INDU_1QFY21 EPS of PkR23.48 - In-line with expectations ,(AKD, Off the Analyst's Desk, Oct 28, 2020)
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INDU: 1QFY21 EPS of PkR23.48 – In-line with expectations |
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· INDU reported 1QFY21 NPAT of PkR2.6bn (EPS:PkR23.48) moving +40%YoY/+2.8xQoQ broadly in-line with our expectation of PkR2.0bn (EPS:PkR25.7). Slight deviation was in a lower topline than our expectation, which we believe is due to greater base variant sales of the June’20 launched Yaris, while GMs were 120bps lower than estimated (6.7% vs. expectation of 7.4%). · Despite weaker margins, cost controls were evident where cumulative below the line operating expenses dropped 25%YoY and 7%QoQ. Other major line items were within expectations. · Payout of PkR12.0/sh was slightly below our estimate of PkR12.75/sh. |
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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