Market Strategy - Arif Habib Limited
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REP-300
Market Strategy
Jul’21: Market down by 0.6%
30-Jul-2021
AHL Research
D: +92 21 32462742
UAN: +92 21 111 245 111, Ext: 322
F: +92 21 32420742
E: ahl-research@arifhabibltd.com
Best Equity Research
Corporate Finance House
Best Domestic Equity House Best Broker in Pakistan Best Corporate & Investment Top 25 Companies Analyst: 2020
of the Year: 2020
Bank: 2020PSX Performance Jul 2021
Rising Cases of Covid-19 Dampened Market Activity
During Jul’21 the KSE-100 index posted a negative return of 0.6% or 301 points MoM
to close at 47,055pts. A lack of interest and negative sentiment in the market was fueled
by i) Continued rise in cases of Covid-19 (Rapid spread of delta variant) and infection
ratio which increased from 2-3% in Jun’21 to more than 7% in Jul’21, ii) Pressure on
external account amid rising current account deficit on the back of massive increase in
imports, iii) Depreciation of the PKR/USD parity, iv) Expected increase in inflationary
readings amid surge in petroleum product prices, and v) Anticipation of Sindh
government imposing stricter restrictions to curb the virus spread as Karachi witnessed
a notable surge in its infection ratio to over 20%. Moreover, uncertainty over how the
geopolitical scenario pans out with regards to the US exit from Afghanistan, and
Pakistan’s crucial role in this, also kept sentiment jittery.
Other key highlights this month include i) Inflation reading clocks in at 9.7% in June, ii)
FBR surpasses FY2020-21 tax collection target, iii) Pakistan's power production hits
record high at 24,284MW, iv) Petrol price hiked by Rs5.40/litre, v) Current account ends
FY21 in deficit, vi) Dollar hits nine-month high at Rs161.48, and vii) Foreign direct
investment declines by 29pc in FY21.
Volumes during the month nosedived and dropped by 50% MoM amid Eid holidays and
reasons aforementioned above. Likewise, value traded also followed the same trend
and dropped by 38% MoM.
Major News
Pakistan records highest export of goods in FY21, PIBs attract net inflow of $256m in
12 months, Talks with IMF going smoothly: SBP chief, Pakistan tops up March bonds
to the tune of $1bn, Cherat Cement Factory to set up plant in DI Khan, Forex reserves
drop to $24.31bln, Govt raises Rs551 billion via MTBs’ auction, GDP grew faster than
ADB forecast in FY21, and Lucky Cement to set up assembly plant
Fig: KSE100 historical returns (PKR based) Fig: KSE100 historical returns (USD based)
PKR based Return Average Return USD based Return Average Return
9.0% 8.2% 9.0%
7.5%
7.5% 7.5%
6.5%
6.0% 6.3%
5.8%
6.0% 6.0% 5.2%
4.7%
4.5% 4.5%
3.5%
3.0%
3.0% 3.0%
1.7%
1.5% 1.5% 0.6%
0.1%
0.0% 0.0%
Jul-21
Nov-20
Aug-20
Sep-20
Dec-20
Jan-21
Jun-21
Oct-20
Mar-21
Apr-21
May-21
Feb-21
Jul-21
Nov-20
Dec-20
Jan-21
Jun-21
Aug-20
Sep-20
Oct-20
Feb-21
Mar-21
Apr-21
May-21
-1.5% -1.5%
-1.3%-1.7% -0.7% -3.0% -1.0% -1.2%
-3.0% -1.1% -1.1%-0.6%
-2.8% -3.1%
-4.5% -3.6%
-4.5%
Source (s): PSX, AHL Research Source (s): PSX, Bloomberg, AHL Research
Arif Habib Limited 2PSX Performance Jul 2021 Economic Developments Notwithstanding the impediments created by the ‘third wave’ of the pandemic, Pakistan closed FY21 with historic high levels of exports (goods) and remittances. The overall trade too remained high as economic activities ramped up, well- supported by the policies and measures undertaken by the State Bank and government, both. All said, what could have stayed in green ended in red; Current Account posted a deficit of USD 1.9bn in FY21, with a huge USD 1.6bn deficit recorded alone in the month of Jun’21. However, on a YoY basis, current account deficit has come down by 58% during FY21, the lowest deficit after 10-years (Surplus of USD 214mn in FY11). Total imports increased by 17.6% YoY to USD 61.6bn during FY21 while total exports increased by 12.8% YoY to USD 31.6bn during the same period. With this, the Balance of Trade recorded a deficit of USD 30bn compared to a deficit of USD 24.4bn SPLY, marking a jump of 23%. Remittances were a silver lining, reaching USD 29.4bn by FY21 end (up 27% YoY). Remittances have been the most reliable source of foreign exchange flows for Pakistan. During the past 10 years, inward flow of remittances increased by a CAGR of 10.1%, driven by persistent export of man power from Pakistan along with encouragement by the Government to use legal channels to remit money into Pakistan. During FY21, remittances were up by 27% YoY to USD 29.4bn as the strong momentum of inflows continued to take the cumulative figure to an unprecedented level. Remittances by overseas Pakistanis registered an increase of 8% YoY to USD 2.7bn during Jun'21 compared to USD 2.5bn during Jun'20. During FY21, the country wise data reveals that inflow from KSA, UAE, UK and USA amounted to USD 7.7bn (+16% YoY), USD 6.1bn (+9% YoY), USD 4.1bn (+58% YoY) and USD 2.8bn (+58% YoY), respectively. Foreign direct investment (FDI) during FY21 witnessed a net inflow USD 1.8bn (-29% YoY) compared to net inflow of USD 2.6bn SPLY. During Jun’21, FDI witnessed a net inflow of USD 135mn, down 23% YoY. China remained the largest investor with net FDI of USD 758mn during FY21 against USD 847mn during same period last year. Hong Kong remained the second largest investor with net FDI of USD 157mn during FY21 compared with USD 191mn during same period last year. During FY21, major investment was poured into the Power sector (USD 906mn) followed by Financial Business Sector (USD 236mn) and Oil & Gas Explorations Sector (USD 243mn). Latest data released by PBS suggests that Large Scale Manufacturing Industries (LSMI) output has witnessed an increase of 37% YoY during May’21, which is attributable to the low base SPLY when there was a national lockdown on account of COVID. LSM Index currently stands at 139.55 compared to 101.98 SPLY. However, for four consecutive months the index has posted negative growth MoM with the the LSMI Index posting a decline of 4% MoM during May’21. Some of the monthly downtrends include 57% MoM decline in Sugar, 10% MoM decline in Wheat and grain milling, 17% MoM decline in Motor Spirits and 10% MoM decline in Furnace Oil. The YoY increase during May’21 is primarily attributable to a low base effect on account of a lockdown last year, and is led by i) Textile (+48% YoY), ii)Food, Beverages and Tobacco (+15% YoY), iii) Coke & Petroleum (+4% YoY), iv) Iron and Steel products (+40% YoY), v) Automobiles(+409% YoY), vi) Fertilizer (+13% YoY), and vii) Pharmaceuticals (+15% YoY). However, Rubber Products was the only category that witnessed a decline of 15% YoY. Arif Habib Limited 3
PSX Performance Jul 2021
Volume and Value went down during Jul’21
Average traded volume and value during Jul’21 went down by 50% (460mn shares)
and 38% (USD 93mn), respectively. During the month, average traded value
remained below USD 100mn after 8 months.
Fig: Traded Volume decreased by 50% during Jul’21 Fig: Traded Value decreased by 38% during Jul’21
Avg. Traded Volume (Regular) MoM Change Avg. Traded Value (Regular) MoM Change
(mn shares) (USD mn)
1,000 913 140% 180 164 125%
900 120% 160 150
774 144 143 139 100%
800 100% 134
140
700 80% 118 75%
603 624 622 120 111 107
600 518 60% 93 50%
493 100 87
500 439 460 40%
404 80
400 354 20% 65 25%
283 60
300 0% 0%
200 -20% 40
-25%
100 -40% 20
- -60% - -50%
Jul-21
Jul-21
Jan-21
Jun-21
Jan-21
Jun-21
Sep-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Aug-20
Feb-21
Mar-21
Apr-21
Oct-20
Nov-20
Dec-20
Feb-21
Mar-21
May-21
Apr-21
May-21
Source (s): PSX, AHL Research Source (s): PSX, AHL Research
Arif Habib Limited 4PSX Performance Jul 2021
During Jul’21, scrip-wise volumes were led by WTL (52mn shares), TPL (24mn
shares) and BYCO (23mn shares).
Scrip-wise value was led by TRG (USD 8.6mn), TREET (USD 5.2mn) and TPL (USD
3.2mn).
On sector-wise basis, volumes were led by Technology (119mn shares), Food (50mn
shares) and Miscellaneous (28mn shares).
Sector-wise value was led by Technology (USD 20.3mn), Food (USD 12.3mn) and
Cement (USD 6.5mn).
Fig: Scrip wise volume leaders Fig: Scrip wise value leaders
(mn shares) (USD mn)
56 52 10.0
8.6
49 9.0
8.0
42
7.0
35 6.0 5.2
28 24 23 5.0
21 4.0 3.2
15 14 2.9
13 12 3.0 2.5 2.3 2.2 2.2 2.2
14 11 11 11 2.1
2.0
7 1.0
- -
HASCOL
TPL
BYCO
SILK
TPLP
TELE
WTL
GGGL
TREET
KEL
TPL
TPLP
SNGP
NRL
LUCK
TRG
TREET
UNITY
NETSOL
AVN
Source (s): PSX, AHL Research Source (s): PSX, AHL Research
Fig: Sector wise volume leaders Fig: Sector wise value leaders
(USD mn)
(mn shares)
130 25.0
119
20.3
110 20.0
90
15.0
12.3
70
50 10.0
50
6.5 6.0
28 27 5.4 4.8
26 25 23 4.3 4.1
30 19 5.0 3.8 3.3
17 16
10
-
Banks
OGMCs
Chemical
Technology
Pharma
Food
Misc
Autos Assem.
Cement
Refinery
Banks
Inv. Banks
OGMCs
Chemical
Technology
Misc
Food
Power
Refinery
Cement
(10)
Source (s): PSX, AHL Research Source (s): PSX, AHL Research
Arif Habib Limited 5PSX Performance Jul 2021
Index Contribution
Positive index contribution was led by Banks (200pts) amid attractive valuation,
Chemicals (93pts) in anticipation of better Jun’21 ending results, Fertilizer (61pts),
Textile Composite (40pts) and Miscellaneous (32pts).
Whereas, negative contributors were E&P (147pts), followed by Refinery (142pts),
Cement (109pts), Power (98pts) and Food (77pts).
Scrip-wise positive contributors during the month were i) SYS (141pts), ii) EFERT
(82pts), iii) MEBL (79pts), iv) HBL (74pts) and v) LUCK (65pts).
Meanwhile, scrip-wise negative contributions were led by TRG (122pts), NRL
(79pts), PPL (78pts), HUBC (69pts) and ANL (51pts).
Fig: Company wise top index contributors Fig: Sector wise top index contributors
SYS 141 Banks 200
EFERT 82 Chemical 93
MEBL 79 Fertilizer 61
HBL 74 Textile Composite 40
LUCK 65 Misc 32
(51) ANL (77) Food
(69) HUBC (98) Power
(78) PPL (109) Cement
(79) NRL (142) Refinery
(122) TRG (147) E&P
(150) (100) (50) - 50 100 150 200 (150) (100) (50) - 50 100 150 200
Source (s): PSX, AHL Research Source (s): PSX, AHL Research
Arif Habib Limited 6PSX Performance Jul 2021
Major Gainers and Losers
Scrip-wise performance chart during the month was led by GADT, KTML, SYS,
COLG and FABL, each posting positive returns positive return of 30%, 14%, 13%,
12%, and 11% respectively. On the flip-side, HASCOL, NRL, ANL, BYCO and ATRL
posted the negative returns (29%, 25%, 17%, 16% and 11% respectively).
In terms of sectors, Textile spinning sector was the best performing, posting a return
of 30%, followed by Real Estate (10%), Modarabas (8%), Sugar (8%) and Chemicals
(7%). Negative returns were led by Refinery (18%), Tobacco (11%), Vanaspati (9%),
Cable and Electrical (8%), and Leather (8%).
Fig: Scrip wise major gainers (KSE-100) Fig: Scrip wise major losers (KSE-100)
32% 33%
30% 29%
29% 30%
27% 25%
26%
24%
23% 21%
17%
20% 18% 16%
15%
17% 11% 11% 11% 10%
14% 12%
13% 12% 9% 9%
14% 9%
11% 10% 10% 10%
11% 10% 6%
8%
3%
8%
0%
ANL
UNITY
FCEPL
HASCOL
POML
KEL
BYCO
NRL
ATRL
PAKT
5%
KTML
FABL
SYS
PSX
EPCL
COLG
DCR
GADT
FHAM
SNGP
Source (s): PSX, AHL Research Source (s): PSX, AHL Research
Fig: Sector wise major gainers (KSE100) Fig: Sector wise major losers (KSE100)
30% 20.0%
18.1%
30%
18.0%
25% 16.0%
14.0%
20% 12.0% 11.0%
10.0% 9.0%
15% 8.0% 7.9%
8.0%
10% 5.7%
10% 8% 8% 6.0%
7% 4.2% 4.0% 3.9% 3.7%
6% 5% 4.0%
5% 2% 2% 2% 2.0%
0% 0.0%
Tobacco
Refinery
Vanaspati
Leather
Food
Paper
Power
Transport
Cable & Elec.
Automobile
Chemicals
Real Estate
Sugar
Textile Comp.
Banks
Weaving
Misc.
Modarabas
Fertilizer
Spinning
Textile
Textile
Parts
Source (s): PSX, AHL Research Source (s): PSX, AHL Research
Arif Habib Limited 7PSX Performance Jul 2021
Regional Portfolio Investment
Foreigners continued to remained net seller for another month. Top outflows were
witnessed in South Korea (USD 4,224mn), Taiwan (USD 3,566mn) and India (USD
1,338mn). Meanwhile in Pakistan, foreigners remained net sellers as well, selling
equities worth USD 28mn in the month of Jul’21. Outflows were observed in i) Others
(USD 30.8mn), ii) Food (USD 2.4mn), iii) Banks (USD 1.8mn), iv) Textile (USD
1.2mn) and v) Power (USD 0.1mn). Whereas inflows were witnessed in i) Cement
sector (USD 2.4mn), ii) E&P (USD 1.9mn) and iii) OGMCs sector (USD 1.7mn).
Fig: Local investors portfolio investment during Jul’21 Fig: Sector wise FIPI during Jul’21
(USD mn) Net Buy | (Sell) Net Buy | (Sell)
10 (USD mn)
8.3
7.6 5.0 2.4 1.9 1.7 1.5
8 6.9 0.2
6.1 -
6
Others
E&P
Cement
Power
Banks
Food
Technology
Textile
OGMCs
Fertilizer
4.3
(5.0)
4
1.6 (10.0) (1.2)
2 (0.1) (1.8) (2.4)
(15.0)
-
Banks | DFI
Other Org.
Insurance
Companies
Funds
Individuals
NBFC
Brokers
(20.0)
(2)
(4) (25.0)
0.6
(6) (30.0)
(30.8)
(8) -7.0 (35.0)
Source (s): NCCPL, AHL Research Source (s): NCCPL, AHL Research
Fig: Sector wise LIPI during Jul’21 Fig: Regional Portfolio Investment during Jul’21
Net Buy | (Sell) (USD mn)
(USD mn)
209 106
35.0 30.8 -
Pakistan
Thailand
Sri Lanka
India
Taiwan
South Korea
Vietnam
Malaysia
Indonesia
Philippines
30.0
(500)
25.0
(1,000)
20.0 (29)
(1,500) (40) (241) (500)
(151) (1,338)
15.0
2.4 (2,000)
10.0
1.2 (2,500)
5.0 1.8 0.1
(1.5) (3,000)
-
Others
Food
Banks
Power
E&P
Cement
Technology
Textile
Fertilizer
OGMCs
(5.0) (3,500)
(4,000) (3,566)
(1.9)
(0.2) (1.7) (2.4) (4,500) (4,224)
Source (s): NCCPL, AHL Research Source (s): Bloomberg, NCCPL, AHL Research
Arif Habib Limited 8PSX Performance Jul 2021 Outlook and Recommendation We expect the market to perform well in the upcoming month on account of i) Robust earnings growth forecast of cement, steel and allied sectors amid strong cyclical demand driven by historic high PSDP allocation and focus on Naya Pakistan Housing scheme, ii) Beginning of result season which will keep specific companies in limelight, iii) Expectation of an Auto, Textile and Refinery policy, iv) Downwards sticky oil prices supporting the E&P sector, and v) Stable policy rate to sustain economic growth. However, pressure on external account, rising infection ratio of novel coronavirus in Pakistan and uptick in CPI in the upcoming months are downside risks to the index performance. The KSE-100 index is currently trading at a PER of 6.7x (2021) compared to Asia Pac regional average of 15.8x and offering a DY of ~6.7% versus ~2.4% offered by the region. Our top picks are LUCK, ENGRO, OGDC, PPL, FFC, HUBC, SNGP, HBL, MCB, NML, ILP, PSO, EPCL, PTL and UNITY. Arif Habib Limited 9
PSX Performance Jul 2021
World Indices Performance
Table: World's Major Stock Market Performance (USD based return, Jul'21)
Sr# Country Index Description Index Return (%) Sr# Country Index Description Index Return (%)
1 Lebanon Blom Stock Index 962 8.7 39 Ukraine Pfts Index 525 0.7
2 Estonia Omx Tallinn Omxt 1,772 7.1 40 Poland Wig 20 2,253 0.7
3 UAE Adx General Index 7,318 7.1 41 UK Ftse 100 Index 7,032 0.6
4 Turkey Bist 100 Index 1,393 6.2 42 Bahrain Bb All Share Index 1,597 0.6
5 Luxembourg Luxembourg Luxx Index 1,654 6.0 43 Singapore Straits Times Index Sti 3,167 0.5
6 Finland Omx Helsinki Index 13,059 5.4 44 Greece Athex Composite Share Pr 888 0.5
7 Czech Republic Prague Stock Exch Index 1,209 5.0 45 Saudi Arabia Tadawul All Share Index 11,013 0.3
8 Denmark Omx Copenhagen 20 Index 1,735 4.9 46 India S&P Bse Sensex Index 52,587 0.2
9 Argentina S&P Merval Tr Ars 66,005 4.8 47 Germany Dax Index 15,544 0.2
10 Egypt Egx 30 Index 10,742 4.6 48 Romania Bucharest Bet Index 11,849 0.1
11 Lithuania Omx Vilnius Omxv 965 4.5 49 Canada S&P/Tsx Composite Index 20,288 0.1
12 Bangladesh Dse Broad Index 6,425 4.4 50 Portugal Psi 20 Index 5,027 (0.1)
13 Iceland Omx Iceland All-Share Pr 2,371 4.4 51 Qatar Qe Index 10,753 (0.1)
14 Sweden Omx Stockholm 30 Index 2,370 4.2 52 Serbia Belex15 Index 776 (0.2)
15 Slovenia Slovenian Blue Chip Idx 1,169 4.0 53 Jordan Amman Se General Index 2,088 (0.5)
16 Sri Lanka Sri Lanka Colombo All Sh 8,120 3.7 54 New Zealand S&P Nzx All Index 2,055 (0.5)
17 Switzerland Swiss Market Index 12,117 3.6 55 Morocco Madex Free Float Index 9,995 (0.6)
18 Netherland Aex-Index 754 3.5 56 Oman Msm30 Index 4,030 (0.8)
19 Mauritius Mauritius Stock Exchange 1,917 3.2 57 Australia S&P/Asx 200 Index 7,393 (1.0)
20 USA Nasdaq 100 Stock Indx 14,960 2.8 58 Spain Ibex 35 Index 8,676 (1.6)
21 Austria Austrian Traded Atx Indx 3,481 2.4 59 Dubai Dfm General Index 2,766 (1.6)
22 Bulgaria Sofix Index 570 2.3 60 Croatia Croatia Zagreb Crobex 1,948 (1.7)
23 USA S&P 500 Index 4,395 2.3 61 Russia Rts Index 1,626 (1.7)
24 Indonesia Jakarta Composite Index 6,070 2.1 62 Norway Obx Price Index 533 (1.9)
25 South Africa Ftse/Jse Africa All Shr 68,971 2.1 63 Taiwan Taiwan Taiex Index 17,247 (3.2)
26 Ireland Iseqall-Share 8,325 1.9 64 Pakistan Kse-100 Index 47,055 (3.6)
27 Belgium Bel 20 Index 4,200 1.9 65 Malaysia Ftse Bursa Malaysia Klci 1,495 (4.1)
28 Kenya Nairobi All Share 178 1.8 66 Japan Nikkei 225 27,284 (4.1)
29 France Cac 40 Index 6,613 1.7 67 South Korea Kospi Index 3,202 (4.6)
30 Mexico S&P/Bmv Ipc 50,868 1.7 68 Chile S&P/Clx Ipsa (Clp) Tr 4,252 (5.6)
31 Ghana Gse Composite Index 2,717 1.6 69 Vietnam Ho Chi Minh Stock Index 1,310 (6.7)
32 Nigeria Nigeria Stck Exc All Shr 38,547 1.6 70 Thailand Stock Exch Of Thai Index 1,522 (6.7)
33 Latvia Omx Riga Omxr 1,238 1.5 71 Brazil Brazil Ibovespa Index 121,801 (6.8)
34 USA Dow Jones Indus. Avg 34,935 1.3 72 Kazakhstan Kazakhstan Kase Stock Ex 3,087 (7.4)
35 Hungary Budapest Stock Exch Indx 48,611 1.2 73 China Csi 300 Index 4,811 (8.0)
36 Italy Ftse Mib Index 25,363 1.1 74 Hong Kong Hang Seng Index 25,961 (10.0)
37 Tunisia Tunis Se Tunindex 7,305 0.8 75 Philippines Psei - Philippine Se Idx 6,270 (11.2)
38 Europe Euro Stoxx 50 Pr 4,089 0.7
Source (s): Bloomberg, AHL Research
Arif Habib Limited 10PSX Performance Jul 2021
Disclaimer
Analyst Certification: The research analyst(s) is (are) principally responsible for preparation of this report. The views expressed in this research report accurately reflect the personal
views of the analyst(s) about the subject security (ies) or sector (or economy), and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related
to the specific recommendations and views expressed by research analyst(s) in this report. In addition, we currently do not have any interest (financial or otherwise) in the subject security
(ies). Furthermore, compensation of the Analyst(s) is not determined nor based on any other service(s) that AHL is offering. Analyst(s) are not subject to the supervision or control of any
employee of AHL’s non-research departments, and no personal engaged in providing non-research services have any influence or control over the compensatory evaluation of the
Analyst(s).
Equity Research Ratings
Arif Habib Ltd. (AHL) uses three rating categories, depending upon return form current market price, with Target period as Dec’21 for Target Price. In addition, return excludes all type of
taxes. For more details, kindly refer the following table;
Rating Description
BUY Upside of subject security(ies) is more than +10% from last closing of market price(s)
HOLD Upside of subject security(ies) is between -10% and +10% from last closing of market price(s)
SELL Upside of subject security(ies) is less than -10% from last closing of market price(s)
Equity Valuation Methodology
AHL Research uses the following valuation technique(s) to arrive at the period end target prices;
Discounted Cash Flow (DCF)
Dividend Discounted Model (DDM)
Sum of the Parts (SoTP)
Justified Price to Book (JPTB)
Reserved Base Valuation (RBV)
Risks
The following risks may potentially impact our valuations of subject security (ies);
Market risk
Interest Rate Risk
Exchange Rate (Currency) Risk
This document has been prepared by Research analysts at Arif Habib Ltd. (AHL). This document does not constitute an offer or solicitation for the purchase or sale of any security. This
publication is intended only for distribution to the clients of the Company who are assumed to be reasonably sophisticated investors that understand the risks involved in investing in
equity securities. The information contained herein is based upon publicly available data and sources believed to be reliable. While every care was taken to ensure accuracy and objectivity,
AHL does not represent that it is accurate or complete and it should not be relied on as such. In particular, the report takes no account of the investment objectives, financial situation
and particular needs of investors. The information given in this document is as of the date of this report and there can be no assurance that future results or events will be consistent with
this information. This information is subject to change without any prior notice. AHL reserves the right to make modifications and alterations to this statement as may be required from
time to time. However, AHL is under no obligation to update or keep the information current. AHL is committed to providing independent and transparent recommendation to its client
and would be happy to provide any information in response to specific client queries. Past performance is not necessarily a guide to future performance. This document is provided for
assistance only and is not intended to be and must not alone be taken as the basis for any investment decision. The user assumes the entire risk of any use made of this information. Each
recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
document (including the merits and risks involved), and should consult his or her own advisors to determine the merits and risks of such investment. AHL or any of its affiliates shall not
be in any way responsible for any loss or damage that may be arise to any person from any inadvertent error in the information contained in this report.
© 2021 Arif Habib Ltd.: Corporate Member of the Pakistan Stock Exchanges. No part of this publication may be copied, reproduced, stored or disseminated in any form or by any means
without the prior written consent of Arif Habib Ltd.
Disclosure required under Research Analyst Regulations, 2015:
In order to avoid any conflict of interest, we hereby disclosed that;
Arif Habib Limited (AHL) has shareholding in OGDC, AKBL, NBP and PSO.
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