28 june, 2010

Research Reports for 28th June, 2010

BMA

• Fatima Fertilizer: Analyst Briefing notes

KASB

• Fertilizer: seasonal up-tick lifts May-10 volumes

IGI

• Telecom Sector Update - May'10

AKD

• Fertilizer Sector: Monthly Update

25 June, 2010

Research Reports for 25 june, 2010

BMA

• Fertilizer: ENGRO’s Enven 1.3 - September it is then!

KASB

• Telecoms: Subs growth back on track

AKD

• Telecom Sector: Monthly Update

JS

• Pak equities outperform most asset class in FY10

24 June, 2010

Research Reports for 24th June, 2010

JS

• Deposits, Credits and spreads update

BMA

• Power: HUBC - Contemplating possibilities

IGI

• Dividend Play: Hedge your Downside Risk

KASB

• PICT: Revising estimates on stepped up costs

23 June, 2010

Research Reports for 23rd June, 2010

JS

• EPCL - Vcm plant delay

BMA

• Chemicals: Petrochemicals - Watch your step!

AHL

• Lucky cement: a shining Star

IGI

• Oil pricing de-regulation: Deemed duty likely to remain intact

KASB

• External flows to dictate domestic liquidity

22 June, 2010

Research Reports for 22 June, 2010

AKD

• External Account Projections & Currency Outlook

KASB

• Refiners: Weak GRMs & uncertain regulations

BMA

• Refinery: Regulatory Risks Overshadow Improving GRMs

JS

• SSGC: Hopes for positives dashed

21 June, 2010

Research Reports for 21 june, 2010

AKD

• Yuan appreciation implications for Pakistan

BMA

• Textile: NML - A combination of Textile and Power

KASB

• EPCL: downgrade to U/P on more VCM delays

JS

• 8 IPO's in KSE

18 June, 2010

Research reports for 18th June, 2010

BMA

• Fertilizer: FFBL a little out of favour, good for us

KASB

• External account and asset prices trend

JS

• Refineries strong GRMs

17 June, 2010

Research Reports for 17 june, 2010

AKD

• Analysis of the yield curve: Tightening Vs Status-quo

KASB

• PSO: Estimates tweaked; Buy reiterated

IGI

• Day Break (June 17, 2010) Inflation Update

BMA

• OMC: APL - Expanding Star

Elixire

• Estimates tweaked on margin volume revision Buy

16 June, 2010

Research Reports for 16 June, 2010

BMA

• Cement Price Up tick: Surprised? Not Really!
• RBS acquisition goes through; deeper prospects for FABL

KASB

• Cement price uptick - can it sustain?

IGI

• Petroleum off-take up 8% YoY in 11mo FY10

AKD

• FABL & RBS: Revaluation gains and other considerations

15 June, 2010

Research Reports for 15 June, 2010

BMA

• Economy: T-bill cut-off yields to go up by 3-5bps

KASB

• Economics: Policy dilemma continues

AKD

• Banks: Benefits of leaner operations

IGI

• Auto Sector: Volumetric growth evident in 11mo FY10

JS

• Up to 6% rise expected in wellhead prices

14 June ,2010

Research Reports for 14 June, 2010

AKD

• Cements: Imminent price increase & DGKC update

KASB

• CGT: Hopes of smooth sailing dented

BMA

• Capital Markets: We Beg to Disagree - Capital Markets are a Key Source of Tax Collection

IGI

• Capital Gains - Lack of clarity on tax treatment

JS

• MCB: 19% upside to our fair value/'Buy"

11 June, 2010

Research Reports for 11 June, 2010

AKD

• Tractor Industry: Monthly Update

IGI

• Impact of FY11 Budgetary measures on Fertilizer Sector

BMA

• Economy: CPI for May10 to clock in at 13.3-13.4% YoY
• Budgetary Concerns for Capital Markets: Issues to be Addressed in Tomorrow’s Meeting

Merrill lynch

• ENGRO - Foods - In the limelight as growth avenues broaden

KASB

• UBL- Compelling risk/reward profile

10 June, 2010

Research Reports for 10 June, 2010

BMA

• Chemicals: LOTPTA - Worry, not really!

KASB

• Autos - peak demand season in full swing

IGI

• 3G license auction and E&P Budget Update

JS

• WAPDA subsidy, tariff hike and impact

09 June, 2010

Research Reports for 09 June, 2010

AKD

• Telecom Sector: 3G - towards the next generation

KASB

• TRIPF: Expansion to open growth avenues

IGI

• Telecom Sector Budgetary Measures: GST Increased to 20.5%

BMA

• E&P: PPL to Outperform in current Intl Oil Price Environment; Concerns on Sui Unfounded

JS

• OMCs: May volumes remain downbeat

08 June, 2010

Research Reports for 08 June, 2010

AKD

• Development expenditures & economic growth

KASB

• PSO - Tax issue may open up valuation

IGI

• Budgetary measures FY11 - Impact on the banking sector

BMA

• Chemicals: ICI - A Value BUY!
• Minimum Turnover Tax: No Concern for OMCs and Refineries!

07 June, 2010

Research Reports for 07 June, 2010

AKD

• Off the Analyst's Desk: Banks_Budget Impact

KASB

• Budget FY11E: KSE enters a new era

BMA

• Economy and Strategy: Budget FY11 - Cautious Populism

JS

• Post-Budget 2010-11: 'Protect the recovery'

04 June, 2010

Research Reports for 04, june, 2010

KASB

• Engro Foods: Management meeting takeaways

AHL

• Daily !

BMA

• Strategy: Life after Budget - Are VAT and CGT really that scary?

IGI

• Fiscal vulnerability remains

JS

• Banks: Commodity lending drives offtake in 5M2010

03 June, 2010

Research reports for 03 June, 2010

AKD

• POL: Estimates Tweaked

BMA

• Chemicals: Helping to grow

IGI

• FFC - safe haven amidst the turmoil

AHL

• AHL daily !

KASB

• T-bill auction: Cut-off yields up by 9bp-15bp

02 June, 2010

Research Reports for 02, June 2010

BMA

• Chemicals: Changing Properties….

IGI

• POL - Lowest PE; highest Yield

AKD

• Assessing liquidity

KASB

• Economics: Fiscal account holds the key

AHL

• Arif habib Daily !!

01 June, 2010

Research Reports for 01 June, 2010

AKD

• Fertilizer Sector: Monthly Update

BMA

• Banks: Budget FY11 and STA - Implications for banks

KASB

• KSE: Wrath of May strikes again

IGI

• IGI report

31 may, 2010

Research Reports for 31 May, 2010

AKD

• OMC Sector: Sales volume update

BMA

• Economy: Budget FY11 - Challenging yet possible

KASB

• Lucky: Maintain positive FY11E stance; Buy

AHL

• Federal budget to positively impact the cement sector

IGI

• Banking Sector - MoM spread up 9bps to 7.39% in Apr'10

28 May, 2010

Research Reports for 28 May, 2010

AKD

• Banking Sector: Quantifying Fear & other Ground Realities

KASB

• Urea rebounds, DAP flounders in Apr-10

BMA

• OMC: Ban on New CNG Stations to Benefit Already Positioned Players

IGI

• Fertilizer offtake Apr10 & Gas curtailment Update

JS

• Fertilizer offtake

27 May, 2010

Research Reports for 27 May, 2010

Merril Lyunch

• Investment Strategy: Pre-budget FY11: Tough task ahead

BMA

• Strategy: Pakistan’s weight enhanced to 3.7% in MSCI FM; EM Space the Next Stop?

AKD

• PSMC: Target price revision

JS

• Currency trauma post Greece crisis

KASB

• Report

26 May, 2010

Research Reports for 26 May, 2010

AKD

• FDI_Recovering flows

BMA

• Textile: Cotton running the show

IGI

• APL - OMC sector's safe haven

KASB

• E&Ps: Earnings tweaked on lower oil prices

JS

• KSE: Go defensive…

25 May, 2010

Research Reports for 25 May, 2010

AKD

• Monetary Policy Review and Outlook

BMA

• Economy: Monetary policy - Status quo maintained

KASB

• Economics: Policy rate unchanged at 12.5%

JS

• SBP 4QFY10 Policy: Status quo maintained

24 May, 2010

Research Reports for 24th May, 2010

KASB

• Banks: Proposal to increase tax rate by 2.5%

BMA

• Cement: DGKC - Revising FY10E EPS to PKR1.1/share

IGI

• E&P Sector - Attractive on price multiples

AKD

• Banks: NIM-based tax appears unlikely & Cements: Potential for increased FED

JS

• HBL: 1Q2010 review/ ‘Hold’ maintained

21 May, 2010

Research Reports for 21 May, 2010

AKD

• MCB: Target Price Revision

KASB

• Urea: Alternate gas strategy to boost prod.

BMA

• Glass & Ceramics: GHGL - Fragile, yet strong

JS

• Pre-Budget FY11: Deficit containment to be ensured

20 May, 2010

Research Reports for 20 May, 2010

AKD

• Tractor Industry: Monthly Update

IGI

• Sui Based Fertilizer plants may seek compensation & Weekly CSF

BMA

• Banking NPLs up by 21% YoY

KASB

• Power tariff hikes in the pipeline for FY11E

19 May, 2010

Research Reports for 19 May, 2010

AKD

• LUCK: Target Price Revision

BMA

• OMC: Deregulation of IFEM – whom to benefit?

KASB

• PTCL - Raising PO and earnings estimates

IGI

• PPL - Negatives priced in

JS

• Autos: Cost respite around the corner?

18 May, 2010

Research reports for 18 may, 2010

BMA

• Economy: Current account deficit down by 66% YoY

KASB

• Economics: External account moderates

IGI

• Negative Sentiments overplayed

AKD

• INDU: Target Price Revision

JS

• Is Pakistan dirt cheap?

17 May, 2010

Research Reports for 17 May, 2010

AKD

• NBP: Target Price Revision

IGI

• ACPL - 3Q FY10 Detailed Accounts Review

BMA

• Cement: Coal Prices on the Rise

KASB

• E&P: Reserve revisions for Tal block

14 May, 2010

Research Reports for 14 May, 2010

AKD

• UBL: Target Price Revision

KASB

• POL: EPS tweaked on +ve volume trend

BMA

• Textile: Weakening Threads

Research Reports for 13 May, 2010

BMA

• Economy: Inflation - Resurgence of core inflation adds to worries

AKD

• Inflationary hike in Apr'10: Will the trend reverse?

KASB

• Near term inflation to remain persistent

JS

• AICL: 1Q2010 detailed accounts review/'Buy'

12 May, 2010

Research Reports for 12 May, 2010

AKD

• Auto Sector: Monthly Update

KASB

• Autos - joy ride continues

IGI

• FFBL 1QCY10 Analyst Briefing Takeaways

BMA

• Auto: Peak Hour Traffic

Invest Cap

• Auto Sales - accelerated recovery

JS

• April auto sales 2%MoM up - INDU sets all time high

11 May,2010

Research reports for 11 May,2010

AKD

• FFBL: Analyst Briefing Notes

IGI

• MSCI Index Review - Status quo for Pakistan

BMA

• Fertilizer: FFBL - Analyst Briefing Notes

10 May, 2010

Research Reports for 10 May, 2010

AKD

• AKBL: Target Price Revision

KASB

• KSE: Domestic considerations & non-correlation

IGI

• Petroleum off-take up 8% YoY in 10mo FY10

BMA

• Technical Outlook: DXY marching towards 89

JS

• BAFL: Company update / 'Hold' maintained

07 May,2010

Research reports for 07, May 2010

AKD

• PTC: Analyst Briefing Notes

BMA

• Textile: The White Gold

KASB

• PSO-integration plans in the limelight

JS

• Stocks selling spree across globe, as Keynes provi
• POL: Company update / 'Buy' maintained

06 May, 2010

Research reports for 06 May, 2010

AKD

• MCB: Analyst Briefing Notes / Declining money market yields_will the trend persist?

JS

• Greece versus Pakistan: a parallel comparison

BMA

• OMC: PSO - Hopes for Resolution of Circular Debt

IGI

• OGDCL: Detailed accounts, Qadirpur and liquidity update!

05 May, 2010

Research Reports 05 May,2010

AKD

• Inflationary Preview: High base cliché to work again

BMA

• Economy: Shifting trends – CPI and T- bill yields set to decline

JS

• FFC & FFBL: downward revision in earning estimates

KASB

• NBP: Lower than expected provisions in 1Q10

04 May, 2010

Research Reports for 04 May, 2010

AKD

• Banking Sector: 1QCY10 Result Takeaways

IGI

• POL - Strong results cementing our positive stance

BMA

• OMC: Margins to be Capped at Current Levels?

KASB

• Apr-10: FPI overshadows 19% EPS growth

JS

• Beep: Media reports Rs20bn payment to PEPCO

03 May, 2010

Research Reports for 03 May, 2010

AKD

• ENGRO: Urea prices up by PkR75 per bag

IGI

• PSO - Result Review 9mo FY10

BMA

• Fertilizer: A Complex Web we Weave

KASB

• Urea price hiked in reaction to gas curtailment

JS

• Engro Corp - Gas Curtailment: Price hike puts profitability concerns to rest

30 April, 2010

Research reports for 30th April, 2010

BMA

• Banks: NBP - 1QCY10 Results Preview

AKD

• PkR exchange rate: Measuring the "downward" currency risk.

IGI

• ENGRO - Robust 1Q CY10 results fail to excite investors

KASB

• Engro: Strong 1Q10 marred by gas concerns

JS

• ENGRO Corporation analyst briefing takeaways