External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Sui Northern Gas Pipelines Limited / Equity Bottom-Up

Sui Northern Gas Pipelines Limited (SNGP PA)

<ul><li>OGRA has approved a 6.6% hike in gas prices against SNGP's demand of 40-42% to cover a shortfall of Rs207bn.</li><li>The government needs to announce its decision on OGRA's recommendation within 40 days, with IMF setting a benchmark for price adjustments by July 1, 2025.</li><li>SNGP's average operating assets have been adjusted downward, but the WACC has increased to 25.92%.</li></ul>

OGRA has approved a 6.6% hike in gas prices against SNGP's demand of 40-42% to cover a shortfall of Rs207bn.The government needs to announce its decision on OGRA's recommendation within 40 days, with IMF setting a benchmark for price adjustments by July 1, 2025.SNGP's average operating assets have been adjusted downward, but the WACC has increased to 25.92%.

Sui North Gas (SNGP) - OGRA Approves 6.6% Hike in Gas Prices; SNGP BUY Maintained