BMA Today for May 30, 2017 
 
     TUESDAY 30 May 2017 
 
 

 

   

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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 31,109.28

81.07
 NIKKEI 225 19,576.19

110.65
 STRAITS TIMES INDEX 3,201.60

17.82
 KUALA LUMPUR 1,765.58

43.28
 JAKARTA COMP. 5,724.40

7.59
 THAI SET 50 1,570.35

1.08
Middle East    
 DFM GENERAL 3,318.12

24.52
 TADAWUL ALL SHARE 6,821.71

38.32
 MSM30 INDEX 5,385.21

1.43
 KUWAIT SE WEIGHTED 401.16

0.16
 DSM 20 INDEX 10,112.39

10.84
Global Markets    
 OIL (NYMEX) 49.83

0.03
 US 10YrBOND N.A. N.A.
 LIBOR6MTH 1.41

0
 FTSE 100 7,547.63

0
 DOWJONES 21,080.28

0
 S&P 500 2,415.82

17.4
       
 
In Focus
Nishat Power Limited: Likely resumption of payout to deliver price performance

   We reinstate coverage on Nishat Power Limited (NPL) with overweight stance and TP of PKR54.0/sh (upside of 15%) based on FCFE.

   Our liking for the stock is based on (i) expectation of normalization of dividend payout, (ii) likely increase in load factor, (iii) ease in circular debt burden, and (iv) protraction of higher thermal efficiency.

   With higher oil prices and normalization of O&M cycle, earnings contribution of O&M and fuel savings is likely to step up.

   Partial repayment of overdue receivables by the end of June’17 and timely payment of its build-up currently being made should allow the company to assume cash payout. In 4QFY17, we expect DPS at PKR1.5, taking cumulative FY17 DPS to PKR3.5.

   Approval of generation license and new tariff confirmation for imported coal based projects will give clear direction for Nishat Energy Limited (NEL) valuation

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Media Watch

Sectoral: Steel set to become expensive as budgetary measures kick in / Tribune
Sectoral: PSO announces special Ramazan prices / The News
Sectoral: Government approves PPIB AEDB merger / Business Recorder
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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.