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AKD Securities Limited – AKD Daily (November 30, 2022)

Karachi, November 30, 2022 (PPI-OT): MUGHAL: FY22 Analyst Briefing Takeaways

To recall, company posted consolidated PAT of PkR5.4bn (EPS: PkR16.12) for FY22 against PAT of PkR3.4bn (EPS: PkR10.22) SPLY, up 58% YoY.

The main markets of the company are domestic housing sector both in urban (rebar) and rural areas (girder), and the international market for copper ingots, which is majorly exported to China.

Company has been continuously involved in efficient supply chain management through various initiatives e.g. strong retail network in both North and South, becoming vertically secured (almost 70% suppliers are recurring) and better product procurement standards.

Overall, MUGHAL remains our top pick in the long steel sector with June’23 TP of PkR80/sh.

akd-securities-limited-akd-daily-november-30-2022

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