Pakistan OMCs_volumes increase by 26%YoY for Aug'21, (AKD Daily, Sep 03, 2021)
AKD Dail
Pakistan OMCs: volumes increase by 26%YoY for Aug’21
- OMC sales clocked in at 1.96mn tons, up 26%YoY majorly on the back of low base while on MoM basis, a meagre improvement of 1%MoM was witnessed despite lower number of working days in the month.
- Overall, OMC volumes have increased by 25%YoY to 13.6mn tons for 8MCY21 where again furnace oil led the increase, growing by 72%YoY while ex. Furnace oil, sales increased by 19%YoY largely on the back of low base. MS/HSD witnessed an increase of 15/21%YoY.
- Market shares remain fluid with PSO/APL/HASCOL/SHEL accounting for market shares of 52/10/1/7% during Aug'21 where a comparison with Aug'20 reveals increasing share of PSO/APL by 4/2ppts while market share of HASCOL decreased by 4ppts.
- PSO (TP: PkR305.6/sh, 41% upside) is our top pick where medium term developments include clearance of circular debt and shift in profile of cash flows due to increased share of retail fuels while focus on improving storage infrastructure will result in company sustaining the recently gained market share, moving forward. However, increasing FO sales can result in heavy increase in short term borrowings for the company.
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.
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