PIOC & GWLC_4QFY17 Result Preview
PIOC: 4QFY17 Result Preview
PIOC is expected to announce its 4QFY17 result later this month, where it is forecasted to post earnings of PkR668mn (EPS: PkR2.94), down 14%YoY. Lower earnings are expected to arise from significant 9.8pptsYoY decline in GM to 38.3% (avg. coal prices up 54%YoY in 4QFY17) despite 11%YoY increase in topline to PkR2.80bn (21%YoY growth in total dispatches to ~444k tons that including clinker sales of ~336k tons). On a cumulative basis, FY17 earnings are expected to rise by 22%YoY to PkR3.07bn (EPS: PkR13.51). Alongwith the result PIOC is expected to announce a final cash dividend of PkR3.5/sh, taking FY17 payout to PkR7.8/sh (payout ratio: 58%). Having lost 36%CYTD, CHCC currently trading at a FY17/F18F PE of 6.7x/6.6x, where our Jun'18 TP of PkR160/sh implies a Buy stance (upside: 75%).
GWLC: 4QFY17 Result Preview
Previewing 4QFY17F earnings for GWLC (expected later this month), we forecast NPAT to clock in at PkR460mn (EPS: PkR1.15), down 59%YoY/22%QoQ. Lower earnings are expected to arise from 1) 12%YoY/5%QoQ decrease in topline (11%YoY/6%QoQ decline in total cement dispatches), 2) expected 15.6pptsYoY decline in GM to 30.9% (avg. coal prices up 54%YoY in 4QFY17) and 3) 90%YoY decline in other income due to one-time gain of PkR308mn recorded in 4QFY16 on loan settlement. On a cumulative basis, FY17 earnings are expected to decline by 20%YoY to PkR2.16bn (EPS: PkR5.40). Alongwith the result GWLC is expected to announce a final cash dividend of PkR1/sh, taking FY17 payout to PkR2.5/sh (payout ratio: 46%).
Co. is engaged in the manufacture and sale of cement and clinker.
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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