BMA Today for October 19, 2017 
 
     THURSDAY 19 October 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) 51.94

0.1
 US 10YrBOND N.A. N.A.
 LIBOR6MTH 1.53

0
 FTSE 100 7,542.87

26.7
 DOWJONES 23,157.60

160.16
 S&P 500 2,561.26

1.9
       
 
In Focus
Pakistan Power: Higher efficiency gains to deliver earnings growth in 1QFY18

   We expect 1QFY18 earnings of our BMA Power universe to jump by 16%YoY to PKR7.5bn, where across the board jump in load factor has been observed except for KAPCO. However, lower load factor of KAPCO bodes well for the company as its plant is currently incurring fuel losses. Enhancement in FO price by 27%YoY is the main contributor to potentially improved performance of IPPs in 1Q where efficiency gains of newer plants and normalization of maintenance is expected to guide the aggregate bottom-line northwards. On an individual basis, HUBC, KAPCO, NCPL and NPL are expected to post EPS of PKR2.51, PKR2.89, PKR2.58 and PKR2.61, respectively. Dividend payout is expected to be stable for HUBCO (PKR2.0/sh) and KAPCO (Nil as per its bi-annual payout policy), while NCPL and NPL payout is expected to be restored to PKR1.5/sh each in 1QFY18. Overall, we do not foresee exceptional change in the cash balance of the sector as NTDC is running late on its due invoices. Our top picks are HUBC (TP: PKR134) and NCPL (TP: PKR49).

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Media Watch

Sectoral: Ongoing gas shortage to be over in next couple of days / The News
Economy: US announces support for CPEC / The News
Economy: Eight projects remain in problem status: World Bank governments review / 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.