AKD Securities Limited - AKD Daily (December 22, 2022)

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AKD Securities Limited – AKD Daily (December 22, 2022)

December 22, 2022

Karachi, December 22, 2022 (PPI-OT): Pakistan Cable and Electrical: WHALE CY21 Analyst Briefing Takeaways

Waves Home Appliances Limited held its analyst briefing yesterday to brief about 3QCY22 financial results and company’s future outlook. To recall, company posted PAT of PkR311mn (EPS: PkR1.16) for 3QCY22 vs. PAT of PkR238mn (EPS: PkR0.89) SPLY, up 30% YoY.

With regards to future strategy, company’s most notable development is the relocation of its Allama Iqbal Town factory to near Central Park Society, Ferozepur Road, Lahore. With the construction already in progress (expected completion during 1HCY23), the total project cost is estimated PkR2.3bn (40% Land, 60% construction/setup costs), as per recently released credit rating report.

Company’s retail business i.e. Waves Marketplace Ltd, is currently operating 141 shops nationwide, with an extensive distribution network along with a dedicated field team.

The company also recently diversified into a real estate project at the existing factory premises, under the banner of ‘Waves Builders and Developers Ltd’.