FFC_3QCY20 EPS of PkR3.64 - In-line with expectations, (AKD, Off the Analyst's Desk, Oct 28, 2020)
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FFC: 3QCY20 EPS of PkR3.64 - In-line with expectations |
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Fauji Fertilizer Company Ltd (FFC) posted 3QCY20 NPAT of PkR4.6bn (EPS: PkR3.64), up 30% YoY, but down 5% QoQ. The company also announced its third interim cash dividend of PkR2.55/sh, taking the cumulative 9MCY20 payout to PkR7.80/sh.
Key highlights of the result 3QCY20 include: · The topline declined 3/17% YoY/QoQ led by decline in urea offtake due to better than expected offtakes in 1HCY20. · Other income of PkR951mn, much below our expectation, down 39/58% YoY/QoQ due to absence of dividend income from power subsidiary · A 51/41% YoY/QoQ decline in finance cost amid decline in interest rate however, resulted in increase in NPAT on YoY basis.
FFC offers a CY21/22F D/Y of 11.1% at last close, where our TP of PkR127.0/sh implies a total return of 28.7% at last close - Buy. |
Fauji Fertilizer is engaged in the manufacturing, purchasing and marketing of fertilizers including the investment in other fertilizer manufacturing operations. As of Dec 31 2004, Co. had a design capacity of 2,455,000 tonnes for urea production and 445,000 tonnes for DAP production.
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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