Topline Securities Limited - Pakistan Strategy: Pakistan Key Holding Companies

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Topline Securities Limited

Topline Research

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Pakistan Strategy: Pakistan Key Holding Companies

In today’s note, we present the latest Sum-Of-The-Parts (SOTP) value of key listed Holding Companies.
We have filtered out these listed companies based on (1) minimum Market Capitalization of US$55mn and (2) over 50% of the portfolio value driven by listed securities or cash and cash equivalents or land. We have excluded insurance companies from our analysis.
As per our findings, these companies are currently trading at an average discount of 35% compared to their historical 5-year average discount of 31%.
The highest discounts to SOTP value is on Kohinoor Textile Mills (KTML) and Packages Limited (PKGS) at 68% and 50% respectively, with the least discounts on DG Khan Cement (DGKC) and Dawood Hercules (DAWH) at 10% and 18% respectively.
The most favorable variance vis-à-vis historical discount is visible in KTML and NML, with the least favorable variance on DGKC and Thal Limited (THALL).

19/06/2020 10 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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Topline Research

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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

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