Pakistan Refinery_Global yields surge, domestic sector fate hangs in balance, (AKD Daily, Jan 17, 2023)
AKD Daily
Pakistan Refinery: Global yields surge, domestic sector fate hangs in balance
- Global refining margins have continued to tick upwards amidst drop in refinery utilization due to snow storms in Texas, offsetting demand lows from holiday season resulting in larger than anticipated fuel inventory declines
- Gasoline cracks have also continued to inched higher by US$9.3/bbl MoM amidst optimism on Chinese demand ahead of Lunar Year holiday at the end of the week
- With the Govt. finalizing of draft refining policy (for the third time) for domestic refineries last month, this is anticipated to breathe new life into the sector's prospects (if and when implemented).
- Moving forward, refinery profitability may remain elevated in the near term as they reap impacts of high yields on both MS/HSD, respectively.
- Given elevated margins, our liking stems towards ATRL majorly due to consistently higher white-product throughput and one of the lowest FO yields (-ve margins) in the sector.
AKD Research
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.