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Intermarket Securities
Coverage:
Pakistan
Intermarket Securities Ltd (IMS) is a full service brokerage offering trading, research and IB services. IMS has one of the most accredited equity market teams in Pakistan, and has received multiple awards from CFA Society Pakistan and Asia Money.
Location: Karachi
Analysts
Latest from Intermarket Securities
Bank Alfalah: Smooth sailing
BAFL remains a top banking play on strong margin expansion and balance sheet growth. CY23-27f EPS estimates raised by 12%, with a revised TP of PKR50/sh offering a 1yr return of 84%. ROE of 22% in CY23/24f stacks up well against CY23f P/B of 0.4x, P/...
Yusra Beg @ Intermarket Securities 22 March 2023
Pakistan Suzuki: 4QCY22 Review - Elevated finance cost and taxation dent earnings
PSMC posted a 4QCY22 net loss of PKR3.8bn, due to persistently high finance costs and elevated taxation. Gross margins were 9.8% for 4Q compared to 5.2% last quarter, mainly attributable to increase in car prices. PKR devaluation on outstanding payab...
IMS Research Team @ Intermarket Securities 21 March 2023
Pakistan Textiles: Feb’23 - Another poor month for exports
Textile exports decline to US$11.2bn during 8MFY23, down 11% YoY. Over-piled inventories among major retail outlets in USA & Europe have led to lower export orders. Removal of subsidies, peaking interest rates and a fall in demand to negatively impac...
IMS Research Team @ Intermarket Securities 17 March 2023
Pakistan Autos: Feb’23 - Prolonged raw material shortage further reduces volumes
Auto industry sales continued to remain under pressure and further declined by massive 45% MoM and 44% YoY. PSMC has posted the lowest volumetric sales since April 2020. The company only sold 978 units in Feb’23. Auto Sector is likely to continue fac...
IMS Research Team @ Intermarket Securities 13 March 2023
Pakistan Economy – Monetary Policy Review
In line with our expectations, the SBP has raised the PR by 300bps to 20%. Street consensus saw a 200bps increase. The SBP sees positive forward real interest rates. But we believe it is still difficult to call a top to interest rates. The sharp rate...
Rahul Hans @ Intermarket Securities 2 March 2023
Pakistan OMCs: Sales update - February 2023 - Demand falls on elevated prices
Petroleum product volumes fell by 21% YoY and 16% MoM to 1.22mn tons in February 2023. PSO, SHEL and HASCOL improved their market share while APL’s market position deteriorated slightly. PKR Volatility and decade high inflation will likely suppress d...
Shahmir Malik @ Intermarket Securities 2 March 2023
