Earnings Report /
Pakistan

Amreli Steel: 4QFY21 review – Good end to the year; broadly in-line

  • ASTL posted an EPS of PKR1.49 for 4QFY21, broadly in-line with our expectations. This took FY21 EPS to PKR4.61

  • Gross margins declined c.3ppt qoq, attributed to the c.10% rise in global scrap prices to US$480/ton

  • We have a Buy rating on the stock with a June 2022 TP of PKR60/sh, as the present demand trend is likely to be sustained

Abdul Ghani Mianoor
Intermarket Securities
13 August 2021