Author Topic: PSO -- Pakistan State Oil  (Read 483767 times)

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Offline Farooq Qadir

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Re: PSO -- Pakistan State Oil
« Reply #2079 on: November 15, 2018, 11:18:18 AM »
lagta hai PSO ka petrol khatam ho gia hai  :$: :$:
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Re: PSO -- Pakistan State Oil
« Reply #2079 on: November 15, 2018, 11:18:18 AM »

Offline aatradekhi

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Re: PSO -- Pakistan State Oil
« Reply #2080 on: November 15, 2018, 11:35:27 AM »
lagta hai PSO ka petrol khatam ho gia hai  :$: :$:

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Offline Farooq Qadir

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Re: PSO -- Pakistan State Oil
« Reply #2081 on: December 01, 2018, 02:37:17 PM »


Can anyone comment on below?

Will the recent defer oil payment facility by Saudi Government is beneficial for PSO and will decrease its OD utilization facilities and eventually naturalize recent increase in discount rates.
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Offline perfect

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Re: PSO -- Pakistan State Oil
« Reply #2082 on: January 08, 2019, 04:46:45 PM »
Any short term target? I bought this today. 

Offline coolasim79

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Re: PSO -- Pakistan State Oil
« Reply #2083 on: January 08, 2019, 07:41:52 PM »
Any short term target? I bought this today.
I think it could easily touch 245 but remember candle stick show spining sign
« Last Edit: January 08, 2019, 07:53:51 PM by coolasim79 »

Offline Farzooq

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Re: PSO -- Pakistan State Oil
« Reply #2084 on: January 14, 2019, 12:44:28 PM »
PSO?  The double whammy: We expect PSO to post EPS of PKR7.54/sh in 2QFY19, down
29%/15% QoQ/YoY.  A combination of lower volumes, inventory losses, and higher financial
charges is expected to drag earnings during the quarter. The government’s guarantee
against any exchange losses/gains on FE?25 borrowing is expected to curtail the quantum of
exchange losses for the company in the backdrop of recent currency devaluation
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Offline perfect

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Re: PSO -- Pakistan State Oil
« Reply #2085 on: January 14, 2019, 06:14:23 PM »
Coming budget the Government will also tackle the circular debt issue.

Offline Farooq Qadir

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Re: PSO -- Pakistan State Oil
« Reply #2086 on: January 29, 2019, 12:00:37 PM »
Has PSO BM announced ?
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Offline kpall99

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Re: PSO -- Pakistan State Oil
« Reply #2087 on: January 30, 2019, 12:57:03 PM »

Coming budget the Government will also tackle the circular debt issue.

Yes Government is issuing Sukuk Bond for retiring Circular Debt although Government has to take more steps as Rs 200 Billion will not be enough.

https://www.dawn.com/news/1460684/ecc-okays-rs200bn-sukuk-bond-for-retiring-circular-debt
Risk comes from not knowing what you're doing. Warren Buffett

Offline Farzooq

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Re: PSO -- Pakistan State Oil
« Reply #2088 on: February 14, 2019, 12:17:30 PM »
PSO: 2QFY19 Profitability to plummet by 65% YoY

Pakistan State Oil Limited (PSO) is scheduled to discuss its 1HFY19 result on 16th Feb’19. During 1HFY19, we estimate the company to report a PAT of PKR 5.41bn (EPS: PKR 13.84), down by 36% YoY. On a sequential basis, earnings may clock-in at PKR 1,233mn (EPS: PKR 3.15), significantly down by 65% YoY and 71% QoQ compared to PKR 3,493mn (EPS: PKR 8.93). This decline is attributable to i) massive decline in furnace oil sales by 75% YoY to 0.31mn tons compared to 1.25mn tons in SPLY, ii) decrease in White oil sales (MS and HSD sales declined by 14% and 36% YoY) owing to intense competition from other oil marketing companies and increase in retail prices by an average of 20-25%, iii) increase in finance costs by 137% YoY on account of increase in borrowings to meet working capital requirements, iv) expected inventory loss of PKR 1.8bn during 2QFY19, and v) significant exchange loss of PKR 1.0bn. Along with the result, we expect company to announce a dividend of PKR 5.00/share.
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Offline Farooq Qadir

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Re: PSO -- Pakistan State Oil
« Reply #2089 on: February 14, 2019, 01:20:04 PM »

Farzooq Bhai/SBM

In present scenario, which one is better PSO or NRL in coming six months time ?
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Offline Farooq Qadir

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Re: PSO -- Pakistan State Oil
« Reply #2090 on: February 15, 2019, 12:07:18 PM »
 AKD Daily

Pakistan OMC's: PSO  Result Previews

PSO expected to post NPAT of PkR6.3bn for 1HFY19, down 26%YoY: Board of Management of PSO is scheduled to meet tomorrow (Feb 16 ’19) to announce 1HFY19 results. For 2QFY19, the company is expected to post an EPS of PkR5.45 vs. PkR8.93 in 2QFY18. A 46/3% YoY/QoQ decline in volumes (in-line with an industry-wide down cycle) will soften the topline as economic cyclicality dampens demand, leading to a YoY decline while the QoQ decline was on the back of seasonality (worsened by smuggled product). Declining oil prices will also drag the bottom-line as we expect the company to incur inventory loss of PkR1.2bn for the quarter vs. an inventory gain of PkR1.8bn in 1QFY19, taking the total for 1HFY19 to PkR0.6bn.  Moreover, a 12% depreciation of PkR vs. USD is expected to induce exchange loss of PkR0.3bn for PSO. For 1HFY19, the EPS is expected to come out at PkR16.1 vs. PkR21.8 in 1HFY18, down 26%YoY on the back of decreased volumes, higher inventory/exchange loss.


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Offline aatradekhi

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Re: PSO -- Pakistan State Oil
« Reply #2091 on: February 18, 2019, 10:49:01 AM »
Financial Announcements
Pakistan State Oil Co Ltd. Half Yearly Results Dec 2018
EPS 2Q = Re 0.17
EPS Half Yr = Rs 10.86
Last Half Yr EPS = Rs 21.78 (Restated)

Offline Farzooq

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Re: PSO -- Pakistan State Oil
« Reply #2092 on: February 18, 2019, 12:20:00 PM »
Pakistan State Oil Company Limited (PSO)

EPS drags down by 98%YoY to PKR 0.17 during 2QFY19 backed by likely inventory losses and lower volumes

 ·         Pakistan State Oil Company Limited (PSO) announced financial results for 2QFY19 with earnings clocking in at PKR 68mn (EPS: PKR 0.17) down by 98%YoY compared to PKR 3.49bn (EPS: PKR 8.93) in the same period last year. This brings total profitability for 1HFY19 to PKR 4.25bn (EPS: PKR 10.86) down by 50%YoY. On quarterly basis, earnings are down by 98%QoQ during 2QFY19.

·         We attribute this decline in earnings during 2QFY19 to likely a) inventory losses of PKR 2.5-3.0bn mostly on HSD, b) 72%/37%/15%YoY drop in FO/HSD/MS sales, c) likely exchange losses and, d) higher effective tax of 88.7%.

·         Net Revenues increased by +12%YoY to PKR 291.83bn, likely on the back of increase in domestic MS, HSD and FO prices due to surge in international oil prices and PKR depreciation despite drop in volumes.

·         Gross profit plummeted by 47%YoY to PKR 5.09bn during 2QFY19 as against PKR 9.54bn in similar period last year likely owing to hefty inventory losses on HSD and lower lubes sales and margin.

·         Operating costs increased by +8%YoY to PKR 3.95n during 2QFY19 compared to PKR 3.67bn in the corresponding period last year likely owing to exchange losses.

·         Finance cost also leaped up by +98%YoY to PKR 2.03bn during 2QFY19 as against PKR 1.02bn in the same period last year owing to rise in interest rates and short term borrowings.

·         Effective tax rate stood at 88.7% during 2QFY19 compared to 38.3% reported in the corresponding period last year bringing total effective tax rate for 1HFY19 to 40.9% as against 34.8% in the same period last year.
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Offline aatradekhi

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Re: PSO -- Pakistan State Oil
« Reply #2093 on: February 18, 2019, 01:50:17 PM »

Offline Farzooq

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Re: PSO -- Pakistan State Oil
« Reply #2094 on: February 20, 2019, 12:56:55 PM »
Pakistan State Oil Company Limited: Excitement on circular debt relief tempered by RLNG receivables

We revise down our earnings estimates for PSO by 33%/2.4% for FY19/20E to PKR21.9/33.9/sh as we incorporate (i) actual results for 1HFY19, and (ii) change in borrowing mix following downward revision in FE-25 borrowing limit.
We maintain our Neutral stance on PSO with a revised blended (DCF and multiple-based) TP of PKR232/sh. The stock currently trades at a forward P/E of 6.7x compared to market multiple of 7.6x.
While we remain optimistic on possible near-term relief on circular debt through partial payment, we believe any positive thereon may be countered by; (i) increase in receivables on RLNG and (ii) future build-up of inventory.
Marred by lower demand in black oil market and stiff competition in retail fuels, PSO continued to underperform industry sales, down 42% YoY in 2Q (industry: 26%).
Key upside/downside risks to our thesis include: (i) LNG business extension beyond FY19 and/or margin increment, (ii) sooner than expected resolution of circular debt, (iii) higher than expected loss of market share in retail fuels, and (iv) further delay in progress on infrastructure improvement plans.
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Offline nma

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Re: PSO -- Pakistan State Oil
« Reply #2095 on: April 07, 2019, 08:34:11 PM »
Is Yateem ko 160 rs kab krenge yeh?

Offline Farzooq

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Re: PSO -- Pakistan State Oil
« Reply #2096 on: April 17, 2019, 03:08:45 PM »
PSO: 3QFY19 Earnings to nosedive by 70% YoY

Pakistan State Oil Limited (PSO) is scheduled to announce its 3QFY19 result on 19th Apr’19. During 9MFY19, we estimate the company to report a PAT of PKR 5.67bn (EPS: PKR 14.48), down by 57% YoY compared to PKR 13.2bn (EPS: PKR 33.80). This drastic drop in earnings is due to decline in sales volumes of FO and HSD by 73% YoY and 30% YoY along with significant inventory losses and higher finance costs. On a sequential basis, earnings may clock-in at PKR 1,415mn (EPS: PKR 3.62), significantly down by 70% YoY compared to PKR 4,703mn (EPS: PKR 12.02). This decline is attributable to i) massive decline in furnace oil sales by 26% YoY to 0.32mn tons compared to 0.44mn tons in SPLY, ii) HSD sales decreased by 17% YoY owing to intense competition from other oil marketing companies and improvement in electricity generation resulting in lack of demand from captive power generation, iii) increase in finance costs by 56% YoY to PKR 2,972mn on account of increase in borrowings to meet working capital requirements, and iv) expected inventory loss of PKR 1.8bn during 3QFY19 due to change in ex-refinery prices.
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Offline jahangir

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Re: PSO -- Pakistan State Oil
« Reply #2097 on: April 17, 2019, 04:53:39 PM »

Offline Farooq Qadir

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Re: PSO -- Pakistan State Oil
« Reply #2098 on: April 22, 2019, 09:24:19 AM »

PSO Result

Qtr EPS 4.29
 9 Mn    15.15
Div     PKR 5
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