Result Previews - ASTL, ASL & ISL
- We expect ASTL to report earnings of PKR1.6bn (EPS: PKR5.40) in FY18, up 49%YoY. The company’s 4QFY18 earnings are expected to grow by 138%YoY/28%QoQ to PKR607mn (EPS: PKR2.04) led by strong pickup in dispatches (70%YoY/30%QOQ growth to 65ktons) with new re-rolling plant starting operations from Apr-18.
- ASL is scheduled to announce its FY18 result on 31st July, 2018 where we expect it to post earnings of PKR1.2bn (EPS: PKR1.62), up 21%YoY. However, 4QFY18 earnings are expected to fall by 57%QoQ to PKR131mn (EPS: PKR0.17) owing to lower dispatches, weaker GM, and supertax.
- We expect ISL to report earnings of PKR4.1bn (EPS: PKR9.36) in FY18, up 34%YoY. However, 4QFY18 earnings are expected to fall by 21%QoQ/19%YoY to PKR836mn (EPS: PKR1.92) owing to 1) weaker GM due to slide in PKR/USD pushing up HRC imported price, 2) resulting exchange loss and 3) imposition of Super Tax.
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.
Amreli Steels Limited is a Pakistan-based steel manufacturing company. The Company is engaged in the manufacture and sale of steel bars and billets. The Company offers a range of steel bars for all construction needs.
International Steels Limited is a producer of flat steel products. The Company manufactures cold rolled steel coils, galvanized coils and color coated steel. Its cold rolled steel is available in thicknesses ranging from 0.25 millimeter (mm) to 3.0 mm; galvanized steel is available in thicknesses of 0.25 mm to 2.0 mm, and color coated steel is available in thickness range of 0.20 to 1.50 mm. Its rolling capacity is 500,000 metric tons (MT). It produces approximately 400,000 MT of galvanized products. It produces color coated sheets on various substrates, including cold rolled, galvanized, galvalume, aluminum and stainless steel sheets. Its cold rolled steel offers applications, such as ceiling lights, tube lights, ceiling fans, oil drums, lube drums and motor cycle frame; galvanized steel has applications, such as packaging, furniture, washing machines, gas ovens and microwave ovens, and color coated steel offers applications, such as ice boxes, tubs, buckets and storage bins.
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 (1st Rank), CFA Society of Pakistan Awards for Year 2014 “Best Research Analyst (1st 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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