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