Earnings Report /

International Steels Ltd: 4QFY21 review – Earnings dip qoq on higher opex; broadly in line

  • ISL posted 4QFY21 EPS of PKR5.32, slightly lower than our expectations amid higher opex and a final DPS of PKR7.0

  • Gross margins remained flat qoq, amid rise in both global and local CRC prices (CRC-HRC spread averagedUS$90/ton in 4Q)

  • We have a Buy stance on ISL with a June 2022 TP of PKR130/sh amid favourable demand outlook

Abdul Ghani Mianoor
Intermarket Securities
25 August 2021