Karachi, July 12, 2013 (PPI-OT): PTC will be announcing its 1HCY13 results on July 16’13. On a consolidated basis, AKD Securities expects the company to post NPAT of PkR7,383mn (EPS: PkR1.45) which would denote growth of 8%YoY.
According to AKD Securities does not rule out the possibility of a PkRll share interim dividend. On a standalone basis, AKD Securities forecasts PTC to post NPAT of PKR3,052mn (EPS: PkRO.60) in 2QCYI3, up by 5%QoQ where AKD Securities expects margin uptick (by -1.12%QoQ) to support the bottom-line growth despite flattish revenues.
PTC is currently trading at a CY13F PIE and EV/EBITDA of 6.2x and 2.4x respectively, and offers an upside of 37% to AKD Securities TP of PkR34/share. Buy!
Cellular subscribers in Pakistan have touched 125mn in May’13, depicting a 5% FYI 3TD growth. On a monthly basis, subscribers are up by 1.2%MoM with major increase coming from Zong (+4.7%M0M to 20.2mn subscribers).
Broadband subscribers have continued to expand at a healthy pace where total subscribers have reached 2.6mn in Apr’13, up by 3%MoM while on FYi 3TD basis, the growth is at 25%.
PTC to post 8%YoY earnings growth in I HCY1 3: PTC will be announcing its 1HCY13 results on July 1613. On a consolidated basis, AKD Securities expects the company to post NPAT of PkR7,3S3mri (EPS: PkR1 .45) which would denote growth of 8%YoY. For 2QCY13, AKD Securities forecasts earnings to grow by 22%QoQ to PkR4052mn (EPS: PkRO.79).
Sequential growth in earnings is underpinned by a slight increase in margins as well as uptick in cellular subsidiary revenues. On a standalone basis, AKD Securities forecasts FTC to post NPAT of PKR3052mn (EPS: PkRO.60) in 2QCY13, up by 5%QoQ where AKD Securities expects margin uptick (by-i. 12%QoQ) to support bottom-line growth despite flattish revenues (-1%QoQ to PkR19,152mn) due to 11%QoQ fall in LDI minutes.
FTC could potentially surprise with an interim i dividend of PkR1/share with the 1HCY13 result. Key trigger for the scrip could be the payment of US$800mn from Etisalat to GoP, where AKD Securities channels checks suggest that one of the conditions for making the overdue payment is a crackdown on incoming grey traffic.
Furthermore, AKD Securities are likely to witness a seasonal uptick in international incoming minutes due to Ramadan and Eid season, which should support earnings growth in 2HCYI3. PTCL is currently trading at CY13F PIE and EV/EBITDA of 6.2x and 2.4x and offers an upside of respectively, 37% to AKD Securities TP of PkR34lshare. Buy!
Cellular subscribers up 5% FY13TD: Cellular subscribers in Pakistan have touched 125mn in May’13, depicting 5%FY13TD growth. On a monthly basis, subscribers are up by 1 .2%MoM with major increase coming from Zong (+4.7%M0M to 202mn subscribers).
Wand remains the contrarian performer in the cellular space where the company’s subscriber base has shrunk by 9.4%FY1 3TD to 1 2.5mn. Broadband subscribers have continued to expand at a healthy pace where total subscribers have reached 2.6mn in Apr’13, up by 3%MoM while on a FY13TD basis, the growth is at 25%. EvDO remains the star performer, where a total of O.36mn subscribers have been added FYi 3TD, representing 70% of the broadband subscriber additions in 1OMFY13.