Monday, August 24, 2015

Symbol

FY13

FY14

EPS
FY15E FY16E

DPS
FY15E FY16E

FY13

FY14

8.00

9.0

1.25

1.5

4.00

4.3

3.00

3.5

10.5
2.5
5.5
4.0

2.50

3.0

3.0

FY13 FY14

PE
Dividend Yield
FY15E FY16E FY13 FY14 FY15E FY16E

Earnings
growth

PBV
exp.

Recommendation
basis

CEMENT
1
2
3
4
5
6

LUCK
FCCL
PIOC
DGKC
CHCC
MLCF

30.04 35.08 38.05

2.78
6.76 7.79 10.70
12.56 13.62 15.75
1.42

1.97

11.64 12.52
6.11

5.36

7.39

6.11

45.0
3.6
12.0
16.5
8.7
6.8

2.0

11.0
3.0
6.0
4.5
4.5
2.5

17.1

14.7

23.2

16.7

13.5
11.8
7.6
8.6

12.0

10.4

10.8

10.0

7.2

6.7

11.0

12.5

11.0

10.0
13.0
40.0
5.0

6.4

4.7

6.3

5.1

5.9
6.2

7.0

5.9

9.0

6.5

4.1

11.1

2.0
6.0
3.0
4.5

32.4

17.1

59.1

8.8

19.9

67.5

40.9

13.4

15.4

14.7

9.3
10.2

11.4

11.4
9.1
6.8
8.2
9.7
9.9

2%

2%

4%

5%

5%

5%

2%

3%

3%

4%

0%

0%

5.3
5.8
7.4
6.7

6%

2%
8%
7%
3%
4%
3%

2%
9%
7%
3%
5%
4%

8%

2.6

Continuous devel.

41%

2.6

Earnings growth

37%

2.3

Emerging player

16%

0.9

Expansions

-41%

1.4

Efficient plant

14%

2.0

Cheapest cement

7%

6% 7%
9% 10%
16% 12%
12%
2%
2% 2%

-20%

1.2

Production growth

9%

-18%

1.1

Earnings growth

-34%

1.8

Earnings growth

-63%

0.9

Interest Income

4%

-71%

2.2

Growth phase

-71%

1.8

Pipeline for LNG

45%

5.3

New developments

43%

1.8

Growth company

PETROLEUM
7
8
9
10

OGDC
PPL
POL
PSO

21.11 28.81 23.05

21.28 26.08 21.50
45.78 54.48

35.76

50.8

80.31 29.80

25.5 8.25
23.3 10.50
43.5 45.00
49.5 5.00

12.5

8.0
12.0

52.5

40.0

9.3

8.0

5.0

8%
14%
2%

STEEL/GLASS

ISL
CSAP

0.84

1.59

0.46

12

13.13

5.80

1.71

13

MUGHAL

1.56

4.77

14

GHGL

7.07

7.44

6.90
10.65

8.55

8.77

0.85

3.86

14.3
9.5

0.27

0.47

1.03

0.78

3.50
0.00
EPS
CY14 CY15E CY16E CY13

11

3.5
11.6
8.1
12.3

0.00

1.0

3.50

2.5

0.00

0.00

16.2
13.0
1.3
6.0

2.00

40%B

1.0
0.70

2.0
4.0

7.8
9.9
7.9
8.9

0%

4%

3%

2%

0%

0%

0%

0%

22.7
7.8
5.8
9.2

1%

40%

63%

5.0

New developments

0%

2%

146%

2.2

New developments

119%

2.1

Exponential growth

122%

3.9

Growth company

1%

3%
4%

7%
5%
5%
4%

OTHERS
15
16
17
18

SEARL
GHNL
KEL
SPEL
Symbol

CY13

1.58

0.00

2.0
-

4.0
5.0

4.0
8.0
2.0

1.0
DPS
CY14 CY15E CY16E
-

1% 1%
5% 8%
27.7
15.9
7.3
0%
0%
0% 0%
71.0
35.1 15.8
0%
0%
2% 4%
PE
Dividend Yield
CY13 CY14 CY15E CY16E CY13 CY14 CY15E CY16E
43.0

42.0

119.4

26.3

25.7
10.7

Earnings
growth

PBV
exp.

Recommendation
basis

BANKS
19
20
21
22
23
24

UBL
HBL
BAFL
BAHL
FABL
AKBL

15.21 17.91 18.10

14.94 21.21 22.05
3.47

3.55

4.64

5.71

1.77

2.06

-4.35

3.19

4.75
5.75
2.48
3.90

21.0 10.00 11.5

24.2 8.00
12.0
7.1 2.00
2.0
6.1 2.00
3.0
3.1 0.00 15%B
5.1 0.00
2.0

12.0
10.5
3.0
3.0
0.5
3.0

13.0
12.0
3.5
3.0
1.0
3.5

10.9

9.2

13.9

9.8

9.1
9.4
5.5
7.6
6.5
5.9

7.9
8.6
3.7
7.1
5.3
4.5

6%

7%

4%

6%

7.5

7.4

8%

8%

9.4

7.6

5%

7%

9.2

7.9

0%

0%

-5.3

7.2

0%

9%

5.3 2.50
6.5 5.00
17.0 15.35
13.7 0.00
27.9 0.00
6.0 0.00

3.0
5.0
15.0
4.0
8.0
1.0

3.5
6.0
16.5
4.5
10.0
-

12.3

11.3

9.8

13.7

10.4
10.4
8.5
7.4
10.4
32.4

8.9
9.0
7.7
6.6
11.2
26.0

5%

5%

9%

7%

8.3

9.2

12%

10%

19.9

14.2

0%

3%

19.4

20.9

0%

2%

556.1

134.2

0%

0%

5.5
2.3

6.5
2.5

18.5

17.8

7.5

12.9
8.3

10.4
6.2

1%

1%

18.2

11%

13%

25.9
49.8

15.3
20.6

7.4
9.3

6.4
8.1

2.7%
4.2%

5.6%
5.6%

7% 8%
5% 6%
11% 13%
7% 7%
3% 6%
13% 15%

1%

1.9

Interest Margins

4%

2.0

Untapped

34%

1.0

Best 2nd tier

1%

1.5

Best trade finance

20%

0.7

Cheapest PE

22%

1.2

Lower provisioning

FERTILIZERS/FOODS
25
26
27
28
29
30

FATIMA
FFBL
FFC
EFERT
ENGRO
EFOODS

4.50
5.67
15.83 14.28 15.39
4.5
6.32 12.02
16.01 14.89 30.00
0.28 1.16 4.80
3.82

4.15

6.01

4.30

2.5
4.0
13.7
3.0
6.0
-

6% 7%
9% 10%
11% 13%
4% 5%
3% 3%
1% 0%

8%

2.7

Small capacity play

32%

3.3

Diversification

8%

3.9

Turnaround

90%

2.9

Turnaround

101%

2.2

Subsid. outperform

314%

3.1

Continuous Devel.

38%

1.7

Variant sales

121%

1.8

key developments

AUTOMOBILE/ TELECOM
31
32

PSMC
PTC

22.47 23.35 32.15

2.49

1.02

2.25

40.0
3.0

4.00

5.0

2.00

2.5

Universe

FY
CY

1% 2%
12% 13%
5.5%
6.3%

6.4%
7.1%

2.3
2.1

StandardCapitalResearch

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