BMA Today for April 20, 2018 
 
     FRIDAY 20 April 2018 
 
 

 

   

Select Archives

 

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) 68.3

0.01
 US 10YrBOND N.A. N.A.
 LIBOR6MTH 2.5

0
 FTSE 100 7,328.92

11.58
 DOWJONES 24,664.89

83.18
 S&P 500 2,693.13

15.51
       
 
In Focus
Pakistan Fertilizers : EFERT and FFBL to race ahead of the pack in 1Q18

   The GIDC-relief rally in Fertilizer sector (+9% in 1-mth) seems to be simmering down, where focus of investors is likely to shift to upcoming results for 1Q. We expect BMA Fertilizer Universe to post earnings of PKR8.4bn in 1QCY18, a jump of 57% YoY driven by healthy volumes and improved prices. We expect Engro Fertilizers Limited (EFERT) and Fauji Fertilizer Bin Qasim (FFBL) to outperform in 1Q, with EFERT expected to post 65% YoY jump in bottom-line while FFBL would post marginal profit (on consolidated basis) as compared to loss as compared to same period of last year. As per our channel checks, DAP prices have seen another round of increase (by PKR30-70/bag) driven by FFC and FFBL to trade in a range of PKR3,160-3,230/bag, while EFERT is expected to follow suit in near-term. Trading at a forward P/E of 9.6x (10% discount to its peers), we reiterate our preference for EFERT with a DCF-based TP of PKR83.

Click to Read More

Media Watch

Sectoral: Waiting for more concessions Chinese hold off textile investment in Pakistan / The News
Sectoral: Govt summons K Electric SSGC as dispute leaves Karachi simmering / Dawn
Economy: Pakistan to launch dollar based savings certificates for overseas residents / Tribune
Click to Read More

Trailblazer


click to view

  Previous Session
Equity Round Up


Click to View
Forex Round Up


Click to View
Fixed Income Round Up


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.