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AGP Limited | Company Update | Much needed price dose
We revise our estimates by 13-15% for AGP Limited (AGP) incorporating recently approved increase in product prices by Drug Regulatory Authority of Pakistan (DRAP). Subsequently, we hold positive stance on the stock with 11% upside to our December 2019 target price of PKR 101.0/share. AGP manages to capture higher than average increase in its drugs under hardship category which contributes approximately 12% in its sales mix (excluding Mylan portfolio). Moreover, 15% increase in all other drugs ha...
- Shumaila Badar
PKR Slips to PKR 132/134 per USD in Interbank
According to the treasury department of a Commercial Bank, PKR has started depreciating once again, and is trading at around PKR 132/134 per USD as of the writing of this flash note (9:52am). This round of depreciation is not very surprising because of news that the Finance Minister will approach IMF for a bailout this week, and because IMF has already pointed out in its press release that further PKR devaluation is needed. In addition to the devaluation, IMF believes Pakistan needs to further t...
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Strong Earnings Profile Warrants a Positive Stance
We initiate coverage on AGP Limited (AGP) with a positive stance and blended valuation based June 2019 target price of PKR 97.0/share, implying an upside of 12% from its last closing. We eye earnings CAGR of 21% over CY19-22F driven by i) strong growth in generic portfolio, ii) expanding Mylan portfolio, iii) better annual price adjustment as per Drug Policy 2018 and iv) reducing debt burden. Although favorable price revision is expected to support the growth, we believe increasing input cost in...
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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