Author Topic: GHGL -- Ghani Glass Mills Limited  (Read 74519 times)

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Toshi

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GHGL -- Ghani Glass Mills Limited
« Reply #-1 on: October 10, 2008, 12:57:14 PM »
All about GHGL -- Ghani Glass Mills Limited
« Last Edit: February 20, 2012, 08:00:40 PM by M&M »

Pakinvestorsguide

GHGL -- Ghani Glass Mills Limited
« Reply #-1 on: October 10, 2008, 12:57:14 PM »

Toshi

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Re: GHGL -- Ghani Glass Mills Limited
« on: September 26, 2009, 11:00:51 PM »
GHGL is a fundamentaly sound item.
May touch 71 in this rally

Offline Poker Face

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #1 on: August 30, 2010, 11:07:11 PM »
Its profits graph is spectacularly improving.


Period     EPS        Profit      Payout
2003-04   N/A   199 million   10%D 25%B
2004-05   N/A   199 million   20%D 5%B
2005-06   9.13   485 million   30%D 25%B
2006-07   5.03   402 million   25%D 5%B
2007-08   6.42   538 million   20%D 5%B
2008-09   8.08   712 million   30%D 10%B
2009-10   6.96  675 million   (9 months)

Experienced members plz brief. What to do with it? Good for long term?      
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Offline guru1

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #2 on: October 09, 2010, 11:22:29 AM »
does GHGL has any shareholding in ghani gases?

Offline malik

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #3 on: October 09, 2010, 01:47:48 PM »
GGL is company of GHGL

Offline Farzooq

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #4 on: December 31, 2010, 12:21:35 PM »
Glass: GHANI GLASS LIMITED - Analysis of Financial Statements Financial Year 2004 - 1Q 2011


OVERVIEW  (December 24, 2010) : Ghani Glass Limited (GGL) is a public limited company incorporated in Pakistan under the Companies Ordinance, 1984. The company started its commercial production during June 1995. It claims to be one of the constituent members of Ghani Group - an interest free corporate entity.

It has the honor of being the 1st ISO 9002 Certified Glass Plant of Pakistan. Its shares are quoted on Karachi and Lahore stock exchanges. The group's glass plants were the first ones to achieve ISO and GMP certifications.

The company is engaged in the business of manufacturing and sale of glass containers and sheet glass of different types. Main products include Pharmaceuticals Amber/Clear Glass Bottles, Food and Beverages Flint/Green Glass Bottles, and Flat Glass/Sheet Glass/Float Glass.

Ghani Glass is incorporated in Punjab having its registered and head offices and marketing office located in Lahore. However, its manufacturing facilities are diversified at two locations. GG Plant-I and Regional Marketing Office are located in Tehsil Haripur Khyber Pakhtunkhwa, GG Plant II H-15 Landhi Industrial Area Karachi.

During FY06, the company has undergone a merger with the Ghani Float Glass Limited (GFGL) which is the first float glass plant in the country where commercial production has already started in July 2005. After this import substitute indigenous production line of float glass (which was previously 100% imported thereby inflating the annual import bill), imports of this product have almost stopped. This has been achieved without any incentive or reduction in duty for local float glass manufacturers.

In a short span of time a whole range of clear float glass has been produced and GGL subsequently introduced the green float glass in the market. Also GFGL successfully entered in its exports horizon, yielding foreign exchange for the country.

The company has undergone a major BMR expansion. During FY06, the company invested Rs 255 million on BMR and acquisition of new assets. Resultantly now all the furnaces of the company are new and working on full capacity. Total production in comparison with last year has increased by 105 percent as the new furnace has worked for full year.

Moreover, product range of the company is as follows: Beverage containers - flint, Beverage containers - green, Food containers - flint, pharmaceutical containers - amber, Ghani green, Ghani clear, Ghani reflective and Ghani brown.

The company has three technical facilities:

GGL-I Hattar, which is the container glass manufacturing plant, GGL-II Landhi also glass container manufacturing plant, GGL-III Sheikhupura, which is floating glass manufacturing plant.

RECENT RESULTS 1Q11:

The sales increased to Rs 1.44 billion as compared to Rs 1.34 billion in the same period last year. Gross profit increased to Rs 574 million as compared to Rs 463 million in the same period last year. Profit from operations stood at Rs 384 million as compared to Rs 321 million in the same period last year. Selling, distribution, and administrative expenses increased substantially from Rs 123 million to Rs 167 million. Financial charges dropped drastically to Rs 0.8 million as compared to Rs 10 million in the previous corresponding period. PAT was Rs 263 million as compared to Rs 215 million in the same period last year, an increase of 22%. EPS was recorded at Rs 2.72.

ECONOMIC OVERVIEW:

The economic meltdown has been widespread and intense and did not spare any segment or region of the globe. Ghani Glass has been equally impacted like any other company. Therefore, the input costs of manufacturing increased to levels not seen in Pakistan before. Despite of these conditions, Ghani Glass Limited was able to make high profits and to improve the quality of its products.

=======================================================================
SNAP SHOT
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CURRENT PRICE                                                     Rs 57
TICKER                                                             GHGL
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INCOME STATEMENT
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Rs in '000                                        2009             2010
=======================================================================
Net Sales                                5,191,729,144    6,533,755,609
Gross profit                             1,526,090,228    1,888,995,858
Operating profit                         1,064,168,600    1,331,625,948
EBIT                                     1,143,042,115    1,368,906,449
Profit before taxation                     993,284,692    1,278,003,734
Profit after taxation                      712,761,212      947,195,600
Earnings per share - Basic and diluted            8.08             9.77
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BALANCE SHEET
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Rs in '000                                        2009             2010
=======================================================================
Total Non-current Assets                 2,788,399,404    2,934,337,574
Total Current Assets                     2,187,797,836    2,731,451,430
Total Assets                             4,976,197,240    5,725,789,004
Total Equity                             3,460,870,713    4,143,562,703
Total non-current liabilities              408,612,867      403,208,646
Total current liabilities                1,106,713,660    1,179,017,655
Totalliabilities                         1,515,326,527    1,582,226,301
Total Equity and Liabilities             4,976,197,240    5,725,789,004
=======================================================================

Net sales revenue increased to Rs 6.534 billion as compared to Rs 5.192 billion last year, 25.8% higher. The export sales also increased by 14.5% as compared to the export sales of 2009 despite poor economic conditions throughout the world. Ghani Glass Limited earned a gross profit of Rs 1.889 billion against Rs 1.526 billion of the previous years and showed an upward trend of 23.8%. The net profit after tax has gone up to Rs 947 million as compared to Rs 713 million of the last year and is almost 33% higher and consequently, the EPS has gone up to Rs 9.77 as against Rs 8.08 of the last year.

The company plans to expand the facility of float gas by the end of 2010 which will increase the production capacity by 150,000 tons of glass per annum.

Net sales of the company shown an increasing trend over the last 5 years. Net sales in FY10 increased by 26%, a little short the rate of increase in 2009, taking to the sales to the level of Rs 6.533 billion. The increasing trend is evident from the figure.

However, the cost of goods sold, have increased to Rs 4.6 billion in FY10, which is 26.7% higher as compared to FY09.

Thus gross profit of the company was Rs 1.89 billion in FY10 which shows an increase of 24% whereas FY09, the gross profit was 31% higher than that of FY08.

The earning before interest and tax went up by 19.8% in FY10 amounting to Rs 1.37 billion. In contrast, profit before tax only amounted to Rs 1.3 billion showing an increase of 28.7% as compared to FY08. Profit after tax increased by 33% in FY10 amounting to Rs 0.95 billion. During the same period, the tax increase by 18% in FY10 with respect to FY09.

The graph below shows contribution to national exchequer and trade debts allocation in terms of domestic and foreign customers. The major portion of the national exchequer consisted of the import bill reduction and the amount contributed to 55% which is almost the same as in the previous year. Whereas trade debt is concerned, 98% of trade debt consists of domestic customers.

During FY10, the cost of production increased due to increase in utilities and raw material costs. Due the gas load shedding, for six months, the company had to resort to furnace oil which added a little to the cost of production. Despite these unfavorable factors, the company managed to achieve sales of Rs 6.53 billion showing an impressive growth of 26%.

The rising trend in sales regardless of hard conditions can be attributed to its effective management, cost reduction strategies, increase in production efficiencies. A slight increase in profit margin in FY06 is due to a growth of 143% in net income. Both ROA and ROE showed a decline in FY07. Profit margin increased a little in FY10 from 13.7% to 14.5%. The gross profit margin decreased slightly from 29.4% to 28.9% in FY10. Ghani Glass Limited was able to improve its return on equity and return on assets in FY10 to 22.9% and 16.5% respectively, (FY09: ROE 20.59% and ROA 14.32%).

All the liquidity ratios of GGL have declined significantly in FY03, although they increased a little bit in FY04 and FY06, the overall trend on the decline. A modest increase in FY06 was due to smaller proportionate increase in current liabilities. FY07 was marked by a higher murabaha financing and creditors and accrued payables, translating into higher current liabilities which offset the increase in current assets resulting in lower current ratio. In FY10 current assets increased significantly by 27.6% after showing a decrease of 6% in FY09 and current liabilities increased by 6.53% after showing a decrease of 18% in 2009. This caused both, the quick ratio and current ratio, to increase in FY10. The increase in current liability resulted due to increase in deferred taxation, the increase in trade debt and other payables and most importantly the increase in short-term murabaha finance bills.

Inventory Turnover (ITO) ratio shows how quickly the company is able to sell off its inventory. The ITO has shown continuous decline since FY08. In FY10, the ITO of GGL decreased by 10 days to 87 days from 97 days in FY09.

Day sales outstanding (DSO) depicts how quickly the company is able to collect the dues from its debtors. It should be enough for the company to avoid risks of bad debts. DSO for GGL has been declining over the years under consideration (from 92 to 25 days) due to declining trade debts, showing efficiency on the part of the company in collecting back its dues. But in FY10, the DSO showed an increase to 35 days. The operating cycle of GGL hence followed the same trend as that driven by ITO and DSO ie it continuously declined through the years and increased slightly in FY10.

Both TATO and sales/equity ratios of GGL have followed a similar pattern over the period, increasing continuously from FY05. However, they remained flat in FY07 due to a same percentage change in sales, TA and equity, respectively. Total asset turnover and sales to equity ratio have both showed increasing trend due to considerable increase in sales.

As far as debt management is concerned, both D/A and D/E ratios of GGL show its increased reliance on equity financing rather than debt financing as all its D/A ratios are less than 50% maximum being 45% in FY05 when the company had resorted to various forms of long-term financing like Ijara, Murabaha, sponsor loans, etc. This is further evident by the long-term debt to equity ratio which emerged in 2004 through Ijara financing and later continued via other modes of Islamic borrowing. Debt to asset ratio further reduced in FY10 to 0.28. Debt to equity and long term debt to equity ratio have both reduced to 0.38 and 0.10in FY10 due to decrease in debt in contrast to equity. There were no Ijara finances and Diminishing musharika in FY10 and the amount of short-term murabaha financing also reduced considerably.

Both D/A and D/E ratios remained flat in FY07 on the account of almost same percentage increases in debts, assets and liabilities. Long-term debts/equity ratio declined due to lower Ijara financing and security deposits.

As stated earlier, GGL is one of the companies of the Ghani group which is an interest free corporate entity; hence it mostly resorts to Islamic modes of financing. The company had no finance cost at all till FY04. However, this charge emerged as GGL gave the profits on Ijara, Murabaha (both short and long term) and Musharika. The ratio however, increased in FY07 due to lower EBIT on the account of lower operating profit. Time interest earned almost remains same from FY07 to FY09. In FY10, the times interest earned rose significantly to 22.51 because of the decrease in finance cost by 35% and the corresponding increase in the profits.

The market value of GGL's share is the highest priced share in its glass and ceramics sector. On 6th December 2006, the year-end price of the share was quoted at Rs 82 per share which is more than eight times of the par value. The other glass company - Tariq Glass share's market value is the second highest in its sector but not close to Ghani Glass. During the FY08, the market price declined from the high price of Rs 76.5 to Rs 50.07. In FY10, the market price of GGL's share stood at Rs 57.

The EPS on the other hand has been varying from 5.03 to 977. The 5.03 value was reached in FY07 due to relatively lower earnings coupled with increased no. of outstanding shares. EPS increased from Rs 6.11 to Rs 8.08 showing company is giving good return to its equity holders and then further to 9.77 in FY10.

The P/E ratio also followed a rising trend from FY05 to FY08 driven by the increases in market price of shares, reflecting the investor's confident in GGL and also due to lower EPS (in FY07). Moreover, P/E ratio of GGL is higher than average industry. But due to recent fall in prices to Rs 55.3 in FY09 from Rs 76.5 in FY07 has caused the P/E multiple to reduce to 6.84 in FY09which was 15 in FY07. The price earning ratio decreased further to 5.83 in FY10.

The company remains well entrenched as a socially responsible corporate citizen caring for its workforce and making value addition in the investments of prime stakeholders - its shareholders. It has a robust financial backbone which is evident from its liquidity and solvency ratios as well as high premium carrying break up value of share depending on its shareholding pattern.

The other evidence of its being socially responsible enterprise is its regular and attractive dividend distributions to its prime stakeholders - shareholders. As evident from the six-year trend, the company did not skip dividend during the six years. DPS peaked at Rs 5.5 per share while the lowest DPS was Re 1.0 per share in FY07. Dividends in FY08 and FY09 were Rs 2 and Rs 3 per share respectively. For FY10, the directors have announced a dividend per share of Rs 2.5 amounting to Rs 242.46 million and issuance of bonus shares at 10%. This confirms that the company is retaining most of its profits for growth plans in future.

FUTURE OUTLOOK:

GGL's International business division is currently working diligently to explore untapped markets and boost its export sales. For this purpose, the company actively participates in local and international Expos, holds dealers and customers conferences and also introduces incentive packages.

In addition, GGL is also proposing to setup a high tech glass plant (state-of-the-art technology used worldwide for glass container production) in the Middle East in collaboration with foreign investors, for glass markets in the Middle East, EU and USA. This decision can move the company to the list of MNCs and turn more opportunities for GGL's growth in the coming years.

The company plans not only to expand internationally but also nationally. The CEO of Ghani Group signed a contract for setting up its second float line at Sheikhupura, which will be capable of float glass production capacity of 500 tons per day (180,000 tons per annum). The overall production will increase to 850 tons per day after this project. This new plant will be counted amongst the latest glass plans with advanced machinery and equipments. The new plant will not only fulfil the local demand of glass within the country but it also will be exported (70% of production) and will help Pakistan earn foreign exchange.

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GHANI GLASS LIMITED (GHGL) - FINANCIALS
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Balance Sheet in Rs '000                       2004            2005             2006             2007             2008             2009             2010
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Operating fixed assets                  378,884,764     595,436,050    1,834,371,906    1,809,540,518    2,261,022,359    2,501,292,267    2,504,072,892
Capital work in progress                 92,427,587   1,238,723,110       58,105,013      143,854,523                -      135,228,659      203,945,308
Long term investment                                     50,000,000                         6,592,000        6,592,000       90,220,317       60,118,298
Long term deposits                        4,845,782      16,111,964        9,719,491       12,757,921       17,166,163       18,378,563       19,238,230
Total non-current assets                416,082,799   1,860,118,659    1,879,850,993    2,032,072,962    2,344,108,522    2,788,399,404    2,934,337,574
Stores and spares                       121,419,810     242,957,055      357,224,113      528,523,964      767,460,286      611,632,769      697,690,503
Stock in trade                          246,906,342     317,872,224      491,997,911      550,752,621      658,120,782      792,308,879      888,199,679
Trade debts                             180,191,187     248,438,136      419,644,127      379,694,925      427,309,558      349,488,847      634,559,273
Advances, deposits,
 prepayments, other receivables          75,001,517     226,849,550      254,498,352      347,016,479      438,952,522      397,056,723      434,165,906
Cash and bank balances                   56,746,102      12,463,470        5,185,000      133,178,905       44,133,089       34,482,368      136,836,069
Total current assets                    680,264,958   1,048,580,435    1,561,090,116    1,943,407,294    2,336,499,737    2,187,797,836    2,791,451,430
Total Assets                          1,096,347,757   2,908,699,094    3,440,941,109    3,975,480,256    4,680,608,259    4,976,197,240    5,725,789,004
Total non-current liabilities            49,200,000     544,048,941      446,213,723      213,319,195      415,182,095      408,612,867      403,208,646
Total current liabilities               234,542,163     752,243,433      796,130,526    1,225,161,433    1,349,377,863    1,106,713,660    1,179,017,655
Totalliabilities                        283,742,163   1,296,292,374    1,242,344,249    1,438,480,628    1,764,559,958    1,515,326,527    1,582,226,301
Total Equity                            812,605,594   1,612,406,720    2,198,596,860    2,536,999,628    2,916,048,301    3,460,870,713    4,143,562,703
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Income Statement in Rs'000                     2004            2005             2006             2007             2008             2009             2010
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Sales - net                             817,742,007   1,389,107,019    2,680,055,508    3,124,633,248    3,972,223,649    5,191,729,144    6,533,755,609
Cost of goods sold                     (537,461,155)   (998,707,893)  (1,970,577,878)  (2,347,494,327)  (2,788,951,340)  (3,665,638,916) (4,644,759,751)
Gross profit                            280,280,852   2,387,814,912      709,477,630      777,138,921    1,183,272,309    1,526,090,228    1,888,995,858
Profit from operations / EBIT           243,206,668     319,897,864      632,507,598      570,605,753      878,761,303    1,143,042,115    1,368,906,449
Finance cost                                      -     (12,856,504)     (62,520,373)     (45,938,375)     (70,959,910)     (93,097,740)    (60,800,696)
Profit before taxation                  231,046,335     292,920,782      558,404,559      475,617,945      807,801,393      993,284,692    1,278,003,734
Taxation                                 31,708,932     (93,119,656)     (73,360,779)      73,238,491     (268,811,006)    (280,523,480)   (330,808,134)
Profit after taxation                   199,337,403     199,801,126      485,043,780      402,379,454      538,990,387      712,761,212      947,195,600
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PROFITABILITY RATIOS                           2004            2005             2006             2007             2008             2009             2010
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Profit Margin                                24.38%          14.38%           18.10%           12.88%           13.57%           13.73%           14.50%
Gross profit margin                          34.27%          28.10%           26.47%           24.87%           29.79%           29.39%           28.91%
Return on Assets                             18.18%           6.87%           14.10%           10.12%           11.52%           14.32%           16.54%
Return on Equity                             24.53%          12.39%           22.06%           15.86%           18.48%           20.59%           22.86%
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LIQUIDITY RATIOS                               2004            2005             2006             2007             2008             2009             2010
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Quick Ratio                                    1.33            0.65             0.89             0.71             0.68             0.71             1.02
Current Ratio                                  2.90            1.39             1.96             1.59             1.73             1.98             2.37
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ASSET MANAGEMENT RATIOS                        2004            2005             2006             2007             2008             2009             2010
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Inventory Turnover(Days)                     162.15          145.34           114.07           124.35           129.20            97.35            87.38
Day Sales Outstanding (Days)                  79.33           64.39            56.37            43.75            38.73            24.23            34.96
Operating cycle (Days)                       241.48          209.73           170.44           168.09           167.93           121.58           122.34
Total Asset Turnover                           0.75            0.48             0.78             0.79             0.85             1.04             1.14
Sales/Equity                                   1.01            0.86             1.22             1.23             1.36             1.50             1.58
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DEBT MANAGEMENT RATIOS                         2004            2005             2006             2007             2008             2009             2010
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Debt to Asset                                  0.26            0.44             0.36             0.36             0.38             0.30             0.28
Debt to Equity Ratio                           0.35            0.79             0.57             0.57             0.61             0.44             0.38
Long Term Debt to Equity(%)                    0.06            0.32             0.20             0.08             0.14             0.12             0.10
Times Interest Earned                           N/A           23.33            10.12            12.42            12.38            12.28            22.51
--------------------------------------------------------------------------------------------------------------------------------------------------------
MARKET RATIOS                                  2004            2005             2006             2007             2008             2009             2010
--------------------------------------------------------------------------------------------------------------------------------------------------------
Earning per share                              9.09            6.30             6.07             5.03             6.11             8.08             9.77
Price/Earnings Ratio                           8.14           12.06            13.51            15.21             8.19             6.84             5.83
Dividend per share                             3.50            3.00             5.50             1.00             2.00             3.00             2.50
Book value per share                          33.63           53.38            34.37            31.72            34.73            39.25            42.72
No  of Shares issued (in thousands)        24166564        30208205         63976686         79970857         83969400         88167870         96984657
Market prices(Year End)                       74.00           76.00            82.00            76.50            50.07            55.30            57.00
========================================================================================================================================================
COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi
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Offline DK

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #5 on: January 15, 2011, 10:47:16 AM »
Farzooq Please advise on this script in the first quarter 2011....they are starting new projects and new hiring :fingerscrossed1:

Offline Farzooq

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #6 on: January 15, 2011, 12:58:18 PM »
Farzooq Please advise on this script in the first quarter 2011....they are starting new projects and new hiring :fingerscrossed1:

a good share to have it in ones portfolio
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Offline Poker Face

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #7 on: April 15, 2011, 12:00:35 AM »
Half year earning per share is 4.81 and profit after tax of Rs. 512 million. At price of Rs. 53, it is trading at P/E multiple of 5.6x and attractive for long term. Showing good growth and payout is also good.
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Offline Poker Face

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #8 on: April 15, 2011, 09:08:08 PM »
Initiated a long position in GHGL @ 53. ::)
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Offline Salman Akbar

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #9 on: April 15, 2011, 10:46:25 PM »
not bad

but low volumes and moves within a range.

It has every chances of moving towards 85 but timing is unknown

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #10 on: April 28, 2011, 01:51:08 PM »
Ghani Glass limited announced its 9 month result where the company posted a profit after tax of Rs. 786 million against PAT of Rs. 675 million over the same period last year. Earning per share increased to 7.37 from 6.33; a 16% rise yoy basis.

Net sales of the company grew from Rs. 4.7 billion to Rs. 5.0 billion (6 % growth) and finance cost decreased from Rs. 43 million to Rs. 17 million (16% decrease).

The stock is currently trading at attractive P/E multiple of 5.3x and dividend yield of 4.5%. The stock regularly gives bonus shares in the range of 10-20% along with the annual result.
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Offline STOCK.DEPENDENT

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #11 on: September 08, 2011, 02:49:16 PM »
poker bhai, mera ise buy krne ka irada tha, meri watch list mein tha ye, but is ki movement mashkook si ho rhi he :skeptic: koi sell kr rha he :bangin:

Offline Poker Face

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #12 on: September 08, 2011, 02:52:24 PM »
I am already holding @ 53

Good share for long term, not for short term
Result announcement pe shayad tezi aa jaye. I am expecting full year eps in range of 9.90-10
Regularly pays dividend and bonus
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Offline investment.guru

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #13 on: September 27, 2011, 04:44:48 PM »
BM 3 Oct
good payout, good rates, but i fear that insides are active n selling it. so i did not buy it :bangin:

BEST OF LUCK FOR RESPECTABLE POKER BRO :fingerscrossed1:

Offline Dr nouman

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #14 on: October 04, 2011, 09:55:07 AM »
I am already holding @ 53

Good share for long term, not for short term
Result announcement pe shayad tezi aa jaye. I am expecting full year eps in range of 9.90-10
Regularly pays dividend and bonus
ghani glass bhi dhoka dy gya..........  :bigeyed:
annual result 2011
eps 9.81
div 10%
bonus nil
mkt stance lower locked :mad:
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Re: GHGL -- Ghani Glass Mills Limited
« Reply #15 on: October 04, 2011, 11:10:04 AM »
eps is alright but less payout dunno why
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Offline investment.guru

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #16 on: October 04, 2011, 11:28:25 AM »
sir its really sad to see such a performance from your stock :down: bcz i really consider you and respect you as my teacher, senior n brother. i feel it will do nothing except providing a buying opportunity for fresh buyers, BEST OF LUCK SIR :goodc:, INSHALLAH i,ll join you soon :console:,

BM 3 Oct
good payout, good rates, but i fear that insides are active n selling it. so i did not buy it :bangin:

BEST OF LUCK FOR RESPECTABLE POKER BRO :fingerscrossed1:

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #17 on: October 04, 2011, 11:46:57 AM »
It is only 0.5% of my portfolio.
However, there may be some expansion in focus. There seems to be no other risky thing going on.
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Offline Dr nouman

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Re: GHGL -- Ghani Glass Mills Limited
« Reply #18 on: October 04, 2011, 08:04:55 PM »
It is only 0.5% of my portfolio.
However, there may be some expansion in focus. There seems to be no other risky thing going on.
i m also having just 4% of my portfolio......  what is the stance......? hold or sell... :thanks:?
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