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Toshi

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JSGCL -- JS Global Capital Ltd
« Reply #-1 on: October 10, 2008, 03:30:17 PM »
All About JS Global Capital Ltd
« Last Edit: February 28, 2012, 10:38:17 AM by M&M »

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JSGCL -- JS Global Capital Ltd
« Reply #-1 on: October 10, 2008, 03:30:17 PM »

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Re: JSGCL -- JS Global Capital Ltd
« on: August 28, 2009, 11:20:14 AM »
28-AUG-09 JSGCL JS Global Capital FINANCIAL RESULT FOR THE YEAR ENDED 30/06/2OO9
28-AUG-09 JSGCL JS Global Capital DIVIDEND = 100%
28-AUG-09 JSGCL JS Global Capital PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 273.152
28-AUG-09 JSGCL JS Global Capital PROFIT/LOSS AFTER TAXATION RS. IN MILLION 206.239
28-AUG-09 JSGCL JS Global Capital EPS = 4.12
28-AUG-09 JSGCL JS Global Capital BOOK CLOSURE FROM 17/10/2009
28-AUG-09 JSGCL JS Global Capital BOOK CLOSURE TO 23/10/2009

Offline Raja Yasir

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Re: JSGCL -- JS Global Capital Ltd
« Reply #1 on: October 13, 2009, 03:48:12 PM »
PACRA maintains JSGC's rating

13 October 2009

Pakistan Credit Rating Agency (PACRA) has maintained the long-term and short-term entity ratings of JS Global Capital Limited at 'AA' (double A) and 'A1+' (A one plus) respectively. According to a press release issued on Monday, the ratings denote a very low expectation of credit risk emanating from very strong capacity for timely payment of financial commitments. The ratings reflect JSGC's robust financial profile characterized by its sound capitalization, adequate liquidity and strong risk management systems

 ;D ;D ;D

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Re: JSGCL -- JS Global Capital Ltd
« Reply #2 on: October 27, 2009, 01:55:18 PM »
27-OCT-09 JSGCL JS Global Capit.XD FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 30/09/2009
27-OCT-09 JSGCL JS Global Capit.XD PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 212.067
27-OCT-09 JSGCL JS Global Capit.XD PROFIT/LOSS AFTER TAXATION RS. IN MILLION 165.278
27-OCT-09 JSGCL JS Global Capit.XD EPS = 3.31

Offline Honda 125

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Re: JSGCL -- JS Global Capital Ltd
« Reply #3 on: October 27, 2009, 02:36:30 PM »
27-OCT-09 JSGCL JS Global Capit.XD FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 30/09/2009
27-OCT-09 JSGCL JS Global Capit.XD PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 212.067
27-OCT-09 JSGCL JS Global Capit.XD PROFIT/LOSS AFTER TAXATION RS. IN MILLION 165.278
27-OCT-09 JSGCL JS Global Capit.XD EPS = 3.31


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Re: JSGCL -- JS Global Capital Ltd
« Reply #4 on: October 29, 2009, 03:57:06 PM »
JSGCL to hold road show in New York

KARACHI: JS Global Capital Limited will hold road show on November 10, 2009 in New York to bring foreign investment in Pakistan.

“Such shows will also be held in Far East in other parts of the world”, Chief Executive Officer (CEO) G.M. Malkani told media persons at a press briefing here on Wednesday.

Highlighting the achievements of JS Global Capital, CEO said that brokerage house has bagged the best brokerage house award from Asiamoney for two consecutive years. Moreover, Management Association of Pakistan (MAP) also declared JS Global as the best equity brokerage house in 2009, he added. He said that despite slowdown in economic activity in 2008, JSGCL remained upbeat sticking to their superior risk management strategy and brokerage which were reflected on their annual results.

JSGCL posted earnings of Rs 206 million (EPS Rs.4.12) while many of its competitors dwindled due to economic slowdown, Malakani said. The new financial year has already given a head start to JSGCL as it posted earnings of Rs 165 million in first quarter compared to profits of just Rs 68 million in the corresponding period of last year. Malkani said that to make JSGCL a complete brokerage house, it would also venture into the commodity exchange.

Toshi

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Re: JSGCL -- JS Global Capital Ltd
« Reply #5 on: December 10, 2009, 10:09:05 AM »
JS Global Capital Limited - Analysis of Financial Statements Financial Year 2008 - Financial Year 2009

OVERVIEW (December 10 2009): JS Global Capital Limited (formerly JS Capital Markets Ltd), with a long-term rating of AA by PACRA, is a subsidiary of Jahangir Siddiqui and Company Limited. The company started its operations in September 2003.

The principal activities of the company are share brokerage, money market and foreign exchange brokerage, equity research, advisory and consultancy services. It is a publicly listed company which trades on the Karachi Stock Exchange and one of the top three equity brokers in Pakistan.

JSGCL provides financial and advisory services to its parent group, JS Group. In 2006, Global Investment House K.S.C.C., a leading Kuwait-based regional investment bank in the Middle East invested 37 million dollars in JS Capital Markets through an acquisition of 42.8 percent equity stake. As a result, the company was renamed as JS Global Capital Limited and its equity was raised to 47 million dollars. JS Global Capital has a capital adequacy of 762 million dollars, which is the highest in the country for a stock brokerage, business financing and advisory services company.

JS Global Capital Ltd has recently finalized an agreement with Mubasher of Dubai to introduce the next generation of online trading system in Pakistan. The Mubasher system will offer a fast, secure and simple online service to investors due to its foreign design and operation under the FIX protocol. The inclusion of the Dubai and Abu Dhabi markets would make the JS Global platform the first multi-exchange online environment in Pakistan offering the largest range of market options to investors.

CAPITAL MARKET'S RECENT PERFORMANCE

Pakistan's capital markets have been going through difficult times since last year. Presently, volatile situation within the market is conducive for trading only, rather than raising capital for the industry. The market floor, which was imposed on August 28th, 2008, was lifted on 15th December 2008 without the resolution of CFS Mark-II issues. As a result, after the removal of floor, several stakeholders resorted to litigation to solve their unresolved issues pertaining to CFS Mark-II, as these parties were not taken into confidence in the resolution of their mutual disputes.

The floor itself proved harmful and led to many operational, structural and risk management issues with the market. The imposition of floor for about four months resulted in a virtual halt of the stock market and shattered the investor's confidence. In the bigger perspective, global economic meltdown and internal security environment has increased investor's anxiety and affected the performance of Pakistan's equity markets. Market fell by 36 percent in 12 trading sessions after the lifting of floor.

The much-awaited decision regarding accounting treatment of impairment value of 'available-for-sale' equities was announced last month. Eventually, relaxation was given in implementation of International Accounting Standard 39 (IAS 39) and as a result, these would be shown on the 'equity' side of the balance sheets. The decision has brought an end to all ambiguities about the impairment of investment values, still the analysts call the decision as 'out-of-the-way method' to support ailing market and again proves the inability of Pakistan's corporate sector to absorb shocks.

FY08 has been a brutal year for the global stock markets. Equity markets in Pakistan also faced difficult situations; share prices plunged a massive 58 percent and market capitalization in the second half declined by 52 percent. Due to global financial meltdown, prices of almost all asset classes are going down and the world is going deep down into economic recession. This collapse, initially thought to be confined to the US home mortgage sector, actually had the domino effect and resulted into full-blown global credit crises.

RECENT PERFORMANCE

Despite the slowdown in the economic activity JSGCL has been able to upbeat its competitors by using their efficient risk management strategies and brokerage, which has resulted in the annual results of the company. The company has posted a Rs 206 million of earnings, which has higher compared to its competitors.

We can see that there has been a severe downfall of the operating revenue, this is resulted because of low volume traded in the equity market, low investment opportunities for the investors etc. However JSGCL has able to post favorable revenue because of the increase in the market share of the equity brokerage department and an excellent performance in the fixed income and the Foreign Exchange Trading Department.

FINANCIAL PERFORMANCE (FY04-FY09)

The overall profitability of JSGCL declined in FY09, this was because of the low economic activity seen in the share market as well as in equity and capital market. The brokerage and investment banks' profitability was severely affected as a result. Huge decline was observed. First the Operating Revenue which decreased by 66.9% in FY09. The profit after tax declined from Rs 740 million in FY08 to Rs 273 million in FY09. The basic reason was due to low revenues for the period of FY09.

Hence a decline was witnessed in PBT/revenue ratio as well as in PAT/revenue. For PBT/revenue it decreased from 55.11% in FY08 to 44.91% in FY09 and for PAT/revenue it decreased from 65.35% to 59.48% in FY09. Considering the PAT alone, we can see a decline of about 67%, even though the administrative expenses marginally decreased however it didn't impact enough to improve the profitability of the firm. Moving to ROA and ROE, the same trend can be witnessed. ROA nearly halved in FY09 reaching to just 5.57% in FY09. Whereas ROE showed a bigger decline to fall to 6.95% in FY09 from 19.02% in FY08.

Considering the industry average for both ROA and ROE, the industry average has been quite lower compared to JSGCL. The industry average tends to be in negative figures however JSGCL has managed to keep in positive figures with some nominal percentage return. This shows the leading market performance, which is portrayed by JSGCL in terms of profitability. The liquidity position has dramatically improved for the past year of FY09. There has been a huge increase of the current ratio from 2.33x in FY08 to 8.90x in FY09. There are couple of reasons for this huge increase in the current ratio.

First, there has been a considerable increase in their cash and bank balances, which has increased by 300%. Secondly, there has been a rise in short-term investments as well, which mounted to Rs 1095 million in FY09. Moreover, on the base side, there has been a decrease in current liabilities' section where the provision for taxation has been reduced to Rs 76 million from Rs 115 million. Some might argue that such high current ratio would be needed in the case of current economic turmoil and future catastrophes, however such assets tight up can bring huge opportunity cost too.

In the end, JSGCL might want to safeguard itself from future problems, which might necessitate higher liquidity. Coming to the industry average, it is quite low compared to the JSGCL's current ratio. The industry average for FY09 is .97x, this shows that the company is being performing relatively well with surplus funds to not only fulfil their liquidity issues but also to invest in short-term and gain return out of it. The debt management ratios showed a significant performance in FY09.

The company has maintained a nil gearing ratio for the current year. The debt that had been outstanding for the company has been repaired; however incurred certain amount of the financial charges on other liabilities. D/E and D/A became zero for FY09. The times interest ratio has greatly increased from 10.42x in FY08 to 24.50 in FY09. This is due to decrease in the financial charges in the current year. It has decreased by 86% in FY09 and EBIT increased by 50.5% to Rs 478.5 million in 2007 to Rs 317.8 million in 2006. Lower financial charges are mainly due to lower mark-ups on running finance.

The earnings/share saw a major decline in FY09. EPS decreased from Rs 12.18 in FY08 to Rs 4.12 in FY09. The basic reasoning behind this is the decline in the revenue for the FY09. The trickle down effect resulted in the lower profits for the current year, which greatly reduced the EPS for the current year. And also because of the number of the shares outstanding increased from 3,571,450 to 50,000,000 in FY09. Similarly, JSGCL's book value per share showed significant decline in the period under study. Book value declined from Rs 91.9 in FY08 to Rs 65.48 in FY09. This is because of the increase in the shares outstanding, however, not a proportionate increase in the equity section.

FUTURE OUTLOOK

Capital markets have been affected in the recent years because of the economic slowdown. However, government policies are likely to enhance investment opportunities. These could be ease of monetary policy, reducing interest rate and a higher tax collection from government might lead to positive approach for investors. Adding to this, starting of future markets and Debt markets operations will give more opportunities for the company to exercise. Plus more support to the brokerage firms by reintroducing margin financing which will make the brokerage firms less exposed to the risk default.

Moreover, the new product varieties offered by the company such as Online Equity Trading, brokerage services that would give more customer value and even shareholder value. Such opportunities have given JSGCL to perform better in the coming years and earn more profitable. Another positive factor for the company is the foreign exchange trading market, as we can see that the global economy is on the rise, the company can exercise its operations in the international market and off-set the downturn that is affected in Pakistan economy.

However the current condition, with low exports and political instability and foreign investors pulling out the money from the stock market. This will cause a detrimental affect to the performance of the industry. Furthermore, the recent rise in Dubai Debt fear has led to more vulnerability to the equity capital market and even foreign markets to invest upon. The investors would be unwilling to take up new ventures and resort less to the investment and look for more secured investment opportunities such as Fixed Income Securities. JSGCL has somewhat on the rise from a recent downturn in the share market. The share prices have started to rise based on the performance of the company for the current year.

Offline Farzooq

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Re: JSGCL -- JS Global Capital Ltd
« Reply #6 on: February 15, 2010, 03:45:59 PM »
bm 24th feb
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Re: JSGCL -- JS Global Capital Ltd
« Reply #7 on: February 25, 2010, 09:31:16 AM »
eps 3.75
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Re: JSGCL -- JS Global Capital Ltd
« Reply #8 on: March 17, 2010, 09:22:36 AM »
JS GLOBAL CAPITAL LIMITED - Analysis of Financial Statements Financial Year 2008 - 2001 Q 2010
OVERVIEW (March 17 2010): JS Global Capital Limited (formerly JS Capital Markets Ltd), with long-term rating of AA by PACRA, is a subsidiary of Jahangir Siddiqui & Company Limited. The company started its formal operations in September 2003.

The principal activities of the company are share brokerage, money market and foreign exchange brokerage, equity research, advisory and consultancy services. It is a publicly listed company which trades on the Karachi Stock Exchange (Stock ticker: JSGCL) and one of the top three equity brokers in Pakistan. JSGCL provides financing and advisory services to its parent group, JS Group.

In 2006, Global Investment House K.S.C.C., a leading Kuwait-based regional investment bank in the Middle East invested USD 37 million in JS Capital Markets through an acquisition of 42.8 percent equity stake. As a result, the company was renamed as JS Global Capital Limited and the equity of the company was raised to USD 47 million. JS Global Capital has a capital adequacy of USD 762 million, which is the highest in the country for a stock brokerage, business financing and advisory services company.

JS Global Capital Ltd has recently finalized an agreement with Mubasher of Dubai to introduce the next generation of online trading system in Pakistan. The Mubasher system will offer a fast, secure and simple online service to investors due to its foreign design and operation under the FIX protocol. The inclusion of the Dubai and Abu Dhabi markets would make the JS Global platform the first multi-exchange online environment in Pakistan offering the largest range of market options to investors.

STOCK MARKET'S PERFORMANCE

Once the threat of default in the international debt markets was averted and with the shoring up of Pakistan's foreign currency reserves with the assistance of an IMF-led programme and the quarter on quarter improvement in macroeconomic indicators, the stock market began to witness a substantial recovery. From the time it touched the trough level of 4800 points in January 2009 the KSE 100 is up 94%. The outgoing quarter alone has provided a return of 30.5% with an average trading volume of 189 million shares a day. The KSE attracted US $269 million in foreign investment since July 2009 once it became clear that the discount the KSE-100 was trading at as compared to its regional peers was unjustified. However country's law and order situation and other political issues kept on rendering the market volatile and shaky for the local as well as foreign investors.

RECENT PERFORMANCE

JSGCL has reported a profit before tax of Rs 212.067 million and profit after tax of Rs 165.279 million for 1Q10 as compared to profit before tax of Rs 78.237 million and profit after tax of Rs 68.732 million for the same period in 1Q09 showing an increase of 171% and 140% respectively. Earnings per share for 1Q10 was Rs 3.31 as compared to Rs 1.37 per share in 1Q09.

Total gross revenue for the three-month period was higher by 49.55% as compared to same period last year. However, operating revenue declined by 22.5% on account of lower inflow from brokerage and operating income as well as advisory and consultancy fees. Other operating income showed a 360% increase to be Rs 175 million. The increase was on account of late payment charges and higher return on investments. Financial charges were also significantly lower by 72.7%. All the above factors led to the commendable performance of JSGCL.

FINANCIAL PERFORMANCE

The overall profitability declined for JSGCL for the current year, this was because of the low economic activity seen in the share market as well as in equity and capital market. The brokerage and investment banks' profitability was severely affected as a result. Huge decline was observed. First the Operating Revenue which decreased by 66.9% in FY09.

Coming onto profit after tax and profit before tax, it was observed that PBT declined from Rs 740 million in FY08 to Rs 273 million in FY09. The basic reason was due to low revenues for the period FY09. Hence we saw a decline in PBT/revenue ratio as well as in PAT/revenue. For PBT/revenue it decreased from 55.11% in FY08 to 44.91% in FY09 and for PAT/revenue it decreased from 65.35% to 59.48% in FY09. Considering the PAT alone we can see a decline of about 67%, even though the administrative expenses marginally decreased however it didn't impact enough to improve the profitability of the firm.

Moving to ROA and ROE, the same trend can be witnessed. ROA nearly halved in FY09 reaching to just 5.57% in FY09, whereas ROE showing a bigger decline to fall to 6.95% in FY09 from 19.02% in FY08. Considering the industry average for both ROA and ROE, the industry average has been quite lower compared to JSGCL. The industry average tends to be in negative figures however JSGCL has managed to keep in positive figures with some nominal percentage return. This shows the leading market performance, which is portrayed by JSGCL in terms of profitability.

For the period of 1Q10, we saw the same performance as of FY09. The ROA and ROE showed a considerable increase in 1Q10 as posting 3.53% and 5.24% respectively compared to 5.57% and 6.25% in FY09. This performance was also seen in PAT/revenue and PBT/revenue ratios, where the ratio showed an incredible increase of 128% and 164%, owing to the fact that the company is on a good performance track for they FY10 by controlling its expenditures and posting considerable profits.

The liquidity position has dramatically improved for the past year of FY09. There has been a huge increase of the current ratio from 2.33x in FY08 to 8.90x in FY09. There are couple of reasons for this huge increase in the current ratio. First there has been a considerable increase in their cash and bank balances, which has increased by 300%. Secondly there has been a rise in their short-term investments as well, which mounted upto Rs 1095m in FY09.

Moreover on the base side, there has been a decrease in current liabilities section where the provision for taxation has been reduced to Rs 76m from Rs 115m. Some might argue that such high current ratio would be needed in the case of current economic turmoil and future catastrophes, however such assets tight up can bring huge opportunity cost too. In the end, JSGCL might want to safeguard itself from future problems, which might necessitate higher liquidity.

In 1Q10, the company cut down its excessive current ratio by reducing it to 2.70x from 8.90x in FY09. And secondly increasing its revenue/expenses ratio from 3.18x in FY09 to 4.18 in 1Q10. The decrease in current ratio is attributed to an increase in proposed dividends, which resulted in Rs 50bn for the current year. The second reason is increase of provision of taxation, which increased from Rs 76m to Rs 12.3bn for 1Q10.

============================================================
                                    1Q'10              FY'09
============================================================
Proposed dividend              Rs 500,000,000              -
Provision for taxation         Rs 123,433,887    Rs 76601451
============================================================

Coming to the industry average, it is quite low compared to the JSGCL's current ratio. The industry average for FY09 is .97x, this shows that the company is being performing relatively well with surplus funds to not only fulfil their liquidity issues but also to invest in short-term and gain return out of it.

The debt management ratios showed a significant performance in FY09. The company has maintained a nil gearing ratio for the current year. The debt that had been outstanding for the company has been repaired; however incurred certain amount of the financial charges on other liabilities. D/E and D/A became zero for the year FY09.

In 1Q10, the company maintained and improved its debt management ratios. This could be observed by the nil gearing ratio in 1Q10.

The times interest ratio has greatly increased from 10.42x in FY08 to 24.50 in FY09. This is due to decrease in the financial charges in the current year. It has decreased by 86% in FY09 and EBIT increased by 50.5% to Rs 478.5 million in 2007 to Rs 317.8 million in 2006. Lower financial charges are mainly due to lower mark-ups on running finance.

The company increased its interest coverage ratio from a mere 25.0 in FY09 to 245.5 in 1Q10, mainly attributing to the increase in the EBIT from Rs 81,485,679 in FY09 to Rs 217,193,285 in 1Q10 and also a decrease of interest expense as the company had nil gearing ratio.

The earnings per share saw a major decline in FY09. EPS decreased from Rs 12.18 in FY08 to Rs 4.12 in FY09. The basic reasoning behind this is the decline in the revenue for the FY09. The trickle down affect resulted in the lower profits for the current year, which greatly reduced the EPS for the current year. And also because of the number of the shares outstanding increased from 3,571,450 to 50,000,000 in FY09.

However in 1Q10 the company was able to increase its EPS from Rs 1.37 in FY09 to Rs 3.31 in 1Q10. This was mainly because of the increase in revenue and also increase in PAT in 1Q10, which touched Rs 165.279 million.

JSGCL's book value per share showed significant decline in the period under study. Book value declined from Rs 91.9 in FY08 to Rs 65.48 in FY09. This is because of the increase in the shares outstanding however not a proportionate increase in the equity section. The 1Q10 saw a similar decline in book value per share as the ratio decreased from Rs 65.48 in FY09 to Rs 59.62 in 1Q10. This was because of a decrease in the net equity as the unappropriated profit decreased to Rs 688m in 1Q10.

FUTURE OUTLOOKCapital markets have been affected in the recent years because of the economic slowdown. However, government policies are likely to enhance investment opportunities. These could be ease of monetary policy, reducing interest rate and a higher tax collection from government might lead to positive approach for investors.

In its annual outlook, the IMF expects the global economy to sustain recovery, forecasting a global GDP growth of 3% in 2010, after contracting by about 1 percent in 2009. Most macroeconomic data coming out of Pakistan ranging from domestic consumption to investments is still pointing towards weak economic growth in FY10 and beyond. This will probably undermine the financial sector's asset quality recovery and in turn will apply a bit of downward pressure to the capital market recovery.

Due to subdued domestic demand, and the relative inability of the economy to withstand supply-side shocks like high commodity prices, slow down in foreign and domestic investments and unchecked inflation; Pakistan will continue to remain dependent on an IMF programme. Even though the IMF-led programme helped Pakistan to meet its foreign debt and import obligations during the last fiscal year it will inevitably prevent the economy from achieving a growth of greater than 2-3% due to stringent and tight monetary and fiscal policy and controls.

However JSGCL can remain confident due its strong balance sheet and financial performance over the past years. The competent management along with expertise would help them facilitate during the period of FY10 and achieve improved performance compared to previous years.

===========================================================================================================
JS GLOBAL CAPITALS - FINANCIALS
===========================================================================================================
Balance sheet                                          2007            2008            2009           1Q'10
-----------------------------------------------------------------------------------------------------------
SHARE CAPITAL AND RESERVES
-----------------------------------------------------------------------------------------------------------
Issued, subscribed and paid up capital          238,097,000     357,145,500     500,000,000     500,000,000
Share Premium                                 2,072,007,900   1,952,959,400   1,810,104,900   1,810,104,900
Unappropriated profit                           788,332,175     995,796,550   1,023,463,793     688,742,517
Unrealized loss on remeasurement
 of securities at fair value                              -     (23,686,148)    -34,416,500     -17,685,526
Total Shareholder's Equity                    3,098,437,075   3,282,215,302   3,299,152,193   2,981,161,891
-----------------------------------------------------------------------------------------------------------
NON CURRENT LIABILITIES:
-----------------------------------------------------------------------------------------------------------
Advance against issue of shares                           -               -               -               -
Deferred taxation                                 1,567,285       1,440,366               -               -
Total Non Current liabilities                     1,567,285       1,440,366               -               -
-----------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
-----------------------------------------------------------------------------------------------------------
Running finance under
 mark-up agreements-secured                     246,473,078               -               -               0
Creditors, accrued expenses
 and other liabilities                        2,001,664,608   2,264,113,388     328,816,078   1,071,636,976
Proposed Dividends                                                                              500,000,000
Interest and mark-up accrued                        540,717      15,067,150               -               -
Provision against taxation                       69,667,638     115,138,087      76,601,451     123,433,887
Total Current liabilities                     2,317,805,324   2,394,318,625     405,417,529   1,695,070,863
Total Liabilities                             2,319,372,609   2,395,758,991     405,417,529   1,695,070,863
Total Liabilities and Shareholder's Equity    5,417,809,684   5,677,974,293   3,704,569,722   4,676,232,754
-----------------------------------------------------------------------------------------------------------
NON-CURRENT ASSETS:
-----------------------------------------------------------------------------------------------------------
Property, plant and equipment                    68,076,487      72,321,711      57,128,927      51,604,125
Intangible assets                                22,000,001      21,573,291      21,036,651      23,500,000
Long term loans, advances and deposits            2,685,116       4,527,628       3,892,294       4,286,142
Long term investment
 - advance against equity                                 -               -               -               0
-----------------------------------------------------------------------------------------------------------
CURRENT ASSETS:
-----------------------------------------------------------------------------------------------------------
Short term investments                        1,038,133,637     708,110,076   1,095,008,267   1,554,769,853
Trade debts - unsecured, considered goods     1,914,577,787   1,982,717,833   1,542,861,489   1,572,975,431
Loans, advances, prepayments,
 and other receivables                          613,160,050   2,003,902,349       9,496,548     171,972,003
Advance tax                                      79,169,928     146,712,990      68,395,460      79,764,007
Receivable under reverse
 repurchase/CFS transaction                   1,573,890,024     530,106,289               -     488,273,050
Cash and bank balances                          106,116,654     208,002,126     814,149,824     695,143,110
Total current assets                          5,325,048,080   5,579,551,663   3,608,356,633   4,582,643,190
Total Assets                                  5,417,809,684   5,677,974,293   3,704,569,722   4,676,232,754
-----------------------------------------------------------------------------------------------------------
PROFIT AND LOSS ACCOUNT                                2007            2008            2009           1Q'10
-----------------------------------------------------------------------------------------------------------
Operating revenue                               491,477,344     886,845,595     316,377,931      93,304,209
Income from reverse
 repurchase/CFS transactions                    186,718,842     157,055,883      45,207,460               0
Capital gain on sale of investments              56,380,753      92,281,828      89,519,070      24,686,992
loss on revaluation of
 investments carried at fair value                 (172,671)     (3,673,229)      8,138,612      10,859,284
Administrative and operating expenses          (305,771,927)   (458,544,709)   (342,189,640)    -86,848,921
other operating income                           49,892,512     126,020,117     224,289,123     175,191,721
financial charges                               (11,890,235)    (59,871,615)      8,148,508        -884,066
Profit before taxation                          466,634,618     740,113,870     273,152,774     212,067,080
taxation - current                              (69,667,638)   (115,138,087)     76,601,451     -46,832,436
-prior                                            6,626,343       (968,577)       5,906,913               0
-deferred                                          (775,482)        126,919      15,595,583          44,080
Profit after taxation                           402,817,841     624,134,125     206,239,993     165,278,724
Basic/Diluted Earnings per Share                      19.02           12.48            4.12            3.31
-----------------------------------------------------------------------------------------------------------
FINANCIAL RATIOS                                       2007            2008            2009           1Q'10
-----------------------------------------------------------------------------------------------------------
EARNING RATIOS
-----------------------------------------------------------------------------------------------------------
ROA                                                    7.44%          10.99%           5.57%          3.53%
ROE                                                   13.00%          19.02%           6.25%          5.54%
PAT/Revenues                                          54.85%          55.11%          44.91%        128.27%
PBT/Revenues                                          63.54%          65.35%          59.48%        164.58%
-----------------------------------------------------------------------------------------------------------
LIQUIDITY RATIOS
-----------------------------------------------------------------------------------------------------------
Current Ratio                                          2.30            2.33            8.90            2.70
Revenue/Expenses                                       2.31            2.18            3.18            4.18
                                                                                                   5962.32%
-----------------------------------------------------------------------------------------------------------
DEBT MANAGEMENT RATIOS
-----------------------------------------------------------------------------------------------------------
Debt to Equity                                         2.83            2.86            0.00               -
Debt to Assets                                         0.43            0.42               0               -
Interest coverage ratio                               33.88           10.42            24.5             246
-----------------------------------------------------------------------------------------------------------
MARKET RATIOS
-----------------------------------------------------------------------------------------------------------
Earnings/Share                                        19.02           17.48            4.12            3.31
Book value/Share                                     130.13            91.9            65.9           59.62
===========================================================================================================
COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi
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Offline Farzooq

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Re: JSGCL -- JS Global Capital Ltd
« Reply #9 on: March 24, 2010, 10:13:43 AM »
JS GLOBAL CAPITAL LIMITED - Analysis of Financial Statements Financial Year 2008 - 2001 H 2010
OVERVIEW (March 24 2010): JS Global Capital Limited (formerly JS Capital Markets Ltd), with long-term rating of AA by PACRA, is a subsidiary of Jahangir Siddiqui & Company Limited. The company started its formal operations in September 2003.

The principal activities of the company are share brokerage, money market and foreign exchange brokerage, equity research, advisory and consultancy services. It is a publicly listed company which trades on the Karachi Stock Exchange (Stock ticker: JSGCL) and one of the top three equity brokers in Pakistan. JSGCL provides financing and advisory services to its parent group, JS Group.

In 2006, Global Investment House KSCC, a leading Kuwait-based regional investment bank in the Middle East invested USD 37 million in JS Capital Markets through an acquisition of 42.8 percent equity stake. As a result, the company was renamed as JS Global Capital Limited and the equity of the company was raised to USD 47 million. JS Global Capital has a capital adequacy of USD 762 million, which is the highest in the country for a stock brokerage, business financing and advisory services company.

The company has recently finalized an agreement with Mubasher of Dubai to introduce the next generation of online trading system in Pakistan. The Mubasher system will offer a fast, secure and simple online service to investors due to its foreign design and operation under the FIX protocol. The inclusion of the Dubai and Abu Dhabi markets would make the JS Global platform the first multi-exchange online environment in Pakistan offering the largest range of market options to investors.

=====================================
COMPANY SNAPSHOT
=====================================
Symbol                          JSGCL
-------------------------------------
Nature of Business          Brokerage
Current Rate                 Rs 55.03
Turnover                         4152
Outstanding Shares           50000000
Market Capitalization      2751500000
EPS                           Rs 3.75
=====================================

STOCK MARKET'S PERFORMANCE

Once the threat of default in the international debt markets was averted and with the shoring up of Pakistan's foreign currency reserves due to the assistance of an IMF led program and the quarter on quarter improvement in macro-economic indicators, the stock market began to witness a substantial recovery. From the time it touched the trough level of 4800 points in January 2009 the KSE-100 is up 94%. The outgoing quarter alone has provided a return of 30.5% with an average trading volume of 189 million shares a day. However country's law and order situation and other political issues kept on rendering the market volatile for the local as well as foreign investors.

RECENT PERFORMANCE 2001 H 2010Company has reported a profit before tax of Rs 266.067 million and profit after tax of Rs 187.369 million for 1H10 as compared to loss before tax of Rs 433.798 million and loss after tax of Rs 268.049 million for the 1H09 showing a substantial improvement in earnings. Earning per share for the six-month period was Rs 3.75 per share as compared to loss per share of Rs 5.36 per share for 1H09.

FINANCIAL PERFORMANCE

The overall profitability of the company declined in FY09 due to low economic activity in the share market as well as in the equity and capital market. The brokerage and investment banks' profitability was severely affected as a result, huge decline was observed. First the operating revenue which decreased by 66.9% in FY09.

Coming onto profit after tax and profit before tax, we observed PBT declined from Rs 740m in FY08 to Rs 273m in FY09. The basic reason was due to low revenues for the period of FY09. Hence we saw a decline in PBT/revenue ratio as well as in PAT/revenue. For PBT/revenue it decreased from 55.11% in FY08 to 44.91% in FY09 and for PAT/revenue it decreased from 65.35% to 59.48% in FY09. Considering the PAT alone we can see a decline of about 67%, even though the administrative expenses marginally decreased however it didn't impact enough to improve the profitability of the firm.

Moving to ROA and ROE, the same trend can be witnessed. ROA nearly halved in FY09 reaching to just 5.57% in FY09 whereas ROE showing a bigger decline to fall to 6.95% in FY09 from 19.02% in FY08. For the period of 1Q10, we saw the same performance as of FY09. The ROA and ROE showed a considerable increase, posting 3.53% and 5.24% growth respectively compared to 5.57% and 6.25% in FY09. This performance was also seen in PAT/revenue and PBT/revenue ratios, where the ratio showed an incredible increase of 128% and 164%, owing to the fact that the company is on a good performance track for they FY10 by controlling its expenditures and posting considerable profits.

1H10, the operational performance has improved compared to 1H09. ROA and ROE respectively showed healthy ratios as it posted 5.16% and 6.10%. The main factor behind this is high increase of operating revenue, in which the primary element remains Brokerage and Operating income mounting to Rs 1.69bn. This, coupled with lower total assets resulted in higher ROA. One area, which can be clearly pointed out, is the cash and bank balances, which reduced to Rs 4.21bn from Rs 8.14bn, as the current account and term deposit both reduced by substantial amounts.

========================================================
Cash with banks:                    1H'10          1H'09
========================================================
Current accounts                4,291,319     13,066,786
Term deposit receipts         100,000,000    500,000,000
========================================================

The liquidity position has dramatically improved for the past year of FY09. There has been a huge increase of the current ratio from 2.33x in FY08 to 8.90x in FY09. There are two reasons for this huge increase in the current ratio. First, there has been a considerable increase in cash and bank balances, which has increased by 300%. Second, there has been a rise in short-term investments as well, which mounted to Rs 1095m in FY09. Moreover on the base side, there has been a decrease in current liabilities' section where the provision for tax has been reduced to Rs 76m from Rs 115m. In 1Q10, the company cut down on its excessive Current Ratio by reducing it to 2.70x from 8.90x in FY09. And secondly increasing its revenue/expenses ratio from 3.18x in FY09 to 4.18 in 1Q10. The decrease in current ratio is attributed to an increase in proposed dividends, which resulted in Rs 50bn for the current year. The second reason is increase of provision of tax, which increased from Rs 76m to Rs 12.3bn for 1Q10.

========================================================
                                    1Q'10          FY'09
========================================================
Proposed dividend          Rs 500,000,000              -
Provision for taxation     Rs 123,433,887    Rs 76601451
========================================================

Current ratio for 1H10 showed a huge increase from 2.70x in 1Q10 to 6.38x in 1H10. This is identified as the Current Liabilities decreased to Rs 554m in 1H10 from Rs 1.69bn in 1Q10. Two areas have resulted in such decrease. First, the proposed dividends which were announced for the 1Q10 was eliminated and secondly, the creditors' accrued expenses and liabilities were substantially reduced to Rs 397m from Rs 1.071bn. Main part is explained by the decreased credits for the sale of shares on behalf of clients reduced from Rs 1.010bn in 1Q10 to Rs 349m in 1H10. The debt management ratios showed a significant performance in FY09. The company has maintained a nil gearing ratio for the current year. The debt that had been outstanding for the company has been repaired; however incurred certain amount of the financial charges on its other liabilities. D/E and D/A became zero for the year FY09.

In 1Q10, the company maintained and improved its debt management ratios. This could be observed by the nil gearing ratio in 1Q10.

The times interest ratio has greatly increased from 10.42x in FY08 to 24.50 in FY09. This was due to decrease in the financial charges in the current year. It has decreased by 86% in FY09 and EBIT increased by 50.5% to Rs 478.5 million in 2007 to Rs 317.8 million in 2006. Lower financial charges are mainly due to lower mark-ups on running finance. The company increased its interest coverage ratio from a mere 25.0 in FY09 to 245.5 in 1Q10, mainly attributing to the increase in the EBIT from Rs 81,485,679 in FY09 to Rs 217,193,285 in 1Q10 and also a decrease of interest expense as the company had nil gearing ratio. In 1H10, the debt ratios further improved from 1Q10, as the debt to equity and debt to assets condensed to 0.15 and 0.18, mainly attributing to decrease in the liabilities mentioned above. Augmenting to this, the company has still maintained its nil gearing ratio, as no long-term debt is being issued.

The earnings per share witnessed a major decline in FY09. EPS decreased from Rs 12.18 in FY08 to Rs 4.12 in FY09. The basic reason behind this is, decline in the revenue for FY09. The trickle down effect resulted in the lower profits for the current year, which greatly reduced the EPS for the current year. And also because of a number of shares outstanding increased from 3,571,450 to 50,000,000 in FY09. However in 1Q10 the company is able to increase its EPS from Rs 1.37 in FY09 to Rs 3.31 in 1Q10. This was mainly because of the increase in revenue and also increase in PAT in 1Q10, which touched Rs 165.279 million.

The 1H10 saw an increase in the EPS to Rs 3.75, mainly due to the increase in the operating revenue, resulting in the increase in PBT. Thus the company has been able to earn a considerable return on its share investment.

JSGCL's book value per share showed significant decline in the period under study. Book value declined from Rs 91.9 in FY08 to Rs 65.48 in FY09. This is because of the increase in the shares outstanding, however, not a proportionate increase in the equity section. The 1Q10 saw a similar decline in book value/share as the ratio decreased from Rs 65.48 in FY09 to Rs 59.62 in 1Q10. This was because of a decrease in the net equity as the unappropriated profit decreased to Rs 688m in 1Q10.

FUTURE OUTLOOK

Capital markets have been affected in the recent years because of the economic slowdown. However, government policies are likely to enhance investment opportunities. These could be ease of monetary policy, reducing interest rate and a higher tax collection from government might lead to positive approach for investors.

In its annual outlook, the IMF expects the global economy to sustain its economic recovery, forecasting a global GDP growth of 3% in 2010, after contracting by about 1 percent in 2009. Most macroeconomic data coming out of Pakistan ranging from domestic consumption to investments is still pointing towards weak economic growth in FY10 and beyond. This will probably undermine the financial sector's asset quality recovery and in turn will apply a bit of downward pressure to the capital market recovery.

More issues do plan to hinder the growth for JSGCL, because of the current situation of load shedding and debt on KESC and the cost of furnace oil pushing upwards, the other industries do face non-conducive environment to progress, thus resulting in lower confidence for the investors to invest. However, the markets are still profitable and JSGCL, with their expertise and skills are still managing to be the market leaders.

===============================================================================================================
JS GLOBAL CAPITALS - FINANCIALS
===============================================================================================================
Balance sheet                                                 2008           2009          1Q'10          1H'10
---------------------------------------------------------------------------------------------------------------
SHARE CAPITAL AND RESERVES
---------------------------------------------------------------------------------------------------------------
Issued, subscribed and paid up capital                 357,145,500    500,000,000    500,000,000    500,000,000
Share Premium                                        1,952,959,400  1,810,104,900  1,810,104,900  1,810,104,900
Unappropriated profit                                  995,796,550  1,023,463,793    688,742,517    710,833,025
Unrealized loss on remeasurement
 of securities at fair value                          (23,686,148)    -34,416,500    -17,685,526     52,627,423
Total Shareholder's Equity                           3,282,215,302  3,299,152,193  2,981,161,891  3,073,565,348
---------------------------------------------------------------------------------------------------------------
NON CURRENT LIABILITIES:
---------------------------------------------------------------------------------------------------------------
Advance against issue of shares                                  -              -              -              -
Deferred taxation                                        1,440,366              -              -              -
Total Non Current liabilities                            1,440,366              -              -              -
---------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
---------------------------------------------------------------------------------------------------------------
Running finance under mark-up agreements-secured                 -              -              0              0
Creditors, accrued expenses and other liabilities    2,264,113,388    328,816,078  1,071,636,976    397,925,600
Proposed Dividends                                               -              -    500,000,000              0
Interest and mark-up accrued                            15,067,150              -                        29,423
Provision against taxation                             115,138,087     76,601,451    123,433,887    156,525,391
Total Current liabilities                            2,394,318,625    405,417,529  1,695,070,863    554,480,414
Total Liabilities                                    2,395,758,991    405,417,529  1,695,070,863      554480414
Total Liabilities and Shareholder's Equity           5,677,974,293  3,704,569,722  4,676,232,754     3628045762
---------------------------------------------------------------------------------------------------------------
NON-CURRENT ASSETS:
---------------------------------------------------------------------------------------------------------------
Property, plant and equipment                           72,321,711     57,128,927     51,604,125     46,117,502
Intangible assets                                       21,573,291     21,036,651     23,500,000     23,500,000
Long term loans, advances and deposits                   4,527,628      3,892,294      4,286,142      4,109,609
Long term investment - advance against equity                    -              -              0     15,381,755
---------------------------------------------------------------------------------------------------------------
CURRENT ASSETS:
---------------------------------------------------------------------------------------------------------------
Short term investments                                 708,110,076  1,095,008,267  1,554,769,853  2,080,609,685
Trade debts - unsecured, considered goods            1,982,717,833  1,542,861,489  1,572,975,431    860,779,442
Loans, advances, prepayments,
 and other receivables                               2,003,902,349      9,496,548    171,972,003     70,262,765
Advance tax                                            146,712,990     68,395,460     79,764,007    105,347,795
Receivable under reverse
 repurchase/CFS transaction                            530,106,289              -    488,273,050              -
Cash and bank balances                                 208,002,126    814,149,824    695,143,110    421,937,209
Total current assets                                 5,579,551,663  3,608,356,633  4,582,643,190  3,538,936,896
Total Assets                                         5,677,974,293  3,704,569,722  4,676,232,754  3,628,045,762
---------------------------------------------------------------------------------------------------------------
PROFIT AND LOSS ACCOUNT                                       2008           2009          1Q'10          1H'10
---------------------------------------------------------------------------------------------------------------
Operating revenue                                      886,845,595    316,377,931     93,304,209      174835165
Income from reverse repurchase/CFS transactions        157,055,883     45,207,460              0              -
Capital gain on sale of investments                     92,281,828     89,519,070     24,686,992       52228754
loss on revaluation of investments
 carried at fair value                                  (3,673,229)     8,138,612     10,859,284       21129868
Administrative and operating expenses                 (458,544,709)  (342,189,640)   -86,848,921     -186191785
other operating income                                 126,020,117    224,289,123    175,191,721      211192457
financial charges                                      (59,871,615)     8,148,508       -884,066       -1806492
Profit before taxation                                 740,113,870    273,152,774    212,067,080      266066634
taxation - current                                    (115,138,087)    76,601,451    -46,832,436      -79923940
prior                                                     (968,577)     5,906,913              0              -
deferred                                                   126,919     15,595,583         44,080        1226538
Profit after taxation                                  624,134,125    206,239,993    165,278,724      187369232
Basic/Diluted Earnings per Share                             12.48           4.12           3.31           3.75
---------------------------------------------------------------------------------------------------------------
FINANCIAL RATIOS                                              2008           2009          1Q'10          1Q'11
---------------------------------------------------------------------------------------------------------------
EARNING RATIOS
---------------------------------------------------------------------------------------------------------------
ROA                                                          10.99%          5.57%          3.53%         5.16%
ROE                                                          19.02%          6.25%          5.54%         6.10%
PAT/Revenues                                                 55.11%         44.91%        128.27%        75.49%
PBT/Revenues                                                 65.35%         59.48%        164.58%       107.20%
---------------------------------------------------------------------------------------------------------------
LIQUIDITY RATIOS
---------------------------------------------------------------------------------------------------------------
Current Ratio                                                 2.33           8.90           2.70           6.38
Revenue/Expenses                                              2.18           3.18           4.18           5.18
                                                                 -              -        5962.32%             -
---------------------------------------------------------------------------------------------------------------
DEBT MANAGEMENT RATIOS
---------------------------------------------------------------------------------------------------------------
Debt to Equity                                                2.86           0.00              -           0.18
Debt to Assets                                                0.42              0              -           0.15
Interest coverage ratio                                      10.42           24.5            246         246.50
---------------------------------------------------------------------------------------------------------------
MARKET RATIOS
---------------------------------------------------------------------------------------------------------------
Earnings/Share                                               17.48           4.12           3.31           3.75
Book value/Share                                              91.9           65.9          59.62          61.47
===============================================================================================================
COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi
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Offline zahidsharif151

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Re: JSGCL -- JS Global Capital Ltd
« Reply #10 on: April 14, 2010, 12:50:33 PM »
JSGCL looks very good at this rate? previous histry is also good regarding EPS and dividend, investment other than common stock is also about 2 billion with return about 9%, where as debt equity ratio is also good irrespective of tax what other threats company can face or what are the risk factors, any body wona share,

Regards.

Offline Farzooq

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Re: JSGCL -- JS Global Capital Ltd
« Reply #11 on: April 14, 2010, 01:04:08 PM »
JSGCL looks very good at this rate? previous histry is also good regarding EPS and dividend, investment other than common stock is also about 2 billion with return about 9%, where as debt equity ratio is also good irrespective of tax what other threats company can face or what are the risk factors, any body wona share,

Regards.

how abt its investments and amounts due from clients
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Offline zahidsharif151

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Re: JSGCL -- JS Global Capital Ltd
« Reply #12 on: April 14, 2010, 01:17:49 PM »
JSGCL looks very good at this rate? previous histry is also good regarding EPS and dividend, investment other than common stock is also about 2 billion with return about 9%, where as debt equity ratio is also good irrespective of tax what other threats company can face or what are the risk factors, any body wona share,

Regards.

how abt its investments and amounts due from clients

Trade Debts was 1528 m on 30 june 2009 which was reducesd to 849 m on 31 dec 2009 whereas short term investment is increased from 1 billion to 2 billion in the same period.

Offline Farzooq

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Re: JSGCL -- JS Global Capital Ltd
« Reply #13 on: April 14, 2010, 01:25:40 PM »
JSGCL looks very good at this rate? previous histry is also good regarding EPS and dividend, investment other than common stock is also about 2 billion with return about 9%, where as debt equity ratio is also good irrespective of tax what other threats company can face or what are the risk factors, any body wona share,

Regards.

how abt its investments and amounts due from clients

Trade Debts was 1528 m on 30 june 2009 which was reducesd to 849 m on 31 dec 2009 whereas short term investment is increased from 1 billion to 2 billion in the same period.

and this 2b investment is in listed equities ?
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Offline zahidsharif151

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Re: JSGCL -- JS Global Capital Ltd
« Reply #14 on: April 14, 2010, 01:34:03 PM »
JSGCL looks very good at this rate? previous histry is also good regarding EPS and dividend, investment other than common stock is also about 2 billion with return about 9%, where as debt equity ratio is also good irrespective of tax what other threats company can face or what are the risk factors, any body wona share,

Regards.

how abt its investments and amounts due from clients

Trade Debts was 1528 m on 30 june 2009 which was reducesd to 849 m on 31 dec 2009 whereas short term investment is increased from 1 billion to 2 billion in the same period.

and this 2b investment is in listed equities ?

Quoted equity securities         51,287,393
Units of mutual funds         499,422,619
Term finance and Sukuk bonds      369,270,762
Government securities         687,133,900
Available for sale
Unlisted term finance certificates      126,000,000
Quoted preference shares of related parties      347,495,011


Offline Farzooq

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Re: JSGCL -- JS Global Capital Ltd
« Reply #15 on: April 14, 2010, 01:45:34 PM »
how about comparing it with ahsl or ahl now
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Offline zahidsharif151

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Re: JSGCL -- JS Global Capital Ltd
« Reply #16 on: April 14, 2010, 01:53:59 PM »
how about comparing it with ahsl or ahl now

yar yeh kam to app ker dain

Offline Farzooq

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Re: JSGCL -- JS Global Capital Ltd
« Reply #17 on: April 27, 2010, 09:56:45 AM »
eps 4.78
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Offline Farzooq

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Re: JSGCL -- JS Global Capital Ltd
« Reply #18 on: May 18, 2010, 03:37:19 PM »
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