International Steels

International Steels Limited. International Steels Limited is a producer of flat steel products. The Company manufactures cold rolled steel coils, galvanized coils and color coated steel. Its cold rolled steel is available in thicknesses ranging from 0.25 millimeter (mm) to 3.0 mm; galvanized steel is available in thicknesses of 0.25 mm to 2.0 mm, and color coated steel is available in thickness range of 0.20 to 1.50 mm. Its rolling capacity is 500,000 metric tons (MT). It produces approximately 400,000 MT of galvanized products. It produces color coated sheets on various substrates, including cold rolled, galvanized, galvalume, aluminum and stainless steel sheets. Its cold rolled steel offers applications, such as ceiling lights, tube lights, ceiling fans, oil drums, lube drums and motor cycle frame; galvanized steel has applications, such as packaging, furniture, washing machines, gas ovens and microwave ovens, and color coated steel offers applications, such as ice boxes, tubs, buckets and storage bins.
  • TickerISL
  • ISINPK0102001010
  • ExchangePakistan Stock Exchange
  • SectorIndustrial Metals & Mining
  • CountryPakistan
Zain Rizvi

International Steels Ltd: 4Q20 review – higher-than-expected finance cost leads to first loss since FY16

International Steels Ltd (ISL) has posted an NLAT of PKR161mn (LPS: PKR0.37) for 4QFY20, compared to an NPAT of PKR305mn (EPS: PKR0.70) same period last year (lower than our EPS estimate of PKR0.02). This is the first time since 1QFY16 that ISL has booked a loss. Major deviation from our estimate came from higher-than-expected finance costs. The cumulative FY20 NPAT clocked in at PKR495mn (EPS: PKR1.14), down 81% yoy. MAJOR TAKEAWAYS FROM 4QFY20: * ISL has posted Net Sales of PKR9.6bn during...

Zain Rizvi

Pakistan Steel 4Q20 Preview: Earnings to remain subdued on account of Covid-19

We expect our Steel Universe to post cumulative 4QFY20 NLAT of PKR312mn, compared to NPAT of PKR412mn during SPLY. The overall profitability is expected to come down primarily due to loss of production days translating into lower sales amid Covid-19 induced lockdown during the quarter. ASTL and MUGHAL’s top-line is expected to come off by 28% and 18% qoq respectively; however, an unexpected rise in local cement dispatches (up 69% mom) during June 2020 also points towards marginal volumetric d...

Zain Rizvi

International Steels Ltd: An ideal steel play – Buy

We resume coverage on International Steels (ISL) with a Buy rating and a TP of PKR61.0/sh. Being the largest flat steel producer with a diversified customer base and operating in a near-duopoly industry structure amid weak threat from imports – ISL is an ideal steel play in Pakistan, in our view. We expect a future earnings CAGR of 29% (albeit from a low base). Global CRC-HRC spreads (though soft near-term) are expected to rise to 3yr historical average of US$80/ton post-pandemic. We foresee ...

Zain Rizvi

International Steels Ltd: Q3 FY 20 review: Higher earnings on the back of improved margins

International Steels Ltd (ISL) posted NPAT of PKR190mn (EPS: PKR0.44) for 3QFY20, compared to NPAT of PKR611mn (EPS: PKR1.41) in the same period last year, down 69% yoy. This has taken the 9MFY20 NPAT to PKR656mn (EPS: PKR1.51), down 72% yoy. On a sequential basis, however, 3Q earnings have improved by 61%. Key highlights: * ISL posted net sales of PKR13.1bn, down 5% qoq (down 17% yoy), partly due to higher CRC and HDGC exports, where international prices and margins are presently lower than...

International Steels Ltd: 1 director sold

A director at International Steels Ltd sold 226,000 shares at 35.261PKR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The nam...

Zain Rizvi

International Steels Ltd: 4Q20 review – higher-than-expected finance cost leads to first loss since FY16

International Steels Ltd (ISL) has posted an NLAT of PKR161mn (LPS: PKR0.37) for 4QFY20, compared to an NPAT of PKR305mn (EPS: PKR0.70) same period last year (lower than our EPS estimate of PKR0.02). This is the first time since 1QFY16 that ISL has booked a loss. Major deviation from our estimate came from higher-than-expected finance costs. The cumulative FY20 NPAT clocked in at PKR495mn (EPS: PKR1.14), down 81% yoy. MAJOR TAKEAWAYS FROM 4QFY20: * ISL has posted Net Sales of PKR9.6bn during...

Zain Rizvi

Pakistan Steel 4Q20 Preview: Earnings to remain subdued on account of Covid-19

We expect our Steel Universe to post cumulative 4QFY20 NLAT of PKR312mn, compared to NPAT of PKR412mn during SPLY. The overall profitability is expected to come down primarily due to loss of production days translating into lower sales amid Covid-19 induced lockdown during the quarter. ASTL and MUGHAL’s top-line is expected to come off by 28% and 18% qoq respectively; however, an unexpected rise in local cement dispatches (up 69% mom) during June 2020 also points towards marginal volumetric d...

Zain Rizvi

International Steels Ltd: An ideal steel play – Buy

We resume coverage on International Steels (ISL) with a Buy rating and a TP of PKR61.0/sh. Being the largest flat steel producer with a diversified customer base and operating in a near-duopoly industry structure amid weak threat from imports – ISL is an ideal steel play in Pakistan, in our view. We expect a future earnings CAGR of 29% (albeit from a low base). Global CRC-HRC spreads (though soft near-term) are expected to rise to 3yr historical average of US$80/ton post-pandemic. We foresee ...

Zain Rizvi

International Steels Ltd: Q3 FY 20 review: Higher earnings on the back of improved margins

International Steels Ltd (ISL) posted NPAT of PKR190mn (EPS: PKR0.44) for 3QFY20, compared to NPAT of PKR611mn (EPS: PKR1.41) in the same period last year, down 69% yoy. This has taken the 9MFY20 NPAT to PKR656mn (EPS: PKR1.51), down 72% yoy. On a sequential basis, however, 3Q earnings have improved by 61%. Key highlights: * ISL posted net sales of PKR13.1bn, down 5% qoq (down 17% yoy), partly due to higher CRC and HDGC exports, where international prices and margins are presently lower than...

International Steels Ltd: 1 director sold

A director at International Steels Ltd sold 226,000 shares at 35.261PKR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The nam...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch