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Fauji Fertilizer Bin Qasim Ltd: 2QCY21 analyst briefing takeaways

FFBL posted unconsolidated NPAT of PKR2.61bn (EPS: PKR2.02) in 2QCY21 – massive improvement vs. a net loss of PKR1.16bn in 2QCY20 (LPS: PKR0.90). During the quarter, FFBL received dividend income of PKR2.9bn from its invested companies. In the consol...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 4 August 2021

Pakistan: Cement prices have surpassed expectations, and more hikes are likely

Second price hike in a week: As per our channel checks, cement prices in the North region have increased by PKR10/bag to a new all-time high of c. Prices have surpassed our assumption for FY22f; expect more hikes: We have assumed average cement and c...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 4 August 2021

Alrosa: Alrosa: Robust results suggest 7% 1H21 dividend yield

After delivering solid sales results during its 2Q21 trading sessions amid robust demand and inventory destocking, ALROSA seems on track to demonstrate material quarterly EBITDA increase. ALROSA’s average price for gem-quality diamonds recovered at a...
Alfa Boris
Boris Krasnozhenov @ Alfa 3 August 2021

PhosAgro: PhosAgro: 2Q21 IFRS preview – Solid financials expected

PhosAgro (PHOR: LI; E/W; TP $21.4/GDR) is scheduled to report its 2Q21 financials on Thursday. The bottom line, excluding possible adjustments, is estimated at RUB 23bn. We reiterate our E/W recommendation, based on the assumption that the current fe...
Alfa Boris
Boris Krasnozhenov @ Alfa 3 August 2021

Pakistan Steel: 4Q21 preview – Profitability to rise despite weaker volumes qoq

In our view, gross margins of all companies in the IMS Steel Universe should witness a qoq decline due to: (i) normalization of inventory gains, (ii) lower capacity utilization amid reduced working hours in Ramadan and, (iii) unusually long Eid holid...
Intermarket Securities Abdul Ghani
Abdul Ghani Mianoor @ Intermarket Securities 2 August 2021

Sector Flash - Banks: EBA and ECB release results of 2021 EU-wide bank stress test

Event: On Friday the European Banking Authority (EBA) released the outcome of its 2021 bank stress test for 50 European banks in the sample from 15 EU and EEA countries. Of these, 38 are significant euro-area banks under the jurisdiction of the Singl...
UniCredit Michael
Michael Teig @ UniCredit 2 August 2021