HUBC & KAPCO_1HFY18 Result Preview
HUBC is scheduled to announce its 1HFY18 result on Monday, Feb 19'18 where we anticipate the company to announce an NPAT of PkR4.81bn (EPS: PkR4.16), down 6.6%YoY. Gross margins are expected to drop by 1.7ppts due to surprisingly higher load factor of the (inefficient) base plant at 71% (vs. 67.2% in 1HFY17). Further, we believe mandatory maintenance of 1 Narowal engine only will reduce repair & maintenance costs by ~16%YoY. On the other hand, finance cost is projected to rise by 3.5%YoY due to increment in short term borrowing. Along with the result, the company is expected to announce an interim dividend of PkR1.5/sh in-line with its payout policy.
KAPCO will release its 1HFY18 result on Feb 23'18 where its bottom-line is expected to escalate 5.5%YoY to PkR4.40bn (EPS: PkR5.00). Improved gross profit is expected to be a function of higher load factor at 58% vs 48.5% in 1HFY17. Other income is anticipated to go up by 27.6%YoY to PkR2.9bn due to piling overdue receivables while rising fuel resulting in higher short term borrowing will lift up finance cost by 71%YoY. The company is expected to declare an interim dividend of PkR4.5/sh.
Hub Power Company is a holding company. Through its subsidiaries, Co. is engaged as a power producer in Pakistan that focuses on developing, owning, operating and maintaining power stations. Co. supplies electricity to Water and Power Development Authority and National Transmission and Despatch Company under long term Power Purchase Agreements for its Hub and Narowal plants respectively.
Kot Addu Power Co Ltd. Kot Addu Power Company Limited is a Pakistan-based power generation company. The Company's principal activities are to own, operate and maintain a multi-fuel fired power station with approximately 15 generating units with a nameplate capacity of 1,600 megawatts (MW) in Kot Addu, District Muzaffargarh, Punjab, Pakistan. The Company also sells the electricity produced therefrom to a single customer, the Pakistan water and power development authority. The power plant is a multi-fuel gas-turbine power plant using three fuels to generate electricity: gas, light sulfur furnace oil and high speed diesel. The plant's combined cycle technology enables it to use the waste heat from the gas turbine exhaust to produce steam in the heat recovery steam generator, which in turn is used to run the steam turbines.
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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