Pakistan OMC's_Sep’19 sales - more of the same
- Sep’19 volumetric offtake clocked in at 1.5mn tons, moving +16%MoM/-15%YoY with HSD sales continuing to crater on the back of persistent grey-product penetration, whereas changing power mix continues to weigh on FO’s sales (down 23%YoY)
- For 1QFY20, volumes amounted to 4.3mn tons, receding 9%YoY exhausted by weak power demand (cumulative FO sales dip 16%YoY), where monthly average sales have dropped to 238k tons vs. 283k tons during 1QFY19.
- In terms of market shares, PSO/APL/HASOL account for market shares of 47/11/5% during Sep’19 where a comparison with FY19 cumulative shares of 45/10/8% reveals PSO successfully clawing back share during the outgoing month while HASCOL continued to lose out
- 9%YoY decline in cumulative POL product sales for 1QFY20 underpins a fall in demand for POL products from the industrial segment mainly as influx of grey product and economic slowdown weighs heavily.
- With major shifts underway, we advocate for building positions in APL, with the company having a strong balance sheet and steady pace of growth (devoid of any event-based developments, neutral to policy reforms or clearances) providing an attractive mix of defensive and growth credentials
AKD Research
Pakistan State Oil is a petroleum group based in Pakistan. Co.'s principal activities are the procurement, storage and marketing of petroleum and related products. Co. also blends and markets various kinds of lubricating oils.
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.