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- Sunny Kummar
Topline Flash Note: Engro Corporation Limited (ENGRO): Analyst briefin...
Revenues of ENGRO increased by 26% YoY in 1H2020, mainly contributed by Energy projects in Thar, followed by higher LPG volumes handled by Evopak, while some of this impact was offset by 1) lower revenues from EFERT primarily due to lower sales and 2) lower revenues from EPCL. The Enfrashare business has progressed well, acquiring a portfolio of over 1,500 towers catering to all MNOs in Pakistan. To highlight, ENGRO has set up Enfrashare business with an initial investment of Rs7.5bn. Along ...
- Team AKD Research
Pakistan Fertilizer: Slow Rabi taints CY18 offtake
Cumulative CY18 fertilizer offtake across all nutrients stood at 9.38mn tonnes (-5%YoY) constituted by 5.81mn tonnes of urea (-1%YoY), 1.76mn tonnes of DAP (-6%YoY), 0.60mn tonnes of CAN (-17%YoY) and 0.45mn tonnes of NP (-34%YoY) Domestic urea production for Dec’18 stood at 511.9k tonnes (-3%MoM/+6%YoY), where market share for sales clocked in at 37%/30%/15%/9% for FFC/EFERT/FATIMA/FFBL moving -490/+175/+8/+78bpsMoM. 10-30% increase CYTD in nutrient prices accompanied by slower harvesting and...
Pakistan Fertilizers: Strong Jul'18 draws inventory to 7yr low
Pakistan's fertilizer offtake remained promising in Jul'18, courtesy of early monsoon rains that came to the rescue spurring a delayed lift-off for Kharif season demand amid water scarcity. According to the latest NFDC read, total fertilizer sales in Jul'18 stood at 980k tons against 746k tons sold in Jul'17 (up 31%YoY/12%MoM). In tandem, Urea/DAP offtakes have increased by 46%/7%YoY to 497/302k tons during the month under review. Similarly, CAN/NP sales have also jumped by 83%/16%YoY to 99/56k ...
ENGRO_2QCY18 earnings to remain strong
ENGRO is scheduled to announce its 2QCY18 earnings tomorrow (Aug 16'18) where we expect the company's consolidated earnings to clock in at PkR3.88bn (EPS: PkR7.42), up 4.1xYoY. The growth comes amid: 1) impressive earnings performance by its subsidiaries (EPCL/EFERT/EPQL posted bottom-line growth of 6.7x/31%/5%YoY), and 2) low base effect of 2QCY17 results owing to abnormal effective tax rate of 64% (imposition of super tax on inflated CY16 earnings). Along with the result, we also expect an int...
ENGRO_More opportunity than meets the eye, (AKD Daily, Dec 11, 2017)
In the backdrop of recent weakness in stock price (-18%CYTD), we reiterate our liking for ENGRO with our rolled forward Dec'18 TP of PkR348.8/sh (upside: 34%). Our recommendation for the conglomerate is underpinned on all-round improvements in the form of: 1) recovery in fertilizer business (EFERT earnings up 18%YoY for 9MCY17), 2) impressive turnaround in polymer business (EPCL earnings up 61.1xYoY in 9MCY17), 3) higher utilization for its Elengy and Vopak business lines and 4) smooth progress ...
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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