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HBL: 3QCY21 EPS came in at PKR 6.17; DPS PKR 1.75

Published October 15, 2021

HBL announced its 3QCY21 result wherein the bank reported consolidated net earnings of PKR 6.17/share…..

MEBL: 3QCY21 EPS recorded at PKR 4.28; DPS PKR 1.50

Published October 14, 2021

Meezan Bank Limited (MEBL) announced its 3QCY21 financial results, wherein the company reported net earnings of …..

PPL: Weighed down by circular debt

Published October 14, 2021

We revise our earnings estimates upward for Pakistan Petroleum Limited (PPL) after incorporating FY21 financial accounts, PKR devaluation and recent uptrend in international oil prices. Our new EPS forecast for FY22/23 now comes at PKR 24.4/25.6, compared to previous estimates of PKR 22.0/23.3 (up 11%/9.8%)….

ACPL: FY21 Analyst briefing key takeaways

Published October 14, 2021

ACPL held analyst briefing today to discuss its FY21 financial results. The company reported consolidated earnings of PKR 13.61/share during FY21 compared to PKR 14.43 during FY20. Moreover, the company also announced a dividend of PKR 4/share in FY21…

Banks: Profitability to decline by 4% YoY/ 3% QoQ in 3QCY21

Published October 14, 2021

With the onset of result season, we present 3QCY21 result previews of our banking universe. We expect profitability of the sector to decline by 4% YoY/ 3% QoQ during the 3QCY21 primarily owing to….

EFERT: 3QCY21 Result Review & Analyst Briefing Takeaways

Published October 14, 2021

EFERT posted 3QCY21 net profit of PKR 4.4bn (EPS PKR 3.30) compared to net profit of PKR 7.0bn ……

Autos: Another buoyant quarter for the sector; sales up 84% YoY

Published October 13, 2021

Supported by the FY22 budgetary incentives, auto sector witnessed one of the highest sales, overall industry sales growing by 84% YoY during 1QFY22 to 68,889 units, (Sept-21 sales grew 2% MoM/ 59% YoY to 22,235 units)…

EPCL – 3QCY21 EPS expected at PKR 3.50; Payout at PKR 1.00

Published October 13, 2021

EPCL is scheduled to hold its board meeting on 15th Oct, 2021 to consider the financial results for 3QCY21…

MEBL – 3QCY21 EPS to clock in at PKR 3.99; DPS PKR 1.50

Published October 12, 2021

Meezan Bank Limited (MEBL) is scheduled to announce its 3QCY21 financial results on 14th October 2021. We expect net earnings to remain almost flat on QoQ/ YoY basis to…..

EFERT- 3QCY21 earnings to clock in at PKR 3.42/share; DPS PKR 3.0/-

Published October 11, 2021

EFERT is scheduled to announce its 3QCY21 financial results on 13th October 2021, where the company is expected to report an EPS of PKR 3.42…..

HBL: Improving asset quality to support growth

Published October 7, 2021

We reiterate our ‘BUY’ call on HBL with June-22 price target (PT) of PKR 158, providing an upside of 45% from current levels along with dividend yield of 9%. We have also revised upward our earnings estimates by 4%/10% for CY21/22 to EPS PKR…

PSO: Market leader trading at a discount

Published October 7, 2021

We revise our earnings estimates upward for Pakistan State Oil (PSO) after incorporating latest FY21 financials. Our new EPS for FY22/23 now comes at PKR 39/40, compared to previous estimates of PKR 38/36 (up 2.6%/11.1%)…

KOHC: FY21 Analyst briefing key takeaways

Published October 7, 2021

KOHC held analyst briefing yesterday to discuss its FY21 financial results. The company recorded net earnings of PKR 17.41/share during FY21 compared to net loss of PKR 2.21/share in SPLY…

ISL: Corporate Briefing Key Takeaways

Published October 5, 2021

International Steels Limited (ISL) conducted its corporate briefing session today where the company discussed its Annual financial performance. Key takeaways are below…

Economy: Sept-21 CPI came in above estimates at 8.98%; +2.12% MoM

Published October 4, 2021

Headline inflation for the month of Sept-21 came in at 8.98% primarily on the back of surge in the food and fuel prices. The CPI for 1QFY22 averaged 8.58% versus…

FCCL – FY21 Analyst briefing key takeaways

Published October 4, 2021

FCCL held its analyst briefing last week to discuss its FY21 financial results. The company recorded net earnings of PKR 2.52/share during FY21 compared to net loss of PKR 0.04/share in SPLY…

Economy: Sept-21 CPI expected to clock in at 8.25%

Published September 29, 2021

We expect Pakistan headline CPI inflation for Sept-21 to clock in at 8.25%, major contributors being higher food prices and ….

PIOC: FY21 EPS clocks in at PKR 8.69/share

Published September 28, 2021

PIOC announced its FY21 results today where the company posted net earnings of PKR 8.69/share compared to a net loss of PKR 0.92/share in FY20…

ASL – FY21 EPS expected at PKR 8.92, 4QFY21 EPS at PKR 2.81

Published September 28, 2021

ASL’s board meeting is scheduled on September 30, 2021 to consider FY21 financial results. We expect the company to post earnings of ..

MLCF: Well placed to capitalize on upbeat demand

Published September 27, 2021

We revise our earnings estimates upwards for Maple Leaf Cement Factory Limited (MLCF) after incorporating latest annual financials, change in coal prices and cement bag prices, PKR depreciation and +ve demand outlook. Our new EPS forecast for FY22/23 now comes at PKR 3.92/7.77, (up 5%/23%) compared to previous estimates of PKR 3.72/6.32 respectively…

Fertilizer: Aug-21 Urea offtake up 13% YoY; DAP sales down 37% YoY

Published September 27, 2021

During August-21, industry urea offtake increased by 13% YoY to 649k tons, while DAP offtake declined 37% YoY to 187k tons…

PIOC – FY21 earnings to clock in at PKR 8.87/share, Payout PKR 2.0/ share

Published September 24, 2021

PIOC is scheduled to announce its annual result for the financial year FY21 on 28th September 2021, where we expect the company to report net profit of PKR 2.0bn (EPS PKR 8.87) for FY21 compared to a net loss of PKR 0.2bn…

BAFL: Upbeat earnings and low multiples warrant rerating

Published September 23, 2021

We have revised upward our earnings forecast for Bank Alfalah (BAFL) by 18%/ 11% for CY21/22 post 1HCY21 results to…

The Price of “Absolutely Not”

Published September 22, 2021

KSE-100 index lost 519 points on 21st September, 2021, the first session after Sep-21 MPS in which SBP decided to raise interest rates
by 25 bps. The index is down another 600 points and trading at 45,400 today at the time of writing this…

Sept-21 MPS: Policy Rate up by 25 bps to 7.25%

Published September 20, 2021

The SBP, initiating the tapering of the stimulus provided to the COVID-19 affected economy, reversed the interest rate cycle and increased the Policy Rate by…

OGDC – FY21 EPS expected at PKR 21.3, -8% YoY; DPS PKR 2.5

Published September 20, 2021

OGDC is scheduled to announce FY21 results on September 27, 2021. The company is expected to post earnings of PKR 21.3 per share compared to EPS of PKR 23.27 during FY20, down…

ISL: Stable demand to drive earnings

Published September 17, 2021

We revise our earnings estimates and price target (PT) upwards for International Steels Limited (ISL) after incorporating latest annual accounts. Our new EPS estimates for FY22/23 now come at PKR 10.1/12.6, compared to previous estimates of PKR 9.6/10.7 respectively…

PPL: FY21 EPS clocked in at PKR 19.21, up 5.8% YoY, DPS PKR 2.0

Published September 17, 2021

PPL announced its FY21 financial result today where the company reported net earnings of PKR 19.21/share, up 5.8% YoY. This growth can mainly be attributed to lower effective tax rate which came around 23.6% during FY21 as against 29% during FY20…

NPL: FY21 EPS clocked in at PKR 7.57, down 46% YoY, DPS PKR 1.50

Published September 16, 2021

NPL announced its FY21 financial results, where the IPP posted an EPS of PKR 1.57 (down 52% YoY) for 4QFY21, taking FY21 EPS to PKR 7.57, down 46% YoY. Along with the result the company also announced a cash dividend of PKR 1.50/share…

MCB Bank Ltd: Refocus on lending may compromise asset quality

Published September 15, 2021

We reiterate our ‘BUY’ stance on MCB Bank Limited (MCB) after incorporating latest quarterly results. We have also rolled forward our PT to June-22 with revised PT of….

PPL: FY21 EPS expected at PKR 18.92, up 4% YoY; DPS PKR 1.5

Published September 15, 2021

PPL is scheduled to announce its FY21 results on September 17, 2021. We expect the company to post an EPS of PKR 18.92 for the year, compared to an EPS of PKR 18.16 in SPLY, depicting a growth rate of 4% YoY…

APL: Expanding Footprint

Published September 14, 2021

We revise our earnings estimates upward for Attock Petroleum Limited (APL) after incorporating latest FY21 financials. Our new EPS for FY22/23 now comes at PKR 54.0/57.0, compared to previous estimates of PKR 48.4/54.6 (up 11.6%/4.4%)…

DGKC – FY21 earnings clocked in at PKR 8.49, DPS PKR 1.00

Published September 14, 2021

DGKC announced its FY21 results today where the company reported net earnings of PKR 8.49/share for FY21 compared to net loss of 4.93/share in…

NPL: FY21 EPS estimated to clock in at PKR 7.70, down 45% YoY

Published September 14, 2021

NPL is scheduled to announce its FY21 financial results on 16th September 2021, where we expect the IPP to post an EPS of PKR 1.70 (down 48% YoY) for 4QFY21, taking FY21 EPS to PKR 7.70, down 45% YoY…

CHCC – FY21 Analyst briefing key takeaways

Published September 14, 2021

Cherat Cement Company (CHCC) held analyst briefing yesterday to discuss its FY21 financial results. The company recorded net sales of PKR 25.2bn in FY21 compared to PKR 17.9bn in FY20, witnessing…

HTL: FY21 earnings clocked in at PKR 5.62/share, up 4.3x YoY, 4Q EPS 1.24

Published September 13, 2021

HTL announced its FY21 financial results today where the company reported consolidated net earnings of PKR 5.62/share, up 4.3x YoY as compared to PKR 1.05/share in same period last year…

DGKC – FY21 earnings expected at PKR 8.85/share, DPS at PKR 2.75

Published September 10, 2021

DGKC is scheduled to announce its FY21 financial result on 14th September 2021, where we expect the company to report an EPS of PKR 2.35 in 4QFY21 compared to an LPS of PKR 0.70 in 4QFY20. This will take full year earnings to…

PSO: FY21 Analyst briefing key takeaways

Published September 10, 2021

PSO held its analyst briefing yesterday to discuss FY21 financial results. The company booked net profit of PKR 29.14bn, compared to a net loss of PKR 6.5bn during FY20. The turnaround came from higher volumetric sales and hefty inventory gains during FY21…

HTL: FY21 earnings to clock in at PKR 6.0/share, up 4.76x YoY, 4Q EPS PKR 1.66

Published September 8, 2021

HTL’s board meeting is scheduled on September 10, 2021 to consider FY21 financial results. We expect the company to post an EPS of PKR 6.0, as compared to an EPS of PKR 1.0 in FY20, depicting 4.76x growth in the bottomline…

Octopus Digital Limited: Conforming to next digital era

Published September 8, 2021

Octopus Digital Limited (OCTOPUS), a wholly owned subsidiary of Avanceon Limited, provides B2B After Market Support (AMS) services to Industrial Automation clients both locally and internationally. The company plans to issue 27.35 mn ordinary shares at a floor price of…

POL: Safer bet amongst E&Ps

Published September 8, 2021

  • We revise our earnings estimates upward for Pakistan Oilfields (POL) after incorporating latest annual financials, PKR devaluation and improvement in international oil prices…

FCCL – FY21 earnings clocked in at PKR 2.52/share; no payout

Published September 6, 2021

FCCL announced its FY21 result today where the company reported net earnings of PKR 2.52/share for FY21 compared to a net loss of PKR 0.04/share in…

FCCL – FY21 earnings to clock in at PKR 2.71/share; PKR 1.0 DPS likely

Published September 3, 2021

FCCL is scheduled to announce its FY21 results on 6th September 2021 wherein we expect the company to post profit after tax of PKR 3.7bn (EPS PKR 2.71), compared to loss of PKR 59mn…

HUBC: Returning to its former glory?

Published September 2, 2021

HUBC reported net earnings of PKR 25.97/ share in FY21, up 35% YoY. Along with the result the company also announced final cash dividend of PKR 5.0/share (higher than market consensus) taking full-year pay-out to PKR 12.0/share…

Economy: August-21 CPI surged 8.35% YoY, 0.58% MoM

Published September 1, 2021

Headline inflation for August-21 grew 8.35% YoY with main contribution coming from the high food and fuel prices. CPI for 2MFY22 surged 8.4% YoY versus…

BAFL – Conference Call Key Takeaways

Published August 31, 2021

Bank Alfalah Limited (BAFL) held its conference call today to discuss its 2QCY21 financial performance and banking industry’s outlook. To recall, the bank had reported net earnings of PKR 1.95/share in 2QCY21 (up 25% YoY) taking cumulative earnings for 1HCY21 to…

KOHC – FY21 clocks in at PKR 17.41/share; no payout

Published August 31, 2021

KOHC announced its full year results today where the company reported earnings of PKR 17.41/share for FY21 compared to net loss of PKR 2.21/share in…

Engro Polymer & Chemicals Ltd.- Knows its game!

Published August 30, 2021

We initiate our coverage on Engro Polymer & Chemicals Ltd (EPCL) with a BUY recommendation and June-22 price target (PT) of PKR 79/share…

 

HUBC: FY21 EPS clocked in at PKR 25.97, up 35% YoY

Published August 30, 2021

  • HUBC announced its FY21 financial results today, where the company’s EPS came in at PKR 25.97, up 35% YoY. The company’s 4QFY21 earnings clocked in at PKR 6.76 (up 29% YoY). Along with the results the company also declared final cash dividend of PKR 5.00/share, taking full year pay out to PKR 12.00 share.

CHCC – FY21 EPS clocks in at PKR 16.50, DPS PKR 2.25

Published August 26, 2021

CHCC announced its FY21 financial result today where the company posted net earnings of PKR 16.50/ share versus the LPS of…

Fertilizer: Urea offtake jumped 8% YoY in July-21

Published August 26, 2021

During July-21, industry urea offtake increased by 8% YoY to 622k tons, while DAP offtake declined 22% YoY to 193k tons…

BAFL- 2QCY21 EPS comes at PKR 1.95 up 25% YoY, due to NII expansion

Published August 25, 2021

BAFL announced its 2QCY21 financial results, where the bank reported net earnings of PKR 1.95/share, up 25% YoY. Cumulative earnings for 1HCY21 grew by 24% YoY to…

HUBC: FY21 EPS likely to settle at PKR 24.9, up 29% YoY

Published August 25, 2021

HUBC is scheduled to announce FY21 financial results on 30th August 2021. The IPP is expected to post an EPS of PKR 5.69, up 9% YoY for the 4QFY21, taking FY21 EPS to PKR 24.90…

ISL: FY21 EPS clocks in at PKR 17.16 up 14.1x YoY, 4QFY21 EPS at PKR 5.32

Published August 25, 2021

ISL’s announced its financial results for FY21 today, wherein the company reported an EPS of PKR 17.16/share, up 14.1x YoY. The result was slightly below our expectation of PKR 17.76/share, mainly due to higher-than-expected operating expenses…

MCB – 2QCY21 Analyst briefing takeaways

Published August 24, 2021

MCB Bank Limited held a conference call to discuss its 2QCY21 results. Earlier, the bank had reported net earnings of PKR 6.71…

PSO: FY21 earnings clock in at PKR 62.07/share, 4QFY21 EPS PKR 23.21

Published August 24, 2021

PSO announced its FY21 financial results today, where the company reported an EPS of PKR 62.07, as compared to an LPS of PKR 13.77 during FY20, driven by higher volumetric sales and inventory gains during the year…

CHCC – FY21 earnings to clock in at PKR 16.65/share

Published August 24, 2021

CHCC is scheduled to announce its FY21 financial result on 26th August 2021, where we expect the company to report an EPS of PKR 4.54 for 4QFY21 compared to a LPS of…

BAFL: 2QCY21 EPS expected to rise 10% YoY to PKR 1.72, due to low provisioning

Published August 23, 2021

BAFL is scheduled to announce its 2QCY21 financial results on 25th August 2021, where we expect the bank to report net earnings of PKR 1.72/share, up 10% YoY. This will take cumulative earnings for 1HCY21 to PKR 3.67/share, up 17% YoY. Along with the result, we expect the bank to announce an interim dividend of PKR 2.0/ share…

ISL: FY21 EPS expected at PKR 17.74 up 14.6x YoY, 4QFY21 EPS at PKR 5.90

Published August 23, 2021

ISL’s board meeting is scheduled on 24th August, 2021 to consider FY21 financial results. We expect the company to post earnings of PKR 17.74/share, up 14.6x YoY in FY21 as against an EPS of PKR 1.14 in FY20…

PSO: FY21 earnings to clock in at PKR 49.6/share, 4QFY21 EPS PKR 10.76

Published August 23, 2021

PSO’s board meeting is scheduled on August 23, 2021 to consider FY21 financial results. We expect the company to post an EPS of PKR 49.6, as compared to an LPS of PKR 13.77 during FY20, driven by higher volumetric sales and inventory gains during the year…

MEBL: Higher non-interest income lifted 2QCY21 EPS to PKR 4.60, up 5% YoY

Published August 17, 2021

Meezan Bank Limited (MEBL) posted the highest ever quarterly profit of PKR 6.5bn (EPS PKR 4.60), taking cumulative EPS for 1HCY21 to PKR 8.91, up 8% YoY …

MLCF – FY21 consolidated EPS stood at PKR 3.49

Published August 13, 2021

MLCF announced its financial result today where the company posted net earnings of PKR 3.49/ share, versus the LPS of PKR 3.24/ share in FY20, mainly…

MEBL: 2QCY21 EPS expected to clock in at PKR 4.20, down 4% YoY

Published August 12, 2021

Meezan Bank Limited (MEBL) is scheduled to announce its 2QCY21 financial results today 12th August 2021. In this regard, we expect the bank to report net earnings of PKR 4.20/share…

ACPL – FY21 Consolidated EPS settles at PKR 13.61, down 6% YoY

Published August 11, 2021

ACPL announced its financial result today, where in the company posted consolidated EPS of PKR 13.61/share, down 6% YoY mainly on the back of higher SGA expenses…

POL: FY21 EPS clocks in at PKR 47.1, -18% YoY; 4Q EPS at PKR 13.4, up 57% YoY

Published August 11, 2021

POL announced its FY21 financial result today, wherein the company reported an EPS of PKR 47.14, down 18% YoY. The result is in line with our expectation. Along with the result, the company announced final cash dividend of PKR 30/share, taking cumulative dividend payout to PKR 50/share…

APL: FY21 earnings clocked in at PKR 49.4/share, up 3.9x YoY

Published August 11, 2021

APL announced its FY21 results today wherein the company reported an EPS of PKR 49.43, up 3.9x YoY. The company also announced a final cash dividend of PKR 24.5/share in addition to already declared interim dividend of PKR 2.5/share in 2QFY21, taking the cumulative dividend payout to PKR 27.0/share in FY21…

MLCF – FY21 EPS expected at PKR 3.45

Published August 11, 2021

  • MLCF is scheduled to announce its 4QFY21 results on 12th August 2021. The company is estimated to post profit after tax of PKR 945mn (EPS PKR 0.86), as compared to loss of PKR 832mn (LPS PKR 0.76) in the same period last year on back of robust growth in sales….

APL: FY21 earnings to clock in at PKR 53.9/share, up 4.3x YoY

Published August 10, 2021

APL’s board meeting is scheduled on August 11, 2021 to consider FY21 financial results. We expect the company to post an EPS of PKR 53.9, as compared to an EPS of PKR 10.1 FY20, depicting 4.3x growth in the bottomline…

UBL: Provisioning reversals lift 2QCY21 EPS to PKR 6.20, up 20% YOY

Published August 10, 2021

United bank Limited (UBL) announced its 2QCY21 results, where the bank posted surprise earnings growth of 20% YoY to PKR 6.20/share…

LUCK: FY21 unconsolidated earnings clock in at PKR 43.51/share

Published August 9, 2021

Lucky Cement held its board meeting on Saturday and disclosed its financial results today.  The company reported FY21 unconsolidated earnings of PKR 43.51/share, up 3.2x YoY…

ACPL: FY21 Consolidated EPS expected at PKR 15.16, up 5% YoY

Published August 9, 2021

ACPL is scheduled to announce its 4QFY21 results on 11th August 2021. The company is estimated to post consolidated profit after tax of PKR 501mn (EPS PKR 3.64)…

 

POL: FY21 EPS expected at PKR 46.9, -19% YoY; 4Q EPS at PKR 13.2, up 55% YoY

Published August 9, 2021

  • POL’s board meeting is scheduled on August 11, 2021, to announce 4QFY21 financial results, where we expect the company to post an EPS of PKR 13.2, up 55% YoY…

LUCK: FY21 unconsolidated earnings to clocks in at PKR 43.61/share

Published August 6, 2021

Lucky Cement is scheduled to hold its board meeting tomorrow to consider FY21 results.  We expect the company to post unconsolidated earnings of PKR 7.47/share …

UBL: 2QCY21 EPS to arrive at PKR 5.50, up 6% YoY

Published August 6, 2021

UBL is scheduled to announce its 2QCY21 financial results today. In this regard, we expect the bank to post profit after tax of PKR 6.7bn …

ICI: FY21 earnings grew 1.1x to clock in at PKR 60.30/ share

Published August 5, 2021

ICI Pakistan announced its FY21 results, where the company reported profit after tax of PKR 5.6bn (PKR 60.30/share). 4QFY21 PAT…

ICI: 4QFY21 Consolidated EPS expected at PKR 16.54

Published August 4, 2021

ICI Pakistan is scheduled to hold its board meeting tomorrow to consider FY21 results, wherein the consolidated profit after tax for 4QFY21 is expected to increase 9.6x YoY…

BAHL: 2QCY21 EPS to grow by 2% YoY to PKR 4.0

Published August 4, 2021

Bank AL Habib Limited (BAHL) is scheduled to announce its 2QCY21 financial results today 4th August 2021. In this regard, we expect the bank to record net earnings of …

FFC – 2QCY21 earnings clocked in at PKR 2.85/share, down 26% YoY

Published August 2, 2021

FFC announced its 2QCY21 financial results on 30th July, wherein the company’s net earnings declined 26% YoY to PKR 2.85/share…

EFERT:2QCY21 Results Update & analyst briefing takeaways

Published August 2, 2021

EFERT announced its 2QCY21 financial results on 29th July and reported consolidated net earnings of PKR 3.60/share…..

FFBL – 2QCY21 EPS clocked in at PKR 2.02, up 106% QoQ

Published July 29, 2021

FFBL announced its 2QCY21 results today wherein the company posted an EPS of PKR 2.02 in………

HBL: 2QCY21 EPS came in at PKR 6.35, down 16% YoY

Published July 29, 2021

HBL announced its 2QCY21 result wherein the bank reported consolidated net earnings of PKR 6.35/share, down 16% YoY. This takes cumulative earnings for 1HCY21 to PKR 12.04/share, up 17% YoY. Along with the result, the bank has also announced an interim cash dividend of PKR 1.75/share, taking cumulative payout to PKR 3.50/share for 1HCY21.

HBL 2QCY21 EPS expected to clock in at PKR 5.85, down 22% YoY

Published July 29, 2021

HBL is scheduled to announce its 2QCY21 financial results today 29th July 2021, where we expect the bank to report net earnings of PKR 5.85/share, down 22% YoY. This will take cumulative earnings for 1HCY21 to PKR 11.53/share, up 12% YoY. The bank is also expected to announce an interim cash dividend of PKR 1.75/share, taking cumulative payout to PKR 3.50/share for 1HCY21.

Fertilizer: June-21 offtake remained lukewarm

Published July 28, 2021

During Jun-21, industry urea offtake declined by 41% YoY to 690k tons, while DAP offtake decreased by 61% YoY to 68 k tons. The significant decrease in monthly urea offtake was primarily due to the high base effect, given pre-buying activity in June-20 in anticipation of prices hike post gas tariff increase…

Fertilizer Sector: 2QCY21 Earnings Preview

Published July 26, 2021

 

Universe earnings to rise by 65% YoY

  • With the onset of 2Q results season, we expect our fertilizer universe to post earnings jump of 65% YoY in 2Q, mainly led by high DAP margins.
  • Fertilizer companies in our universe are expected to post 1.2pps jump in Gross Margins, primarily due to increased DAP prices. DAP prices were up 50% YoY during 2QCY21, whereas Urea prices grew by 3.4% YoY in 2Q.

Economy: FY21 CPI up 8.9%, contained in the SBP’s targeted range

Published July 2, 2021

June-21 National CPI grew 9.7% YoY, taking full year FY21 CPI growth to 8.9% YoY vs 10.7% YoY increase in FY20…

Improved margins to support bottom line

Published June 11, 2021

We revisit our investment case on Cherat Cement Company Limited (CHCC) and revise up our price target (PT) by 12.5% after reviewing 1HFY21 accounts to PKR 225/share, providing a potential upside of 40%. We maintain our BUY recommendation on the scrip….

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