Recommendation Summary

April 27, 2013

S.No

Company

Symbol

Closing Target Upside/

Stance
Price* Price Downside

Outst.
Shares

EPS

DPS

P/E

Div. Yield

P/B

ROE

2011-12 2012-13 2013-14 2011-12 2012-13 2013-14 2012-13 2013-14 2012-13 2013-14 2012-13 2013-14 2012-13 2013-14

E&P
Coverage Restricted

Pakistan Petroleum Limited

PPL

Pakistan Oilfields Limited

POL

470.2

462.0

-2%

Hold

237

50.11

61.44

69.80

52.50

55.00

60.00

7.65

6.74

11.7%

12.8%

2.75

2.60

34.5%

38.4%

Oil and Gas Dev Company

OGDC

202.7

193.4

-5%

Hold

4301

22.53

23.10

24.30

7.25

7.50

7.50

8.77

8.34

3.7%

3.7%

2.86

2.31

41.2%

34.7%

Bank Alfalah

BAFL

15.0

20.9

39%

Buy

1349

3.38

3.51

4.13

2.00

2.00

3.00

4.27

3.63

13.3%

20.0%

0.60

0.57

16.0%

16.6%

National Bank of Pakistan

NBP

41.6

54.7

32%

Buy

2128

7.60

8.21

8.28

7.00

7.00

7.50

5.06

5.02

16.8%

18.1%

0.56

0.55

12.3%

11.3%

United Bank Limited

UBL

89.2

112.0

26%

Buy

1224

14.71

14.31

14.46

8.50

8.50

9.00

6.23

6.17

9.5%

10.1%

1.10

1.03

20.9%

18.9%

Meezan Bank

MEBL

25.3

31.1

23%

Buy

1003

3.50

3.58

3.72

1.50

2.00

2.00

7.06

6.79

7.9%

7.9%

1.22

1.13

22.7%

19.4%

MCB Bank Limited

MCB

207.9

218.6

5%

Hold

1012

20.70

21.10

21.12

13.00

14.00

14.00

9.85

9.84

6.7%

6.7%

1.87

1.76

22.4%

19.9%

Banks

Fertilizer
9

Engro Corporation

ENGRO

137.9

196.0

42%

Buy

511

2.44

16.78

33.93

8.22

4.07

0.0%

0.0%

1.69

1.40

20.5%

37.6%

10

Fauji Fertilizer Bin Qasim

FFBL

38.1

45.0

18%

Buy

934

4.64

6.67

7.04

4.50

5.30

6.30

5.71

5.41

13.9%

16.5%

2.62

2.54

45.7%

47.6%

11

Fauji Fertilizer Company

FFC

110.0

126.3

15%

Hold

1272

16.38

15.70

15.46

15.50

14.60

15.20

7.01

7.11

13.3%

13.8%

6.18

5.92

87.4%

85.0%

Cement
12

Kohat Cement Company

KOHC

80.7

115.0

43%

Buy

129

12.90

20.15

18.58

3.00

6.00

6.00

4.00

4.34

7.4%

7.4%

2.73

1.73

56.3%

53.0%

13

Fauji Cement Company

FCCL

8.7

11.5

32%

Buy

1331

0.28

1.77

1.87

4.91

4.64

0.0%

0.0%

0.83

0.70

3.0%

15.5%

14

D.G. Khan Cement Company

DGKC

69.0

84.0

22%

Buy

438

9.38

13.85

12.32

1.50

3.00

3.00

4.98

5.60

4.3%

4.3%

0.92

0.79

13.0%

17.0%

15

Lucky Cement Limited

LUCK

174.0

195.0

12%

Hold

323

20.97

30.25

29.03

4.00

6.00

6.00

5.75

6.00

3.4%

3.4%

1.69

1.37

22.2%

26.3%

16

Attock Cement Limited

ACPL

119.0

119.0

0%

Hold

100

14.43

19.53

16.85

8.50

10.00

10.00

6.09

7.06

8.4%

8.4%

1.79

1.56

23.1%

27.3%

Oil Marketing
17

Pakistan State Oil

PSO

201.1

231.0

15%

Hold

247

36.67

49.72

53.34

5.50

8.00

10.00

4.04

3.77

4.0%

5.0%

0.99

0.81

18.1%

22.1%

18

Attock Petroleum Limited

APL

516.9

535.0

3%

Hold

69

59.61

68.69

73.40

50.00

55.00

55.00

7.53

7.04

10.6%

10.6%

2.89

2.61

34.4%

36.4%

Autos
19

Indus Motor Company

INDU

308.5

321.8

4%

Hold

79

54.74

43.15

45.09

32.00

32.00

21.00

7.15

6.84

10.4%

6.8%

1.43

1.26

27.6%

18.7%

20

Pak Suzuki Motor Company

PSMC

138.5

123.8

-11%

Sell

82

11.88

13.32

13.96

2.50

2.50

2.50

10.40

9.92

1.8%

1.8%

0.66

0.64

6.6%

6.8%

Power
21

Hub Power Company

HUBC

54.4

64.0

18%

Buy

1157

7.08

7.75

8.20

6.00

7.00

7.50

7.03

6.64

12.9%

13.8%

2.05

1.96

27.2%

28.5%

22

Kot Addu Power Company

KAPCO

55.2

60.0

9%

Buy

880

6.90

8.15

8.54

6.90

6.50

7.50

6.8

6.46

11.8%

13.6%

2.05

1.93

25.5%

29.4%

23

Nishat Chunian Power Limited

NCPL

28.3

28.3

0%

Buy

367

5.51

7.11

7.73

3.50

4.00

4.50

3.98

3.66

14.1%

15.9%

1.73

1.42

37.2%

39.2%

24

Nishat Power Limited

NPL

25.0

25.0

0%

Hold

354

5.75

7.22

8.36

2.00

2.50

3.50

3.46

2.99

10.0%

14.0%

1.23

0.98

32.1%

31.6%

9.6%

13.1%

Gas Water and Multiutilities

25

Sui Northren Gas Pipeline Ltd

Under Review

SNGP

Textiles
26

Nishat Mills Limited

NML

81.6

103.0

26%

Buy

352

10.04

16.12

17.46

3.50

4.00

5.00

5.06

4.67

4.9%

6.1%

0.76

0.59

Chemical
27

Lotte Pakistan PTA Limited

LOTCHEM

7.5

8.0

6%

Hold

1514

2.76

0.00

0.46

0.50

0.25

16.34

0.0%

3.3%

0.91

0.88

36.8%

0.0%

28

Engro Polymer & Chemicals

EPCL

11.3

9.8

-13%

Sell

663

(1.06)

0.12

0.24

47.21

0.0%

0.0%

1.18

1.15

-10.7%

1.2%

Fixed Line Telecom

29

Pak Telecom Co. Ltd**

PTC

*closing price as of Apr 26 , 2013, **Earnings consolidated basis

Under Review