Pakistan OMCs_APL 1QFY23 Result Preview_Inventory and exchange losses to mar greatly, (AKD Daily, Oct 20, 2022)
APL 1QFY23 Result Preview: Inventory and exchange losses to mar great
Attock Petroleum Limited (APL) is expected to announce its 1QFY23 financial result on
25th Oct’22, where we expect the company to post PAT of PkR124mn (EPS: PkR1.0).
The said decline is majorly attributable to falling ex-refinery prices over the last quarter,
where-in they peaked back in mid-June’22 at PkR249/277/liter for MS/HSD, respectively.
We expect the company to record inventory losses of ~PkR855mn (PkR8.6/sh) for
1QFY23, subsequently resulting in gross margins for the quarter to end at 1.1%.
With fuel prices (MS/HSD) forming a new base at current levels, we believe this to be the
end of exorbitant inventory gain/loss fluctuations in the near-term, normalizing earnings
in the fourth-coming quarters
APL (TP: PkR370/sh) is our top pick from the sector, with the company being a perfect
mix of capital upside and dividend yield
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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