E&Ps: Riding on the "high oil price" horse, (AKD Daily, Aug 07, 2018)
Previewing FY18 financial performance for our E&P universe, we foresee combined earnings (of OGDC/PPL/POL) to rise by 21%YoY to PkR131.5bn broadly led by: i) 25% rise in intl. oil price (Arab Light) and ii) 5.2% avg. PkR devaluation against the US$. On an individual basis, OGDC and PPL are expected to remain ahead of POL in terms of bottom-line growth, each forecasted to post 21%YoY higher earnings at PkR18.0/21.9/sh. On the other hand, adopting a conservative approach, we expect POL to declare EPS of PkR46.5/sh (due to TAL block revenue reversal). Along with the result, we expect OGDC/PPL/POL to announce final dividends of PkR3.0/6.0/22.5/sh. POL's board meeting is scheduled on Aug 15'18, while the other two are yet to announce their meeting dates. Also, it is pertinent to mention that 4QFY18 accounts have been prepared on older gas prices for TAL block, as windfall levy case still lingers in the court.
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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