Report
EUR 9.11 For Business Accounts Only

APL Still strong! (AKD Daily, Dec 07, 2022)

APL: Still strong!

We revisit our investment case for Attock Petroleum Limited (APL), revising Dec’23 target
price to PkR390/sh from previous PkR370/sh, providing a total return of 48% from last
close.
 The much awaited revision in OMC margin provides significant impetus to our valuation,
subsequently we have incorporated uniform OMC margins of PkR6/liter for both MS & HSD
from March 2023 onwards, up 61%/51% from current levels for MS/HSD
 The company plans to setup two more terminals in the northern region, namely Dera Ismail
Khan and Tarrujabba with capacities of 17.5k and 22.9k, respectively, with an estimated
capex of PkR2.5bn between FY23 and FY24.
 Company’s near-to-none leverage (1QFY23 D/E: 0.52%) places it in forefront to absorb any
monetary contractions going forward.

Provider
AKD Securities Limited
AKD Securities Limited

AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.

AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.

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