Power: May ’18 Back to square one
Electricity generation during May’18 stood at 12.1TwH, up 10%YoY as the onset of summer season led to increased output from hydel sources (18.3%), while demand continued to soar on the back of hot weather and Ramadan. Major contribution of 2.90TwH (23.9%) came from RLNG, where generation on the same was skewed towards the recently commissioned plants (Bhikki, Balloki and Haveli Bahadur Shah combined generating 1.45TwH). However, Furnace Oil, having been regarded as an “expensive” fuel, saw its resurgence occupying the 2nd place with 2.33TwH of energy output (19.3%). HUBCO and KAPCO combined generated ~1.03TwH on FO. Cost wise, FO remained the most expensive source of generation with a per unit cost of PkR12.97 followed by RLNG at PkR9.33. Amongst our IPP universe, KAPCO still remains our top-pick with an attractive dividend yield of 16.8/16.3% for FY18F/19F and a capital upside of 15.8%.
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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