POL_Is it over yet
For a host of reasons, Pakistan Oilfields Limited (POL) has been on the investors' radar for most part of FY18. This time around, it's majorly the international oil prices together with consistently lower flows from Jhandial (and hence reserve size estimates) leading us to revise our earnings assumptions and target price. Also, we understand and incorporate 3QFY18 results into our model to better reflect full year profitability. Other minor changes include complete elimination of Makori field from our forecast horizon. Accommodating the said, our EPS estimates for FY18/19F now stand at PkR49.31/73.47 and our target price comes down to PkR676/sh, while we still maintain a hold stance. Going forward, surprise movements in the stock can emerge from 1) success on the ongoing exploratory efforts at Khaur North and Joyamair Deep, though our channel checks suggest lower probability of substantial find at any of the 2 efforts, and 2) a favorable decision by the court on TAL block gas pricing issue.
Co. and its subsidiaries are principally engaged in the exploration, drilling, production and sale of crude oil and gas and other products.
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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