Elixir Securities - Pakistan Oilfields Ltd. (POL) Pakistan Oilfields Limited - Expected Earnings Growth Driven by Low Base Effect

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Elixir Securities

Sharoon Ahmad

EUR 4.60 For Business Accounts Only

Pakistan Oilfields Limited - Expected Earnings Growth Driven by Low Base Effect

We expect POL’s earnings to grow by 122%YoY/28%QoQ in 2QFY19 to PKR4.9bn (EPS: PKR17.4).
Earnings growth is expected to be led by higher revenues on the back of relatively higher oil prices, PKR/USD depreciation, lower exploration expense and low base effect of last year attributable to PKR3bn reversal in gas revenues related to Tal Block.
On cumulative basis, earnings are expected to be 85%YoY higher at PKR8.8bn (EPS: PKR31.0) in 1HFY19.

22/01/2019 3 EN

Underlying

Pakistan Oilfields Ltd.

Co. and its subsidiaries are principally engaged in the exploration, drilling, production and sale of crude oil and gas and other products.

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PK0023901017 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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Pakistan Oilfields Limited - Expected Earnings Growth Driven by Low Base Effect

Pakistan OMCs_POL imports drop 29.5% in 4MFY23, (AKD Daily, Nov 23, 2022)

Pakistan E&Ps: Unwarranted valuations despite cash-flow constraints

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Elixir Grid - KSE100: Make or Break?

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