IMS Research Team

Intermarket Securities

IMS Research Team @ Intermarket Securities

IMS Research Team
Hide filters Show filters
Latest from IMS Research Team

Pakistan Federal Budget FY23 – A Robin Hood budget

In the last few weeks, the government has significantly reduced fuel subsidies, while passing legislation to reform state-owned entities and set up an Export-Import Bank to take over the SBP’s refinance facilities. These measures are part of the stru...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 12 June 2022

Pakistan: Emergency Economic Plan – Government bans luxury items

The government has announced a complete ban on the import of nearly 40 items deemed unnecessary/luxury in view of the weak Fx reserves position (less than 1.5 months import cover) and continued pressure on the currency. Some of these imports include ...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 20 May 2022

Tariq Glass Industries Ltd: 3QFY22 Result Review: All time high GMs backed by better pricing power

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 r...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 26 April 2022

Engro Polymer & Chemicals Ltd: 1QCY22 review – higher-than-expected volumes lead to earnings beat

EPCL has posted NPAT of PKR4.7bn for 1QCY22 (EPS: PKR5.19), up 14% yoy and 1% qoq, against our expected EPS of PKR4.17. The major deviation came from higher-than-expected PVC volumes and better spreads. We await the company’s analyst briefing to shed...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 19 April 2022

Pakistan Economy: Inflation and interest rates – projections lifted for 2022/23

We update our inflation and interest rate expectations after the SBP increased the Policy Rate by 250bps to 12.25% earlier this month in an emergency meeting. National CPI has averaged 12.6% CYTD and is likely to be north of 15% over the next few mon...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 18 April 2022

Pakistan: Long Steel – Stable earnings growth beyond FY22f

We reiterate our Buy rating on ASTL and MUGHAL with new June 2023 TPs of PKR44/sh and PKR131/sh, respectively. The company will enhance this attribute by expanding its Copper processing capacity and will also add a new capacity for Aluminum exports b...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 18 March 2022

Filter by tags

IMS Research Team
Pakistan
Asia
Intermarket Securities Limited
Karachi
DCF
Equity
Materials
IMF
IMS
Macro-strategy
PKR
Macro
Energy