Pakistan Textile_9MFY22 textile exports up 25.4%YoY, (AKD Daily, Apr 18, 2022)
AKD Daily
Pakistan Textile: 9MFY22 textile exports up 25.4%YoY
- As per the data released by PBS, textile exports for the month of Mar’22 registered a growth of 19.9%YoY to stand at US$1.63bn. Segment–wise, value and non-value added exports posted a growth of 24.9/2.4%YoY in Mar’22 and 24.9/27.5%YoY in 9MFY22.
- In the value added segment, readymade garments and bed wear registered a growth of 34.3%/11%YoY while knitwear outperformed the segment with 35.4%YoY in Mar’22. In 9MFY22, readymade garments/bedwear/knitwear posted a growth of 26.2%/19.3%/34.1%YoY respectively.
- Low volumes and high prices in non-value added segment continued where cotton yarn volumes declined significantly (Mar’22: US$4.1K/MT compared to US$3.8K/MT in Feb’22, +7.3%MoM while volumes declined by 33%MoM to 22,804MT.
- International cotton prices remained strong in the outgoing 3QFY22, hovering around USc159/Ib with an increase of 13%QoQ and an increase of 70/26% FYTD/CYTD. Local cotton prices have remained elevated, up 21.5%QoQ in 3QFY22 to currently hover around PkR22,000/40kg while witnessing an astounding increase of 60/14% FYTD/CYTD
- Our top pick for the sector are NML (TP: PkR128/sh – 45.1% upside and currently trading at FY22/23F PE of 3.3/3.8x) and NCL (TP: PkR65/sh – 22% upside and currently trading at FY22/23F PE of 1.6/3.8x ) based on diversified energy mix and attractive entry points.
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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