reports
APL: Best risk-reward play in the OMC space; Buy
We revise our estimates for APL and reiterate Buy stance with a Jun’17 target price of PkR762/sh. We incorporate details on the Capex of 5 new storage facilities as well as the impact of Supreme Court’s decision on WWF ordinance which resulted in a significant reversal during 2Q. The scrip offers a potential total return of 28%. We believe APL is set to regain its lost market share in MS and HSD markets as it adds about 90,000MTs in capacity at different strategic locations including one at ...
- Bhavik Desai
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...
- Muhammad Saad Ali
APL: Expect a stronger performance in market share gains; Buy
​We upgrade our target price for APL by 15% to PkR726/sh and reiterate our Buy rating. APL promises to fare much better in FY17 at gaining market share than seen in FY16. Sizable inventory gains in 1Q drive our 17% higher FY17F EPS of PkR58.34. The stock is offering a handsome potential total return of 21%.Our optimism on APL regaining its position as the second largest OMC after PSO is driven by its plans to ramp up storage – particularly, beyond its foothold in Punjab. While competitors ar...
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