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Packages Ltd: 1 director

A director at Packages Ltd sold 73,800 shares at 525.500PKR and the significance rating of the trade was 62/100. 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 clearly s...

Fauji Fertilizer Company Ltd: 1 director

A director at Fauji Fertilizer Company Ltd maiden bought 25,000 shares at 285.600PKR and the significance rating of the trade was 68/100. 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...

Avanti Helium Corp: 1 director

A director at Avanti Helium Corp bought 2,450,000 shares at 0.410CAD and the significance rating of the trade was 88/100. 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 ...

Team AKD Research
  • Team AKD Research

ENGRO - Lower than expected payout!, (AKD Off the Analyst's Desk Aug 1...

ENGRO just announced their 2QCY23 results, posting a consolidated EPS of PkR11.03/sh vs. LPS of PkR0.97/sh in the SPLY. On a YoY basis, the company posted a 17.98% increase in revenue, due to higher top lines posted by all group entities. Total 1HCY23 EPS came in at PkR19.12/sh (↑48.56%YoY). Further, the company has announced a PkR2.0/sh dividend for 2QCY23, taking total 1HCY23 payout to PkR42.0/sh: Revenues increased due to higher top lines posted by EPQL (↑9.46%/28.78% QoQ/YoY), EPCL (↑5.92...

Team AKD Research
  • Team AKD Research

FFC 2QCY23 Analyst Briefing Takeaways, (AKD Off the Analyst's Desk Aug...

FFC held a corporate briefing session to discuss the 1HCY23 performance. To recall, FFC posted a 2QCY23/1HCY23 profit after tax of PkR5.4bn/PkR13.1bn (EPS:PkR4.2/PkR10.28 Per share), ↓30.81%QoQ/↑59.20% in 2QCY23, with aggregate 1HCY23 earnings up by a staggering 136.25%YoY. Further, the company announced a dividend of PkR3.15/sh taking total interim payout to PkR7.41/sh. Revenues and earnings remained the highest ever during the period on the back of consistent urea offtakes (↓2.85%YoY), risin...

Rahul Hans
  • Rahul Hans

Pakistan Fertilizer: April 2023 - Lower FFC offtake reduced industry v...

* Urea offtake in April 2023 reduced by 11% YoY and 17% MoM to c.408,000 tons. The MoM decline in volumes is due to off-season impact. The market share of EFERT and FFBL increased by 4/2 ppt YoY basis to 38%/9%, while the market share of FFC reduced by 7ppt YoY to 33%, amidst self-imposed measures to pause volumes due to price disparity. * During the month, Urea ex-factory price remained unchanged at PKR2,895/bag- this is the price where almost all companies were selling Urea except FFC...

Rahul Hans
  • Rahul Hans

Fauji Fertilizer: 1QCY23 Review - Higher margins deliver earnings surp...

Fauji Fertilizer Company Ltd (FFC) has posted unconsolidated 1QCY23 NPAT of PKR7.7bn (EPS: PKR6.08), up 48% QoQ and 24% YoY. The result is above our expected EPS of PKR5.53, where the major deviation has come from higher-than-expected gross margins. The result is accompanied by an interim cash dividend of PKR4.25/sh (we expected PKR4.70/sh). KEY RESULT HIGHLIGHTS FOR 1QCY23: * Net revenues have increased by 38% YoY and 21% QoQ to PKR36.4bn due to increase in Urea prices. We estimated topline...

Rahul Hans
  • Rahul Hans

Pakistan Fertilizer- 1QCY23 Result Previews

HIGHER GAS PRICES AND EXPENSES WILL REDUCE PROFITS IMS Fertilizer Universe earnings are estimated to reduce by 23% QoQ to PKR12.7bn due to increased gas prices, lower Urea and DAP offtake and exchange losses particularly for FFBL. Industry Urea/DAP offtake is estimated to clock in at 1.62/0.26mn tons in 1QCY23, vs. 1.63/0.25mn tons in 1QCY22. Urea offtake declined amid lower production from EFERT and FFC due to plant breakdown and non-availability of RLNG based plants, while DAP volumes redu...

Rahul Hans
  • Rahul Hans

Pakistan Fertilizer: Feb'23 Sales volume update

Urea offtake in February 2023 reduced by 5% YoY and 20% MoM to c.503,000 tons. The MoM decline in volumes is due to off-season impact. The market share of EFERT increased by 5ppt YoY basis to 37% in Feb’23, while the market share of FFBL reduced by 2ppt YoY to 5%, following higher Urea prices amid increased gas prices of SSGC network. During the month, FFBL increased Urea ex-factory prices by PKR440/bag to PKR2,975 on the back of increase in gas prices for SSGC and SNGPL network, while other ...

Rahul Hans
  • Rahul Hans

Pakistan Fertilizer: January 2023 Sales update

JAN'23 - NORMALIZED VOLUMES DESPITE PRICE HIKE ANTICIPATION * Urea offtake in January 2023 increased by 6% YoY, but was down 24% MoM to c.631,000 tons. The MoM decline in volumes is due to a high base effect and off-season in the initial month of the year. The market share of FFBL/FFC/EFERT shrunk by 5/4/1ppt on YoY basis to 1%/34%/34% in Jan’23. The reduction in market share is primarily due to higher offtake from NMFL (imported fertilizer), which satisfied 22% of the total demand in Januar...

TPL Properties Ltd.: 2 directors

Two Directors at TPL Properties Ltd. sold/bought 4,659,026 shares at between 15.800PKR and 15.900PKR. The significance rating of the trade was 70/100. 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 direc...

Rahul Hans
  • Rahul Hans

Fauji Fertilizer: 4QCY22 Review - DAP inventory losses elevate COGS; e...

Fauji Fertilizer Company Ltd (FFC) has posted unconsolidated NPAT of PKR5.2bn (EPS: PKR4.09) in 4QCY22, down 13% YoY and 1% QoQ. The result has come lower than our expected EPS of PKR4.92, due to inventory losses being booked on DAP in 4Q, in our view. This takes CY22 NPAT to PKR20.0bn (EPS: PKR15.76), down 8% YoY. The result was accomplished with a final cash dividend of PKR3.15/sh in 4Q versus our expectation of PKR4.0/sh. This takes CY22 total DPS to PKR12.13. On a consolidated level, the ...

Rahul Hans
  • Rahul Hans

Pakistan Fertilizer: Dec 2022 Sales update

STRONG UREA SALES IN DEC TAKES CY22 VOLUMES TO ALL-TIME HIGH Urea offtake in December 2022 increased by 43% MoM and 39% YoY to c.833,000 tons. The increase in offtake was due to anticipation of an increase in Urea prices and relatively strong demand amid higher commodity prices. CY22 Urea offtake thus has surged to all-time high of 6.62mn tons, up 4% YoY. The market share of EFERT/FFC shrunk by 7/2ppt to 29%/37% in CY22; whereas, FATIMA/AGL share increased by 3/2ppt to 17%/5%. FFBL’s market ...

Rahul Hans
  • Rahul Hans

Fertilizer: Nov’22: Urea offtake up despite production challenges

According to NFDC, Urea sales in Nov’22 witnessed a recovery in sales, increasing by 2% YoY to c.583,000 tons (the slump in Oct’22 was 16% YoY). Sequentially, Urea offtake recovered by 36% MoM owing to i) higher contribution being generated from FATIMA, and ii) seasonality factor. Urea offtake for 11MCY22 stands at c.5.8mn tons, similar to last year, where offtake of AGL and FATIMA rose by 76% and 28% YoY, while that of Fauji group and EFERT declined by 2%/19%, respectively. We remain Overwei...

MarketLine Department
  • MarketLine Department

Silver Star Insurance Company Limited - Strategy, SWOT and Corporate F...

Summary Silver Star Insurance Company Limited - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Silver Star Insurance Company Limited (SSICL) is a general insurance company. It offers insurance products for fire, property, marine and cargo, motor, riot strike damage...

Pakistan OMCs_POL imports drop 29.5% in 4MFY23, (AKD Daily, Nov 23, 20...

Pakistan OMCs: POL imports drop 29.5% in 4MFY23 Past four months have seen the demand for refined petroleum products drop by 21.6% majorly due to higher pump prices, impact due to floods and an overall economic slowdown. A 29.5% decline in POL product imports was witnessed as well in the first four months (Jul-Oct), compared to SPLY, as quantity imported stood at 6.06mn tons during the period vs. 8.6mn tons during 4MFY22 The drop in global POL consumption is being largely offset by increase...

Wajid Rizvi
  • Wajid Rizvi

Pakistan E&Ps: Unwarranted valuations despite cash-flow constraints

We raise our E&P estimates on higher assumed oil prices, which we now forecast at USD80/70LT per barrel for FY23/24f, as against USD60/60LT earlier. Our earnings estimates have increased by 10-20% on average for these years and we reiterate our Overweight stance on E&Ps. We believe that government’s efforts to resolve the accumulation of circular debt has been underappreciated where stocks have underperformed oil price by 16% in the last 1 year. More positives have risen from currency devalua...

Rahul Hans
  • Rahul Hans

Pakistan Strategy - Government announces Agriculture Package

Prime Minister Shahbaz Sharif unveiled an Agriculture Package that aims to subsidize markup of PKR1,800bn worth of agri-loans, higher than PKR1,400bn loan disbursements from last year. The entire package, which is entitled to cost the government PKR600bn (c.0.8% of GDP) also incentivizes fertilizer product prices as well as tractor imports in the country. IMPACT ON FERTILIZER: NEUTRAL TO POSITIVE FOR DEMAND PM has announced various initiatives on fertilizer products to protect farmers from a ...

Rahul Hans
  • Rahul Hans

Avanceon Ltd: 3QCY22 Review - Earnings supported by exchange gains

Avanceon Ltd (AVN) has announced a consolidated NPAT of PKR861mn (EPS: PKR2.65) for 3QCY22, up 8.7x YoY and 62% QoQ. The result came in higher than our expected EPS of PKR2.12. Higher-than-expected other income lead to the deviation. Key highlights for 3QCY22 results: * Net sales have more than doubled QoQ and are up 89% YoY to PKR2.3bn versus our expectation of PKR2.1bn. The jump in revenue is majorly attributed to greater-than-expected completion of orders. * Gross Margin has declined...

Rahul Hans
  • Rahul Hans

Fauji Fertilizer: 3QCY22 Review - Lower margins and other income dampe...

Fauji Fertilizer Co. (FFC) has posted 3QCY22 unconsolidated NPAT of c.PKR5.2bn (EPS: PKR4.12), up 56% QoQ but down 19% YoY, missing our projected EPS of PKR4.60. The variance primarily stems from higher-than-expected distribution expenses and lower other income. This takes 9MCY22 NPAT to PKR14.8bn (EPS: PKR11.64) down 7% YoY. The company announced an interim cash DPS of PKR3.18 versus our expectation of PKR4.0. KEY RESULT HIGHLIGHTS: * Net revenue reduced by 17% YoY and 14% QoQ owing to lowe...

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