reports
- IMS Research Team
Kohinoor Textile Mills: 3QFY23 Review - Inventory gain leads to earnin...
Kohinoor Textile Mills Limited (KTML) has reported an unconsolidated NPAT of PKR829mn in 3QFY23 (EPS: PKR2.77), up 65% QoQ but down 44% YoY. This takes 9MFY23 NPAT to PKR1.8bn (EPS: PKR6.04), down 58% YoY. The result came in much higher than our expected NPAT of PKR272mn (EPS: PKR0.90), with major deviation stemming from higher-than-expected GMs. KEY HIGHLIGHTS FROM 3QFY23 RESULT: * Revenue clocked in at PKR10.7bn, up 10% QoQ and 4% YoY. Despite the reduction is sales volumes, currency depre...
- Team AKD Research
KTML_Analyst Briefing Takeaways, (AKD Off the Analyst's Desk Nov 23, 2...
KTML: Analyst Briefing Takeaways Kohinoor Textile Mills Limited (KTML) held its analyst briefing earlier today, wherein the company management apprised of the following: To note, the company posted NPAT of PkR4.7bn in FY22, higher by 72%YoY, on the back of higher revenues during the period. KTML’s revenues in FY22 stood at PkR39.6bn, compared to PkR30bn in the previous year. The healthy growth in the topline (up 32%YoY) was attributed to the Spinning unit, which made up ~43% of total reve...
- Abdul Ghani Mianoor
Pakistan Textiles: Attractive valuations offset the headwinds
* Despite the sharp downward revision in our target prices for the IMS Textile Universe, by 22% on average, we remain Overweight on the sector. The government’s policy of providing regionally competitive utility prices is vulnerable under the IMF program and global demand fares challenges, but valuations are already knocked down. * Global and local macroeconomic uncertainties have led us to further prune our revenue and earnings growth assumptions for FY23-24f by 1%/12%, respectively, f...
- Abdul Ghani Mianoor
Kohinoor Textile Mills: 1QFY23 Review - Earnings halve owing to slump ...
Kohinoor Textile Mills (KTML) has reported an unconsolidated NPAT of PKR0.5bn (EPS: PKR1.59), down a sharp 52% YoY (up 11% QoQ). The sluggish result is significantly lower than our expected EPS of PKR3.03, where the deviation has largely stemmed from lower-than-expected gross margin and lower other income. KEY RESULT HIGHLIGHTS FOR 1QFY23: * Net revenue has clocked in at PKR9.6bn, slightly lower than our expectation of PKR10bn, while 20% higher compared to last year. The annual rise in reven...
- Abdul Ghani Mianoor
Kohinoor Textile Mills: 4QFY22 Review - Earnings miss amid lower margi...
Kohinoor Textile Mills (KTML) has reported an unconsolidated 4QFY22 NPAT of PKR0.4bn (EPS: PKR1.44), down a sharp 60% YoY and 71% QoQ. This takes FY22 NPAT to PKR4.7bn (EPS: PKR15.84), up a sharp 72% YoY. The result is significantly lower than our expected EPS of PKR3.91, where the deviation has largely stemmed from lower-than-expected gross margin and higher other expenses. Also, KTML skipped out on a dividend payout this quarter, against our DPS estimate of PKR2.50. KEY RESULT HIGHLIGHTS FO...
- Abdul Ghani Mianoor
Pakistan Textiles: Core-profits are intact, but FY23 to be challenging
* We expect our Textile Universe to post combined core net profits of PKR7.9bn in 4QFY22, down 8% YoY largely owing to one-off supertax and increased borrowing costs, which are likely to offset strong revenue growth and exchange gains. * In terms of core profits, both ILP and GATM are expected to lead our Textile cluster, largely attributed to strong Spinning and Value-added margins (latter especially in case of ILP). * Despite record exports in 4Q, the Textile sector significantly...
- Abdul Ghani Mianoor
Kohinoor Textile Mills: 3QFY22 review – earnings miss on lower-than-ex...
Kohinoor Textile Mills Ltd (KTML) has reported an unconsolidated NPAT of PKR1.5bn in 3QFY22 (EPS: PKR4.92), more than doubling yoy from a NPAT of PKR0.7bn (EPS: PKR2.28), while down 20% qoq. This takes 9MFY22 NPAT to PKR4.3bn (EPS: PKR14.40), up c.2.5x yoy. The 3Q result is lower than our expected EPS of PKR6.13, where the deviation stems from lower-than-expected gross margins. KEY HIGHLIGHTS FROM 3QFY22 RESULTS: * Revenue has clocked in at PKR10.3bn, up a sharp 35% yoy, which we suspect is ...
- Abdul Ghani Mianoor
Pakistan Textiles: Remain positive even as global headwinds moderate g...
* We believe that the pillars supporting growth for the Pakistani Textile exports remain well-grounded, even as the sector is likely to enter a period of slower growth than in recent years amid global headwinds. * Nonetheless, we have pruned our growth assumptions for revenue and earnings growth in FY23-24f led by normalizing margins. This is driven expectations of muted global growth and softer purchasing power for global consumers amid inflationary pressures world over – which have be...
- Abdul Ghani Mianoor
Kohinoor Textile Mills: 2QFY22 review – Highest ever gross margins lea...
Kohinoor Textile Mills Ltd (KTML) has reported an unconsolidated NPAT of PKR1.8bn in 2QFY22 (EPS: PKR6.15), nearly quadrupling yoy from a NPAT of PKR0.5bn (EPS: PKR1.66), while nearly doubling qoq. This takes 1HFY22 NPAT to PKR2.8bn (EPS to PKR9.48), up c.3.0x yoy. The 2Q result is higher than our expected EPS of PKR3.86, where the deviation stems from greater-than-expected gross margins. KTML announced an interim DPS of PKR1.0 (in line with expectations). KEY HIGHLIGHTS FROM 2QFY22 RESULT: ...
Kohinoor Textile: 1 director
A director at Kohinoor Textile bought 100,000 shares at 65.144PKR 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 two years cle...
- Team AKD Research
Pakistan Alpha (KTML & FABL, Oct_27_2021)
AKD - Pakistan Alpha KTML: The real Kohinoor Our liking for KTML emanates from i) Robust growth in textile exports (+27.4%YoY in 1QFY22) amid higher US apparel demand and rerouting of orders from (China and Vietnam) due to massive energy/power shortage, ii) broad based growth in local spinning segment amid higher local yarn margins (49% local yarn margins vs 23.2% export yarn margin), iii) PkR depreciation, and iv) higher than expected local cotton production. We expect KTML to continu...
- Abdul Ghani Mianoor
Kohinoor Textile Mills: 1QFY22 review – Earnings miss but still a stro...
Kohinoor Textile Mills Ltd (KTML) has reported an unconsolidated NPAT of PKR1.0bn in 1QFY22 (EPS: PKR3.33), nearly doubling yoy from an NPAT of PKR0.5bn (EPS: PKR1.71), while down 7% qoq. The 1Q result is lower than our expected EPS of PKR3.75, where the deviation stems from lower revenues and higher taxation. KEY HIGHLIGHTS FROM 1QFY22 RESULT: * Revenue has clocked in at PKR8.0bn, up c.15% yoy (down 5% qoq), lower than our expectation of PKR9.0bn, where we suspect lower sales of the Home Te...
- Abdul Ghani Mianoor
Pakistan Textiles: 1QFY22 result previews
PROFITS TO CONTINUE RISING BUT NON-TEXTILE TRIGGERS AWAITED * For 1QFY22 results, we expect our Textile Universe to post combined core net profits of PKR9.2bn, nearly tripling yoy, due to improvements in both revenues and margins, amid a sharp c.30% yoy rise in exports. * NCL is expected to lead our Textile cluster, in terms of core profitability (c.5x yoy growth), largely attributed to strong Spinning margins, while we see ILP’s earnings growth to be relatively softer at c.40% yoy (low...
- Team AKD Research
Stock Smart Weekly (Jul 30, 2021)
StockSmart Weekly Review Following the Eid holidays, the market started the week with crumbly emotion as the anxiety grew over the drastic surge in Covid’s delta variant which continued to derail the investor confidence. Correspondingly, the investors preferred to remain as spectators in light of uncertainty over the announcement of monitory policy where they feared a hike of 25-50bps due to the PkR devaluation of 2.7%MoM. Although the po...
- Abdul Ghani Mianoor
Pakistan Textiles: Aug 2021: Flattened due to shipping constraints
Pakistan’s total exports in August 2021 clocked in at US$2.2bn, down 4% mom from US$2.3bn in July, while up a sharp c.40% yoy (distorted due to the heavy torrential rain last year). Textile exports remained flat mom, sustaining the US$1.5bn level, while up a staggering c.45% yoy. The handsome growth is a testament to the strong demand for Pakistan’s textiles in the global market, while some regional competitors continued to grapple with Covid-19 lockdowns during the month. KEY HIGHLIGHTS IN T...
- Abdul Ghani Mianoor
Kohinoor Textile Mills: 4QFY21 review – earnings beat due to lower-tha...
Kohinoor Textile Mills Ltd (KTML) has reported an unconsolidated NPAT of PKR1.1bn for 4QFY21 (EPS: PKR3.56), up 56% qoq and a big jump from an EPS of PKR0.19 in SPLY. This takes FY21 NPAT to PKR2.8bn (EPS: PKR9.21). The 4Q result is better than our expected EPS of PKR2.30, where the deviation stems from lower-than-expected Opex. KTML announced a final DPS of PKR1.0/sh, against our expectation of PKR2.0/sh, taking FY21 payout to PKR2.0/sh. KEY HIGHLIGHTS FROM 4QFY21 RESULT: * Revenue has cloc...
- Abdul Ghani Mianoor
Kohinoor Textile Mills: Well-positioned but significantly mispriced; B...
We reinstate coverage on KTML – one of the largest listed textile composites in Pakistan – with a Buy rating and an SoTP based June 2022 TP of PKR145/sh. The core textile business is valued at PKR75/sh, while the investment portfolio is worth PKR70/sh after applying a 30% holding company discount. We like KTML for its penetration in the high-margin finer yarn counts and high thread count Home Textile categories. We estimate a 3yr CAGR of c.20% for core textile earnings on the back of both ris...
- Fawad Basir
Topline Flash Note: Kohinoor Textile Mills Limited (KTML): Corporate B...
The company largely operates in Bedsheet, Lenin and Home Textile segments. A large portion of company’s sales are coming from the local market, which helps it to perform better than peers. This year, Maple Leaf Cement (MLCF) may pay dividends, which will enhance payout capacity of KTML. Overall energy requirement of the company is 12MW, of which 5MW is met through the grid. To bridge this gap, company has installed a 5MW solar and also have gas and Furnace Oil based generators/plants. The...
- Ailia Naeem
Pakistan Textiles: Another round of PKR depreciation opens up valuatio...
In another round of PKR depreciation on 11th Jun’18, the currency weakened by 3.7%, taking cumulative FYTD PKR depreciation to 14%. Given the macroeconomic situation, we revise our USD PKR assumption in IMS Textile Earnings estimates. Our new USD/PKR assumptions for FY19-23F are 11% higher than previously. Our top picks from the sector are NML (TP: PRs177/sh; upside: 15%) and NCL (TP: PRs68/sh; upside: 36%). Our current valuations for NML do not reflect its Auto venture, which may add another...
- Ailia Naeem
Pakistan Textiles: Another Package on the cards; clarity on terms awai...
In a major positive for the textile sector, the GoP has reportedly approved an extension in Textiles Exports Package worth PRs65bn for FY19-21F, albeit with slight amendment. Duty drawbacks are expected to be on the same terms as applicable in FY18; however, they will now be applicable on value added textile exports only. Conservatively assuming exports growth to remain below 10%YoY, and thus only 50% of the duty drawbacks on value added textile exports to be availed, we foresee positive EPS ...
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