Research Reports for 29 march, 2010

BMA

• Technical Outlook: GOLD - Hovering above the Trend-line

AKD

• Is Monetary Policy turning into a Fiscal Policy / AICL: CY09 Result Preview

KASB

• Monetary Policy: Status quo maintained

26 march, 2010

Research reports for 26 march, 2010

KASB

• Lucky Cement:Worst is over; upgrade to Buy

AKD

• HBL: Limited upside on current discount rate

BMA

• Strategy: Index in 5-Digit; Where are the Local Investors?

JS

• NCL: 'Buy' on a higher dividend income from NCPL

Karachi Stock exchange

25 march, 2010

Research reports for 25 march, 2010

AKD

• Greater clarity on the external front_Can the SBP surprise positively?

BMA

• Economy: Monetary Policy - No Rate Cut Expected

KASB

• Energy:No quick fix to circular debt issue

JS

• Textile sector: Positives all around

24 march, 2010

Research Reports for 24 march, 2010

AKD

• AKD Daily Report

BMA

• Auto: INDU - Cash Reserve Still Makes up 58% of the Stock Price

KASB

• OGDC: Govt may issue a convertible bond

JS

• DGKC: Earnings revised down / 'Buy' intact

22 march, 2010

Research reports for 22 march, 2010

AKD

• E&P Sector_You win some, you lose some

KASB

• NBP: Earnings momentum missing

BMA

• Fertilizer: Better Price and Demand Projections Leading to Upwards Revisions in our Estimates

JS

• KAPCO: Company update /'Hold' maintained

19 march, 2010

Research reports for 19 march, 2010

BMA

• Banks: MCB - Analyst Briefing Notes

JS

• Why is SBP cautious despite the macro reversal?

KASB

• Refiners: Earnings to rebound in 3QFY10

18 march, 2010

Research reports for 18 march, 2010

BMA

• Textile: NML - Acquisition of ‘Power’

IGI

• MPS Outlook - Uncertainty Rules

AKD

• Telecom Sector: Monthly Update

KASB

• Packages: Pulp prices hit all time high

JS

• NML: 1HFY10 detailed account review/'Buy'

17 march, 2010

Research reports 17 march, 2010.

KASB

• Dec 2009: Results season snapshot

AKD

• Revival in the real economy, regional attractiveness improving

BMA

• Strategy: KSE100 Profitability - From Resilience to Growth

IGI

• NBP - Rich valuations on risk-reward profile

JS

• SSGC: Burdened by structural woes

16 march, 2010

Research reports for 16 march, 2010

BMA

• Banks: BAFL - CY09 Result Review

KASB

• Pak urea price hike to boost margins

IGI

• Pricing Power Comes Into Play Again

AKD

• UBL: Heeding past lessons

JS

• UBL: 2009 review/ Conference call takeaways

15 march, 2010

Research Reports for 15 march, 2010

AKD

• Fertilizer: Urea Prices up by PkR30/bag; Look at FFC

BMA

• Technical Outlook: KSE100 - Bringing Home the Beacon

IGI

• PPL - Attractively poised

KASB

• E&Ps: Encouraging MOL plans in Pakistan

12 March, 2010

Research reports for 12 march, 2010

BMA

• Banks: BAFL - CY09 Result Preview

IGI

• Refineries to gain on GRM recovery

AKD

• BAFL: CY09 Result Preview

KASB

• Economics: Disinflationary trend likely

11 march, 2010

Research reports for 11 march, 2010

IGI

• HUBC - Recent run to continue

BMA

• Fertilizer: AGRITECH - Exposure to SSP

KASB

• Autos: Steady Feb, peak season ahead

AKD

• AKD Daily Report

10 march, 2010

Research Reports for 10 march, 2010

AKD

• Regional FPI flows & economic parameters

BMA

• Textile: NML - Reinitiating Coverage with a BUY stance

KASB

• KSE: Foreign inflows creating ripples

IGI

• UBL - Attractive on a risk-reward basis

09 March, 2010

Research Reports for 09 march, 2010

AKD

• NBP_Analyst Briefing Key Takeaways

BMA

• Banks: NBP - Analyst Briefing Notes

KASB

• APL: Acquisition to boost growth outlook

IGI

• ACPL - 1H FY10 Detailed Accounts Review

JS

• NBP: Analyst briefing takeaways

08 march, 2010

Research reports for 08 march, 2010

JS

• NCL: Gateway to Pakistan's textile export potential

BMA

• Cement: Time to Return to Overweight

AKD

• Pakistan Banks_CY09 Results & CY10F Outlook

IGI

• ABL - Detailed Accounts Review / TP Revision

KASB

• Cement: 2QFY10 hammered by prices

05 march, 2010

Research reports for 05 march, 2010

BMA

• Banks: NBP - CY09 Result Review

IGI

• KAPCO - 1H FY10 Result Review

JS

• Banks: Listed sector profits up 24% in 2009

04 march, 2010

Research reports for 04 march, 2010

KASB

• UBL: PO raised on Asset-Liability mgmt.

BMA

• Auto: PSMC - Downshifting….

03 march, 2010

Research reports for 03 march, 2010

AKD

• NBP: CY09 Result Preview / Sequential spreads decline but KIBOR on the up

BMA

• Cement: Small and Medium Dams to provide impetus

KASB

• MS -: Unilever: Strong result; Reiterate Buy

JS

• LOTPTA: Positives Overplayed - Sell

02 March, 2010

Research reports for 02 March, 2010

BMA

• Banks: NBP - CY09 Result Preview

IGI

• APL - Result Review 1H FY10

KASB

• Feb 2010: Lackluster month at KSE

PEARL

• HUBC: Shines on Superior Performance in 1HFY10

JS

• NBP expected to post an EPS of Rs12 in 2009

01 March, 2010

Research Reports for 01, march, 2010

AKD

• ULEVER: CY09 Result Preview

BMA

• Chemicals: LOTPTA - Margins in Play

KASB

• MCB: Estimates raised post 2009 result

IGI

• UBL Result Preview - Earnings growth muted

InvestCap

• Wellhead gas prices expected to go up 14% HoH

JS

• Cement profits down 90%YoY in 1HFY10