Topline Securities Limited - Pakistan Fertilizer: Feb 2019 Urea Sales up 2-4% YoY

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Topline Securities Limited

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Pakistan Fertilizer: Feb 2019 Urea Sales up 2-4% YoY

Pakistan urea offtake for Feb 2019 is likely to increase by 2-4% to 380-385k tons mainly due to timely rainfall across the country, which will help farmers to sow crops in water deprived areas. For 2M2019, urea sales are up 4% YoY.
Production during Feb 2019 is likely to remain around 380-390k tons, down 2-4% YoY due to disrupted operations of LNG based power plants (Agritech and FatimaFert) amidst shortage of RLNG in system and scheduled maintenance of other urea plants like EFERT and FFBL.
Among Companies, FFC is likely to post growth of 8% YoY to 169k tons, while EFERT and FFBL is likely to depict decline of 11% and 60% YoY respectively.
Key risks to fertilizer sector includes, 1) any unfavorable settlement of GIDC, 2) poor crop season, and 3) increase in gas prices.

04/03/2019 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: Feb 2019 Urea Sales up 2-4% YoY

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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