Pakistan Textile_Mar’21 textile exports rallied 30%YoY, (AKD Daily, Apr 23, 2021)
AKD Daily
Pakistan Textile: Mar’21 textile exports rallied 30%YoY
- As per the data released by PBS, textile exports for the month of Mar’21 registered a growth of 30.4%YoY and 9.8%MoM to stand at US$1.35bn showing signs of sales picking up with the arrival of spring season.
- Segment-wise value and non-value added exports registered a rebound of 34.1%YoY and 18.9%YoY respectively. The increase in non-value added segment incurred despite yarn exports decline 4.8%MoM but cotton cloth surged 23.4%MoM as local manufacturers capture Chinese share in the US market after order cancellation from Xinjiang due to human rights violation.
- International cotton prices ended Mar’21 on a low note, with international cotton prices receding towards Dec’20 price levels after hitting their highest in Feb’21 of USc98.5/lbs in about two years. In this backdrop, Cotlook’s A index reduced 1.87%MoM to stand at USc91.5/lbs in the month of Mar’21.
- Textile sector has turned out of favor in recent months (CYTD: down 32.1%) following rupee appreciation. With the advent of result season, we expect the sector to return to limelight. We continue to have preference for NML with the stock currently trading even below 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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