Equity Analysis /
Pakistan

Pakistan Tractors: Upgrade estimates upon clarity on GST; Buy

  • We upgrade our stance on both Tractor stocks from Neutral to Buy upon certainty that current GST will remain intact

  • Robust farmer income amid elevated commodity prices, bumper yields and govt. focus reaffirm our liking for the sector

  • We are Overweight on the sector with a Buy on both MTL (TP of PKR1,200/sh) and AGTL (TP of PKR495/sh); MTL top pick

Abdul Ghani Mianoor
Intermarket Securities
4 January 2022