Gul Ahmed Textile Mills Limited
We initiate our coverage on one of the leading textile manufacturing company of Pakistan, Gul Ahmed Textile Mills Limited, with a ‘Buy’ call. Our Jun-19 DCF-based target price of PKR 64/sh lead to an upside potential of 35% from last closing along with dividend yield of 7%. We expect earnings to grow at a 5-year CAGR of 8%.Our Buy stance is mainly stemming from 1) Conversion of loan to fixed interest rate under LTFF.2) Government initiatives to increase five-zero rated sector exports.3) Currency depreciation. Company is trading at trailing multiple of 8x and forward multiple of 6x with expected EPS of PKR 7.5/sh in FY19.
Co. is engaged in the manufacture and sale of cotton and yarn.
Y.H. Securities (Private) Limited is a full service brokerage house in Pakistan.The company's sole purpose is to provide high quality advisory service to its valuable clients on equity market, through a team of qualified and diligent professionals.
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