Equity Analysis /
Pakistan

Tariq Glass Industries Ltd: A blend of growth and resilience; reinstate with a Buy

  • We re-initiate coverage on TGL with Buy rating and TP of PKR165/sh at June 2022 and EPS of PKR21.2/26.3 in FY22/23

  • We expect a 3yr Sales CAGR of c.23% for FY21-24 mainly backed by strong pricing power and volume growth

  • A key attribute about TGL is that it has been less exposed to economic downturns versus other construction companies

Azan Memon
Intermarket Securities
8 December 2021