Earnings Report /
Pakistan

Al Ghazi Tractors: 3QCY21 Review - Higher-than-expected gross margins led to earnings beat

  • AGTL announced an EPS of PKR14.40 for 3QCY21, which exceeded our expectation of PKR12.90 due to higher gross margins

  • GMs increased by c.2ppt to 24.7%, on account of prices hikes announced in June 2021 in our view

  • 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
19 November 2021