Pakistan Textile_2MFY22 textile exports up 29%YoY, (AKD Daily, Sep 22, 2021)
AKD Daily
Pakistan Textile_2MFY22 textile exports up 29%YoY,
- As per the data released by PBS, textile exports for the month of Aug’21 registered a growth of 46%YoY to stand at US$1.46bn. Segment–wise value and non-value added exports posted a growth of 27%/38%YoY in 2MFY22.
- In the value added segment, readymade garments and bed wear registered a growth of 48.4%/45.5%YoY while knitwear outperformed the segment with 57.9%YoY in Aug’21. In 2MFY22 readymade garments/bedwear/knitwear posted a growth of 22.6%/24.5%/34.1%YoY respectively.
- International cotton prices remained strong throughout the month, hovering around at Usc103/Ib with an increase of 4%MoM on 20-Sep’21 and cumulative CYTD increase of 21.8%. On the local front, cotton prices currently hover around at ~PkR14,232/maund – at about highest level since 2010 – or +6.1%MoM on 20-Sep’21.
- Textile sector has performed relatively well in recent months with an outperformance of 2.5% against KSE-100 index. Henceforth, we remain bullish on the sector where any dip in prices presents an opportunity to take exposure in textiles. Our top pick for the sector is NML (TP: PkR132/sh – 46% upside) which is currently trading at 8% discount to its portfolio value of PkR98/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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