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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 Fertilizers: Normalised production led to Urea recovery in August
According to NFDC, Urea sales in August witnessed a recovery of 20% compared to last month to c.552,000 tons. DAP offtake continued to slump, declining to c.26,000 tons, the lowest since Feb’13, down a sharp 86% YoY. Urea offtake is likely to decline...
Abdul Ghani Mianoor @ Intermarket Securities 23 September 2022
Oil & Gas Development: 4Q sees heavy opex and exploration cost; more to come on PIOL and other ventures
OGDC’s earnings rose substantially to PKR31/sh in FY22, gaining from higher oil prices. A higher than expected payout was seen despite heavy investment required by Reko Diq. High 4Q opex but mild rise for full-year keeps future profitability intact.
Wajid Rizvi @ Intermarket Securities 23 September 2022
Millat Tractors: 4QFY22 review – Earnings miss on lower-than-expected revenue
MTL announced 4QFY22 consolidated EPS of PKR9.86, missing our EPS expectation of PKR11.23, amid lower revenue. GMs decreased by 1ppt YoY amid rise in raw material prices, freight and PKR depreciation, in our view. MTL announced final DPS of PKR20 and...
Abdul Ghani Mianoor @ Intermarket Securities 23 September 2022
Pakistan Energy: Attock Group – Corporate briefing notes
Attock group posted its highest earnings. All three segments performed exceptionally well despite super tax. Performance is mainly driven by three factors: elevated POL product prices, inventory gains and PKR depreciation. For every vertical the Atto...
Wajid Rizvi @ Intermarket Securities 22 September 2022
Pakistan: August CAD at manageable levels; PKR remains under incessant pressures
Pakistan’s CAD print for Aug’22 nearly halved to USD0.7bn, lowest since Apr’22, amid higher exports & remittances. Trade deficit declined by a mere 4% MoM to USD2.9bn, owing to administrative measures on restricting non-essential items. The overall B...
Rahul Hans @ Intermarket Securities 22 September 2022
Pioneer Cement: 4QFY22 Review - Higher tax dents better operating performance
PIOC has posted a loss of PKR0.6mn (LPS: PKR2.57). effective tax rate of 142% led to losses. However, the company’s gross margins and operating profits have improved significantly during the quarter. Local cement demand is likely to decline in 1HFY23...
Rahul Hans @ Intermarket Securities 22 September 2022
