BMA Today for May 17, 2013 
 
     FRIDAY 17 May 2013 
  HOME IN FOCUS MEDIA
WATCH		 EQUITY FOREX FIXED
INCOME		 TRAILBLAZER COMMODITY
 

 
   

Select Archives

  

At a Glance

Previous Market Session
Local Market    
 KSE 100 20,416.60

▼

 150.09
 KSE T. Value PKRbn 8.40

▼

 3.72
 10YR PIB 11.22

▼

 0.03
 6M KIBOR 9.59

►

 0
 PKR/USD 99.92

▼

 0.2
Asia Pacific    
 BSE SENSEX 30 20,247.33

▲

 34.37
 NIKKEI 225 15,037.24

▼

 58.79
 STRAITS TIMES INDEX 3,452.28

▲

 10.75
 KUALA LUMPUR 1,766.72

▼

 16.31
 JAKARTA COMP. 5,078.68

▼

 11.2
 THAI SET 50 1,617.89

▼

 12.2
Middle East    
 DFM GENERAL 2,296.01

▲

 9.41
 TADAWUL ALL SHARE 7,147.42

►

 0
 MSM30 INDEX 6,376.72

▲

 24.53
 KUWAIT SE WEIGHTED 463.80

▼

 1.05
 DSM 20 INDEX 8,916.90

▼

 18.03
Global Markets    
 OIL (NYMEX) 95.16

▲

 0.86
 US 10YrBOND 1.99

►

 0
 LIBOR6MTH 0.42

▼

 0
 FTSE 100 6,687.80

▼

 5.75
 DOWJONES 15,233.22

▼

 42.47
 S&P 500 1,650.47

▼

 8.31
       
 
In Focus
Engro Polymer & Chemicals: Revisiting investment case; TP upgraded to PKR14.5/sh

   Based on 1) higher Soda Ash prices and 2) better than expected volumetric sales of PVC, we have upward revised our FY13E and FY14E EPS by 22% and 16% to PKR1.50 and PKR1.83 respectively

   Resultantly, our Dec13 TP of the stock now stands at PKR14.5/sh which represents a total return of 26% over current trading levels thus we maintain our “BUY” stance on the stock

   Full swing operations of VCM plant, steady caustic soda segment operations and most importantly upcoming capacity expansion by 30k tons will be the key value drivers for the stock

   Recent strengthening of demand from India with some support from Chinese buying will provide much needed lift to PVC prices (down by 6% MoM) and thus improve margins

   The company plans to complete the process of adding 30k tons capacity to 155k tons in three phases at an estimated cost of PKR600mn-700mn. The entire process is expected to complete by Jan15

   Barring the impact of one-time insurance claim realized in 1QCY12, the earnings of the company surged by a robust 45% to PKR263mn (EPS: PKR0.40) in the outgoing 1QCY13

Click to Read More

Media Watch

National: Raiwind revelations: Nawaz picks Ishaq Dar as finance minister \ Tribune
Economy: Deficit at 4.4pc for July to March \ The News
Sectoral: Government releases Rs 10 billion to PSO \ Business Recorder
Click to Read More

Trailblazer

 click to view

   Previous Session
Equity Round Up
Market down by 150 points

Click to View
Forex Round Up
PKR is expected to trade between PKR 98.44 - 98.64

Click to View
Fixed Income Round Up
Discounting of PKR84.85bn took place

Click to View		  
 Important Info  
 
 
 
   
 BMA CAPITAL - Pakistan's Premier Investment Group
  Capital Markets | Corporate Finance | Asset Management | Research | Retail Brokerage | Funds Distribution 		   www.bmacapital.com    

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.