Tariq Glass Industries Limited - Back in Business (Detailed Report)
- We resume coverage on Tariq Glass Industries Limited (TGL) with Dec-16 PT of PKR120/sh offering an upside of 96% from last closing. TGL is currently trading at an undemanding FY17/18 PE of 6.01x/6.41x.
- The company has been able to secure a sizable market share in float segment (~50%) and is set to strengthen its market share in the tableware segment as well on the back of enhanced production capacity and expanding portfolio of value added products.
- Going forward, we expect demand for float segment to remain buoyant on the back of economic tailwinds with heightened construction activity to remain the primary demand driver.
Tariq Glass Industries Ltd. Tariq Glass Industries Limited is a Pakistan-based glass manufacturing company. The Company is primarily engaged in the manufacture and sale of glass containers, tableware and float glass. The Company's brands include Toyo Nasic, Omroc and Nova. The Company's plant has a production capacity of 300 metric tons of glass tableware per day. The Company has a combination of single and double gob press machines, as well as H-28 press and blow and stretch machines for a range of products. The Company has a capability of printing six colors simultaneously, including gold and silver banding. The Company's tableware product category includes Press & Blow, including Goblets, Ice Cream Cups, Tumblers and Decorated Items, and Pressware, including Ashtray, Cake Sets, Fruit Set, Jugs, Mugs, Tea Sets and Water Sets. The Company's float glass product category includes Clear, Mirror, Sandblasted, and Tinted/Reflective. The Company has presence in India and Afghanistan, among others.
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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