AKD Securities Limited - Hascol Petroleum (HASCOL) Pakistan OMCs_APL continues to gain market share (AKD Daily, Jan 04, 2021)

Report

AKD Securities Limited

Shahrukh Saleem

EUR 9.60 For Business Accounts Only

Pakistan OMCs_APL continues to gain market share (AKD Daily, Jan 04, 2021)

AKD Daily

Pakistan OMCs: APL continues to gain market share

OMC sales clocked in at 1.5mn tons for Dec’21, down 6%YoY while on MoM basis, sales witnessed a decline of 14%. The YoY decrease was led by FO sales as power production on FO has declined while MS posted an increase of 4%YoY and HSD remained flat for the month on YoY basis.
Overall, OMC volumes have increased by 14%YoY for 1HFY22 where FO took the lead with an increase of 17%YoY while MS/HSD posted increase of 10/17%YoY.
APL turned out to be the star performer for the month with an increase in total volumes of 14%YoY against a decline of 6%YoY of the industry where the difference was also visible in retail fuels segment with APL’s retail fuels’ volume increasing by 21%YoY against 0.5%YoY of the industry, taking APL’s market share to 9.0% for Dec’21 against 7.5/9.0% for Dec’20/Nov’21
APL (TP: PkR438/sh) is our top pick from the sector given i) company’s low leverage protecting it against any increase in interest rates, ii) high payout ratio of the company providing it attributes of a defensive play, and iii) improved storage network of APL expected to aid in enhancing market share.

AKD Research

06/01/2022 3 EN

Underlying

Hascol Petroleum

Hascol Petroleum Limited is a Pakistan-based company, which is engaged in procurement, storage and marketing of petroleum and related products. The Company is involved in the sale of petroleum products, such as fuel oil, high speed diesel, gasoline, Jet A-1, liquefied petroleum gas (LPG) and lubricants. The Company offers products, such as Tiger Super, Rocket Diesel and Furnace Oil. The Company offers Fuchs Lubricants products, which include corrosion preventives, quenching oils, industrial lubricants, open gear lubricants, greases, automotive oil and metal working fluids. The Company also markets LPG as an automotive fuel through its retail network. The Company is engaged in owning, leasing and renting oil storage facilities, as well as importing petroleum products. The Company has storage facilities at Machike, Shikarpur and Daulatpur. The Company sells its product to dealers, government agencies and autonomous bodies, independent power project and other corporate customers.

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PK0108001014 Pakistan Stock Exchange Pakistan

Provider

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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Analysts

Shahrukh Saleem

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Pakistan OMCs_APL continues to gain market share (AKD Daily, Jan 04, 2021)

Pakistan OMCs_OMC volumes rose by 28%YoY for May'22, (AKD Daily, Jun 02, 2022)

Pakistan OMCs_Retail fuels continue to remain strong! (AKD Daily, Jan 10, 2022)

KOHC 3QFY24 Result Review - Lower offtakes lead to profit decline (AKD Off the Analyst's Desk Apr 25, 2024)

CHCC_3QFY24 Result Review —Gross margin contraction leads to earnings decline(AKD Off the Analyst's Desk Apr 25, 2024)

FFBL 1QCY24 Result Review—Increased earnings amidst normalized tax charge, (AKD Off the Analyst's Desk Apr 25, 2024)

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