BMA Today for August 15, 2018 
 
     WEDNESDAY 15 August 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) N.A. N.A.
 US 10YrBOND N.A. N.A.
 LIBOR6MTH N.A. N.A.
 FTSE 100 N.A N.A.
 DOWJONES N.A N.A.
 S&P 500 N.A N.A.
       
 
In Focus
Pakistan State Oil Company Limited: Robust FY18 results despite challenges; upside areas remain

   Despite multiple challenges in FY18, Pakistan State Oil Company Limited (PSO) ended FY18 on a decent note with EPS of PKR47.42/sh, down 15% YoY (PBT down 7% YoY). Significant drags in the form of loss in market share (M/S) in retail segment and near-collapse of volumes in fuel oil curtailed overall M/S to 50%, down 4.8ppt YoY. Incorporating actual FY18 earnings along with slight changes in volume assumptions, we lift our earnings estimates for PSO by 3-4% over FY19-22E. We, however, maintain our Neutral stance on the stock with a revised TP of PKR346 (up 2%). We expect FY19 to be a crucial year for PSO in order to set future earnings direction, where investment in storage and retail outlets remains vital to arrest market share drop. Three key upside risk areas for PSO are: (i) LNG business extension and margin increment, (ii) progress on HSD deregulation, and (iii) one-off circular debt settlement by upcoming government.

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Media Watch

Economy: Foreign exchange deposits: Pakistan gets assurance from China Saudi Arabia / The News
Sectoral: SSGC loses case in intl arbitration court/ Tribune
National: Anti-terror financing compliance review of Pakistan to conclude tomorrow / Dawn
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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.