Pakistan OMCs - April'23 OMC offtakes - Down 47%YoY, (AKD Daily, May 05, 2023)
- April'23 volumetric offtakes clocked in at 1.17mn tons, changing by +6%/-47% on a MoM/YoY basis, with HSD and FO leading the decline (down 50%/84%YoY).
- The ongoing season has seen demand being primarily fulfilled by the cheaper Iranian diesel (smuggled in through Dasht, Baluchistan), as the demand for HSD from official sources has declined significantly (down 47%YoY in April’23).
- Assuming similar trends in POL offtakes witnessed in 3QFY23 in the remaining two months, total PDL collections are expected to end the full year at ~PkR612bn, an estimated annual shortfall of PkR244bn
- Company wise, major players in the sector, PSO/APL/SHEL/ GOPL, delivered throughput levels of 576k/120k/88k/65k tons, taking total market share to stand at 49.2%/10.2%/7.5%/5.6% for April’23
- Overall, APL (TP: PkR375/sh) remains our top pick from the sector, with the company being a perfect mix of capital upside and dividend yield. History of high payouts (avg. DPR: 80%) leads to an expected DPS of PkR37.5/50/sh for FY23/24, respectively
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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