Earnings Report /
Pakistan

Pakistan Steel: 1QFY22 preview – Expect lower profits as margins will decline

  • We expect our IMS Steel Universe to post a NPAT of PKR3.2bn, down c.10% qoq decline in GMs and volumes

  • Prices for finished products continued the upwards trajectory amid PKR/USD depreciation and elevated commodity prices

  • We have an Overweight stance on the sector, where we prefer MUGHAL (TP of PKR142/sh) and ISL (TP of PKR130/sh)

Abdul Ghani Mianoor
Intermarket Securities
18 October 2021