Author Topic: TRIPF -- Tri-pack Films  (Read 41503 times)

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Toshi

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TRIPF -- Tri-pack Films
« Reply #-1 on: October 10, 2008, 01:07:31 PM »
All About Tri-pack Films
« Last Edit: February 15, 2012, 01:46:46 PM by M&M »

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TRIPF -- Tri-pack Films
« Reply #-1 on: October 10, 2008, 01:07:31 PM »

Offline Papa Jee

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Re: TRIPF -- Tri-pack Films
« on: September 20, 2009, 03:21:29 PM »
TRipf is also a good item showing continuous growth in each quarter.

Offline Papa Jee

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Re: TRIPF -- Tri-pack Films
« Reply #1 on: September 20, 2009, 03:23:21 PM »
Symbol Code: TRIPF  Company Name: TRI-PACK FILMS LIMITED 
Profit/Loss: (N/A)  Amount: (N/A) 
Before/After Tax: After  Half/Full Year: Half Year  Period: 30/06/2009 
Dividend: (N/A) %  Bonus Shares: (N/A) %  Right Shares: (N/A) %
AGM Date: 30/09/2009  Book Closure From: 24/09/2009 
Book Closure To: 30/09/2009  Board Meeting Date: (N/A) 
General Info: EOGM at 10:30 a.m. at Karachi. to elect directors for a term of three years commencing October 2009

Toshi

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Re: TRIPF -- Tri-pack Films
« Reply #2 on: September 24, 2009, 02:41:05 PM »
Farzooq Bhai TRIPF kaisa lagta hay

Toshi

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Re: TRIPF -- Tri-pack Films
« Reply #3 on: October 01, 2009, 01:57:14 PM »
BM on 27th October at 11.30 AM

Offline Admin

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Re: TRIPF -- Tri-pack Films
« Reply #4 on: October 20, 2009, 11:38:53 AM »
Tri-Pack Earnings Revision - Reiterate Buy

We are revising our earnings estimates for Tri-Pack upwards by 22% and 4% respectively for 2009E and 2010E to PRs15.31/sh and PRs18.03/sh on the back of healthy volumes and sustained BOPP prices.

Our discussion with the management suggests that TRIPF is enjoying strong volume growth. We expect 3Q09E earnings growth to be driven by higher volumes and have factored in 2% QoQ volume growth for TRIPF for the quarter.

With crude oil prices trending upwards, the management believes that margins may come under pressure in the last quarter of 2009, if BOPP prices (+2.5% QoQ) do not keep pace with PP prices (+4% QoQ).

Trading at 2010E P/E of 7.24x vs. historical average of 11.4x, and a P/B of 2.41x vs. historical average of 3.35x, we maintain our Buy rating with a PO of PRs149/sh.

Toshi

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Re: TRIPF -- Tri-pack Films
« Reply #5 on: November 07, 2009, 10:59:43 PM »
Tri-Pak Films Limited – 9MCY2009 earnings review

Tri-Pack Films Limited has recently announced its financial results for the period
ended 9MCY2009. The company reported the bottom line of PKR 300 million (EPS:
PKR 10) for the period as compared to PKR 409 million (EPS: PKR 13.64) in the
corresponding nine months last year, exhibiting YOY decline of 27%, mainly on the
back of falling Biaxially Oriented Polypropylene (BOPP) film prices.

Key Points
• Top line of the company registered a YOY decline of 11% from PKR 4.5 billion
in 9MCY2009 as compared to PKR 4.1 billion in the corresponding period
this year. The main culprit behind this drop in the net sales were declining
commodity prices which although have stabilized to some extend after the
global fallout in commodity prices, but prices are still lower as compared to
the last year.
• The company recorded volumetric growth of 6% to 22.9k metric tons (MT)
during 9MCY2009 as against 21.7k tons in the corresponding period last
year.
• As per its historic trend, the company retained its gross margin as it enjoys
strong bargaining power over its customer.
• Distribution expenses witnessed a YOY surge of 35% from PKR 68 million in
9MCY2008 to 92 million in the same period this year, as a result of higher
volumetric sales and inching up freight charges.
• The company earned operating profit of PKR 619 million during 9MCY2009
as against PKR 732 million in the corresponding period last year.
• Financial charges of the company jumped by 114% during the period, mainly
on the back of higher short term borrowing and around 300 basis points
YOY increase in average 6m KIBOR during the period under review.

Outlook
The company is expected to commission its new metalizer during last quarter
which is expected to boost its volumes and improve primary margins of the
company.

Recommendation
Our DCF based target price for December 2009 works out to PKR 171.30 which
offers an upside potential of 61% from current price of PKR 106.49, so we
recommend buy on the scrip.

Offline Admin

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Re: TRIPF -- Tri-pack Films
« Reply #6 on: December 08, 2009, 11:30:04 AM »
Tri-pack: Low margin visibility; Neutral


We believe margin pressure witnessed in 3Q09 is likely to persist over the medium term given low pricing power amid smuggling of BOPP films and weak regional structural dynamics. We cut our earnings by 18-35% over 2010-2012E.


Cutting our PO for Tri-pack to PRs120/sh (down 20%), we downgrade the stock from Buy to Neutral (stock price down 27% since Sep) and believe current valuation (CY11E P/E of 7.8x) adequately builds in low margins outlook. 


BOPP margins have been under pressure due to break down in the relationship between input cost and BOPP prices, where Middle Eastern firms have expanded capacity which has not been matched by demand growth and led to int’l price cuts,  debilitating TRIPF’s pricing power


Recovery in BOPP prices, lower PP prices and BOPP expansion are upside triggers for TRIPF, whereas downside risks include increased smuggling or dumping and increased law & order concerns in the Northern areas


Toshi

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Re: TRIPF -- Tri-pack Films
« Reply #7 on: January 15, 2010, 09:21:36 AM »
Buy TRIPF with stoploss 104.05,trend going to be bullish.

Offline mkj04

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Re: TRIPF -- Tri-pack Films
« Reply #8 on: January 15, 2010, 02:54:35 PM »
Toshi bhai
Lao Tripf
 :salute:
:thankyou:

Offline mkj04

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Re: TRIPF -- Tri-pack Films
« Reply #9 on: January 15, 2010, 02:58:15 PM »
 :yahoo:
upper cap ki janib

Toshi

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Re: TRIPF -- Tri-pack Films
« Reply #10 on: January 15, 2010, 09:25:49 PM »
Symbol Code: TRIPF  Company Name: TRI-PACK FILMS LIMITED 
Profit/Loss: (N/A)  Amount: (N/A) 
Before/After Tax: After  Half/Full Year: Full Year  Period: 12/31/2009 
Dividend: (N/A) %  Bonus Shares: (N/A) %  Right Shares: (N/A) % 
AGM Date: (N/A)  Book Closure From: (N/A) 
Book Closure To: (N/A)  Board Meeting Date: 02/11/2010 
General Info: Board meeting at 11:30 a.m. 

Offline saba malik

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Re: TRIPF -- Tri-pack Films
« Reply #11 on: January 22, 2010, 02:04:45 PM »
What do u think one should get in or not rates are attractive and so will be the result of TRIPF

Toshi

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Re: TRIPF -- Tri-pack Films
« Reply #12 on: January 22, 2010, 03:03:18 PM »
My view is stay away,
Previous quarter results were below consensus.and also final quarter looks same.
May test new lows after announcement.

Offline co2

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Re: KSE-100, The INDEX
« Reply #13 on: January 24, 2010, 12:14:59 PM »
wt  abt  Tri-pack Films?
An investor without investment objectives is like a traveler without a destination.  ~Ralph Seger

Offline saba malik

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Re: TRIPF -- Tri-pack Films
« Reply #14 on: February 02, 2010, 08:24:44 PM »
Again closed on Cap with good activity I am still holding it not ready to sell before BM

Offline Karuli

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Re: TRIPF -- Tri-pack Films
« Reply #15 on: February 03, 2010, 09:12:12 AM »
Again closed on Cap with good activity I am still holding it not ready to sell before BM

none is forcing you to sell it. :goodl:

Offline sadlik

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Re: TRIPF -- Tri-pack Films
« Reply #16 on: February 07, 2010, 07:17:15 PM »
technically looking good........buy call!!!!!!

Offline Karuli

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Re: TRIPF -- Tri-pack Films
« Reply #17 on: February 08, 2010, 11:57:30 AM »
technically looking good........buy call!!!!!!

good call.

Offline Farzooq

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Re: TRIPF -- Tri-pack Films
« Reply #18 on: February 10, 2010, 11:55:06 AM »
Tri-Pack Films CY2009 earnings preview

Tri-Pack Films Limited (TRIPF) is scheduled to unveil earnings for CY2009
tomorrow. We expect the Company to earn profit after tax of PKR 396 million
(EPS: PKR 13.19) for CY2009 as compared to PKR 480 million (EPS: PKR 16.0)
last year, projecting YoY drop of 18%. 16% YoY decline in selling price and more
than twice increase in finance cost will likely to drag the bottom line by 18%.
We expect the Company to declare cash dividend of PKR 10 per share.

Profit & Loss Account (PKR million) CY2009E CY2008A YOY Chg
Net sales 5 ,445 5 ,865 -7%
Cost of sales 4 ,409 4 ,855 -9%
Gross profit 1 ,037 1 ,010 3%
Operating profit 8 25 8 46 -3%
Finance cost 2 29 1 09 111%
Profit before taxation 5 98 7 24 -17%
Profit after taxation 3 96 4 80 -18%
Earnings per share (PKR) 1 3.19 1 6.00 -18%
Gross margin 19% 17%
Operating margin 15% 14%
Net profit margin 7% 8%
Volumetric sales (tons) 3 0,587 2 7,598 11%
Sources: Company financials & AHL estimates

Key Points
Top line of the Company is expected to drop to PKR 5.4 billion during CY2009
as compared to PKR 5.9 billion in CY2008, with an expected YOY decline of
7%. Although the Company will likely to achieve volumetric growth of 11%,
however an average YoY decline of 16% in film prices is likely to eat away the
benefits of volumetric growth.
Cost of sales is likely to drop by 9% during the year to PKR 4.4 billion as
compared to PKR 4.9 billion in CY2008, mainly on account of declining trend
in the polypropylene prices in the international market, which led to the
margin expansion by 200bps at primary level.
Finance cost is likely to swell to PKR 229 million during the year as against
PKR 109 million a year back, with an expected YoY increase of 111%, mainly
on the back of higher working capital requirements.

Recommendation
Our Discounted Cash Flow (DCF) based target price for the scrip works out to
PKR 171 per share. At current price level the scrip is available at a discount of
39% to its target value coupled with attractive CY2010E PE and dividend yield of
6.9 and 12.4%, respectively, thus we recommend buy on the scrip.
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