Rahul Hans

Rahul Hans
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Engro Fertilizers: 3Q review – Earnings decline yoy amid lower margins and normal tax rate

EFERT has posted consolidated a NPAT of PKR4.4bn for 3QCY21 (EPS: PKR3.30), down 37% yoy. The result is largely in-line with our expected EPS of PKR3.15. This takes 9M net profits to PKR14.9bn (EPS: PKR11.17), up 30% yoy. EFERT also announced an inte...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 13 October 2021

Pakistan Fertilizer Sector: 3QCY21 Result Previews

Despite the discontinuation of concessionary gas for EFERT Enven plant and FATIMA, IMS Fertilizer cluster’s cumulative net profits are expected to increase by 30% yoy to PKR22.6bn in 3QCY21. Higher Urea sales are mainly attributable to better crops y...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 8 October 2021

Systems Ltd: 3Q21 result preview – Exchange gains & elevated topline will sustain high growth

SYS is expected to post 3QCY21 consolidated NPAT of PKR1.1bn (EPS: PKR7.96), up 103% yoy and 20% qoq. Revenue is expected to rise 55%yoy to PKR3.9bn, led by higher exports, addition of clients & employees simultaneously. SYS is likely to post other i...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 5 October 2021

Pioneer Cement: 4QFY21 Review: Lower sales and margins lead to earnings miss

Pioneer Cement (PIOC) has posted a NPAT of PKR681mn (EPS: PKR3.0) for 4QFY21, lower than our estimated net profits of PKR777mn (EPS: PKR3.42), mainly because of lower gross margins. This takes FY21 net profits to PKR1.97bn (EPS: PKR8.69), compared wi...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 28 September 2021

Avanceon Ltd: Automation and Big Data under one roof; initiate with Buy

We initiate coverage on AVN – a leading exporter of industrial automation services out of Pakistan – with a Buy rating and December 2022 TP of PKR232/sh. into meaningful input for decision-making for its clients. International oil prices (up c.6xt fr...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 16 September 2021

DG Khan Cement: 4QFY21 review – Higher effective tax rate lead to earnings miss

DG Khan Cement (DGKC) has posted an unconsolidated NPAT of PKR0.87bn (EPS: PKR1.99) in 4QFY21, from NLAT of PKR0.31bn (LPS: PKR0.70) in SPLY and below our EPS estimate of PKR2.21. The qoq decline in the performance is mainly due to: (i)lower GP margi...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 14 September 2021

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