Author Topic: PREMA -- At-Tahur LIMITED  (Read 38441 times)

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Offline raxid

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Re: PREMA -- At-Tahur LIMITED
« Reply #319 on: September 25, 2018, 06:43:55 PM »
ANY HOPE FOR GOOD RESULT?

Pakinvestorsguide

Re: PREMA -- At-Tahur LIMITED
« Reply #319 on: September 25, 2018, 06:43:55 PM »

Offline Atif1

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Re: PREMA -- At-Tahur LIMITED
« Reply #320 on: September 25, 2018, 10:19:54 PM »
on September 24 company announced bod meeting for annual accounts and entitlements on October 01 2018.
seniors please advise either to buy target price
kia R issue possible?

why to issue right?  they already got money for expansion thru for ipo.
Only dead fish goes with the flow.

Offline iamin305

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Re: PREMA -- At-Tahur LIMITED
« Reply #321 on: September 25, 2018, 11:01:21 PM »
Target price pkr 16

Offline iamin305

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Re: PREMA -- At-Tahur LIMITED
« Reply #322 on: September 25, 2018, 11:03:21 PM »
Target price pkr 16

Let me make a correction it sixteen not sixty :thumbsup_anim:

Offline Aahaf

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Re: PREMA -- At-Tahur LIMITED
« Reply #323 on: September 25, 2018, 11:42:09 PM »
Target price pkr 16
:skeptic:I will buy tomorrow whatever sold earlier for me it's very healthy gola now with stoploss 25 rok sako to rok lo

Offline Aahaf

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Re: PREMA -- At-Tahur LIMITED
« Reply #324 on: September 26, 2018, 12:04:42 AM »
Trading pattern suggests this script might contain some germs of dfml

Offline Salammembers

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Re: PREMA -- At-Tahur LIMITED
« Reply #325 on: September 26, 2018, 12:11:32 AM »
on September 24 company announced bod meeting for annual accounts and entitlements on October 01 2018.
seniors please advise either to buy target price
kia R issue possible?

why to issue right?  they already got money for expansion thru for ipo.
valid point :thanks:

Offline Aahaf

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Re: PREMA -- At-Tahur LIMITED
« Reply #326 on: September 26, 2018, 12:20:33 AM »
below 25 nahin ata, current rates r for buying. its already make a big dip
last time bounce back from 25.8

Offline Aahaf

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Re: PREMA -- At-Tahur LIMITED
« Reply #327 on: September 28, 2018, 01:19:19 AM »
below 25 nahin ata, current rates r for buying. its already make a big dip
last time bounce back from 25.8
aaj 25.5 ki average se aagai maulla ab 25 na tootay :crying_anim02:

Offline marb

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Re: PREMA -- At-Tahur LIMITED
« Reply #328 on: September 28, 2018, 02:38:16 PM »
roll over has no impact on prema its not in future counter strong hold hai

35 say 40 dikha day ga result taak

look at unity ffl prema will also follow suit

Still holding? Result expectations please.

Offline StarWolf

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Re: PREMA -- At-Tahur LIMITED
« Reply #329 on: October 01, 2018, 02:41:36 PM »

Offline KI

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Re: PREMA -- At-Tahur LIMITED
« Reply #330 on: October 01, 2018, 02:42:49 PM »
Great growth 60% recorded in profit compared with last year.

Offline mahnoor

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Re: PREMA -- At-Tahur LIMITED
« Reply #331 on: November 10, 2018, 02:39:09 AM »
is ny kb chalna hy

Offline iamin305

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Re: PREMA -- At-Tahur LIMITED
« Reply #332 on: November 10, 2018, 03:37:40 AM »
is ny kb chalna hy

Jab ap log thak kar sell kar dai :confused1:

Offline Zar Ameen

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Re: PREMA -- At-Tahur LIMITED
« Reply #333 on: November 19, 2018, 07:20:11 PM »
Chal para :biggthumpup:
Top Picks: MUGHAL, PREMA, TGL, CPPL, EFERT, ICL

Offline Salammembers

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Re: PREMA -- At-Tahur LIMITED
« Reply #334 on: November 19, 2018, 08:05:23 PM »

Offline Observer

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Re: PREMA -- At-Tahur LIMITED
« Reply #335 on: November 19, 2018, 09:57:51 PM »
Chal para :biggthumpup:

kaal b lock haay :fingerscrossed1:
Why? Magic milk Hai bekta nazar nhe atta aur phr harkat agaye

Offline Zar Ameen

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Re: PREMA -- At-Tahur LIMITED
« Reply #336 on: November 20, 2018, 12:36:04 PM »

BMA Capital Management Ltd. 801 Unitower, I.I.Chundrigar Road, Karachi

?  We  recently  met  the  management  of  At?Tahur  Ltd  (PSX  Ticker:  PREMA),  a  dairy 
player  focused  on  cow  pasteurized  milk  &  dairy  products.  PREMA  commands  54% 
market share (value terms) in a niche segment, which has defied general slowdown 
in sales in UHT milk.  
?  PREMA has delivered an impressive sales growth (3?Yr CAGR of 25%) supported by its 
unique  business  model.  Sales  outlook  remains  positive  as  PREMA  enters  another 
round of herd expansion (18% of existing herd size) partially funded by IPO proceeds.  
?  PREMA relies 100% on its farm milk from high yielding Australian cows and control 
over its own growing distribution channel. Near?term focus is on product (18 SKU & 
growing) and geographical diversification. 
?  Although  PREMA  is  not  formally  under  our  coverage,  our  back  of  the  envelope 
calculation  suggests  EPS  of  PKR1.2?1.4  in  FY19E,  implying  FY19E  P/E  of  20?17x 
compared to sector average of 38x.  A large part of earnings in FY19 is likely to be 
contributed by animal valuation and low tax rate. We eye stronger core earnings in 
FY20. 
?  Key upside risk emanates from the adoption of minimum pasteurization law (already 
unveiled in the Punjab with implementation timeline of 2021). Besides expansion in 
existing niche segment, PREMA needs to enter mainstream buffalo milk segment to 
fully benefit from the opportunity, in our view. 
Sole listed pasteurized milk player? At?Tahur Ltd: We recently met At?Tahur Ltd’s (PREMA) 
management to discuss the company’s progress since its listing on the local bourse and the 
business outlook. At?Tahur is engaged in the production, processing and marketing of cow 
pasteurized milk and dairy products largely based in the province of Punjab. 
Exposure to strong consumer growth story: The scrip’s 29% performance from its all time 
low of PKR18.25 is no surprise to the undemanding valuations for a consumer growth story. 
Pakistan  stands  as  one  of  the  largest  milk  producers  in  the  world  with  55bn  liters  milk 
production,  of  which  44bn  liters  is  human  consumption.  The  packaged  milk  industry 
accounts for a meager 8.5% of total consumption of which pasteurized milk makes up less 
than 1% leaving potentially a wide market to tap. PREMA has already geared?up to position 
itself  to  tap  the  pasteurized  milk  segment  and  establish  presence  in  the  overall  dairy 
segment through another round of herd expansion. Management discussion revealed three 
key  highlights  where  (i)  the  capex  on  animals  and  animal  comfort  should  enhance  the 
overall production of milk from current levels, (ii) presence of lean supply chain and vertical 
integration from milking to market delivery allows the company to tap the entire margin in 
value chain, and (iii) PREMA is a market leader (54% share) in the pasteurized milk segment 
that has grown by 7% per annum. To note, PREMA is not only concentrated in Punjab but 
extends reach to markets from the north down to Karachi. The key challenge from lack of 
cold chain infrastructure is minimized, however, from direct control over the entire supply 
chain of the pasteurized milk which usually features a shelf life of no more than 7 days. 
PREMA effectively utilizes the chain to market its high margin value added products that 
adds to its increased outreach. 
Plans and progress; a brief update: PREMA aims to increase its herd size to 2,800 animals, 
by 3QFY19, from 2,400 animals currently up from 2,000 animals in Sept’17. The company 
had completed the procurement of the first batch of animals and the procurement of the 
second  batch  is  expected  to  be  completed  within  the  ongoing  quarter.  The  delay  from 
previously set out timeline for 1QFY19 has been from exchange rate slippage that sent the 
company to reassess the budgeting, however, local sourcing of the required animals of the 
At?Tahur Limited  
Opportunity in niche segment, challenges remain same breed should alleviate the expected ballooning of capex resulting from currency 
devaluation. The breed offers increased yields at 30ltrs per day, compared to domestic 
breed average of 10ltrs per day, which should enable the company to penetrate and tap 
the growing market of pasteurized milk. 
Investment perspective: With growing change in preferences and lifestyle, adoption of 
healthier products and hygiene factors are expected to play favourably and prove easy 
sells to contribute towards undeterred revenue/profitability trajectory. Although PREMA 
is not formally under our coverage, our back of the envelope calculation suggests EPS of 
PKR 1.2?1.4 in FY19, implying FY19E P/E of 20?17x compared to sector average of 38x. 
Key  upside  risk  emanates  from  the  adoption  and  implementation  of  minimum 
pasteurization  law  that  may  amicably  put  the  market  dynamics  in  favour  of  the  sole 
listed pasteurized player. 
1QFY19 result review: Earnings for the period stood at PKR 0.26/sh, down by 28% YoY 
due to recognition of deferred tax asset last year. On PBT basis, the company recorded 
growth in profitability at 14%. The rise on PBT basis was largely a function of continued 
drive in revenues (dairy sales at PKR338mn vs PKR279mn) of 21% YoY vis?à?vis a 3?yr 
CAGR of 25% amid better volumes and continued leadership in pasteurized milk market. 
Gross  margins  elevated  to  54%  compared  to  48%  during  the  same  period  last  year 
despite rise in input costs. We expect the sales momentum seen in 1Q to continue in the 
upcoming quarters. 
Key  risks:  (i)  Above  expected  exchange  rate  fluctuations  can  raise  input  costs,  (ii) 
pressure on milk pricing that can exert pressure on margins, (iii) lower than expected 
animal yields, and (iv) challenges on development of supply chain. 
 
Top Picks: MUGHAL, PREMA, TGL, CPPL, EFERT, ICL

Offline Engineer

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Re: PREMA -- At-Tahur LIMITED
« Reply #337 on: February 04, 2019, 09:59:50 AM »
O koi is ko bhe chala day..... Beth he gaya hay IPO kar keh

Offline outstream

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Re: PREMA -- At-Tahur LIMITED
« Reply #338 on: February 14, 2019, 10:40:46 AM »
what is happening to this? 2 locks..

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