while slowing demand from China kept Coal prices soft (Richard's Bay ...

Team AKD Research

Pakistan Commodities: Reeling from global economic fragility

Global industrial activity indicators, particularly PMI reads from China, USA and the EU, and consumer confidence slippages indicate a fragile end to CY18, laying the groundwork for CY19 to be a volatile year for global commodity markets, reflected in the TRJ Commodity index sliding 6.6%MoM for Dec'18. On a broad note, fuel and energy-linked commodities witnessed weakness (Arab Light/ International Urea Prices down ~11/12%MoM) during Dec'18, as most other Hard (CRC/HRC Steel price -5.6/3.5%MoM) and Soft (Cotton/FAO dairy/FAO sugar indices moved -6/-3/-2%MoM) commodity classes were unchanged o...

Team AKD Research

Pakistan Commodities: Unlikely end to trade war keeps commodities on edge

Series of developments around trade tensions between the US and China weighed on commodity markets, as the G-20 meeting in Argentina failed to allay concerns over the next round of sanctions between the world top economies. Resultantly, the benchmark Thompson Reuters TRJ Commodity index slipped 4.8%MoM for Nov’18, amid fears over slowing economic growth in the US, emerging market contagion, softening GDP growth in the EU. Broadly, energy benchmarks witnessed declines, while steel prices extended their declines, and Cotton markets remained firm due to new buying activity. Additionally, intern...

Pakistan Commodities_July'18 Update

Distinct moves in international Crude (WTI/Brent/Arab Light +4.8/-1.4/-0.5%MoM), Coal (+2%MoM), Urea (+10%MoM) and food prices (FAO Food/Dairy Index -3.7/-6.6%MoM), underlie the Thomson Reuters Commodity Index move of -4.4%MoM. Global political developments and rising hostility over international trade have softened optimism, leading to heightened caution over global economic growth for the rest of the year. US remains the largest outlier, where recent fiscal stimuli have raised near term growth, while industrial production and GDP data from China, the EU, Brazil and India exhibit moderation. ...

Team AKD Research

Pakistan Commodities_May’18 Review

Pushed up by increasing energy prices, the TRJ commodity index ended 0.43%MoM higher during May’18. In this regard, major oil benchmarks, WTI/Brent/Arab Lite were up 5.47/7.36/8.19%MoM on Trump renouncing from Iran’s nuclear pact, geopolitical instability and declining US inventories. The price trend in other major commodities also followed an upward trend with coal (+9%MoM on strong demand across North Asia and China in particular with an early summer heatwave driving up electricity demand), urea (+8%MoM on higher demand commitments from Brazil and Asia) and cotton (+2.2%MoM on account of ren...

Ali Asghar Poonawala

OMCs_1QCY18 Retail Operations Update

Transportations sector demand continues to remain firmly in the driver seat for OMC volumes, as power sector demand takes the long spiral down (secular, gradual decline in FO sales, where we expect FY19-21F sales declining at CAGR of 21%). Throughput calculations suggest an uptrend in retail volumes moved, where the industry's average quarterly volume sales per outlet stood at 828.6K ltrs/outlet (+18%QoQ/+10%YoY). Daily average throughput per retail output clocked at 9,207ltrs/day where 10.3%YoY climb drives home the growth of supply chain and storage to buttress growing retail POL volumes. HA...

Pakistan Economy: Growth remains on track

Based on provisional PBS data for 8MFY18, the GoP expects GDP growth for FY18E to settle at 5.8%YoY crossing the 11 year high-watermark for growth vs 5.4%YoY (revised upwards) in FY17A. Key catalysts for growth remain ongoing implementation of early harvest infrastructure projects under the ambit of CPEC, net energy supply growth (net generated units up 11.3%YoY for 8MFY18), and sustained credit uptick (8MFY18 private sector credit stock grew 9.9% since Jun’17, adding PkR391.3bn offtake during the period increasing 8.3%YoY). Ancillary support factors including contained law and order situation...

Pakistan Economy: Rupee depreciation is a blessing in disguise

The Rupee depreciated another 4.4% against the greenback yesterday with interbank rate ending at PkR115.5/US$ reflecting existing pressures on the external front and central bank's reserves declining to US$12.13bn (down US$1.98bn CYTD; import cover: 2.69x). With regards to the external sector, as per latest data 8MFY18 CAD surged to its highest level ever at US$10.83bn (up 50.3%YoY) vs US$7.22bn in 8MFY17. While devaluation is likely to ease off pressures on external account in the long run (weaker rupee shall restore export competitiveness apart from impeding import growth), CAD at such high ...

Team AKD Research

AKD STOCK SMART

Weekly Review                                 Continuing from the close of last week, index started the week on a negative note and remained on the trajectory, ending the week at 40,487pts, down -1%WoW. Even the hint by Finance Minister of opting for an IMF program could not cheer the investors as they preferred to book profits after the index posting an increase of ~10% in Jan'18. Declining coal prices (down 11% since start of Dec'19) invigorated euphoria among cement stocks in the early part of the week, however, some selling was witnessed in the latter half as profit taking took effect. I...

Team AKD Research

Pakistan OMC's: PSO & HASCOL Result Previews,

PSO expected to post NPAT of PkR6.3bn for 1HFY19, down 26%YoY: Board of Management of PSO is scheduled to meet tomorrow (Feb 16 ’19) to announce 1HFY19 results. For 2QFY19, the company is expected to post an EPS of PkR5.45 vs. PkR8.93 in 2QFY18. A 46/3% YoY/QoQ decline in volumes (in-line with an industry-wide down cycle) will soften the topline as economic cyclicality dampens demand, leading to a YoY decline while the QoQ decline was on the back of seasonality (worsened by smuggled product). Declining oil prices will also drag the bottom-line as we expect the company to incur inventory loss o...

Team AKD Research

Pakistan Banks_4QCY18_Interest rate hikes to reflect on NIMs

AKD banking universe is set to announce their full year CY18 results where we expect the sector to post an NPAT of PkR86.4bn for CY18E vs. PkR124.3bn in CY17 (excluding HBL penalty). 4QCY18 NPAT is likely to record at PkR14.3bn (down 22.1/54.6% QoQ/YoY), with attrition in earnings attributable to super tax. On a PBT basis, we expect earnings to register a growth of 18.1%QoQ driven through NIMs improvement 4QCY18E NIMs: 3.54% vs. 3.27/3.45% in 3QCY18E/4QCY17) pulling-up NII growth by 10.3%QoQ vs. –ve 3.5%QoQ in 3QCY18. 4QCY18 provisions are likely to creep up by 38.7%QoQ/3.5xYoY to PkR8.1bn l...

Team AKD Research

AKD STOCK SMART

Weekly Review                                 Building on last 5-week momentum, the market started the week on a positive note, with KSE-100 index gaining 502pts on the first trading session, as the market participants eulogized announcement of potential financial assistance of US$2.5bn from China. However, the index pared earlier gains in the following three sessions as lack of concrete developments on the IMF bailout shattered the investors’ confidence, with KSE-100 index losing 0.55%WoW to close the week at 40,887pts (down 226pts). Sector-wise, cement scrips remained in the limelight wher...

Team AKD Research

Pakistan Cement_Jan’19_Cement dispatches decline by 11%YoY

Local dispatches for Jan’19 clocked in at 3.1mn tons, down 18.0%YoY, as economic slowdown looms large over the sector while seasonality took a toll as well, dragging down the local dispatches by 6.4%MoM. Exports have turned out to be the shining star of FY19 so far, averting the risk of price war for the Southern region while also taking the capacity utilization for South to a phenomenal 92%. The dismal run of local demand is expected to continue in the medium term (down 4%YoY in 7MFY19) as the slowdown intensifies, while sustained clinker demand in SriLanka and Bangladesh will keep the expo...

Team AKD Research

Pakistan Auto: Slimmer sales jump this January

Following a trimmed 4QCY18, a lean start to CY19 is seen with Jan’19 total industry sales of 23,140 units (+16%MoM/-6%YoY) consisting of 19,353 passenger cars (+20%MoM/-3%YoY), 3,185 LCVs & Pickups (-4%MoM/-12%YoY) and 537 Trucks (+78%MoM/-39%YoY), marking the slowest MoM move since Jan’07 For the passenger car segment, premium segment sales hunkered-on where 1300+ segment sales of 9,750 units (+49%MoM/+13%YoY) allowed premium players INDU/HCAR to record sales growth of +17%/+91%MoM and +16%/+3%YoY, whereas 800CC and below segment sales receded (4,318 units down 12%MoM/34%YoY), suppressing PS...

Team AKD Research

Pakistan Economy: IMF Negotiations— Searching for common ground

Recent headlines suggest that the GoP and the IMF have reached a broad level consensus with regards to potential bailout package amounting to US$6bn. The final agreement however is expected to be inked by Apr’19, with flows likely to materialize Jun’19 on-wards. The said development is broadly positive with additional spillovers for building confidence, with critical implications on unlocking funding flows from other multilateral agencies, where adherence to IMF imposed structural benchmarks raises creditworthiness. While we await details of any finalized agreement, initial policy focus woul...

Team AKD Research

Pakistan Economy: 25bps hike speaks volume

Against the consensus expectations of the status quo, the Monetary Policy Committee (MPC) has raised the policy rate by 25bps to 10.25%. The token rate hike of 25bps marks a more calibrated policy response from the Central Bank, striking a balance between growth and macro-imbalances. Also, the rate hike signifies a continuation of ongoing monetary tightening but in a more staggered manner, and in line with our earlier expectations of calibrated tightening. Considering the creeping up inflationary pressures amidst elevated macro-imbalances, we expect tightening to continue, with a further 12...

Team AKD Research

Pakistan Economy: The tight rope to tightening

In the upcoming monetary policy announcement (tomorrow, 31st Jan), we expect the MPC to keep the policy rate unchanged at 10%, as the relatively benign inflationary backdrop and aggression in the previous year allow the committee to ‘Pause’ the rate hikes. However, a ‘Pause’ in Jan’19 does not mean the end of a monetary tightening cycle, where we expect the central bank to follow a more calibrated tightening path rather than preemptive tightening, adjusting the monetary policy in response to inflationary expectations and macro-imbalances. Headline inflation is once again likely to pick up, ...

Team AKD Research

Pakistan Strategy: Populism trumps pragmatism, but only on face

Amidst a divisive macro outlook and heady budgetary imbalances, the PTI-led GoP introduced its second finance bill to a rancorous opposition, while alluding to approaching the IMF for the ‘final time’, something FM Umer and PM Khan have vowed to uphold Market dynamics are expected to get a lift from i) abolishment of 0.02% WHT on share transactions, ii) capital loss carryover to be available for 3 years, iii) abolishment of tax on undistributed profits and iv) abolishment of super tax in FY20 on non-banking companies From a sectoral perspective, proposals in the budget can be seen to favor S...

Team AKD Research

AKD STOCK SMART, Jan 11, 2019

Index propelled during the week to close at 39,049pts (+4.0%WoW) at the back of, i) visit of Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan, ii) report released by Fitch stating that SBP can keep rates at 10% for the rest of FY19, and iii) FATF showing satisfaction over the steps taken by Pakistan to avoid black-list which proved to be a breath of fresh air against the negative developments over the issue in last 6-8 months. The visit of Abu Dhabi Crown Prince put stamp on a US$6bn package for Pakistan including a US$3bn deferred oil facility which caused an adrenaline rush as the ...

Team AKD Research

AKD STOCK SMART

Remaining devoid of any major trigger, the market had a turbulent first week of the new year, with the wild intra-day moves. Gaining 929pts on the second trading session, the benchmark KSE-100 index erased some of the earlier gains in the following two trading sessions before closing the week on a positive note. Overall, the KSE-100 index gained 1.02%WoW to close the week at 37,547pts, up 380pts. Trading activity remained largely subdued with average daily trading volumes further declining to 106.95mn shares, down 3.1%WoW. Key news flows impacting the market during the week were: i) Finance Mi...

Team AKD Research

(Detailed Report) Patience wins the Game, (Pakistan Strategy)

Lacking in direction, Pakistan’s story was rightfully mirrored by the PSX in CY18 where economic conditions imposed on market sentiment. The end game, however, is likely to be played out in CY19 in our view as Pakistan finally tackles its vulnerabilities – both external and local. With the KSE-100 offering a limited 17% upside to our Index target of 43,500, we believe the journey will once again mirror economic re-building, as characterized in CY18. Investors will continue eyeing developments on the political and economic arenas where materialization of IMF inflows will be a key check point. A...

Team AKD Research

Pakistan Strategy: New Year couldn't come sooner

KSE-100 index has shed 5.4% during Dec'18TD, marking the worst Dec since 2008, with avg. volumes stumbling to 122.1mn, the lowest in the past 13M. Key trigger for bulls to emerge from the sidelines seem to be tilted towards Pakistan's entry into another IMF program, though the rally could be short-lived (shown by historical trends) as investors adjust to new realities of deep structural reforms imposed by the Fund. For the index at large, heavyweights, Banks (24.7% of index weight) and E&Ps (14.5% weight) could offer crucial support to the index, whereas downside risks are more apparent on ...

Team AKD Research

Pakistan Fertilizer: Nov'18 offtake expectedly stumbles,

Nov'18 total fertilizer offtake fell 23%MoM/32%YoY to 0.85mn tonnes, constituted by urea offtake of 497K tonnes (+7%MoM/-17%YoY), DAP sales of 232K (-42%MoM/-47%YoY), NP sales of 31K (-33%MoM/-45%YoY) and CAN offtake of ~23k (-33%MoM/-62%YoY). Domestic urea production at 527k tonnes (-6%MoM/+26%YoY), holding market share for sales intact at 41%/28%/15%/9% for FFC/EFERT/FATIMA/FFBL moving -38/-43/+67/-53bpsYoY. 11MCY18 cumulative offtake data remained lackluster (total offtake of 8.4mn tonnes -5%YoY), with Urea/DAP/NP/CAN constituting 61/19/5/7% of industry sales, moving +26/+7/-21/-4bpsYoY ...

Ali Asghar Poonawala

Downstream Oil_Aug'17 sales are a pat on the back

POL products continued their uphill slope with total volumetric offtake of 2.49mn tons recorded in Aug'17, rising 8%MoM/10%YoY. The retail fuel segment continued to expand their prominence in overall volumes by forming the brunt of growth. FO sales were a relative dampener +6%MoM/-7%YoY, outdone by robust growth in retail fuel segments where HSD and MOGAS sales recorded +6%MoM/+25%YoY and +10%MoM/+25%YoY growth in volumes. 8MCY17 volumes point to a 3%YoY growth in total volumes, led by +14/+8/-7%YoY move in MOGAS/HSD/FO offtake. Cumulative volumes growth for the industry has begun to slow, rev...

Pakistan Market: Politics in a triggerless month, sparks sell-off

Recording the highest monthly decline for the year, the benchmark KSE100 Index lost 10.44% during the month of Aug'17. Once again politics took center stage with concerns of policy paralysis (post disqualification of Nawaz Sharif) influencing sentiments. Additionally, a mixed result season and discouraging development in Cements (price reduction) and Banks (possibly sizable fine on HBL which contributes >7% to the KSE100) were other key dampeners. That said, local investors (other than props) encouragingly absorbed (net positive flows) the entire quantum of foreign selling (US$80.46mn) in Aug'...

Team AKD Research

AKD STOCK SMART

Continuing with its volatility, KSE-100 stayed in the Red Zone during this week as well, with the index further losing 1,435pts or -3.36%WoW to close the current week at 41,207 (lowest level since Nov’16). Average daily traded volumes also came down significantly by 39.35%WoW to just 109mn shares with 1) TRG (39.22mn shares), 2) ANL (35.40mn shares), 3) SSGC (18.46mn shares), 4) BOP (14.16mn shares) and 5) ASL (13.19mn shares) leading the board. Key news flows during the week included: 1) through a regulatory filing, HBL notified that the bank has received a notice from the New York State Depa...

Team AKD Research

Pakistan Cement: Aug’17 dispatches showing robust growth

According to provisional statistics overall dispatches during Aug'17 registered growth of +17.6%MoM/10.9%YoY to reach a monthly peak of 3.98mn tons in Aug'17 (previous at 3.96mn tons in Mar'17). Domestic dispatches (3.53mn tons sold in Aug'17) growing +21.3%YoY/+16.5%MoM, continued to drive offtake. Growth in domestic dispatches in Aug’17 were likely led by sharp increase in PSDP spending (PkR79bn in Aug'17, up 2.3xYoY) and the dwindling of the seasonal slowdown (Ramadan & extended monsoon) seen in previous months. However, exports continued to slide by 5.5%MoM/19.3%YoY to reach just 0.450mn t...

Pakistan Fertilizers: Sector update Jul'17

Fertilizer offtake expectedly came down significantly in Jul'17 (down 32%YoY/48%MoM), post extraordinary sales of 1.43mn in the month of Jun'17 (up 106%YoY/100%MoM). According to latest figures released by NFDC, total fertilizer sales in Jul'17 stood at 746k tons against 1.10mn tons sold in Jul'16 (down 32%YoY/48%MoM). Similarly, urea sales also came down by 56%YoY/68%MoM to 339k tons during the month under review, after heavy urea procurement by dealers in Jun'17. Furthermore, imported urea sales declined by 5%YoY to 46k tons in Jul'17, despite availability at a significant discount to local ...

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