reports
- Hamza Kamal
Result Previews: OGDC 1HFY20 & NBP CY19 , (AKD Daily, Feb 26, 2020)
Result Previews: OGDC 1HFY20 & NBP CY19 OGDC 2QFY20 offers minor respite: OGDCL reports 2QFY20 results today (26th Feb’20) where we expect cumulative NPAT to rest at PkR28.8bn (EPS:PkR6.69/sh) showcasing relatively muted earnings movements (-2%YoY/+8%QoQ), where broad level indexation moves (Arab Light down 6%YoY, PkR/US$ appreciation of 16%YoY) should muffle profitability. Key features of earnings are expected to be: 1) muted oil/gas production performance (-5/-8%YoY, with major old fields Qad...
- Team AKD Research
Pakistan Oil & Gas_ Result Previews OGDC & HASCOL,
OGDC: 9MFY19 Result Preview A OGDC to post an EPS of PkR20.53 for 9MFY19: OGDC reports 9MFY19 results tomorrow (26th April'19) where we expect cumulative NPAT to rest at PkR87.54bn (EPS:PkR20.35) climbing 54%YoY where key catalysts are: 1) ~15.8%YoY climb in realized oil prices, coupled with average exchange rate rise of 25%YoY, 2) modest production growth for gas (+3%YoY) moderated by decline in oil production (-3%YoY) keeping production stable, while LPG production grew ~15%YoY (due to Nashpa...
OGDC: Investment case updated, BUY!
We update our investment case on OGDC post 1Q results and maintain our BUY stance with a Jun’19TP of PkR180/sh. Commissioning of LPG processing facility at Nashpa and approval from the GOP to sell gas from Jhal-Magsi to 3rd party operators, are likely to support profitability in the short-to-medium run. A major trigger to profitability is the commissioning of, i) 106MMCFD of gas and 200bpd of oil unconnected to the system, and ii) FY18 discoveries cumulating into 48MMCFD of gas and 800bpd of...
Macro swings are a boon for E&Ps
With expected cumulative YoY earnings growth of 31% in FY19, the recent round of currency devaluation coupled with interest rate hike is set to amplify the revenue stream of Pakistan's E&P sector going forward. OGDC/PPL/POL are currently trading at FY19F P/E of 6.28/7.05/8.00x, as compared to the sector's (3-yr avg.) historical P/E of 9.32x. Index heavyweights (OGDC and PPL) now offer capital upsides of 45.7/32.9% at our FY19/20F intl. oil assumptions of US$70/65/bbl and long term forecast intac...
OIL & GAS DEVELOPMENT: Q2 18 results - higher-than-expected cash payou...
Oil & Gas Development Company (OGDC PA) reported Q2 18 results (ending 31 December 2017) yesterday. EPS for the period stood at PKR4.57 versus PKR3.58 in Q2 17 (28% yoy higher) and PKR3.95 in Q1 18 (16% qoq higher). The result is also accompanied with an interim cash dividend of PKR3/share; this is in addition to PKR1.75/share announced with the Q1 18 result.
Oil & Gas Development Company Limited (OGDC) - Oil & Gas - Deals and A...
Summary Oil & Gas Development Company Limited (OGDCL) is an upstream oil and gas company. It explores, develops and produces oil and gas from its assets in Pakistan. OGDCL’s assets are located in Punjab, Sindh, Balochistan, and Kyber Pakhtoon Khawa (KPK) provinces of the country. The company also operates in the mining of sulphur. OGDCL owns interests in operated and non-operated licenses in Arabian Sea. The company has developed a base of drilling rigs, workover rigs, seismic data processing...
- Muhammad Saad Ali
Pakistan E&P - Digging for quality; we prefer OGDC
We initiate coverage on Pakistan E&Ps with a Marketweight stance. OGDC is our only Buy as it is a superior proxy to the emerging prospects in the space. We are Neutral on PPL but we rate POL as Sell because it is trading at an implied oil price of over US$75/bbl.Our earnings CAGR over FY17-19F is 20-34%, where significant jump in oil production in FY17/18F and conversion of gas prices will be complemented by rising oil prices. Exploration potential is vastly untapped but times are changing, and...
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