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Pakistan OMCs - Nov’22: Major slump in FO volumes dragged overall demand

Petroleum product demand, after a brief period of recovery in October, dampened again in November. Furnace Oil sales led the overall decline in volumetric sales and reduced to 136mnMT (-33% MoM). HSD demand uplift was short lived and fell by 18% MoM....
Intermarket Securities Shahmir
Shahmir Malik @ Intermarket Securities 2 December 2022

Oil Marketing – Sector update: OMC margins increased; Cash earnings to elevate

OMC margins revised upward because of the space created by falling international oil prices. HSD margins revised from PKR3.89/litre to PKR5.41/litre and MS margins revised from PKR3.68/litre to PKR4.00/Litre. Margin hike will give some respite to OMC...
Intermarket Securities Shahmir
Shahmir Malik @ Intermarket Securities 1 December 2022

China's pragmatic zero-Covid spike and Foxconn riot hit global manufacturing

China's more pragmatic 'zero-Covid' inevitably spikes infections: witness lockdown in Zhengzhou and Foxconn factory riot. Reminder of China's deep links with global supply chain, particularly top alternative manufacturing location Vietnam. 'China +1'...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 24 November 2022
China's pragmatic zero-Covid spike and Foxconn riot hit global manufacturing
China's pragmatic zero-Covid spike and Foxconn riot hit global manufacturing

Honda Atlas: 2Q23 Result: Lower revenues and elevated other expenses lead to loss for the Qtr

HCAR has reported NLAT of PKR385mn (LPS: PKR2.70) for 2QMY23. Gross margin stands at 3.4%, much lower than our expectation of 5.2% and down 2.9ppt/3.5ppt QoQ and YoY. We believe large exchange losses have resulted in elevated other expenses.
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 16 November 2022

Oct’22 - Partial resumption of production has led to improved sales numbers

Latest automobile sales show some relief post resumption in production; the MoM numbers were up 22% to 13,369 units. HCAR’s plant was shut down for a longer period as compared to peers, the company has witnessed a softer 11% jump MoM. MTL outperform...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 14 November 2022
Weekend Reading / Pakistan

The Tale of Imran Khan for global investors dealing with political risk

Pakistan matters more to geopolitics (230mn population bordering China, India, Iran) than to investment (45bps of EMBI). But the political life of its most famous citizen, Imran Khan, offers useful insights for investors, particularly in EM. Two-part...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 12 November 2022
The Tale of Imran Khan for global investors dealing with political risk
The Tale of Imran Khan for global investors dealing with political risk