Author Topic: FFC -- Fauji Fertilizer Company Ltd  (Read 420554 times)

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Toshi

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FFC -- Fauji Fertilizer Company Ltd
« Reply #-1 on: October 10, 2008, 01:10:31 PM »
All About Fauji Fertilizer
« Last Edit: January 26, 2012, 02:58:31 PM by M&M »

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FFC -- Fauji Fertilizer Company Ltd
« Reply #-1 on: October 10, 2008, 01:10:31 PM »

um@ir

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Re: FFC -- Fauji Fertilizer Company Ltd
« on: January 08, 2009, 09:11:10 PM »
Still very attractive dividend yield. Solid Fundamentals and good Cash rich company.

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #1 on: July 29, 2009, 11:28:37 AM »
FFC is scheduled to hold its board meeting to consider 1H2009 financial results
on Thursday, July 30, 2009. We expect the company to post 38% bottom line
growth at PRs4.5bn (EPS PRs6.70) as against PRs3.2bn (EPS PRs4.84) during
1H2008. Sales revenues of the company are expected to depict 21% growth over
last year with gross margins likely to depict a notable expansion of 2.3pps to
46%. On cumulative basis, higher urea sales and prices coupled with increased
dividend receipts from its subsidiary, FFBL, is expected to support the earnings of
the company. Other income of the company is expected to lend due support to the
bottom line by depicting 108% increase over last year primarily on the back of
higher dividend receipts. In addition to this, second interim dividend payout at
PRs2.70/share is also expected to accompany the financial announcement, thus
cumulating the year-to-date payout at PRs6.6/share.

Offline msohail

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #2 on: September 04, 2009, 10:07:42 AM »
FFC is scheduled to hold its board meeting to consider 1H2009 financial results
on Thursday, July 30, 2009. We expect the company to post 38% bottom line
growth at PRs4.5bn (EPS PRs6.70) as against PRs3.2bn (EPS PRs4.84) during
1H2008. Sales revenues of the company are expected to depict 21% growth over
last year with gross margins likely to depict a notable expansion of 2.3pps to
46%. On cumulative basis, higher urea sales and prices coupled with increased
dividend receipts from its subsidiary, FFBL, is expected to support the earnings of
the company. Other income of the company is expected to lend due support to the
bottom line by depicting 108% increase over last year primarily on the back of
higher dividend receipts. In addition to this, second interim dividend payout at
PRs2.70/share is also expected to accompany the financial announcement, thus
cumulating the year-to-date payout at PRs6.6/share.
yahy k nahi chal raha Engro rs. 30 + kar chuka hay ???????? ???

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #3 on: September 04, 2009, 11:39:30 AM »

its a dividend yielding stock therefore moves less but pays more
still performing well today

Offline msohail

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #4 on: September 10, 2009, 11:38:19 AM »

its a dividend yielding stock therefore moves less but pays more
still performing well today
:o

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #5 on: September 12, 2009, 01:57:45 PM »

breaks resistance target 105

um@ir

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #6 on: September 13, 2009, 11:44:00 PM »
A script you can trust for life !!! my assumption based on growth story is around 120. soon after the break of 105.

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #7 on: September 30, 2009, 12:03:56 PM »
A script you can trust for life !!! my assumption based on growth story is around 120. soon after the break of 105.
azam bhai aaj is ko kia ho gaya ???????????????? subah say in RED ???????????????

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #8 on: September 30, 2009, 12:21:32 PM »
Don,t worry brother, will move in a few days. Its board meeting will be in last week of October and should move before meeting.

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #9 on: October 12, 2009, 12:23:09 PM »
Fauji Fertilizer Company - ‘Hold’ recommended                        Written as on October 9, 2009

Highlights

•      Better urea prices still to bring charm in 4QCY09

•      Growth in urea attributed to higher imports being bagged by NFML

•      Limited upside but attractive on dividend; 'Hold' recommended

In today’s Value Seeker, we provide an update on Fauji Fertilizer Company while we have rolled over our TP to Jun-10 at Rs108/sh.

Better urea prices to bring charm in 4QCY09

Prices were raised by the manufacturers to Rs730/bag (+Rs30/bag) by the end of 3Q09 due to higher feed gas price fixed for 2HCY09 (+7.6% YoY). While higher gas prices are expected to suppress gross margin to some extent during 3Q09 (expected to be down by 4pps), the company will be able to restore gross margin during 4Q09 as the impact of gas price was later passed on. Despite this assertion, the company may not be able to fully reap the benefit of higher incremental urea demand that is expected to prevail during upcoming Rabi season, since additional demand is already targeted to be met by 600k imports. 

Growth in urea attributed to higher imports being bagged by NFML

While industry urea offtake yielded growth of 15% YoY during 8MCY09, much of this growth is attributable to the higher import of urea which is currently being marketed solely by NFML, a subsidiary of NFC. While NFML's role had been restricted ever since NFC's manufacturing units were privatized (post CY06), the trend reversed during last Rabi season on the back of fresh urea demand amidst better wheat support prices, calling for a need to import higher amount of urea given limited domestic supply. As a result, NFML's market share in urea improved from 2% in Rabi FY08 to 19% in Rabi FY09. Moreover, its share as of Aug09 improved further to 25% while FFC's urea (prilled) share was diluted to 36% from Aug08's 47%. Concurrently, FFC's offtake registered growth of only 4% YoY during 8MCY09 as major share was taken up by imports.

Limited upside but attractive on dividend yield; 'Hold' recommended

FFC's topline is expected to post a growth of 7% YoY during 2HCY09 amidst nominal rise in offtake coupled with better urea prices. Yet, gross margin would be dampened a little in 3QCY09 due to lagged shift of gas price-hike, the impact of which could be evident on QoQ basis. Nevertheless, bottomline is expected to post a growth of 24% YoY in CY09 in the wake of better profitability as compared to last year. We have rolled over our to Jun-10 with new TP of Rs108/sh. While the upside at current level is limited at 4%, whereas the scrip is a good bet in terms of dividend yield of 11%, thereby, we recommend 'Hold' on the scrip.

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #10 on: October 22, 2009, 12:03:59 PM »
FFC – 9MCY2009 earning preview
Fauji Fertilizer Company Limited (FFC) is scheduled to announce its financial
result for the nine months period ended September 30, 2009 on October 24,
2009. The company is expected to post net profit of PKR 6,754 million (EPS: PKR
9.95), exhibiting a surge of 27% YOY. FFC‘s net profit for 3QCY2009 is
anticipated to be PKR 3,036 million (EPS: PKR 3.25) versus a profit of PKR 2,037
million (EPS: PKR 3.00) in the corresponding quarter last year. We expect the
company to declare an interim cash dividend of PKR 3.00/share in addition to
an interim cash dividend of 6.9/share declared in 1HCY2009.

Offline arauf

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #11 on: October 22, 2009, 06:17:47 PM »
I have some holding. What is recommended? Hold or Sell

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #12 on: October 23, 2009, 11:22:14 AM »
I have some holding. What is recommended? Hold or Sell

hold

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #13 on: October 23, 2009, 11:22:37 AM »
FFC: 9MCY09 Earnings Preview

FFC is to announce its 9MCY09 result on Monday October 26, 2009; we
expect the company to report PAT of PKR6,610mn (EPS: PKR9.74) compared
to PAT of PKR5,324mn (EPS: PKR7.85) during 9MCY08

For 3QCY09 we expect the company to report a PAT of PKR2,062mn (EPS:
PKR3.04) compared to PAT of PKR2,037mn (EPS: PKR3.00)

We expect the company to pay a dividend of PKR2.5/share for the quarter

Revenues are expected to grow by 10% for 9MCY09 on account of higher
prices of Urea and bouyant offtakes

We maintain ADD stance on the stock with DCF based fair value of
PKR113/share providing an upside of 8% from current share price

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #14 on: October 23, 2009, 11:53:37 AM »
Is there any expectation of bonus shares in the market?

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #15 on: October 23, 2009, 12:06:49 PM »
Is there any expectation of bonus shares in the market?

no

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #16 on: October 23, 2009, 12:18:59 PM »
FFC: EPS of Rs10.1 expected in 9M2009
In its 9M (Jul-Sep) 2009 accounts, we expect FFC to post
earnings of Rs6.9bn (EPS Rs10.1) versus profits of Rs5.3bn
(EPS Rs7.85) in 9M2008, an increase of 29%YoY. Higher
urea prices (up 25%YoY) and a 75% increase in other income
are the major reasons for the earnings growth. We expect
urea sales to arrive at Rs26.0bn (up 11%) while higher
dividend income from FFBL will propel other income to
Rs2.0bn versus Rs1.2bn in 9M2008. As a result of higher
urea prices and higher offtake, we expect gross margins to
improve by 397bps to 46.5% versus 42.6% in the
corresponding period last year. Along with the results, we
expect FFC to announce a third interim cash dividend of
Rs3.4 per share taking the cumulative dividend for the year to
Rs10.3 per share.
Trading at a 2009E PE of 7.4x and offering one of the highest
dividend yields of 13.4% amongst JS Universe companies,
we reiterate our ‘Buy’ stance on FFC at current levels.

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #17 on: October 26, 2009, 01:54:57 PM »
26-OCT-09 FFC Fauji Fertilizer Co. FINANCIAL RESULT FOR THE NINE MONTHS ENDED 30/09/2009
26-OCT-09 FFC Fauji Fertilizer Co. DIVIDEND = 30%(iii)
26-OCT-09 FFC Fauji Fertilizer Co. PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 9,562.800
26-OCT-09 FFC Fauji Fertilizer Co. PROFIT/LOSS AFTER TAXATION RS. IN MILLION 6,638.800
26-OCT-09 FFC Fauji Fertilizer Co. EPS = 9.78
26-OCT-09 FFC Fauji Fertilizer Co. BOOK CLOSURE FROM 21/12/2009
26-OCT-09 FFC Fauji Fertilizer Co. BOOK CLOSURE TO 27/12/2009

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Re: FFC -- Fauji Fertilizer Company Ltd
« Reply #18 on: October 26, 2009, 01:57:58 PM »
Fauji Fertilizer Company (FFC) announced its 9MCY09 result today, posting earnings of PkR6.6bn (fully diluted EPS-PkR9.8) compared to earnings of PkR5.3bn (fully diluted EPS-PkR7.8) during the corresponding period last year – a growth of 25%YoY. This was in-line with our forecasted NPAT of PkR6.7bn (fully diluted EPS-PkR9.9).

While the company’s gross profits depicted an impressive growth of 16% due to higher product pricing, increased bottomline was mainly due to a 77% growth in ‘other income’ which clocked in at PkR2.1bn in 9MCY09 compared to PkR1.2bn in 9MCY08. Increased ‘other income’ was mainly due to higher dividends recorded from the company’s subsidiary FFBL.

Along with the result, the company announced a third interim cash dividend of PkR3 per share. At current levels, we reiterate our ‘Accumulate’ stance on FFC with a target price of PkR121.50per share.