reports
- IMS Research Team
Pakistan Textiles: June 2023 - Textile exports continue to show respit...
Pakistan’s total exports were US$2.3bn in June 2023, down 19% YoY, but up 7% MoM. Textile exports clocked in at US$1.4bn, down 14% YoY, but up 11% MoM, accounting for 63% of total exports. This takes FY23 textile exports to US$16.5bn, down 15% YoY. The sequential improvement can be attributed to higher order-flows for value-added textile exports mainly stemming from USA & Europe amid falling inflation rates and better consumer-purchasing power. KEY HIGHLIGHTS IN TEXTILE EXPORTS Value added te...
- IMS Research Team
Pakistan Textiles: May’23- Textile exports show some respite on sequen...
Pakistan’s total exports were US$2.2bn in May 2023, down 16% YoY, but up 3% MoM. Textile exports clocked in at US$1.3bn, down 20% YoY, but up 7% MoM, representing 60% of total exports. This takes 11MFY23 textile exports to US$15.0bn, down 15% YoY. We believe sequential improvement came from better order flows and increasing focus on new client acquisition by local textile firms to maintain existing exports. KEY HIGHLIGHTS IN TEXTILE EXPORTS Value added textile exports were US$1.0bn in May’202...
- IMS Research Team
Pakistan Textiles: April’23 -Textile exports decline further
Pakistan total exports were recorded at US$2.1bn in April 2023, down 26% YoY and 10% MoM. Textile exports clocked in at US$1.2bn, down 29% YoY and 2% MoM, representing 58% of total exports, down 2ppt YoY. This takes 10MFY23 total textile exports to US$13.7bn, down 14% YoY as compared with US$15.9bn SPLY. Textile exports continued to remain under pressure amid overall slowdown in global economy with higher inflation and interest rates in major exporting regions having lowered purchasing power....
- Rahul Hans
Nishat Mills: 3QFY23 Result Review - Earnings beat on higher other inc...
Nishat Mills Ltd (NML) has posted unconsolidated NPAT of PKR3.3bn (EPS: PKR9.39) in 3QFY23, down 10% QoQ and 4% YoY. The result came higher than our expected EPS of PKR8.55, where the major deviation stemmed from higher than expected other income. This takes 9MFY23 NPAT to PKR11.1bn (EPS: PKR31.67), up 23% YoY. KEY HIGHLIGHTS FROM 3QFY23 RESULT INCLUDE: * Revenue clocked in at PKR37.1bn, up 12% QoQ and 18% YoY. This is majorly due to higher local yarn sales and increased dyed-fabric & garmen...
- IMS Research Team
Pakistan Textiles – Higher finance costs to offset higher exchange gai...
We expect the IMS Textile Universe to post combined core net profits of PKR1.8bn in 3QFY23, down 37% QoQ and 85% YoY. Finance costs are likely to elevate further after interest rate hikes during the quarter which would potentially offset higher exchange gains. Sales volumes are likely to decline further due to overall reduction in textile exports amid high inflation rates leading to lower demand in export markets. Rising energy prices also remains a key challenge for local manufacturers to co...
- IMS Research Team
Nishat Mills: 2QFY23 Result Review: Higher topline and other income le...
Nishat Mills Ltd (NML) has reported unconsolidated 2QFY23 NPAT of PKR3.7bn (EPS: PKR10.48), up 59% YoY, but down 11% QoQ. The result came in much better than our expected EPS of PKR3.53/sh – higher topline and other income were the major deviation. This takes 1HFY23 NPAT to PKR7.8bn (EPS: PKR22.29) up 40% YoY. KEY HIGHLIGHTS FROM 2QFY23 RESULT: * Revenue has clocked in at PKR33.2bn, up 16% YoY, but down 3% QoQ, better than our estimated topline of PKR30.3bn. This is a function of better orde...
- Abdul Ghani Mianoor
Nishat Mills: 1QFY23 Result Review - Sharp improvement in margin led t...
Nishat Mills Ltd (NML) has reported an unconsolidated NPAT of PKR4.2bn (EPS: PKR11.81) in 1QFY23, up 26% YoY, while more than triple that of the previous quarter. We estimate core-textile operations to have clocked in at PKR9.0/sh, up 29% YoY. The 1Q result came in significantly higher than our expected EPS of PKR3.75, largely owing to higher-than-estimated gross margins and revenues. KEY OBSERVATIONS: * Revenue has clocked in at PKR34.3bn (highest quarterly sales), up 41% YoY, higher than o...
- Abdul Ghani Mianoor
Pakistan Textiles: Attractive valuations offset the headwinds
* Despite the sharp downward revision in our target prices for the IMS Textile Universe, by 22% on average, we remain Overweight on the sector. The government’s policy of providing regionally competitive utility prices is vulnerable under the IMF program and global demand fares challenges, but valuations are already knocked down. * Global and local macroeconomic uncertainties have led us to further prune our revenue and earnings growth assumptions for FY23-24f by 1%/12%, respectively, f...
- Abdul Ghani Mianoor
Nishat Mills: 4QFY22 Result Review - Steep margin attrition result in ...
Nishat Mills Ltd (NML) has reported an unconsolidated NPAT of PKR1.3bn (EPS: PKR3.58) in 4QFY22, down 45% YoY and 64% QoQ, owing to significant margin attrition. We estimate core-textile operations to have incurred a loss of PKR88mn (LPS: PKR0.25), for the first time since 4QFY20. This takes FY22 EPS to a record PKR29.33, up 74% YoY. The 4Q result missed our EPS expectation of PKR4.94, largely owing to lower-than-estimated gross margin. The result was accompanied with a final DPS of PKR4.00, ...
- Abdul Ghani Mianoor
Nishat Mills: 4QFY22 result review – Steep margin attrition results in...
Nishat Mills Ltd (NML) has reported an unconsolidated NPAT of PKR1.3bn (EPS: PKR3.58) in 4QFY22, down 45% YoY and 64% QoQ, owing to significant margin attrition. We estimate core-textile operations to have incurred a loss of PKR88mn (LPS: PKR0.25), for the first time since 4QFY20. This takes FY22 EPS to a record PKR29.33, up 74% YoY. The 4Q result missed our EPS expectation of PKR4.94, largely owing to lower-than-estimated gross margin. The result was accompanied by a final DPS of PKR4.00, lo...
- Abdul Ghani Mianoor
Pakistan Textiles: Core-profits are intact, but FY23 to be challenging
* We expect our Textile Universe to post combined core net profits of PKR7.9bn in 4QFY22, down 8% YoY largely owing to one-off supertax and increased borrowing costs, which are likely to offset strong revenue growth and exchange gains. * In terms of core profits, both ILP and GATM are expected to lead our Textile cluster, largely attributed to strong Spinning and Value-added margins (latter especially in case of ILP). * Despite record exports in 4Q, the Textile sector significantly...
- Team AKD Research
KSE-100_Lackluster activity witnessed, (AKD Technical Daily Jun 08, 20...
AKD Daily Technicals KSE-100_Lackluster activity witnessed The index opened on a positive note and a lackluster activity witnessed. The local bourse posted an intraday low of 55pts, a high of 277pts and concluded with a marginal loss of 9pts to settle at 41,568pts level. The volumes witnessed in the last trading session were lower than the previous trading session. Among the momentum indicators, RSI noted at 34.50. The index is currently sustaining below its short term moving averages on dai...
- Abdul Ghani Mianoor
Nishat Mills: 3QFY22 review – earnings beat on higher-than-expected gr...
Nishat Mills Ltd (NML) has reported an unconsolidated NPAT of PKR3.4bn (EPS: PKR9.81) in 3QFY22, up a sharp c.85% yoy and c.50% qoq. Core textile earnings have come in at an estimated c.PKR2.2bn (EPS: PKR6.32) in 3Q, up from c.PKR0.6bn (EPS: PKR1.56) in SPLY. This takes 9MFY22 EPS to PKR25.75, up c.2.5x yoy. The 3Q result significantly beat our EPS expectation of PKR4.96, where the deviation largely stems from higher-than-expected gross margins. Key result highlights for 3QFY22: * Revenue ha...
Pakistan Textile_9MFY22 textile exports up 25.4%YoY, (AKD Daily, Apr 1...
AKD Daily Pakistan Textile: 9MFY22 textile exports up 25.4%YoY As per the data released by PBS, textile exports for the month of Mar’22 registered a growth of 19.9%YoY to stand at US$1.63bn. Segment–wise, value and non-value added exports posted a growth of 24.9/2.4%YoY in Mar’22 and 24.9/27.5%YoY in 9MFY22. In the value added segment, readymade garments and bed wear registered a growth of 34.3%/11%YoY while knitwear outperformed the segment with 35.4%YoY in Mar’22. In 9MFY22, readymade gar...
- Abdul Ghani Mianoor
Pakistan Textiles: Remain positive even as global headwinds moderate g...
* We believe that the pillars supporting growth for the Pakistani Textile exports remain well-grounded, even as the sector is likely to enter a period of slower growth than in recent years amid global headwinds. * Nonetheless, we have pruned our growth assumptions for revenue and earnings growth in FY23-24f led by normalizing margins. This is driven expectations of muted global growth and softer purchasing power for global consumers amid inflationary pressures world over – which have be...
- Abdul Ghani Mianoor
Nishat Mills: 2QFY22 Review: Earnings miss on lower-than-expected gros...
Nishat Mills Ltd (NML) has reported an unconsolidated NPAT of PKR2.3bn (EPS: PKR6.58) in 2QFY22, nearly tripling yoy, while down c.30% qoq. Core textile earnings have come in at an estimated c.PKR1.0bn (EPS: PKR2.83) in 2Q, up from c.PKR0.5bn (EPS: PKR1.78) in SPLY. This takes 1HFY22 EPS to PK15.94, up c.3.0x yoy. The 2Q result significantly misses our EPS expectation of PKR10.70, where the deviation largely stems from lower-than-expected gross margins. KEY RESULT HIGHLIGHTS FOR 2QFY22: Reven...
- Team AKD Research
Pakistan Textile_Cotton prices at record levels (AKD Daily, Jan 11, 20...
AKD Daily Pakistan Textile: Cotton prices at record levels Despite a steady supply of commodity, the price of cotton in local market reached unprecedented high of PkR20,000/mound. The spike in local price come at a time when the international price of of the commodity have reached to USc128/pound. Our channel checks suggest that textile and spinning mills are still doing gradual buying in the local market while ginners are also vigilant and expect further increase in the prices. These tig...
- Team AKD Research
Pakistan Textile_Cotton prices at record levels (AKD Daily, Jan 11, 20...
AKD Daily Pakistan Textile: Cotton prices at record levels Despite a steady supply of commodity, the price of cotton in local market reached unprecedented high of PkR20,000/mound. The spike in local price come at a time when the international price of of the commodity have reached to USc128/pound. Our channel checks suggest that textile and spinning mills are still doing gradual buying in the local market while ginners are also vigilant and expect further increase in the prices. These tig...
- Team AKD Research
Pakistan Textile_ 5MFY22 textile exports up 28.4%YoY (AKD Daily, Dec 2...
AKD Daily Pakistan Textile_ 5MFY22 textile exports up 28.4%YoY As per the data released by PBS, textile exports for the month of Nov’21 registered a growth of 35.3%YoY to stand at US$1.74bn. Segment–wise value and non-value added exports posted a growth of 33.9/42.2%YoY in Nov’21 and 26.9/35.4%YoY in 5MFY22. In the value added segment, readymade garments and bed wear registered a growth of 27.2%/32%YoY while knitwear outperformed the segment with 41%YoY in Nov’21. In 5MFY22 readymade gar...
- Team AKD Research
NML_FY21 Analyst Briefing Takeaways, (AKD, Off the Analyst's Desk, Nov...
AKD, Off the Analyst's Desk NML : FY21 Analyst Briefing Takeaways NML held its analyst briefing today to discuss FY21 results and future outlook of the company. To highlight, the company reported unconsolidated NPAT of PkR3.3bn (EPS: PkR9.36) in 1QFY22 vs. NPAT of PkR0.9bn (EPS: PkR2.69) in the same period last year. In FY21, earnings stood at PkR5.9bn (EPS: PkR16.8) vs NPAT of PkR3.5bn (EPS: PkR9.97). The company reported consolidated NPAT of PkR4.2bn (EPS: PkR11.91) in 1QFY22 vs. NPAT of PkR...
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