BMA Today for January 18, 2018 
 
     THURSDAY 18 January 2018 
 
 

 

   

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At a Glance

Previous Market Session

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In Focus
Pakistan Cements: Environmental concerns- The dust is settling!

   Recent developments in the courts are likely to bring clarity in near-term on the environmental concerns associated with cement plants’ operations and expansions in Punjab in general and Salt range region in particular.A number of hearings have taken place on four different yet interlinked issues (details below) in both Lahore High Court (LHC) and Supreme Court (SC) over the past few months. Our understanding of the subject matter implies different implications for the concerned companies in the region. MLCF may resume construction work soon while PIOC may face limited delays. Companies with existing operation in the region (BWLC, DGKC, DNCC) may incur small capex while expansion plans by DGKC and GWLC may not see the light of the day. We expect the rising risk of delays in expansion projects to bode well for sector margins (North region) given continued demand and rising cost pressures. Our top picks are LUCK, DGKC and MLCF.

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Media Watch

Sectoral: Sindh asks Centre to rescind unilateral changes to energy policy / Dawn
Sectoral: Banking sectors advances up 17pc in 2017 / The News
Economy: PM Abbasi may soon unveil new exports package / The News
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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.