reports
- Ali Aziz Soorty
Tariq Glass Industries Ltd: 4QFY22 result review – elevated COGS dampe...
Tariq Glass Ltd (TGL) has posted net profit of PKR295mn (EPS: PKR2.14) in 4QFY22, down c.38% YoY and 76% QoQ. This took net profits in FY22 to PKR4.1bn (EPS: PKR30.06), almost double from last year. The result is lower than our EPS estimate, due to shrinking inventory gains and drastically higher RLNG cost, resulting in lower-than-expected gross margin of 16%. The result is accompanied with a final cash dividend of PKR2/sh and a bonus of 25%, lower than our estimated DPS of PKR13. KEY RESULT ...
- Ali Aziz Soorty
Tariq Glass Industries Ltd: 4QFY22 Preview: Earning to slide amid high...
We expect Tariq Glass Ltd (TGL) to post net profit of PKR813mn (EPS: PKR5.91) in 4QFY22, up c.71% YoY but down 33% QoQ. This will take net profits in FY22 to PKR4.7bn (EPS: PKR33.82), more than doubling from last year. The annual growth in FY22 profits is largely attributed to rise in volumes and glass prices. The company is expected to pay final cash dividend of PKR13.0/sh. KEY RESULT EXPECTATIONS FOR 4QFY22: * We expect TGL to post revenue of PKR7.6bn, up 14% QoQ and 50% YoY, on account of...
- IMS Research Team
Tariq Glass Industries Ltd: 3QFY22 Result Review: All time high GMs ba...
TGL has posted 3QFY22 NPAT of PKR1.2bn (EPS: PKR8.83), nearly doubling yoy but down 18%qoq. The sequential reduction in profitability is due to lower sales (seasonality and temporary unavailability of the tableware glass furnace). However, GMs have reached a record high of almost 32%, driven by higher float and tableware prices. The result takes 9MFY22 NPAT to PKR3.8bn (EPS: PKR27.92), up 135% yoy. KEY TAKEAWAYS FROM 3QFY22 RESULT INCLUDE: * Net Sales of PKR6.7bn are slightly subdued, down 1...
- Azan Memon
Tariq Glass Industries Ltd: Strengths intact; moving on to another exp...
We upgrade our estimates for TGL, in light of a strong 2Q result where both revenues and margins exceeded expectations, despite one Tableware furnace being briefly offline. We maintain our Buy rating with a new TP of PKR193/sh. Strong 2QFY22 also corroborates TGL's pricing power despite a slowing economy. Efficient and earlier-than-expected completion of plant upgradation supports our view of strong management. TGL's plan for another expansion in a JV with ICI Pakistan is a testament to the o...
- Azan Memon
Tariq Glass Industries Ltd: 2QFY22 review – Higher-than-expected reven...
TGL has posted 2QFY22 NPAT of PKR1.47bn (EPS: PKR10.7), up 27% qoq and 146% yoy, against our expectation of PKR0.96bn (EPS: PKR6.98). Earnings beat is led by higher-than-expected sales and margins, which are likely due to a combination of higher realized prices and inventory gains. The result takes 1H net profits to PKR2.63bn (EPS: PKR19.09), up 163% yoy. KEY TAKEAWAYS FROM 2QFY22 RESULT INCLUDE: * Net Sales of PKR8.0bn are highest ever for TGL, up 21% qoq and 64% yoy, amid favorable demand ...
- Azan Memon
Tariq Glass Industries Ltd: Mulling another expansion
Tariq Glass Ltd (TGL) and ICI Pakistan Ltd (ICI) are exploring a potential Joint Venture in Float Glass industry, which is presently in the feasibility stage and subject to corporate and regulatory approvals. Initial Impressions * The greenfield JV is being explored with a capacity of up to 1,000 tpd float glass which will take the total capacity of TGL to 2,050 tpd and total in Pakistan to 3,050 tpd (at present Ghani Glass has 1,000 tpd capacity). * We think the JV will take a minimum ...
- Azan Memon
Tariq Glass Industries Ltd: 2QFY22 result preview – Earnings growth de...
We expect Tariq Glass Ltd (TGL) to post net profits for 2QFY22 of PKR0.96bn (EPS: PKR6.98), up 60% yoy but down 17% qoq. This will take net profits in 1HFY22 to PKR2.1bn (EPS: PKR15.37/sh), up 112% yoy. The yoy growth in 2Q profits is attributed to, (i) higher sales volume after the newly added capacity, and (ii) rise in glass prices in the domestic market. KEY RESULT EXPECTATIONS FOR 2QFY22: * We expect TGL to post Net Revenue of PKR7.4bn, up 12% qoq (and 52% yoy), on account of higher glas...
- Azan Memon
Tariq Glass Industries Ltd: A blend of growth and resilience; reinstat...
We re-instate coverage on TGL, one of the largest glass producers in Pakistan, with a Buy rating and June 2022 TP of PKR165/sh. We estimate a 5yr sales CAGR of c.16% for FY21-26f, supported by the recent c.50% increase in capacity, and rising glass consumption in Pakistan; while an oligopoly industry structure lends adequate pricing power. A key attribute to like about TGL is that it has been less exposed to economic downturns than other construction industries. It has maintained gross margin...
- Team AKD Research
Tariq Glass Industries Limited, (AKD Research Jun 11, 2021)
Tariq Glass Industries Limited With Construction sector continuously in the limelight, attention has also been placed on Construction Allied where Tariq Glass Ltd. (TGL) has performed 120%FYTD owing to strong 9MFY21 results. Our conversation with Management indicates TGL has been operating close to capacity with consequent results likely to provide further upsides. Owing to continued strong demand, the company has recently doubled its float glass manufacturing facility where float glass Pla...
A director bought 928,844 shares at 101.000PKR and
A director at Tariq Glass Industries bought 928,844 shares at 101.000PKR 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 last tw...
Tariq Glass Limited - Growth prospects to unlock premium valuations; B...
We initiate coverage on Tariq Glass (TGL) - one of Pakistan’s leading glass manufacturers - with a Buy rating and TP of PkR120/sh, which offers an attractive upside of 33%. TGL is well leveraged to the Pakistan infrastructure up-cycle; we estimate a 3yr (FY16F-19F) sales CAGR of 14% led by CPEC-led infrastructure activities and resolution of TGL’s supply chain bottlenecks. Game changing energy mix shift – from imminent commissioning of 10.5MW RFO based power unit and more reliable gas sup...
- Syed Manib Imam
Tariq Glass Industries Limited - Back in Business (Detailed Report)
We resume coverage on Tariq Glass Industries Limited (TGL) with Dec-16 PT of PKR120/sh offering an upside of 96% from last closing. TGL is currently trading at an undemanding FY17/18 PE of 6.01x/6.41x. The company has been able to secure a sizable market share in float segment (~50%) and is set to strengthen its market share in the tableware segment as well on the back of enhanced production capacity and expanding portfolio of value added products. Going forward, we expect demand for float ...
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