APL reported highest every earnings of PKR186/share, booking inventory gains in an increasing oil price scenario
Robust recovery in volumes also helped drive earnings, backed by better crack spreads realized by associates
OMC margin revision has positive bearing and base case, without margin hike, offers an attractive yield of 15%
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The analyst certifies that the views expressed in the report reflect their personal views about the subject securities. He or she also certifies that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations made in this report. He or she further certifies that they do not have any beneficial holding of the specific securities that they have recommendations on in this report.
Valuation Methodology: We use multiple valuation methodologies in arriving at a Target Price including, but not limited to, Discounted Cash Flow (DCF), Dividend Discount Model (DDM) and relative multiples based valuations.
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