Author Topic: NPL -- Nishat Power Limited  (Read 180245 times)

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Offline Farzooq

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Re: NPL -- Nishat Power Limited
« Reply #719 on: October 19, 2018, 11:43:12 AM »
NPL - 1QFY19 Earnings Estimated to Remain Flat YoY: Nishat Power Limited (NPL) is set to announce 1QFY19 result on October, 22, 2018 where we expect it to post earnings of PKR872mn (EPS: PKR2.5), up 1%YoY. Earnings are likely to remain flat YoY due to expected decline in gross margins (down 4pptsYoY) on account of low utilization rate of 80% (vs. 85% in 1QFY18, down 5pptsYoY) – neutralized by growth in revenues on the back of 18%YoY PKR/USD depreciation and higher projected penal income (up 75%YoY) due to rising overdue receivables (as at Jun-18: PKR10.8bn, up 58%YoY). Piling circular debt has its repercussions on company’s liquidity position which we believe will impact its penal expense, as a result of which we expect its Finance Cost to rise by 33%YoY.

We do not expect NPL to declare any dividend for the quarter due to ongoing liquidity crunch.
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Re: NPL -- Nishat Power Limited
« Reply #719 on: October 19, 2018, 11:43:12 AM »

Offline Farzooq

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Re: NPL -- Nishat Power Limited
« Reply #720 on: October 19, 2018, 11:45:22 AM »
NPL: Company to post earnings of PKR 2.53/share; +4% YoY

Nishat Power Company Limited (NPL) is scheduled to announce its 1QFY19 earnings on 22nd Oct’18. We expect the company to post earnings of PKR 896mn (EPS: PKR: 2.53) during 1QFY19, registering an increase of 13% QoQ | 4% YoY. Net sales are expected to increase by 9% QoQ | 19% YoY. Rise in sales is witnessed due to 22% QoQ | 57% YoY increase in FO prices. However, the dispatches declined by 13% YoY to 316 GWh (Load Factor: 73%). Gross margins are expected to settle at 21%, expected to down by 334bps YoY due to higher operation and maintenance expense. Finance cost of the company is expected to increase by 6% YoY to PKR 194mn amid higher interest rates. We do not expect any cash dividend because of increased level of overdue receivables; up by 31% YoY to PKR 9,562mn (Jun’18).
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Offline Farzooq

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Re: NPL -- Nishat Power Limited
« Reply #721 on: October 22, 2018, 09:36:43 PM »
1QFY19 earnings up by 14% YoY

Nishat Power Limited (NPL) announced its 1QFY19 financial result today. The company posted a profit after tax of PKR 984mn (EPS: PKR 2.78) in 1QFY19, up by 14% YoY compared to PKR 860mn (EPS: PKR 2.43) in SPLY.

Result Highlights

·         Net sales increased by 28% YoY in the period under review. Rise in sales was due to 57% YoY increase in FO prices. However, dispatches declined by 13% YoY to 316 GWh (Load Factor: 73%).

·         Gross margins settled at 21.8%, down by 271bps YoY due to higher operation and maintenance expense, we view.

·         Finance costs increased by 21% YoY during 1QFY19 on the back of higher reliance on short term borrowings. Short term borrowings were up by 155% at PKR 4,579mn (as of Jun’18).

 Recommendation

·         Currently we have a BUY call on NPL with a Dec’18 target price of PKR 39.8/share.

 
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Offline Farzooq

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Re: NPL -- Nishat Power Limited
« Reply #722 on: February 19, 2019, 11:30:59 AM »
NPL: Earnings are expected to increase by 6% YoY in 1HFY19

Nishat Power Limited (NPL) is scheduled to announce its 2QFY19 financial result on February 20, 2019. The company is expected to post earnings of PKR 794mn (EPS: PKR 2.24) in 2QFY19, which takes 1HFY19 earnings to PKR 1,778mn (EPS: PKR 5.02). Sales are expected to witnessed a decline of 15% YoY | 49% QoQ due to 55% YoY | 67% QoQ decline in dispatches (106 GWh) during 2QFY19. However, furnace oil prices increased by 59% YoY | 6% QoQ to PKR 70,251/ton. Finance cost is expected to increase by 29% YoY to PKR 226mn due to higher reliance on short term borrowings. In 1HFY19, sales are expected to increase by 9% YoY due to 58% YoY rise in furnace oil prices, however dispatches declined by 30% YoY to 422 GWh. Overdue receivables of the company went up by 55% to PKR 10,565mn (as of 1QFY19), a big reason that the company has skipped its dividend during previous periods and we do not expect any cash dividend in the period under consideration.
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Online aatradekhi

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Re: NPL -- Nishat Power Limited
« Reply #723 on: February 20, 2019, 02:04:07 PM »
Financial Announcements
Nishat Power Ltd. Half Yearly Results Dec 2018
EPS 2Q = Rs 2.58
EPS Half Yr = Rs 5.36
Last Half Yr EPS = Rs 4.71

Offline Farzooq

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Re: NPL -- Nishat Power Limited
« Reply #724 on: April 25, 2019, 02:03:48 PM »
NPL: Earnings to increase by 25% YoY in 3QFY19

Nishat power Limited (NPL) is scheduled to announce its 3QFY19 financial result on April 26, 2019. We expect the company to post earnings of PKR 930mn (EPS: PKR 2.63) in 3QFY19, up by 25% YoY. The rise in earnings is expected due to 21% YoY PKR depreciation. Sales are expected to decline by 32% YoY | 14% QoQ due to 71% YoY | 31% QoQ decline in dispatches (73 GWh) during 3QFY19. However, furnace oil prices witnessed an increase of 44% YoY. The overdue receivables of the company witnessed an increase of 38% YoY (Dec’18) to PKR 12.4bn which, we view, is why the company skipped the dividend and will do so again during 3QFY19.
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