BMA Today for September 22, 2017 
 
     FRIDAY 22 September 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 N.A N.A.
 NIKKEI 225 N.A N.A.
 STRAITS TIMES INDEX N.A N.A.
 KUALA LUMPUR N.A N.A.
 JAKARTA COMP. N.A N.A.
 THAI SET 50 N.A N.A.
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) 50.58

0.03
 US 10YrBOND N.A. N.A.
 LIBOR6MTH 1.48

0
 FTSE 100 7,263.90

8.05
 DOWJONES 22,359.23

53.36
 S&P 500 2,500.60

7.64
       
 
In Focus
Nishat Power Limited Maintain Overweight on easing cash flows

   Latest FY17 result announcement strengthens our conviction on Nishat Power Limited given normalization of maintenance post major overhaul conducted in FY17 substantiate 27 expected earnings growth in FY18 and recommencement of hefty payout as final DPS of PKR2 came in ahead of our estimate of PKR1.5 Partial repayment of overdue receivables along with current scenario of timely payment by NTDC lead us to believe that further deterioration in the cash balance is unlikely. NPL remains a key beneficiary of likely Rupee devaluation against USD. We project every 5% depreciation (above 4% base case) may lead to PKR0.26/sh upside in NPL’s bottom-line. We reiterate our Overweight stance on NPL with FCFE based TP of PKR54, reflecting total return of 29%. NPL’s announcement of final dividend of PKR2/sh is slightly above our expectations and would contribute ~PKR0.95 to NPL’s parent company, NML’s earnings.

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Media Watch

Sectoral: Cotton prices move up further / Dawn
Sectoral: Nepra likely to approve Rs 1.81 per unit refund / Business Recorder
Sectoral: DAP fertiliser for Afghanistan: Cargoes being detained over security fears / 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.