Earnings Report /

Kohinoor Textile Mills: 4QFY22 Review - Earnings miss amid lower margins and higher other expenses

  • KTML posted 4QFY22 unconsolidated EPS of PKR1.44, much lower than our expected EPS of PKR3.91, owing to lower GMs

  • GMs declined by c.1ppt yoy to 21.6%, while down c.4.5ppt QoQ likely due to moderating cotton inventory gains.

  • KTML also skipped out on a payout this quarter; we have Buy stance on the scrip with a TP of PKR124/sh

Abdul Ghani Mianoor
Intermarket Securities
2 September 2022


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