Pakistan Fertilizer: Urea sales likely to edge up by 1% MoM in Oct-2020
- Pakistan Urea sales in Oct-2020 are likely to edge up by 1% MoM to 397k tons. The same are expected to increase by 233% YoY amid low base. To highlight in Oct-2019, Urea sales were down by 74% YoY amid pre buying by farmers/dealers on anticipation of hike in Urea prices.
- Urea sales are estimated to clock in at 4.61mn tons during 10M2020 compared to 4.50mn tons in 10M2019, up by 2% YoY.
- All companies are expected to witness increase in Urea sales on a YoY basis, while only Engro Fertilizer (EFERT) is likely to see Urea sales rise on a MoM basis (+23% MoM).
- Urea production in Oct-2020 is expected to increase by 10% YoY to 586k tons. This is likely to take Urea closing inventory to ~654k tons.
- Total DAP sales in Oct-2020 are anticipated to decline by 15% YoY to 230k tons, while it will be similar to Sep-2020.
- DAP sales are expected at 1,600k tons during 10M2020 compared to 1,434k tons in 10M2019, up by 12% YoY.
- Company wise data suggests, Fauji Fertilizer Bin Qasim (FFBL) is likely to record sales of 125k tons (up 153% YoY and 32% MoM), while Fauji Fertilizer (FFC) is likely to record Zero sales due to no inventory and no imports in Oct-2020.
FFBL’s DAP production is likely to clock in at 70k tons, taking closing inventory of DAP to around 246K tons.
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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