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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
Pakistan: Market outlook – Painful path to recovery
The FY23 Budget saw the government attempt to widen the tax net, but the brunt eventually fell on the existing narrow tax base in the shape of higher corporate and personal taxes. The KSE100 shed 3.6% (6.6% in US$), with turnover thinning out even fu...
Raza Jafri @ Intermarket Securities 30 June 2022
Gul Ahmed Textile Mills Ltd: Corporate Briefing Takeaways
GATM held its Corporate Briefing Session today to discuss the recent performance and the future outlook. Despite the imposition of super-tax, GATM is likely to post an all-time high EPS of PKR12.02 in FY22, in our view; however, demand outlook remain...
Abdul Ghani Mianoor @ Intermarket Securities 30 June 2022
Pakistan Banks: Higher taxation but not as bad as initially feared
As per the amendments made to the Budget announced on June 10th, the recurring tax rate for Banks appears to be 43% instead of the 47% being determined earlier. In our Budget note on June 10th, we had estimated a 10-13% decline in recurring EPS estim...
Raza Jafri @ Intermarket Securities 30 June 2022
Pakistan Economy - May 2022 Balance of Payment update
Pakistan’s CAD print for May has more than doubled to US$1.4bn after trade deficit expanded on declining exports owing to global demand slowdown in food and textile. Pakistan is likely to end FY22f with a CAD of US$16.5bn (4.4% of GDP) while FY23f es...
Wajid Rizvi @ Intermarket Securities 29 June 2022
Pakistan Economy: June inflation to make a fresh peak; expect FY23 to near 18%
Pakistan’s headline inflation for June is expected to reach 18.2% as secondary impact of retail fuel prices on food inflation has started to emerge. Fuel inflation is likely to witness the most significant rise in June, +23% mom, owing to the removal...
Wajid Rizvi @ Intermarket Securities 27 June 2022
Pakistan Strategy: Super tax is the new stopgap measure in Finance Bill FY23
Pakistan’s government announced a stopgap measure of a 10% super-tax to enhance revenue collection and achieve the fiscal deficit target for FY23. Industries belonging to Cement, Steel, Sugar, Oil & Gas, Oil Refining, OMCs, Fertilizer, Textile, Autom...
Wajid Rizvi @ Intermarket Securities 26 June 2022
