Equity Analysis /

ICI Pakistan: ICI PAKISTAN: Emerging consumer proxy; initiate with Buy

    Tellimer Research
    15 March 2018
    Published byTellimer Research
    We initiate coverage on ICI Pakistan Ltd (ICI) with a Buy rating and a Jun’19 TP of PRs910/sh offering 19% potential upside. We expect a 3yr EPS CAGR of 16% led by the company’s foray into high-growth Consumer & Pharmaceutical ventures, which is supported by healthy cash flows from its legacy Soda Ash business.