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Offline Honda 125

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PSO -- Pakistan State Oil
« Reply #-1 on: October 14, 2008, 09:15:07 AM »
All about Pakistan State Oil!!!
« Last Edit: September 24, 2012, 03:15:30 PM by M&M »

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PSO -- Pakistan State Oil
« Reply #-1 on: October 14, 2008, 09:15:07 AM »

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Re: PSO -- Pakistan State Oil
« on: October 14, 2008, 09:15:35 AM »
PSO buys up to 1.1mT fuel oil
 
Tuesday, October 14, 2008
SINGAPORE: Pakistan State Oil (PSO) has bought thirteen 65,000-tonne cargoes of October-to-January delivery fuel oil via tender, with options for four more, traders said on Monday.

The deals were done at slightly higher premiums to previous ones, they said. Middle Eastern trader FAL Oil sold the 845,000 to 1.105 million tonne supply of high-sulphur fuel oil at premiums of $23.50 a tonne to Middle Eastern spot quotes on a cost-and-freight (C&F) basis to Karachi.

PSO had originally sought up to 1.17 million tonnes of fuel oil, almost a third more than its August-November tender.

The volume compares with the 910,000 tonnes of high-sulphur fuel oil sought in the August-November tender, in which PSO eventually bought 650,000 tonnes at $23 per tonne premiums to Middle East quotes, cost and freight.

Pakistan’s chronic power shortage has led to heavy fuel oil purchases by PSO this year, as the country grapples with brownouts and was forced to implement daylight saving measures earlier this year.

PSO’s purchases will help tighten regional fuel oil markets, whose supply and demand fundamentals are starting to ease after a few months of thin supply and robust demand.

Asian fuel oil’s November/December intermonth swaps spread fell into contango from backwardation late last week, signalling weaker outlook in coming months.

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Re: PSO -- Pakistan State Oil
« Reply #1 on: October 25, 2008, 09:36:04 AM »
PSO posts Rs8.3bn loss in Q1
 
Saturday, October 25, 2008
By our correspondent

KARACHI: Pakistan State Oil (PSO) on Friday announced a loss of Rs8.3 billion in the July-September quarter, as value of its oil stock imported at higher prices fell sharply in tandem with a slump in international rates.

Depreciation of the rupee added to the downslide during the first quarter of fiscal year 2008-09. In the corresponding period of last year, PSO had posted a profit of Rs2.1bn.

“The company faced serious liquidity problems owing to receivables from HUBCO, KAPCO, PEPCO and PIA who defaulted on payments to PSO,” it said in a statement issued here.

“At present, outstanding dues from these enterprises stand at Rs61.4bn.”

The liquidity crunch created due this has been exacerbated by a backlog of price differential claims, it said, adding the management has taken up the matter with the government. It said overall consumption of petroleum products has dropped by 2 per cent because of a slowing economy.

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Re: PSO -- Pakistan State Oil
« Reply #2 on: November 04, 2008, 11:19:01 AM »
PSO meeting reviews business strategy




KARACHI: Pakistan State Oil (PSO) held its marketing conference here on Monday to review the targets, performance of each business unit and further outline strategies and tactics to address business challenges.

The conference was attended by senior management of the company along with divisional managers, departmental heads, field staff and senior field staff, said a PSO handout. Speaking on the occasion, Managing Director Kaleem Siddiqui said that in light of the current economic difficulties the country was facing, Pakistan State Oil would need to raise its bar of performance by revisiting its business strategies.

“PSO needed to further gear up its efforts to address future energy challenges of the country which is only possible if we work with more intensity and enthusiasm,” he added. Presentations were made by various business unit heads and divisional managers highlighting the achievements of fiscal year 2008 and first quarter of fiscal 2009.

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Re: PSO -- Pakistan State Oil
« Reply #3 on: November 06, 2008, 09:28:28 AM »
PSO seeks immediate release of dues


KARACHI: Pakistan State Oil (PSO) on Wednesday sought immediate release of funds from the government and power companies to ensure uninterrupted supply of petroleum products in coming days.

In a letter to senior government officials, PSO Managing Director Kaleem Siddiqui said receivables of the oil company had increased to Rs79 billion, mostly because of delay in payments by independent power projects and WAPDA. “We have reached a stage where it is almost impossible to meet our financial commitments due to which we will not be able to arrange petroleum products in near future,” said the letter, a copy of which is available with The News.

PSO had already defaulted on payments of Rs67bn to refineries, which reduced their production as a consequence, it said.

Break-up of receivables shows that Hubco owes Rs36.2bn, WAPDA Rs14.4bn, KAPCO Rs13bn and Pakistan International Airlines (PIA) Rs3.6bn. The government also has to clear outstanding price differential claim (PDC) of Rs11.8bn.

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Re: PSO -- Pakistan State Oil
« Reply #4 on: August 12, 2009, 03:01:08 PM »
12-AUG-09 PSO P.S.O. FINANCIAL RESULT FOR THE YEAR ENDED 30/06/2OO9
12-AUG-09 PSO P.S.O. PROFIT/LOSS BEFORE TAXATION RS. IN MILLION (11,356.864)
12-AUG-09 PSO P.S.O. PROFIT/LOSS AFTER TAXATION RS. IN MILLION (6,698.535)
12-AUG-09 PSO P.S.O. EPS = (39.05)
12-AUG-09 PSO P.S.O. ANNUAL GENERAL MEETING WILL BE HELD ON 29/09/2OO9
12-AUG-09 PSO P.S.O. BOOK CLOSURE FROM 21/09/2009
12-AUG-09 PSO P.S.O. BOOK CLOSURE TO 29/09/2009

Offline Farzooq

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Re: PSO -- Pakistan State Oil
« Reply #5 on: August 22, 2009, 10:22:51 AM »
PSO circular debt mounting, facing Rs2b losses daily
By: Sadia Saeed | Published: August 22, 2009
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KARACHI - The circular debt of PSO is mounting and the company is facing Rs 2 billion losses per day, as the power sector, the major buyer of furnace oil, is defaulted in payback to PSO. At present, outstanding dues from HUBCO, KAPCO, PEPCO and PIA stand at Rs 91,788b, The Nation learnt from sources.
The source added that WAPDA has to pay Rs 28,536b; HUBCO has to pay Rs 36,398b and KAPCO to pay Rs 19,522b to PSO. OGDC has to pay Rs. 371m, Kohinoor Energy Rs 548m and Saba Energy has to give Rs 616m. The financial charges receivable from PIA now mounted up to Rs 684m and the audited price differential claim is Rs 2,757b, which the PSO has to receive. "Due to increasing demand of FO for the power generation sector, PSO has been supplying 35,000 MT of furnace oil per day. The government has directed PSO to fulfil the demand of furnace oil in power sector in order to control the power crisis in the country. But by doing so, the circular debt is increasing, which is alarming for the company," the source added. "The company was assured by the government that the issue of circular debt of power sector would be resolved in August. But PSO is still waiting for the amount in its account. If the issue of circular debt is not solved, the financial condition of PSO will be more deteriorated than it is at present," he said.
It is worth noting that the price of furnace oil has been surged up record high during this year due to higher consumption. The price of furnace oil is Rs 44,064 per MT to Rs 46,944 per MT, which was Rs 41,521 per MT to Rs 44,044 per MT. This hike in price occurred within a month of August, bringing much defaulting burden on the company.



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Re: PSO -- Pakistan State Oil
« Reply #6 on: September 04, 2009, 02:57:18 PM »
PSO: Power Play
We reiterate our ‘Buy’ stance on PSO with a revised fair value of Rs380. We
expect higher furnace oil (FO) demand and resolution of circular debt
would be the two major short-term earning triggers for the company.
According to our estimates, FO demand is expected to increase by 5-6mn
tons during next 4-years which will be 60-75% higher than existing FO
demand. The jump in demand would come from 1) recently approved
2250MW FO based rental power plants 2) upcoming IPPs of 3500MW
capacity and 3) existing dual-fuel (gas+oil) thermal power plants. Since the
entire additional demand will be met through imports (due to refinery
constraints), PSO will remain the major beneficiary as it 1) handles more
than 90% of the country’s oil product import 2) has a vast storage network
and 3) has the largest distribution network.
Hence, we expect gross sales of the company to reach ~Rs1 trillion by
FY12 compared to Rs719bn in FY09 (FO contribution in revenue would be
53% in FY12 against 38% estimated in FY09). Trading at FY10E and FY11F
PE of 5.9x and 3.4x, respectively. The stock is available at a huge discount
of 27% and 51% versus market’s PE of 8.1x and 6.9x, respectively. We
maintain our ‘Buy’ stance on PSO which is offering a potential upside of
36% at current levels.

todays rpt by js

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Re: PSO -- Pakistan State Oil
« Reply #7 on: September 13, 2009, 01:02:43 PM »
PSO’s receivables surge to Rs96.7bn
 
 
 
Sunday, September 13, 2009
KARACHI: The receivables of Pakistan State Oil (PSO) against, IPPs, GENCOs and other organisations have mounted to Rs96.7 billion as on September 11, while it has to pay about Rs58 billion to refineries and overseas oil suppliers.

This was stated by the managing director PSO Irfan Qureshi while talking to newsmen at the iftar at a local hotel on Friday evening.

He said that about Rs38 billion were outstanding alone against Hub Power Company while approximately Rs22 billion were pending against Kot Addu Power Company. Similarly, Rs28 billion were over due against WAPDA’s generation companies (GENCOs) and the remaining amount against other IPPs and organisations, he noted.

He pointed out that these receivables do not include the amount due against KESC. We have a separate payment arrangement with KESC, he added.

He said that Rs31 billion out of Rs58 billion were immediately needed to service letter of credit (L/C) in the next 9 days against the supply of petroleum products and furnace oil by overseas suppliers.

Qureshi said that PSO has received Rs10 billion from the government this week, but this amount was immediately paid to refineries.

He said that Petroleum Minister Syed Naveed Qamar was very supportive and actively lobbying with the government for the payment of PSO’s receivables so that the company could continue to service its liabilities.

To a question regarding the availability of oil products in the country, he said that sufficient strategic stocks have been built by the company.

PSO has 16 days of strategic stock at its storage areas while the overall stock built up at other places is for 18 to 21 days. This is more than sufficient, he noted.

Qureshi pointed out that the use of furnace oil and other petroleum products has increased in the country in the last few months.

He said that PSO has imported 1 million tons of furnace oil during August-September to meet the growing demand from power generation companies in both public and private sectors.
 
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Re: PSO -- Pakistan State Oil
« Reply #8 on: October 07, 2009, 05:02:42 PM »
PSO: Poised for further re-rating

We raise our earnings estimates for Pakistan State Oil (year-end June) by 5-7% as
we build in stronger volume growth in FY10E-12E. We raise our PO to
PRs351.16/share, up 19% (valuation method revisited), and reiterate our Buy rating.

We see strong FO growth ahead and lift four-year FO volume CAGR estimate from
10% to 12%. FO demand from rental power projects (1.3GW) remains a major
upside which can raise our growth estimate to 17%.

After the PRs85bn TFC issue, a 6% power tariff hike raises our confidence on
sustainability of recent settlement of inter-corporate debt. This should drive further
B/S de-leveraging.

We reiterate our call of strong 1QFY10 earnings for PSO estimated at PRs17-
18/share (PRs9-10/share inventory gain).

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Re: PSO -- Pakistan State Oil
« Reply #9 on: October 09, 2009, 12:15:06 PM »
PSO: top pick in OMCs

PSO is set to be the primary beneficiary of the expected increase in FO demand mainly on the back of its substantial market share and distribution network. Thus we expect PSO to post average annual volume growth of 9% during next 4-years. Moreover, with the resolution of circular debt, growing FO demand and lower chances of huge inventory losses, we expect PSO to post impressive earnings of Rs48 in FY10. We maintain our ‘Buy’ stance on PSO which is trading at FY10 and FY11 PE of 6.9x and 3.9x with dividend yield of 8.7% and 12.8%, respectively.

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Re: PSO -- Pakistan State Oil
« Reply #10 on: October 14, 2009, 04:29:22 PM »
OMC Sector: Sales volume update

The Oil Companies Advisory Committee (OCAC) has released Petroleum, oil and lubricant offtake numbers for the month of August 09. 2MFY10 consumption is up 19%YoY to 3.62mn MT backed by surging fuel oil offtake. Black oil volumes during the review period surged 35%YoY while white oil uptick was recorded at 8%YoY. Focus shift to oil based thermal power generation coupled with unplanned outages resulted in higher fuel oil consumption. Regulated distillates, with the exception of kerosene, recorded growth on the back of lower prices and removal of pricing distortions. On MoM basis, POL volumes are up 11% underpinned by higher fuel oil offtake and generalized festive season consumption uptick. Going forward, POL volumes are likely to continue on an uptrend with oil based thermal power generation likely to remain in vogue with higher load factors and planned sector capacity additions. We expect growth from the regulated product line to be underpinned by resurgence in economic activity. We are in the process of updating estimates for coverage oil marketing companies to incorporate higher volumes and margin expansion. PSO remains our preferred play with retail and distribution network leveraging capability.

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Re: PSO -- Pakistan State Oil
« Reply #11 on: October 14, 2009, 04:30:02 PM »
closed above its resistance at 341.5

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Re: PSO -- Pakistan State Oil
« Reply #12 on: October 16, 2009, 12:25:43 PM »
Maintaining our future financial estimates   
We maintain our earlier future earning estimates of the company. The earnings growth is expected to gain considerable acceleration on the back of stable oil prices coupled with rising furnace oil (FO) sales given the country’s increasing dependence on thermal power generation. We anticipate FY10 to be a profitable year for the company as the previous earning dampeners like inventory & exchange losses are not anticipated to recur. That said, we expect PSO’s earnings to rebound in FY10 at PRs46.90/share. Thereafter, we estimate the company to depict a 4-year (FY11-14) earnings CAGR of 11%.

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Re: PSO -- Pakistan State Oil
« Reply #13 on: October 19, 2009, 11:20:59 AM »
Pakistan State Oil - We estimate PSO to book earnings of PRs17-18/sh in 1QFY10 which also
include PRs9-10/sh inventory gains (1QFY09 loss/sh of PRs48.88). We believe our estimates are
conservative and build in 60% estimated gains. Our FY10E earnings estimate stands at
PRs46.94/sh.
« Last Edit: October 19, 2009, 11:43:04 AM by Farzooq Haider »

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Re: PSO -- Pakistan State Oil
« Reply #14 on: October 20, 2009, 12:37:40 PM »
We expect PSO to post robust earnings of Rs15.9
per share in 1QFY10 versus loss of Rs48.9 per share
in corresponding period last year. The turn around in
earnings is primarily expected on the back of upbeat
furnace oil sales and inventory gains. Last year, the
company suffered losses due to huge inventory and
exchange losses. We also expect an interim dividend
of Rs5-6 with the result. Trading at FY10E and
FY11F PE of 6.7x and 3.8x, respectively we
recommend ‘Buy’ on PSO at current levels. The scrip
offers an attractive upside of 17% to our target price
of Rs380.

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Re: PSO -- Pakistan State Oil
« Reply #15 on: October 23, 2009, 12:42:01 PM »
eps 11.11
dividend rs 3

below expectations

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Re: PSO -- Pakistan State Oil
« Reply #16 on: October 23, 2009, 01:04:46 PM »
23-OCT-09 PSO P.S.O. FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 30/09/2009
23-OCT-09 PSO P.S.O. DIVIDEND = 30%(i)
23-OCT-09 PSO P.S.O. PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 2,727.336
23-OCT-09 PSO P.S.O. PROFIT/LOSS AFTER TAXATION RS. IN MILLION 1,905.838
23-OCT-09 PSO P.S.O. EPS = 11.11
23-OCT-09 PSO P.S.O. BOOK CLOSURE FROM 23/11/2009
23-OCT-09 PSO P.S.O. BOOK CLOSURE TO 30/11/2009

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Re: PSO -- Pakistan State Oil
« Reply #17 on: October 25, 2009, 10:44:27 PM »
Do you still recommend "BUY" for PSO even after current result.

Toshi

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Re: PSO -- Pakistan State Oil
« Reply #18 on: October 25, 2009, 11:14:00 PM »
Do you still recommend "BUY" for PSO even after current result.
May touch 280..270