Brokerage

Karachi, April 14, 2015 (PPI-OT): After a disappointing CY14, AKD Securities Limited believes PTC is all set to make a comeback in CY15F particularly in the absence of one-off cost side pressures (VSS and fire-losses). However, on the core business front, AKD Securities Limited expects recovery to remain soft on account of 1) stiffening competition ...

Karachi, April 13, 2015 (PPI-OT): According to the recently released PAMA numbers, total auto sales (cars+LCVs) for Mar’15 have been recorded at 21,147 units (+22%MoM/+72%YoY); with car sales reaching 16,806 units (+20%MoM/+63%YoY). Consequently, 9MFY15 car sales are up by 22%YoY to 105,344 units vs. 86,395 units sold in the same period last year. Amongst the ...

Karachi, April 10, 2015 (PPI-OT): Owing to faltering demand (Chinese consumption down), which has created somewhat of an oversupply situation, resultantly, global coal prices have been under-pressure in CY15TD (Richard’s bay down 12.3%CY15TD to US$58.0/ton while Newcastle down 12.8%CY15TD to US$55/ton). That said, with coal constituting a significant proportion of manufacturing cost for cement sector, ...

Karachi, April 10, 2015 (PPI-OT): The Karachi Stock Exchange (KSE) extended last week’s gains to close the week 3% WoW higher at 32,351 with trading volumes averaging at 240mn shares/day (-5% WoW). Foreigners turned net sellers during the outgoing week, with net foreign selling of US$6mn vis-à-vis net buying of US$4mn the preceding week. Heavy-weight ...

Karachi, April 08, 2015 (PPI-OT): The GoP has received a nod for its performance on the EFF-IMF program so far and achieving economic stability, in the Fund’s recently released report on the sixth review. Keeping these developments in mind the IMF revised its inflation target for FY15 from 7.5%YoY to 5.5%YoY, accounting for the decline ...

Karachi, April 07, 2015 (PPI-OT): The recent 50bps decline in the policy rate brought down with itself the rate of return on NSS (National Saving Scheme) by 48-72bps (across STSC and RIC) to levels last witnessed at the end of FY05. That said, it is yet to be seen how this will spell out as ...

Karachi, April 06, 2015 (PPI-OT): HUBC’s detailed results for the 1HFY15 reveal marked improvement in profitability (driven by reduced overhaul expenses and low RFO prices), coupled with healthier cash flows (OCF: PkR11.4mn). Going forward, with O and M savings highly likely (post-2016) and additional synergies to be capitalized upon the completion of various coal based ...