Pakistan Textile_11MFY21 textile exports up 18.9%YoY, (AKD Daily, Jun 21, 2021)
AKD Daily Pakistan Textile: 11MFY21 textile exports up 18.9%YoY · As per the data released by PBS, textile exports for the month of May’21 registered a growth of 41.1%YoY to stand at US$1.06bn, gaining from low base effect, while compared to May’19 exports declined 10.7%. · On a month on month basis, exports diminished for the second consecutive month, down 20.5% in May’21 where value and non-value added exports recorded a decline of 20.0% and 22.3% respectively, as seen in other regional countries. · International cotton prices have remained flat in May’21 though c. CYTD/FYTD increase stands at 12.12/38.5%. Going forward, we expect cotton prices to surge on stronger demand expectation outpacing supply growth · Textile sector has turned out of favor in recent months, underperforming KSE-100 index by 7.5ppt. We expect earnings to remain robust in the near term as older cotton inventories benefits local manufacturers in sailing through the recent bull cycle in commodities, along with stronger offtakes as global economies reach pre-COVID levels. We prefer NML with the stock currently hovering around just over its portfolio value of PkR98/sh, where our TP for the stock stands at PkR132/sh. 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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