Din Capital Limited Suit # 608-609, BFC

Building I.I Chundrigar Road, Karachi

UAN: +9221 111 800 200
FAX: 021-32468746
E-MAIL: info@dincapital.com

Monday, February 06, 2017

REP - 124
MORNING CALL – Daily News and impacts www.jamapunji.pk

PSX index Petroleum products register sales surge of 8%

Sales of petroleum products surged 8% to 2.05 million tons in January with increased demand
PSX Index All Shares KSE 100 KSE 30 KMI 30
coming from growing automobiles and increased CNG prices. Topline Securities analyst Umair
Current Index 33,677.16 49,555.83 26,716.76 85,649.77
Naseer said that the oil marketing companies’ sales remained slightly lower than estimates during
Change Points -89.50 -110.14 -27.53 -136.08 January. However, motor gasoline (MOGAS) and high speed diesel (HSD) sales continued to remain
Change % -0.27% -0.22% -0.10% -0.16% strong during the month. “Sales of MOGAS and HSD, which are high margin products, were led by
Volume (Shr.mn) 338.2 147.4 11,584.7 7,190.7 low pump prices, rising auto sales and increased transportation activity,” said Naseer. (Express
Trade Val.(Rs.mn) 18,607.0 14,102.4 11,584.7 7,190.7 Tribune) - Positive
Mkt. Cap(Rs.mn) 9.87 2.55 1.68 1.10
(Source: PSX) SNGPL to install 20,000 gas meters, lay down 450 km pipelines in 2017
Advance & Decline Table As many as 20,000 new gas meters would be installed and work to lay down 450 km long gas
ADVANCES DECLINES EQUAL TOAL RATIO pipelines would be completed in 2017 in line with the targets given to Sui Northern Gas Pipelines
124 275 14 413 0 Limited (SNGPL) (Rawalpindi region). Regional Manager Zahoor Ahmad said SNGPL was given the
target to install new 38,000 gas meters in the Rawalpindi region out of which 18,000 have been
Volume (mn Shrs) KSE 100 installed in 2016 and remaining would be installed in 2017. "The gas pipelines have been improved
in various areas to prevent leakages like Dheri Hasanabad, Tahli Mohri, Shakaryal and British
60,000 500
Homes. The work is also under way to lay down 10-inch diameter gas pipeline to provide gas facility
50,000 400 to different areas of Rawalpindi," he said. (The News) - Positive
40,000
300
30,000 Nishat Mills joins hands with Hyundai to set up car plant
200
20,000 South Korea’s largest automaker Hyundai plans to set up a car assembly plant in Pakistan in
10,000 100 collaboration with Nishat Mills Ltd (NML). The two companies have signed a memorandum of
- - understanding to establish a greenfield project for the assembly and sales of both passenger and
commercial vehicles. In a filing to the Pakistan Stock Exchange on Friday, the textile mill said its
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board of directors has given the go-ahead to the project, which is subject to applicable statutory and
regulatory approvals. The notice, however, did not give any further details regarding the value of
investment, project site, job creation prospects and the year of starting assembly of vehicles. (Dawn)
- Positive

British firm to pour $400m in Pakistan for cement plant

British firm Asian Precious Minerals announced an investment of $400 million in building a new
cement plant in Khyber-Pakhtunkhwa (K-P) in a meeting between company executives and K-P Chief
Minister Pervez Khattak. Both sides discussed the potential of bilateral trade between the UK and K-
P, says a statement issued by the British High Commission. Asian Precious Minerals CEO Nadim
Khan, Executive Director Peter Frost, Country Manager Irshad Ali Khokhar and Jason Mumtaz of the
Local Commodities (Weekly) high commission were present in the meeting. The chief minister explained the province’s new
industrial policy under which the government offered several incentives to local and foreign
ITEMS UNIT 26-Jan-17 19-Jan-17 % Chg.
investors. (Express Tribune) - Neutral
Petrol Litr 68.79 68.79 0.0%
L.P.G. 11 Kg Cyl. 1,209.41 1,173.38 3.1%
Truck assemblers use old technology, claim Euro II compliance
Dies el Litr 78.16 78.16 0.0%
Most assemblers of heavy commercial vehicles (HCV) are using old technology engines while
Furnace Oil* Metric ton 47,415.60 47,415.60 0.0%
claiming Euro II compliance, an assertion hard to believe keeping relevant international standards in
Urea Sona 50 kg bag 1,360.00 1,365.00 -0.4%
view. Market sources said assemblers have introduced turbocharger and intercooler models, which
DAP 50 kg bag 2,524.00 2,529.00 -0.2%
Cement 50 kg bag 554.00 554.00 0.0%
were not Euro-II compliant. Only one Japanese heavy vehicles assembler said it has introduced
Sugar Kg. 64.44 64.79 -0.5%
common rail smart engine (CRSE) in Pakistan. The international truck market is far ahead of
Gold 24 ct 10g 42,942.00 43,628.00 -1.6%
Pakistan’s in engine technology. It is expected that by June 2017, the share of Euro II diesel (low-
Source: SBP
sulphur diesel) will reach 85 per cent in Pakistan. (Dawn) - Neutral
Int’l Commodities (Daily)
ITEMS UNIT 3-Feb-17 2-Feb-17 % Chg.
Engro Foods’ profit drops by 25pc to Rs2.4bn
NYMEX WTI US$/bbl 53.54 53.88 -0.6%
Engro Foods posted a net profit of Rs2.4 billion for 2016, down 25 per cent from Rs3.2bn a year ago.
In the fourth quarter (Oct-Dec) alone, the company recorded a loss of Rs208 million against earnings
Arab Light US$/bbl 52.76 52.19 1.1%
of Rs635m in the comparable three-month period a year ago, according to a stock notice on Friday.
Brent Crude (ICE) US$/bbl 56.56 56.80 -0.4%
The company paid out an unexpected, and first-ever, cash dividend of Rs10 per share, including a
Gold (Spot) US$/ Ounce 1,219.40 1,208.30 0.9%
one-time special dividend of Rs9 per share. Market watchers said the company’s earnings were
Platinum (Spot) US$/ Ounce 994.40 998.95 -0.5%
lower than the street estimate, but the one-time special dividend came as a positive surprise.
Silver (Spot) US$/ Ounce 17.43 17.45 -0.1%
(Dawn) - Neutral
Copper (LME, 3m) US$/MT 5,886.00 5,991.00 -1.8%
Sugar #11 (ICE) US$/MT 20.55 20.45 0.5%
Cotton (NYB-ICE) US cent/pond 76.91 76.44 0.6%
So urce: Bloomberg

This report has been prepared by DIN Capital Limited and is provided for information purposes only. Under no circumstances it is to be used or considered as an offer to sell, or a solicitation of any offer to buy. This
information has been compiled from sources we believe to be reliable, but we do not hold ourselves responsible for its completeness or accuracy. All opinions and estimates expressed in this report constitute our
present judgment only and are subject to change without notice. This report is intended for persons having professional experience in matters relating to investments.
 Din Capital Limited Suit # 608-609, BFC
Building I.I Chundrigar Road, Karachi
UAN: +9221 111 800 200
FAX: 021-32468746
E-MAIL: info@dincapital.com

Monday, February 06, 2017

REP - 124
MORNING CALL – Daily News and impacts www.jamapunji.pk

Board Meetings & Results Banks charge up to 29pc interest rate, NA told
Company Date To Consider The government informed the National Assembly on Friday that commercial banks were charging
Engro Powergen 06.02.2017 Annual Accounts for the year individuals up to 29 per cent interest rate despite the historically lowest 5.75pc policy rate of the
Qadirpur Ltd ended December 31, 2016 State Bank of Pakistan (SBP). The SBP has maintained the policy rate at 5.75pc since May 2016 — a
Engro Polymer & 07.02.107 Annual Accounts for the year rate at which it provides liquidity or lends money to the commercial banks that they use as a base
Chemicals Ltd ended December 31, 2016 rate. The banks are generally expected to charge their customers slightly higher interest rates on
Fatima Enterprises 07.02.107 Annual Accounts for the year the basis of the SBP policy rate after calculating their overhead expenses and risk coverage. (Dawn) -
Limited ended June 30, 2016 Neutral
Lotte Chemical 07.02.107 Annual Accounts for the year
Pakistan Ltd ended December 31, 2016 Financing for fixed investment swells
Meezan Islamic 08.02.2017 Half yearly Accounts for the Financing for fixed investment in almost all sectors of the economy is on the rise after a decade of
Fund period ended Dec-31, 2016 stagnation, according to the Statistical Bulletin for February issued by the State Bank of Pakistan
Engro Fertilizers 08.02.2017 Annual Accounts for the year (SBP) on Saturday. It showed that financing for fixed investment increased each month during the
Limited ended December 31, 2016 first half of 2016-17. Banks were reluctant to finance fixed investment for almost a decade because
MCB Bank Limited 08.02.2017 Annual Accounts for the year of higher risks involved. Instead, debt instruments of the federal government remained the
ended December 31, 2016 favourite investment avenue for banks. Banking analysts attribute the recent change to the low
Cherat Cement 08.02.2017 Half yearly Accounts for the interest rate scenario, which is hurting banks’ income. Returns on government papers have been
Company Ltd period ended Dec-31, 2016 falling for more than a year while the government keeps relying on the SBP to meet its borrowing
Askari Sovereign 08.02.2017 Half yearly Accounts for the needs. (Dawn) - Neutral
Cash Fund period ended Dec-31, 2016
Pakistan Telecom 08.02.2017 Annual Accounts for the year CCP-ministry standoff over telecom policy
Company Limited ended December 31, 2016 The Ministry of Information Technology and Telecommunication (MoIT) has reportedly opposed to
Cherat Packaging 08.02.2017 Half yearly Accounts for the review Telecom Policy 2015, as was recommended by the Competition Commission of Pakistan
Limited period ended Dec-31, 2016 (CCP), it is learnt. The CCP had categorically declared that empowering Pakistan Telecommunication
Pakistan Refinery 09.02.2017 Half yearly Accounts for the Authority (PTA) to regulate competition related matters in the telecom sector will not only create
Limited period ended Dec-31, 2016 duplication of jurisdiction but will also engender legal uncertainty for the telecom operators and,
Allied Bank Limited 09.02.2017 Annual Accounts for the year therefore, it had recommended for reviewing the Telecom Policy 2015. According to official
ended December 31, 2016
sources, the Ministry of Information Technology and Telecommunication after receiving the policy
Habib Bank Limited 14.02.2017 Annual Accounts for the year
note from the CCP, had engaged its legal team to review it after which a final decision could be
ended December 31, 2016
taken. According to sources, the legal team has given the recommendations of not endorsing the
Tri-Pack Films 14.02.2017 Annual Accounts for the year
CCP policy note on the telecom policy. (Business Recorder) - Neutral
Limited ended December 31, 201
Askari Bank Limited 14.02.2017 Annual Accounts for the year
FBR gears up to check tax evasion in Benami transactions
ended December 31, 2016
The Federal Board of Revenue (FBR) is geared up to crack down on individuals who manage to evade
JS Investments 14.02.2017 Annual Accounts for the year
taxes on their unreported transactions as the newly-enacted Benami laws are soon to empower the
Limited ended December 31, 2016
Fauji Cement 15.02.2017 Half yearly Accounts for the
board to take legal recourse against the actual beneficiary, officials said on Saturday. The officials
Company Limited period ended Dec-31, 2016
said the tax authorities made all the arrangements to take action against thousands of such
transactions after the implementation of the laws. In February, the parliament passed the Benami
Company D/B/R For Period Ended & EPS/(LPS) Transactions (Prohibition) Act, 2017, enabling the authorities to take legal action against individuals,
MCB-Arif Habib 15% (D) 31/12/2016(HYR) - EPS 1.20 taking tax benefits of undocumented properties, which are actually in the name of their front man.
Savings and Inv. (The News) - Neutral
Engro Foods Limited 100% (D)% 31/12/2016(YR) - EPS 3.11

This report has been prepared by DIN Capital Limited and is provided for information purposes only. Under no circumstances it is to be used or considered as an offer to sell, or a solicitation of any offer to buy. This
information has been compiled from sources we believe to be reliable, but we do not hold ourselves responsible for its completeness or accuracy. All opinions and estimates expressed in this report constitute our
present judgment only and are subject to change without notice. This report is intended for persons having professional experience in matters relating to investments.