Rahul Hans

Rahul Hans
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Pakistan: August CAD at manageable levels; PKR remains under incessant pressures

Pakistan’s CAD print for Aug’22 nearly halved to USD0.7bn, lowest since Apr’22, amid higher exports & remittances. Trade deficit declined by a mere 4% MoM to USD2.9bn, owing to administrative measures on restricting non-essential items. The overall B...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 22 September 2022

Pioneer Cement: 4QFY22 Review - Higher tax dents better operating performance

PIOC has posted a loss of PKR0.6mn (LPS: PKR2.57). effective tax rate of 142% led to losses. However, the company’s gross margins and operating profits have improved significantly during the quarter. Local cement demand is likely to decline in 1HFY23...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 22 September 2022

Fauji Cement: 4QFY22 Review – Askari Cement amalgamation led to earnings beat

FCCL has posted EPS of PKR1.40 for FY22, reporting amalgamated accounts upon acquisition of Askari Cement. Revenue has increased to PKR31.3bn. Where we estimate that FCCL has booked Askari Cement full year sales of PKR21.7bn. FCCL has booked effectiv...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 21 September 2022

DG Khan Cement: 4QFY22 Review - Higher tax rate and other expenses led to losses

DGKC has posted unconsolidated loss of PKR0.65bn (LPS: PKR1.48) in 4QFY22, from a NPAT PKR0.87bn (EPS: PKR1.99) in SPLY. Gross margins have clocked at 17.8% (down 0.8ppt QoQ but up 0.2ppt YoY), slightly higher than our expected GM of 16.3%. The massi...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 13 September 2022

Systems Ltd: Multiple avenues will continue stellar growth momentum

We upgrade our estimates for SYS and incorporate new acquisitions and geographies. Our new TP is PKR660/sh. Our CY22/23f EPS are PKR24.5/34.0, amid strong growth from existing & new markets and consolidation of new acquisitions. SYS has gained c.5%CY...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 8 September 2022

Maple Leaf Cement: 4QFY22 Review - Margins came in line, but higher ETR leads to earnings miss

MLCF posted 4QFY22 unconsolidated NPAT of PKR35mn (EPS: PKR0.03), much lower than our expectation of PKR0.54/share. Gross margins rose by 3.4ppt YoY and 1.0ppt QoQ, to 25.2% in 4QFY22. GMs came in line with our expectation of 25.1%. MLCF has reported...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 2 September 2022

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Rahul Hans
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