Power: The boat has sailed on low generation costs, (AKD Daily, Sep 28, 2017)
CPPA generation numbers for 2MFY18 clocked-in at 47.8TwH, 11.8% higher over 2MFY17. Hydel and FO based generation maintained the highest share of the power mix with 8.0/6.3TwH contributed. Increased generation was largely led by RLNG/coal based production adding 1,070/509MW in net dependable capacity, as new plants were tied-in to the grid in the recent months. Unit cost of electricity moved up by 12.3%YoY to PkR4.98/KwH, in tandem with global oil price movements (reflected in FO/RLNG cost of generation climbing). Having said this, we highlight the worsening circular debt position which has crossed PkR400bn mark as per the latest news flows with NEPRA rejecting to incorporate PkR235bn in to the consumer tariff. KAPCO looks attractive based on a high probability of an extension in PPA for 15 years and its recent plan to acquire 17.4% stake in HUBC while maintaining hefty payouts (FY18E/19F D/Y of 12. 7%/12.7%).
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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