Rahul Hans

Intermarket Securities

Head of Research @ Intermarket Securities

Rahul is Head of Research at IMS and covers Strategy & Economy, and the Cement, Fertilizer and Technology sectors.

Rahul Hans
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Latest from Rahul Hans

Pakistan Economy – Monetary Policy Review

In line with our expectations, the SBP has raised the PR by 300bps to 20%. Street consensus saw a 200bps increase. The SBP sees positive forward real interest rates. But we believe it is still difficult to call a top to interest rates. The sharp rate...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 2 March 2023

Pakistan Fertilizer: January 2023 Sales update

Urea offtake in January 2023 increased by 6% YoY, but was down 24% MoM to c.631,000 tons. Urea inventory declined to c.101,000 tons in January 2023, versus c.249,000 tons by the end of previous month. Going forward in CY23, Urea offtake is expected t...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 1 March 2023

Pakistan Economy - February 2023 inflation preview

Pakistan’s CPI for February is expected to reach to 30.4%, the highest since the Arab Oil Embargo of the 1970s. Fuel inflation is likely to witness the most significant rise in June, +12% MoM, owing to the increase in fuel prices. Monthly CPI is expe...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 28 February 2023

Pioneer Cement: 2QFY23 Review - Higher-than-expected margins lead to earnings beat

PIOC has posted NPAT of PKR1.2bn (EPS: PKR5.17) for 2QFY23 up 22% YoY and 101% QoQ. GMs have increased by 6.6ppt YoY and 4.3ppt QoQ to 27.2% in 2QFY23, much higher than our expected GMs of 21%. PIOC has posted decent margins and earnings in 2QFY23, m...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 23 February 2023

DG Khan Cement: 2QFY23 Review - Higher COGS and finance cost reduced profitability; in line

DGKC has posted an unconsolidated NPAT of PKR543mn (EPS: PKR1.24) in 2QFY23, down 57% YoY but up 40% QoQ. GMs have clocked in at 13.5%, down 3.4ppt YoY and 1.8ppt QoQ; GMs came slightly higher than our expectation of 13%. DGKC has posted relatively l...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 22 February 2023

Maple Leaf Cement: 2QFY23 Review - Impressive margins and lower finance cost lead to earnings beat

MLCF has posted 2QFY23 unconsolidated NPAT of PKR2.3bn (EPS: PKR2.19), higher than our expected EPS of PKR1.29. GMs have risen by 1.6ppt QoQ, but down 1.6ppt YoY to 29.4% in 2QFY23, exceeding our expectation of 26.2%. MLCF has posted impressive gross...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 22 February 2023

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Rahul Hans
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EFERT
Fauji Fertilizer Company Ltd
Lucky Cement
FFBL
Engro Fertilizers
FFC
LUCK
DG Khan Cement
Fauji Fertilizer Bin Qasim Ltd