Yusra Beg

Intermarket Securities

Senior Investment Analyst @ Intermarket Securities

With over four years of brokerage industry experience, Yusra covers the banking sector, pharmaceuticals and consumer staples sectors in Pakistan. Prior to joining IMS in 2015, Yusra covered Pakistan utilities at IGI Securities Ltd (a Packages Group company). Yusra is affiliated with the Association of Chartered Certified Accountants (ACCA).

Yusra Beg
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Latest articles from Yusra Beg

Pakistan Strategy: Pakistan-Afghanistan trade starts to decline after US exit

The rapid Taliban advance in Afghanistan, as US forces withdraw, has implications for Pakistan’s security and trade. Other major exports included chemicals, pharmaceuticals, machinery, electrical equipment and paper & packaging material. Note that ex...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 16 July 2021

Friesland Campina Engro Pakistan: Zero rating is a big catalyst but largely priced in

We raise our CY21-25f EPS estimates for FCEPL by 14% on average after incorporating recent budgetary changes for milk producers which leads us to raise our Dec’21 TP to PKR110 (vs. PKR75/sh previously). We estimate a 5yr sales/profit CAGR of 16%/114%...
Intermarket Securities Yusra
Yusra Beg @ Intermarket Securities 14 July 2021

AGP Limited: Sandoz acquisition is priced in; Neutral

We raise our CY21-25f EPS estimates for AGP by 18% on average after consolidating the acquisition of over 20 brands of Sandoz Pakistan. This leads us to raise our Dec’21 TP to PKR142 from PKR115 previously. AGP will have an equity stake of 65% in a n...
Intermarket Securities Yusra
Yusra Beg @ Intermarket Securities 9 July 2021

Pakistan Market Survey: Macro clarity will set market direction

Based on our survey of major local institutional investors, most market participants expect the KSE-100 to cross 50,000 pts by December 2021 (5%+ return), while a third of the respondents believe the Index can cross 55,000pts by June 2022, up 15% fro...
Intermarket Securities Yusra
Yusra Beg @ Intermarket Securities 7 July 2021

Pakistan banks: Impact of Budget FY 22

The government passed the Finance Act 2022 in the National Assembly with major amendments to the originally proposed Finance Bill. Previously, the applicable tax rate of the individual/corporate applied. The impact may differ from bank to bank, depen...
Intermarket Securities Yusra
Yusra Beg @ Intermarket Securities 2 July 2021

Friesland Campina Engro Pakistan: Analyst Briefing Takeaways

FCEPL plans to launch new products in the Dairy space with extensions into yoghurt, cheese, and nutrition. UHT Milk has been formally moved to the Zero Rated Regime in the Finance Bill 2022 which lead to savings of PKR7-8/litre. We think a broad base...
Intermarket Securities Yusra
Yusra Beg @ Intermarket Securities 30 June 2021

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Yusra Beg
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2019
Pharmaceuticals, Biotechnology & Life Sciences