Topline Securities Limited - Pakistan Fertilizer: Jan 2019 Urea Sales up 5% YoY

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Topline Securities Limited

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Pakistan Fertilizer: Jan 2019 Urea Sales up 5% YoY

Pakistan urea offtake during Jan 2019 is expected to post increase of 5% YoY to 564k tons due to its shortage in last months of 2018 and start of rainy season. Company wise, Fauji Fertilizer Company (FFC) and Engro Fertilizer’s (EFERT) offtakes are likely to come down 12% and 39% YoY while imported stock of National Fertilizer Marketing Company (NFML) recorded sale of 73k tons in Jan 2019 vs. nil in Jan 2018.
Fauji Fertilizer Bin Qasim (FFBL) during the outgoing month sold only 3k tons (production also 3k tons) as its plant was scheduled for maintenance. Overall urea production during Jan 2019 is expected at 458k tons.
DAP offtake during Jan 2019 is likely to witness drop of 19% YoY where FFBL and FFC offtakes will be down 65% and 81% YoY respectively, while EFERT’s volumes will show uptick of 1.1x YoY.

04/02/2019 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: Jan 2019 Urea Sales up 5% 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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