Professional Documents
Culture Documents
StockSmart
Weekly Review
FCCL
90.01
PTC
60.29
BAFL
50.12
14.0%
300,000
25,000
12.0%
24,900
10.0%
24,800
8.0%
24,700
6.0%
24,600
4.0%
24,500
2.0%
24,871
24,801
250,000
24,588
200,000
24,445
24,402
ENGRO
41.23
150,000
MLCF
34.73
100,000
24,400
0.0%
24,300
2.0%
24,200
4.0%
50,000
26,000
700
24,100
2-Dec
3-Dec
4-Dec
5-Dec
6-Dec
25,000
600
24,000
500
23,000
22,000
400
21,000
300
20,000
19,000
200
18,000
100
17,000
Volume (LHS)
Oct-13
Nov-13
Aug-13
Jun-13
May-13
Mar-13
Jan-13
16,000
Dec-12
DAWH
Volum e (m n)
(Index)
NCL
Sym bol
(Shrs'000)
EPCL
KAPCO
SHEL
US$bn
55.49
54.14
2.48%
FFC
PkRbn
6,013.66
5,874.54
2.37%
LOTCHEM
Indices
KMI-30
Allshare
This week 41,535.13 18,448.49
Last week 40,669.34 18,010.72
Change
2.13%
2.43%
AKBL
Indices
KSE-100
KSE-30
This week 24,870.55 18,624.99
Last week 24,302.19 18,246.01
Change
2.34%
2.08%
The KSE-100 Index gained 2.34%WoW to close at 24,871 points while it breached
the 25,000 points mark during intraday trading on the last trading day. Notably, average daily traded volumes picked up considerably during the week to 194mn shares,
signaling revived investor confidence in the market despite deteriorating macro indicators. Key news flows during the week included 1) the government approved 28
construction and development projects worth PkR245bn, 2) a financial advisor for
conducting privatization of 31 PSEs was hired by the government, 3) the ECC held
back the decision to announce the gas load management program for winters, 4)
some EU countries voted against the GSP Plus status to be clubbed together for
beneficiary countries, including Pakistan, 5) the MPNR suggested removal of
deemed duty on HSD for refineries, and 6) the government sought early disbursement of CSF funds from USA amid swiftly deteriorating foreign exchange reserves.
Top gainers within the AKD Universe during the week included HCAR (+12.7%
WoW), ICI (+7.9%WoW), AKBL (+6.4%WoW), LOTCHEM (+5.6%WoW) and FFC
(5.4%WoW). Top losers during the week were DAWH (-3.4%WoW), NCL (-2.9%
WoW), EPCL (-1.3%WoW), KAPCO (-1.0%WoW) and SHEL (-0.9%WoW). Volumes
were led by FCCL (90.01mn), PTC (60.29mn), BAFL (50.12mn), ENGRO (41.23mn)
and MLCF (34.73mn).
ICI
research@akdsecurities.net
009221 111 253 111
HCAR
AKD Research
Mkt Cap.
This week
Last week
Change
6 December 2013
Outlook
While macro weaknesses could keep performance of sectors vulnerable to currency
devaluation and interest hikes, further valuation expansion of the broader market
could emanate from continued positive earnings momentum going forward, where
we prefer selected stocks in the Oil and Gas, Banking, Power and Textile sectors.
KSE-100 Index
relationships and analyst certification at end of this report. AKD Securities does and seeks to do business with companies covered in its research reports. As a result, inves-
AKD SECURITIES
Member: Karachi Stock Exchange
Copyright2013 AKD Securities Limited. All rights reserved. The information provided on this document is not intended
for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be
contrary to law or regulation or which would subject AKD Securities or its affiliates to any registration requirement within
such jurisdiction or country. Neither the information, nor any opinion contained in this document constitutes a solicitation
or offer by AKD Securities or its affiliates to buy or sell any securities or provide any investment advice or service. AKD
Securities does not warrant the accuracy of the information provided herein.
www.akdsecurities.net
StockSmart
6 December 2013
25,003
24,974
24,945
24,916
24,887
24,858
24,829
16:33
15:48
15:04
14:20
13:37
12:55
12:12
11:28
9:59
10:44
9:15
24,800
Cement dispatches for Nov'13 have reportedly clocked in at 2.7mn tons posting a subdued growth of 3%YoY as compared to 2.6mn tons in Nov'12. In this regard, while domestic dispatches displayed strong growth of 9%YoY to clock in at 2.1mn tons, export
dispatches posted the eighth consecutive month of YoY decline, clocking in at 601k
tons (-13%YoY). Going forward, while we expect sequential growth to remain subdued
during the Dec- Feb period due to the onset of winter in the North, we may witness YoY
growth in the coming months led by an increase in local demand. On the pricing front,
THCCL and POWER recently increased retail prices in the South region by PkR15/bag,
an increase of 3%. In this regard we believe competitors will likely follow with a similar
increase in prices in the South as well as the North in two phases (PkR15/bag likely in
Dec'13 and a further PkR10/bag increase in the new calendar year). At current levels,
we have a Buy rating on DGKC (FY14F P/E: 6.0x) where our target price of PkR108/
share offers 38% upside.
Pakistan Market: Regulatory front gaining importance, (December 05, 2013)
24,600
24,555
24,510
24,465
15:35
14:58
14:21
13:45
13:08
12:32
11:56
11:19
10:43
9:30
10:06
24,420
In recent write-ups, we had indicated the likelihood of significant regulatory developments in the coming few months. In this regard, key sectors likely to share limelight
include OMCs, Refineries, Pharmaceuticals, Fertilizers, Textiles and Autos. Considering there is space before the next round of quarterly results, regulatory as well as corporate developments are likely to be key drivers for near term market performance.
While some potential adverse developments (e.g. deemed duty elimination for refineries/opposition to GSP Plus for Pakistan) may not materialize in our view, we do see a
mixed bag for Autos (possible increase in import age limit) and Pharmas (dragged out
negotiations over price hike). Outlook for these regulatory developments are discussed
in today's Daily.
FFBL: DAP in the spotlight, (December 04, 2013)
24,552
We expect FFBL to post a strong 38%YoY earnings growth in CY13 (EPS: PkR6.4) on
the back of 13%YoY higher DAP production during the year, where the management
target of 725k tons for the year is 75k tons higher than the company's design capacity
of 650k tons. However, risks to our estimates arise from the government's decision on
the duration of winter gas load management, where a complete suspension of gas in
Dec'13 wipes off our CY13 earnings estimates for the company by 11%. Risks to future
earnings also arise from the proposed gas tariff rationalization, where every PkR100/
mmbtu increase in feedstock tariff results in a PkR110/bag cost hike for urea and
PkR40/bag for DAP. While FFBL's stock price has gained 9x% in 4QCY13TD, it still
trades at a discount to peer CY13F P/E of 7.0x. At current levels, FFBL provides upside
of 18% to our TP of PkR49/share with a CY14F D/Y of 13.8%. Accumulate!
24,508
24,464
14:59
14:22
13:46
13:10
12:33
11:56
11:20
10:43
9:30
10:06
24,420
24,479
24,457
15:15
14:25
13:36
12:47
11:58
11:09
9:30
10:19
24,435
14:47
14:02
13:17
12:31
11:46
11:01
9:30
10:15
24,299
Nov'13 CPI has risen by 1.27%MoM to clock in at 10.9%YoY, higher than consensus
expectations. As a result, 5MFY14 average CPI has registered at 8.8%YoY vs. 8.4%
YoY during the same period last year. The steep sequential rise in inflationary pressures has come on the back of increase in Food inflation (particularly perishable food
items up 43%YoY/12%MoM), 2) second round impact of increase in electricity tariffs
and 3) inflationary expectations. Similarly, Core inflation maintained its upward trajectory to come in at 9.2%YoY in Nov'13 vs. 8.8%YoY in Nov'12. Going forward, CPI could
continue to register in double digits across the rest of the fiscal year which may push
the FY14 CPI average above 10%. As a result, we believe the interest rate hike cycle is
set to continue particularly in the backdrop of currency weakness. In this regard, while
we believe the market has largely priced in a rising interest rate environment, vindicated by the KSE-100's rebound yesterday after an initial kneejerk reaction to high CPI,
we advocate a more balanced approach at current levels. Our preferred plays include
NML, DGKC, ICI, UBL, NBP, HUBC and KAPCO.
Source:KSE&AKDResearch
StockSmart
6 December 2013
StockSmart
6 December 2013
EPSGrowth
Pakistan
21%
Indonesia
17%
Malaysia
16%
Philippines
10%
Vitenam
7%
India
20%
China
13%
PE(x)
8.42
12.11
12.49
15.56
16.29
12.98
8.70
Country
BloombergCode
%
Pakistan
Indonesia
Malaysia
Philippines
Vitenam
India
China
DivdYld
6.13
2.40
3.27
2.43
n.a
1.86
3.37
Pakistan
Srilanka
Thailand
Jakarta
Malaysia
Philippines
Vietnam
HongKong
Singapore
Brazil
Russia
India
China
S&P
DJIA
NASDAQComposite
UK
German
Qatar
AbuDhabi
Dubai
Kuwait
Oman
SaudiArabia
MSCIEM
MSCIFM
KSE100Index
CSEALLIndex
SETIndex
JCIIndex
FBMKLCIIndex
PCOMPIndex
VNINDEXIndex
HSIIndex
FSSTIIndex
IBXIndex
RTSSTDIndex
SENSEXIndex
SHCOMPIndex
SPXIndex
INDUIndex
CCMPIndex
UKXIndex
DAXIndex
DSMIndex
ADSMIIndex
DFMGIIndex
KWSEIDXIndex
MSM30Index
SASEIDXIndex
MXEFIndex
MXFMIndex
ROE
22.31
18.64
13.61
13.72
17.38
16.87
13.84
6Dec13
29Nov13
24,944
5,810
1,358
4,181
1,827
6,015
510
23,743
3,114
21,105
9,761
20,993
2,237
1,785
15,822
4,033
6,526
9,136
10,389
3,940
3,013
7,765
6,769
8,244
998
581
24,302
5,775
1,371
4,256
1,813
6,209
508
23,881
3,176
21,971
10,064
20,792
2,221
1,806
16,086
4,060
6,651
9,405
10,375
3,850
2,946
7,785
6,726
8,325
1,018
582
WoW
CYTD
2.64%
47.55%
0.61%
2.96%
0.93%
2.41%
1.78%
3.15%
0.79%
8.17%
3.12%
3.48%
0.46%
23.30%
0.58%
4.79%
1.96%
1.67%
3.94%
3.99%
3.01%
3.48%
0.97%
8.06%
0.75%
1.41%
1.15%
25.16%
1.65%
20.74%
0.66%
33.57%
1.87%
10.65%
2.86%
20.01%
0.14%
24.29%
2.33%
49.75%
2.29%
85.72%
0.26%
30.85%
0.64%
17.50%
0.98%
21.21%
1.95%
5.38%
0.28%
18.53%
Source: Bloomberg
6Dec13
29Nov13
80.322
80.680
USD/PkR
108.395
108.471
USD/JPY
102.170
103.0
101.0
99.0
97.0
PkR/US$ Trend
WoW
CYTD
0.358
0.44%
0.69%
0.076
0.07%
11.59%
102.440
0.270
0.26%
17.78%
EUR/USD
1.367
1.359
0.008
0.56%
3.59%
GBP/USD
1.636
1.637
0.001
0.04%
0.65%
AUD/USD
0.906
0.911
0.005
0.52%
12.82%
NZD/USD
0.819
0.812
0.007
0.82%
1.17%
2.11%
109.0
DollarIndex
107.0
105.0
Dec-13
Oct-13
Aug-13
Jul-13
May-13
Mar-13
Jan-13
Dec-12
95.0
Source: Bloomberg
Chg+/
CHF/USD
0.896
0.906
0.010
1.11%
CAD/USD
1.066
1.061
0.004
0.39%
7.40%
USD/KRW
1,058
1,058
0.300
0.03%
0.61%
CNY/USD
6.083
6.094
0.011
2.37%
0.19%
Source: Bloomberg
Commodities
TRJ-CRB Index
305
300
295
290
285
SPOT
Units
6Dec13
29Nov13
WoW
CYTD
TRJCRB
Points
277.62
274.88
1.00%
5.89%
Nymex(WTI)
US$/bbl.
97.23
92.72
4.86%
5.89%
ICEBrent
US$/bbl.
111.29
110.57
0.65%
0.58%
N.GasHenryHub
US$/Mmbtu
3.9792
3.7905
4.98%
15.67%
Cotton
USd/Pound
85.55
84.9
0.77%
3.13%
Gold
US$/Tr.Oz
1227.86
1253.49
2.04%
26.71%
Sliver
US$/Tr.Oz
19.4865
19.99
2.52%
35.78%
Copper
US$/MT
7064.75
7054.25
0.15%
10.65%
Platinum
US$/Oz
1354.3
1362.2
0.58%
12.02%
Coal
US$/MT
83.35
83.35
0.00%
8.05%
280
275
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Dec-12
270
Source: Bloomberg
Source: Bloomberg
StockSmart
6 December 2013
Chart Bank
Earnings Yield vs. T-Bill (12M) Differential
(%)
12.0
1.50
10.0
1.40
8.0
6.0
1.30
4.0
1.20
2.0
1.10
(2.0)
1.00
(4.0)
0.90
Nov-13
Sep-13
Jul-13
Apr-13
(US$'000)
12,000
10,771
Co., 2.88
Bank/DFI,
2.52
2.00
10,000
8,000
NBFC, 4.70
6,000
4,531
(2.00)
4,000
2,000
Jun-13
0.80
Dec-12
Oct-13
Feb-13
Jun-12
Nov-11
Mar-11
Aug-10
Dec-09
Apr-09
Sep-08
Jan-08
Jun-07
(6.0)
Feb-13
Others,
(0.60)
Ind., 0.10
(4.00)
1,266
(6.00)
(2,000)
(8.00)
(4,000)
(4,005)
(6,000)
(6,352)
(8,000)
2-Dec
3-Dec
4-Dec
(10.00)
M.Funds,
(11.11)
(12.00)
5-Dec
6-Dec
50%
40%
70%
KSE100
60%
M SCI EM
50%
M SCI FM
40%
30%
30%
20%
20%
10%
10%
0%
-10%
0%
-20%
Mar-13
Jun-13
Sep-13
Dec-13
AKD Universe
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
-10%
Dec-12
StockSmart
6 December 2013
2011A
8.42
24.32
25.20
38.76
57.68
2012A
9.30
10.52
10.97
44.64
59.02
2013F
10.11
8.71
15.55
48.88
51.86
2014F
12.21
20.77
24.60
54.74
51.60
2015F
14.11
15.51
16.68
61.45
49.32
12.22
2.65
13.11
3.18
19.43
8.18
4.72
7.57
11.05
2.30
11.82
2.78
21.02
9.05
5.34
6.69
10.17
2.10
10.23
2.48
10.21
9.83
5.10
5.88
8.42
1.88
8.21
2.15
18.61
11.88
6.13
5.08
7.29
1.67
7.03
1.90
11.27
13.72
6.77
4.50
21.71
4.09
17.34
23.46
14.48
11.20
20.84
3.89
17.28
21.84
12.98
10.55
20.69
4.14
6.24
22.87
14.01
10.80
22.31
4.42
14.01
22.47
13.89
11.44
22.95
4.63
10.33
22.91
14.59
11.98
Dec-13
Sep-12
Jul-11
Apr-10
Feb-09
Nov-07
Sep-06
Jul-05
Dec13
Sep12
Jul11
Apr10
Feb09
Nov07
Sep06
Jul05
0.8
StockSmart
6 December 2013
Symbol
Price
TP
(PkR)
(PkR)
Stance
EPS
(PkR)
12A 13A/F
14F
PE(x)
12A 13A/F
DY
(%)
14F 12A 13A/F 14F 12A13A/F 14F
PB(x)
AutomobileandParts
IndusMotors
INDU
340.5 385.31Accumulate 54.742.7 49.016.28.06.91.61.51.49.47.37.0
PakSuzukiMotors
PSMC
143.7 173.46
Buy
11.924.3 21.7112.15.96.60.70.70.61.73.52.8
Construc onandMaterials
DGKhanCement
DGKC
77.4 105.06
Buy
9.412.6 14.678.36.25.31.00.80.71.93.94.5
Chemicals
EngroPolymerChemicals
EPCL
12.5 16.49
Buy
0.11.11.13 107.911.911.11.31.21.1
ICIPakistanLimited
ICI
205.4 221.00Accumulate 9.79.3 17.6721.322.011.61.91.81.72.72.44.4
Lo ePakistanPTALimited
LOTCHEM 7.0 8.90
Buy
0.00.51.14 n.m14.36.20.90.80.73.610.7
DawoodHerculesLimited
DAWH
54.7 71.83
Buy
2.09.2 13.0726.85.94.21.3 n.a n.a1.8
FaujiFert.BinQasimLtd.
FFBL
41.9 49.33Accumulate 4.66.46.639.06.66.33.12.52.510.7 13.114.9
FaujiFer lizerCompany
FFC
113.9 138.62
Buy
16.416.9 16.417.06.86.96.66.05.813.6 14.014.3
Fa maFer lizer
FATIMA 28.6 35.09
Buy
2.94.15.029.87.05.72.11.81.57.07.07.0
FoodProducers
EngroFoodsLimited
EFOODS 93.0 80.92 Reduce 3.41.72.6027.554.435.87.16.25.3
Oil&Gas
Oil&GasDevelopmentCo.
OGDC
277.9 265.50 Neutral 21.621.1 27.6112.813.210.14.53.73.02.63.04.1
PakOilfields
POL
493.2 612.57
Buy
50.145.8 59.129.810.88.33.33.43.110.69.19.3
PakistanStateOil
PSO
321.2 333.46 Neutral 36.750.8 75.498.86.34.31.61.31.01.21.13.1
Electricity
HubPowerCo.
HUBC
61.0 77.41
Buy
7.18.19.628.67.56.32.32.12.19.8 13.114.8
KotAdduPowerCompany
KAPCO
61.4 63.00 Neutral 6.98.49.058.97.36.82.32.22.211.2 12.214.3
FixedLineTelecommunica on
PakistanTelecommunica on PTC
30.3 29.71 Neutral 2.23.14.2013.59.97.21.31.31.27.49.9
PersonalGoods
NishatMills
NML
115.5 127.00Accumulate 10.016.6 17.6111.56.96.61.10.80.73.03.54.5
NishatChunianLtd.
NCL
54.8 67.55
Buy
3.511.4 14.5815.74.83.81.81.41.13.03.39.1
Banks
AlliedBankLimited
ABL
90.6 95.03 Neutral 11.410.7 11.007.98.48.24.13.53.135.36.16.6
BankAlFalah
BAFL
25.8 26.95 Neutral 3.43.33.797.67.786.81.21.141.07.75.86.8
HabibBankLimited
HBL
162.8 154.97 Neutral 16.716.3 18.199.810.08.91.61.61.54.25.25.8
MCBBankLimited
MCB
289.7 255.00 Reduce 20.922.2 22.3613.913.013.02.82.62.44.14.85.2
Na onalBankofPakistan
NBP
55.9 62.50Accumulate 7.95.78.017.19.896.980.80.7 0.7110.98.19.8
UnitedBankLtd
UBL
131.5 145.00Accumulate 15.715.0 15.938.48.88.31.61.51.46.56.56.8
Source: AKD Research
StockSmart
6 December 2013
Sym bol
Price
6-Dec-13
1M
YTD
1 Year
High
1 Year
Low
24870.55
7.4
9.2
11.6
47.8
47.1
24870.55
16107.89
AGTL
MTL
205.00
482.05
2.3
6.3
-0.3
-12.7
-2.1
-8.9
-11.3
-2.5
-14.0
-6.1
252.79
579.05
197.00
433.73
INDU
PSMC
340.46
143.71
0.3
16.5
1.6
-0.9
3.5
-7.6
28.8
66.6
26.1
64.0
359.00
157.40
262.00
83.92
DGKC
LUCK
77.36
280.49
7.4
7.5
-1.0
17.6
-5.3
44.8
41.6
90.8
41.7
85.1
95.13
282.12
51.03
143.51
EPCL
ICI
LOTCHEM
DAWH
ENGRO
FATIMA
FFBL
FFC
12.52
205.43
7.00
54.65
154.70
28.59
41.87
113.91
0.6
20.3
3.7
-0.1
16.2
6.7
7.4
3.9
-4.3
15.9
-0.6
-4.7
1.6
17.2
0.9
8.6
-11.8
24.3
-20.1
-6.6
5.3
12.9
1.1
-2.7
14.8
17.4
-4.5
57.3
56.9
7.2
10.2
-0.2
23.7
18.1
-4.8
67.9
68.1
8.3
8.5
-2.8
14.20
209.11
8.89
63.17
181.38
29.02
45.42
120.36
8.68
135.37
6.29
29.24
81.92
21.29
36.90
101.90
93.03
5.5
-10.8
-37.4
0.2
-5.2
162.22
80.37
AICL
102.77
37.0
24.5
19.8
40.4
50.8
106.42
61.09
OGDC
POL
PSO
277.89
493.17
321.20
4.1
5.9
8.9
10.9
0.2
3.3
13.4
-4.5
8.8
47.7
17.0
67.3
44.3
12.7
66.0
280.15
531.92
367.10
183.95
421.13
180.67
HUBC
KAPCO
60.97
61.35
-4.0
0.6
-17.0
-5.0
-2.6
-2.0
33.6
25.6
34.8
24.2
73.42
68.34
43.80
48.52
PTC
30.33
10.8
14.3
34.6
75.3
74.8
30.57
15.44
NCL
NML
54.84
115.49
5.0
18.4
-13.6
17.2
-3.5
11.0
62.1
77.4
56.5
80.9
68.82
115.92
32.91
59.76
ABL
AKBL
BAFL
HBL
HMB
MCB
MEBL
NBP
UBL
90.63
13.83
25.82
162.79
25.61
289.67
39.50
55.90
131.54
6.9
27.6
5.0
9.0
12.0
2.6
2.6
7.3
3.6
15.4
1.2
22.1
2.9
25.5
6.6
12.9
11.4
0.0
29.1
-3.5
46.3
45.4
39.2
-4.0
28.0
25.9
20.5
32.9
-4.2
50.8
54.4
34.8
58.4
47.2
27.9
56.9
35.7
-5.7
53.5
52.0
35.9
51.9
45.9
30.2
57.2
92.70
16.25
25.82
173.89
26.16
316.87
40.42
58.30
154.21
55.01
10.76
14.77
88.00
14.61
176.83
24.11
37.66
81.24
KSE-100 Index
Industrial Engineering
Al-Ghazi Tractor
Millat Tractors
Autom obile and Parts
Indus Motors
Pak Suzuki Motors
EFOODS
StockSmart
6 December 2013
Economic Snapshot
End Month Data
Units
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
T-bill
3M
9.20
9.37
9.42
9.41
9.26
8.93
9.00
9.15
9.47
6M
9.32
9.46
9.44
9.42
9.16
9.01
9.20
9.35
9.68
12M
9.37
9.47
9.46
9.43
9.19
9.03
9.34
9.48
9.81
PIB 10Y
11.99
12.00
11.92
11.25
10.86
11.57
11.97
12.28
12.83
KIBOR 6M
9.43
9.54
9.58
9.60
9.39
9.08
9.15
9.29
9.55
Discount rate
9.50
9.50
9.50
9.50
9.00
9.00
9.00
9.50
9.50
Headline inflation
7.40
6.60
5.80
5.10
5.90
8.26
8.55
7.40
9.10
Core inflation
9.6
9.00
8.70
8.10
7.80
8.20
8.50
8.70
8.40
Food inflation
7.4
6.30
5.50
6.50
7.90
9.20
10.30
7.90
9.80
Inflation
External Indicators
Export (PBS)
US$ (mn)
1,835
2,134
2,130
2,175
2,197
2,095
1,996
2,622
1,864
Import (PBS)
US$ (mn)
3,383
3,687
3,909
4,346
3,940
3,814
3,572
3,791
3,281
US$ (mn)
(1,548)
(1,553)
(1,779)
(2,171)
(1,743)
(1,719)
(1,576)
(1,169)
(1,417)
1,028
1,119
1,216
1,186
1,165
1,404
1,233
1,283
1,348
Current Account
US$ (mn)
(596)
(513)
(354)
(346)
(163)
46
(575)
(574)
(166)
Deposits
PkR (bn)
6,645
6,777
6,709
6,950
7,316
7,069
7,174
7,125
7,133
Advances
PkR (bn)
3,868
3,873
3,857
3,906
3,869
3,788
3,817
3,831
3,921
Investments
PkR (bn)
3,909
4,024
3,893
3,942
4,129
3,837
3,708
3,873
3,776
11.52
11.50
11.42
11.49
11.36
11.28
11.11
11.10
11.10
5.34
5.26
5.23
5.15
5.01
4.97
4.83
4.79
4.90
Spread rate
6.18
6.24
6.19
6.34
6.35
6.31
6.28
6.31
6.20
190,357
153,199
173,268
267,608
n.a
n.a
n.a
n.a
Banking Sector
Public Finance
Tax collection
PkR (mn)
140,264
Direct taxes
PkR (mn)
48,743
78,649
48,462
60,982
128,889
n.a
n.a
n.a
n.a
Indirect Taxes
PkR (mn)
91,521
111,708
104,737
112,286
138,719
n.a
n.a
n.a
n.a
Reserves (RHS)
US$ (mn)
12,936
12,250
11,812
11,474
11,020
10,287
9,998
9,995
9,525
USDPkR - Interbank
PkR/USD
98.16
98.42
98.48
98.52
98.94
101.90
104.51
105.24
106.89
Currency
StockSmart
6 December 2013
Analyst Certification
We, the AKD Research Team, hereby individually & jointly certify that the views expressed in this research report accurately reflect our personal views about the subject securities and issuers. We also certify that no part of our compensation was, is,or will be, directly or indirectly, related
to the specific recommendations or views expressed in this research report. We further certify that we do not have any beneficial holding of the
specific securities that we have recommendations on in this report.
Tel no.
Coverage
Naveed Vakil
Raza Jafri, CFA
Usman Zahid
Anum Dhedhi
Raza Hamdani
Bilal Alvi
Qasim Anwar
Hassan Quadri
Azher Ali Quli
Nasir Khan
Tariq Mehmood
naveed.vakil@akdsecurities.net
raza.jafri@akdsecurities.net
usman.zahid@akdsecurities.net
anum.dhedhi@akdsecurities.net
raza.hamdani@akdsecurities.net
bilal.alvi@akdsecurities.net
qasim.anwar@akdsecurities.net
hassan.quadri@akdsecurities.net
azher.quli@akdsecurities.net
nasir.khan@akdsecurities.net
tariq.mehmood@akdsecurities.net
10