Pakistan Textile_ 4MFY22 textile exports up 26.5%YoY , (AKD Daily, Nov 16, 2021)
AKD Daily
Pakistan Textile_ 4MFY22 textile exports up 26.5%YoY
- As per the data released by PBS, textile exports for the month of Oct’21 registered a growth of 24.2%YoY to stand at US$1.6bn. Segment–wise value and non-value added exports posted a growth of 23/28%YoY in Oct’21 and 25/34%YoY in 4MFY22.
- In the value added segment, readymade garments and bed wear registered a growth of 21.1%/16.0%YoY while knitwear outperformed the segment with 42.1%YoY in Oct’21. In 4MFY22 readymade garments/bedwear/knitwear posted a growth of 22.3%/21.3%/35.4%YoY respectively.
- International cotton prices remained strong throughout the month, hovering around Usc127.3/Ib with an increase of 13.5% since Oct’21 and cumulative CYTD increase of 50.4%. On the local front, cotton prices currently hover around ~PkR17,233/maund – at about highest level since 2010 – or +19.7% since Oct’21
- With global textile dynamics continuing to remain favorable amid brewing trade war between US and China and as yarn margins remain downward sticky (Local yarn margins: currently 75% vs 60% CYTD avg.) we maintain our bullish stance on the sector where any dip in prices will provide an opportunity to take exposure in textiles. Our top pick for the sector is NML (TP: PkR132/sh – 54% upside) where the current price offers core operations virtually free.
AKD Research
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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