Earnings Report /
Pakistan

Millat Tractors: 4QFY21 review – Earnings beat amid lower opex and higher other income

  • MTL announced a 4QFY21 EPS of PKR31.38, higher than our expectations, taking FY21 EPS to PKR117.13 and a DPS of PKR50

  • GMs fell c1ppt qoq amid higher RM costs, despite price hikes in January and June 2021 in our view

  • We prefer MTL (Buy; TP of PKR1,460) as our top pick in the Tractor sector due to its consistent payout

Abdul Ghani Mianoor
Intermarket Securities
17 September 2021