Earnings Report /
Pakistan

Al Ghazi Tractors: 2QCY21 review – greater operational efficiencies led to earnings beat

  • AGTL announced an EPS of PKR11.86 for 2QCY21, which exceeded our expectation of PKR9.14 due to lower opex

  • GMs declined by c.1ppt to 22.5%, on account of higher input and shipping costs, in our view, in line with expectations

  • We have a Buy stance on AGTL with a December 2021 TP of PKR490/sh, which is accompanied with a CY21f D/Y of 11%

Abdul Ghani Mianoor
Intermarket Securities
21 September 2021