Earnings Report /

Nishat Chunian: 3QFY22 Review: Higher finance costs and other expenses lead to miss

  • NCL posted an EPS of PKR8.49 in 3Q, lower than our estimate of PKR10.41, amid higher finance costs and other expenses

  • GMs remained flat yoy as the robust Spinning segment margin had been more than offset by lower Value-added margins

  • We have a Buy rating on NCL with a June 2023 TP of PKR62/sh, amid strong order flows

Abdul Ghani Mianoor
Intermarket Securities
6 May 2022


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