BMA Today for December 14, 2017 
 
     THURSDAY 14 December 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) 56.75

0.15
 US 10YrBOND N.A. N.A.
 LIBOR6MTH 1.74

0.01
 FTSE 100 7,496.51

3.9
 DOWJONES 24,585.43

80.63
 S&P 500 2,662.85

1.26
       
 
In Focus
Pakistan Textiles: Twin positives on the horizon for the textile industry

   The latest development in exchange rate and favorable developments on cotton imports should allow Textile companies to ward off pressure on margins and improve earnings outlook. Companies with greater tilt towards the spinning business and dollar-based exports such as NCL would benefit the most from potential reduction in cotton prices and rupee devaluation. We estimate every 1% reduction in cotton price would lift our earnings estimate by 2.9%. Although the current exchange rate movement is within our forecast for FY18, timing and extent of rupee devaluation has opened up upside to our FY18 avg. (PKR107.4/USD). We highlight that every 1% depreciation beyond our estimates, may increase our earnings estimates for NML and NCL by 4.4% and 4.7%, respectively. Within BMA textile space we maintain our preference for NML (TP: PKR171/sh) due to its (i) concentration in value added segment, (ii) large diversified investment portfolio, and (iii) diversified energy mix.

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Media Watch

Sectoral: Shanghai Electric to extend timeline for KE deal / Dawn
Economy: US allocates $700 million under CSF / Business Recorder
Sectoral: NPLs decline by Rs 3 billion in third quarter / 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.