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Pak Equities / Re: POL -- Pakistan Oilfields Limited
« Last post by bilalghani86 on Today at 01:50:22 PM »
Their revenue recognition policy from annual report

"4.22 Revenue recognition

 Revenue from sales is recognized on dispatch of products to customers. Revenue from services is recognized
when the related services are rendered.  Effect of adjustment, if any, arising from revision in sale price is
reflected as and when the prices are finalized with the customers and/or approved by the Government.

 Income on held-to-maturity investments and bank deposits is recognized on time proportion basis using the
effective yield method.

 Dividend income is recognized when the right to receive dividend is established."


Yeah may be you are right SBM bro. but, even a/c to acc policy, both the meanings seems correct......
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Pak Equities / Re: GHGL -- Ghani Glass Mills Limited
« Last post by aatradekhi on Today at 01:34:56 PM »
Due to good fundamental script down from 70 to 51 so might be stay between 61-63 due to upcoming 1st qtr result
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Pak Equities / Re: EPCL -- Engro Polymer and Chemical Limited
« Last post by Umair.shaf on Today at 01:31:58 PM »
Besharam Market hai...
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Pak Equities / Re: EPCL -- Engro Polymer and Chemical Limited
« Last post by msssuhaque on Today at 01:26:45 PM »
Phir bhi sala lock nahi hoaaa
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Pak Equities / Re: ATRL -- Attock Refinery Limited
« Last post by unikorn on Today at 01:26:23 PM »
data portal per DFS short sell position for every day ati ha in future counter per :bangin:

Ok, give me an idea here.  What you are trying to tell here is that, ATRL stock has been sold short without cover, and we are not talking about the future (ATRL-OCT) here, right?

Because if you are talking about future, then for every short-sell position, there is a buy position.  There is no way a future can be sold short to exchange only and without having a counterparty holding the other leg of the transaction (buy).  What you can get in this situation is the net open position.

So if there is any other way to calculate short-sell position, elaborate here please.
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Pak Equities / Re: GHGL -- Ghani Glass Mills Limited
« Last post by kahaf on Today at 01:22:07 PM »
why this ul daily
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Pak Equities / Re: EPCL -- Engro Polymer and Chemical Limited
« Last post by Farzooq on Today at 01:20:44 PM »
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Pak Equities / Re: ATRL -- Attock Refinery Limited
« Last post by talha1976 on Today at 01:11:41 PM »
when the board meeting for 1st Quarter account please ?
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Pak Equities / Re: Dividends
« Last post by HasanZaheer on Today at 12:54:54 PM »

Any announcement for dividend other than sazgar and searl?

AKBL
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 Regulatory duty imposed on 356 items; we see mixed impact
Latest revenue measures may fail to contain fiscal burden

The government unveiled complete list of about 356 items on which Regulatory Duty (RD) has been imposed, whereby 136 items are new while duty have been raised on 220 items, which were already in the RD ambit. Apart from usual luxury items coming under the axe, inclusion of some essential items shows government’s intent on curbing the import bill (reported estimates suggest USD300-400mn potential clipping of imports). All in all, we believe the measures will not be sufficient to address current account woes, and will likely be followed by more measures in the coming months. Taking into account export package announced earlier along with these recent measures (revenue impact over PKR25bn) to finance the same, fiscal burden is expected to increase on net basis by over PKR25bn (0.1% of GDP). We continue to see limited inflationary impact due to low contribution of imported food items in CPI basket.

From sector perspective, improvement in pricing power of local manufacturers due to lower competition from import front comes out as a big positive. The imposition of RD on imports is likely to have positive ramifications for the domestic auto assemblers, chemicals, tiles, FMCGs & personal goods industry, while being largely neutral for textile, steel, cements, and power.

Autos (Positive): We see overall positive implications on demand for locally assembled vehicles, with INDU being the biggest beneficiary (Corolla 1.3L, Hilux Revo, Fortuner) followed by Honda (City 1.3L) and then by PSMC (Swift, Bolan). However, given strong demand dynamics likely to remain intact in FY18 (improved purchasing power, lower for longer interest rates), the rapidly increasing share of used cars in total auto industry sales in past couple of years (close to 20% currently from 14% in 2013) is likely to receive only minor dent from the latest measures, in our view. Channel checks suggest there is no confirmation yet on reported 15% duty on the new cars under entire 800-1800cc segment (big positive for all assemblers) and we believe clarity from Pakistan Customs Department is likely to follow suit in this regard. Nevertheless, no CKD duty hike also comes in as a relief for the auto assemblers, in our view.

15% RD imposed on new 4x4 vehicles, minivans and vehicles having cylinder capacity of above 1000 up to 1300
Impact: We see potential positive impact on demand of locally produced Swift and Bolan (PSMC), Corolla Xli/GLi/Gli AT (INDU), and Honda City 1.3L, as these become more price competitive compared to other new and used imported cars in 1000-1300cc segment.

RD on import of new 4x4 SUV and all terrain vehicles (4x4) increased to 80% from earlier 50%
Impact: We see neutral to marginal negative impact on trading business for INDU from above two measures. Currently Toyota’s trading portfolio includes Prado and Landcruiser in the 4x4 segment; with likely price hike owing to pass-on of increased RD. Given the demand in this segment is highly price inelastic, demand attrition may not be very significant. In FY17, INDU saw substantial improvement in its trading business due to launch of its new Landcruiser 200 series followed by fleet order in Landcruiser 70 series. In case of 10% decline in gross sales of imported vehicles for INDU, the EPS impact is -1.0% for FY18.

RD on import of used 4x4 SUVs, used cars/jeeps of above 1801cc, imposed at 60%
Impact: Nil, as already in place since end-Jun’17. Hilux and Fortuner, being locally assembled, remain key beneficiary of the RD on the imported used cars.

No additional duty on CKD parts
Impact (Positive): The list of items on which RD is imposed does not include CKD which comes in as a relief for the auto sector, as any price hike at present would have reduced pricing power of the assemblers going forward.

Tiles and ceramics (Positive): RD on import of ceramic and porcelain tiles, polished/unpolished/ finished has been increased from 25% last year to 45% this year. This measure is a material positive for the domestic tiles industry which has been reeling under pressure from imports for the past few years. To recall, this duty comes on top of National Tariff Commission’s recently imposed final determination of Anti Dumping duty on dumped imports of tiles from China. Both these measures would allow local industry to reclaim market share from importers in the domestic market. We estimate, that increase in RD would allow Shabbir Tiles and Ceramics Limited (STCL) to increase its volumetric sales between 10-15% and have an annualized EPS impact of PKR0.9-1.35/sh.

Durables Goods (Positive): RD has been increased on import of Refrigerators, Water dispenser, LCD/LED; the measures appear to encourage local production where key beneficiaries include Pak Electron and Singer Pakistan.  However, we believe new assemblers, who have been a key source of competition lately, may bypass the increased duty easily, elevating competition in the sector.

Chemicals (Positive): The imposition of regulatory duty of 2% on PVC resin against 1% currently being charged is slightly positive for Engro Polymer & Chemicals (EPCL) where we see EPS impact of PKR0.18/sh  for CY17.

Consumer staples and confectionaries (Positive):  Increase in RD on import of grated/powdered/processed cheese (from 20 to 40%), imported mixture of juices (from 20% to 50%), soya sauce, ketchup (50% RD from 20% previously) bodes well for consumer sector; key beneficiaries include: Efoods, Fauji Foods, National Foods, Nestle.

Power (Neutral to Positive):  Imposition of 2% RD on Furnace Oil (FO) is Neutral to slightly positive for IPPs, in our view. To note, hike in FO prices is passed on to the final consumers as per their tariff structure however, plants that are running at higher efficiency levels gain from rising FO price in the form of fuel savings. Hence newer plants are likely to gain from this implementation of RD but on the other hand, old plants (particularly KAPCO and HUBC’s base plant) are expected to take a hit to their bottom-line.

Textiles (Neutral): Recently issued SRO reveals that RD on different types of cotton yarn (more than 85% cotton), polyester filament yarn (more than 85% polyester), woven fabrics made of cotton yarn, various types of garments, bed linen, curtains etc have been maintained at similar rates as last year. Thus, new RD regime is neutral for the textile sector.

Steel (Neutral):  At present, the RD applicable on Billet and Rebar imports is at 30% and 15%, respectively. On the other hand, RD on scrap stands at 5%. We see neutral impact as duties has been maintained on current levels.

Cement (Non-event): Contrary to expectations, the latest revenue measures remain largely a non-event for Cement sector as no duty was imposed on import of coal.
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