Nishat Mills is engaged in the business of textile manufacturing and of spinning, combing, weaving, bleaching, dyeing, printing, stitching, buying, selling and otherwise dealing in yarn, linen, cloth and other goods and fabrics made from raw cotton, synthetic fiber and cloth, and to generate, accumulated, distribute and supply electricity.
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NML: Headwinds are priced in, Buy! Export-oriented sectors in general and textiles in particular face a double whammy of COVID-19, with both demand and supply disruptions making life difficult for them. Advance order book which was usually booked for 3-6 months is now reduced to a few days. New orders so far are mostly of PPE related fabric, which are both non-repetitive and low margin. In this backdrop, we revise down our FY20/FY21F earnings estimate for NML to PkR8.78/11.0 per sh (vs. PkR12.8/16.13 per sh previously), incorporating a steep upfront declines of 40%/30% in 4QFY20/1QFY21F ex...
NML: 2QFY20 Result Review In its 2QFY20 result, NML reported net profit of PkR968mn (EPS: PKR2.75) vs. PKR2,100mn (EPS: PKR5.97) in 2QFY19, down 54%YoY. The earnings came in 16% lower than our expectations. The deviation was mainly on two counts: i) lower than expected revenue (~8% below our expectations) and ii) weaker than expected margin at gross level (actual 11.07% vs. expected 12.46%), signifying low materialization of translation gains in PKR terms. Key highlights: · Topline grew by a nominal 6%YoY, signifying weak translation of currency gains in final product prices...
NML: 1HFY20 Result Preview NML – low payouts from portfolio companies drag earnings lower: NML is scheduled to announce its 2QFY20 results tomorrow (Feb 14’20), where we expect it to report NPAT of PKR1,154mn (EPS: PKR3.28) vs. PKR2,100mn (EPS: PKR5.97) in 2QFY19, down 45%YoY. The expected decline in bottom-line is due to lower other income (down 66%YoY) – weak payouts from portfolio companies and high base effect as a result of one-off exchange gain in SPLY. Core textile earnings, however, are likely to jump 85%YoY on account of i) topline growth of 15%YoY which is largely driven by higher r...
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