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Offline Farzooq

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TPL -- TPL Trakker Limited
« Reply #-1 on: May 30, 2012, 11:56:35 AM »
TPL: One of its kind being offered at Rs10 per share

After the successful listing of TPL Direct Insurance,
TPL Trakker Limited (TPL), parent company of the
former is due for listing at the KSE, with Initial Public
Offering (IPO) on June 5-6, 2012. With Rs200mn
already been raised through Pre-IPO placement to
institutional investors and high net-worth individuals,
TPL intends to raise a further Rs100mn through an
offer to the general public of 10mn ordinary shares at a strike
price of Rs10 per share. TPL is a joint venture with Digicore
Holdings Limited and its main operations are vehicle tracking
and fleet management. Though we do not have a research
recommendation on the company, we believe company’s
expansion into 1) the container tracking solutions and 2)
location and navigation solutions to be major triggers for the
company in years to come. Furthermore, opening of NATO
supply routes can also bode well for the company.

Company overview
TPL launched its operations in 2000 as a joint venture with
DigiCore Holdings Limited (holding 30% of stake in TPL) of
South Africa. TPL is the pioneer of vehicle tracking in
Pakistan and currently enjoys the status of the largest
tracking and fleet management company in the region with
150k units installed.
The company is a direct subsidiary of TPL Holding (Private)
Limited sponsored by Ali Jamil Group (50%) and Ali Bhai
Group (50%) while it also holds stakes in TPL Direct
Insurance (67%), Trakker Middle East LLC (29%), TPL
Properties (41%) and TPL Security Services (100%).
Company’s main objective is to raise Rs300mn to partially
settle repayments of short term running finance and to finance
its ‘Safe transportation Environment’ project and expansion of
its current operations.

What does TPL offer?
The company is in the business of GPS, GSM and Satellite
Mobile Asset Tracking along with fleet management. It also
offer services to monitor power generators, containers and
provide location and navigation solutions. Currently, the
company has its presence in 10 big cities of Pakistan and
offers the above mentioned services in 320 cities across the
country. Apart from this, TPL has an exclusive deal with Indus
Motors through which its product (Sat Nav) gets factory fitted
into different variants of Indus Motors. The company is
planning to map ~80% of land mass on their navigation
database by the end of 2013.
As far as their container tracking solutions are concerned, in
the two year of operations TPL has tracked over 24,000
containers. The management is expecting an exponential
growth in this segment as the government has recently signed
the Afghan-Pak Transit Agreement (APTTA) which requires
tracking of containers en-route Afghanistan through Pakistan.
TPL has been appointed, in February 2012, to undertake the
project and this is likely to be a major plus for the company.
Furthermore, the company is continuously investing in new
technology in keeping ahead of its competitors. TPL is
launching a personal tracking system in July 2012 for
individuals as well for any stress call related issues.

Financial highlights
TPL’s performance since its inception has been
commendable as the company has never posted a loss
before taxation in the past 12 years. As per its latest results
(1HFY12) available the company has posted a PAT of
Rs21mn (EPS Rs0.11) with a full year expectation
(management) of Rs0.45 per share. The management is
expecting 119% growth in its revenue in FY13 as revenues
from the project of tracking containers under the APTTA start
to kick in. Consequently, EPS is likely to improve to Rs1.67 in
FY13.

Management's forcasted financial highlights
(Rs mn) 1HFY12A FY12F FY13F FY14F
Sales 441 910 1,992 2,164
PBT 32 145 557 978
PAT 21 94 362 636
EPS (Rs) 0.11 0.45 1.67 2.93
BVPS (Rs) 11.06 11.32 12.92 16.61
Source: Company presentation

Our view on the IPO
Though we do not have a research recommendation on the
company we believe it is an opportunity for investors to
diversify their portfolio with investment in a technology stock
like TPL. The strike price of Rs10 per share is well below the
company’s book value of Rs11.1 offering a discount of 10%.
Apart from the above-mentioned expansion plans, opening of
NATO supply routes will also bode well for the company. The
US government has an agreement of tracking their containers
with GlobalTrak whose domestic partner in Pakistan is TPL.
Looking back at the IPO of TPL Direct Insurance
(oversubscribing at 1.03x), we believe TPL’s IPO is likely to
do well.

jsgcl
« Last Edit: May 30, 2012, 12:59:39 PM by M&M »
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TPL -- TPL Trakker Limited
« Reply #-1 on: May 30, 2012, 11:56:35 AM »

Offline space

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Re: TPL -- TPL Trakker Limited
« on: May 30, 2012, 09:34:34 PM »
What is your personal recommendation Farzooq ? Worth filling out the IPO subscription form ? ya milay gaa 8-9 ka post IPO ?
Portfolio : I try to adhere to Div 40% Growth 20% Midterm Play 13%  Daily Masti Items 7% CASH 20%

Offline Farzooq

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Re: TPL -- TPL Trakker Limited
« Reply #1 on: June 01, 2012, 02:12:57 PM »
ADVICE FOR GENERAL PUBLIC

THE INVESTORS ARE STRONGLY ADVISED IN THEIR OWN INTEREST TO CAREFULLY READ THE CONTENTS OF THIS PROSPECTUS, ESPECIALLY THE RISK FACTORS GIVEN AT SECTION 5.7 OF PROSPECTUS, BEFORE MAKING ANY INVESTMENT DECISION.

 

SUBMISSION OF FICTITIOUS AND MULTIPLE APPLICATIONS (MORE THAN ONE APPLICATIONS BY SAME PERSON) IS PROHIBITED AND SUCH APPLICATIONS’ MONEY IS LIABLE TO CONFISCATION UNDER SECTION 18A OF THE SECURITIES AND EXCHANGE ORDINANCE, 1969.

 National Bank of Pakistan (“NBP”), AKD Securities Limited (“AKDS”) and Arif Habib Limited (“AHL”)have been jointly mandated by the management of TPL Trakker Limited (“TPL” or “the Company”) to act as Joint Lead Managers & Arrangers for the Initial Public Offer (“IPO”) of TPL Trakker Limited. This letter is intended to solicit your interest for equity participation in the General Public Offering of the Transaction.

The Transaction

We are highly pleased and take great pride in informing you that TPL Book Building portion has been successfully subscribed. The Company offered 20 million Ordinary shares in the Book Building phase. The issue has received overwhelming response by both Institutional Investors and High Net-Worth Individuals (“HNWI”) and oversubscribed by 1.31 times.

After successful closure of Book Building, the Company is offering the remaining 10 million Ordinary shares to General Public at a strike price of PkR 10.0 per share, which has been determined through the Dutch Auction method in Book Building process. The General Public dates are as under:

Tuesday 5th June, 2012 to Wednesday 6thJune, 2012 (both days inclusive)

About TPL Trakker Limited

TPL Trakker Limited is Pakistan’s number one Satellite Vehicle Tracking Company in terms of market share, corporate profile and branding. TPL Trakker is the pioneer of vehicle tracking Services in Pakistan.



Trakker (Pvt.) Limited launched the vehicle security and fleet management concept in Pakistan in the year 2000 as a joint venture with the South African multinational DigiCore Holdings Limited which has 30% shareholding in the Company. The businesses and assets of Trakker (Pvt.) Limited were transferred pursuant to the scheme of arrangement to TPL Trakker Limited on March 31, 2009.



TPL Trakker has unparalleled customer base and IT infrastructure. The Company also operates a Tier III data center which has multiple independent distribution paths serving the IT equipment. The Company won Brand of the year award in 2007, 2008, 2009 and 2010. Moreover, PACRA has issued consistent financial performance rating with A- for long term and A2 for short term.



TPL Trakker has established a solid platform based on which it continues to expand its product portfolio and build on its customer base. TPL Trakker’s initial target market was the retail segment, where it has now established itself as the dominant player. Based on this success, TPL Trakker is now expanding into higher margin institutional clients. Additionally along with its core asset tracking services, TPL Trakker has launched related products and services which supplement its core asset tracking service offering and provides its customers with a complete portfolio of services to choose from.

Investment Rationale

üStrong Historical Performance

TPL Trakker Limited started its operations of vehicle tracking in the year 2000 with equity of PKR 23.59mn. The Company has shown magnificent growth over the years that started from an initial turnover of PKR 65mn in the year 2001 and has risen up to PKR 832mn in the year 2011. The topline of TPL Trakker Limited has grown at a CAGR of 28.93%. The equity of the company currently stands at PKR 2,071 which shows the exponential growth in operations since inception.

 

üStrong JV Partner

The company’s JV partner DigiCore Holdings specializes in the research, design, development, manufacture, sales and support of technologically advanced GPS/GSM fleet management and vehicle tracking solutions. DigiCore has operations in over 30 countries globally providing support to over 550,000 customers.



üFirst-mover Advantage

TPL Trakker Limited launched its operations in the year 2000 with DigiCore Holdings. The company has exclusive rights to use Digicore’s signature C-track technology which merges GPS technology with GSM service providers’ SMS & GPRS data service to bring information directly from the vehicle to the TPL Trakker control room. TPL Trakker is Pakistan’s first and region’s largest vehicle tracking and fleet management company with over 150,000 installed units.



üDiversified Product Portfolio

Based on its unmatchable success, TPL Trakker is now expanding its market share into higher margin institutional clients. Additionally along with its core asset tracking services, TPL Trakker has launched related products and services which supplement its core asset tracking service offering and provides its customers with a complete portfolio of services to choose from. The business portfolio of TPL Trakker Limited consists of Asset Tracking Solutions, Container Tracking Solution and Navigation Services.

 

üExclusivity with Indus Motors

TPL Trakker Limited has entered into an exclusive contract with Indus to provide in-dash navigation services in Toyota Altis and the company also has the exclusive right to offer navigation devices and services through the dealership network of Toyota / Indus Motors.



üDynamic Location & Navigation Solutions

TPL has introduced the new business of location and navigation solution that uses GPS technology for navigation products and services. Products include portable navigation devices, in-dash infotainment systems, maps and advance location based services. TPL Trakker has recently introduced Trakker NAV navigation software. The product was first launched in 2009 for providing mobile navigation services.

 

üUnmatchable Map Coverage

With rigorous efforts of over so many years, the map coverage includes major highways of Pakistan and road/street network of 120+ cities of Pakistan with over 150 more cities to be added shortly. Points of Interest data is currently over 600,000 and by end of the year 2012, it will increase to 2 Million. Currently we have 3,000 3D landmarks and will increase this to over 5,000 by the end of this year. Trakker NAV offers an all-inclusive navigation experience and is a pioneer of navigation in Pakistan.

 

üRevolutionary Container Tracking Systems

TPL Trakker believes that container tracking is an exciting area for growth and has thus entered into an agreement with GlobalTrak, a leader in the deployment of container tracking and asset tracking solutions. Through this partnership, TPL Trakker enhances its asset management and security solutions by incorporating GlobalTrak world leading line of products and software to its existing product portfolio. In 2010, TPL Trakker in partnership with GlobalTrak launched its in-transit Tracking solutions for all container movements in Pakistan and Afghanistan. Through this agreement TPL Trakker provides 24x7 support, installation and monitoring of container movement destined to Afghanistan. To date, TPL Trakker has provided tracking for over 24,000 consignments.

 

üAchievements & Recognition

The company has been a consistent performer as it has been rewarded with “Brand of the Year” award. TPL Trakker is recognized as the largest and most innovative tracking technology initiator not only within the country but on regional level as well.



üStrong Credit Rating

PACRA has issued consistent financial performance rating for TPL Trakker Limited with A- for long term and A2 for short term.



üAttractive Share Valuation

TPL is being offered to General Public at the Strike Price of PKR10 per share as against the DCF fair value of PKR18.38 per share offering an attractive upside to the investors.

 

Based on the above mentioned highlights, we are pleased to solicit your interest for participation in the General Public Offering of TPL Trakker Limited. Furthermore, please note that the Final Prospectus and Share Application Form can be downloaded from the following websites:



www.akdsecurities.net

www.akdtrade.com

www.arifhabibltd.com

www.tpltrakker.com

 

The application forms are also available at the branches of designated Bankers to the Issue mentioned in the Prospectus and at the offices of AKD Securities Limited & TPL Trakker Limited.
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Offline M&M

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Re: TPL -- TPL Trakker Limited
« Reply #2 on: July 05, 2012, 10:20:11 AM »
nato containers ki tracking ka contract isko mila ke nahin ?
"The only true wisdom is in knowing you know nothing." - Socrates

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Offline SBM

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Re: TPL -- TPL Trakker Limited
« Reply #3 on: August 31, 2012, 05:03:29 PM »
nato containers ki tracking ka contract isko mila ke nahin ?


Pakistan Today, 26th August 2012.

ISLAMABAD - The Transparency International (TI) Pakistan has diverted the attention of Federal Board of Revenue (FBR) Chairman Ali Arshad Hakeem towards alleged violation of Tracking and Monitoring of Cargo Rules favoring a single company for creating a monopoly and creating exclusive rights for business of Rs 800 million per annum.
In a letter written by TI Pakistan (TIP) Executive Director Saad Rashid to Hakeem, a copy of which is available with Pakistan Today, it was informed that Transparency TIP had received a complaint against SRO 413 (I)/2012-Tracking and Monitoring of Cargo Rules, with allegations that the commercial terms made statuary therein being stated to be beyond the mandate of FBR under the Customs Act 1969, with objective to favor only one company M/s TPL Trakker Ltd and creating entry barriers for other service providers, were in direct conflict with the fundamental rights guaranteed under Articles 8, 18 and 25 of the constitution and in violation of Section 4 of CCP Act 2010 and PPRA.
Following are the allegations;
1.   That FBR initiated the process of tendering for Tracking and Monitoring of Cargo in February 1, 2011, after company of CEO of M/s TPL Trakker, who is Member of Advisory Committee of the Federal Tax Ombudsman M/s TPL Trakker Ltd gave a presentation in 2010. The terms of the tender were not discussed with any other stake holder, i.e other over a dozen tracking companies already operating in Pakistan.
2.    That coincidently, CEO of M/s TPL Trakker was also appointed by Abdul Hafeez Shaikh, minister of finance, as a member of the Reform Co-ordination Group (TRCG) of FBR.
3.    FBR sent a letter of invitation to 16 operating companies, and 12 companies were shortlisted, and then financial proposals were requested on September 10, 2011 from five companies and opened on September 25, 2011.
4.    That Abdul Hafeez Shaikh, minister of finance, and FBR chairman met Pak-American Business leaders at IMF-World Bank Meetings in USA on September 24, 2011.
5.    That on September 27, 2011, CEO of M/s TPL Trakker Ltd signed a $20 million agreement for their building project in Karachi by TPLK Holdings with IFC of World Bank in presence of the minister of finance and FBR chairman.
6.    That on October 5, 2011 the committee of FBR recommended that due to reason of defective evaluation criteria it was not possible to evaluate the proposals, and a single proposal may be selected as per terms given in tender, which may result in creation of monopoly and litigations and criticism of favoritism by FBR. The committee recommended to re-invite the proposals.
7.    That FBR did not take any decision on this tender for six-and-a-half months.
8.    That without discharging the tenders, which is mandatory under Public Procurement Rules 2004, all of sudden on April 25, 2012 , FBR unilaterally issued SRO 413 (I)/2012-Tracking and Monitoring of Cargo Rules 2012.
9.    That theses rules are one company oriented, and has created a monopoly.
10. That as the terms of SRO 413 (1)/2012, and Custom Public Notice of 27/6/2012 are only made for M/s TPL Trakker Ltd, no other tacking company is issued license by FBR, and warnings are being issued to Cargo Companies by FBR to get their vehicles installed with Trackers from only M/s TPL Trakker Ltd, and in fact letters issued by FBR to trade confirms that FBR has become marketing agents of M/s TPL Trakker Ltd. (Annex-B).
11. That FBR through SRO 413 (1)/2012 has created annual business of over Rs 800 million for M/s TPL Trakker Ltd, at the cost of trade and other tracking companies.
“This is to state that FBR should have rejected and discharged the Tender invited in September 2011 as described below according to Public Procurement Rues 2004, Rule No 33, and inform all bidders, which FBR failed to comply, but issued SRO 413 (I)/2012 in April 2012.
TIP has requested the FBR chairman to urgently examine the complaint and resolve the issue of monopoly created by the FBR for one company which was also an issue of conflict of interest as this company belonged to one of the members of its governing body, Reform Co-ordination Group (TRCG), because FBR has issued a cutoff date of August 30, 2012 to start implementing this SRO.
I hate waking up.

Offline M&M

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Re: TPL -- TPL Trakker Limited
« Reply #4 on: August 31, 2012, 05:59:08 PM »
hehe laoo Pakistan
thanks for the update ouulman
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Offline zee01

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Re: TPL -- TPL Trakker Limited
« Reply #5 on: September 01, 2012, 02:28:42 PM »
hi guys,

should we hold on to tpl? is it likely to go up or down?

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Re: TPL -- TPL Trakker Limited
« Reply #6 on: September 11, 2012, 03:32:12 PM »
http://www.youtube.com/watch?v=pQNosua2f3Q

more of the same.. allegations of corruption
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Offline M&M

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Offline SBM

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Re: TPL -- TPL Trakker Limited
« Reply #8 on: November 07, 2012, 11:49:32 AM »
Trucks, containers Plan to fix tracking gadgets in doldrums
By Parvaiz Ishfaq Rana | 11/7/2012 12:00:00 AM
         
KARACHI, Nov 6: A customs plan to install tracking and monitoring gadgets on prime movers (trucks) and containers for all categories of cargoes, including transit, trans-shipment and liquid bulk cargo, is in the doldrums due to conflicting interests of various truckers groups.

The Federal Board of Revenue (FBR) in April this year had issued notification No 413 (I)/212, titled `Tracking and Monitoring of Cargo Rules 2012 to give legal cover to installation of tracking system and monitoring of movement of vehicles, trailers as well as containers on realtime basis.

The FBR directed the customs to immediately implement these rules to check pilferage and theft of cargo during voyage, but its prime objective was to monitor movement of prime movers and containers so that they do not go missing as reported in the past.

Insiders told Dawn that customs internal audit even today certifies that around 7,000 containers could not be reconciled. This means that these containers did not cross Pakistan-Afghan border and could be declared missing, they added.

The customs authorities ini-tially directed registered bonded carriers to install tracking units on prime movers (trucks) or else their licence would be blocked.

However, Collector of Customs, MCC appraisement, gave a grace period that tracking system be installed by Aug 28. Welcoming the customs move, the All-Pakistan Customs Bonded Carrier Association (APCBCA) directed its members to follow rules and suggested that instead of installing trackers in all vehicles in one go, customs should concentrate on vehicles coming for loading Afghan Transit Trade (commercial and noncommercial), trans-shipment cargo belonging to US forces in Afghanistan.

As a result of this, sources said, around 1,400 vehicles have been fixed with tracking system.

However, disputes arose when only one tracking company was registered by the customs for installing tracking gadgets and for setting up a control room at the Customs House, Karachi.

Customs sources said that other companies, which applied for registration, failed to meet the criteria laid down under FBR SRO413, therefore, except one, no other company was issued licence.While some opposed the move on the ground that it would lead to monopoly of a single company, others were of the view that it would add to their cost of haulage which is already unbearable for customers.

The oil tankers representative body approached the court of law with a stand that they would not further invest in new system because they already have their own tracking and monitoring systems.

MCC Collectorate of Preventive through an office order 94/2012 terminated the pilot project under which around 1,400 trucks and trailers were installed with tracking system by M/s TPL Trakker Ltd.

The pilot project ran for nine days from Sept 1 to 9.

However, Customs further stated in the order that further course of action would be notified after evaluation and assessment of short-comings of the system and soliciting views from stakeholders.

However, so far no progress has been made and each group is having its own vested interest which has put the project of tracking and monitoring of vehicles and containers from customs post of entry to point of exit on real time basis in the doldrums.

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Offline bilalmoti

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Re: TPL -- TPL Trakker Limited
« Reply #10 on: November 23, 2012, 11:40:09 PM »
Get ready for rally till 11. Munaf has become active in the scrip lao maal.

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Re: TPL -- TPL Trakker Limited
« Reply #11 on: November 24, 2012, 12:41:29 AM »
Qadir already gave a buy call in it  uuu

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Re: TPL -- TPL Trakker Limited
« Reply #12 on: December 26, 2012, 02:45:39 PM »
TPL Trakker Limited held an analyst briefing recently in which they appraised on the key developments and initiatives being taken by the company. The biggest game changer for the company would be the start of NATO truck supply to Afghanistan, which the company expects to begin from January next year. We present the highlights of the presentation and also review the 1QFY13 results, in which the company  reported an EPS of PKR 0.01 down by 90% YoY.

Presentation Highlights
 
Despite lower auto sales numbers in FY13TD, TPL Trakker Limited is continuously striving to maintain its sales by enhancing their capabilities in the following areas and the same will cause in future growth in revenue as well as profitability of the company:
 
Þ Container tracking solutions segment: 1) Restoration of NATO supplies to Afghanistan will improve profitability from 3QFY13 onwards. The company projects inbound revenue of PKR200mn/annum, while outbound revenue is expected to be around PKR1,600mn from this head.
 
Þ 2) Generating more revenue from the FBR custom project to monitor container movement with respect to Afghanistan Transit Trade, truck movement to dry ports and oil tanker movement upcountry are also some of the key business opportunities that the company hopes to capitalize in the future.
 
Þ Asset Tracking Solutions: Asset tracking solutions (vehicle tracking services and power generators monitoring) sales is expected to boost further as the company has launched a new product “Insure” with same capabilities of vehicle tracking at a cheaper price and the same has got a overwhelming response from customers not only for the new cars owners but also from old used car owners.
 
Þ Location & Navigation Solutions: TPL is in the process of implementing CISCO Enterprise Communication Solution and the same will add value to the customers by bringing in automation and one call solution for all inquiries and this solution will contains Specialized IVR’s and intelligent routing of calls features.
 
Þ In the 1QFY13, TPL has launched the world’s first tracking navigation in Urdu language and the same is available on application stores but also in New Toyota vehicles from November onwards as well as sales through Indus Motor will continue to increase with a new version of GLI & Hilux version starting from November. Additionally, TPL also plans to launch online maps and this includes major highways of Pakistan, road / street network of over 200 cities of Pakistan as well as provide tracking with the house number.
 
1QFY13 earnings declined due to suspension of NATO supplies to Afghanistan
 
We review the 1QFY13 results of the company in which TPL Trakker Limited has made a PAT of PKR 2m (EPS: PKR 0.01) as compared to a PAT of PKR 21m (EPS: PKR 0.11) in 1QFY12 lower by 90% YoY on the back of decline in operating & net margins. Whereas improvement was seens in gross margins which jumped to 44% from 41%. The major reason for the decline is in Container Tracking segment – NATO supplies to Afghanistan as compared to corresponding period sales but offset by the successful launch of the custom project from July 2012 and this segment contributes 9% of PKR 18.7mn to the total revenue of 1QFY13. In the 1QFY13, TPL Trakker Limited has sold 2,163 units as compared to budget of 2,220 units and the same is due to decline in sales of locally assembled cars.
 
About the Company
 
The company was incorporated in 2008 as a private limited company and in 2009 the company was converted into a public company. In July 2012, the company got listed on Karachi Stock Exchange through issue of 30 million ordinary shares of Rs. 10 /- each. TPL Holdings (Private) Limited is the parent company, who holds around 60% shareholding of the company. The company has PKR 217mn shares outstanding.
 
The company is principally engaged in the installation and sale of tracking devices, vehicle tracking and fleet management

taurus
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Offline saifullahkhan7

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Re: TPL -- TPL Trakker Limited
« Reply #13 on: December 26, 2012, 02:59:27 PM »
TPL Trakker Limited: Spurts of growth, but sustainability remains a question mark

 

Event

·         TPL Trakker recently conducted its first analyst briefing where the company discussed its poor operating performance during 1QFY13 and also unwrapped its future plans in the coming periods that are expected to boost the revenues and as well as profitability of the company.

 

Outlook

·         Barring tracking services provided to Nato containers and for FBR customs project, both of which will be for a limited period of time, the company needs sustainable sources of revenues to grow. Although management is planning to introduce new products in various segments, and has unveiled its plan to reduce its costs by reducing the headcount and by ERP optimization, but its financial impact is yet to be seen.

Source: Foundation Research
Trust in God! & Candle Sticks, Bollinger Bands and looking into  2 Yrs EPS/DPS helps!!!

Offline Farzooq

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Re: TPL -- TPL Trakker Limited
« Reply #14 on: December 28, 2012, 12:54:50 PM »
AKD Daily

TPL: Eyeing fast-track growth

For a stock trading at a trailing (FY12) P/E of 21x, growth prospects must be exciting to justify such steep growth multiples. Judging by the company's recent analyst briefing, TPL Trakker Limited (TPL) certainly appears to have a pipeline of strong projects that can deliver fast-track growth going forward. In addition to a captive auto market for its flagship vehicle tracking product, TPL continues to develop its navigation solution while also working on major projects including tracking solutions for 1) NATO's logistical supplies into and out of Afghanistan and 2) FBR's proposed monitoring of the Afghan Transit Trade (ATT). While the company has had to contend with various legal issues and events beyond its control (e.g. closure of Nato supply routes last year), management is confident that it will now be able to execute its projects, with CY13 slated to be a breakthrough year. In our view, while trailing valuations appear pricey, potential robust growth across the medium-term could unlock improved price performance.

Key breakthroughs expected in CY13: Management expects a robust turnaround from 2013 - with legal issues now seemingly behind it and US-Pakistan relations on a much smoother course, TPL hopes to be a key beneficiary of resumed NATO logistical traffic between Pakistan and Afghanistan while the FBR project covering Afghan Transit Trade is also anticipated to kick-off from early next year. Regarding the former, TPL hopes to benefit over the longer term as well, when supplies begin to be transported out of Afghanistan in conjunction with the planned US withdrawal from Afghanistan. Moreover, through its UAE associate (Trakker Middle East) with its partner being the Abu Dhabi Government, TPL is also hopeful of winning a contract with the Regional Transport Authority of UAE. 

Leveraged to the auto sector: TPL has a captive market share in the local auto industry. While local auto sales have tapered off over the last few years, TPL is now considering extending its product suite to imported, used vehicles as well. In addition, the company now intends to build on its position by offering products with significantly reduced installation times and is looking to partner with local auto assemblers to offer this on a factory-fitted basis. At the same time, TPL continues to develop a navigation system (maps) with the intention to map 80% of Pakistan by 2013 whereby an NDA has already been signed with Google. Management has highlighted that the book value associated with this data is PkR300mn although the actual value is likely to be much higher.

Investment Perspective: In addition to seeking growth avenues, TPL may look to reduce headcount by 25% by Jun'13 in order to improve operational efficiency. In the near-term, the bread and butter business is likely to be from the local auto industry where subsidiary TDIL also synergistically focuses on motor insurance. While we believe the local auto industry will perform better next year, TPL's valuations already seem pricey. That said, potential robust growth across the medium-term could be  game-changer and unlock improved price performance.
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Offline M&M

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Re: TPL -- TPL Trakker Limited
« Reply #15 on: December 29, 2012, 12:24:55 PM »
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Offline burhan7

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Re: TPL -- TPL Trakker Limited
« Reply #16 on: December 30, 2012, 11:32:34 AM »
it's mean TPl Would Rock  :rtfm: :rtfm: :rtfm: :rtfm: :rtfm: :rtfm: :rtfm:

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Re: TPL -- TPL Trakker Limited
« Reply #17 on: December 30, 2012, 06:05:40 PM »

Offline M&M

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Re: TPL -- TPL Trakker Limited
« Reply #18 on: December 31, 2012, 12:00:41 PM »
Transit and transhipment cargoes: FBR all set to re-launch vehicle tracking system

http://www.brecorder.com/top-stories/0:/1273801:transit-and-transhipment-cargoes-fbr-all-set-to-re-launch-vehicle-tracking-system/?date=2012-12-29

mm bro tpl current rate pay buy kiya jay???
it's a momentum play rather than a cheap buy on fundamental valuations
for me ideal buy was at or below 8 and sell on any exuberance.
Qadir has a tp of 11+
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