Ahmed Raza

Intermarket Securities

Investment Analyst @ Intermarket Securities

Ahmed graduated from the Institute of Business Administration, Karachi, with a bachelor's degree in Accounting & Finance and is a CFA Level 3 candidate. At Intermarket Securities, he is the Research Analyst for the Pakistan autos, telecom and insurance sectors.

Ahmed Raza
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Latest from Ahmed Raza

International Steels Ltd: Q2 FY 20 review: Significantly lower gross margins lead to earnings miss

International Steels Ltd (ISL) posted Q2 FY 20 NPAT of PKR118mn (EPS: PKR0.27), down 87% yoy and 66% qoq (pre-tax: down 89%yoy). The result came in below our projected NPAT of PKR338mn (EPS: PKR0.78), led by (i) lower-than-expected sales revenue due ...
Intermarket Securities
Ahmed
Ahmed Raza @ Intermarket Securities 27 January 2020

Autos 2QFY20 preview – Volumes continue to slide but gross margins may pick up

Gross margins may inch up due to slight appreciation in PKR (up 1% against US$ in 2Q) and sharp price increases in Alto (c.15%) during Sep'19, which is now the highest-selling variant in Pakistan. The latest round of price increases (by all OEMs) wer...
Intermarket Securities
Ahmed
Ahmed Raza @ Intermarket Securities 23 January 2020

Attock Petroleum: 2QFY20 results: Potential inventory losses lead to earnings miss

Net sales of PKR57bn, down 1%yoy as APL’s petroleum volumes declined by 4%yoy, broadly in-line with the 2%yoy decline for the industry. On the other hand, local retail prices remained stable (excluding sales tax) and hence we had not incorporated any...
Intermarket Securities
Ahmed
Ahmed Raza @ Intermarket Securities 22 January 2020

Pakistan OMCs: 2QFY20 preview – QoQ decline in profit on lack of inventory gains

Both APL and PSO are expected to announce their first interim dividend during 2QFY20 results. We are Neutral on OMC space as multiple positives have played out. In 2Q, PSO is expected to post NPAT of PKR2.3bn (EPS: PKR4.87), down 25% qoq. APL’s seque...
Intermarket Securities
Ahmed
Ahmed Raza @ Intermarket Securities 20 January 2020

Pakistan Autos – Premium category suffers most in Dec'19 amid economic downturn

Pakistan's auto industry sold 12,103 units in Dec’19, up 23% mom, but down 38% yoy. This took CY 19 unit sales to 187,707 units, down 25% yoy. This was mainly driven by improved performance of Alto and Wagon R. Potential reason for the monthly recove...
Intermarket Securities
Ahmed
Ahmed Raza @ Intermarket Securities 13 January 2020

Pakistan Steel Q2 FY 20 Preview: Profits likely to stabilise on sequential basis

We expect the IMS Steel Universe to record NPAT of PKR570mn, improving by a moderate 6%qoq (although down by 59%yoy). ASTL is expected to post its fourth consecutive loss (it will be the lowest though) while ISL may announce its first interim dividen...
Intermarket Securities
Ahmed
Ahmed Raza @ Intermarket Securities 10 January 2020

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