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Toshi

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ICI -- ICI Pakistan Limited
« Reply #-1 on: October 10, 2008, 01:05:14 PM »
All About ICI Pakistan Limited
« Last Edit: February 09, 2012, 01:13:35 PM by M&M »

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ICI -- ICI Pakistan Limited
« Reply #-1 on: October 10, 2008, 01:05:14 PM »

Toshi

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Re: ICI -- ICI Pakistan Limited
« on: June 06, 2009, 01:51:48 PM »
Farzooq sahib,
ICI technicaly kaisa lagta hai,
shed some light on ICI

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Re: ICI -- ICI Pakistan Limited
« Reply #1 on: June 06, 2009, 01:56:14 PM »
Farzooq sahib,
ICI technicaly kaisa lagta hai,
shed some light on ICI

bullish
targeting 160 again
support 139

Toshi

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Re: ICI -- ICI Pakistan Limited
« Reply #2 on: June 06, 2009, 02:00:29 PM »
Thanks,

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Re: ICI -- ICI Pakistan Limited
« Reply #3 on: August 27, 2009, 02:23:53 PM »
27-AUG-09 ICI ICI Pakistan FINANCIAL RESULT FOR THE HALF YEAR ENDED 30/06/2OO9
27-AUG-09 ICI ICI Pakistan DIVIDEND = 35%(i)
27-AUG-09 ICI ICI Pakistan PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 1,524.233
27-AUG-09 ICI ICI Pakistan PROFIT/LOSS AFTER TAXATION RS. IN MILLION 1,025.528
27-AUG-09 ICI ICI Pakistan EPS = 7.39
27-AUG-09 ICI ICI Pakistan BOOK CLOSURE FROM 15/09/2009
27-AUG-09 ICI ICI Pakistan BOOK CLOSURE TO 23/09/2009

Toshi

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Re: ICI -- ICI Pakistan Limited
« Reply #4 on: October 13, 2009, 01:22:19 PM »
ICI BM on October 27,at 2.00PM for 3rd Quarter

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Re: ICI -- ICI Pakistan Limited
« Reply #5 on: December 09, 2009, 12:38:21 PM »
Chemicals: Strong PSF Dynamics Driving Growth for ICI

PSF is the largest contributor to the company’s revenue (45% for 9MCY09) while it yields the lowest margins (13% as of 3QCY09) out of all business segments

PSF prices have shot up from an average of PKR95/kg in 1QCY09 to a current price of PKR123/kg

We expect primary margins for the segment to clock in at PKR52/kg in 4QCY09 from PKR39/kg in 1QCY09

Our CY09 EPS forecast for ICI stands at PKR16.10 (+8% YoY) with contribution from PSF segment to the company’s operating profit increasing to 39% in CY09 from 22% in CY08
 

Toshi

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Re: ICI -- ICI Pakistan Limited
« Reply #6 on: December 23, 2009, 11:02:49 PM »
Start buy in ici with stop below 161.20 indications of early bullish trend

Toshi

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Re: ICI -- ICI Pakistan Limited
« Reply #7 on: December 29, 2009, 11:47:19 PM »
Buy ici stoploss 161.20,bullish trend

Toshi

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Re: ICI -- ICI Pakistan Limited
« Reply #8 on: December 30, 2009, 09:18:43 AM »
ICI PAKISTAN LIMITED - Analysis of Financial Statements Financial Year 02-3Q'09

OVERVIEW (December 30 2009): ICI Pakistan Limited is a 75.81% owned subsidiary of ICI Plc, UK. It was set up as a public limited company in Pakistan in 1952. ICI's presence in this part of the world, however, predates the formation of the public limited company and indeed, Pakistan itself.

The Khewra Soda Ash Company, a predecessor of ICI Pakistan Limited, set up a soda ash manufacturing facility in Khewra in 1944 with a capacity of 18,000 tonnes per annum. This facility was sited next to the salt range as rock salt and limestone; two key raw materials for manufacturing soda ash were available here in abundance.

Today, ICI Pakistan's five businesses; polyester, soda ash, paints, chemicals and life sciences manufacture and sell a range of industrial and consumer products. These include polyester staple fibres, POY chips, light and dense soda ash, sodium bicarbonate, paints for the decorative, automotive, refinish segments for industrial use and projects, specialty chemicals, polyurethanes, and adhesives and the company also arranges manufacture on a toll basis of pharmaceutical and animal health products. It also markets seeds and in addition is engaged in trading in various specialised chemicals that use in industries in Pakistan.

The company was awarded the Corporate Excellence Award by the Management Association of Pakistan (MAP) and 2nd Prize in the chemical sector for the Best Corporate Report Award jointly organized by the Institute of Chartered Accountants of Pakistan and the Institute of Cost and Management Accountants of Pakistan. In 2008, two company businesses, chemicals and paints recently introduced AkzoNobel (new ultimate parent company) products in Pakistan.

Paints business launched the car refinish brand Sikkens whereas chemicals business launched products within the surfactants and functional chemicals range. Work on the 65ktpa Soda Ash Expansion Project is progressing as per plan and the project is expected to be completed in the second quarter of 2009. The energy saving and cost reduction project, Cogen (waste heat recover and power plant) undertaken by the company's wholly-owned subsidiary ICI Pakistan PowerGen was successfully completed and commissioned as per plan and budget, and has started to yield envisaged savings.

FINANCIAL PERFORMANCE (3Q09)

ICI in 3Q09 saw a major decline in most of their profitable sectors. The paints and chemicals sector saw 30% and 34% decline in revenues. As a result most of the operating revenues saw a huge decline except for the polyester section. The main reason to this was the low demand led by slow economic condition that has been prevailing in the country. The operating results were mostly accountable to the external factors mentioned above, in addition to this, power outages and uncertainty too led to this decline.

Moreover, administration expense and selling expense too saw a rise of about 9% in 3Q09. This too added to the lower operating results. Considering the profitability of the company over the 3Q09 and 3Q08. Though the company saw a major turn down in many of the segments of production. However the profitability ratios showed a rising trend compared to 3Q09. Gross Profit with respect to the comparable period was 3% higher. Moreover PBT and PAT too saw a rise over 3Q09. There was a 12.53% and 17.18% increase respectively. This was mainly attributed to the other income that mounted up to Rs 91 million. The second factor was due to the decrease in the financial charges.

Financial charges saw a reduction of about 75% for the nine months ended of 2009. The liquidity condition as at 30 September 2009 was favourable for ICI. It was 1.87x compared to 1.92 at the year-end of 2008. This shows that the company was able to maintain its Current Ratio as compared to the previous years. The explanation behind this is because of the increase in current assets, which was proportionately more than the increase in the current ratio. Secondly, the main attribution to the rise in current assets was the holding of the cash and bank balances. As the economy was going through liquidity crunch, ICI managed to keep its liquidity in a stable position.

The trend in the company's asset management ratios till FY08 is very encouraging and noteworthy. There has been a decline in the inventory turnover ratio, the days sales outstanding (except in FY07 where it rose due to higher trade debts) and the over all operating cycle, demonstrating that the company has been efficient in selling off its inventories and receiving cash against its receivables. A greater marketing effort by the company is a major reason for its commendable asset management as the company can easily sell off its products to the clients.

Easy credit terms can be responsible for a rise in the days sales outstanding after 2005, which has now been controlled by the company, with the DSO finally reducing in FY08, for the first time since 2005. Hence this reflects a good performance of the company on the asset management platform. Owing to a significant rise in the total assets for the past few years, the total assets turnover ratio has seen a decline till FY06 in spite of an increasing turnover. In 2003, work was initiated on the refined sodium bicarbonate plant, which was completed in 2004, hence explaining the rise in total assets for the company during these two years.

The company spent Rs 396.6 million as sustenance capital in 2005 to maintain its existing assets and, in 2006, investment was made in three major projects at a cost of Rs 3.3 billion. These projects include the Asset Modernization and Improvement Project (AMIP) in polyester, soda ash 50 ktpa expansion and acquisition of the manufacturing facility of Fayzan Manufacturing Modaraba (FMM). Consequently, ICI Pakistan's assets have generally been high. However, FY07 TATO ratio shows that the company has managed these fixed assets more efficiently due to which total assets turnover ratio has shown a rise.

The rise in TATO in FY08 is more due to the low growth in assets, coupled with the rise in net sales, showing that the company has managed its growth plans well, also the current losses in cash balances led to low asset growth, thus this performance could not be depicted as entirely satisfactory and further efforts are needed to manage the asset turnover in the future. In addition to this the nine months ended accounts showed a considerable performance in the asset management ratios. The only area that a saw decline was the sales/equity ratio, which was 0.61 compared to 2.32 in 2008.

Considering the debt management ratios, there has been a diminutive deterioration in their ratios. First Debt to equity ratio saw a decline from 0.40 in 2008 to 0.51 in September 2009. This was because of the long-term loan that was taken during the FY09 period. This leads to the second ratio that is the long-term debt to equity, which declined from 0.06 to 0.09 in September 2009. Though it deteriorated, however remained in the satisfactory position for the company to take further debt, if needed. The current financial charges were declined; this could be motivating for the company to take further debt on low charges. Lastly considering the TIE ratio, we saw decline in the interest earned for the nine months ended in 2009.

It decreased from 25.32 days to 26.23 days. Though not a considerable decline however the deterioration took place. The reason for this was a decline in the EBIT that had resulted in the lower revenues this year. The company has not yet announced any dividend yet for the nine months ended in 2009. As we can see from the above diagram the company's prices greatly increased in the nine months period ended as the investors showed a great confidence and invested heavily in the stock market for the company shares. The rise shows that the conditions were improving throughout the 2009 period for the company, as there had been a severe decline because of the major break down of the KSE indexes.

FUTURE OUTLOOK

The current economic condition is reviving, as there have been signs of recovery. Few factors such as reducing interest rate and credit rating upgrade are positive for the company's growth opportunities. Moreover, the local demand for paints and other segments would increase, as the demand for infrastructure development would increase. ICI has always been a profitable business for its shareholders and also for the society at large. The philanthropic causes that they participate in show the CSR that ICI pay emphasis.

However, with all positive factors, there occur detrimental factors as well that would led to constraint for ICI to prosper in the coming year. Disturbing Security Environment, energy shortages that were the main cause of high administrative expense in the nine months ended 2009. This would not only affect the production but also the demand from the downstream industries. Keeping these factors in mind, ICI can perform better than the other industry competitors based on its performance and the future opportunities, which it can gain by investing its skills.

ICI Financials

INCOME STATEMENT      2002         2003         2004         2005         2006         2007         2008         2009
Turnover             15,073,813   22,156,265   21,303,498   21,054,298   21,947,688   25,973,009   31,921,873  7,913,366
Gross Profit          2,327,095    2,664,367    2,755,709    3,351,698    4,083,210    4,806,120    5,647,341    1,515,770
Operating Profit    1,077,114    1,087,681    1,346,788    1,842,542    2,480,998    2,622,102    2,910,600
Profit Before Tax   723,094      806,552    2,898,950    1,612,401    2,117,797    2,768,523    3,129,908      819,396
Net Profit            1,854,732      766,244    2,846,368    2,253,257    1,455,628    1,784,800    2,068,872      557,373

BALANCE SHEET     2002         2003         2004         2005         2006         2007         2008         2009

Total Equity         4,591,014    5,114,863    8,053,980    9,493,072   10,265,010   11,398,450   12,683,880   13,013,216
Current Liabilities   6,932,541    8,262,583    5,194,379    5,891,930    5,436,275    6,276,103    4,281,110    5,458,798
Non-current Liabilities  1,478,895       74,568       82,601       90,604      104,079      119,571      739,900    1,114,294
Current Assets      4,618,700    5,305,892    7,179,045    6,500,138    7,023,855    9,058,107    8,232,427   10,226,826
Non-current Assets 9,168,174    8,825,935    6,738,979    9,469,783    9,905,729    9,748,184   10,435,258   10,299,071
Total Assets    13,786,874   14,131,827   13,918,024   15,969,921   16,929,584   18,806,291   18,667,685   20,525,897
LIQUIDITY                        2002         2003         2004         2005         2006         2007         2008         2009
Current Ratio                    0.67         0.64         1.38          1.1         1.29         1.44         1.92         1.87

MANAGEMENT            2002         2003         2004         2005         2006         2007         2008         2009

Inventory Turnover        57.09        43.85        60.43        54.73        50.08        40.43        39.36       158.76
Days Sales Outstanding  16.06        10.46        13.78        11.06        11.99        14.54        11.32        45.66
Operating Cycle             73.15         54.3        74.21        65.79        62.07        54.97        50.68       204.42
Total Asset Turnover      1.09         1.57         1.53         1.32          1.3         1.38         1.71         0.39
Sales/Equity                  3.28         4.33         2.65         2.22         2.14         2.28         2.52         0.61

DEBT MANAGEMENT        2002         2003         2004         2005         2006         2007         2008         2009

Debt to Asset Ratio              0.61         0.59         0.38         0.37         0.33         0.34         0.27         0.32
Debt to Equity Ratio             1.83         1.63         0.66         0.63         0.54         0.56         0.40         0.51
Long Term Debt to Equity         0.32         0.01         0.01         0.01         0.01         0.01         0.06         0.09
Times Interest Earned            2.72         3.11        12.38         6.72         8.44        28.42        25.23        26.23

PROFITABILITY                    2002         2003         2004         2005         2006         2007         2008         2009

Gross Profit Margin             15.44        12.03        12.94        15.92         18.6        18.50        17.69
Profit Margin                    12.3         3.46        13.36         10.7         6.63         6.87         6.48
Return on Assets                13.45         5.42        20.45        14.11          8.6         9.49        11.08
Return on Equity                 40.4        14.98        35.34        23.74        14.18        15.66        16.31

MARKET VALUE                     2002         2003         2004         2005         2006         2007         2008         2009

EPS                             13.36         5.52        20.51        16.23        10.49        12.86        14.91        11.40
Price/Earnings                   4.04         15.4         4.37         8.85        11.01        15.29         4.61
Book Value                      38.73        44.25        62.25        71.95        82.05        89.41        98.32
Year End Market Price           53.95           85        89.65        140.5        115.5       196.65        68.71       164.71
Dividend per share               2.25          2.5            4            5          5.5         5.50         6.00         6.00


COURTESY: Economics and Finance Department, Institute of Business Administration

Toshi

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Re: ICI -- ICI Pakistan Limited
« Reply #9 on: December 31, 2009, 09:06:19 PM »
ICI: Reinitiating Coverage

???? We have reinitiated our coverage of ICI Pakistan Limted (ICI) with an EPS
forecast of PKR15.6 for CY09 and a DCF-based fair value of PKR176/share;
upside of 6% from current price levels
???? ICI Pakistan Limited (ICI) manufactures and sells a wide range of industrial
and consumer products in Polyester, Soda Ash, Paints, Chemicals and Life
Sciences segments
???? PSF is the largest contributor to the company’s revenue (46% in 3QCY09)
while Paints segment is the most profitable of all (32% gross margin in
3QCY09)

Outlook: Downstream activity will act as a major determinant for ICI’s
sales; however, diversity in product portfolio is a major positive for the
company

Our fair-value for ICI stands at PKR176/share providing an upside potential of 6.3% over
the current price level.

Offline niaz.ahmed

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Re: ICI -- ICI Pakistan Limited
« Reply #10 on: December 31, 2009, 11:47:31 PM »
Its difficult to understand, ici and kapco almost same payout, still 1 trades @ 45-46 the other is 150 -170. Thanks

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Re: ICI -- ICI Pakistan Limited
« Reply #11 on: December 31, 2009, 11:57:05 PM »
Its difficult to understand, ici and kapco almost same payout, still 1 trades @ 45-46 the other is 150 -170. Thanks

payout may be the same but the eps isnt the same

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Re: ICI -- ICI Pakistan Limited
« Reply #12 on: January 01, 2010, 01:41:38 PM »
Its difficult to understand, ici and kapco almost same payout, still 1 trades @ 45-46 the other is 150 -170. Thanks
so ici will hav gradual growth with high earnings,paying less to share holders and using earnings to expand.But kapco buys and sell and distribute almost profit.With the passage of time profit will sustain or decline
Stock trading is a science and art too

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Re: ICI -- ICI Pakistan Limited
« Reply #13 on: January 01, 2010, 01:47:39 PM »
i wil prefer kapco over ici for dividend purpose but ici also have chances of cpital gain.

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Re: ICI -- ICI Pakistan Limited
« Reply #14 on: January 03, 2010, 01:22:44 PM »
buy ici with stop at 161
currently at 168

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Re: ICI -- ICI Pakistan Limited
« Reply #15 on: January 26, 2010, 09:44:13 AM »
Chemicals: ICI PAKISTAN LIMITED - Analysis of Financial Statements Financial Year 2002 - 2003 Q 2009

OVERVIEW (January 26 2010): ICI Pakistan Limited is a 75.81% owned subsidiary of ICI Plc, UK. It was set up as a public limited company in Pakistan in 1952. ICI's presence in this part of the world, however, predates the formation of the public limited company and indeed, Pakistan itself.

The Khewra Soda Ash Company, a predecessor of ICI Pakistan Limited, set up a soda ash manufacturing facility in Khewra in 1944 with a capacity of 18,000 tonnes per annum. This facility was sited next to the salt range as rock salt and limestone; two key raw materials for manufacturing soda ash were available here in abundance.

Today, ICI Pakistan has five businesses: polyester, soda ash, paints, chemicals and life sciences manufacture and sell a range of industrial and consumer products. These include polyester staple fibres, POY chips, light and dense soda ash, sodium bicarbonate, paints for the decorative, automotive, refinish segments for industrial use and projects, specialty chemicals, polyurethanes, and adhesives and the company also arranges manufacture on a toll basis of pharmaceutical and animal health products. It also markets seeds and in addition is engaged in trading various specialised chemicals use in industries in Pakistan.

The company was awarded the Corporate Excellence Award by the Management Association of Pakistan (MAP) and 2nd prize in the chemical sector for the Best Corporate Report Award jointly organized by the Institute of Chartered Accountants of Pakistan and the Institute of Cost and Management Accountants of Pakistan. In 2008, two company businesses, chemicals and paints recently introduced AkzoNobel (new ultimate parent company) products in Pakistan.

Paints business launched the car refinish brand Sikkens whereas chemicals business launched products within the surfactants and functional chemicals range. The energy saving and cost reduction project, Cogen (waste heat recover and power plant) undertaken by the company's wholly-owned subsidiary ICI Pakistan PowerGen was successfully completed and commissioned as per plan and budget, and has started to yield envisaged savings.

FINANCIAL PERFORMANCE (2003 Q 2009)

ICI in 3Q09 saw a major decline in most of its profitable sectors. The paints and chemicals sector saw 30% and 34% decline in revenues. As a result, most of the operating revenues saw a huge decline except for the polyester section. The main reason to this was the low demand led by slow economic condition that has been prevailing in the country. The operating results were mostly accountable to the external factors mentioned above, in addition, power outages and uncertainty too led to this decline.

Moreover, administration expense and selling expense too saw a rise of about 9% in 3Q09. This too added to the lower operating results. Considering the profitability of the company over the 3Q09 and 3Q08. Though the company saw a major turn down in many of the segments of production. However the profitability ratios showed a rising trend compared to 3Q09. Gross profit with respect to the comparable period was 3% higher. This shows that the company was able to cut down its extra administrative expenses, which increased the gross profit margin.

Moreover PBT and PAT too saw a rise over 3Q09. There was a 12.53% and 17.18% increase respectively. This was mainly attributed to the other income that mounted up to Rs 91m. The second factor was due to the decrease in the financial charges that resulted in variable exchange rate and improved cash position that will be discussed in the next part. Financial charges saw a reduction of about 75% for the nine months ended of 2009.

The liquidity condition as at 30 September 2009 was favorable for ICI. It was 1.87x compared to 1.92 at the year-end of 2008. This shows that the company was able to maintain its Current Ratio as compared to the previous years. The explanation behind this is because of the increase in Current Assets, which was proportionately more than the increase in the Current Ratio. Secondly, the main attribution to the rise in Current Assets was the holding of the cash and bank balances. As the economy was going through liquidity crunch, ICI managed to keep its liquidity in a stable position that could be fulfilled if it needed. Secondly current liabilities did not see a huge rise as the only liability they had was of Trade Payable which showed insignificant increase.

The trend in company's asset management ratios till FY08 is very encouraging and noteworthy. There has been a decline in the inventory turnover ratio, the days sales outstanding (except in FY07 where it rose due to higher trade debts) and the over all operating cycle, demonstrating that the company has been efficient in selling off its inventories and receiving cash against its receivables. A greater marketing effort by the company is a major reason for its commendable asset management as the company can easily sell off its products to the clients. Easy credit terms can be responsible for a rise in the days sales outstanding after 2005, which has now been controlled by the company, with the DSO finally reducing in FY08, for the first time since 2005.

Hence this reflects a good performance of the company on the asset management platform. Owing to a significant rise in the total assets for the past few years, the total assets turnover ratio has seen a decline till FY06 in spite of an increasing turnover. In 2003, work was initiated on the refined sodium bicarbonate plant, which was completed in 2004, hence explaining the rise in total assets for the company during these two years.

The company spent Rs 396.6 million as sustenance capital in 2005 to maintain its existing assets and, in 2006, investment was made in three major projects at a cost of Rs 3.3 billion. These projects include the Asset Modernization and Improvement Project (AMIP) in polyester, Soda Ash 50 ktpa expansion and acquisition of the manufacturing facility of Fayzan Manufacturing Modaraba (FMM). Consequently, ICI Pakistan's assets have generally been high. However, FY07 TATO ratio shows that the company has managed these fixed assets more efficiently due to which total assets turnover ratio has shown a rise.

Rise in TATO in FY08, is more due to the low growth in assets, coupled with the rise in net sales, showing that the company has managed its growth plans quite well. Also, the current losses in cash balances led to low asset growth, thus this performance could not be depicted as entirely satisfactory and further efforts are needed to manage the asset turnover in the future. In addition to this the nine months ended accounts showed a considerable performance in the asset management ratios. The only area that a saw decline was the sales/equity ratio, which was 0.61 compared to 2.32 in 2008.

Considering the Debt Management ratios, there has been a diminutive deterioration in their ratios. First debt to equity ratio saw a decline from 0.40 in 2008 to 0.51 in September 2009. This was because of the long-term loan that was taken during the FY09 period. This leads to the second ratio, which is the Long term Debt to equity, which declined from 0.06 to 0.09 in September 2009. Though it deteriorated, however remained in the satisfactory position for the company to take further debt, if needed. The current financial charges were declined; this could be motivating for the company to take further debt on low charges. Lastly considering the TIE ratio, we saw decline in the interest earned for the nine months ended in 2009.

It decreased from 25.32 days to 26.23 days. Though not a considerable decline however the deterioration took place. The reason for this was a decline in the EBIT that had resulted in the lower revenues this year. The company has not yet announced any dividend yet for the nine months ended in 2009. As we can see from the above diagram the company's prices greatly increased in the nine months period ended as the investors showed a great confidence and invested heavily in the stock market for the company shares. The rise shows that the conditions were improving throughout the 2009 period for the company, as there had been a severe decline because of the major break down of the KSE indexes.

FUTURE OUTLOOK

The current economic condition is on reviving, as there has been signs of recovery seen. A few factors, such as reduction in interest rates and credit rating upgrading are positive signs for the company's growth opportunities. Moreover, the local demand for paints and other segments would increase as the demand for infrastructure development would increase. ICI has always been a profitable business for its shareholders and also for the society at large. The philanthropic causes, the company participates in, shows the CSR that ICI pay emphasis.

However, with all positive factors, there occur detrimental factors as well that would led to constraint for ICI to prosper in the coming year. Disturbing Security Environment, energy shortages that were the main cause of high administrative expense in the nine months ended 2009. This would not only affect the production but also the demand from the downstream industries. Keeping these factors in mind, ICI can perform better than the other industry competitors based on its past performance and the future opportunities, which it can gain by investing their skills.

========================================================================================================================
ICI FINANCIALS
========================================================================================================================
INCOME STATEMENT                2002        2003        2004        2005        2006        2007        2008        2009
------------------------------------------------------------------------------------------------------------------------
Turnover                  15,073,813  22,156,265  21,303,498  21,054,298  21,947,688  25,973,009  31,921,873   7,913,366
Gross Profit               2,327,095   2,664,367   2,755,709   3,351,698   4,083,210   4,806,120   5,647,341   1,515,770
Operating Profit           1,077,114   1,087,681   1,346,788   1,842,542   2,480,998   2,622,102   2,910,600           -
Profit Before Tax            723,094     806,552   2,898,950   1,612,401   2,117,797   2,768,523   3,129,908     819,396
Net Profit                 1,854,732     766,244   2,846,368   2,253,257   1,455,628   1,784,800   2,068,872     557,373
------------------------------------------------------------------------------------------------------------------------
BALANCE SHEET                   2002        2003        2004        2005        2006        2007        2008        2009
------------------------------------------------------------------------------------------------------------------------
Total Equity               4,591,014   5,114,863   8,053,980   9,493,072  10,265,010  11,398,450  12,683,880  13,013,216
Current Liabilities        6,932,541   8,262,583   5,194,379   5,891,930   5,436,275   6,276,103   4,281,110   5,458,798
Non-current Liabilities    1,478,895      74,568      82,601      90,604     104,079     119,571     739,900   1,114,294
Current Assets             4,618,700   5,305,892   7,179,045   6,500,138   7,023,855   9,058,107   8,232,427  10,226,826
Non-current Assets         9,168,174   8,825,935   6,738,979   9,469,783   9,905,729   9,748,184  10,435,258  10,299,071
Total Assets              13,786,874  14,131,827  13,918,024  15,969,921  16,929,584  18,806,291  18,667,685  20,525,897
------------------------------------------------------------------------------------------------------------------------
LIQUIDITY                       2002        2003        2004        2005        2006        2007        2008        2009
------------------------------------------------------------------------------------------------------------------------
Current Ratio                   0.67        0.64        1.38         1.1        1.29        1.44        1.92        1.87
------------------------------------------------------------------------------------------------------------------------
ASSET MANAGEMENT                2002        2003        2004        2005        2006        2007        2008        2009
------------------------------------------------------------------------------------------------------------------------
Inventory Turnover             57.09       43.85       60.43       54.73       50.08       40.43       39.36      158.76
Days Sales Outstanding         16.06       10.46       13.78       11.06       11.99       14.54       11.32       45.66
Operating Cycle                73.15        54.3       74.21       65.79       62.07       54.97       50.68      204.42
Total Asset Turnover            1.09        1.57        1.53        1.32         1.3        1.38        1.71        0.39
Sales/Equity                    3.28        4.33        2.65        2.22        2.14        2.28        2.52        0.61
------------------------------------------------------------------------------------------------------------------------
DEBT MANAGEMENT                 2002        2003        2004        2005        2006        2007        2008        2009
------------------------------------------------------------------------------------------------------------------------
Debt to Asset Ratio             0.61        0.59        0.38        0.37        0.33        0.34        0.27        0.32
Debt to Equity Ratio            1.83        1.63        0.66        0.63        0.54        0.56        0.40        0.51
Long Term Debt to Equity        0.32        0.01        0.01        0.01        0.01        0.01        0.06        0.09
Times Interest Earned           2.72        3.11       12.38        6.72        8.44       28.42       25.23       26.23
------------------------------------------------------------------------------------------------------------------------
PROFITABILITY                   2002        2003        2004        2005        2006        2007        2008        2009
------------------------------------------------------------------------------------------------------------------------
Gross Profit Margin            15.44       12.03       12.94       15.92        18.6       18.50       17.69           -
Profit Margin                   12.3        3.46       13.36        10.7        6.63        6.87        6.48           -
Return on Assets               13.45        5.42       20.45       14.11         8.6        9.49       11.08           -
Return on Equity                40.4       14.98       35.34       23.74       14.18       15.66       16.31           -
------------------------------------------------------------------------------------------------------------------------
MARKET VALUE                    2002        2003        2004        2005        2006        2007        2008        2009
------------------------------------------------------------------------------------------------------------------------
EPS                            13.36        5.52       20.51       16.23       10.49       12.86       14.91       11.40
Price/Earnings                  4.04        15.4        4.37        8.85       11.01       15.29        4.61           -
Book Value                     38.73       44.25       62.25       71.95       82.05       89.41       98.32           -
Year End Market Price          53.95          85       89.65       140.5       115.5      196.65       68.71      164.71
Dividend per share              2.25         2.5           4           5         5.5        5.50        6.00        6.00
========================================================================================================================
COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi

Offline Farzooq

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Re: ICI -- ICI Pakistan Limited
« Reply #16 on: February 03, 2010, 12:14:01 PM »
bm on 18th feb
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Offline Farzooq

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Re: ICI -- ICI Pakistan Limited
« Reply #17 on: February 17, 2010, 11:33:33 AM »
ICI: 2009 EPS expected at Rs16.6/share
ICI is expected to post earnings of Rs2.3bn (EPS Rs16.6) in
2009 as against Rs2.1bn (EPS Rs14.9) in 2008, up 11%YoY.
Net sales are expected to arrive at Rs28.9bn – up 4%YoY
primarily as a result of improvement in revenues from the
Soda Ash and Life Sciences segment. Hence, gross profit is
expected to arrive at Rs6.0bn – up 7%YoY. Other income is
expected to rise by 76%YoY on the back of higher bank
balances while the finance cost is likely to decline by
32%YoY. Moreover, we expect a final cash dividend payout of
Rs4.5-5.5 per share, taking cumulative dividend to Rs8-9 per
share.
Recommendation: ‘Hold’
With the scrip trading at a 2010F PE and PBV of 9.8x and
1.4x, respectively, we maintain our ‘Hold’ stance on the scrip.
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Offline Farzooq

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Re: ICI -- ICI Pakistan Limited
« Reply #18 on: February 18, 2010, 12:22:38 PM »
Chemicals: ICI - CY09 Result Preview

   ICI is expected to announce its CY09 result today. We expect the company to report a PAT of PKR2,134mn (EPS: PKR 15.37) compared to PAT of PKR2,069mn in CY08 (EPS: PKR 14.91)

   We also expect DPS of PKR 4.50 to be announced for 4Q, taking full year dividend to PKR 8.0/share

   With a DCF based fair value of PKR177/share, we have a Neutral stance on the stock at current levels
 
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