FBR considers rise in banks’ tax rate to makeup revenue losses: – Alfalah Securities Limited

Karachi: Federal Board of Revenue (FBR) is considering raising the tax rate of Banks by 5% to 40% from existing 35%.

According Alfalah Securities Limited, to though, the corporate tax rate of other sectors is proposed to be reduced to 32% in the upcoming federal budget FY13. The increase in tax collection from banks, if approved, would mitigate a portion of the decline that would arise due to decline in corporate tax rate. However, the higher tax rate on banks would hurt the profitability of the banking sector.

Local Cement off-takes rising while exports falling during 9MFY12 – Alfalah Securities Limited

Karachi: According to the data released by All Pakistan Cement Manufacturing Association (APCMA) recently, local cement off takes have surged by 8.4%YoY to 17.386 million tons during 9MFY12 as against 16.040 million in the corresponding period last year, mainly due to increased construction activities across the country in the current financial year and disbursement of PkR 144.3 billion against an allocated target of PkR 300 billion in the Public Sector Development Programme (PSDP), which remained low during FY11.

According to Alfalah Securities Limited, local off takes in the month of March 2012 only were recorded to surpass the level of 2.55 million tons, depicting an increased demand of cements in the country.

On the other hand, export sales have dropped by 7.77%YoY to 6.243 million tons during the 9MFY12 period as compared with 6.769 million tons in the same period last year, mainly due to lesser demand of cements across the region owing to prolonged winter season and a drop in exports through the sea-route. Likewise, Cement exports during March 2012 also registered a YoY drop of 23.7% to 0.625 million tons as compared to 0.820 million tons in March 2011.

Alfalah Securities Limited believes the local off-takes would continue to pick up at a steady pace mainly due to the election year coming up where the government may allocate additional development funds to gain popularity among the masses, and the manufacturers would also like to reap the benefits of higher cement prices, which are currently hovering at PkR 425/bag despite a drop in international coal prices. Alfalah Securities Limited recommends a “Buy” stance on LUCK at current levels as it trades at a FY12E P/E of 5.83x.

Byco to commence commissioning of 120,000 bpd by June 2012 – Alfalah Securities Limited

Karachi: Byco Petroleum Pakistan Ltd.

According to Alfalah Securities Limited, (Byco) is all set to commence commissioning process of 120,000 bpd oil refining complex (ORCII) by the end of June this year. After the commissioning of the new refinery, the total refining capacity would rise to 156,000 bpd making it the single largest oil refining complex in Pakistan. At present, Byco has a smaller refinery having a capacity of 35,000 bpd.

Byco also intends to further augment the refining capacity. In the first phase, the refining capacity of ORC-II would be gradually enhanced to 155,000 bpd and in the second phase refinery can be revamped to increase the throughput to 180,000bpd. Byco has, so far, invested over USD 750 million in this refining and infrastructure project.

Byco Petroleum Pakistan Ltd. is engaged in the production and sale of petroleum products and it is held to the extent of 86.98% (850.5 million shares) by Byco Oil Pakistan Limited (BOPL) as the parent company. Byco reported recently announced its 1Qtr FY12 results for the period ended Sep 30, 2011 where it reported a loss after tax of PkR 1.12 billion (LPS: PkR 1.14) however, with the addition of new refining capacity, it may be able to improve on its profitability.

Islamabad Stock Exchange Closing Rate of Textile Composite Sector dated 05-04-2012

Islamabad:

Company Name Symbol Code Opening Closing Volume Change
TEXTILE COMPOSITE
Ahmed Hassan Tex. AHTM 11.00 11.00 0 0.00
Aruj Garment ARUJ 5.30 5.30 0 0.00
Bhanero Textile XD BHAT 213.99 213.99 0 0.00

 

For more information, contact:
Islamabad Stock Exchange
ISE Towers
55-B, Jinnah Avenue, Islamabad, Pakistan
Tel: +92(51)111-473-473
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Email: info@ise.com.pk

Islamabad Stock Exchange Closing Rate of Modarabas Sector dated 05-04-2012

Islamabad:

Company Name Symbol Code Opening Closing Volume Change
MODARABAS
B. F. Moradabad XD BFMOD 4.09 4.09 0 0.00
Elite Capital Modaraba XD FECM 3.16 2.88 0 -0.28
Equity Modaraba 1st FEM 1.76 1.90 0 0.14
First Fid. Leas. Mod. FFLM 2.22 2.10 0 -0.12
H. B. L Modaraba XD FHBM 8.40 8.26 0 -0.14
Habib Modaraba 1st FHAM 7.96 7.95 0 -0.01
IBL Modaraba 1st XD FIBLM 1.01 1.50 0 0.49
Modaraba Al-Mali MODAM 1.45 1.48 0 0.03
Pak Modaraba 1st XD PAKMI 1.35 1.40 0 0.05
Paramount Mod. 1st FPRM 13.00 13.00 0 0.00
Prudential Modaraba 1st XD PMI 1.30 1.35 0 0.05
Punjab Modaraba 1st FPJM 1.51 1.54 0 0.03
Trust Modaraba. XD TRSM 2.93 2.93 0 0.00
U.D.L.Modaraba. XD FUDLM 6.65 6.66 0 0.01
Unicap Modaraba. UNIM 0.57 0.57 0 0.00

 

For more information, contact:
Islamabad Stock Exchange
ISE Towers
55-B, Jinnah Avenue, Islamabad, Pakistan
Tel: +92(51)111-473-473
Fax: +92(51)111-473-329
Email: info@ise.com.pk