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$50mn 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 26% compared to their historical 5-year average discount of 32%. The discount has come down from 35% from last published report on Jun 19, 2020, as the market has rallied by 25% during this period.
- The highest discounts to SOTP value is on Kohinoor Textile Mills (KTML) and IGI Holdings Limited (IGIHL) at 46% and 44%, respectively. The least discount is on DGKC of 4%.
- The most favorable variance vis-à-vis historical discount is visible in DAWH and IGIHL, with the least favorable variance on DGKC and PKGS.
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).
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.