Power: Latest generation and State of Industry are healthy
​After the release of the much delayed State of the Industry 2016 report by NEPRA, we highlight major policy measures adopted by the regulator, contrasting data sets and performance of power sector intermediaries. Concurrently we assess electricity generation (CPPA data) during the months of April/May'17 (8.84/11.02TwH generated), which jumped +13.2%/15.4%YoY, as the weightage average cost of generation was recorded at PkR6.21/5.20/KwH, marking a sharp rise of 38.6/1.5%YoY for April/May'17. Highlighting capacity additions to the grid, update on generation projects nearing completion, performance of DISCOs on key performance metrics and outlook in terms of demand, debt build ups and headwinds hampering development. Based on these developments, we re-iterate our bullish case on KAPCO, where recent commentary continues to highlight strong demand prospects and transmission investments furthering the case for an extension beyond FY21F.
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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