Elixir Securities - Aisha Steel Mills (ASL) Flash Note: Aisha Steel Mills Limited - FY18 Earnings up 26%YoY

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Elixir Securities

Sharoon Ahmad

EUR 4.53 For Business Accounts Only

Flash Note: Aisha Steel Mills Limited - FY18 Earnings up 26%YoY

Aisha Steel (ASL) announced its FY18 result, where it posted PAT of PKR1.28bn (EPS: PKR1.68 on adjusted number of shares), up 26%YoY from PKR1.02bn (EPS: PKR1.33) in FY17. The earnings came in line with our expectation of PKR1.62/share.
The growth in full year earnings was led by 1) growth in topline attributable to higher expected dispatches besides improvement in retention price, and 2) growth in gross profit led by improvement in topline and GM.
However, 4QFY18 earnings fell by 42%QoQ to PKR178mn (EPS: PKR0.023) from PKR305mn (EPS: PKR0.40) owing to 1) dip in revenues attributable to decline in dispatches due to Ramadan and Eid, 2) weaker GM due to slide in PKR/USD pushing up HRC imported price, and 3) imposition of Super Tax on FY18 pre-tax earnings.

01/08/2018 1 EN

Underlying

Aisha Steel Mills

Aisha Steel Mills Limited. Aisha Steel Mills Limited is a Pakistan-based company, which is engaged in the primary business of manufacturing and selling cold rolled steel in coils and sheets. The Company produces cold rolled coils from imported hot rolled coils. The Company offers cold rolled coils products to the industrial, engineering and manufacturing industry as a raw material for transformation into a range of value added products for the domestic and export markets. The Company has a cold rolling complex in the downstream Industrial Estate, Pakistan Steel, Bin Qasim, Karachi. The Company's cold rolling complex has a capacity to produce 220,000 metric tons of cold rolled coils per year.

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PK0092901013 Pakistan Stock Exchange Pakistan

Provider

Elixir Securities

Elixir Securities Pakistan is a Corporate Member of the Pakistan Stock Exchange & Pakistan Mercantile Exchange and is one of the leading securities brokerage & investment banking firms in Pakistan, established since 1994. Our principal business activities include all aspects of Pakistan’s Capital Markets covering Securities Brokerage (Equities, Fixed Income and Commodities), Corporate Finance & Capital Markets Advisory (M&A, ECM, DCM) and Investment Research (Economics & Securities). We are one of the most active & aggressive Broker-Dealers in Pakistan executing trades for most of the Top 20 Global Brokers with unmatched corporate access credentials and have successfully advised and closed on some landmark ECM transactions in the history of Pakistan including the largest deal in frontier Asia (USD 1.02 billion). Our Clients include foreign and domestic financial institutions (Banks, Asset Managers, Insurance Companies, Pension Funds) corporates, HNWI’s and retail investors. This is supported by a very strong and independent research capability, which is quoted regularly in both local and international media.

Elixir Securities Pakistan is the proud recipient of many awards & recognitions including AsiaMoney’s Brokers Poll 2017, FinanceAsia’s Pakistan Best Investment Bank and Best Broker 2017, The Asset’s Best Brokerage House in Pakistan 2016, Asiamoney’s “Best Domestic Equity House 2015 in Pakistan”, The Asset Triple A Country Awards 2015 - Pakistan “Deal of the Year” and “Deal of the Year-Highly Commended”, CFA Society of Pakistan Awards for Year 2015 “Best Research Analyst (1^st Rank), CFA Society of Pakistan Awards for Year 2014 “Best Research Analyst (1^st Rank)”, “Best Trader” 2nd Runner-up (3rd Rank), The Asset Triple A Country Awards 2014’s “Best Deal in Pakistan” and Capital Finance International’s nomination for “Best Equity Research in Pakistan 2010”.

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Analysts

Sharoon Ahmad

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Flash Note: Aisha Steel Mills Limited - FY18 Earnings up 26%YoY

Aisha Steel Mills Limited: 1 director

Aisha Steel Mills Limited

Pakistan Steel Sector - Flat Steels: Earnings Expected to Take a Hit on Expected Offtake Slump

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Pakistan Equity Market: Weekly Review - Index Closes Above 41k Mark on Foreign Buying

Elixir Grid - KSE100: Make or Break?

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