Fert Sects

Pakistan Fertilizer Sector Review
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October 2007
FERTILIZER PAKISTAN

Initiating Coverage
Sobia Muhammad Din

+92-21-111-234-234 ext: 809 + 9 2 - 2 1 - 5 3 6 8 8 0 9 sobia.din@igi.com.pk
Search Search History: Searching... Result 00 of 00 00 results for result for p.
S h a ya n
Hasan
Jafry
Securities
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K.R. Komarek Inc. Manufacturers of Briquetting and Compacting Equipment

www.komarek.com
Fertilizer Pakistan
Securities
CONTENTS Section Page
Introduction .............................................................................................................................3 Valuation Model ......................................................................................................................4 Agriculture: Economic Backbone .........................................................................................5 World Fertilizer Situation .......................................................................................................8 Market Dynamics ..................................................................................................................12 Relative Valuation .................................................................................................................17 Costs ......................................................................................................................................18 Profitability ............................................................................................................................20 Stock Summaries ..................................................................................................................22 Fauji Fertilizer Company Limited ........................................................................23
Search Search History: Engro Chemical Pakistan Limited ......................................................................32 Searching... Result 00 of 00 Fauji Fertilizer Bin Qasim00 results......................................................................43 Limited for result for p.
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Securities
Introduction
An Economy Deriving 20% of Its Output from Agriculture
Pakistan has moved from an economy heavily dependent on agriculture to a relatively balanced economy based on services, industry and agriculture. As of FY07, agriculture contributed 20% to the overall GDP. The government s policies are directed towards improvement of agricultural output through increased credit disbursements to the agricultural sector and improvement in irrigation.
Low Penetration of Fertilizers Expected to Improve

Fertilizer usage in Pakistan is low and the current fertilizer consumption stands at 162.5kg per hectare. This is in large part responsible for the low yield per hectare of cultivated land which stands at 1.44tn per hectare. Fertilizer consumption closely follows economic growth 2 of the country as exhibited by the strong positive correlation (R =0.9841) between fertilizer consumption per hectare and nominal GDP. As the economy is expected to perform well in the future with an estimated nominal GDP growth of 14%, we expect fertilizer penetration to increase to 187kg per hectare. This greater demand is expected to continue in the future as economic growth continues.
Excess Demand Situation-Seller is the King

The industry capacity currently stands at 5.8mntpa whereas local demand is 6.8mntpa. This excessive demand ensures sales of total production. However, this situation is expected to reverse in the year 2010 after which manufacturers will be forced to fight for market share.
Low Resource Costs Result in High Profitability

Pakistan s fertilizer manufacturers have low resource costs due to feedstock gas subsidy advanced by the government. Through this subsidy manufacturers are able to get feed stock gas at significantly lower rates than the market which improves their profitability. This subsidy is expected to remain in place at least for the next three to four years i.e. until the industry faces an excess supply situation. Later on the subsidy may be withdrawn from that portion of production which is exported. Production directed towards local sales is expected to continue receiving the subsidy.
Expansions May Open Up Attractive Export Avenues

The current excess demand situation has prompted capacity expansions which are likely to open up profitable export avenues post 2010. Industry supply is expected to reach 7.5mntpa Search by 2010 which will be higher than local demand. This surplus is likely to be exported to the Search History: neighboring countries.
Searching... AttractiveResult 00 of 00 investment Portfolios-Trading at a Discount The Companies in our coverage are dominant players who hold attractive investment 00 resultsFFC sresult for in FFBL and ENGRO s investments in various for investments portfolios. This includes
subsidiaries. According to our valuations the current market price of the selected companies does not completely reflect the true value of these profitable investments. p.
Regional Comparison-Valuations are Low
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Fertilizers, fertilisers
Fertilizers, fertilisers Fertilizer for professional use www.fermofeed.com
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K.R. Komarek Inc.

Manufacturers of Briquetting and Compacting Equipment www.komarek.com
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Fertilizers, fertilisers
Fertilizers, fertilisers Fertilizer for professional use www.fermofeed.com
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K.R. Komarek Inc.

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Search Fertilizers, fertilisers
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AgroChina +86 21 35323666

Your Best Source Of Pesticide echnical Grade and Formulation. www.agrocn.com/agrochina
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Call For Paper 2012

Publish Your Research Article In International Journal:IOSR JOURNALS iosrjournals.org
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K.R. Komarek Inc.

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Agriculture News/Features
Read our premium, international agriculture news & feature articles www.thecropsite.com
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Pakistan Fertilizer Sector Review

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Search History: Searching... Result 00 of 00 00 results for result for p.

Pakistan Fertilizer Sector Review

Embed Doc Copy Link Readcast Collections CommentGo Back Download

Pakistan Fertilizer Sector Review

Sobia Muhammad Din

Search Search History: Searching... Result 00 of 00 00 results for result for p.

Pakistan Fertilizer Sector Review

K.R. Komarek Inc. Manufacturers of Briquetting and Compacting Equipment

CONTENTS Section Page

Pakistan Fertilizer Sector Review

Pakistan Fertilizer Sector Review

Low Penetration of Fertilizers Expected to Improve

Excess Demand Situation-Seller is the King

Low Resource Costs Result in High Profitability

Expansions May Open Up Attractive Export Avenues

Regional Comparison-Valuations are Low

Pakistan Fertilizer Sector Review

Search Search History: Searching... Result 00 of 00 00 results for result for p.

Pakistan Fertilizer Sector Review

Search Search History: Searching... Result 00 of 00 00 results for result for p.

Pakistan Fertilizer Sector Review

K.R. Komarek Inc.

Search Search History: Searching... Result 00 of 00 00 results for result for p.

Pakistan Fertilizer Sector Review

Search Search History: Searching... Result 00 of 00 00 results for result for p.

Pakistan Fertilizer Sector Review

Search Search History: Searching... Result 00 of 00 00 results for result for p.

Pakistan Fertilizer Sector Review

Search Search History: Searching... Result 00 of 00 00 results for result for p.

Pakistan Fertilizer Sector Review

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Pakistan Fertilizer Sector Review

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Pakistan Fertilizer Sector Review

K.R. Komarek Inc.

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Pakistan Fertilizer Sector Review

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Pakistan Fertilizer Sector Review

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Pakistan Fertilizer Sector Review

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Pakistan Fertilizer Sector Review

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Pakistan Fertilizer Sector Review

AgroChina +86 21 35323666

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Pakistan Fertilizer Sector Review

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Pakistan Fertilizer Sector Review

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Pakistan Fertilizer Sector Review

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Pakistan Fertilizer Sector Review

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Pakistan Fertilizer Sector Review

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