Saad Ali

Intermarket Securities

Head of Research @ Intermarket Securities

Saad has over 7 years’ experience covering Pakistan energy for sell- and buy-side firms. As IMS’s Head of Research and Economist, he supervises a team of five analysts and is the lead analyst for the oil & gas sector of Pakistan. Prior to IMS, he worked for KASB Securities (local affiliate of Bank of America Merrill Lynch) and Al Meezan Investments (largest Islamic Asset Manager in Pakistan).

Saad Ali
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Latest articles from Saad Ali

ICI Pakistan: Takeaways from FY21 Corporate Briefing

ICI Pakistan had posted record consolidated net profits of PKR5.3bn (EPS: PKR60.30) for FY21, more than doubling yoy from PKR2.4bn (EPS: PKR28.14) in FY20. The total capex of the project is PKR11.0bn. The new plant will have a capacity of 16,320 tons...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 8 October 2021

Pakistan OMCs – Sales volume update

As per provisional data, overall OMC sales in September 2021 were flat mom at c.1.96mn tons (though up 29% yoy). But, excluding Furnace oil (FO), sales rose 7% mom. Sales of HSD/Mogas rose 6%/9% mom (51%/25% yoy); while FO sales fell 21% mom (up 7% y...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 4 October 2021

Pakistan Strategy – Pandora Papers are not as explosive as the Panama Leaks

More than 700 Pakistanis are on the list revealed by the Pandora Papers exposé; among them are Finance Minister Shaukat Tarin, a few Cabinet members, and PTI’s allies in other political parties. That said, with Mr. Tarin having to be elected to publi...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 4 October 2021

Pakistan Economy: CPI depicts a sharp month-on-month rise in September

National CPI rose to 9.0% yoy in September 2021, vs. 8.4% in August. However, a sharp mom jump has been observed (up 2.12%mom) primarily on account of a sharp rise in perishable food prices, particularly in the Urban centres. However, Perishable food...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 3 October 2021

Attock Group: Takeaways from FY21 Corporate Briefings

POL plans to drill four wells in FY21. Among these wells, MOL is planning to drill an exploratory well, named Razgir, in the hitherto untapped KOT region of Tal block. We have a Buy stance on POL with a TP of PKR459/sh. PKR10bn, majorly attributed to...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 29 September 2021

Oil & Gas Development: 4QFY21 review – misses expectations on lower revenues

Oil & Gas Development Co. Ltd (OGDC) has posted a net profit of PKR25.2bn (EPS PKR5.86) for 4QFY21, up 4% qoq and 41% yoy, which is lower than our EPS estimate of PKR6.37. This takes FY21 net profits to PKR91.5bn (PKR21.28/sh), down 9% yoy. Note that...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 28 September 2021

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Saad Ali
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Fixed Income - Sovereign