Akseer Research (Pvt) Limited

Akseer is a Research & Analytics firm based out of Pakistan that specializes in Equity Research and Corporate Finance. Our team has exposure to a wide range of sectors including Economy, Banking, Telecommunications, Retail, Real Estate, Construction and Materials, Pharmaceuticals, Food, Energy, Chemicals and Petrochemicals. We have experience of covering companies in Middle East, Americas, Far East and South Asia.

PPL: Margand; a potential game changer

There’s a lot of excitement in the E&P sector after PPL announced it’s first discovery in Margand Block. This is the second discovery in Kalat Plateau, and substantially enhances the play’s attractiveness for future exploration, potentially leading to big discoveries. Margand structure in itself is estimated to hold sizeable reserves. Given the significance of the discovery we have tried to gauge the potential of Margand X-01 in the most objective manner possible.  Margand X-01 can potentially be a +2 tcf discovery; augment PPL’s reserves life by 7-9 years and substantially augment EPS & va...

HTL: Weak 1Q earnings will create an ideal entry point

HTL: Weak 1Q earnings will create an ideal entry point   HTL has appreciated 69% after hitting a low of PKR 17.0 in Aug-19 and 32% since we initiated coverage on September 20th with a strong BUY rating. Price recovery was driven by strong earnings recovery where the company posted bumper earnings for 4QFY19 at PKR 2.68/share, up 1.44x YoY.   Pre-selling and local blending led to robust earnings growth in 4QFY19 Robust growth in 4QFY19 earnings was primarily driven by two factors (i) significant sales of locally blended mineral lubricants and (ii) pre-selling as company offered a one-t...

Power Tariffs: Full cost recovery is not too far away

Power Tariffs: Full cost recovery is not too far away The recently approved IMF program has energy sector reforms as one of its key elements, with a focus on depoliticizing gas and power tariffs and gradually bringing the sector to full cost recovery over the program period. This is in contrast to the general perception that IMF may warrant energy sector full cost recovery as a precondition. We thought it would thus be useful to map the future path of electricity tariffs by compiling the planned capacity additions, their respective additional capacity payments and fuel cost savings. We pres...

Kekra - 01: Making sense of the hype

A substantial amount of hype has been created around the recently commenced offshore exploratory drilling of Kekra-01 in Offshore Indus-G block. We, hence, thought it would be useful to reach out to industry experts and conduct some international benchmarking, to better understand prospects of Kekra-01 in the most objective manner possible. We share our findings in this piece

Akseer Research ...
  • Musadiq Jawaid

Auto sector update: Are volumes approaching an off-the-cliff fall?

Passenger car sales during 5MFY19 rose 1.0% YoY, which allowed listed automobile manufacturers to limit decline in volumes to 2.0% YoY during the period. Amid dismal volumetric performance by other vehicle categories (declines for LCVs, HCVs, Tractors and three wheelers ranged from -13% to -26%, while M/Cycles sales have remained flat), the outperformance of passenger car segment is likely to have been driven by 1) large order book at the start of the year, 2) pre-buying resulting from pre-announced and staggered price increases. That said, the delivery periods of ‘The Big-3’ OEMs have almos...

PPL: Margand; a potential game changer

There’s a lot of excitement in the E&P sector after PPL announced it’s first discovery in Margand Block. This is the second discovery in Kalat Plateau, and substantially enhances the play’s attractiveness for future exploration, potentially leading to big discoveries. Margand structure in itself is estimated to hold sizeable reserves. Given the significance of the discovery we have tried to gauge the potential of Margand X-01 in the most objective manner possible.  Margand X-01 can potentially be a +2 tcf discovery; augment PPL’s reserves life by 7-9 years and substantially augment EPS & va...

HTL: Weak 1Q earnings will create an ideal entry point

HTL: Weak 1Q earnings will create an ideal entry point   HTL has appreciated 69% after hitting a low of PKR 17.0 in Aug-19 and 32% since we initiated coverage on September 20th with a strong BUY rating. Price recovery was driven by strong earnings recovery where the company posted bumper earnings for 4QFY19 at PKR 2.68/share, up 1.44x YoY.   Pre-selling and local blending led to robust earnings growth in 4QFY19 Robust growth in 4QFY19 earnings was primarily driven by two factors (i) significant sales of locally blended mineral lubricants and (ii) pre-selling as company offered a one-t...

Power Tariffs: Full cost recovery is not too far away

Power Tariffs: Full cost recovery is not too far away The recently approved IMF program has energy sector reforms as one of its key elements, with a focus on depoliticizing gas and power tariffs and gradually bringing the sector to full cost recovery over the program period. This is in contrast to the general perception that IMF may warrant energy sector full cost recovery as a precondition. We thought it would thus be useful to map the future path of electricity tariffs by compiling the planned capacity additions, their respective additional capacity payments and fuel cost savings. We pres...

Kekra - 01: Making sense of the hype

A substantial amount of hype has been created around the recently commenced offshore exploratory drilling of Kekra-01 in Offshore Indus-G block. We, hence, thought it would be useful to reach out to industry experts and conduct some international benchmarking, to better understand prospects of Kekra-01 in the most objective manner possible. We share our findings in this piece

Akseer Research ...
  • Musadiq Jawaid

Auto sector update: Are volumes approaching an off-the-cliff fall?

Passenger car sales during 5MFY19 rose 1.0% YoY, which allowed listed automobile manufacturers to limit decline in volumes to 2.0% YoY during the period. Amid dismal volumetric performance by other vehicle categories (declines for LCVs, HCVs, Tractors and three wheelers ranged from -13% to -26%, while M/Cycles sales have remained flat), the outperformance of passenger car segment is likely to have been driven by 1) large order book at the start of the year, 2) pre-buying resulting from pre-announced and staggered price increases. That said, the delivery periods of ‘The Big-3’ OEMs have almos...

Federal Budget 2018-19: Massive reforms ahead of the elections

Federal Budget 2018-19: Massive reforms ahead of the elections Contrary to its populist appearance, Federal Budget FY19 is NOT a populist election year budget. It restricts non-filers of tax returns from purchasing all new motor vehicles, and property valued above PKR 4.0mn. Non-tax filers comprise 98% of Pakistan’s labor force. The budget introduces substantial punitive measures for concealment of foreign / domestic income / assets, thereby enhancing incentives to avail the amnesty scheme which has also been made a part of the finance bill, along with the measures to document the real estate...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch