OGDC_PPL_POL_FY17 Result Previews
We preview FY17 financial results for companies in our E&P universe where we expect OGDC/PPL/POL to post earnings of PkR63.32bn/25.65bn/9.90bn for FY17E, up 5.6%/48.8%/36.8% over the previous year. Improved earnings of the companies is attributable to 1) upward movement in Intl. oil prices (up 19%YoY) and 2) heightened oil production across the board (+9%/9%/8%YoY for OGDC/PPL/POL). Briefly commenting on their individual performances, OGDC lagged in comparison with its peers largely due to reduced revenues from Natural Gas (down 11.25%YoY) on the back of lower contribution from its JV fields: Bhit & Badhra, Miano and Kadanwari. PPL, on the other hand, benefitted from incremental gas volumes (320 BCF against 284BCF last year) by virtue of consistent spudding of wells in its flagship leases: Sui and Kandhkot; while for POL, lower exploration expense aided in the upliftment of its bottom-line. At current levels, we have an ACCUMULATE stance on PPL with a target price of PkR205/sh.
Oil and Gas Development Company is a petroleum exploration and production (E&P) company in the Pakistan oil and gas sector. Co.'s principal activity is to explore, develop, produce and sell oil and gas resources and related activities. Co. also manufactures Gas, Liquefied Petroleum Gas, Crude Oil, and Sulphur. Co.'s major fields contributing in the aforesaid production of crude oil include Nashpa, Kunnar/KPD, Pasakhi, Sinjhoro and Rajian and for gas include Qadirpur, Uch, KPD, Nashpa and Dakhni. Co. carries out exploration and development activities on its own as well as in joint ventures with other oil companies.
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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