BMA Today for April 18, 2014 
 
     FRIDAY 18 April 2014 
 
 

 

   

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At a Glance

Previous Market Session

Local Market    
 KSE 100 29,350.34

107.81
 KSE T. Value PKRbn 17.04

2.98
 10YR PIB 12.80

0.01
 6M KIBOR N.A. N.A.
 PKR/USD N.A. N.A.
Asia Pacific    
 BSE SENSEX 30 22,628.84

351.61
 NIKKEI 225 14,417.53

0.15
 STRAITS TIMES INDEX 3,253.80

0.6
 KUALA LUMPUR 1,850.54

5.17
 JAKARTA COMP. 4,897.05

24.04
 THAI SET 50 1,408.78

6.91
Middle East    
 DFM GENERAL 4,762.21

33.83
 TADAWUL ALL SHARE 9,530.58

26.25
 MSM30 INDEX 6,843.92

16.82
 KUWAIT SE WEIGHTED 500.27

0.83
 DSM 20 INDEX 12,550.98

97.12
Global Markets    
 OIL (NYMEX) 104.3

0.54
 US 10YrBOND 1.99

0
 LIBOR6MTH 0.32

0
 FTSE 100 6,625.25

41.08
 DOWJONES 16,408.54

16.31
 S&P 500 1,864.85

2.54
       
 
In Focus
Kot Addu Power Company (KAPCO): Normalized operating costs to boost QoQ profitability!

   Kot Addu Power Company Limitedís (KAPCO) Board of Directors meeting is scheduled to be held today. We expect the company to report a net profit after tax of PKR1.9bn (EPS: PKR2.23) for 3QFY14, up by a striking 75% QoQ. The anticipated profit will take 9MFY14 profit after tax to PKR4.8bn (EPS: PKR5.46) compared with PKR5.7bn (EPS: PKR6.42) recorded in corresponding period last year, marking a decline of 15% YoY. On sequential basis, the company is expected to report a meager growth of 4% in topline, reaching PKR28.3bn. The subdued growth in sales is attributable to relatively stable oil prices and negligible improvement in load factor. However, the gross profit is expected to improve substantially (51% QoQ improvement) as normalizing Operations and Maintenance (O&M) costs are expected to improve gross margin. Recall that KAPCO incurred PKR1.5bn on plant overhauling and maintenance in 2QFY14 and absence of maintenance costs in 3QFY14 will lead to higher profitability. The company is also expected to record benefits of piling receivables as QoQ other operating income is anticipated to improve by 35%, reaching PKR1.2bn in quarter under preview. However, the benefit will be diluted partially by 26% QoQ higher finance of PKR1.2bn as KAPCO had to rely upon short term borrowings to meet working capital requirements. Overall, KAPCO is expected to report EPS of PKR2.23/ in 3QFY14.

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Media Watch

Economy: Peace process with Taliban to continue \ The News
Sectoral: Dual tax on telecom services in the offing? / Business Recorder
Economy: Decisions: ECC scraps ban on gold import / Tribune
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DISCLAIMER
This memorandum is produced by BMA Capital Management Limited and is only for the use of their clients. While the information contained herein is from sources believed reliable, we do not represent that it is accurate or complete and should not be relied upon as such. Opinions expressed may be revised at any time. This memorandum is for information only and is not an offer to buy or sell, or solicitation of any offer to buy or sell the securities mentioned.