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>Oil &amp; Gas Development Company (OGDC) conducted its Corporate Briefing Session (CBS) today, where the management discussed financial results and future outlook.</li><li>To recall, OGDC announced a dividend of Rs1.6 per share in 1QFY24, which was lower than market expectations. The management highlighted that an increase in the payout will depend on the clearance of overdue receivables from Sui Companies.</li><li>In 1QFY24, the company's gas receipt collection ratio increased to 86%. Furthermore, the management mentioned that they are working with Sui companies and relevant authorities to enhance cash payments. OGDC’s Oil receivables collection is 100%.</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.

Oil &amp; Gas Development Company (OGDC) conducted its Corporate Briefing Session (CBS) today, where the management discussed financial results and future outlook.To recall, OGDC announced a dividend of Rs1.6 per share in 1QFY24, which was lower than market expectations. The management highlighted that an increase in the payout will depend on the clearance of overdue receivables from Sui Companies.In 1QFY24, the company's gas receipt collection ratio increased to 86%. Furthermore, the management mentioned that they are working with Sui companies and relevant authorities to enhance cash payments. OGDC’s Oil receivables collection is 100%.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: Oil & Gas Development Company (OGDC): Corporate Briefing Key Takeaways

Cross Asset Strategy

<ul><li>KSE index companies recorded highest ever quarterly earnings (PAT) of Rs417bn up 52% YoY (+16% YoY in US$) in 1QFY24, which is higher than 10-years average growth of 13%.</li><li>Pre-tax earnings of KSE index companies also up 58% YoY to Rs729bn (+22% YoY in US$) in 1QFY24.</li><li>Economic recovery, easing of LC issues, slowdown in inflation, and stable currency were the prime reasons of significant jump in corporate profitability.</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.

KSE index companies recorded highest ever quarterly earnings (PAT) of Rs417bn up 52% YoY (+16% YoY in US$) in 1QFY24, which is higher than 10-years average growth of 13%.Pre-tax earnings of KSE index companies also up 58% YoY to Rs729bn (+22% YoY in US$) in 1QFY24.Economic recovery, easing of LC issues, slowdown in inflation, and stable currency were the prime reasons of significant jump in corporate profitability.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.

Pakistan Strategy: Record Corporate Profitability in 1QFY24

<ul><li>In a much-awaited development, the Economic Coordination Committee (ECC) of the cabinet approved a weighted average gas price hike of 70-75% for domestic gas consumers and industries. The increase in gas prices will now be effective from Nov 01, 2023, instead of the proposed date of Oct 01, 2023.</li><li>Further a fixed rate of Rs400/month (earlier Rs10/month) from protected consumers and Rs1,000/month (earlier Rs460/month) for upto 1.5 hm3 from non-protected consumers. Additionally Rs2,000/month (previously Rs460/month) will be charged for consumption ranging from 2 hm3 to above 4 hm3 for non-protected consumers. These charges will be collected in addition to the increase in gas prices.</li><li>The increase in gas tariffs will help bridge revenue shortfall for the gas utility companies for the current year as Pakistan last increased gas prices in Feb 15, 2023 for domestic gas consumers and industries with effective from Jan 01,2023.</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.

In a much-awaited development, the Economic Coordination Committee (ECC) of the cabinet approved a weighted average gas price hike of 70-75% for domestic gas consumers and industries. The increase in gas prices will now be effective from Nov 01, 2023, instead of the proposed date of Oct 01, 2023.Further a fixed rate of Rs400/month (earlier Rs10/month) from protected consumers and Rs1,000/month (earlier Rs460/month) for upto 1.5 hm3 from non-protected consumers. Additionally Rs2,000/month (previously Rs460/month) will be charged for consumption ranging from 2 hm3 to above 4 hm3 for non-protected consumers. These charges will be collected in addition to the increase in gas prices.The increase in gas tariffs will help bridge revenue shortfall for the gas utility companies for the current year as Pakistan last increased gas prices in Feb 15, 2023 for domestic gas consumers and industries with effective from Jan 01,2023.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.

Pakistan Strategy - ECC approved gas price hike; Implications on Economy & Sectors/Companies

Pakistan

Oil & Gas Development Co. Ltd. explores and develops oil and natural gas properties in Pakistan.

Oil & Gas Development (OGDC PA)

Topline Flash Note: Oil & Gas Development Company (OGDC): Corporate Briefing Key Takeaways

Oil & Gas Development Company (OGDC) conducted its Corporate Briefing Session (CBS) today, where the management discussed financial results...

Topline Securities

Pakistan Strategy: Record Corporate Profitability in 1QFY24

KSE index companies recorded highest ever quarterly earnings (PAT) of Rs417bn up 52% YoY (+16% YoY in US$) in 1QFY24, which is higher than...

Topline Securities

Pakistan Strategy - ECC approved gas price hike; Implications on Economy & Sectors/Companies

In a much-awaited development, the Economic Coordination Committee (ECC) of the cabinet approved a weighted average gas price hike of 70-75% for...

Topline Securities