Category: Business

Karachi, March 06, 2018 (PPI-OT): JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the entity ratings of BMA Capital Management Limited (BMA) at ‘A-/A-2’ (Single A-Minus/A-Two). Outlook on the assigned ratings is ‘Stable’. The previous rating action was announced on October 5, 2016.

The assigned ratings incorporate improvement in internal controls, stability of senior management and growth in profitability. Ratings also reflect adherence to limits assigned to gearing, underwriting and proprietary book, thereby maintaining overall risk within manageable levels. However, significant reduction in the bourse’s traded volumes will exert pressure on profitability across the industry.

During FY17, the company witnessed sizeable growth of around 77.4% from last year in equity brokerage income owing to an increase in volume of shares traded. Reclassification of PSX from frontier market to emerging market in the MSCI Index resulted in the market volumes to increase by around 67%. Highest proportion of commissions for BMA continued to emanate from foreign institutions during outgoing year. Going forward, retail base is also expected to grow further in line with BMA’s strategy of branch expansion. During HY18 decline in volumes traded of the PSX all shares index will likely result in a decrease in profitability for the same period vis-a-vis HY17.

Owing to higher volumes in FY17, major growth was witnessed in exposure deposits thereby culminating into a significant increase in the asset base of the company. Furthermore, trade debts have also exhibited a sizeable increase, however, it may be inferred from the ageing profile that credit risk is manageable.

Retention of profits and adjustment in value of Pakistan Stock Exchange (PSX) shares resulted in an increase in the equity base of the company in FY17. BMA borrowed funds in order to enlarge its exposure deposits as at end FY17 as compared to FY16 leading to an increase in the leverage indicators. However, average gearing during FY17 remained within manageable levels.

For more information, contact:
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

Lahore, March 06, 2018 (PPI-OT): Cheetay Logistics (Pvt.) Ltd. has reached a momentous milestone as the company celebrates 2 years of providing immaculate logistics services with pragmatic payment solutions to the masses. Staring off with food delivery, the company has expanded and diversified its business operations by making a foray in other realms of e-Commerce.

Cheetay.pk recently launched a new business category called “The Cheetay Tiffin” which provides instant home cooked meals to anyone at home or at work who needs the goodness of a home cooked meal.

They launched a new vertical called “Cheetay Healthcare” which provides the masses with OTC medication (over the counter) which can be attained without a doctor’s prescription, on an instant basis from their website.

Having recently launched Cheetay Healthcare they are on their way to launching Cheetay Books to make sure people get access to a vast array of books, academic books and stationary items that people need urgently.

They recognise the need for instant gratification, not only for food delivery but a host of other products and household items as well. Identifying the interminable need for instant logistics services, they have spearheaded into business categories which focus on convenience.

Ahmed Khan, CEO of cheetay.pk reflected on the 2nd anniversary by saying “We have come a long way from where we started off but this is just the beginning for us. We are aiming to be the biggest e-Commerce player in the country by capitalising on the underlying logistics platform which can serve many different business verticals. The idea is to tag on one vertical after another, not strictly the way amazon does it, but in a more curated way. Each vertical will have a customised offering where the underlying logistics platform will serve as the basis for delivery. We want to build in analytics and payments in the ecosystem so that we’re a one stop shop that provides all services”

Cheetay has managed to expand and grow on an exponential scale by creating departments, spans of management and bringing on-board Senior Managers and Category Managers, Content Writers and Marketing Executives in their repertoire of professionals from LUMS and Lahore School of Economics to bolster their expanding operations. Being a company on the trajectory of growth and expansion, cheetay.pk has experienced an overwhelming response to their service. They have restructured their logistics and delivery spread by building a strong team of efficient riders by increasing their fleet of motorbikes, riders, and branded vehicles for instant delivery of orders.

“As we grow it is imperative for us to focus on making immaculate standard operating procedures to streamline our customer services and operations. Growth brings with it an array of challenges which need to be dealt with standard day to day operations as you venture into new business verticals and categories. We are ensuring every facet of the organisation is aligned in a holistic manner so that the customer service centre, the riders and the customers are all connected seamlessly” stated Saud Rashid, Operations Manager.

Achievements and Milestones

The company has a slew of achievements under its belt since its inception:

1. Secured $1.1 million in series A-1 round funding.

2. Hit over 100,000 likes on Facebook.

3. Launched both our iOS and Android mobile apps.

4. Upgraded and rebranded our website.

5. Teamed up with PepsiCo as our Official Beverages Partner.

6. Partnered with Foodies Family, a noted Facebook group for food aficionados.

7. Have more than 300 restaurants on board.

8. Ventured into a separate business vertical called, Cheetay Healthcare.

9. Introduced a sub-category called, The Cheetay Tiffin.

According to Ahmed Khan “I’ve been in the e-Commerce business since 2012 and launched the biggest e-Commerce brand in the country (Daraz.pk, Kaymu.pk, etc.). What I have learned from my experience is that if you are averse to change, technology is not for you. Paying attention to the underlying needs of the marketplace is our mantra while providing a quality service. We have strictly adhered to our core values and founding beliefs which is why cheetay.pk has become a viable company that has grown immensely despite industry behemoths like Foodpanda being omnipresent. I just want to thank the throngs of valuable customers, strategic partners and the massive list of vendors who have helped shape the company into what it is.”

For more information, contact:
Cheetay.pk
Tel: +92-42-111-119-666, +92-340-3332830
E-mail: info@cheetay.pk
Website: www.cheetay.pk

Karachi, March 05, 2018 (PPI-OT):Valuation Snapshot

Stock                            Ticker    Reported EPS      Estimated EPS     Forward P/E     Market Price      Fair Vlaue     Earnings Yield   Dividend Yield    Total Return    Exp. Dividend     Last Yr Dividend

Honda Atlas Cars                  HCAR         42.96             55.08             8.74           481.34           838.0                9%              3%              12%               16                  13
Pak Suzuki Motor Company          PSMC         33.69             50.31             9.63           484.37           520.3                7%              2%               9%               12                 5.5
Indus Motor Company               INDU        165.41            196.87             8.92         1,755.86         2,110.0                9%              7%              17%              130                 115
D. G. Khan Cement Co              DGKC         18.20             17.77             8.62           153.09           210.0               12%              5%              16%                7                 7.5
Lucky Cement Limited              LUCK         42.34             38.55            16.71           643.99           727.0                7%              2%               8%               11                  12
Fauji Cement Company              FCCL          1.89              2.92             9.42            27.51            36.8                7%              9%              16%              2.5                 0.9
Maple Leaf Cement Factory         MLCF          9.05              7.08            10.51            74.41           106.1               12%              4%              17%             3.25                3.75
Engro Fertilizers Limited         EFERT         6.78              8.70             7.97            69.36            78.1               10%             11%              21%             7.50                7.00
Fauji Fertilizer Co               FFC           9.26              8.57            10.56            90.54           111.0               10%              9%              19%                8                 7.9
Fauji Fertilizer Bin Qasim        FFBL          1.43              1.73            21.49            37.18            45.3                4%              3%               7%                1                 0.5
United Bank Limited               UBL          22.65             22.79             8.31           189.37           252.0               12%              7%              19%            13.00               13.00
Bank Alfalah Limited              BAFL          4.96              6.15             7.71            47.43            50.0               10%              4%              15%                2                   0
Habib Bank Limited                HBL          21.69              6.40            32.83           210.09           233.0               10%              3%              14%                7                  14
Oil and Gas Development Co        OGDC         14.83             16.90             9.76           164.97           187.0                9%              4%              13%                7                   6
Pakistan Petroleum Limited        PPL          18.10             23.90             8.54           204.02           224.0                9%              5%              14%               10                   9
Pakistan State Oil Company        PSO          67.08             54.55             5.47           298.24            U/R                22%              7%              29%               20                  25
Hub Power Co                      HUBC          8.29              7.80            12.68            98.91           137.5                8%              7%              15%                7                 7.5
Kot Addu Power Company            KAPCO        10.73              9.55             6.34            60.55            77.1               18%             13%              31%                8                9.05
Nishat Chunian Limited            NCL           6.75              6.79             7.24            49.18            58.0               14%              6%              20%                3                2.75
Nishat Mills Ltd                  NML          12.12             14.20            11.27           160.00           175.0                8%              4%              11%                6                   5
EPS and TP: On their respective year end (annual basis)