External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Hub Power Company (HUBC) announced its 1QFY25 result wherein company reported earnings of Rs19bn (EPS of Rs14.74), up 12% YoY while down 7% QoQ.</li><li>HUBC did not declare a dividend for 1QFY25, falling short of industry expectations. This could be due base plants early expiration and focus on expansions, in our view.</li><li>Topline decreased by 5% YoY and 9% QoQ to Rs32bn in 1QFY25 primarily due to lower load factor on Narowal plant, China Hub Power Generation (CPHGC) and Thar Energy Limited (TEL).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC) announced its 1QFY25 result wherein company reported earnings of Rs19bn (EPS of Rs14.74), up 12% YoY while down 7% QoQ.HUBC did not declare a dividend for 1QFY25, falling short of industry expectations. This could be due base plants early expiration and focus on expansions, in our view.Topline decreased by 5% YoY and 9% QoQ to Rs32bn in 1QFY25 primarily due to lower load factor on Narowal plant, China Hub Power Generation (CPHGC) and Thar Energy Limited (TEL).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC): 1QFY25 EPS at Rs14.74, up 12% YoY While Down 7% QoQ

<ul><li>Hub Power Company (HUBC) announced its 4QFY24 result wherein company reported EPS of Rs15.78, down 14% YoY while up 19% QoQ.</li><li>This brings FY24 EPS to Rs53.98, up 22% YoY.</li><li>HUBC announced a final cash dividend of Rs8.5/share, exceeding our expectations. We believe, higher dividend is due to higher recoveries in 4Q alongside release of dividend from its associate company(ies).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC) announced its 4QFY24 result wherein company reported EPS of Rs15.78, down 14% YoY while up 19% QoQ.This brings FY24 EPS to Rs53.98, up 22% YoY.HUBC announced a final cash dividend of Rs8.5/share, exceeding our expectations. We believe, higher dividend is due to higher recoveries in 4Q alongside release of dividend from its associate company(ies).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC): FY24 EPS at Rs53.98, up 22% YoY (Higher than Industry Expectations)

<ul><li>Hub Power Company (HUBC) announced its 2QFY24 result wherein company reported profit to equity owners of Rs15bn (EPS of Rs11.8) up 15% YoY while down 11% QoQ.</li><li>Along with the results, HUBC announced an interim cash dividend of Rs4/share, which was slightly lower than our expectation of Rs5/share. This takes 1HFY24 dividend to Rs9/share.</li><li>Topline increased by 19% YoY to Rs30bn in 2QFY24, primarily driven by higher capacity payments amid rupee devaluation. However, on a QoQ basis, topline declined by 11% due to lower power generation from the Base and Narowal plants.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC) announced its 2QFY24 result wherein company reported profit to equity owners of Rs15bn (EPS of Rs11.8) up 15% YoY while down 11% QoQ.Along with the results, HUBC announced an interim cash dividend of Rs4/share, which was slightly lower than our expectation of Rs5/share. This takes 1HFY24 dividend to Rs9/share.Topline increased by 19% YoY to Rs30bn in 2QFY24, primarily driven by higher capacity payments amid rupee devaluation. However, on a QoQ basis, topline declined by 11% due to lower power generation from the Base and Narowal plants.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC): 2QFY24 EPS at Rs11.8, up 15% YoY - (In line with industry expectations)

<ul><li>Hub Power Company (HUBC) announced its 1QFY24 result wherein company reported profit to equity owners of Rs17bn (EPS of Rs13.17) up 88% YoY while down 29% QoQ.</li><li>Along with the result, company announced interim cash dividend of Rs5/share, which came in line with our expectations.</li><li>1QFY24 result came slightly higher than industry expectations due to higher share of profit from associates and JV.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC) announced its 1QFY24 result wherein company reported profit to equity owners of Rs17bn (EPS of Rs13.17) up 88% YoY while down 29% QoQ.Along with the result, company announced interim cash dividend of Rs5/share, which came in line with our expectations.1QFY24 result came slightly higher than industry expectations due to higher share of profit from associates and JV.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC): Earnings Higher than Industry Expectations

<ul><li>Hub Power Company (HUBC) held its corporate briefing today to discuss FY23 financial result and future outlook.</li><li>To recall, FY23 result came higher than industry expectations due to higher share of profit from associates and JV.</li><li>Management highlighted that higher profit is due to (1) higher share of profit from CPHGC due to low base, (2) impact of rupee devaluation and (3) insurance claim.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC) held its corporate briefing today to discuss FY23 financial result and future outlook.To recall, FY23 result came higher than industry expectations due to higher share of profit from associates and JV.Management highlighted that higher profit is due to (1) higher share of profit from CPHGC due to low base, (2) impact of rupee devaluation and (3) insurance claim.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Topline Flash Note: Hub Power Company (HUBC): Corporate Briefing Key Takeaways

Pakistan

The Hub Power Company Limited owns, operates and maintains an oil fired power station in Pakistan.  The Company delivers electricity for distribution to industrial, commerce, agricultural, and domestic customers.  Hub's clients include The Water and Power Development Authority.

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Hub Power Company (HUBC PA)

Hub Power Company (HUBC): 1QFY25 EPS at Rs14.74, up 12% YoY While Down 7% QoQ

Hub Power Company (HUBC) announced its 1QFY25 result wherein company reported earnings of Rs19bn (EPS of Rs14.74), up 12% YoY while down 7%...

Topline Securities

Hub Power Company (HUBC): FY24 EPS at Rs53.98, up 22% YoY (Higher than Industry Expectations)

Hub Power Company (HUBC) announced its 4QFY24 result wherein company reported EPS of Rs15.78, down 14% YoY while up 19% QoQ. This brings FY24 EPS...

Topline Securities

Hub Power Company (HUBC): 2QFY24 EPS at Rs11.8, up 15% YoY - (In line with industry expectations)

Hub Power Company (HUBC) announced its 2QFY24 result wherein company reported profit to equity owners of Rs15bn (EPS of Rs11.8) up 15% YoY while...

Topline Securities

Hub Power Company (HUBC): Earnings Higher than Industry Expectations

Hub Power Company (HUBC) announced its 1QFY24 result wherein company reported profit to equity owners of Rs17bn (EPS of Rs13.17) up 88% YoY while...

Topline Securities

Topline Flash Note: Hub Power Company (HUBC): Corporate Briefing Key Takeaways

Hub Power Company (HUBC) held its corporate briefing today to discuss FY23 financial result and future outlook. To recall, FY23 result came higher...

Topline Securities

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