Pakistan Textiles: Sector update Apr'18
Latest PBS data shows that country's total exports continue to post double digit growth, with Apr'18 exports clocking in at US$2.13bn, up 18.6%YoY. A likely impact of recent rupee depreciation (~9.5% since Dec'17), both food and textile exports were up 37.6%YoY and 12.1%YoY, respectively. In textile group, both value and low value added exports grew 12.5%/10.9%YoY to reach at US$822mn/US$327mn. On a cumulative basis, 10MFY18 textile exports now stand 8%YoY higher at US$11.14bn (vs. US$10.31bn in 10MFY17), with value added exports up by 9.6%YoY to US$8.12bn. Low value added exports which remained largely sanguine in the first half strongly recovered in the second half with segment exports reaching US$3.025bn (up 4.1%YoY). Looking ahead, we expect textile exports to maintain their upward trend as the sector would continue to benefit from strengthening economic activity in key export markets, flexible exchange rate regime and continued gov't support (likely extension of export incentives and tariff subsidy). However, prolonged delay in payment of exporters' refunds could undermine utility of export package posing downside risk to export outlook.
Nishat Mills is engaged in the business of textile manufacturing and of spinning, combing, weaving, bleaching, dyeing, printing, stitching, buying, selling and otherwise dealing in yarn, linen, cloth and other goods and fabrics made from raw cotton, synthetic fiber and cloth, and to generate, accumulated, distribute and supply electricity.
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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