Elixir Securities - Pakistan Economy - The Road to Consolidation

Report

Elixir Securities

Sharoon Ahmad

EUR 4.24 For Business Accounts Only

Pakistan Economy - The Road to Consolidation

The recent surge in international oil prices means that upcoming increase in domestic energy prices will be much sharper than our earlier estimates (particularly given IMF’s likely tough stance) – as a result we foresee CPI Headline/Core Inflation to surge to 9.8/10.1% in Feb-19 and average 7.7/9.0% in FY19
The upcoming surge in inflation, continued pressured on BoP and stringent demands from IMF are likely to take PR/DR to 10.5%/11.0% by Jan-19 and settle at 9.5%/10.0% in 2HFY20
REER has remained upwards sticky (despite a depreciating PKR) due to weakness in other global currencies – this is likely to keep PKR under pressure as we now estimate it to close at 142 against the Greenback by the end of FY19 (compared to our earlier forecast of 135)

12/10/2018 8 EN

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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Pakistan Economy - The Road to Consolidation

Open End Mutual Funds Industry - Ad Oculos

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

Elixir Grid - KSE100: Make or Break?

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