reports
Aisha Steel Mills Limited: 1 director
A director at Aisha Steel Mills Limited sold 24,200,000 shares at 8.990PKR and the significance rating of the trade was 76/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
International Steels Ltd: 1 director
A director at International Steels Ltd sold 125,000 shares at 60.020PKR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...
- IMS Research Team
International Steels Ltd: 3QFY23 Review - Healthy topline and margins ...
International Steels Ltd (ISL) has posted NPAT of PKR1.5bn (EPS: PKR3.48) in 3QFY23 compared to NLAT of PKR388mn (LPS: PKR0.89) in 2QFY23. The result came in much higher than our projected EPS of PKR1.00, with major variance stemming from higher than expected revenues, owing to higher volumetric sales and increased gross margins too. This takes 9MFY23 NPAT to PKR1.6bn (EPS: PKR3.62), down 71% YoY. Key takeaways from 3QFY23 results: * Net revenue has clocked in at PKR23.9bn, up c.37% QoQ but ...
- IMS Research Team
Pakistan Steel – 3QFY23 Result Previews
LOWER DEMAND AND INVENTORY LOSSES TO DENT PROFITABILITY * IMS Steel Universe is expected to post a cumulative NPAT of c.PKR1.1bn in 3QFY23, compared to losses of PKR0.3bn in the last quarter. Higher steel product prices and inventory gains amid rupee devaluation are expected to uplift quarterly earnings. * Multiple price hikes of rebar and CRC are likely to increase sector gross margins by 6ppt to 12%. However, depressed demand, import restrictions and rising energy cost may pose a ris...
- Ali Aziz Soorty
International Steels Ltd: 1QFY23 Review: Earnings beat despite GM miss
International Steels Ltd (ISL) has posted NPAT of PKR448mn (EPS: PKR1.03) in 1QFY23, down a sharp 83% YoY. That said, the 1Q result has come in higher than our expected EPS of PKR0.78, where lower distribution cost more than offset a miss on gross margins. Key Highlights: * Net revenue has clocked in at PKR16.5bn, down 32% YoY (down 21% QoQ), lower than our expectation of PKR17.9bn, amid lower volumetric offtake. This is possibly attributed to lower production volumes of 2/3 wheelers and whi...
- Ali Aziz Soorty
Pakistan Steel: Lower demand and inventory losses to dent profitabilit...
* IMS Steel Universe is expected to post cumulative NPAT of c.PKR1.6bn in 1QFY23, down 55% QoQ (-82% YoY), amid lower margins, inventory & exchange losses, and elevated finance cost. * We expect gross margins of the IMS Steel Universe to remain flat QoQ, but down 3.8ppt YoY due to (i) lower offtake due to floods and elevated construction costs, (ii) elevated power and fuel cost, and (iii) inventory losses from flat steel due to decline in HRC-CRC spreads in case of ISL. * IMS Steel...
- Ali Aziz Soorty
International Steels Ltd: FY 22 analyst briefing takeaways
ISL held its Analyst Briefing Session today to discuss the recent financial performance, also painting a lackluster outlook for FY23 amid monsoon flooding. To recall, ISL posted a dull EPS of PKR0.13 in 4QFY22 (FY22 EPS of PKR12.44), despite healthy gross margin, which were overshadowed by the sharp decline in volumetric sales and inflated operating cost. Going forward, FY23 is positioned to be a challenging year, owing to expectations of depressed demand. GUIDANCE FOR FUTURE SALES AND PROFIT...
- Ali Aziz Soorty
International Steels Ltd: 4QFY22 review – Healthy payout despite lower...
International Steels Ltd (ISL) has posted NPAT of PKR57mn (EPS: PKR0.13) in 4QFY22, down a sharp 95%/98% QoQ/YoY. The 4Q result has come significantly lower than our expected EPS of PKR1.21, where deviation was majorly attributed to lower-than-expected sales volume and higher opex. This takes FY22 EPS to PKR12.44, down c.28% YoY. ISL also announced a final cash dividend of PKR4.5/sh, beating our DPS expectation of PKR2.0 (FY22 DPS of PKR6.5/sh). KEY HIGHLIGHTS: * Net revenue has clocked in ...
- Ali Aziz Soorty
Pakistan Steel: 4Q preview – Profits to decelerate amid supertax, lowe...
IMS Steel Universe is expected to post cumulative NPAT of c.PKR1.6bn in 4QFY22, down 34% QoQ, as slower volumes amid elevated construction cost and one-off tax implications will drag profits. We expect gross margins of long steel companies will hold up due to i) sequential increase in rebar prices, and ii) mild softening in international scrap prices. Similarly, flat steel margins are likely to improve sequentially, due to relaying of costs and high inventory levels. Despite the series of pri...
- Ali Aziz Soorty
International Steels Ltd: 3QFY22 review – strong sales overshadowed by...
International Steels Ltd (ISL) has posted NPAT of PKR1.1bn (EPS: PKR2.60) in 3QFY22, down a sharp c.30% qoq and c.50% yoy. The 3Q result has come broadly in line with our projected EPS of PKR2.70 higher-than-expected revenues have been offset by lower margins. This takes 9MFY22 EPS to PKR12.31, down c.22% yoy. KEY TAKEAWAYS FROM 3QFY22 RESULTS: * Net revenue has clocked in at PKR27.3bn, up 57% yoy, beating our expectation of c.PKR20bn by some distance, amid greater volumetric offtake and hig...
- Ali Aziz Soorty
Pakistan Steel: 3Q22 preview – Profitability to decelerate amid slower...
* IMS Steel Universe to post cumulative NPAT of c.PKR3.2bn in 3QFY22, down c.14% qoq, this is due to slower volumes amid elevated construction cost and seasonal slowdown. * We expect that gross margins of long steel companies will hold strong due to (i) sequential increase in rebar prices, and (ii) slight let off in international scrap prices. However, flat steel margins are likely to decline qoq due to contraction in CRC-HRC spreads internationally. * Despite the series of price h...
- Ali Aziz Soorty
International Steels Ltd: Dollarized spreads is a key defensive attrib...
* We resume coverage on ISL with a Buy rating and a June 2023 TP of PKR93/sh. In the face of macroeconomic headwinds, ISL’s profit should be cushioned by (i) CRC-HRC spreads holding steady in the medium term, and (ii) sustainable demand from the Appliances industry, in our view. * Global CRC-HRC spreads will benefit from the disrupted supply of steel amid the Russia-Ukraine conflict and the big addition of HRC capacities in China. Hence, we have assumed average spreads of US$80/85 per t...
- Abdul Ghani Mianoor
International Steels Ltd: 2QFY22 review – Lower-than-expected revenues...
International Steels Ltd (ISL) has posted a NPAT of PKR1.6bn (EPS: PKR3.58) in 2QFY22, down a sharp c.30% yoy and c.40% qoq. The 2Q result has come in much lower than our projected EPS of PKR4.77, with major variance stemming from lower revenues. This takes 1HFY22 EPS to PKR9.71, up c.50% yoy. ISL also announced an interim dividend of PKR2.0/sh (in line with estimates). KEY TAKEAWAYS FROM 2QFY22 RESULTS: * Net revenue has clocked in at PKR18.8bn, up a mere c.5% yoy, lower than our expectatio...
- Abdul Ghani Mianoor
Pakistan Steel: Expect greater profits for Long Steels, but lower for ...
We expect our Steel Universe to post cumulative 2QFY22 NPAT of c.PKR5.0bn, up a sharp c.40% yoy amid a similar rise in revenues due to multiple price hikes during the quarter, in both long and flat steel. In our view, gross margins of long steel companies in our coverage should rise yoy due to record high rebar prices (stronger pricing power amid healthy demand). Flat steel margins, however, are likely to decline yoy due to moderating inventory gains. Taking cue from a series of price hikes i...
- Abdul Ghani Mianoor
Pakistan Steel: Trends in both demand and margins underpin our positiv...
* We resume coverage on the Long steel sector, ASTL and MUGHAL, with a Buy stance on both and June 2022 TP of PKR70/sh and PKR150/sh, respectively, following strong earnings beat in 1QFY22. We also upgrade our FY22/23f estimates for ISL, but are reducing our TP to PKR120/sh (previously PKR130/sh) partly due to a higher risk-free rate. * Robust rebar demand amid uptick in construction activity (led largely by private demand) – following the various incentives announced by the government ...
- Abdul Ghani Mianoor
International Steels Ltd: 1QFY22 review – Higher-than-expected revenue...
International Steels Ltd (ISL) has posted a NPAT of PKR2.7bn (EPS: PKR6.13) in 1QFY22, up 15% qoq and c.5x yoy. The 1Q result came in significantly higher than our projected EPS of PKR4.30, with major variances stemming from higher revenues and lower opex. KEY TAKEAWAYS FROM 1QFY22 RESULTS: * Net revenue has clocked in at PKR24.5bn, up 30% qoq, greater than our expectation of PKR22.2bn, amid higher CRC/HDGC prices (up c.10% qoq to PKR200,5000/ton by end-1Q) and higher volumes due to robust d...
- Abdul Ghani Mianoor
Pakistan Steel: 1QFY22 preview – Expect lower profits as margins will ...
* We expect our Steel Universe to post cumulative 1QFY22 NPAT of PKR3.2bn, down c.10% qoq amid a decline in gross margins despite multiple price hikes and an overall decline in volumes. * In our view, gross margins of all companies in our coverage should see a qoq decline due to: (i) normalisation of inventory gains, (ii) higher raw material costs and, (iii) decline in volumes amid Eid holidays and prolonged Monsoon season. * Despite a series of price hikes in 1Q in both long and f...
- Abdul Ghani Mianoor
International Steels Ltd: FY21 Analyst Briefing Takeaways
Result Highlights ISL posted a NPAT of PKR7.5bn (EPS: PKR17.16) for FY21, significantly up from a NPAT of PKR0.5bn (EPS PKR1.14) in FY20. The key drivers to earnings during FY21 were (i) low interest rate environment amid Covid, (ii) sharp V-shaped recovery and robust GDP growth (recovery in the Auto sector and white goods), (iii) PKR appreciation and (iv) inventory gains amid sharp rise in global raw material prices. Business Performance and Outlook * During FY21, ISL sold c.492,000 tons of...
- Team AKD Research
ISL_FY21 Analyst Briefing Takeaways ,(AKD, Off the Analyst's Desk, Oct...
AKD, Off the Analyst's Desk ISL: FY21 Analyst Briefing Takeaways ISL held its analyst briefing today. To highlight, the company reported NPAT of PkR7.5bn (EPS: PkR17.16) in FY21 vs. NPAT of PkR0.5bn (EPS: PkR1.14) in the same period last year. On a quarterly basis, 4QFY21 earnings stood at PkR2.31bn (EPS: PkR5.32), down 3%QoQ. Key highlights of the briefing were: Revenue increased by 8.5%QoQ/45.2%YoY in 4QFY21/FY21 mainly reflecting higher steel prices and massive uptick in offtakes (+18...
- Abdul Ghani Mianoor
International Steels Ltd: 4QFY21 review – Earnings dip qoq on higher o...
International Steels Ltd (ISL) has posted a NPAT of PKR2.3bn (EPS: PKR5.32) in 4QFY21, down 3% qoq, while up from a net loss of PKR0.2bn (LPS: PKR0.37) in SPLY. This takes FY21 NPAT to PKR7.5bn (EPS: PKR17.16), compared with a NPAT of PKR0.5bn (EPS: PKR1.14) in FY20 (distorted due to Covid-19 lockdown). The 4Q result came in slightly lower than our projected EPS of PKR5.62, with the major variance stemming from higher distribution and finance costs. ISL announced a final DPS of PKR7.0, higher...
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