Pakistan Textiles_Oct'17 Sector update
Keeping up with the recent upward momentum, Pakistan's total exports during Oct'17 grew 12.7%MoM/7.9%YoY to US$1,888mn, largely aided by strong growth in textile exports (+7.1%YoY). Backed by export subsidy along with slight uptick in final product prices, textile exports during Oct'17 rose 5.1%MoM/7.1%YoY to US$1,132mn. Segment wise, both value added and low value added exports moved up 8.5%YoY/3.8%YoY to US$810mn and US$323mn, respectively. On a cumulative basis, 4MFY18 textile exports now stand 7.7%YoY higher at US$4.39bn (vs. US$4.08bn in 4MFY17), with value added exports up by 10.2%YoY to US$3,180mn while low value added remained flat at US$1,210mn (+1.6%YoY). Citing consistent recovery in exports, we upward revise our growth expectations for the same to 7.5% (previously at 6%) where recent recovery in final product prices and continued unconditional export subsidy further strengthen our case. Additionally, deteriorating external account position (CAD: +2.22xYoY in 4MFY18) can prompt the GoP to further incentivize exports in the form of tariff rationalization, which would further favor a positive export outlook.
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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