Brokerage

JS Securities Limited – Weekly Review

Karachi, February 23, 2018 (PPI-OT): Investors remain in ambiguity, as KSE-100 index closes 0.8% WoW lower   Ambiguity played with investors’ sentiments at the bourse during the week as conflicting news emerged over FATF putting Pakistan back on the terrorist financing watch list. A federal minister, mid-week, had claimed Pakistan has been given a 3-month

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Elixir Securities Limited – Elixir Insight

Karachi, February 23, 2018 (PPI-OT): Pakistan Oilfields Limited – Lower Makori East/Mardankhel Reserves Dilute the Valuation Impact of Jhandial   Recent field reserves data showed significant hydrocarbon reserves in Jhandial, much higher than our prior estimates. However, decline in hydrocarbon reserves of Makori East and Mardankhel diluted the valuation gains of Jhandial.   We estimate

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JS Securities Limited – Result Review

Karachi, February 23, 2018 (PPI-OT): NML: 1HFY18 EPS clocks in at Rs7.59, up 5% YoY   The Board of Directors of Nishat Mills Limited (NML) announced today the company’s results for 1HFY18, where earnings clocked in at Rs2.67bn (EPS: Rs7.59), up 5% YoY from Rs2.55bn (EPS: Rs7.25) in 1HFY17. For 2QFY18, earnings stood 3% YoY

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JS Securities Limited – JS Research Beep

Karachi, February 23, 2018 (PPI-OT): Urea and DAP off-take numbers for Jan-2018, in-line with our estimates As per the recent data published by National Fertilizer Development Corporation (NFDC), urea offtake for the month of Jan-2018 has clocked in at 539k tons in-line with our initial estimates of 530k tons and up by 33% YoY. The

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JS Securities Limited – Morning Briefing

Karachi, February 23, 2018 (PPI-OT): ABL: Earnings revised on higher costs from borrowings, ‘Buy’ remain intact   We update our investment case on Allied Bank Ltd. (ABL) following the release of 2017 detailed accounts and analyst conference call.   We revise down our 2017E-2019F earnings estimates by 7-15% due to higher-than-expected cost of funds; however,

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