Topline Securities Limited - Pakistan Fertilizer: Dec 2018 Urea Sales Flat

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Topline Securities Limited

Topline Research

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Pakistan Fertilizer: Dec 2018 Urea Sales Flat

Urea sales during Dec 2018 is expected around 710k tons, taking 2018E sales to 5.86mn tons, down 1% YoY. Stagnant urea sales fell short of our expectations as we were expecting growth of 2% YoY in urea sales during 2018. Below expected sales during 2018 were on back of water shortage in some areas of Pakistan.
During Dec 2018, National Fertilizer Marketing Company (NFML) also sold around 25k tons of urea against imports of 105k tons. Similarly, FatimaFert and Agritech sales volumes are expected at around 50k and 39k, respectively. Both Companies cumulatively produced around 60k tons of urea.
Company wise, EFERT is likely to outperform industry by posting growth of 13% YoY in Dec’18, while its peers FFC and FATIMA are likely to show drop of 29% and 27%, respectively. Closing inventory of urea during Dec 2018 is expected around 170k tons.

02/01/2019 3 EN

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Topline Securities Limited

Topline Securities is one of the fastest-growing brokerage houses in Pakistan. It has strong Equity Brokerage, Economic/ Equity Research, Commodity Trading and Corporate Finance & Advisory functions.

Topline Securities has been endowed with numerous awards by renowned international financial organizations. The highlights of which consists of the award for ‘Best Local Brokerage House of Pakistan’ by Asiamoney Brokers Poll (the largest Asia-focused equity services provider poll) in 2016 and ‘Best Equity Brokerage House’ by CFA Society Pakistan in 2015.

Previously, Topline Securities held the title for ‘Best Brokerage House’ for 4 consecutive years (2011-2014) by Asiamoney Brokers Poll. Other awards include the ‘Best Salesperson’ award by Asiamoney for 6 consecutive years (2011-2016), the ‘Arabia Fast Growth 500’ award and ‘Pakistan Fast Growth 100’ award in 2012 and 2013 by AllWorld Network.

JCR-VIS, a credit rating agency providing independent rating services in Pakistan has assigned initial rating of “A-2” for short term and “A” for long term to Topline Securities. Topline Securities is registered as Underwriter, Book Runner and Research Entity with Securities & Exchange Commission of Pakistan (SECP).

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Pakistan Fertilizer: Dec 2018 Urea Sales Flat

Pakistan Strategy: Foreign selling at PSX; Will this trend continue in 2021?

Pakistan Strategy: Pakistan Outlook 2021 based on Topline Poll

Pakistan Automobiles: Car sales (including KIA) up ~63% YoY in Nov-2020

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