FFBL to Post LPS of PKR 0.37 for 2QCY18
Fauji Fertilizer Bin Qasim Limited’s (FFBL) Board of Directors is scheduled to meet on Monday, July 30, 2018 to announce the results for 2QCY18. We expect the company to post LPS of PKR 0.37 for 2QCY18 as opposed to LPS of PKR 0.27 in SPLY. Our expectations of higher expected loss is based on i) increase in cost of phosphoric acid, ii) lower other income and iii) decrease in volumetric sales. Our December 2018 target price for FFBL is PKR 45.15, which implies an upside of 26.83% to its last day’s closing price. Hence, we are maintaining a positive stance on the scrip.
Fauji Fertilizer Bin Qasim Limited is a Pakistan-based holding company. The Company manufactures, purchases and markets fertilizers. It is involved in meat, dairy and coal based energy generation sectors. It has identified its potential business segments and has undertaken investments in the areas of food, financial, power sector and wind energy projects. Its products include Granular Urea, such as Sona Urea, and Di Ammonium Phosphate (DAP), such as Sona DAP. Sona Urea is a synthetic organic compound containing nitrogen in amide form available in the form of white solid prills. It is applied to soil and also suitable in solution form as spray application. Sona DAP contains nutrient element, phosphorous besides nitrogen available in flowing granular form Granules are stronger, harder and of uniform size. It is suitable for various crops and soils recommended for initial application. It produces over 791,260 metric tons (MT) of DAP and approximately 433,610 MT of Urea.
Ismail Iqbal Securities (Private) Limited (IISPL) is a TREC holder of the Pakistan Stock Exchange, as well as an SECP registered Underwriter and Book Runner. IISPL provides comprehensive financial services including Equity Sales, Research on Equities and the Macro-Economy, Investment Advisory, Portfolio Management, Corporate Finance, and extensive services for Private Equity investors. IISPL services a diversified client base, from Institutional to Retail Investors including High Net worth Individuals.
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