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After coming on the recovery path in FY13, Shell Pakistan seems to be climbing up the growth ladder by focusing on increasing its market share and operational efficiencies. In its latest financial performance, Shells earnings for 9MCY14 multiplied by more than four times that of 9MCY13.
Its a good time to reminisce when a quarter closes. But despite a (meager) current account surplus in September 2014, the balance of payment (BoP) situation for the quarter ending September 2014 is not uplifting. Other than remittances, most of the external account heads are firmly in the red, having deteriorated over the same period last year.
In times of thin spreads, prudence plays a key role. MCB does exactly that, and quite efficiently too. The bank managed to post a 5 percent year-on-year in increase in after-tax profits for 9MCY14, mainly on the back of strong top line growth. MCB happens to have a largely de-risked balance sheet, something which most banks would envy.
NIB Bank is doing what most banks in Pakistan are not at the moment: it is lending more than it is investing. But doing what banks are supposed to do comes at a price these days. And NIB seems to have paid that price which is evident from its 9MCY14 financials. The banks after-tax profits went 33 percent down year-on-year, as the provisioning expense took its toll on the bottomline.
Barring 2013, Glaxos profitability has been on a constant rise since 2010 and the recent 9MCY14 financial result turned out to be no exception to this trend. During nine months ended September 2014, the company boasted a bottomline growth of 40 percent year-on-year.
When there is smoke there is fire. Yet again, there is a controversy brewing up regarding 2014 Power Policy on determining tariff structure for coal-based power plants. Twenty years back, in the 1994 power policy (in PPPs government) in which tariffs were upfront faced severe criticism from the experts and opposition for granting very high returns to the IPPs.
Many analysts still maintain Sell on the scrip for Engro Foods (KSE: EFOODS), which has had a difficult year so far. EFOODS latest financials show corrosion in profit margins for the nine months ended September 30, 2014.


Index Closing Chg%
Arrow DJIA 16,677.90 1.32
Arrow Nasdaq 4,452.79 1.60
Arrow S&P 1,950.82 1.23
Arrow FTSE 6,419.15 0.30
Arrow DAX 9,047.31 1.20
Arrow CAC-40 4,157.68 1.28
Arrow Nikkei 15,138.96 0.37
Arrow H.Seng 23,333.18 0.30
Arrow Sensex 26,851.05 0.24

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln