Author Topic: EPCL -- Engro Polymer and Chemical Limited  (Read 115368 times)

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Toshi

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EPCL -- Engro Polymer and Chemical Limited
« Reply #-1 on: October 10, 2008, 01:54:41 PM »
All About Engro Polymer & Chemical Limited
« Last Edit: January 31, 2012, 01:40:42 PM by M&M »

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EPCL -- Engro Polymer and Chemical Limited
« Reply #-1 on: October 10, 2008, 01:54:41 PM »

um@ir

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Re: EPCL -- Engro Polymer and Chemical Limited
« on: October 22, 2008, 10:03:29 AM »
Engro Polymer profit shoots up 90pc


KARACHI: The company of chemical sector, Engro Polymer & Chemicals Ltd has posted a profit after tax of Rs586.066 million  (EPS: 1.13) for the third quarter of 2008 (3QCY08) while it was Rs307.558 million (EPS: 1.46) during the same period in 2007 registering a jump of 90 per cent, according to results of the company announced on Tuesday.
Company's sales has risen by 40 per cent to Rs6.536 billion versus Rs4.684 billion in 3QCY07, similarly there is improvement in gross margins which stood at 21 per cent compared to 15 per cent in 3QCY07. According to the Research Department of The Financial Daily, significant increase in other operating expenses by 647 per cent to Rs270 million, against Rs36 million of same period of previous year, has occurred because the company is in a process of increasing its capacity to 150,000 tonnes of PVC production, whereas EPCL's finance cost reduced by 45 per cent to Rs21.624 million in comparison to Rs31.412 million in 3QCY07.

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #1 on: December 01, 2009, 01:21:46 PM »
Outlook
Margins of the Company are expected to increase as the Company starts
commercial production of VCM through its backwards integration project.
Demand outlook remains rosy as the Company is breaking grounds on both PVC
and Caustic Soda fronts. Lowering interest rates are likely to be a sigh of relief
for the Company going forward.

Recommendation
Our DCF based target price for December 31, 2009 works out to PKR 21.14. At
the price of PKR 19.15 on November 26, 2009, the scrip is offering an upside
potential of 10%, thus we recommend accumulate on the scrip.

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #2 on: December 03, 2009, 11:24:13 AM »
EPCL: Revising estimates on lower margins


We lower EPCL’s earnings estimates by 35-43% over 2009-11E and reduce our DCF based PO from PRs21/sh to PRs19/sh following management meeting and tweaking of our PVC margin estimates.


While, completion of much-delayed backwards integration will improve primary margins, the full benefits may take time to materialize as we expect regional PVC margins to hit their bottom in 2010E.


EPCL has successfully captured south market for caustic soda and sodium hypochlorite due to its aggressive pricing and market proximity but has depressed prices from PRs30/kg to PRs27-28/kg.


EPCL is currently trading at 2011E P/E and EV/EBITDA of 12.5x and 5.8x respectively, we reiterate our Neutral call for now where earlier than expected bottoming of margins remains an upside risk.


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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #3 on: December 11, 2009, 03:06:01 PM »
EPCL: Fire incident update

Engro Polymer & Chemicals Limited (EPCL) provided clarity on the incidence of fire at its VCM plant. The
company is in the process of evaluating the extent of damage which, according to the management,
doesn’t appear to be material in nature in monetary terms to have an insurance claim. Though, the PVC
plant is operational, the Caustic Soda, EDC and VCM plants have been safely shut down to assess the
impact of fire on its auxiliary equipments such as piping system and electric cable tray. Caustic Soda and
EDC plants will re-start operations in few days; however, the VCM plant may take some time. Trading at a
2010F PE of 6.9x, we maintain our ‘Hold’ stance on the scrip.

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #4 on: December 12, 2009, 09:33:41 AM »
Engro Polymer reported a fire incident at the VCM scrubbing plant on December 09,
2009. The extent of the damage and its cause are still under assessment. The fire raged
for 8 hours but was brought into control. Engro Polymer had recently taken an initiative
to vertically backward integrate its PVC process to help mitigate commodity shocks; the
fire may delay the possible positive impact achieved from this integration.

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #5 on: December 30, 2009, 02:17:01 PM »
Bhio coming result mian bonus ya dividend ki koi news hai.

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #6 on: January 12, 2010, 06:12:44 PM »
BEST TIME TO BUY EPCL WITH THE TIMEFRAME IN MIND ONLY 20 DAYS AND TARGET RS.25

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #7 on: January 12, 2010, 06:46:28 PM »
I dont think it will come 25 within 20 days..
But its still a buy call for short term gains around 18 to 18.30

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #8 on: January 14, 2010, 10:50:52 AM »
BUY EPCL ACTIVITY START NOW :yahoo:

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #9 on: January 14, 2010, 11:16:02 AM »
Coming announcement main bonus ya dividend ki koi news hai.

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #10 on: January 14, 2010, 11:25:43 AM »
Coming announcement main bonus ya dividend ki koi news hai.

what is its announcement date?

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #11 on: January 14, 2010, 11:48:53 AM »
bm on 21st jan

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #12 on: January 14, 2010, 11:54:21 AM »
should i go  for it at dis rate ?   ur  target ??thx
An investor without investment objectives is like a traveler without a destination.  ~Ralph Seger

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #13 on: January 14, 2010, 12:09:07 PM »
should i go  for it at dis rate ?   ur  target ??thx

buy with stop at 17.5

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #14 on: January 14, 2010, 12:21:11 PM »
thx
An investor without investment objectives is like a traveler without a destination.  ~Ralph Seger

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #15 on: January 14, 2010, 01:03:50 PM »
26-OCT-09 EPCL Engro Polymer FINANCIAL RESULT FOR THE NINE MONTHS ENDED 30/09/2009
26-OCT-09 EPCL Engro Polymer PROFIT/LOSS BEFORE TAXATION RS. IN MILLION (53.015)
26-OCT-09 EPCL Engro Polymer PROFIT/LOSS AFTER TAXATION RS. IN MILLION (22.126)
26-OCT-09 EPCL Engro Polymer EPS = (0.04)

bm on 21st jan
not much attraction in its full year result

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #16 on: January 20, 2010, 04:56:48 PM »
Result kia expected hai.

Toshi

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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #17 on: January 21, 2010, 04:31:24 PM »
21-JAN-10 EPCL Engro Polymer FINANCIAL RESULT FOR THE YEAR ENDED 31/12/2009
21-JAN-10 EPCL Engro Polymer PROFIT/LOSS BEFORE TAXATION RS. IN MILLION (197.137)
21-JAN-10 EPCL Engro Polymer PROFIT/LOSS AFTER TAXATION RS. IN MILLION (193.696)
21-JAN-10 EPCL Engro Polymer EPS = (0.37)
21-JAN-10 EPCL Engro Polymer FINANCIAL RESULT FOR THE YEAR ENDED 31/12/2009
21-JAN-10 EPCL Engro Polymer RIGHT ISSUE = 27.5%
21-JAN-10 EPCL Engro Polymer PROFIT/LOSS BEFORE TAXATION RS. IN MILLION (249.144)
21-JAN-10 EPCL Engro Polymer PROFIT/LOSS AFTER TAXATION RS. IN MILLION (231.789)
21-JAN-10 EPCL Engro Polymer EPS = (0.45)
21-JAN-10 EPCL Engro Polymer ANNUAL GENERAL MEETING WILL BE HELD ON 09/04/2010
21-JAN-10 EPCL Engro Polymer BOOK CLOSURE FROM 23/02/2010
21-JAN-10 EPCL Engro Polymer BOOK CLOSURE TO 06/03/2010


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Re: EPCL -- Engro Polymer and Chemical Limited
« Reply #18 on: January 22, 2010, 12:33:06 PM »
EPCL declares PRs0.45/sh loss for 2009 (KSE Notice)
by kasb

Engro Polymer Chemicals Limited (EPCL) declared loss of PRs0.45/sh for 2009, lower than our
expectations of PRs0.04/sh loss. Capacity expansion by 50% to 150,000 tons and partial
completion of backwards integration project helped EPCL in increasing topline by 47.4% YoY to
PRs11.6bn. However, delay in VCM unit startup and higher fixed costs depressed gross and
operating margins by 110bp and 105bp to 15.2% and 9.4% respectively. Meanwhile, the units
starting operations increased financial charges by 17x to PRs596mn. EPCL has also announced
plans to issue 27.5% rights shares at the par value of PRs10/sh to raise PRs1.4bn. The amount
will be utilized to meet cost overruns of the backwards integration project and meet short-term debt
obligations. We have a Neutral rating on EPCL with PO of PRs19/sh (not adjusted for rights).