IMS Research Team

Intermarket Securities

IMS Research Team @ Intermarket Securities

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Latest articles from IMS Research Team

Lotte Chemical Pakistan: Outlook for spreads and demand remain sanguine; Buy

We resume coverage on LOTCHEM with a Buy rating and a new Dec 2022 TP of PKR19.0/sh. PTA-PX spreads are presently hovering between US$130-140/ton, thanks to new PX capacities in the Asia Pacific region lowering prices of the raw material while up-tre...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 15 October 2021

FY22 Budget - Initial Impressions: A serious growth push

The FY22 Budget has exceeded market expectations, as it proposes positive measures for many sectors – including Construction, Agriculture, Pharmaceuticals, Textile and IT. The GDP growth target of 4.8% will be achieved by (i) continuation of the stim...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 11 June 2021

Pakistan Strategy: FY22 Budget Preview

The new team at the Finance Ministry, led by Mr. Shaukat Tarin, is aiming for a pro-growth Budget for FY22 (set to be announced on 11 June). Arguably, the above policy goals have featured in earlier Budgets. However, unlike in recent years, the GDP i...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 9 June 2021

Pakistan Strategy: Corporate profitability repeats the strong show in 4QCY20

The growth was majorly led by sectors that were incentivized by the government post Covid-19 lockdowns. These include Construction sectors and Textile exporters. Low interest rates and deferred debt repayments: The automobile sector saw a rebound in ...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 17 March 2021

Pakistan's government proposes removal of tax exemptions in the Finance Bill

Pakistan's tax authority, the FBR, has reportedly proposed a set of amendments in the Finance Bill to the Parliament – that broadly entail the removal of several tax exemptions hitherto enjoyed by industries and investors. In some cases, however, the...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 15 March 2021

Lotte Chemical Pakistan: CY20 Result Review: Strong end to the year

Lotte Chemical Pakistan (LOTCHEM) has posted a net profit of PKR1.1bn for 4QCY20 (EPS: PKR0.72), up 73% yoy and 18% qoq. This takes CY20 net profits to PKR2.1bn (EPS: PKR1.40), down 60% yoy. Net Sales of PKR12.0bn exceeds our estimate of PKR10.3bn, w...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 26 February 2021

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