AKD Securities Limited - Hascol Petroleum (HASCOL) Pakistan OMCs_Looking more and more like a sustained rebound, (AKD Daily, Dec 03, 2020)

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AKD Securities Limited

Shahrukh Saleem

EUR 9.29 For Business Accounts Only

Pakistan OMCs_Looking more and more like a sustained rebound, (AKD Daily, Dec 03, 2020)

AKD Daily

Pakistan OMCs: Looking more and more like a sustained rebound

OMC volumes witnessed an increase of 21%YoY for Nov'20 led by retail fuels where HSD outshone with growth of 29%YoY while MS grew by 20%YoY. FO sales remained upbeat, increasing 18%YoY however reduction in power demand as winter commences has resulted in sequential dive of 41%MoM.
Overall, local OMC sales continued on a strong footing, up 11%YoY for 5MFY21 (up 8% excluding FO) where seasonal uptick in FO demand for power generation over the period drove growth of 31%YoY while MS/HSD follow with growth of 8/13% YoY.
Market shares remain fluid with PSO/APL/HASCOL/SHEL accounting for market shares of 44/8/5/8% during Nov'20 where a comparison with Nov'19 reveals decreasing share of PSO/HASCOL/APL by 3/2/2ppts while market share of SHEL increased by 1ppt.
APL (TP: PkR400.2/sh, 20.3% upside) remains the safe stalwart in the sector with high refinery upliftment guarding the company against losses stemming from fluctuating oil prices. PSO's investment case hinges on "reading the tea leaves" regarding circular debt clearance following the Govt's agreement with IPPs (yet to be formalized), where a strong policy response, can result in alleviating liquidity drags.

AKD Research

03/12/2020 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_Looking more and more like a sustained rebound, (AKD Daily, Dec 03, 2020)

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)

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

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

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

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