reports
Thall Limited : Progress on energy sector projects is key near term ca...
We revise down our earnings estimates of Thal Limited (THALL) by 8-20% over FY18-FY22E incorporating (i) lower earnings for INDU, (ii) actual corolla sales in FY18TD, and (iii) drop in auto sales in FY19 due to budgetary measure by govt. Consequently, we arrive at a SoTP-based TP of PKR653/sh. Despite earnings estimates cut, we maintain our liking and Buy recommendation on the stock. Growing product portfolio in engineering, impressive sales in building & allied materials segment, near-term t...
Thall Limited: Margins likely to recover in 2H; maintain ‘Buy’
We cut our earnings estimates for Thal Limited (THALL) by 19/14/11% over FY18/19/20E, post: (i) acknowledging margin pressure in engineering and paper sack segment, (ii) actual 1HFY18 results, and (iii) revised earnings estimates of INDU. Our liking for THALL remains unaltered and we reiterate a Buy with SOTP based TP of PKR723 (hinting at 49% upside). THALL provided direct exposure to growing auto sales of the country and Pakistan’s push to jack-up local coal-based production. THALL’s subsi...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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