Equity Analysis /

Shell Pakistan: SHELL PAKISTAN: Premium brand but searching for lost ground; Buy

    Tellimer Research
    31 May 2018
    Published byTellimer Research
    We initiate coverage on Shell Pakistan (SHEL) – the second largest OMC in Pakistan by network size – with a Buy rating and Dec’18 TP of PRs461/sh. Our investment thesis is based on recovery in retail market share, leading presence in the lucrative lubricants market (c. 40% share) and inorganic growth from PAPCO pipeline network.