BMA Today for December 7, 2018 
 
     FRIDAY 7 December 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.
 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) N.A. N.A.
 US 10YrBOND N.A. N.A.
 LIBOR6MTH N.A. N.A.
 FTSE 100 N.A N.A.
 DOWJONES N.A N.A.
 S&P 500 N.A N.A.
       
 
In Focus
Pakistan Automobile : Challenging environment ahead; INDU remains top pick

   We preview the auto sales for the month of Nov18 where we expect a dip in overall industry (-25% MoM, -3% YoY in 5MFY19) on account of various reasons including; (i) structural changes, (ii) persistent price increase since start of CY18, and (iii) seasonal effect. We believe another round of price increase by local OEMs is on the cards post the recent bout of devaluation. Having said that, we contend that OEMs operating in 1,300-1,800cc segments (INDU and HCAR) are likely to be in a better position to increase prices as compared to players operating in price sensitive segment of 800-1000cc cars (PSMC). We foresee the policy backdrop to get increasingly competitive for local demand growth and margin scenario. Persistent price increase and soaring interest rates are likely to suppress consumers’ buying power. We reiterate our liking for INDU with DCF-based TP of PKR1,550/sh driven by strong balance sheet and gross margins, diversified product portfolio and superior dividend yield of 9%. The stock trades at forward P/E of 7.9x.

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Media Watch

Sectoral: Cabinet approves Rs25.7bn gas subsidy for exporters / Dawn
Sectoral: PPL makes another gas discovery / Dawn
Sectoral: Pak India trade much below full potential: World Bank / Dawn
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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.