Cement: Upgrade rating on improved FY13 outlook

 

We upgrade Lucky Cement to Buy (PO: PRs151) and DGKC to Neutral (PO: PRs48) on the back of improved FY13E EPS outlook and attractive valuations.

 

We revise our FY13E earnings estimates for Lucky by 12% and DGKC by 24% on the back of 1) stable pricing outlook with increase in South prices, and 2) 14% cut in coal price forecast. 

 

BofAML global metals & mining team has cut coal price forecast by 14%/8% for FY13/FY14E due to expectation of increased over-supply of coal.

 

We foresee building up of near term rally in cement stocks led by 1) strong FY12 results announcement, 2) higher payouts and 3) strong FY13E earnings outlook.

 

Our cement universe is on average trading at 31% discount to the market multiples which we believe is not justified given ~40% earnings growth expected in FY13.

 

Lucky is our top in the sector, offering 21% upside to our new PO.

Cement: Upgrade rating on improved FY13 outlook

Pakistan Cement Sector

Upgrade rating on improved FY13E outlook; Buy Lucky

 

Upgrade Lucky Cement to Buy & DGKC to Neutral 

We upgrade Lucky Cement to Buy (from Neutral) and DGKC to Neutral (from U/P) with new POs of PRs151/sh and PRs48/sh, respectively. Following DGKC and Lucky outperforming KSE-100 by 95% and 52% in Jan-Apr 12, the stocks are down 11% and 13% respectively from their highs, triggered by recent correction in North cement prices. With strong FY12 results expected around the corner (Jul/Aug), improved cash payout expectations and improved earnings outlook for FY13E, we expect buildup of a near term rally in the stocks. Our cement universe is on average currently trading at a 31% discount to KASB Universe FY13E P/E of 6x (well below Lucky's historical premium to the market multiples), despite ~40% earnings growth expected in FY13E. Lucky remains our top pick in the sector, offering 21% upside potential to our PO. DGKC offers 12% potential upside to our PO.  

Estimates & PO upgrade on coal and cement price outlook 

We raise our PO for Lucky by 9.4% to PRs151 and DGKC by 11.6% to PRs48 led by earnings upgrade. We revise FY13/FY14E EPS for Lucky by 12%/7.8% on the back of PRs10/bag increase in cement prices in the South, recovery in cement prices in the North, cut in coal price forecast and 10% increase in gas prices. Similarly, we raise our FY13/14E EPS for DGKC by 24%/17%. 

We cut global coal price forecast by 14% 

A major portion of our earnings upgrade is driven by change in coal price forecasts. Our Global metals & mining team has cut its coal price forecast for FY13/14E by 14%/8% to US$93/98 per ton FOB due to increased global over-supply of coal. We expect coal prices to trade in a range in the next 6-9 months before starting to pick up in late-2013 on the back of supply cutbacks and demand pick-up in India. 

Improved outlook for domestic cement prices 

With no major supply addition planned in the next three years, we expect the industry capacity utilization rate to see 3% pa improvement from its current level of 69%, which should support prices. With the trend of gradual uptick in cement price (and margins) appearing to be back on track and our discussions with industry players, we see lower risk to the cement price outlook, where abrupt weakness in prices in the North region had turned us cautious earlier this year.  

Key risks to our call 

Decline in domestic cement prices on slow demand, decline in export prices, stronger/earlier than expected recovery in coal prices, gas supply cut for captive power plants are the key risks to our estimates. 

Pakistan Cement Sector

Financial markets to take cue from FOMC minutes

Risk premium cools off as Norway back on line 

·         With the timely intervention of the Norwegian govt. the strike by oil workers was called off which had crippled 13% of the country’s oil production and pushed crude prices sharply upwards. The break-through lifts the risks from further supply disruptions on this front as the domestic law prohibits a similar strike of this nature for a period of two years.

·         As expected significant selling pressure emerged. Investors went bid on the dollar which pushed both oil grades in the red (Brent -2.3%, WTI -2.4%). Chinese trade data also painted a depressed picture for crude consumption with imports down to 5.3mn bpd in June vs. 6mn bpd in May.

‘Sell-the-rally’ mode keeps upside capped for precious metals

·         Precious metals class got a boost in investor interest mid-way during the session as UK Manufacturing Production (+1.2% MoM) surpassed expectations (+0.1% MoM). The intra-day strength could not be sustained and closed in the red as the market remained in a ‘sell-the-rally’ mood with investors capitalizing on higher prices to book profits.

·         The Euro was beaten (-0.5% vs. USD) as a German constitutional court began a hearing in order to determine whether proposed changes to the European bailout fund, the ESM, were in sync with German law. Adverse rulings could likely create more havoc.

·         At the meeting of EU finance ministers yesterday, some headway in talks was made on the issue of recapitalization of Spanish banks. While the total figure has yet to be finalized, an estimated €30bn is expected to be available for use before the end of July.

·         Later today, a spike in volatility is on the cards as the market awaits FOMC meeting minutes where the diverse opinions of policy makers will be absorbed. Any signs of firm consensus however could be construed as a positive sign and would raise the possibility that the Fed would be quick to take stimulus action if indicators weaken in the future.

 

Technical Strategy

Gold Spot: Sell on Strength     

The first support is at US$1,559.47 and second support is at US$1,550.87. The first resistance is at US$1,578.68 and the second resistance is at US$1,587.27.

Silver Spot: Sell on Strength 

The first support is at US$26.45 and second support at US$26.07. The first resistance is at US$27.17 and the second resistance is at US$27.53.

WTI Spot (Crude Oil): Sell on Strength  

The first support is at US$83.04 and second support is at US$82.17. The first resistance is at US$84.78 and the second resistance is at US$85.65.

Financial markets to take cue from FOMC minutes

Trade deficit widen USD21bn, remittances stood USD13bn

                     Written as on July 11, 2012

Highlights

            •         Trade deficit widen to USD21.3bn, missed target of USD14.5bn for FY12

            •         Workers' remittances crossed historic mark of USD13bn during FY12

 

In today's Value Seeker, we present an update on trade account and remittances figures for the month of Jun-12 along with the overall details for FY12.

Trade deficit widen to USD21.3bn, missed target of USD14.5bn for FY12

The details of trade account for FY12 stood quite disappointing as it totally missed the budgetary targets breaching to USD21.3bn deficit (9.7% of GDP) compared to the target of USD14.5bn, trade deficit widen up by 36%YoY against FY11 deficit of USD15.6bn. Exports for FY12 went down by 4.7%YoY to USD23.6bn compared to $24.8bn witnessed last year. Whereas, a considerable growth of 11%YoY was witnessed in imports which stood at USD44.9bn during the year against USD40.4bn witnessed a year earlier. These high figures for trade deficit are primarily due to, i) the enormous surged in international oil prices (Arab Light) by 19%YoY during FY12 resulting in swelling of imports as oil imports contains ~34% weightage in the total import bill, ii) huge fertilizer imports amounting ~USD1.1bn (up 112%YoY) during Jul-May 2012, iii) the massive decline in the textile export as cotton prices went down by 35%YoY during FY12 which reduce the export value in USD term of the country iv) and electricity and gas load shedding also denting the export of the country. On monthly basis, the total export of country declined by 0.83%MoM to USD2.1bn during Jun-12 while imports of the country surged by 2.3%MoM resulting to widen the trade deficit to USD1.8bn, up by 6.12%MoM during the same period. Similarly, during Jun-12 trade deficit increased by 27.6%YoY as compared to June-11deficit of USD1.4bn. Whereas export has got down by 11.6%YoY stood at USD2.1bn while imports increased by 3%YoY to USD3.98bn.

Workers' remittances crossed historic mark of USD13bn during FY12

Yet another remarkable year for worker's remittances as Overseas Pakistanis sent USD13bn to Pakistan during FY12 compared to the remittances of USD11.2bn witnessed in FY11, registering a phenomenal growth of 18%YoY. During the month of June-12, worker's remittances stood at USD1.11bn (down by 6.3%MoM while up 1%YoY), workers residing in GCC countries contributed the highest chunk of 60.8% during June-12 (60.9% during FY12), remittances from USA contributed 18.5% during the month (17.5% during FY12) while remittances form European countries contributed 14.1% during the month (14.3% during FY12). However, comparing the monthly averages except for the months of Sept-11 (US$890.42mn) and Nov-11 (US$924.92mn), workers remittances remained above US$1bn each month during remaining 10 months of the year, compared to monthly average of USD933mn registered during FY11

Outlook

Going forward, the declining trend of international oil and commodity prices could potentially result in trade numbers delivering some relief in 1QFY13. Also improvement in Pak US relationship could be a key positive development for re-initiation of CSF program and other civilian and military aid foreign flows which will decrease the pressure on country's external account. Given our major dependency for remittances over GCC economies, we expect this impressive growth in workers' remittances will also continue to embark for FY13 as oil based GCC economies are expected to remain strong.    

Trade deficit widen USD21bn, remittances stood USD13bn

EFOODS: EPS expected at Rs0.81 for 2Q2012

 

July 11, 2012 (JS Research)

 

 

Engro Foods is scheduled to announce its 1H2012 financial result on July 17, 2012. The company is expected to post PAT of Rs1,098mn (EPS: Rs1.45) in 1H2012, compared to PAT of Rs217mn (EPS: Rs0.29) in the same period last year. In 2Q alone, the earnings are expected to register at Rs612mn (EPS: Rs0.81), up 26%QoQ. The growth is primarily derived from the dairy and juices segment. On the other hand, the bottom line of the ice cream business is still likely to remain in the red zone despite volumetric growth. Furthermore, EFOODS has introduced a new product line Omung Lassi, however, to gauge its impact on the profitability of the company we will have to wait for the public response. We currently have a ‘Hold’ stance on the stock with the 2012E PE of 25.3x.

 

 

EPS for 2Q2012 expected at Rs0.81

The top line of EFOODS is likely to grow by 8%QoQ to Rs10.4bn. An increase of Rs10/litre in Olper’s (Packaged Milk) prices is likely to augment the company’s revenues. The volumes in its Dairy segment are also expected to grow mainly because of higher sales of its tea whitener (Tarang) and Dairy Omung (for budget conscious society of the country). To recall, the recent hike in milk prices by Rs10/litre was only applicable on Olper’s while Dairy Omung prices remained intact. The continuous expansion and seasonality factor will likely enhance volumetric sales of its ice cream segment; however, the bottom line is still expected to remain in the red zone. Consequently, EFOODS is likely to report an EPS of Rs0.81 in 2Q2012.

 

New addition ‘Omung Lassi’

EFOODS has introduced a new product line Omung Lassi and is following an aggressive marketing campaign for the popularity of the product. As the product is in its initial stage, we will have to wait for the public response to gauge its impact on the profitability of the company going forward.

 

Outlook

EFOODS is in continuous expansionary mode and it currently trades at a 2012E PE of 25.3x. We have a ‘Hold’ stance on the stock. However, due to its expansionary nature, the key risk to our investment thesis remains the sales growth assumption and financial burden owing to its leveraged balance sheet.

 

naveed.tehsin@js.com

92 (21) 111-574-111 (ext. 3100)

 

 

 

Also in focus

Remittances cross US$13bn in FY12

Remittances reached US$13.2bn in FY12 compared to US$11.2bn in FY11, registering a growth of 17.7%YoY. In June 2012, remittances were recorded at US$1.1bn, up 1%YoY.

 

Trade deficit widens by 36%YoY in FY12

Trade deficit touched US$21.3bn in FY12 vs. US$15.6bn in FY11. It translates in a growth of 36.3%YoY. Exports during the year declined by 4.7%YoY to US$23.6bn, while imports surged by 11.1%YoY to US$44.9bn.

EFOODS: EPS expected at Rs0.81 for 2Q2012

EFOODS 1HCY12 Result Preview

EFOODS will be declaring its 1HCY12 results on Jul 13'12. We forecast the company's bottomline to grow by 4.7x YoY to PkR1,015mn (EPS: PkR1.35) during the review period. For 2QCY12, we forecast NPAT to stand at PkR530mn (EPS: PkR0.70), which would represent a sequential growth of 9%. At current levels, we have a Neutral stance on the scrip which is trading at a slight premium to our Dec-end price target of PkR69.

 

1HCY12 earnings to grow 4.7xYoY: EFOODS is forecast to post an NPAT of PkR1,015mn (EPS: PkR1.35) in 1HCY12 which would represent an earnings growth of 4.7xYoY. Earnings growth will likely be driven by a 52%YoY expansion in topline to PkR20.8bn. Similarly, gross profits are forecast to grow by 68%YoY to PkR4.9bn where besides the revenue growth, improvement in GMs (+220bps YoY to 23.6%) will also contribute to the gross profit growth. Dairy Segment is expected to continue being the star performer where we estimate the segment's revenue to grow by 59%YoY to PkR19.6bn while operating margins are also expected to improve by 276bps YoY to 6.8%. On the other hand, Ice Cream segment revenue is estimated to fall by 7%YoY to PkR1.3bn, where an extended winter season coupled with frequent electricity outages are expected to hurt sales.        .

 

2QCY12 EPS to stand at PkR0.70: We expect EFOODS to register a 9%QoQ growth in profitability to PkR530mn (EPS: PkR0.70) in 2QCY12, following a 15% increase in revenue and a 50bps improvement in gross margins. Besides the volumetric growth in sales, increase in milk prices by ~15% during the quarter is expected to augment Dairy segment revenues. Seasonal uptick in Ice Cream demand is also expected to bolster the Ice Cream segment revenues, however despite the uptick in sales, the segment is expected to record an operating loss of PkR103mn during 2QCY12.

 

Positives priced in for now: EFOODS has been the outperformer at the KSE with CYTD return of 224%. Furthermore, the scrip has rallied strongly in Jul'12TD (+12%), possibly on expectation of improved profitability in 2QCY12. However, we believe that positives for EFOODS are priced in for now and recommend a 'Hold' at current levels where the scrip is trading at a 5% premium to our Dec-end price target of PkR69. While we remain bullish on the long term prospects of EFOODS given the huge potential in the packaged milk industry, concerns emanate from the company's ability to raise further financing given the domestic banking sector’s heavy exposure to the Engro Group.

EFOODS 1HCY12 Result Preview

KSE EOD Daily Share Price Data - 09/07/2012

For: July 09, 2012
SYMBOL	OPEN RATE	HIGH RATE	LOW RATE	CLOSING RATE	TURNOVER
AACIL	4.5	4.75	4.06	4.63	159,610
AATM	1.5	1.57	1.48	1.48	11,325
ABL	64.25	65	64.31	64.61	33,514
ABOT	125.93	125	120.01	121.82	1,678
ACPL	84.63	86.95	85	86.82	67,398
ADAMS	19.25	19.35	19.35	19.25	1
ADOS	15.18	16.18	16.18	16.18	4,000
AGIC	9.15	9.6	8.23	9.47	4,141
AGL	12.39	12.69	12.1	12.1	3,676
AGSML	19.68	19.98	19.98	19.98	500
AGTL	207.99	207.9	207.5	207.51	155
AHCL	33.01	33.54	32.8	33.38	2,586,588
AHCL-CAUG	33.8	0	0	34.17	0
AHCL-CJUL	33.3	0	0	33.66	0
AHCL-CSEP	34.21	0	0	34.58	0
AHCL-JUL	33.18	33.69	33	33.55	344,000
AHI	15.89	16.2	15.51	15.71	4,555
AHL	37.4	37.98	37.05	37.5	64,846
AICL	60.52	61.5	60.1	61.25	655,795
AKBL	13.69	13.81	13.55	13.75	190,941
AKDCL	31.52	32.42	31.9	31.52	105
AKGL	8.5	8.5	8.5	8.5	300
ALICO	18	17.4	17.4	18	25
ALNRS	45.83	48.12	46.25	48.11	1,000
AMBL	10.25	10.42	10.42	10.25	1
AMTEX	2.06	2.1	2	2.05	120,378
ANL	6.55	6.97	6.5	6.83	3,448,618
APL	485.63	489	485.4	487.16	7,081
ARM	39.18	40	40	39.18	55
ARUJ	6.4	6	6	6.4	12
ASFL	5	5.5	5.5	5	49
ASHT	10.875	10.3	10.25	10.29	500
ATBA	206.68	208.74	208.74	208.74	400
ATIL	30.87	30.8	30.5	30.8	9,520
ATLH	123.63	124.45	123	123	3,613
ATRL	127.3	127.5	124.61	125.07	1,235,262
ATRL-CAUG	130.36	0	0	128.04	0
ATRL-CJUL	128.41	0	0	126.11	0
ATRL-CSEP	131.92	0	0	129.58	0
ATRL-JUL	128.27	127.9	125.52	126.04	245,500
BAFL	17.88	18.01	17.75	17.95	3,608,504
BAFL-CAUG	18.31	0	0	18.38	0
BAFL-CJUL	18.04	0	0	18.1	0
BAFL-CSEP	18.53	0	0	18.6	0
BAFL-JUL	17.96	18.1	18	18.04	116,000
BAHL	28.62	28.65	28.5	28.57	47,500
BAHL-CAUG	29.31	0	0	29.25	0
BAHL-CJUL	28.87	0	0	28.81	0
BAHL-CSEP	29.66	0	0	29.6	0
BAPL	7.33	7.7	6.86	7.44	94,613
BATA	633.4	664	633	633.4	20
BERG	13	12.95	12.4	12.95	2,050
BGL	2.8	2.95	2.95	2.8	1
BIPL	10.4	10.39	10.14	10.21	86,762
BOK	8.56	8.72	8.5	8.68	5,988
BOP	8.05	8.1	7.95	8.01	779,685
BPL	52.08	54.68	52.31	54.56	366,566
BROT	1.35	1.35	1.31	1.32	6,250
BRR	2.5	2.6	2.59	2.6	3,510
BYCO	8.74	8.9	8.63	8.69	521,750
CCM	23.63	24.5	22.5	23.63	401
CENI	10.5	10.75	10.25	10.5	6
CEPB	20.26	20.45	20	20.16	11,660
CFL	8.5	7.5	7.5	8.5	4
CHBL	1.62	1.65	1.65	1.65	35,000
CHCC	31.01	32.56	31.25	31.87	1,215,568
CJPL	0.84	0.95	0.7	0.9	5,040
CLCPS	0.55	0.57	0.53	0.55	11
CLOV	82.07	83	80	82.07	101
CML	1.73	1.69	1.57	1.6	72,634
COLG	1041.33	1093.39	1030	1072.17	566
COTT	1.96	2.25	1.45	1.83	5,536
CPL	184.88	194	185	188.45	6,385
CPPL	29.4	29.9	29.25	29.45	5,482
CRTM	8.6	9.6	9.15	9.51	3,073
CSAP	22.78	23.2	21.65	22.23	38,353
CSIL	2.45	2.99	2.51	2.45	3
CSM	0.9	0.99	0.85	0.98	10,511
CSUML	3.42	3.68	2.83	3.22	22,717
CWSM	2.77	2.8	2.55	2.77	254
CYAN	69.66	69	68.5	69.66	254
DAAG	4.12	5.12	5.12	4.12	401
DADX	44.6	46.83	45.26	46.62	1,452
DATM	0.69	0.51	0.51	0.69	1
DAWH	32.59	32.8	32.35	32.4	236,813
DAWH-CJUL	32.88	0	0	32.67	0
DBCI	2.33	2.47	2.25	2.33	151
DCH	2.4	2.47	2.1	2.39	91,435
DCL	4.11	4.27	4.02	4.07	1,117,066
DCM	1.35	1.35	1.35	1.35	12
DEL	1.85	2.09	1.9	1.9	6,500
DFML	2.28	2.3	2.21	2.21	8,701
DGKC	42.72	43.55	42.65	43.46	12,509,140
DGKC-CAUG	43.75	0	0	44.49	0
DGKC-CJUL	43.09	0	0	43.82	0
DGKC-CSEP	44.27	0	0	45.03	0
DGKC-JUL	43.01	43.75	42.81	43.71	2,425,000
DINT	17	16	16	16	4,500
DKTM	2	1.52	1.45	2	2
DLL	64	64	64	64	5,250
DMTM	6.51	7	6.45	6.84	6,002
DOL	3.85	3.95	3.84	3.86	1,804
DSFL	1.65	1.74	1.6	1.65	209,895
DSIL	1.6	1.69	1.58	1.6	37,353
DSL	2.5	2.63	2.55	2.61	20,821
DSML	5.15	5.74	5.74	5.15	500
DWAE	2.25	2.7	2.7	2.25	2,505
DWSM	2.52	2.8	2.6	2.8	1,197
DYNO	20.25	20.05	20	20	3,300
ECOP	5.29	5.48	5.48	5.29	300
EFOODS	67.93	71.32	67.31	70.78	9,827,701
EFUG	71.21	73.75	70	72.08	16,073
EFUL	73.27	76	72.99	73	1,601
EMCO	2.83	2.8	2.51	2.74	15,365
ENGRO	105.03	106.49	104.7	105.88	2,016,568
ENGRO-CAUG	107.56	0	0	108.39	0
ENGRO-CJUL	105.95	0	0	106.76	0
ENGRO-CSEP	108.84	0	0	109.7	0
ENGRO-JUL	105.8	107.1	105.01	106.59	542,000
ENGROTFC	99.1982	0	0	99.1982	0
ENGROTFC2	100	0	0	100	0
EPCL	10.03	10.18	9.97	10.11	322,425
ESBL	1.7	1.9	1.72	1.7	28
EWLA	6	5.07	5.06	6	51
EXIDE	172.86	177.75	175	176.01	4,665
FABL	10.9	11.18	10.78	10.8	87,359
FABLTFC	100.8612	0	0	100.8612	0
FASM	46.5	45.76	45.76	45.76	500
FATIMA	25.45	25.6	25.3	25.41	1,562,618
FCCL	5.95	6.05	5.9	5.93	1,052,670
FCIBL	3	3	2.6	3	2,015
FCSC	2.83	2.96	2.8	2.81	3,994
FDIBL	1.46	1.5	1.45	1.48	1,006
FDMF	3.8	3.97	3.97	3.8	3
FECM	3.43	3.5	3.01	3.18	2,099
FECTC	15.5	16.25	14.51	16	43,840
FEM	1.23	1.21	1.1	1.21	2,175
FEROZ	81.11	83.25	83.2	83.25	1,015
FFBL	42.07	42.48	42.05	42.32	1,549,571
FFBL-CAUG	43.08	0	0	43.32	0
FFBL-CJUL	42.44	0	0	42.67	0
FFBL-CSEP	43.6	0	0	43.85	0
FFBL-JUL	42.37	42.8	42.3	42.58	128,000
FFC	116.34	117.25	116.12	116.6	1,662,256
FFC-CAUG	119.14	0	0	119.37	0
FFC-CJUL	117.36	0	0	117.57	0
FFC-CSEP	120.56	0	0	120.8	0
FFC-JUL	117.22	118	116.9	117.34	367,000
FFLM	2.65	2.84	2.4	2.4	3,740
FHBM	9.04	9.09	8.81	9.09	6,826
FLYNG	2.89	2.95	2.86	2.93	248,690
FNBM	5.12	5.09	5	5	4,060
FNEL	5.7	5.49	4.7	5.39	2,425
FPJM	1.48	1.3	1.12	1.48	48
FPRM	13.9	13.1	13.1	13.9	99
FRCL	4.13	4.19	4.19	4.19	2,300
FRSM	21.5	22	21.2	22	1,180
FUDLM	7.25	7.85	7.84	7.84	500
FZCM	90.01	94.51	94.51	90.01	10
FZTM	197.37	197	197	197.37	2
GADT	67.55	68	66.25	67.24	4,794
GAIL	2.32	2.79	2.79	2.32	1
GASF	5.04	5.14	4.97	5.1	172,724
GATM	22	22.05	22.05	22	400
GENP	1.06	1.12	1.05	1.05	32,221
GFIL	4.48	3.6	3.6	4.48	1
GGL	9.24	10.24	9.31	10.24	270,174
GHGL	58	59.7	57.99	59.04	6,384
GHNI	7.06	7.48	6.86	7.2	32,799
GHNL	4.59	4.86	4.5	4.58	126,107
GLAXO	65.41	65.99	65	65.01	30,365
GTYR	20.89	21.75	21.3	21.5	2,543
GUSM	4.15	4.48	4.48	4.15	320
GVGL	25.75	25	25	25.75	1
GWLC	5	5	4.98	5	11,847
HABSM	22.25	22.45	22.25	22.4	22,234
HADC	2.01	1.98	1.95	1.98	13,452
HAJT	0.75	1	1	0.75	1
HAL	22.02	22.02	21.61	21.9	2,500
HBL	114.45	114.5	113.5	114.33	28,585
HCAR	14.05	14.87	14.15	14.6	223,204
HICL	11.51	11.48	11.11	11.4	10,500
HINO	77.98	80.45	74.09	77.99	13,172
HINOON	35.98	36.25	35.75	35.98	335
HIRAT	10.72	10.88	10.5	10.71	6,501
HMB	17.51	17.69	17.51	17.51	2
HSPI	22.26	23.1	23.1	22.26	1
HUBC	42.93	42.9	42.41	42.69	257,526
HUBC-CAUG	43.96	0	0	43.7	0
HUBC-CJUL	43.31	0	0	43.05	0
HUBC-CSEP	44.49	0	0	44.23	0
HUBC-JUL	43.32	0	0	43.07	0
HUMNL	21.01	21.9	21.02	21.01	1,146
HUSI	3.79	3.25	3.25	3.79	1
IBFL	51.75	53	52	51.75	553
IBLHL	21.75	21.42	21.35	21.75	20
ICCT	1.94	2	1.71	1.95	2,552
ICIBL	0.8	0.9	0.75	0.8	13,959
IDEN	9.7	9.69	9.69	9.7	10
IDSM	7.63	7.01	7.01	7.63	10
IFSL	16.5	16.98	16.98	16.5	51
IGIBL	2.25	2.45	2.19	2.2	135,251
IGIIL	65.71	65.5	63.25	64.27	3,384
ILTM	211.95	221.7	202	219.07	115
INDU	270.48	273.85	267.1	271.22	903
INIL	28.75	29	28.75	28.8	6,041
ISIL	102.68	106.9	102	106.64	1,805
ISL	12	12	11.86	11.89	4,002
ISTM	6.4	5.61	5.61	6.4	20
JATM	2.06	2.3	2.3	2.3	500
JDWS	101	101.5	101.5	101	1
JGICL	54	55.6	54.9	55.08	461
JLICL	70	70	70	70	6,280
JOPP	10.4	10.75	9.4	9.4	1,295
JPGL	1.7	1.75	1.7	1.7	20,100
JSBL	5.26	5.5	5.2	5.33	358,948
JSCL	13.51	14.44	13.55	14.24	13,497,822
JSGCL	28.87	30	28.1	29.23	12,153
JSGF	7.35	7.6	7.4	7.6	49,776
JSIL	7.9	8.5	7.85	8.27	2,969,165
JSVFL	7.4	7.57	7.4	7.51	130,210
JVDC	88.27	88	88	88.27	1
KAPCO	44.48	44.7	44.1	44.35	9,957
KAPCO-CAUG	45.55	0	0	45.4	0
KAPCO-CJUL	44.87	0	0	44.72	0
KASBB	2.15	2.25	2.12	2.24	2,501
KASBSL	4.02	4.2	4	4.01	4,567
KCL	6.55	6.98	6.98	6.55	1
KESC	3.66	3.8	3.62	3.71	779,752
KML	2.7	2.75	2.52	2.7	42
KOHC	41.12	41.8	41.05	41.6	150,880
KOHP	2	2.5	1.7	2.01	9,977
KOIL	1.09	1.1	1.07	1.07	5,140
KOSM	2	2.89	1.65	1.67	886
KPUS	12.47	13.47	13.47	12.47	1
KSBP	56	58.8	57	58.8	17,978
KTML	4.06	4.43	4	4.27	61,715
LIBM	59.6	61.9	60	61.73	1,100
LINDE	133.12	137	131	136	2,305
LOTPTA	7.3	7.38	7.25	7.35	1,000,240
LOTPTA-JUL	7.3	7.39	7.3	7.35	49,000
LPCL	4.69	4.79	4.6	4.64	1,928,416
LPGL	13	12.01	12.01	13	1
LUCK	122.29	124.39	122.13	124.03	2,838,426
LUCK-CAUG	125.23	0	0	126.97	0
LUCK-CJUL	123.36	0	0	125.07	0
LUCK-CSEP	126.73	0	0	128.5	0
LUCK-JUL	123.16	125.2	122.8	124.86	783,000
MACFL	19.12	19.24	18.75	18.88	34,787
MARI	95.44	95.61	95	95.31	13,084
MBF	10.65	10.89	10.51	10.79	33,389
MCB	179.49	182.25	177.75	180.01	443,420
MCB-CAUG	183.81	0	0	184.28	0
MCB-CJUL	181.06	0	0	181.51	0
MCB-CSEP	186.01	0	0	186.5	0
MCB-JUL	179.16	181.94	178.38	180.34	103,500
MDTL	4.05	4	4	4.05	300
MEBL	28.69	28.75	28.39	28.46	185,904
MERIT	22.13	22.99	21.07	21.47	507
MFFL	262.03	275.13	265	275.13	2,429
MIRKS	37.65	36.1	36.05	37.65	105
MLCF	5.01	5.09	4.9	4.92	143,420
MRNS	40.95	41.9	40.65	40.95	74
MTIL	1.05	1.05	1	1.05	5,002
MTL	480	485	478	483.86	38,098
MUCL	15.69	15.95	14.7	15.94	1,006
MUKT	0.75	0.79	0.77	0.75	23
MUREB	102.46	102.99	101	102.37	7,542
MWMP	2.6	2.89	2.7	2.7	605
MZSM	2.88	2.94	2.55	2.78	33,601
NATF	187.73	193.5	189.5	193	2,503
NBP	45.58	45.74	45.15	45.24	1,279,373
NBP-CAUG	46.68	0	0	46.31	0
NBP-CJUL	45.98	0	0	45.62	0
NBP-CSEP	47.24	0	0	46.87	0
NBP-JUL	45.93	45.84	45.5	45.53	177,000
NCL	17.61	17.7	17.4	17.53	64,608
NCPL	15.07	15.23	15.12	15.23	11,200
NESTLE	4116.71	4100	4063	4080.78	11
NETSOL	15.02	15.3	14.86	15.14	328,519
NEXT	8.99	8.98	8.89	8.99	1,404
NIB	2.02	2.04	1.99	2.03	2,535,157
NIBTFC	99.55	0	0	99.55	0
NICL	3.51	3.64	3.45	3.57	38,933
NML	50.97	51.7	50.67	51.48	2,120,132
NML-CAUG	52.2	0	0	52.7	0
NML-CJUL	51.42	0	0	51.91	0
NML-CSEP	52.82	0	0	53.34	0
NML-JUL	51.23	51.9	51.05	51.74	122,000
NONS	20	19.99	19.05	20	2
NOPK	39.56	41.53	40.2	41	1,101
NOPKNV	17.9	18.3	17.21	17.9	845
NPL	14.8	14.99	14.82	14.97	32,426
NRL	242.45	242.97	240.06	241.09	14,793
NSRM	14.08	14.25	14.25	14.08	2
OGDC	169.5	171.94	168.25	171.76	2,045,599
OGDC-CAUG	173.58	0	0	175.84	0
OGDC-CJUL	170.98	0	0	173.19	0
OGDC-CSEP	175.66	0	0	177.95	0
OGDC-JUL	169.29	171	169.5	170.54	45,000
OLPL	11	10.99	10.75	10.8	6,001
OLTM	6.34	6.49	5.51	6.34	54
OTSU	35.85	36	36	35.85	9
PACE	2.06	2.14	2.02	2.04	86,034
PAEL	5.6	5.8	5.6	5.64	50,449
PAKD	59	60	60	60	500
PAKL	2.51	1.51	1.51	2.51	200
PAKMI	1.36	1.69	1.22	1.67	1,750
PAKRI	17.55	17.87	17.5	17.6	312,750
PAKT	51	51	50	50	17,032
PASL	2	2.09	1.91	1.95	141,113
PASM	6.9	6.75	6.75	6.9	2,000
PCAL	39.02	40.97	40	40.72	8,736
PECO	40.25	42.25	42.25	40.25	1
PEF	7.8	7.99	7.8	7.99	78,200
PFLTFC2	100.1333	0	0	100.1333	0
PGCL	136.77	138.5	136.48	136.75	416
PGF	12.59	12.61	12.35	12.6	102,230
PIAA	2.13	2.25	2.1	2.17	196,905
PICT	149.29	148.25	148.1	148.15	295
PIF	5.72	5.79	5.7	5.7	165,577
PIL	6.92	7.5	6.9	7.28	500
PINL	7.19	7.2	7.12	7.12	1,002
PIOC	10.12	10.48	9.8	10.28	55,852
PKGI	6	6.5	5.3	5.47	638
PKGP	13.27	14.27	13.25	14.26	606,784
PKGS	98.02	98.49	95.96	96.73	5,920
PMI	1.14	1.13	1.08	1.11	13,285
PMPK	145.44	152.71	147	150.55	4,264
PMTFC6	98.625	0	0	98.625	0
PNGRS	2.04	2.25	2.11	2.23	1,080
PNSC	17.95	18.5	17.02	17.51	25,976
POL	381.6	382.8	378.1	380.95	222,241
POL-CAUG	390.78	0	0	389.99	0
POL-CJUL	384.94	0	0	384.13	0
POL-CSEP	395.46	0	0	394.68	0
POL-JUL	380.79	381.89	378.51	381.33	67,000
POML	53.01	50.45	50.4	53.01	700
PPL	196.35	196.95	195.11	195.7	139,083
PPL-CAUG	201.08	0	0	200.34	0
PPL-CJUL	198.07	0	0	197.33	0
PPL-CSEP	203.48	0	0	202.75	0
PPL-JUL	196.64	197.7	196	196.55	25,500
PPP	48.27	49	46.55	48.23	33,546
PRL	59.02	60	58.5	59.01	7,517
PRWM	9.59	9.49	9.2	9.2	4,000
PSEL	150	143	143	150	10
PSMC	98.4	98.99	97.66	97.72	4,381
PSO	243.12	245.1	241.69	244.04	214,725
PSO-CAUG	248.97	0	0	249.83	0
PSO-CJUL	245.25	0	0	246.08	0
PSO-CSEP	251.95	0	0	252.83	0
PSO-JUL	245.07	246.01	244.5	245.7	30,000
PSYL	16.05	16.34	15.86	16.3	526
PTC	14.6	14.6	14.41	14.47	712,910
PTC-CAUG	14.95	0	0	14.81	0
PTC-CJUL	14.73	0	0	14.59	0
PTC-CSEP	15.13	0	0	14.99	0
PTC-JUL	14.69	14.7	14.5	14.54	121,000
QUICE	9.3	9.4	9.2	9.37	16,059
RAVT	1.2	1.28	1.2	1.25	4,600
RCML	22.9	23.49	23.49	22.9	50
REWM	9	9	9	9	225
RMPL	3067	3168	3168	3067	3
SALT	33.07	34.7	34.7	33.07	10
SANSM	14	14	14	14	100
SAPL	194.52	201.51	188	194.52	46
SASML	9.82	8.83	8.83	9.82	2
SAZEW	30.6	30.6	30.31	30.6	1,871
SBL	2.3	2.25	2.22	2.22	104,000
SCBPL	11.55	11.75	11.51	11.51	1,000
SCM	11.5	11.5	11.46	11.47	1,110
SEARL	48.64	49.94	47.25	49.89	12,310
SEL	16.39	16.5	16.5	16.39	40
SEPCO	1.15	1.28	1.14	1.23	176,555
SEPL	44.38	44.98	44.98	44.38	301
SGML	12.87	13.38	12.3	13.06	27,983
SHCI	1.5	1.5	1.5	1.5	499
SHEL	128.12	130.7	128	128.65	4,231
SHEZ	196.1	203.99	191	196.1	3
SHFA	31	30.98	30.62	31	20
SHJS	75.56	74.66	74.66	74.66	500
SHNI	10.25	11.25	11.25	10.25	1
SHSML	9.8	9.6	9.6	9.8	1
SIEM	672.03	704.95	674.01	683.48	48
SILK	2.14	2.2	2.08	2.09	386,136
SING	20.8	19.8	19.8	20.8	22
SITC	107	108	107.35	107.35	1,300
SJTM	2.09	2.45	2.45	2.09	501
SLYT	6.83	6.9	5.83	6	14,000
SMBL	3.16	3.22	3.13	3.16	31,315
SMCPL	6.08	6.1	6.1	6.1	924
SMTM	4.22	3.86	3.66	3.71	14,000
SNAI	41.99	41.22	41.21	41.99	101
SNBL	7.38	7.55	7.37	7.43	120,496
SNGP	17.18	17.24	17	17.23	20,421
SPL	9.94	10.25	9.91	10.16	43,962
SPLC	0.7	0.88	0.79	0.7	146
SRVI	165.5	170.5	165.75	165.5	21
SSGC	19.82	20.1	19.85	19.91	49,565
SSIC	4.85	5.85	4	5.85	6,026
SSML	2.1	2.05	1.8	1.8	38,700
STCL	7.39	6.5	6.5	7.39	1
STPL	7.39	7.85	7.85	7.39	1
SUTM	67.52	70.75	69.8	67.52	67
TATM	20.39	20.5	20.26	20.43	500
TDIL	10.9	11	10.56	10.98	3,005
TELE	1.55	1.61	1.53	1.58	69,924
TGL	16.24	16.6	16.06	16.52	51,421
THALL	95.92	98.35	94.5	97.78	12,796
TREET	49.99	52.3	49.41	52.13	80,053
TREI	2.5	2.8	2.65	2.65	102,282
TRG	3.58	3.7	3.51	3.57	790,289
TRIBL	1.05	1.28	1.05	1.05	1,605
TRIPF	204.79	205	204	205	5,813
TSMF	0.9	1.23	1.23	0.9	1
TSML	76.5	76.4982	76.4982	76.4982	0
TSPL	1.08	0.9	0.9	1.08	100
UBL	81.65	84.89	81.15	84.36	1,032,542
UBL-CAUG	83.61	0	0	86.36	0
UBL-CJUL	82.36	0	0	85.06	0
UBL-CSEP	84.62	0	0	87.4	0
UBL-JUL	82.4	85.5	82.35	84.85	29,500
UBLTFC2	95.05	0	0	95.05	0
UBLTFC4	100.85	0	0	100.85	0
UDPL	8.98	8.2	8.2	8.98	1
ULEVER	7290	7325	7250	7302.5	313
UNIC	8	8.94	8.24	8.27	1,350
UPFL	2687.18	2790	2740	2749.93	68
UVIC	2.5	2.6	2.6	2.5	3
WTCL	2.02	2.14	2.02	2.03	55,806
WTL	2.26	2.34	2.17	2.19	28,495
ZAHT	4.85	4.7	4.7	4.85	4
ZIL	102	103	97.05	102	54
Total Turnover					95,262,887

KSE EOD Daily Share Price Data - 09/07/2012