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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
Latest articles from Intermarket Securities
Attock Petroleum: 1QFY22 review – Great results thanks to rising oil prices; beats our estimate
Attock Petroleum Ltd (APL) has posted a net profit of PKR2.4bn (EPS PKR24.0) for 1QFY22, up 90% qoq and 60% yoy. APL considerably improved its overall market share to 9.7% in 1Q compared with 8.3% in the previous quarter (improvement in both retail f...
Saad Ali @ Intermarket Securities 21 October 2021
Shell Pakistan: 3QCY21 review – Worse than expected due to greater exchange losses
Shell Pakistan Ltd (SHEL) has posted a dismal result for 3QCY21, with a NPAT of PKR0.30bn (EPS PKR1.39) down 90% qoq but better than a net loss SPLY. Gross profit of PKR6.5bn is greater than expected (PKR5.7bn), indicating nearly a PKR2.5bn of invent...
Saad Ali @ Intermarket Securities 21 October 2021
Kohat Cement: 1QFY22 review – Strong margins despite cost pressures; earnings beat
Kohat Cement Co. Ltd (KOHC) has posted 1QFY22 NPAT of PKR1.4bn (EPS: PKR6.96), compared to profit of PKR0.5bn (EPS: PKR2.52) SPLY. Higher-than-expected margins and elevated retention prices are the major deviation. Despite a massive jump in internati...
Rahul Hans @ Intermarket Securities 21 October 2021
Pakistan Economy: Balance of Payments – CAD falls by a quarter in September
As per SBP data, Pakistan’s current account deficit (CAD) in September 2021 fell 24% mom to US$1.1bn, from US$1.5bn in August. Also, recently started deferred oil facility with Saudi Arabia would reduce monthly oil payments by c. Remittances remained...
Saad Ali @ Intermarket Securities 20 October 2021
United Bank: 3QCY21 review – Strong core performance
UBL has posted consolidated 3QCY21 NPAT of PKR6.8bn (EPS: PKR5.52), up 43%yoy but lower by 9%qoq. The result is lower than our projected earnings of PKR6.15/sh, due to a one-off loss of PKR1.1bn on discontinued operations (UBL Switzerland), excluding...
Yusra Beg @ Intermarket Securities 20 October 2021
Pakistan OMCs: 1QFY22 result previews – big inventory gains to maintain profits
Healthy volumes and handsome inventory gains should enable our OMC Universe to repeat elevated profitability in 1QFY22 (similar to that in 4QFY21), in our view. Our estimates would have been higher had it not been for hefty exchange losses expected i...
Saad Ali @ Intermarket Securities 20 October 2021
