Earnings Report /

Al Ghazi Tractors: 4QCY20 review – Strong gross margins lead to earnings beat

  • AGTL announced an EPS of PKR7.95 for 4QCY20, which exceeded our expectation of PKR6.1 due to a higher GMs

  • GMs climbed 4ppt qoq to 28%, despite the 22% qoq decline in volumes. AGTL announced a final DPS of PKR21.39

  • We have a Buy stance on AGTL with a December 2021 TP of PKR455/sh, accompanied by a CY21f D/Y of c.8%

Abdul Ghani Mianoor
Intermarket Securities
5 May 2021


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