Report
Team AKD Research
EUR 9.12 For Business Accounts Only

Symmetry SGL - Subscribe at PkR4.25sh, (AKD Daily Aug 07 2023)

Symmetry SGL - Subscribe at PkR4.25sh

 A new tech listing in the offering, with Symmetry Group Limited (SGL) listing on the main board at the PSX. Book building dates are set for the 8th and 9th of August, 2023. SGL is primarily a digital technology and experiences company specializing in digital marketing strategies, content creation, app development, etc. SGL aims to develop and market AI enabled products to assist in making smarter marketing and sales strategies for their existing and potential clientele. These products will be unique intellectual properties (IPs) of SGL.

  • Total issue size is 101mn shares (new issue of 88mn share and offer for sale of 13mn shares), translating into PkR430mn at a floor price of PkR4.25/sh to primarily fund the creation of said IPs (utilization: 55% of total proceeds). Remaining funds will be used to develop office furniture and equipment, human capital and marketing of products and services.
  • With the age of digitization, where businesses need to tailor products and services to consumer habits, the products introduced by SGL will provide their clientele with the tools to target consumer spending effectively and maintain higher customer retention.
  • Based on company projections, while SGL trades at FY23 and FY24 P/E of 6.34x and 5.38x respectively, the company’s comparison to Tech sector’s P/E at 8.64x is not valid given diversity of earnings (away from tech), as well as concentration risk.
Provider
AKD Securities Limited
AKD Securities Limited

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.

Analysts
Team AKD Research

Other Reports from AKD Securities Limited

ResearchPool Subscriptions

Get the most out of your insights

Get in touch