BMA Today for August 17, 2018 
 
     FRIDAY 17 August 2018 
 
 

 

   

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At a Glance

Previous Market Session

Local Market    
 KSE 100 N.A N.A
 KSE T. Value PKRbn N.A N.A
 10YR PIB N.A N.A
 6M KIBOR N.A. N.A.
 PKR/USD N.A. N.A.
Asia Pacific    
 BSE SENSEX 30 N.A N.A.
 NIKKEI 225 N.A N.A.
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 KUALA LUMPUR N.A N.A.
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Middle East    
 DFM GENERAL N.A N.A.
 TADAWUL ALL SHARE N.A N.A.
 MSM30 INDEX N.A N.A.
 KUWAIT SE WEIGHTED N.A N.A.
 DSM 20 INDEX N.A N.A.
Global Markets    
 OIL (NYMEX) N.A. N.A.
 US 10YrBOND N.A. N.A.
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In Focus
Attock Cement Pakistan Limited: Downgrade to Neutral on price run up, estimates revision

   We tweak our earnings estimates for Attock Cement Pakistan Limited (ACPL) by -8/-5/-14% for FY19/20/21E incorporating; (i) actual FY18 results, (ii) change in sales mix, (iii) increasing distribution cost, and (iv) delay in operational enhancement projects.Our revised DCF-based TP for ACPL stands at PKR182/sh, offering 15% upside from current levels. We downgrade our stance on the scrip by one notch from Buy to Neutral based on recent price performance (30% run-up in 1mth). ACPL posted above-expected earnings of PKR38.42/sh in FY18 (up 45% YoY) driven by one-off tax income of PKR2bn (PKR 17.50/sh) booked in 4QFY18. We expect FY19 earnings for ACPL to drop by 22% YoY on before tax basis, mainly driven by (i) delay in 15MW WHR project, and (ii) 0.9mn tons expansion in Iraq (both projects now expected by Sep’18). Key upside/ downside risks include: (i) better than expected contribution from Iraq project, (ii) higher than expected price drop in South region, and (iii) currency volatility.

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Media Watch

National: Election of Leader of House: PPP decides to abstain from voting/ Business Recorder
National: PTI-led govt faces immediate pressure to lure external funding: Fitch Ratings / The News
Economy: Forex reserves fall to USD16.712bln/ The News
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DISCLAIMER
This memorandum is produced by BMA Capital Management Limited and is only for the use of their clients. While the information contained herein is from sources believed reliable, we do not represent that it is accurate or complete and should not be relied upon as such. Opinions expressed may be revised at any time. This memorandum is for information only and is not an offer to buy or sell, or solicitation of any offer to buy or sell the securities mentioned.