AKD Quotidian about — FATIMA 9MCY12 Result Preview

Karachi, October 15, 2012 (PPI-OT): PTC will be announcing its 1QFY13 results on Oct 17’12. AKD Securities forecasts the company’s consolidated NPAT at PKR 2.5 billion (EPS: PKR 0.49), up 12%YoY, while on a sequential basis earnings are estimated to fall by 44% on normalization of tax rate.

According to AKD Securities, on a standalone basis, AKD Securities expects PTC to post earnings of PKR 1.4 billion (EPS: PKR 0.28), up slightly by 1%YoY but down sequentially by 53%, with sequential earnings decline largely due to absence of Ufone dividend. Key risk to AKD Securities’ earnings estimate could be the booking of VSS expense, where if PTC decides to book the entire amount (~PKR 10 billion, EPS impact of PKR 1.27), earnings could go into the red for 1QFY13. Going forward, AKD Securities expects the company to record robust revenue growth on higher international call termination rates (ICH), where impact will be visible from 2QFY13 onwards. At current levels AKD Securities recommends Buy on PTCL which is trading at FY13F P/E and P/B of 5.3x and 0.8x respectively and offers 78% upside to AKD Securities’ target price of PKR 35/share.

EFOODS 9MCY12 Result Preview
EFOODS will announce its 9MCY12 result on Oct 18’12. AKD Securities expects 9MCY12 NPAT to stand at PKR 1.6 billion (EPS: PKR 2.18), up 4xYoY on robust revenue growth (+41%YoY) and improving margins (GMs up 328bp YoY to 25%). For 3QCY12, AKD Securities forecasts EFOODS earnings to grow by 19%QoQto PKR 631 million (EPS: PKR 0.83) with earnings growth supported by higher revenues (+9%QoQ) and slight Improvement in margins (GM5 up 50bp QoQ). Higher product offtake (Ramzan effect) coupled with increase in product prices would drive revenue growth in 3QCY12, however margin accretion will be held back by losses from the Ice Cream division. At current levels AKD Securities has a Accumulate stance on EFOODS which provides limited upside to AKD Securities’ target price of PKR 78/share.

FATIMA 9MCY12 Result Preview
FATIMA is scheduled to announce its 9MCY12 result on Oct 17’12 where AKD Securities expects NPAT of PKR 3.5 billion (EPS: PKR 1.66), up 1.66%YoY. On a sequential basis, 3QCY12 bottomline is expected to drop by 58%QoQ to 896 million (EPS: PKR 0.43), primarily due to dip in fertilizer offtake as sluggish fertilizer application and anticipation of cut in imported urea price kept dealers sidelined in the period under review. In this regard, AKD Securities expects urea and CAN offtake to come off by 71%QoQ and 56%QoQ; however, NP demand is forecast to remain firm as pre-Rabi season buying on price cut resulted in healthy offtake. Bottom-line is expected to get a boost from lower financial charges due to: i) hefty debt repayment of PKR 4 billion ii) rescheduled mark up (off 2.25%) on the PKR 6 billion loan and iii) cut in DR by 150bps on Aug 10’12. Although FATIMA has underperformed index by 19%FY13TD as lower fertilizer demand (weak farmer purchasing power) and glut of cheap imported urea kept price performance under check, current valuations are attractive with CY13F P/E of 5.5x and dividend yield of 16% where AKD Securities’ TP of PKR 36/share implies a significant upside of 53%. Buy!

Morning Call about Result Previews – Arif Habib Limited

Karachi, October 15, 2012 (PPI-OT): ACPL and APL 1QFY13

ACPL; Profitability is likely to jump by 67% YoY

The board of directors of Attock Cement Company Limited (ACPL) is scheduled to announce its financial results for 1QFY13 on October 18, 2012.

According to Arif Habib Limited expects the company to announce Profit after Tax (PAT) of PKR 354 million (EPS: PKR 3.55) in 1QFY13, a 67% YoY increase, when compared with PKR 211 million (EPS: PKR 2.12) in the corresponding period last year.

This healthy profitability growth is expected mainly on account of a 17% YoY improvement in average retention price to PKR 315/bag, which is likely to take net revenues up by a 15%, despite a 2% YoY drop in volumetric sales. Healthy pricing coupled with savings from Waste Heat Recovery Plant (WHRP) is anticipated to widen gross margins to 30% in 1QFY13, compared to 24% in the same quarter last year.

ACPL Financial Highlights
PKR million 1QFY13 1QFY12 YoY
Net Sales 2,454 2,134 15%
Cost of Sales 1,726 1,613 7%
Gross profit 728 521 40%
Admin expenses 57 53 8%
Selling expenses 149 131 13%
Operating Profit 515 334 54%
Financial charges 3 3 -11%
Profit before tax 512 331 55%
Profit after tax 354 211 67%
EPS (Adjusted) PKR 3.55 2.12  
Sources: Company Accounts and AHL Research

APL; Profitability is likely suffer a modest 1% YoY decline

Attock Petroleum Limited (APL) is scheduled to announce its financial results for 1QFY13 on October 17, 2012. Arif Habib Limited expects the company to post a modest YoY earnings decline of 1% in 1QFY13 with PAT of PKR 1,084 million (EPS: PKR 15.68) compared to PKR 1,098 million (EPS: PKR 15.88) in the corresponding quarter last year. Amid healthy margins and volumetric growth (HSD 2%, FO 4%), APL is anticipated to achieve an 11% YoY growth in gross profit. However a 76% YoY expected jump in operating expenses coupled with a sluggish 2% growth in income on bank deposits is likely to result in flat bottom line.

APL Financial Highlights      
PKR million 1QFY13 1QFY12 YoY
Net sales

39,342

35,934

9%

Gross profit

1,346

1,216

11%

Other operating income

679

560

21%

Operating profit

1,740

1,614

8%

Income on bank deposits

231

226

2%

Profit before tax

1,542

1,523

1%

Profit after tax

1,084

1,098

-1%

Earnings per share (PKR)

15.68

15.88

Sources: Company financials and AHL estimates      

Institute of Chartered Accountants of Pakistan holds Graduation Ceremony

Karachi, October 15, 2012 (PPI-OT): At an impressive and colorful ceremony organized by the Institute of Chartered Accountants of Pakistan at Pearl Continental Hotel, Examination Certificates were awarded to those students who had passed CA Final Examination held in summer 2012. Gold Medals and Certificate of Merits were also distributed to those students who had performed outstandingly in the Final and Foundation / Intermediate Examinations of Summer 2012.

In his welcome address, Mr. Ahmad Saeed FCA, President ICAP, felicitated the newly qualified CAs and advised newly qualified CAs to be optimistic, positive and innovative in the changing and challenging corporate world.

While addressing the gathering, Mr. Saad Amanullah Khan, Chief Executive Officer, Gillette Pakistan Ltd. underscored the need for adoption of a goal in life without which, he said, young CAs cannot achieve acme in their lives. He said that the path to success can be achieved by setting high standards and efforts should be made to reach to such standards. He emphasized on improving interpersonal skills and broadening horizons to bring the best possible changes in organizations.

Syed Masoud Ali Naqvi FCA, Past President ICAP greeted the newly qualified CAs whom, he said, have achieved the most prestigious qualification of their lives. Mr. Naqvi spoke about fabricated and incorrect picture which are usually painted before young boys and girls entering into CA education.

He stated that usually students are surrounded by negative perceptions like a standard passing ratio set out by ICAP, quota system, unstructured exam pattern, rigorous training, etc. However, he said that all such perceptions has proved wrong today when young CAs have passed out and signing the roll of ICAP membership.

During the ceremony, impressive videos were also played about the life cycle of a CA student. The ceremony, organized by Southern Regional Committee of ICAP, was also attended by ICAP Council members, its Past Presidents, Members of Southern Regional Committee, eminent professionals and parents of newly qualified CAs.

For more information, contact:
Muhammad Rafiq
Media Coordinator
Institute of Chartered Accountants of Pakistan (ICAP)
Chartered Accountants Avenue, Clifton
Karachi-75600, Pakistan
Phone: +9221 111-000-422
Fax: +9221 99251626
Cell: 0300 2128185

Samsung employees enjoy Great working place experience

Lahore, October 15, 2012 (PPI-OT): Samsung Electronics is a global leader and award-winning innovator in Telecommunications and Digital Technologies. Recently, Samsung Pakistan arranged an exciting and fun-filled outdoor recreational activity celebration, in which all Samsung employees were invited to participate and have delightful experiences.

This celebration is named “Great Working Place” (GWP) activity and is held on a quarterly basis to promote Team-Building opportunities among the Samsung staff. It helps the hard-working, passionate and innovative employees to relax and cheer with numerous outdoor fun activities for participants of varying ages. An interactive meeting for operational deliberations was also held on that fun-filled day to enhance the team-building skills of the employees.

Samsung Pakistan’s Managing Director – Mr. John Park said; “It is delightful to see Samsung employees from the various operational departments, strive to maintain friendly and cordial relations among themselves, by coming together as one big Samsung family, and participating in numerous recreational and sporting activities with a team-building spirit, to make the “Great Working Place” activity a resounding success”.

Numerous employees expressed their excitement with delighted remarks, saying; This is what distinguishes Samsung from the common business enterprises. This electronics leader creates great opportunities to nurture personalities and develop interactive skills in its workers, for sharing the joys of life together and strengthen personal cohesion among individual employees. Thus, it enables effective team-building and productivity enhancements to meet highly ambitious goals on every level. The employees thoroughly enjoy such inspirational measures.

There was an air of friendly competitiveness and cooperation prevalent during the various sporting contests organized by Samsung’s management. These friendly activities included games like; Archery, Boating, Cricket and entertainments, along with appetizing snacks and food items, which were enjoyed equally by each participant.

For more information, Contact:
Samsung Electronics
Technology Park,
2nd Floor Tower A,
Shahrah-e-Faisal
Karachi, Pakistan
Tel: 2790281, 2790283, 2790282
Fax: 2790284
Web: http://www.samsung.com

Oil and Gas Regulatory Authority adjusts Compressed Natural Gas prices

Islamabad, October 15, 2012 (PPI-OT): The Oil and Gas Regulatory Authority (OGRA), in accordance with the ECC decision no.106 /12/2009 dated 28.7.2009 has adjusted the CNG prices per the following two tier slab structure applicable with effect from October 15, 2012.

Rs. per Kg.
Region-I
KPK, Baluchistan and Potohar Region (Rawalpindi, Islamabad and Gujarkhan)
@1040BTU 94.66

Region-II
Sindh and Punjab (Excluding Potohar Region) @ 950 BTU 86.48

Downward adjustment in CNG consumer price has been necessitated owing to decrease in gas sale price for CNG stations by the Federal Govt. These prices will stay in vogue till such time any further notification is issued.

CNG price notification is available at website (www.ogra.org.pk

For more information, contact:
Oil and Gas Regulatory Authority (OGRA)
Plot #54, Fazal-e-Haq Road, Near PIA Building,
Blue Area, Islamabad, Pakistan
Email: registrar@ogra.org.pk
Tel: +9251 922 1707

Pakistan Navy commissions 2nd Pak Marines Battalion

Karachi, October 15, 2012 (PPI-OT): In a bid to further strengthen/safeguard vital PN assets/ installations, the defence of Karachi Port and Port Bin Qasim and to enhance the Ground Based Air Defence set up, a significant milestone has been achieved in the history of Pakistan Navy by commissioning of “2nd Pak Marines Battalion”, and induction of Radar Controlled Guns and Low Level Air Defence Radar. The induction and commissioning ceremony was held at Pak Marines Headquarters, PNS Qasim. Chief of the Naval Staff, Admiral Muhammad Asif Sandila was the chief guest on the occasion.

Congratulating the officers and CPOs/Sailors of 2nd Marines and 21st Air Defence Battalions, the Naval Chief said that these sophisticated radars and guns have proved their worth in the recently conducted exercise Seaspark – 12 and their performance has lived up to our expectations.

He reiterated that defence of our motherland is a responsibility shared by all of us and a sacred undertaking that comes second to none. Where our perseverance and resilience remains to be the driving force behind our commitment to the protection of our frontiers, requisite wherewithal for undertaking this daunting challenge remains a vital ingredient as well.

Underlining the need to ensure protection of vital assets and areas, the Naval Chief urged upon officers and men of this independent Marines Battalion to stand fast and thwart aggression with zeal and courage. He emphasized all to continue with hard work, dedication and steadfastness so as to bring good name to the service.

Earlier, Commander Coastal Command briefed that 2nd Marines Battalion will be entrusted with the responsibility of safeguarding vital PN installations, infrastructure, and seaward security of Karachi Port and Port Bin Qasim. He added that Pak Marines, since their inception in 1990, have come a long way and apart from safeguarding external threats have proven their mettle through active participation and internal security, floods and Cyclone Relief Operations.

For more information, contact:
Lieutenant Commander Shakeel Ahmad
Assistant Director
Directorate of Public Relations
Pakistan Navy
Tel: +9221 2006 3210
Cell: +92333 217 1764 and +92300 217 1038

Ashraf Ali Jumani assumes charge as secretary transport Sindh

Karachi, October 15, 2012 (PPI-OT): Mr. Ashraf Ali Jumani, Assistant Executive Engineer (Mechanical) (BPS-17) Irrigation Department has been assumed the charge as Secretary, Provincial Transport Authority, Karachi in Transport Department.

According to a notification issued by Services, General Administer and Coordination Department, Sindh.

For more information, contact:
Information and Archives Department
Directorate of Press Information
Government of Sindh
95-Sindh Secretariat 4-B, Karachi
Tel: +9221 9920 4423