What doesn't kill you, makes you stronger
Recording sturdy financial performance for FY17 backed by hefty gains in all product segments, PSO looks set to retain the driving seat in the emerging OMC landscape. To recall, PSO reported FY17 NPAT growth of 77%YoY where healthy operational benchmarks and a stable external situation kept exogenous expenses under control. Revitalizing PSO's massive existing retail footprint, while committing to bolstering infrastructure CAPEX (PkR44bn between FY18-20F) builds a cohesive strategy to turn around PSO's operational situation. On the other hand, key to maintaining balance sheet health remains clearance of receivables where hampered liquidity may result from receivables mounting and equity investment with CAPEX requirements making it tough for PSO to secure funding. Taking a long term view, PSO and its management look set on remaining central to the retail-heavy, storage and supply chain efficient dynamics nudging the industry to embrace the CAPEX heavy dynamics of volumetric growth. At current levels the stock trades at FY18/19F P/E of 6.4/5.9x where we await detailed accounts to incorporate continued RLNG income and increased Lubes segment growth going forward
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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