Abdul Ghani Mianoor

Intermarket Securities

Investment Analyst @ Intermarket Securities

Abdul is a Research Analyst covering the Autos sector. He holds a BSc in Accounting and Finance from the University of London, graduating with First Class Honours. Abdul has passed Level 1 of the CFA program.

Abdul Ghani Mianoor
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Latest from Abdul Ghani Mianoor

Fauji Fertilizer Bin Qasim Ltd: Strong core profits can spark a comeback

We reiterate our Buy stance on FFBL with a SoTP based TP of PKR37/sh (fertilizer ops: PKR20/sh). However, FML is expected to expand losses. Despite resilient earnings, even after one-off high super tax and other expenses in 1HCY22, FFBL has lagged bo...
Intermarket Securities Abdul Ghani
Abdul Ghani Mianoor @ Intermarket Securities 10 August 2022

Fauji Fertilizer Bin Qasim Ltd: Analyst Briefing Takeaways

FFBL held its Analyst Briefing Session today to discuss the recent performance and the future outlook. In 2QCY22, IMS Fertilizer Universe posted a c.55% decline in NPAT, whereas the decline in FFBL’s earnings (c.30% YoY) was cushioned due to the larg...
Intermarket Securities Abdul Ghani
Abdul Ghani Mianoor @ Intermarket Securities 29 July 2022

Engro Fertilizers: 2QCY22 Review: Negative earnings from supertax in 2Q

EFERT posted consolidated net loss of PKR98mn for 2QCY22 (LPS: PKR0.07), for the first time since CY13, down from a NPAT of PKR4.8bn (EPS: PKR3.57) last year. Gross margin slid by a sharp c.7.5ppt YoY to 30.5%, slightly higher than our estimate of 29...
Intermarket Securities Abdul Ghani
Abdul Ghani Mianoor @ Intermarket Securities 28 July 2022

Fauji Fertilizer: 2QCY22 Review - Strong earnings and payout despite tax dent

Fauji Fertilizer Company Ltd (FFC) posted unconsolidated NPAT of PKR3.4bn (EPS: PKR2.64) in 2QCY22, slightly lower than last year’s EPS of PKR2.85. On consolidated basis, the company has posted NPAT of PKR6.5bn (EPS: PKR5.14), up 18% YoY, largely due...
Intermarket Securities Abdul Ghani
Abdul Ghani Mianoor @ Intermarket Securities 28 July 2022

Pakistan Fertilizers: Jun’22 - Preemptive demand from price hike anticipation

Urea offtake jumped 47% MoM in Jun’22 to 736k tons as preemptive demand growth surfaced in anticipation of urea price hike. This is attributed to higher monthly offtake and no imports during the month. To recall, the government had imported c.100,000...
Intermarket Securities Abdul Ghani
Abdul Ghani Mianoor @ Intermarket Securities 26 July 2022

Honda Atlas: 1QMY23 Review - Strong beat from higher margin

HCAR has reported a NPAT of PKR658mn (EPS: PKR4.61) for 1QMY23, up c.3x QoQ. This is strong result from HCAR, where the deviation from our projected EPS of PKR0.20 is primarily due to higher-than-expected gross margin and lower taxation. However, gro...
Intermarket Securities Abdul Ghani
Abdul Ghani Mianoor @ Intermarket Securities 26 July 2022

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