The Hub Power Company (HUBC) has posted a consolidated NPAT of PKR11.2bn (EPS: PKR8.67) in 3QFY23, up 22% YoY but down 15% QoQ. The sequential decline in earnings is due to lower share of profits from associates due to absence of one-off insurance claim realized in 2Q. The company has announced interim cash dividend of PKR2.75/sh in 3Q, on top of the PKR21.25/sh already announced in 1HFY23. The result takes 9MFY23 NPAT to PKR33.6bn (EPS: PKR25.94), up 57% YoY. 3QFY23 REVIEW HIGHLIGHTS: * HUB...
A director at The Hub Power Company Limited bought 100,000 shares at 59.970PKR 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 ...
A director at Nishat Chunian Power Limited bought 447,500 shares at 14.524PKR and the significance rating of the trade was 53/100. 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 t...
HUBC announced FY23’s first interim payout of PKR15.50/share today after skipping DPS announcement in the final result of FY22. A significant payout prior to the slated quarterly earnings announcement shores up investor confidence massively. The stock hit upper circuit today, more prominently as the payout offers ample 22.2% dividend yield from last close (20.6% at today’s upper circuit). This warrants another upper circuit in tomorrow’s trading session as the current cash payout will still y...
nother record-breaking month Power generation in the CPPA-G system has hit a record number for April compared toprevious years, with 12,960 GWh being generated in the past month. Generation for Aprilis up 24%YoY and 24%MoM, while total generation for 10MFY22 is 114,636GWh up11.5%YoY. Average Cost of generation is PkR10.24/Kwh, with largest increases seen in generationmix seen from Nuclear up 44%/110% MoM and YoY respectively. After Nuclear, the countryhas been forced to increase generation fro...
AKD Daily Technicals KSE-100: Faces a bullish session The index opened with a positive note and faced a bullish session amidst good volumes comparatively better than the previous trading session. The Index posted an intraday high of 651pts and concluded with a gain of 520pts to settle at 46,073pts level. Bollinger Bands are 55.56% wider than normal. The large width of the bands suggest high volatility as compared to the normal range of the index. A bullish candlestick pattern witnessed in th...
AKD Daily Pakistan Power: Historic high in power generation for March Power generation for the CPPA-G system has hit a record number for Mar’22 compared to previous years, with 10,418 GWh being generated in this past month. Generation for March is up 29% MoM and 16% YoY, while total generation for 9MFY22 is up 10% YoY. Average Cost of Generation is PkR9.22/Kwh, with largest increases in generation from RFO up 110%/370% MoM and YoY respectively. For 9MFY22, HSD saw the largest increase in ...
HUBC held its Corporate Briefing session today to discuss the company's performance for 1HFY22. To recall, HUBC reported 2QFY22 consolidated NPAT of PKR4.8bn (EPS: PKR3.70), down 42% yoy and 35% qoq. The result came in much lower than consensus, with the deviation stemming from a c.PKR1.5bn loss from associate vs. PKR4.1bn profits SPLY. HUBC did not announce any interim dividend as per consensus expectation, having already paid out PKR6.5/sh in Jan 2022 following receipt of its second tranche...
Hub Power Company (HUBC) has reported 2QFY22 consolidated NPAT of PKR4.8bn (EPS: PKR3.70), down 42% yoy and 35% qoq. The result is much lower consensus, with the deviation stemming from a c.PKR1.5bn loss from associate vs. PKR4.1bn profits SPLY - clarity is awaited on this front. HUBC did not announce any interim dividend as per consensus expectation, having already paid out PKR6.5/sh in Jan 2022 following receipt of its second tranche from the GoP. 2QFY22 REVIEW HIGHLIGHTS: * Net sales have...
AKD Daily Pakistan Economy: Second tranche to IPPs approved Federal Government gave green light to the 2nd payment to be made to IPPs in lieu of their outstanding receivables. The approval of the same by the Cabinet would pave way for disbursement of PkR134bn to IPPs. This follows the 1st installment of PkR89.8bn made to the IPPs (of which ~30bn was made in cash) in Jun’21 and will take the total payments, made under the tariff re-negotiation agreement back in Feb’21, to PkR225bn. As per ...
Hub Power Company has reported 1QFY22 consolidated NPAT of PKR7.4bn (EPS: PKR5.72), lower by 9% yoy and a sharp 15% qoq. The result is much lower than our expected EPS of PKR6.91, where we suspect the difference stems from lower penal income and significantly lower profits from CPHGC. HUBC did not announce any interim dividend vs. our expectation of PKR2.0/sh. 1QFY22 HIGHLIGHTS: * Net sales have risen to PKR26.3bn due to an uptick in plant dispatch from both Narowal and HUBC's Base plant. La...
AKD Daily Oct’21 Inflation and HUBC preview Oct’21 inflation is expected at 8.94%YoY vs. 8.98%YoY in the previous month whereas monthly inflation is likely to stand at 1.66% - recording 4th consecutive positive reading on a monthly basis. In our base case, we have revised up our FY22 oil assumption to US$70/bbl and our monthly food inflation forecast to 93bps from 68bps previously, pushing up our FY22 forecast to 9.5%YoY from 8.6%YoY previously. However, our inflation outlook is subject to...
Hub Power Company will announce its 1QFY22 results tomorrow, where we estimate consolidated NPAT of PKR9.0bn (EPS: PKR6.92), up 10% yoy and 2% qoq. The growth is coming from strong capacity payments (courtesy 6% PKR devaluation CYTD) together with consistently higher profits from its associate – CPHGC – and muted finance costs vs. last year. Following the receipt of its first tranche from the GoP (related to renegotiated PPAs), better resultant cashflows can enable HUBC to announce an interim...
AKD Daily Pakistan Power: Circular debt settlement 2002 IPPs next in line In a follow up to the MoUs signed with IPPs in Aug’20, CCoE has recently directed power division to clear the outstanding payments for the IPPs operating under 2002 PP, as per news reports. The second installment for 1994 and pre 1994 PP IPPs is expected in Nov’21; we believe 2002 IPPs’ first tranche of circular debt settlement will likely be clubbed with it. KAPCO received PkR13bn in cash in the first settlement and ...
AKD Daily EPCL & HUBC Result Previews, EPCL to post 2QCY21 EPS of PkR5.70: Engro Polymer & Chemicals Ltd’s (EPCL) board is scheduled to meet on 10th Aug’21 to announce its financial result. We expect EPCL to post 2QCY21 NPAT of PkR5.17bn (EPS: PkR5.70), as compared to PkR13mn (EPS: PkR0.01) in the same period last year. This will take 1HCY21 NPAT to PkR9.32bn (EPS: PkR10.25) vs. PkR206mn (EPS: PkR0.23) in 1HCY20. To recall, EPCL’s PVC production and sales took a hit in 1HCY20 due to plant disr...
HUBC has reported 4QFY21 consolidated NPAT of PKR8.8bn (EPS: PKR6.76), up 29%yoy and 2%qoq, taking FY21 NPAT to PKR33.7bn (EPS PKR: 25.97). The result is above our expected 4Q EPS of PKR6.0/sh. The deviation stems from higher-than-anticipated indexation and lower LPI charges to fuel suppliers resulting in gross profits of PKR8.9bn. HUBC announced a final cash dividend of PKR5.0/sh (above our expected DPS of PKR4.0/sh), taking the full-year payout to PKR12.0/sh (payout ratio: 46%). 4QFY21 RESU...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
StockSmart Weekly Review Weak sentiment from last week coupled with geopolitical tensions in the region and uncertainty over talks with IMF continued to derail investor confidence during the week apart from Thursday’s session which saw massive buying from Mutual Funds in tune of US$12.7mn, helping the benchmark index to break the losing streak. The index, however, could not sustain that level and closed in red in the following session by ...
AKD Daily Pakistan’s potential reclassification to MSCI FM on the cards In a recent development, MSCI has initiated consultation process to migrate Pakistan from Emerging Markets (EM) to Frontier Markets (FM), targeting Nov’21 for potential reclassification with the result likely to be announced on Sep 7’21. To highlight, Pakistan has been hanging by a thread in the MSCI EM index since Nov’18 due to index continuity rules (being classified as EM in May’17) while engrossing a weight of 0.02%...
After much delay, the ECC yesterday approved the disbursement of PKR90bn as the first installment from outstanding payments (c. PKR450bn) to 35 IPPs (under Power Policy 1994 and pre-1994 PP) and withheld disbursal for 12 IPPs (under PP 2002) presently undergoing NAB investigation. However, the decision is yet to be approved by the Federal Cabinet which will follow the Eid holidays (until 17 May). Within the listed space, IPPs receiving payments include Hub Power (HUBC), Kot Addu Power (KAPCO)...
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