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Engro Corporation Limited gas risk still subdued – AHL Research

Engro Corporation Limited gas risk still subdued – AHL Research

Engro Corporation Limited gas risk still subdued – AHL Research By: Tahir Abbas, tahir.abbas@arifhabibltd.com 021-32462589 Arif Habib Limited The year CY13 started with a boost for the fertilizer sector, with the better urea and DAP offtake. Engro Corporation Limited remained deprived and faced major gas curtailment in CY12. New efficiencies and effective production led the company […]

Pakistan State Oil Company: What lies ahead – AHL Research

Pakistan State Oil Company: What lies ahead – AHL Research

By: Arif Habib Ltd. Pakistan State Oil Company Limited (PSO) posted net earnings of PKR 9.1bn (EPS: PKR 52.80) in FY12, a 39% YoY drop, when compared with PKR 14.8bn (EPS: PKR 86.17) in FY11. This was mainly on account of 12x higher exchange loss, 56% YoY lower inventory gains and a tax reversal of […]

Healthy pricing to yield strong earnings growth for Cement Sector in FY12 – AHL Research

Healthy pricing to yield strong earnings growth for Cement Sector in FY12 – AHL Research

By: Syed Abid Ali, Arif Habib Ltd. Cement Sector in FY12: Based on the provisional figures of June 2012, domestic dispatches appear all set to break the highest ever level of 23.5mn tons achieved in FY10 as we estimate domestic demand to jump by 8.3% YoY to 23.8mn tons in FY12. Exports on the, other […]

Inflation in Pakistan eases to 11.3% YoY in June, averages ~11% in FY12 – AHL Research

Inflation in Pakistan eases to 11.3% YoY in June, averages ~11% in FY12 – AHL Research

By: Sana Tawfik, Arif Habib Ltd. The headline inflation in Pakistan for the month of Jun-12 painted a rise of 11.3% YoY, compared to a 12.3% YoY rise in May-12. On a MoM basis the index inched up by 0.04% MoM, the lowest since Dec-11. In fact, the Jun-12 inflation prints were lower than market […]

Fauji Fertilizer Bin Qasim Limited: latest victim of gas curtailment – AHL Research

Fauji Fertilizer Bin Qasim Limited: latest victim of gas curtailment – AHL Research

By: Umar Hafiz, Arif Habib Ltd. Gas diversion to power sector halts urea production FFBL’s gas supply was curtailed from June 19, 2012, for which the company had to shut down its Urea plant, whereas its DAP plant continued to operate at capacity due to its lower gas requirements. Although no official word has thus […]

Hub Power Company Limited: Narowal COD tariff to contribute PKR 0.9/share in FY12 EPS – AHL Research

Hub Power Company Limited: Narowal COD tariff to contribute PKR 0.9/share in FY12 EPS – AHL Research

By: Usman Saeed, Arif Habib Ltd. NEPRA has notified COD tariff for HUBCO’s Narowal Power Project (HNPP). Narowal commercial operation commenced effectively from Apr-12. As per the initial capacity test, the Narowal plant’s net capacity was assessed at 213.82 MW, against the initial estimation of 213.60 MW. NEPRA approved an overall project cost for HNPP […]

Attock Petroleum Limited: Strong dividend yield to trigger the stock price – AHL Research

Attock Petroleum Limited: Strong dividend yield to trigger the stock price – AHL Research

Syed Abid Ali, Arif Habib Ltd. Since the announcement of its 9MFY12 result, the stock of Attock Petroleum Limited (APL) has remained dull, underperforming the benchmark index by 0.2%. This is mainly on account of below expectation profitability in 3QFY12 as lower exports, not only curbed revenue but resulted in 4.3 percentage points higher effective […]

Fertilizer Sector: Hike in GDS moves a step closer – AHL Research

Fertilizer Sector: Hike in GDS moves a step closer – AHL Research

Umar Hafiz, Arif Habib Ltd. Hike in GDS on the cards The fertilizer industry (old plants) is likely to witness a PKR 103/mmbtu (52%) hike in Gas Development Surcharge (Cess), which should increase the cost of feed stock price by 32% to PKR 413.27/mmbtu. As per news reports, the Ministry of Law has approved the […]

Nishat Chunian Power Limited recorded a 7% (YoY) higher profit in 9MFY12 – AHL Research

Nishat Chunian Power Limited recorded a 7% (YoY) higher profit in 9MFY12 – AHL Research

By: Usman Saeed, Arif habib Ltd. Nishat Chunian Power Limited (NCPL) earned a 7% higher profit after tax of PKR 1,634mn (EPS: PKR 4.45) in 9MFY12 as compared to PKR 1,533mn (EPS: PKR 4.17) in 9MFY11. This jump in earnings was mainly due to the higher fuel savings, lower maintenance cost and higher penal interest […]

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