IN FOCUS Result Previews Pakistan State Oil (PSO): 1QFY15 EPS estimated at PKR7.7/sh PSO board meeting is scheduled on Tuesday 28 October, 2014 to declare its 1QFY15 results. The company is expected to start FY15 on a dismal note as we expect 1QFY15 earnings to decline to by 73%YoY to PKR2.1bn (EPS: PKR7.7) compared to PKR7.8bn (EPS: PKR28.7) in the corresponding period last year. The sharp decline in profitability can be attributed to i) 6%YoY decline in volumetric sales, ii) sizeable inventory losses and iii) 80%YoY decline in other income. Nishat Mills Limited (NML): 1QFY15 earnings to clock in at PKR 2.85/share The board of directors meeting of Nishat Mills Ltd (NML) is scheduled to on 28th Oct’14 to approve its 1QFY15 result. We expect the company to post earnings of PKR1.0bn (EPS: PKR2.85/sh), depicting a 36%YoY decline in earnings. The decline in earnings can be attributed to i) soft core margins, ii) ~43%YoY jump in finance cost due to higher short term borrowings and iii) 50%YoY lower dividend income from associated companies. Report by: Muhammad Affan Ismail, CFA Jehanzaib Zafar BMA Capital Management Ltd. (9221) 111 262 111 This report produced by BMA Capital Management Ltd. contains information from sources believed reliable; we do not guarantee that the matter is accurate or complete. Our Research Analysts compile this memorandum based on opinions and judgments, which may vary and be revised at any time without notice. This report 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. It is published for the use of our clients may not be reproduced, distributed or published by any person for any purpose whatsoever. Action will be taken for unauthorized reproduction, distribution or publication. The views expressed in this document are those of the BMA Research Department and do not necessarily reflect those of BMA or its directors.
Posted on: Mon, 27 Oct 2014 06:14:45 +0000
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