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News aggregation website beta testing 8 Nov 2012 | 12:24 pm
A news aggregation website covering Pakistani news is now available to user although still under beta testing. It is much like other news aggregators as it will Pakistani readers reducing the time nee...
Macro Positives in C/A to provide near-term cushion 24 Sep 2012 | 02:39 pm
Talks with IMF authorities under post-program monitoring are due to begin Sep 26th, where Pakistan’s debt repayment capacity is expected to come under focus. We flag recent positives in the form of (1...
Fatima Fertilizer 2QCY12 Review: Bottom line disappoints 4 Sep 2012 | 10:18 am
2QCY12 bottom-line disappoints Fatima Fertilizer reported 2QCY12 bottom line at PKR2.1bn (EPS: PKR1.03) against PKR438mn (EPS: PKR0.21) in 1QCY12, up 3.9xQoQ. Bottom line came in lower than our and co...
Refineries: Outlook changed for the better 30 Aug 2012 | 11:45 am
Refinery sector’s earnings outlook has turned the corner in the last few months given (1) improvement in GRMs, (2) rebound in oil prices and (3) relative stability of exchange rate. GRMs have posted a...
7MCY12 fertilizer sales: Bring on DAP, Urea remains volatile 30 Aug 2012 | 10:31 am
Urea offtake down 1% YoY in 7MCY12 Urea offtake for Jul-12 was recorded at 389k tons down 19% YoY. However, in the 7MCY12 period, urea offtake was only marginally down by 0.7%, despite a 47% rise in a...
Fatima Fertilizer: Estimates cut but lower DR to support PO 29 Aug 2012 | 10:26 am
Estimates cut; Discount rate cut supports PO at PRs30 We cut our earnings estimates for Fatima Fertilizer by ~12% for 2012/13E to account for 1) decline in industry-wide fertilizer product prices, 2)...
Fauji Fertilizer: Downgrade to U/P on rising risk profile for urea business 29 Aug 2012 | 10:20 am
Downgrade to Underperform on rising risk profile We downgrade FFC to Underperform on deteriorating industry pricing power. We lower 2012/2013E EPS by 4%/9% and PO by 9% to PRs109 to account for 1) re...
New E&P policy may deliver long-term benefits 28 Aug 2012 | 12:11 pm
The government has unveiled the final version of the E&P Policy 2012. Overall, the policy provides improved oil & gas pricing terms, favorable conversion option for existing exploration leases, incent...
Fatima Fertilizer 2QCY12 Preview: In Cruise control 27 Aug 2012 | 02:20 pm
Fatima Fertilizer is expected to announce its 2QCY12E results tomorrow. We expect the company to clock in bottom line of PKR3.05bn (EPS: PKR1.53) which will take 1HCY12 PAT to PKR3.4bn (EPS: PKR1.75)....
FFBL: Estimates cut; triggers need clarity 27 Aug 2012 | 11:59 am
We cut our PO for FFBL by 7% to PRs38/sh led by 7/17% cut in earnings estimates due to decline in urea and DAP prices. FFBL’s DAP inventory level has surged to ~200k tons which is close to levels seen...
