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...
- Shahmir Malik
Amreli Steel: 3QFY23 Review - Higher-than-expected GMs lead to earning...
ASTL has posted NPAT of PKR476mn (EPS: PKR1.60) in 3QFY23 versus a loss of PKR389mn (LPS: PKR1.31) in the last quarter. The result came in higher than our expected EPS of PKR0.71, where major deviation stemmed from higher-than-expected GMs and lower finance cost. KEY TAKEAWAYS FROM 3QFY23 RESULT INCLUDE: * Revenue clocked in at PKR11.7bn, down 12% QoQ and 27% YoY. Decline in revenue is mainly led by sluggish demand amid lower construction activity and PSDP allocation. We expected net sales ...
- 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...
- IMS Research Team
Amreli Steel: 2QFY23 Review: Inventory losses and higher finance cost ...
ASTL has posted net loss of PKR389mn (LPS: PKR1.31) in 2QFY23 from EPS of PKR2.03 SPLY. The loss can be attributed to massive rise in COGS due to stock pile up and elevated finance cost. This result wiped out the profits from last quarter and takes 1HFY23 into NLAT of PKR185mn (LPS: PKR0.62) from EPS of PKR7.80 in 1HFY22. KEY TAKEAWAYS FROM 2QFY23 RESULT INCLUDE: * Revenue clocked in at PKR13.2bn down 11% YoY, but up 44% QoQ in 2QFY23. The sequential increase in revenue is led by improvement...
ASTL_1QFY23 Analyst Briefing Takeaways, (AKD Off the Analyst's Desk No...
Amreli Steels Limited (ASTL) held its analyst briefing earlier today, wherein the following was discussed: To recall, the company posted PAT of PkR1.3bn (EPS: PkR4.46) for FY22, lower by 3%YoY compared to the same period last year. ASTL’s Net sales for the year were PkR58.1bn, higher by 48%YoY. Despite declining volumes, the risen revenue was majorly due to higher retention prices. However, gross margins for the quarter remained under pressure due to sky rocketing scrap prices, peaking a...
- Ali Aziz Soorty
Amreli Steel: 1QFY23 Review: Earnings beat on GMs and taxation
ASTL has posted NPAT of PKR204mn (EPS: PKR0.69) in 1QFY23, down 71% YoY, while halving QoQ. The 1Q result has come in higher than our projected EPS of PKR0.33, where the variance emanated from higher-than-expected gross margins and low effective tax rate. KEY TAKEAWAYS FROM 1QFY23 RESULT INCLUDE: * Revenue has clocked in at PKR9.8bn (down 17% YoY), significantly lower than our expected revenue of PKR12bn. The decline in revenues is majorly attributed to lower-than-expected volumetric sales. ...
- 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
Amreli Steel: 4QFY22 review – Lower volumes and margins dragged to los...
ASTL posted a loss of PKR509mn (LPS: PKR1.71) for 4QFY22, down from a NPAT of PKR531mn (EPS: PKR1.79) last quarter. This has taken FY22 NPAT to PKR1.3bn (EPS: PKR4.61), c.3% down from SPLY. The announcement is against our positive earnings expectation of PKR1.23/sh, with major deviation stemming from a variance in volumetric sales, PKR devaluation affected scrap costs, and blistering electricity cost related Fuel Cost Adjustments (FCA). Recent adverse monsoon spells have put ASTL to reduce pr...
- 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...
MUGHAL & ASTL_Projections incorporating macro-developments, (AKD Daily...
AKD Daily MUGHAL & ASTL: Projections incorporating macro-developments · We revisit our investment case for MUGHAL and ASTL where we revised our target prices to PkR94/sh and PkR35/sh from PKR140/sh and PkR57/sh for MUGHAL and ASTL, respectively. Incorporating RF of 15.5% and PkR/US$ of 198/210 in FY23/24F. · We expect the earnings outlook for MUGHAL and ASTL to remain dreary in FY23 with the companies expected to see a volumetric decline of 10-12%YoY to 280-340K tons in rebar/girder dispatches f...
- 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
Amreli Steel: 3QFY22 review – depleted margins hurt profitability
ASTL has posted NPAT of PKR531mn (EPS: PKR1.79) for 3QFY22, which is up 6% yoy but down c.12% qoq. This has taken 9MFY22 NPAT to PKR1.8bn (EPS: PKR6.18), almost double the NPAT of PKR9.29mn (EPS: PKR3.12) in SPLY. The 3Q result has come in lower than our projected EPS of PKR2.09, where the variance emanated from lower-than-expected gross margins. KEY TAKEAWAYS FROM 3QFY22 RESULT INCLUDE: * Revenue has clocked in at c.PKR15.9bn (up c.63% yoy), beating our expected revenue of PKR14.3bn, where ...
- 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...
- Team AKD Research
MLCF & ASTL_ Result Previews,
AKD Daily MLCF & ASTL: Result Previews MLCF — 3QFY22 EPS to stand at PkR1.02: Maple Leaf Cement Factory Limited (MLCF) will be holding its board meeting today to announce 9MFY22 result where we expect unconsolidated EPS of PkR3.2 for 9MFY22, down 36%YoY. Unconsolidated EPS for 3QFY22 is expected to stand at PkR1.02, down 75/39% YoY/QoQ. The decline in profitability is a result of increasing energy prices where we witnessed coal prices touching an all time of high of USD460/ton during Mar’22....
- 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...
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