Topline Securities Limited - Pakistan Strategy: Pakistan Key Holding Companies

Report

Topline Securities Limited

Topline Research

EUR 40.66 For Business Accounts Only

Pakistan Strategy: Pakistan Key Holding Companies

In today’s note, we present Sum-Of-The-Parts (SOTP) valuations for the following key listed Holding Companies: Lucky Cement (LUCK), Engro Corporation (ENGRO), Fauji Fertilizer (FFC), DG Khan Cement (DGKC), Dawood Hercules (DAWH), Nishat Mills (NML), Packages Limited (PKGS), Thal Limited (THALL), Fauji Fert. Bin Qasim (FFBL), IGI Insurance (IGIIL), International Industries (INIL).
We have filtered out those listed companies as holding companies in this report where the company has a total market capitalization of at least US$200mn and core operations constitute up to 60% of the total company value.
Our findings are that, on average, holding companies currently trade at an average discount of 26% with the maximum discount of over 50% of IGI Holdings (IGIIL) and Packages (PKGS) whereas Fauji Fertilizer (FFC) is trading at a premium of 13% to its SOTP value.

13/04/2018 10 EN

Provider

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).

See profile

Analysts

Topline Research

Other Reports from Topline Securities Limited

Syed Atif Zafar

Syed Atif Zafar

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

The continuous foreign corporate selling has been affecting share prices and stock market sentiments in Pakistan. During the past six years, total net foreign selling has been recorded at US$2.1bn, which is 15% of the market’s free float capitalization. In 2020 alone, net foreign corporate selling has clocked in at US$529mn till Dec 18, 2020 (total net foreign selling: US$504mn). This follows foreign buying that came in on two major accounts in 2014/15 and 2017: Secondary Public Offerings (SPO) by the government in 2014/15. Two of these transactions, UBL and HBL attracted strong foreign ...

EUR 50.00

December 21, 2020 December 21, 2020 6 EN

Syed Atif Zafar

Syed Atif Zafar

Pakistan Strategy: Pakistan Outlook 2021 based on Topline Poll

Topline Securities conducted a poll during the first week of Dec-2020 of over 50 top funds managers and corporates, asking range of questions on their expectations of the economy and the equity market for the upcoming year. Around 65% of the survey were fund managers, where the remaining participants belonged to the Pakistan corporate sector from sectors like Banks, Oil and Gas, Cements, Steel, Autos etc. The excerpts of the survey were published in our detailed report titled ‘Pak Strategy: A year of economic stabilization, Index likely to reach 52,500’ published on December 10, 2020. The...

EUR 100.00

December 17, 2020 December 17, 2020 10 EN

Shankar Talreja

Shankar Talreja

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

Car sales, as reported by PAMA, increased by 48% YoY in Nov-2020 to 14,454 units. The same, including Lucky Motor Corporation (KIA, non-member of PAMA), is up by 63% YoY. Indus Motor (INDU), Honda Car (HCAR) and Pak Suzuki Motor Company (PSMC) registered sales increases of 87% YoY, 72% YoY and 16% YoY respectively. This is the first YoY increase in FY21 for PSMC as some of the production issues have been resolved. Car sales also increased by 3% MoM in Nov-2020. The increase was driven by PSMC’s increase of 12% MoM as Cultus sales grew by 86% MoM followed by Ravi sales improving by 255% MoM...

EUR 20.00

December 11, 2020 December 11, 2020 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Pakistan Strategy: Pakistan Key Holding Companies

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

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe