Intermarket Securities
Intermarket Securities

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 articles from Intermarket Securities

Pakistan textile June 2021: Record exports in June close FY21 at a high

Pakistan’s total exports in June 2021 clocked in at US$2.7bn, up a sharp c.65% mom, while up c.70% yoy (distorted by Covid-19 lockdown last year). Textile exports surged to a record high as well, of c. US$0.40bn, where raw cotton imports rose c.25% m...
Intermarket Securities Abdul Ghani
Abdul Ghani Mianoor @ Intermarket Securities 23 July 2021

Pakistan balance of payments: Alarming CAD in June; FY21 also ends with a CAD

As per SBP data, Pakistan’s current account deficit in June 2021 deteriorated to a 30mth high of US$1.65bn - turning the cumulative balance in FY21 to a deficit of US$1.85bn from a near surplus in the previous 11 months. In concert, the PKR/USD has d...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 23 July 2021

Pakistan Autos: June 2021 results preview

For June 2021 results, we expect our Auto Universe to post combined net profits of PKR4.9bn, down 8% qoq, amid a 16% qoq decline in volumetric sales and slight improvement in margins, in our view. The announcement of the awaited new Auto policy and r...
Intermarket Securities Abdul Ghani
Abdul Ghani Mianoor @ Intermarket Securities 19 July 2021

Pakistan Strategy: Pakistan-Afghanistan trade starts to decline after US exit

The rapid Taliban advance in Afghanistan, as US forces withdraw, has implications for Pakistan’s security and trade. Other major exports included chemicals, pharmaceuticals, machinery, electrical equipment and paper & packaging material. Note that ex...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 16 July 2021

Pakistan Fertilizers: 2Q21 preview – Core profitability set to increase

Despite lower Urea and DAP offtake, IMS Fertilizer cluster’s profitability is expected to increase by 33% yoy to PKR16.3bn in 2QCY21. Here, (i) lower other income due to absence of bumper dividend from AKBL (for FFC and FFBL), and (ii) a decline in D...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 14 July 2021

Friesland Campina Engro Pakistan: Zero rating is a big catalyst but largely priced in

We raise our CY21-25f EPS estimates for FCEPL by 14% on average after incorporating recent budgetary changes for milk producers which leads us to raise our Dec’21 TP to PKR110 (vs. PKR75/sh previously). We estimate a 5yr sales/profit CAGR of 16%/114%...
Intermarket Securities Yusra
Yusra Beg @ Intermarket Securities 14 July 2021