BMA Today for February 16, 2018 
 
     FRIDAY 16 February 2018 
 
 

 

   

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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) 61.73

0.39
 US 10YrBOND N.A. N.A.
 LIBOR6MTH 2.06

0.01
 FTSE 100 7,234.81

20.84
 DOWJONES 25,200.37

306.88
 S&P 500 2,731.20

32.57
       
 
In Focus
Amereli Steels Limited: Improved offtake to augment quarterly performance; Buy

   Amreli Steels Limited (ASTL) is expected to announce its 2QFY18 result on 17th-Feb’18 where we project earnings to grow 13% QoQ to PKR0.75/sh driven by improved rebar offtake (up ~16% YoY). However, on YoY basis earnings are expected to decline by 13% due to absence of trading income during 2QFY18. On a cumulative basis, decline in volumes and absence of tax credit is expected to take a toll on ASTL’s earnings, which may drop to PKR1.41/sh (-13% YoY) in 1HFY18E. We view the expected commissioning of new rebar plant as a key event which may help in unlocking ASTL’s price potential. We may see better margin environment in 3Q18 as scrap metal prices are likely to soften on increased supply post end of winter supply cut in China. We maintain our Buy stance on ASTL with DCF-based TP of PKR118/sh. Our estimate does not incorporate recently announced capex (PKR1.04bn) for venturing into towering business through JV arrangement with a Chinese company.

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Media Watch

Economy: Forex reserves fall to $18.968 billion / The News
Sectoral: PTCL partners with Microsoft for CSP & SPLA / Business Recorder
Sectoral: Banks fail to process refund cases timely / The Nation
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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.