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JS Securities Limited – Result Review

Karachi, October 19, 2015 (PPI-OT): EFOODS: 9M2015 EPS stood at Rs3.39, up 10x YoY

Engro Foods (EFOODS) announced 9M2015 results today, where the company posted earnings of Rs2.60bn (EPS of Rs3.39), up 10x YoY. 3Q2015 earnings clocked in at Rs624mn (EPS of Rs0.81), against a loss of Rs77mn (LPS of Rs0.10) in 3Q2014. Core earnings came largely below JS Securities Limited’s estimates on (1) lower gross margins of 23% for 3Q2015 against JS Securities Limited’s expectations of 26% and (2) higher administrative costs.

The top line of the company has improved by 23% YoY in 9M2015, meanwhile gross margin improved to 25% in 9M2015 from 19% in 9M2014 on lower input prices and gaining from economies of scale.

JS Securities Limited currentlys have a ‘Buy’ recommendation on EFOODS, with a Target Price of Rs191. EFOODS’ analyst briefing is scheduled to be held tomorrow, which is expected to shed further light on the 9M2015 results.

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