Equity Analysis /

Pakistan: Long Steel – Stable earnings growth beyond FY22f

  • We reiterate our Buy ratings on ASTL and MUGHAL with new June 2023 TPs of PKR44/sh and PKR131/sh, respectively

  • MUGHAL is our top pick among the listed long steel producers due to its diversification within the non-ferrous segment

  • ASTL has under-performed broad KSE-100 by c.25% and we argue that risks have been more than priced in

IMS Research Team
Intermarket Securities
18 March 2022


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