reports
- Team AKD Research
FFBL 1QCY24 Result Review—Increased earnings amidst normalized tax cha...
AKD, Off the Analyst's Desk FFBL 1QCY24 Result Review—Increased earnings amidst normalized tax charge, Fauji Fertilizer Bin Qasim Limited (FFBL) announced its 1QCY24 result today, where the company posted earnings of PkR4.3bn (EPS: PkR3.3) compared to PkR4.0bn (EPS: PkR3.1) in 4QCY23, an increase of 6%QoQ. The said earnings growth is predominantly attributed to a normalized tax charge during the quarter, in contrast to one-time tax adjustments in the preceding quarter. The result come in line ...
- Team AKD Research
POL 3QFY24 Result Review — Lower Tax Charges lead to Increase in Earni...
AKD, Off the Analyst's Desk POL: 3QFY24 Result Review — Lower Tax Charges lead to Increase in Earnings Pakistan Oilfields Ltd (POL) reported its 3QFY24 earnings earlier today, wherein the company posted Profit after Tax (PAT) of PkR12.42bn (EPS: PkR43.7) for the quarter, higher by 58%QoQ—above our estimate of PkR28.1/sh Total revenue witnessed a decline of 6%QoQ to end at PkR16.3bn, primary attributable to lower average oil prices (down 4.3%QoQ) and an appreciating domestic exchange ra...
- Team AKD Research
HUBC & NPL 3QFY24E Result Previews, (AKD Daily Apr 25, 2024)
AKD Daily HUBC & NPL 3QFY24E Result Previews HUBC – 3QFY24E earnings to clock in at PkR12.42/sh: We expect Hub Power Company Limited (HUBC) to post NPAT of PkR16.1bn (EPS: PkR12.42) in the third quarter of FY24, up 5%/43% on QoQ/YoY basis. The aforementioned increase in earnings on a quarterly basis is primarily attributed to higher gross margins, resulting from the non-utilization of fuel oil-based plants (Narowal and HUBCO-base utilization: nil/69 Gwh during 3QFY24). Generation profile of t...
- Team AKD Research
Stock Smart Weekly (Apr 19, 2024)
StockSmart Weekly Review The market’s trading session remained erratic throughout the week, however concluded on a stronger note on the last day, with the benchmark index challenging previous highs and achieving its highest-ever closing of 70,909pts on Friday, a weekly gain of 595pt/0.85%WoW. Average trading volumes stood at 492.37mn during the week, increasing by 43.51%WoW. Overall, the volatility may be attributed to the general u...
- Team AKD Research
Stock Smart Weekly (Mar 29, 2024)
StockSmart Weekly Review Week remained bullish with the benchmark index breaking its previous closing highs and exceeding the 67k level. Overall, the first four trading days cumulatively added around 2k pts, with the index closing at 67,005pts (up 1,853pts/2.84% WoW) on Friday, following a slight profit-taking session noted on the last day of the week. Positivity loomed over the successful last review of IMF’s SBA, the new incumbent government's steps and commitment towards reforms. Furthermore,...
- Team AKD Research
- Team AKD Research
Pakistan Oil & Gas - E&P Production Oil/Gas production down 0.4%2.5%Yo...
Pakistan Oil & Gas - E&P Production Oil/Gas production down 0.4%/2.5%YoY in Jan’24 As per latest figures from PPIS for Jan’24, crude oil production stood at 71.7k BPD, depicting a decrease of 0.4%/0.4% on a MoM/YoY basis. Country's oil production remained stable, clocking in at 71.17kbpd during 7MFY24 (up 2.4% vs. 69.5kbpd during FY23). Sustained levels were aided majorly by inclusions of Mamikhel South (+2.4k BPD) in the Tal block, discovery of three Takhat wells in outgoing 12 months (+0...
- Team AKD Research
Stock Smart Weekly (Mar 08,2024)
Week started on a positive note, with the index gaining 1% on the opening day. However, as the week progressed, profit-taking activities ensued, tempering some of the initial gains. Nonetheless, by the week's end, KSE100 index managed to maintain an upward momentum, closing with a gain of 468pts/0.7%WoW at 65,326pts by Friday. With new Prime Minister taking office and issuing immediate directives focusing on engaging with the IMF and addressing privatization matters set an initial positive impet...
- Team AKD Research
HBL - CY23 Analyst Briefing takeaways, (AKD Off the Analyst's Desk Mar...
Habib Bank Ltd (HBL) held its analyst briefing earlier today, during which the management discussed the following: Regarding business segments, bank’s international business reported a PBT of US$21.4mn, while the group’s PBT on a consolidated basis amounted to PkR113.6bn (up 47%YoY) during CY23. Bank’s fee income experienced a growth of 35%YoY, primarily driven by the card segment, which grew by 50%YoY during the year. The company's domestic expenses surged by 31%, partly attributed to the ...
- Team AKD Research
PSO_RLNG Conundrum Tamed; Geared Up for the Macro Upswing ,(AKD Daily,...
PSO: RLNG Conundrum Tamed; Geared Up for the Macro Upswing Company’s receivable collection ratio for the RLNG segment has markedly improved over the past twelve months, averaging at 95% during CY23 (vs. 78% in CY22). Specifically, cost of diverting RLNG amounting to PkR232bn has been incorporated into the tariff calculation for indigenous gas customers for the first time. The adjustment was for the sale of ~161MMCFD of RLNG towards system gas users for the full year. With a more pronounced ...
- Team AKD Research
Pakistan OMCs - Feb'24 OMC offtakes - down 19%MoM, (AKD Daily, Mar 04,...
Pakistan OMCs - Feb’24 OMC offtakes - down 19%MoM Volumetric offtakes for the OMC sector reached 1.12mn tons during Feb’24, declining by 8%/19% on a MoM/YoY basis, while ex-RFO sales stood down by 3%/11% MoM/YoY. APL emerged as the star performer during the month with a slight decrease in total volumes by 1.2%YoY, in contrast to industry's decline of 8%YoY during the period. As we approach the final quarter of the fiscal year, we estimate authorities to have amassed PkR687bn during 8MFY2...
- Team AKD Research
Stock Smart Weekly (Mar 01,2024)
Weekly Review Market's bullish trend continued this week, driven by ongoing political stability and the swearing-in of elected representatives at both the provincial and federal levels, along with strong financial result of Dec’24 quarter. Furthermore, PM election are scheduled for Sunday and the subsequent announcement of cabinet names added to the positive sentiment. Additionally, favorable macroeconomic indicators contributed to investor optimism. The benchma...
- Team AKD Research
Pakistan Strategy - Feb’24 Market Review & Outlook , (AKD Daily, Mar 0...
The KSE-100 index concluded the month with a modest increase of 2,599pts or 4.2%MoM, despite experiencing a significant dip to as low as 59,873 points during the month. Additionally, major themes during the month were the noise with regards to the legitimacy of the general elections from both domestic and international outlets, where-in the PTI’s chief wrote a letter to the IMF asking to investigate the poll’s results. The Pharmaceutical sector led the way during the month with the sector re...
- Team AKD Research
NBP - CY23 Analyst Briefing takeaways, (AKD Off the Analyst's Desk Feb...
National Bank of Pakistan (NBP) held its analyst briefing earlier today, during which the management discussed the following: Regarding the pension suit filed by retired employees against the bank, outcome of the review petition submitted should be announced soon. Management anticipates charge of PkR98bn assuming worse-case scenario, which could lead to an estimated decrease in the bank's CAR to ~19% (from 25.47% currently). With regards to impact of implementing IFRS-9, management estimates...
- Team AKD Research
MCB CY23 Analyst Briefing takeaways, (AKD Off the Analyst's Desk Feb 2...
MCB CY23 Analyst Briefing takeaways MCB Bank Ltd (MCB) held its analyst briefing earlier today, where-in the management discussed the following: Regarding return of the ADR-based tax in CY24, management expressed that building a robust loan book during these macroeconomic times would be challenging. With regards to dividend payout policy, management stated that profits are retained to the extent of maintaining the bank's leverage ratio. Future distributions are expected to increase in line ...
- Team AKD Research
OGDC_CY23_Analyst_Briefing_takeaways_,(AKD_Off_the_Analyst's_Desk_Feb_...
OGDC_CY23_Analyst_Briefing_takeaways Oil & Gas Development Company Ltd (OGDC) held its analyst briefing earlier today, where-in the management discussed the following: Net sales during the half year clocked in at PkR235bn, up 16%YoY, majorly due to higher wellhead prices during the period. To note, average realized prices for crude oil stood at US$69.78/bbl (down 11.2%YoY), while realized gas prices stood at PkR711.9/MMTBU (up 25%YoY). Production activity during the half year stood as follow...
- Team AKD Research
OGDC Tax reversal propels bottom line , (AKD Off the Analyst's Desk Fe...
OGDC Tax reversal propels bottom line Oil & Gas Development Company Ltd (OGDC) reported its 2QFY24 earnings earlier today, wherein the company posted its highest ever quarterly Profit After Tax (PAT) of PkR74.25bn (EPS: PkR17.27), higher by 52%/78% QoQ/YoY—significantly above our estimate of PkR10.51/ sh for the quarter. The notable improvement in bottom line is primarily due to taxation reversal, clocking in at PkR2.12bn during the quarter. The aforementioned reversal charge led to an eff...
- Team AKD Research
Feb’24 CPI - Expecting headline inflation of 23.4%YoY , (AKD Daily, Fe...
Feb’24 CPI - Expecting headline inflation of 23.4%YoY Headline CPI inflation is expected to clock in at 23.38%YoY/0.3%MoM for the month of Feb’24, compared to the 28.34%YoY/1.83%MoM reported in the earlier month. We estimate the Food and beverages index to decline by 1.24%MoM, primarily due to sharp declines witnessed in : i) Eggs (↓33.5%MoM), ii) Tomatoes (↓27.5%MoM), iii) Onions (↓8.02%MoM) and iv) Potatoes (↓5.51%MoM). Despite CPI estimates modestly easing for the outgoing month (vs. ...
- Team AKD Research
Stock Smart Weekly (Feb 23,2024)
Weekly Review With the political tumult settling, market bounced back and regained the points lost in the previous week. Benchmark index closed the week at 62,816pts on Friday, gaining 4.9%/2.9k pts WoW. To recall, the market had lost 3k pts last week amidst political uncertainty. Overall, week started with the positivity, however exacerbated after Bilawal Bhutto's announcement on Tuesday night of PM and President joint candidates. Similarly, provincial assembli...
- Team AKD Research
KSE-100_Bullish sentiment persists (AKD Technical Daily 23-02-24)
Market View — Technical The index opened on a positive note and remained volatile throughout the last trading sessions. The local bourse posted a high of 393pts, and concluded with a gain of 355pts to settle at 61,914pts. The volumes witnessed in the last trading session were lower than the previous trading session. During the past 10 trading sessions, there have been 5 white candles and 5 black candles. The Index closed above the lower band by 43.4%. Bollinger Bands are 6.83% wider than norma...
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