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The Market ! => Pak Equities => Topic started by: Toshi on October 10, 2008, 03:47:20 PM

Title: AGTL -- Al Ghazi Tractors Limited
Post by: Toshi on October 10, 2008, 03:47:20 PM
All About Al Ghazi Tractors Limited
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Papa Jee on September 20, 2009, 03:01:39 PM
Alghazi tractors is also a god stock but underperforming these days.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Admin on December 04, 2009, 09:23:50 AM
Tractors: AL-GHAZI TRACTORS LIMITED - Analysis of Financial Statements December 2004 - September 2009

OVERVIEW (December 04 2009): General overview of the economy: The agricultural sector of Pakistan has suffered major jolts due to country's near default situation, severe energy shortages, political and economic uncertainty and shrinking of agri-credit.

All these factors have profoundly impacted the performance of the automobile sector, particularly the tractors. The agri-credit assigned to the sector is much less than what it is required to meet the adequate demand, as the current credit requirement is Rs 553 billion whereas the current credit disbursement is only Rs 250 billion, indicating a huge shortfall of Rs 303 billion that need to be infused in the sector.

There is a huge demand of tractors from the farming fraternity. Approximately 218,607 applications submitted under the Green Tractor Scheme. Out of which only 10,000 were accepted. The existing credit structure as provided by the Zarai Taraqiyati Bank Limited (ZTBL) and various government-sponsored schemes like the Green Tractor Scheme and prospective Benazir Bhutto Scheme are unfortunately not enough to satisfy the demands of this crucial sector. Furthermore, there is a need to introduce the policies that will benefit the local manufacturers and not encourage the imports in order to save the foreign exchange and utilize the spare domestic capacity.

RECENT RESULTS 3Q09

During the period of Jul-Sep 2009, 6,763 tractors were produced, reaching a total production of 22,396 tractors during the period Jan-Sep 2009, compared with 20,003 units produced during the same period last year. For the first three quarters of the year 2009 (Jan-Sep), the company has sold 23,770 tractors compared with 19,996 tractors during the same period last year. On sales of 23,770 tractors during the first three quarters of 2009, the company has earned a pre-tax profit of Rs 1.877 billion, compared to Rs 1.437 billion during the same period last year. Sales increased by 44% to Rs 11,351 million, while the cost of goods sold increased by 46%. Distribution costs and administrative charges were well contained with only minimal increases.

COMPANY OVERVIEW

Al-Ghazi Tractors Limited (AGTL) engages in the manufacture and sale of agricultural tractors, implements, and spare parts in Pakistan. It manufactures tractors of various models, including 480-S (55 horsepower), GHAZI (65 horsepower), 640 (75 horsepower), and 640 Special (85 horsepower). The company was founded in 1983 and is headquartered in Karachi. Al-Ghazi Tractors Limited is a subsidiary of Al-Futtaim Industries Company LLC, having a lion's share of 50.02% followed by 43.17% by CNH Global NV, with whom AGTL has entered into a collaboration agreement for manufacturing new Holland brand of tractors. This agreement is expected to last till April 2016.

The company has completed its capacity expansion in FY06, as a result, enhancing the capacity by 100%. Now, with an annual assembling capacity of 30,000 units and capacity utilisation of more than 100%, Al-Ghazi Tractors is country's largest tractor manufacturer. The year 2008 saw a remarkable new record set by Al-Ghazi Tractors with the production of 27,750 tractors against 26,380 tractors produced in 2007. However, despite the increase in the production figures the sales remained stagnant.

This was due to the fact that the Government of Punjab reverted on its promise of a subsidy under the Green Tractor Scheme leading to lower than expected sales despite no fault at the company's end. GoP booked a total of 6,100 tractors for 2008 with a subsidy of Rs 200,000 on each and ended up procuring 2,594 less than the invoiced amount. Not only did the GoP defy on their words, they also persisted that Ghazi Tractors may reduce the selling price of the tractors in the market. The government's unforeseen demands had an adverse effect and Ghazi Tractors had to halt the supply of tractors to the lucky winners under the scheme despite having made their payments. However, following the resolution of the dispute, tractors were supplied to the winners of the scheme at a reduced price by the company.

RATIO ANALYSIS

As far as the profitability of Al-Ghazi Tractors is concerned, the company saw a decline in gross and net profit in FY08. The gross profit fell by 4.6% from Rs 1.65 million in FY07 to Rs 1.57 million in FY08. Net profit for the same period fell by a greater 12% between FY07 and FY08. Therefore, the gross profit margin fell from 18.2% in FY07 to 15.6% in FY08 and the net profit margin plunged from 13.96% to 11% in FY08. The fall in the profits were largely on account of sales lower than the production with a total of 27,550 tractors produced whereas only 24,985 sold. Likewise, the Return on Assets (ROA) and Return on Equity (ROE) both experienced a fall with ROA dipping from 18.56% in FY07 to 15.71% in FY08 and ROE coming down from 32.9% in FY07 to 25.14% in FY08.

ROA fell on the back of a 12% decline in the net profit against a 3.8% rise in the company's assets, whereas, the ROE fell due to the plummeting net profit and constant level of equity (21,468 shares). An assessment of the Asset Management shows an increase in inventory turnover accompanied by a drop in the Day Sales Outstanding. Inventory Turnover rose by 143% from 28.5 days in FY07 to 69.3 days in FY08 reflecting a longer time to sell and replenish inventory, This refers to the scenario mentioned above regarding the discord with the GoP over the promised subsidy and 2594 tractors sold lower than expected.

The Day Sales Outstanding fell from 0.96 in FY07 to 0.25 in FY08 as the trade debts fall by 70% in FY08. Consequently, the Operating Cycle climbed up from 29.5 days in FY07 to 69.6 days in FY08 indicating that Al-Ghazi Tractors might have confronted some issues in converting its credit sales into cash hence a lengthier operating cycle. Total Asset Turnover rose from 1.33 in FY07 to 1.43 in FY08. The Sales to Equity Ratio fell by 3.2%, from 2.36 in FY07 to 2.28 in FY08. The slump in this indicator is attributed to the glitches in the sales of the tractors regarding the dispute with the government.

Furthermore, the sales rose by 11% between FY07 and FY08 whereas the equity rose by a disproportionate 14% leading to a fall in the Sales to Equity ratio of the company. Al-Ghazi Tractors was slightly trapped with the liquidity in FY08 owing to a few major factors. Firstly, the government's sudden and unexpected reversal of their subsidy policy under the Green Tractor Scheme leading to a decline in sales of 2594 tractors.

Secondly, ZTBL's failure to encash bank drafts of Rs 298.4 million, which later climbed to Rs 471.4 million, exacerbated the liquidity position. Adding to the problem was Federal Bureau of Revenue's (FBR) inefficiency and delay in refunding the sales tax paid by the company. All these factors contributed to the decline in the liquidity in FY08 and hence a rise in the Current Ratio from 2.24 in FY07 to 2.62 in FY08. An evaluation of the Debt Management capabilities of Al-Ghazi Tractors shows rising long-term debt to equity ratio paired falling debt to equity.

Long-term debt to equity ratio rose slightly from 0.98% in FY07 to 1.05% in FY08 due to a rise in non-current liabilities, mainly deferred taxation which, rose by 39%. Debt to equity ratio, however, fell from 0.77 in FY07 to 0.6 in FY08 since the total debt fell by 11% and total equity rose by approximately 15%. Event though the non-current liabilities rose, the current liabilities in FY08 fell by a huge amount causing a decline in the total debt relative to FY07 (mostly due to a fall in unclaimed dividends and customers advanced payments.) The Debt-to-Asset ratio declined from 43.59% in FY07 to 37.51% in FY08 showing faster increase in total assets relative to total debt.

This could indicate that the company's assets are less dependant on borrowed funds despite a record high level of production in FY08. It must be mentioned here that despite the record high production numbers, the sales volume remained unchanged from FY07 indicating that there was a heavy inventory pile up as shown by the rise in inventory turnover ratio. We can therefore conclude that the record high production figures didn't translate into sales and accumulated as inventory instead due to the subsidy dispute with the government. The Times Interest Earned (TIE) ratio fell from 637 in FY07 to 617 in FY08 indicating lower bank charges paid out. Declining net profits led to a fall in earnings per share, which dipped from Rs 29.52 in FY07 to Rs 25.93 in FY08.

FUTURE OUTLOOK

Various schemes of the government under which the tractors were to be given at subsidised rates are rolling and the execution would imply good turnover for the company.

========================================================================================
AL-GHAZI TRACTORS LIMITED-KEY FINANCIAL DATA
========================================================================================
Income Statement (Rs'000)          FY'04       FY'05       FY'06      FY '07       FY'08
----------------------------------------------------------------------------------------
Sales                          6,735,195   7,739,322   9,022,515   9,081,310  10,107,874
Cost of goods sold            -5,136,710  -6,136,774  -7,387,468  -7,427,824  -8,530,087
Distribution cost                -53,328     -61,403     -65,152     -67,145     -75,286
Administrative expenses          -68,427     -79,744     -80,043     -85,845     -91,560
Operating Profit (EBIT)        1,490,434   1,643,073   1,912,941   1,917,466   1,685,675
Financial Charges                 -6,245      -7,517      -2,761      -3,012      -2,734
Net Income Before Taxes        1,484,189   1,635,556   1,910,180   1,914,454   1,682,941
Net Income After Taxes           964,785   1,060,873   1,229,318   1,267,410   1,113,256
----------------------------------------------------------------------------------------
Balance Sheet (Rs'000)             FY'04       FY'05       FY'06      FY '07      FY '08
----------------------------------------------------------------------------------------
Stores & Spares                    8,847      15,316       8,118      10,442      14,673
Stock in Trade                   647,986     740,140     731,002     708,733   1,931,399
Cash & Bank Balances           2,050,184   5,017,307   5,142,121   4,384,551   3,348,997
Total Current Assets           4,059,887   7,056,152   7,025,286   6,581,042   6,840,054
Property, Plant & Equipment       84,911     158,513     252,243     244,928     235,452
Total Assets                   4,180,152   7,245,461   7,278,389   6,827,308   7,086,010
Total Current Liabilities      1,545,098   4,155,274   3,698,853   2,938,224   2,611,710
Total Liabilities              3,274,872   3,274,873   3,274,874   3,274,875   3,274,875
Paid Up Capital                  195,165     214,682     214,682     214,682     214,682
Total Equity                   2,616,088               3,549,880   3,851,221   4,427,772
----------------------------------------------------------------------------------------
LIQUIDITY RATIO                    FY'04       FY'05       FY'06      FY '07      FY '08
----------------------------------------------------------------------------------------
Current Ratio                       2.63        1.70        1.90        2.24        2.62
----------------------------------------------------------------------------------------
ASSET MANAGEMENT                   FY'04       FY'05       FY'06      FY '07      FY '08
----------------------------------------------------------------------------------------
Inventory Turnover(Days)           35.11       30.14       34.38       28.51       69.31
Day Sales Outstanding (Days)        0.41        0.28        0.28        0.96        0.25
Operating Cycle (Days)             35.51       30.42       34.67       29.47       69.57
Total Asset turnover                1.61        1.25        1.06        1.33        1.43
Sales/Equity                        2.57        2.94        2.18        2.36        2.28
----------------------------------------------------------------------------------------
DEBT MANAGEMENT                    FY'04       FY'05       FY'06      FY '07      FY '08
----------------------------------------------------------------------------------------
Debt to Asset(%)                   37.42       57.60       51.23       43.59       37.51
Debt/Equity (Times)                 0.60        1.36        1.05        0.77        0.60
Times Interest Earned (Times)     238.66      692.84      218.58      636.61      616.56
Long Term Debt to Equity(%)         0.72        0.59        0.84        0.98        1.05
----------------------------------------------------------------------------------------
PROFITABILITY (%)                  FY'04       FY'05       FY'06      FY '07      FY '08
----------------------------------------------------------------------------------------
Gross Profit Margin                23.73       18.12       20.71       18.21       15.61
Net Profit Margin                  14.32       13.63       13.71       13.96       11.01
Return on Asset                    23.08       16.97       14.58       18.56       15.71
Return on Common Equity            36.88       40.02       29.88       32.91       25.14
----------------------------------------------------------------------------------------
PER SHARE                          FY'04       FY'05       FY'06      FY '07      FY '08
----------------------------------------------------------------------------------------
Earning per share                  22.47       24.71       28.63       29.52       25.93
Price earning ratio                 6.94        7.97        7.50        8.52           -
Dividend per share                 15.00       17.50       17.50       17.50       12.50
Book value                        134.04      143.09      165.36      179.39      206.25
========================================================================================
COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Toshi on December 20, 2009, 08:33:17 PM
Buy AGTL with stop below 224 for 1st of 242 trend is bullish
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Toshi on December 21, 2009, 11:34:38 PM
Still bullish go for it
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Toshi on December 23, 2009, 08:17:50 PM
Al – Ghazi Tractors Limited (AGTL)
9MCY09 Review
AGTL posted robust earnings of PKR28.63/share (PKR1.2bn), up 28%YoY during 9MCY09 compared to the same
period last year. The primary factor behind growth in the company’s bottom line is 44%YoY surge in AGTL’s topline to
PKR11.3bn. 19%YoY growth in volumetric sales has led to the soaring topline of the
company. However, gross margins of the company declined marginally to 16%
during 9MCY09 compared to 17% in the
corresponding period of last year. Al –Ghazi Tractors also declared interim dividend to the tune of PKR5/share during 9MCY09.

Road Ahead
Going forward, we expect company to post earnings of PKR44.68/share (PKR1.9bn) during CY09, up 72%YoY. At yesterday’s closing price
of PKR239.66/share, AGTL is trading at an attractive CY09E P/E of 5.3x.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Toshi on January 19, 2010, 09:29:54 AM
Buy AGTL with stoploss below 244,bullish trend.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on January 21, 2010, 01:50:53 PM
Buy AGTL with stoploss below 244,bullish trend.

i would put the stop closer to 237
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: sadlik on February 07, 2010, 05:57:05 PM
strong buy call for AGTL......
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Karuli on February 08, 2010, 11:54:27 AM
strong buy call for AGTL......

 :welldone:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: sadlik on February 08, 2010, 02:31:55 PM
buy AGTLLLLLLLLLLLLLLLLLLLLLLLLL

janay na pai  :khikhi:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on February 08, 2010, 03:07:01 PM
Buy AGTL with stoploss below 244,bullish trend.

i would put the stop closer to 237

it turned around from 236.99  :smoky:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: niaz.ahmed on February 08, 2010, 03:19:05 PM
bhai agtl aur mtl ki bm kab hay?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on February 08, 2010, 03:54:06 PM
bhai agtl aur mtl ki bm kab hay?

AGTLs meeting is on the 15

dont know about millat...
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on February 14, 2010, 04:58:27 PM
millat ke 16 ko hay dono ka aik he din result ayaa ga
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on February 14, 2010, 04:59:31 PM
ye ais dafa bonus day sakta hay ya nahii
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on February 16, 2010, 01:01:48 AM
subah result hay ais ka koi b lift nahi karara raha ais ko  :fingerscrossed1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on February 16, 2010, 09:47:48 AM
eps 40.6 dps 15
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on February 16, 2010, 11:11:15 AM
great result............:D :banana:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on February 16, 2010, 01:18:54 PM
not so great i was expecting a higher payout, on avg they pay out 60%+ of profits this time only 49% 

i wonder why :what4:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: 007 on February 16, 2010, 03:02:51 PM
solid lower lock
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: blue chip on February 16, 2010, 06:08:42 PM
eps 40.6 dps 15


40.6 eps n 300% dividend
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on February 16, 2010, 06:47:25 PM
eps 40.6 dps 15


40.6 eps n 300% dividend

(http://www.kse.com.pk/newsimage/013954-1.gif)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on February 17, 2010, 01:44:48 AM
lock kyn laga hay ais ko loss show kia hay kia ais nay  :mad:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on February 17, 2010, 09:24:26 AM
Ghazi Tractors posts Rs 1.743 billion profit after tax

RECORDER REPORT
KARACHI (February 17 2010): Al Ghazi Tractors has posted Rs 1.743 billion as profit after tax in the year ended December 31, 2009 as compared to Rs 1.113 billion earned in the corresponding period in 2008. The company's earning per share surged to Rs 40.61 in the period under review against Rs 25.93 in the same period a year back. The board of directors of the company in its meeting held on Monday recommended a final cash dividend for the year at Rs 15 per share, ie 300 percent.

This is in addition to interim dividend already paid at Rs 5 per share, ie 100 percent. According to the financial results, the company's sales increased to Rs 15.764 billion in 2009 against Rs 10.107 billion recorded in 2008. The cost of goods sold increased to Rs 13.119 billion against Rs 8.530 billion. The company's profit before tax increased to Rs 2.658 billion in this year against Rs 1.682 billion recorded in previous year
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on February 20, 2010, 12:42:40 PM
Keep an eye on it
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on February 28, 2010, 11:41:27 PM
very close to oversold area
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on March 05, 2010, 04:52:47 PM
very close to oversold area

i feel like there is something shady in this script because it has really high volatility >:(

but its fundamentally a hold at least till the dividend
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: niaz.ahmed on March 05, 2010, 10:58:35 PM
Alhamdolillah i bought mtl 3 months ago at 334 when agtl was 250 around. mtl much better than agtl.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dr nouman on March 06, 2010, 02:28:24 AM
salam...
what should b the upper limit of AGTL to sell in next week n by wat date?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on March 08, 2010, 02:30:15 PM
short term sell target 243-245

medium to long term sell target 250-260

though this is a fairly safe share for the longer term, also it should see some action close to its X-date (15march2010)  :fingerscrossed1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Toshi on March 11, 2010, 06:15:32 PM
Tractor sales increase by 31% YoY in 8MFY10
Tractor sales posted a significant improvement in 8MFY10 increasing by 31% YoY to
45,523 units from 34,841 units in the same period last year. Millat Tractors Limited
(MTL) was the one to benefit the most during the period with its sales posting a growth
of 54% YoY while Al Ghazi Tractors (AGTL) registered a 9% increase in its sales.
Furthermore, MTL and AGTL used to hold a 50-50 market share earlier which currently
stand at 57% for MTL and 43% for AGTL.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on March 12, 2010, 12:51:48 PM
this share is beginning to disappoint me  >:(

views on this script?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Toshi on March 12, 2010, 01:24:17 PM
this share is beginning to disappoint me  >:(

views on this script?

problem with this scrip is it has face value RS 5 better to switch MTL at some suitable time.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on March 12, 2010, 02:16:26 PM
this share is beginning to disappoint me  >:(

views on this script?

problem with this scrip is it has face value RS 5 better to switch MTL at some suitable time.

a lot of people say that but i dont understand how that makes a difference, if this were a Rs10 share then its earnings would be double because their paid up cap would be divided by 10 rather then 5....

besides they still earned a lot of money in terms of sales and on the basis of PE/PBV its cheap, and their yoy growth is through the roof

i dont get it  :down:

im holding 60% of my shares at 154.4 and the other 40% at 218.16 for an overall average of 179.9, and it goes x.div on monday - what would you do?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on March 12, 2010, 04:55:03 PM
decided to take the dividend on my whole lot

i feel its fairly safe with the close we had on the index
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dr nouman on April 01, 2010, 10:47:04 PM
BHAI AGTL KA KYA DEHAN HAI......... ::)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on April 06, 2010, 02:20:16 PM
BHAI AGTL KA KYA DEHAN HAI......... ::)

Technically:
it is finding some solid support at 210 and looks like it is about to break its short term down trend - i do not see it coming below 200

in the longer term it is still bullish and targeting 280+ by the time their full year result comes out in Dec2010

Fundamentally:
the government is finding it unsustainable to keep subsidies at the levels that existed earlier, so im guessing that the benazir tractor scheme might take a hit meaning that the sales under that scheme which are a significant portion of AGTL sales will take a hit

though even if agtl takes a hit of a reduction of 25-30% in earnings ie from 40 to 30/28 i feel their dividend payout history indicates that they can still maintain their 400% cash payout as long as they maintain earnings above Rs28 which is highly probable
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dr nouman on April 06, 2010, 02:42:39 PM
BHAI AGTL KA KYA DEHAN HAI......... ::)

Technically:
it is finding some solid support at 210 and looks like it is about to break its short term down trend - i do not see it coming below 200

in the longer term it is still bullish and targeting 280+ by the time their full year result comes out in Dec2010

Fundamentally:
the government is finding it unsustainable to keep subsidies at the levels that existed earlier, so im guessing that the benazir tractor scheme might take a hit meaning that the sales under that scheme which are a significant portion of AGTL sales will take a hit

though even if agtl takes a hit of a reduction of 25-30% in earnings ie from 40 to 30/28 i feel their dividend payout history indicates that they can still maintain their 400% cash payout as long as they maintain earnings above Rs28 which is highly probable
:speak_cool:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on April 08, 2010, 04:02:38 PM
i have sold my expensive 40% of agtl
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dr nouman on April 15, 2010, 02:42:15 AM
time to move up........ :biggthumpup:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on April 15, 2010, 10:11:12 AM
let's see 1st quarter earnings first due tomorrow.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on April 15, 2010, 01:41:10 PM
Some Movement in Low Volume Stock

First I Crying in ATBA and then here in CPL

and I think the Next Scrip will be AGTL Still Underperform

Thanks GOD chal para .... :goodc:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on April 15, 2010, 01:44:22 PM
30 mar, 2010

210 k low say aj 227 ka high hay 8.10 % Increase just in 15 Days  :goodc:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on April 15, 2010, 01:47:24 PM
farooq bahi k trading portfolio kay highest return 11.9%

but mera b itna bura nahi hay
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dr nouman on April 16, 2010, 11:54:03 AM
time to move up........ :biggthumpup:
so guys wat is the target price and time.....?
today or wait for the result....?
any body having any idea. :skeptic:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on April 16, 2010, 12:20:58 PM
Although Current price seem justified but there is less chances of the stock going down.

Major Product 'Fiat' showed 20% increase in sales current quarter
1stq09 = 6,694 units
1stq10 = 8,036 units

goodluck.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on April 16, 2010, 01:34:13 PM
time to move up........ :biggthumpup:
so guys wat is the target price and time.....?
today or wait for the result....?
any body having any idea. :skeptic:

Although Current price seem justified but there is less chances of the stock going down.

Major Product 'Fiat' showed 24% increase in sales current quarter
1stq09 = 6,696 units
1stq10 = 8,319 units

goodluck.


ais ka full year ka result b acha thaa per payout proper na honay ke waja say down hogaya well ais kay pass itna margin hay k ye abi almost 39 % bonus issue kar sakta hay matlab itna room available hay aur accum. p/L b kafi jama hogaya hay bonus dena chahiya ais ko mid term result may 
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on April 16, 2010, 02:58:13 PM
AGTL: 1QCY10 Result Preview

Al Ghazi Tractors Ltd (AGTL) is scheduled to consider its 1QCY10 results today. We expect the company to post NPAT of PkR511mn in 1QCY10 against NPAT of PkR375mn for the same period last year, growth of 36%YoY. The result translates into an EPS of PkR11.89/share for the period under review as compared to EPS of PkR8.72/share for 1QCY09.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dr nouman on April 17, 2010, 01:15:29 AM
so wat is the target price...........n time...ferzooq bhai...... :skeptic:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on April 17, 2010, 12:08:46 PM
As you may already know, 1stquarter result will be announced on Monday.

PS:Feel free to leak any classified info, FIA will not issue any arrest warrant  :laugh:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dr nouman on April 19, 2010, 03:08:43 AM
 :goodc:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on April 19, 2010, 09:39:05 AM
The results are in
(http://www.kse.com.pk/newsimage/015612-1.gif)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on April 19, 2010, 10:02:06 AM
good result but share price is still going down
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on April 19, 2010, 10:12:08 AM
ye pata nahi kia baymari hay ais ko full year result b acha thaa lakin down howa ab phir down hay i think atleast 240 tak jana chahiya thaa
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on April 19, 2010, 11:08:14 AM
Market will get it right sooner or later .. Hold tight

AGTL will shine.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on April 19, 2010, 02:45:26 PM
good result but share price is still going down

i have a feeling that some big boy iss ko nacha raha hai
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on April 19, 2010, 03:06:12 PM
good result but share price is still going down

i have a feeling that some big boy iss ko nacha raha hai

aakhir kab tak nachaye ga ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Omer Shafique on April 20, 2010, 10:34:40 AM
Not Fair with such a good earning and payout.......
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on April 20, 2010, 11:17:35 AM
Not Fair with such a good earning and payout.......

what payout ? did I miss something  :bigeyed:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on April 21, 2010, 01:52:39 PM
good result but share price is still going down

i have a feeling that some big boy iss ko nacha raha hai

aakhir kab tak nachaye ga ?

until the awam starts saying this is a pointless share
because its tough to accumulate this share with its tiny float
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on April 27, 2010, 08:25:07 PM
lagta hey isskey saare traders Millat mey khisak gaye hey  :biggrin:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on April 28, 2010, 03:09:02 PM
lagta hey isskey saare traders Millat mey khisak gaye hey  :biggrin:

'AGTL' bura maan gaya aur jaag gaya (http://pakinvestorsguide.com/Emoticons_files/lol4.gif)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dr nouman on April 28, 2010, 11:18:54 PM
ferzooq bhai wat should b the target price to sell AGTL in this rally............
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on April 29, 2010, 10:35:03 AM
ferzooq bhai wat should b the target price to sell AGTL in this rally............

aaj kal tu jahan profit milay pakar leyna chahiye
but its a good scrip to hold for 3 to 6 months

targeting 250 for now
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on May 05, 2010, 11:16:54 AM
(http://i229.photobucket.com/albums/ee214/farzooq/agtl.jpg)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dr nouman on May 05, 2010, 12:31:01 PM
(http://i229.photobucket.com/albums/ee214/farzooq/agtl.jpg)
and still it is dead without a rally with such a good result....... >:(
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on May 05, 2010, 12:32:16 PM
thats better for us so we can buy more  :goodc:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dr nouman on May 17, 2010, 12:42:25 PM
agtl at  very atractive rate..... :skeptic:
isn't it a safe n handsome investment to buy more........ :goodc:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on May 17, 2010, 12:58:41 PM
agtl at  very atractive rate..... :skeptic:
isn't it a safe n handsome investment to buy more........ :goodc:

pooch rahey ho ya bata rahey ho ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on August 11, 2010, 11:16:55 AM
bm 23 aug
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on August 19, 2010, 12:37:28 PM
AGTL: 1HCY10 Result Preview

Al-Ghazi Tractors Limited (AGTL) is expected to announce its 1HCY10 results on Monday, August 23'10. We expect the company to post NPAT of PkR1.01bn in the review period against NPAT of PkR878.47mn in the same period last year, a growth of 15%YoY. This translates into an EPS of PkR23.52 in 1HCY10 versus an EPS of PkR20.46 in the corresponding period last year.       

 

Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on August 23, 2010, 12:20:12 PM
Dividend ke expectation hy k nahi, may nay 193 days say ais ko hold kar k behtaa hoon ais umeed per k 250 cross karay per ya 230 bari mushkil say jata hy kio muj ko guide karay k ais ko sales kar doo ya hold karo kyn k jis k result a raha hy wo result anay k baad down horaha hy ab ye result anay k baad 200 ka figure tou break karay ga tou us say phalay fariq kar dia jaya k hold kia jaya
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on August 23, 2010, 01:13:43 PM
Dividend tu confirm ayega around 10-15 rs...
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on August 23, 2010, 01:39:40 PM
i would put the dividend payout expectation at no more then Rs5 for the half year

in the long term i would expect this share to be well off considering that the floods have washed away alot of tractors and therefore there will be a surge in purchases again

in the medium term i think it will do ok and will meet its last year payout of Rs20 for the whole year even with a couple of bad quarters as this is a cash rich company and probably makes around Rs5 per share per year purely on interest income

in the short term i feel that it will take a beating due to initially a jerk of lower sales over the next quarter
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on August 23, 2010, 01:45:38 PM
5 rupay hogay zida say ziada 100% hoga kyn k face value 5 rupay hy ais lia tou 100% ka matlab hy 5 rupay dividend kanjoos company hy buhat bonus b nahi daytee
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on August 24, 2010, 09:17:42 AM
(http://www.kse.com.pk/newsimage/018097-1.gif)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on August 24, 2010, 11:50:45 AM
nice result  :banana:

WASIF, its a nice conservative company that likes to keep alot of cash on its books, for this economic situation i think thats a good thing
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on August 24, 2010, 03:07:48 PM
lols,  23 rupess ke earning hy tou sala half tou day aur nahi tou bonus he day day kidar laykar jana hy, nay tou kio expansion plan hy nay kuch aur tou kam say kam half nahi dia jata tou bonus tou day nay look previous year result so kanjoos company.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on August 24, 2010, 03:09:39 PM
previous year ke earning round about 43 thee aur dia kia 20 rupees abay kia 23 rupess per share jo cash may jama horahay hy wo kafi nahi hy jo ab b rakh lia sub kuch apnay pass lols kanjoos company
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Research Doctor on August 24, 2010, 03:13:54 PM
oooo yaar treet ne bhi aisa kia tha aur phir aik hi dafa ikatha 900% bonus de ker hiraan ker diya tha.......yeh jo co's jama kerti rehti hain kabhi bhi hiraan ker sakti hain!!!
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on August 24, 2010, 07:37:00 PM
Thats why I bought Millat Tractor jo apne profit ke sath sath apne shareholders ke portfolio ko bhi profit deti hai.  :banana:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on August 24, 2010, 08:44:01 PM
research doctor ye jo hy nay AGTL ye 39 % say ziada bonus day he nahi sakta unless ye apnay authorized capital SECP say paisay day kar increase na karwa lay sala share holders ko to kuch dayta nahi capital kahan say increase karwaya gaa.  >:(
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ::WASIF:: on August 24, 2010, 08:46:13 PM
MTL buhat mahnga hogaya hy buhat ziada, pata nahi ais k pass kitna margir aur hy k ye bonus day sakay, sala jitna bonus issue karta hy bajaya k eps down ho aur increase hoti jati hy
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on August 25, 2010, 11:25:02 PM
Agar MTL ki bonus ki himmat jawab de jaye tab bhi kam se kam dividend yield to barhe gi jis se main aur shares purchase kar sakta hoon. Al-Ghazi ki earning ka hamein to koi faida nahi ho raha kyunki na tu price barh rahi hai aur na profits mein koi bari change aa rahi hai!
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on August 26, 2010, 04:48:50 PM
AGTL: 1HCY10 Result Review

Al-Ghazi Tractors Limited (AGTL) has recently announced its 1HCY10 results, posting earnings of PkR998mn (EPS-PkR23.24) in 1HCY10 against earnings of PkR879mn (EPS-PkR20.46) in 1HCY09, a growth of 14%YoY. Despite sales volumes declining by ~7%YoY in 1HCY10, prevalent higher tractor prices and lower costs helped the gross margin improve to 19% in the review period against 15% in 1HCY09. As operating costs remained static, AGTL's operating margin grew by ~400bps to 18%. On a sequential basis, AGTL posted EPS of PkR12.14 in 2QCY10 against EPS of PkR11.10 in 1QCY10, a growth of 9%QoQ. Going forward, while near-term outlook remains uncertain till a more comprehensive assessment of flood related damages comes in, the local tractor industry could be relatively insulated with potential demand compression confined to imported tractors. Our stance on AGTL is currently under review and we will update investors shortly
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on September 13, 2010, 07:48:06 PM
aug 2010 sales 537  :shock:

I think the management knew it was coming that's why they have invested lots of cash [I don't know where] to protect the earnings from a severe blow [expect other income to increase] .. neverthless pretty beeped* up performance compared to 'MTL'
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: guru1 on October 07, 2010, 11:41:14 PM
aug 2010 sales 537  :shock:

I think the management knew it was coming that's why they have invested lots of cash [I don't know where] to protect the earnings from a severe blow [expect other income to increase] .. neverthless pretty beeped* up performance compared to 'MTL'
@M&M- plz explain figure of 537, do u want to say that its sales are declining. Why it has not performed or increased its earnings like MTL, do u expect it can ever perform like MTL.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on October 08, 2010, 12:21:07 AM
Performance is not bad, it has equal share in market as of MTL but problem is the board of directors are KANJOOS. May be if they are hanged, then things might go better for its shareholders. :biggrin:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on October 08, 2010, 09:22:05 AM
yaro 'AGTL' was affected badly in the floods .. that's why itna drastic low sales hua hey ab dekho sept mey kia hota hey .. + 'MTL' is snatching the market share
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on October 08, 2010, 09:24:40 AM
aug 2010 sales 537  :shock:

I think the management knew it was coming that's why they have invested lots of cash [I don't know where] to protect the earnings from a severe blow [expect other income to increase] .. neverthless pretty beeped* up performance compared to 'MTL'
@M&M- plz explain figure of 537, do u want to say that its sales are declining. Why it has not performed or increased its earnings like MTL, do u expect it can ever perform like MTL.

'MTL' center of sales is Punjab and 'AGTL' is Sindh based .. mainey pichley post mey aik news share ki thi isi topic per key 'AGTL' was literally shutdown for a month or so because of floods in Sindh - the figure I posted is the number of units sold.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: guru1 on October 08, 2010, 09:55:40 AM
company has 5.5 billions of reserves, 3.5 billion in cash. It has been working in recent past over 100% capacity.It claims that it is producing quality tractors with the lowest cost in the world. Production of tractors in less than the demand in our country. Do u think that it can go into expansion with this much cash in hand?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on October 08, 2010, 11:27:03 AM
company has 5.5 billions of reserves, 3.5 billion in cash. It has been working in recent past over 100% capacity.It claims that it is producing quality tractors with the lowest cost in the world. Production of tractors in less than the demand in our country. Do u think that it can go into expansion with this much cash in hand?

in current situation, i don't think so ..
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: guru1 on October 13, 2010, 10:31:52 AM
Sles of both MTL and AGTL have improved relative to previous month but production of AGTL declined. whats the reason flood or anything else?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dhillon on October 13, 2010, 10:37:41 AM
main Reason is flood. main AGTL sale in SINDH. you konow this province had to face a lot. eventhough the price 200 to 205 is safe
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dhillon on October 13, 2010, 08:44:40 PM
Sale of Fiat and Massey Ferguson tractors grew to 1,632 and 3,194 units in September 2010 from 537 and 3,100 in August 2010.

Senior Executive Director Millat Tractors Sohail Bashir Rana told Dawn from Lahore that actually floods in Central and Upper Punjab had mainly devastated (Kacha Areas) instead of main crop growing areas where usage of tractors is high. This can be attributed as a main reason of maintaining a smooth pace in tractor sales.

He said production and deliveries of tractors from July to September had been expedited and even pending orders of delivery were being executed.

He, however, said the ZTBL had suspended loaning to farmers for the last two to three months which enjoyed a share of 25-30 per cent in total tractor sales but so far buying of farm machinery on cash had been moving normally.

As there is no government tractor subsidy scheme in the current fiscal year, the tractor maker had managed to sell 10,000 units under Benazir Tractor Scheme and 5,000 units under the Sindh government scheme in the last fiscal year. Out of 10,000 units under Punjab government scheme, 70 per cent of the units were sold, Sohail said.

Also SEE the PAMA data
http://www.pama.org.pk/productionjuly2004.htm
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dhillon on October 13, 2010, 08:47:32 PM
Source of News
http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/the-newspaper/business/tractors,-cars,-bikes-sales-up-despite-floods-300
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on October 15, 2010, 09:35:18 AM
eps 31.3
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dhillon on October 21, 2010, 06:37:31 AM
waht are you views about this price range i.e 200 +_ 5 for the investment purpose up to the 4th Q. Pass the comments after seeing the PAMA data.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on October 21, 2010, 09:49:07 AM
waht are you views about this price range i.e 200 +_ 5 for the investment purpose up to the 4th Q. Pass the comments after seeing the PAMA data.

'AGTL' tractor sales have become volatile due to floods mainly and it's relatively painful to trade illiquid stocks ..
Sector wise ppl wud rather invest 'MTL' until some good news on 'AGTL'.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on October 21, 2010, 12:37:26 PM
even though their market share and sales have both taken a ~10% hit i think that they will still meet there dividend payout of 400% for the full year, this i feel is thanks to their conservative payout history.

also the thing to be noted in my view, is the drop in market share rather then the drop in sales. once the sales recover due to the floods effects passing the point to follow will be if their market share recovers, if it doesnt then i would start worrying a little bit, otherwise it should fare ok in the longer term

NOTE:
1. its a Rs. 5/- share
2. i am long this share for the long term
3. it is part of my dividend portfolio


comments/agree/disagree?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on October 21, 2010, 02:34:14 PM
even though their market share and sales have both taken a ~10% hit i think that they will still meet there dividend payout of 400% for the full year, this i feel is thanks to their conservative payout history.

also the thing to be noted in my view, is the drop in market share rather then the drop in sales. once the sales recover due to the floods effects passing the point to follow will be if their market share recovers, if it doesnt then i would start worrying a little bit, otherwise it should fare ok in the longer term

NOTE:
1. its a Rs. 5/- share
2. i am long this share for the long term
3. it is part of my dividend portfolio


comments/agree/disagree?


good. market share is directly related to the sales btw.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on December 31, 2010, 12:27:04 PM
Tractors: AL-GHAZI TRACTORS LIMITED - Analysis of Financial Statements Financial Year 2004 - 3Q Financial Year 2010


OVERVIEW  (December 29, 2010) : The agricultural sector of Pakistan has suffered major jolts on account of country's near default situation, severe energy shortages, political and economic uncertainty and shrinking agriculture credit.

All these factors have collectively impacted the performance of the automobile sector, particularly the tractors. The agriculture-credit assigned to the sector is much less than what is required to meet the adequate demand as the current credit requirement is Rs 553 billion whereas the current credit disbursement is Rs 250 billion, indicating a shortfall of Rs 250 billion worth of funds that need to be infused in the sector.

There is a huge demand for tractors by the farming fraternity with approximately 218,607 applications submitted under the Green Tractor Scheme. Out of these only a minute 10,000 were accepted. The existing credit structure as provided by the Zarai Taraqqiyati Bank Limited (ZTBL) and the various government sponsored schemes like the current Green Tractor Scheme and prospective Benazir Bhutto Scheme are unfortunately not enough to satisfy the demands of this crucial sector.

Furthermore, there is a need to introduce policies that will benefit the local manufacturers and not encourage imports in order to one, save foreign exchange and two, utilise the spare domestic capacity. However, in light of the recent floods, it is expected that agricultural practices, after sustaining short-term setbacks, will in the long-term require modern mechanisms to make use of the fertilised soils and thus, use of tractors is likely to increase immensely.

COMPANY OVERVIEW

Al-Ghazi Tractors Limited (AGTL) engages in the manufacture and sale of agricultural tractors, implements, and spare parts in Pakistan. It manufactures tractors of various models, including 480-S (55 horse power), GHAZI (65 horse power), 640 (75 horse power), and 640 Special (85 horse power). The company was founded in 1983 and has headquarters in Karachi, Pakistan. Al-Ghazi Tractors Limited is a subsidiary of Al-Futtaim Industries Company LLC, having a lion's share of 50.02% followed by 43.17% by CNH Global NV, with whom AGTL has entered into a collaboration agreement for manufacturing new Holland brand of tractors. This agreement is expected to last till April 2016.

The company has completed its capacity expansion in FY06 as a result enhancing the capacity by 100%. Now, with an annual assembling capacity of 30,000 units and capacity utilisation of more than 100%, Al-Ghazi Tractors Limited (AGTL) is the country's largest tractor manufacturer.

RECENT RESULTS (3Q10)

=====================================================================
AL-GHAZI TRACTORS LIMITED-KEY FINANCIAL DATA
=====================================================================
Income Statement (Rs '000)            3Q'10         3Q'09    % Change
=====================================================================
Sales                            10,989,789    11,351,478          -3
Cost of goods sold               -8,863,319    -9,536,972          -7
Distribution cost                   -65,421       -63,924           2
Administrative expenses             -91,076       -73,927          23
Operating Profit (EBIT)           2,048,431     1,879,037           9
Financial Charges                    -1,239        -1,981         -37
Net Income Before Taxes           2,047,192     1,877,056           9
Net Income After Taxes            1,344,133     1,229,356           9
=====================================================================
Balance Sheet (Rs '000)               3Q'10         FY'09    % Change
=====================================================================
Stores & Spares                       4,398        11,691         -62
Stock in Trade                    1,453,355     1,253,682          16
Cash & Bank Balances              2,451,539     3,522,479         -30
Total Current Assets              6,957,073     7,124,751          -2
Property, Plant & Equipment         358,579       252,695          42
Total Assets                      7,316,580     7,380,671          -1
Total Current Liabilities         1,463,635     1,907,421         -23
Total Liabilities                 1,518,597     1,960,752         -23
Paid Up Capital                     214,682       214,682           0
Total Equity                      5,797,983     5,419,919           7
=====================================================================

Owing to the ravaging floods and the ensuing havoc caused in the agricultural sector, the company witnessed a slowdown in sales of its tractors in the third quarter of 2010 while the plant at DG Khan had to remain closed for nearly a month due to inundated roads.

Still, the company managed to show remarkable results in 3Q10 with profit before tax and profit after tax both increased by 9% YoY. PBT stands at Rs 2.047 billion, having risen from Rs 1.877 billion while PAT stands at Rs 1.344 billion having risen from Rs 1.229 billion. This can be attributed largely to increased sales during the first half of the current year and a higher operating profit. EPS stands at Rs 31.31.

During 3Q10, production reached 21,917 tractors, while sales of 21,916 tractors were recorded, comparably lower than the 23,770 sold in the corresponding period last year. However, it must be noted that the plant is being utilized at near full capacity of 30,000 tractors per year and increases in demand will require further investment in capacity expansion. Another point not to be missed is that while AGTL's sales were on the decline, Millat Tractors Limited was witnessing rising sales in the third quarter of 2010, thereby increasing its market share. Sales revenue amounted to Rs 10.989 billion, a decline of 3% YoY. CGS amounted to Rs 8.863 billion, a decline of 7% YoY. This decline was caused by loss of value of finished goods.

Distribution costs and Administration expenses are on the rise owing to inflationary pressures, higher utilities charges and an increase in salaries paid. They increased 2% and 23% respectively YoY, bringing EBIT to stand at Rs 2.048 billion, 9% higher than Rs 1.879 billion in the corresponding period last year.

On the assets side, there was an increase in tied-up working capital owing to a 16% increase in Stock in Trade from Rs 1.253 billion to Rs 1.453 billion since the end of FY09. On the other hand, stores and spares decreased 62% from Rs 11 million to Rs 4 million. The stock in trade increased because of falling liquidity of buyers while stores and spares fell after the close down of the DG Khan plant for a month.

As a result of lower liquidity, Cash and Bank Balances also declined by 30% since the end of FY09, thus bringing down total current assets by 2% to Rs 6.957 billion. However, total assets have barely changed in amount due to a 42% increase in fixed assets.

Liabilities (both current and total) have witnessed a 23% decline while equity is steadily on the rise with increase in accumulating reserves.

FINANCIAL PERFORMANCE (FY09)

Production and sales: Al-Ghazi outdid all previous performance levels by surpassing full capacity to produce 30,351 tractors in FY09. This was recorded at 10.16% YoY growth rate, despite a slowdown in demand owing to credit crunch faced by the agricultural sector in light of rising defaults on bank loans.

As can be seen from the graph below, trend of Sales (units) has consistently gone upward. However, in recent years, the percentage increase in sales (units) has considerably reduced owing to stiff competition with Millat Tractors, which registered a 12.5% YoY growth in sales (units) to reach a record high of 30,677 tractors in 2009, the highest number in Pakistan.

PROFITABILITY

FY09 proved fruitful for Al-Ghazi in terms of profitability. Gross profit and net profit both increased, with gross profit rising to Rs 2.645 billion, 68% YoY increase from Rs 1.577 billion and net profit rising to Rs 1.743 billion, 57% YoY increase from Rs 1.113 billion. Rising profitability can be attributed to the Green Tractor Scheme Punjab as well as better support prices for wheat and rice, which resulted in a rise in sales of tractors. Millat Tractors, despite higher sales, recorded a lower Net Profit at Rs 1.215 billion, 50% higher than in FY08.

Therefore, the Gross Profit Margin rose from 15.61% in FY08 to 16.78% in FY09. Similarly, the Net Profit Margin increased slightly from 11.01% in FY08 to 11.06% in FY09. Likewise, the Return on Assets (ROA) and Return on Equity (ROE) both experienced an increase with ROA rising from 15.71% in FY08 to 23.62% in FY09 and ROE coming up from 25.14% in FY08 to 32.17% in FY09. ROA rose on the back of a 57% increase in the Net Profit against a 4% rise in the Company's Assets, whereas, the ROE rose due to higher increase in Net Profit than in Equity (22% increase YoY).

ASSET MANAGEMENT

An assessment of the Asset Management shows improvement over FY08. Inventory Turnover fell more than 50% from 69 days in FY08 to 29 days in FY09 reflecting a shorter time to sell and replenish inventory. This reflects a return to old practices, which had been disrupted in FY08 over qualms with the government regarding subsidies. The Day Sales Outstanding rose from 0.25 in FY08 to 0.46 in FY09, as the trade debts rose almost 200% in FY09 to Rs 20 million. Consequently, the operating cycle fell from 69.6 days in FY08 to 29.4 days in FY09. On the other hand, Millat Tractors Inventory Turnover stayed high at 52 days in FY09.

Total Asset Turnover rose from 1.43 in FY08 to 2.14 in FY09. This reflects poorly compared to Millat Tractors' Total Asset Turnover of 2.35. The Sales to Equity Ratio rose from 2.28 in FY08 to 2.91 in FY09. The increase in this indicator is attributed to the higher sales of the tractors.

LIQUIDITY

Al-Ghazi Tractors was slightly trapped with the liquidity in FY08 owing to a few major factors. Firstly, the government's sudden and unexpected reversal of subsidy policy under the Green Tractor Scheme leading to a decline in sales of 2,594 tractors and secondly, ZTBL's failure to encash bank drafts of Rs 298.4 million, which later climbed to Rs 471.4 million, exacerbated the liquidity position. Adding to the problem was Federal Board of Revenue (FBR's) inefficiency and delays in refunding the sales tax paid by the company. However, the situation improved massively in FY09 and thus, Current Ratio climbed to 3.74. Compared to Millat Tractors, however, Liquidity is much more favourable. Millat's Current Ratio was 1.7 for FY09.

DEBT MANAGEMENT

An evaluation of the Debt Management capabilities of Al-Ghazi Tractors shows improvement since FY08. Long-term debt to equity ratio fell slightly from 1.05% in FY08 to 0.98% in FY09 due to a higher rise in equity than in non-current liabilities. Equity rose 22% in FY09 while long-term debt rose only 14%. Consequently, debt to equity ratio also fell from 0.6 in FY08 to 0.36 in FY09, since total debt fell by 26% and total equity rose by approximately 22%.

The Debt-to-Asset ratio declined from 37.51% in FY08 to 26.57% in FY09, showing faster increase in Total Assets relative to Total Debt. This could indicate that the company's assets are less dependent on borrowed funds despite a record high level of production in FY09. The Times Interest Earned (TIE) ratio rose dramatically from 617 in FY08 to 1,235 in FY09, indicating lower bank charges paid out as well as higher returns on investments. This is evidenced by lower Financial Charges of Rs 2.154 million in FY09 and higher earnings on Certificates of Investment and Deposits with banks.

Millat Tractors presents an interesting case with long-term debt to equity ratio of twice as much as that of Al-Ghazi at 2%. Meanwhile, TIE stands at 46.28 times, showing a highly leveraged position of the company as compared to Al-Ghazi, with lower interest earnings and higher reliance on borrowings for funding Assets.

MARKET VALUE

Rising net profits led to an increase in earnings per share from Rs 25.93 in FY08 to Rs 40.61 in FY09. Dividend per share amounted to Rs 15 in FY09, higher than Rs 12.5 in FY08. Price to earnings ratio declined from 10 times to 4.3 times owing to slower market response to higher profitability. However, rising prices in 2010 balanced out this effect. Meanwhile, Book Value rose on the backdrop of constant shareholding, from Rs 206 in FY08 to Rs 252 in FY09.

Millat Tractors' EPS stood at Rs 51.87 while Dividend per Share stood at Rs 45, both much higher than Al-Ghazi's. Also, Millat's market value was slightly higher than Al-Ghazi's with share price averaging Rs 211.27 in FY09.

====================================================================================================
AL-GHAZI TRACTORS LIMITED-KEY FINANCIAL DATA
====================================================================================================
Income Statement (Rs'000)          FY'04       FY'05       FY'06      FY '07       FY'08       FY'09
====================================================================================================
Sales                          6,735,195   7,739,322   9,022,515   9,081,310  10,107,874  15,764,825
Cost of goods sold            -5,136,710  -6,136,774  -7,387,468  -7,427,824  -8,530,087 -13,119,011
Distribution cost                -53,328     -61,403     -65,152     -67,145     -75,286     -87,569
Administrative expenses          -68,427     -79,744     -80,043     -85,845     -91,560    -111,270
Operating Profit (EBIT)        1,490,434   1,643,073   1,912,941   1,917,466   1,685,675   2,660,988
Financial Charges                 -6,245      -7,517      -2,761      -3,012      -2,734      -2,154
Net Income Before Taxes        1,484,189   1,635,556   1,910,180   1,914,454   1,682,941   2,658,834
Net Income After Taxes           964,785   1,060,873   1,229,318   1,267,410   1,113,256   1,743,535
----------------------------------------------------------------------------------------------------
Balance Sheet (Rs '000)            FY'04       FY'05       FY'06      FY '07      FY '08      FY '09
----------------------------------------------------------------------------------------------------
Stores & Spares                    8,847      15,316       8,118      10,442      14,673      11,691
Stock in Trade                   647,986     740,140     731,002     708,733   1,931,399   1,253,682
Cash & Bank Balances           2,050,184   5,017,307   5,142,121   4,384,551   3,348,997   3,522,479
Total Current Assets           4,059,887   7,056,152   7,025,286   6,581,042   6,840,054   7,124,751
Property, Plant & Equipment       84,911     158,513     252,243     244,928     235,452     252,695
Total Assets                   4,180,152   7,245,461   7,278,389   6,827,308   7,086,010   7,380,671
Total Current Liabilities      1,545,098   4,155,274   3,698,853   2,938,224   2,611,710   1,907,421
Total Liabilities              1,564,064   4,173,512   3,728,509   2,976,087   2,658,238   1,960,752
Paid Up Capital                  195,165     214,682     214,682     214,682     214,682     214,682
Total Equity                   2,616,088   3,071,949   3,549,880   3,851,221   4,427,772   5,419,919
----------------------------------------------------------------------------------------------------
LIQUIDITY RATIO                    FY'04       FY'05       FY'06      FY '07      FY '08      FY '09
----------------------------------------------------------------------------------------------------
Current Ratio                       2.63        1.70        1.90        2.24        2.62        3.74
----------------------------------------------------------------------------------------------------
ASSET MANAGEMENT                   FY'04       FY'05       FY'06      FY '07      FY '08      FY '09
----------------------------------------------------------------------------------------------------
Inventory Turnover(Days)           35.11       30.14       34.38       28.51       69.31       28.90
Day Sales Outstanding (Days)        0.41        0.28        0.28        0.96        0.25        0.46
Operating Cycle (Days)             35.51       30.42       34.67       29.47       69.57       29.36
Total Asset turnover                1.61        1.25        1.06        1.33        1.43        2.14
Sales/Equity                        2.57        2.94        2.18        2.36        2.28        2.91
----------------------------------------------------------------------------------------------------
DEBT MANAGEMENT                    FY'04       FY'05       FY'06      FY '07      FY '08      FY '09
----------------------------------------------------------------------------------------------------
Debt to Asset (%)                  37.42       57.60       51.23       43.59       37.51       26.57
Debt/Equity (Times)                 0.60        1.36        1.05        0.77        0.60        0.36
Times Interest Earned (Times)     238.66      692.84      218.58      636.61      616.56     1235.37
Long Term Debt to Equity (%)        0.72        0.59        0.84        0.98        1.05        0.98
----------------------------------------------------------------------------------------------------
PROFITABILITY (%)                  FY'04       FY'05       FY'06      FY '07      FY '08      FY '09
----------------------------------------------------------------------------------------------------
Gross Profit Margin                23.73       18.12       20.71       18.21       15.61       16.78
Net Profit Margin                  14.32       13.63       13.71       13.96       11.01       11.06
Return on Asset                    23.08       16.97       14.58       18.56       15.71       23.62
Return on Common Equity            36.88       40.02       29.88       32.91       25.14       32.17
----------------------------------------------------------------------------------------------------
PER SHARE                          FY'04       FY'05       FY'06      FY '07      FY '08      FY '09
----------------------------------------------------------------------------------------------------
Earning per share                  22.47       24.71       28.63       29.52       25.93       40.61
Price earning ratio                 6.94        7.97        7.50        8.52       10.03        4.30
Dividend per share                 15.00       17.50       17.50       17.50       12.50       15.00
Book value                        134.04      143.09      165.36      179.39      206.25      252.46
====================================================================================================
COURTESY: Economics and Finance Department, Institute of Business Administration, Karachi
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SK on February 04, 2011, 09:28:26 PM
(http://www.kse.com.pk/newsimage/022098-1.gif)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on February 15, 2011, 10:21:14 AM
eps 44.46 dps 12.5
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: guru1 on February 15, 2011, 10:23:56 AM
@Farzooq bhai!  result pay kuch comment kerain, kaisa raha yeh result oar future kaisa laghta ha aap ko?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on February 15, 2011, 11:51:02 AM
sales down .. gross margin up .. dividend acha dia hey
result is ok baaki detail report mey pata chaleyga
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on February 15, 2011, 12:00:01 PM
even though their market share and sales have both taken a ~10% hit i think that they will still meet there dividend payout of 400% for the full year, this i feel is thanks to their conservative payout history.

also the thing to be noted in my view, is the drop in market share rather then the drop in sales. once the sales recover due to the floods effects passing the point to follow will be if their market share recovers, if it doesnt then i would start worrying a little bit, otherwise it should fare ok in the longer term

NOTE:
1. its a Rs. 5/- share
2. i am long this share for the long term
3. it is part of my dividend portfolio


comments/agree/disagree?


the payout is inline with what was expected - though its earnings are slightly better then what i thought the impact of the floods would have on it.

as M&M said the true picture will be a little clearer when the report comes out but for now i am going to be keeping this share a part of my dividend portfolio, specially if the global food/commodity run keeps going
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on March 17, 2011, 01:28:42 PM
AKD Quotidian

AGTL: Estimates Revision

Following the release of CY10 financial results and earnings growth (9%YoY) despite floods, we have raised our target price of AGTL to PkR313.5/share from PkR282.5/share previously. Upward revision stems from 1) consistent increase in tractor demand on the back of increasing agriculture incomes, 2) post flood rehabilitation expected to benefit AGTL the most due to its majority share in Sindh and KP, 3) AGTL's diversification into smart irrigation solutions, 4) expected higher cash flows post 17% GST levy on tractors. We therefore raise our earnings estimates by ~21% on average across CY11E-CY14F. At current price, AGTL trades at a FY11E PER of 4.0x and offers an upside of 52% to our revised target price of PkR313.50/share.

Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on March 17, 2011, 02:02:48 PM
AKD Quotidian
AGTL: Estimates Revision

that was unexpected, i was expecting a trimming of the price target - though their dividend should stay constant
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Raza on March 24, 2011, 06:12:39 PM
I'm interested in buying AGTL to keep it for 6 months to 1 year. Please suggest whether it is lucrative to buy AGTL at this level i-e 203 or not??
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: guru1 on March 25, 2011, 12:37:47 AM
I'm interested in buying AGTL to keep it for 6 months to 1 year. Please suggest whether it is lucrative to buy AGTL at this level i-e 203 or not??
Quite attractive for long term.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on March 25, 2011, 03:07:28 PM
I'm interested in buying AGTL to keep it for 6 months to 1 year. Please suggest whether it is lucrative to buy AGTL at this level i-e 203 or not??
Quite attractive for long term.
agreed, but it looks a little bearish to me in the short term

ideally if you are an active participant i would say it would be best to monitor it and accumulate between here and 190, if you arent active then a buy around here provided you're planning to hold it for a years worth of dividend should yield you a respectable 25+%
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Lets See on April 03, 2011, 09:05:54 PM
Aoa,

My Question is about AGTL (Alghazi Tractor)....taking its dividend is Halal or not?

Usually we may purchase is last day of spot and when next day , it is X, we sell it. Taking dividend this way is halal or is it like day trading ?

Pls do reply it is important...
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on April 03, 2011, 09:30:43 PM
It is halal. However you will get nothing by purchasing on last day of spot and selling on xd the next day as dividend will be deducted from xd market price. Also dividend is subject to income tax liability @ 10%. So practically you will suffer loss.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Lets See on April 03, 2011, 09:43:59 PM
Also Alghazi is not included in Shariah Compliance Company list for April 2011...as i did't recieve its dividend yet...? will it be Halal...or straight away Haram ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Roomi on April 03, 2011, 10:13:13 PM
Also Alghazi is not included in Shariah Compliance Company list for April 2011...as i did't recieve its dividend yet...? will it be Halal...or straight away Haram ?
Please avoid declaring anything Haraam untill you are dead sure.Their is no qualified Mufti or scholar on this forum.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Lets See on April 03, 2011, 10:38:46 PM
well...as subject is "shariah compliance companies" and i read posts from "ayub", " Poker face" and other senior members that is why i asked ...do you people avoid companies which are not in the list while their product itself is "industrial"...also Alghazi was in list in 2010 while not in 2011 so companies they keep on reviewing their list...so what does it mean? first see the list then trade?

secondly "Poker Face" : please tell me if last day spot trade is useless rather loss...as hv seen many companies didnt have any rally even last day went negative then what shoudl be profitable way...when (how many days) should we purchase and when should we sell after its XD.?

Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on April 03, 2011, 10:49:46 PM
There is not a single company listed at KSE fully immune to interest based dealings. What I do is totally avoid banks, insurance and companies having huge amount of debt.
Secondly, it is better to hold dividend paying stocks for 6 months or more.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Lets See on April 04, 2011, 04:24:26 PM
Poker Face:
1--What about dividend of shariah compliance companies....?

"When a Muslim share-holder receives a dividend he must ascertain that
proportion of the profit of the company which has accrued on its
interest-bearing accounts. Then a similar proportion from his own dividend
must be given by him to a person or persons entitled to receive Zakaat.
Mufti Ebrahim Desai
FATWA DEPT.

2--Dividend of AGTL ... Jaaiz? and AGTL is not in Shariah Compliace list ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on April 04, 2011, 04:30:42 PM
excellent idea. For this, we need to go through detailed financial reports of the company.
You have give me light. Thank You
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 08, 2011, 12:05:51 PM
kia is rate pay buy krna chai haa agtl .... seniors plz advice ...?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: guru1 on April 08, 2011, 01:37:07 PM
current rate is good enough to enter.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 08, 2011, 07:33:08 PM
lakin is pay jo tax laga haa uss sa is ki earning pay koi farq nahi paray ga kiya
and kia iss ka mtl sa koi link nahi haa as people on mtl form are predicting mtl to be at Rs.300
.......................?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 08, 2011, 07:50:43 PM
"Tractors output drops by 50 percent: Production of tractors has
dropped by 50 percent in the country after levy of 17 percent Revised
General Sales Tax (RGST) with effect from 15th March 2011,
industry sources told Business Recorder here on Wednesday. They
said tractors of different makes and horse powers have become
costlier by Rs 0.1 million to Rs 0.25 million after levy of RGST since
tractor manufacturing industry had been zero?tax rated for past
twelve years.
(BR)"




what will be the effect of the above news on agtl ... ? if it is true ... !
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on April 08, 2011, 08:02:22 PM
With increase in prices the sales will decline
And will effect future earnings
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 09, 2011, 12:54:01 AM
farzooq bhai when its earning is expected to decline then its future price will also be affected ... whats your recommendation on this script ....buy , accumulate or sell ...
 :skeptic:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on April 09, 2011, 11:55:46 AM
In my opinion, don't make fresh entry, 1st lets see the impact on earnings for next quarter and also picture will be much clear till July. For the past so many months, scrip is trading in a thin range of 200-230. These is greater probability that in the absence of any major positive trigger and especially negative impact on earnings, the scrip may not get bullis. So you may get a better entry point in June-July.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ally on April 09, 2011, 03:31:31 PM
AKD has maintained its buy call (April 08'2011 weekly updatw) for both Millat (Target Price Rs 644) and Al Ghazi (Target Price Rs 313).

Probably they think that the impact will be short term only.

Pakistan Automotive Manufacturers Association (PAMA) has not uploaded March Data yet, March and April will be interesting.

I dont know too much about the technicals and dont have access as well but fundamentaly there should not be a huge impact, tractors demand apparentlt is quite inelastic and should not drop significantly.

Can any senior member discuss fundamentals in a bit more detail; my entry was at 201 and still holding.....
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: guru1 on April 09, 2011, 09:24:56 PM
I think pakistan is importing tractors to meet the demand. i dont see any significant impact on sales.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 09, 2011, 10:20:47 PM
guru bhai ager kaheen sa confirm data mill gai to decision acha hoo sakta haa ... and if koi affect nahi hoo ga sales pay to phir to yeah rate acha lagta haan .... !
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: guru1 on April 10, 2011, 11:57:04 PM
guru bhai ager kaheen sa confirm data mill gai to decision acha hoo sakta haa ... and if koi affect nahi hoo ga sales pay to phir to yeah rate acha lagta haan .... !
Pakistan Automotive Manufacturers Association (PAMA) has not uploaded March Data yet.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 11, 2011, 10:31:38 PM
how long does they take to upload data .... ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ally on April 16, 2011, 02:47:24 PM
Production of Millat (Massey Ferguson) has droped from 4,109 units in February to 3,007 units in March whereas AlGhazi (Fiat) has stayed the same at 3,000 units.

Sales volume has halved for Millat from 4,000 units sold in Feb to 2,200 units in March whereas Al Ghazi has seen slight decrease from 3,100 to 2,800 units sale.

Al Ghanzi production and sale may be to cater for older orders or this might have to do with geograhical difference of the market of both the companies.

April will be really intresting; however this data is showing that things are not going good apprantly; for Millat atleast. Complete data of auto manufactring and sales can be viewed on the link

http://www.pama.org.pk/statistical-information/sales-production/monthly-sales-production
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 17, 2011, 06:11:40 PM
how do seniors see agtl now after these figures .... ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ek ka do, do ka char on April 17, 2011, 11:20:36 PM
results seems sustaining for agtl, but due to its conservative pay out strategy, it still appears bearish... comments plz.....
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on April 19, 2011, 11:30:11 AM
AKD daily

AGTL: 1QCY11 Result Preview

Al-Ghazi Tractors Limited (AGTL) is scheduled to consider its 1QCY11 financial results tomorrow (April 20, 2011). We expect the company to report NPAT of PkR666mn (EPS: PkR15.50) in the review period against NPAT of PkR477mn (EPS: PkR11.10) in the same period last year, a robust growth of 40%YoY.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on April 21, 2011, 10:37:23 AM
eps 14.47
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: guru1 on April 21, 2011, 11:54:07 AM
good result brother, it can cross 300 in 2011.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 21, 2011, 11:15:48 PM
guru bhai jo sale cut down hoi haa us ka impact kiya result pay nahi aii ga ....?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: guru1 on April 22, 2011, 10:25:28 AM
guru bhai jo sale cut down hoi haa us ka impact kiya result pay nahi aii ga ....?
sales tou cut down hoe ha per margins improve hoay hain.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 22, 2011, 10:53:39 AM
kiya improve margin low sale kay effect ko set off kr dain ga ka earning bhi improve hooo gi jaisay is quater mein hoi haa ....?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on April 22, 2011, 11:17:38 AM
Result of quarter ending June 2011 will be important as 17% GST was imposted from 15 March, 2011 and current result is not showing any impact of GST. So keep fingers crossed and closely monitor the monthly sales data for next 3 months.  :fingerscrossed1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ally on April 24, 2011, 05:16:09 PM
Had a look at the financial statements of Al Ghazi, very different and strage rather wierd payout policy of this company.

The Company is litrellay sitting on a mountain of cash 3.1 billion plus in cash and bank and and 1.3 billion in short term investment. The Company had only 381 Million in other income, there isnt anything in Work in progess and long term liability,

May be they are planning on something big in near future...does not seem to be a very smart idea to think that shareholders will not be able to earn more than eight and a half percent of cash & bank and short term investments that they are making in other income...:)....working capital requirements of 4.5 Million also seem very high....

@ Farzooq or Poker Face, can you plz comment!
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on April 24, 2011, 05:46:41 PM
Thats why I dont buy even with attractive multiples.
Management needs to be replaced with good one having high payout policy.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on April 28, 2011, 07:54:43 PM
Tractors sold by agtl in 1q ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ally on April 29, 2011, 12:19:09 AM
8,602 units
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ally on April 29, 2011, 12:20:01 AM
8,602 units
Source:
http://www.pama.org.pk/statistical-information/sales-production/monthly-sales-production
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 29, 2011, 10:52:00 AM
what was the sale of previous year q1 ............?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ally on May 10, 2011, 12:48:33 AM
Ab ye share jan dy to tab koe lift mily gi is bychary ko.....  :bigeyed:

@ Poker Face, bro the share has gone from 202 about six weeks ago to 227 (12%), its huge, isnt it.

AKD has again given buy call with year end price of 313. I bough at 202 then sold 212 and rebought at 216. Beach man c kuch din aqalmand bar kar MTL lia tha lakin wo to hilny ka nam he nah la raha.

Q1 EPS was 14+ and yearly average should be around ~50 (Q2 should be 14 agains Q3 and Q4 could go low due to impact on pricing post budget and moonsoon season) and assuming payout of around 50% the share would still have dividend yield well over 10%. Though i feel payout could be slightly higher this time as current ratio is very very high and so much cash with the company.

@ JAWAD, Q1'2010 sale was 8,036 units this translates into icrease of 7% in Q2'2011 compared to Q1'2010.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on May 10, 2011, 09:13:38 AM
Ab ye share jan dy to tab koe lift mily gi is bychary ko.....  :bigeyed:

@ Poker Face, bro the share has gone from 202 about six weeks ago to 227 (12%), its huge, isnt it.

AKD has again given buy call with year end price of 313. I bough at 202 then sold 212 and rebought at 216. Beach man c kuch din aqalmand bar kar MTL lia tha lakin wo to hilny ka nam he nah la raha.

Q1 EPS was 14+ and yearly average should be around ~50 (Q2 should be 14 agains Q3 and Q4 could go low due to impact on pricing post budget and moonsoon season) and assuming payout of around 50% the share would still have dividend yield well over 10%. Though i feel payout could be slightly higher this time as current ratio is very very high and so much cash with the company.

@ JAWAD, Q1'2010 sale was 8,036 units this translates into icrease of 7% in Q2'2011 compared to Q1'2010.


thanx ally...!
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on June 07, 2011, 03:05:04 PM
any news in it ....? its falling day by day ..................!
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dr. Economist on June 07, 2011, 03:16:05 PM
any news in it ....? its falling day by day ..................!

itna barh gaya tha bhai..ab thora bohot tau girna banta h.. :console:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on June 08, 2011, 12:20:41 AM
lakin brokeage houses to is ka target 300+ dey raha haan .... !!!!
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dr. Economist on June 08, 2011, 11:19:18 AM
lakin brokeage houses to is ka target 300+ dey raha haan .... !!!!

tau bhaya 1 month me tau nai chale jana na 300+..time lagy ga kafii
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on June 10, 2011, 03:36:56 PM
hmm woo to theek haa lakin kitna time lagay gaaaa andazan
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ally on July 11, 2011, 12:36:47 AM
H1 sales good for both tractor manufacrurers....infact very good for MTL...

Q3'11 will be make or break especially for AGTL due to moonsoon season....

Data till May'11 could be viewed on the link below:

http://www.pama.org.pk/statistical-information/sales-production/monthly-sales-production
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on July 14, 2011, 10:59:24 AM
-11 ..... :shock:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on August 11, 2011, 08:13:55 PM
bod on 18
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on August 12, 2011, 08:41:26 PM
KARACHI: The first month of 2011-2012 started on a disastrous note for tractor makers with sales plunging by 81 per cent while car and two/three wheeler sales surged by 51.6 and 14 per cent.

Sales of trucks and buses plunged by 52.5 and 50 per cent while 141 per cent jump was witnessed in sale of light commercial vehicles.

Total tractor production in July 2011 dropped to 1,732 units as compared to 5,688 units while sales fell to 1,036 units from 5,468 units in July 2010.

Fiat production and sales declined to 635 and 309 units in July 2011 as compared to 2,822 and 2,816 units in the same month of last fiscal year.

Massey Ferguson production and sales dropped to 1,079 and 727 units in July 2011 as compared 2,866 and 2,652 units in July 2010.

The imposition of 16 per cent sales tax is finally making its impact as tractor makers are facing dearth of fresh orders from growers and farmers.

As a result, Al-Ghazi Tractors has already suspended its production for the last one month due to unsold stocks parked at plant and countrywide dealership network while Millat Tractors is already running at 50 per cent capacity.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on August 13, 2011, 03:17:16 PM
KARACHI: The first month of 2011-2012 started on a disastrous note for tractor makers with sales plunging by 81 per cent while car and two/three wheeler sales surged by 51.6 and 14 per cent.

Sales of trucks and buses plunged by 52.5 and 50 per cent while 141 per cent jump was witnessed in sale of light commercial vehicles.

Total tractor production in July 2011 dropped to 1,732 units as compared to 5,688 units while sales fell to 1,036 units from 5,468 units in July 2010.

Fiat production and sales declined to 635 and 309 units in July 2011 as compared to 2,822 and 2,816 units in the same month of last fiscal year.

Massey Ferguson production and sales dropped to 1,079 and 727 units in July 2011 as compared 2,866 and 2,652 units in July 2010.

The imposition of 16 per cent sales tax is finally making its impact as tractor makers are facing dearth of fresh orders from growers and farmers.

As a result, Al-Ghazi Tractors has already suspended its production for the last one month due to unsold stocks parked at plant and countrywide dealership network while Millat Tractors is already running at 50 per cent capacity.



poker bhai how will this effect the eps of agtl and mtl ... ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on August 13, 2011, 03:36:06 PM
i am considering to change my agtl with ffc ... what do seniors advise because my buying price of agtl is 223
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on August 13, 2011, 03:47:20 PM
i am considering to change my agtl with ffc ... what do seniors advise because my buying price of agtl is 223

I am also planning to shift my MTL with FFC/FFBL because they are expected to give 40% return in 12 months. AGTL will also have the same effect as MTL with stagnant/declined tractor sales for this year. So better to look for something else and then reinvest after 1 year.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on August 14, 2011, 06:17:10 AM
iss ki sale recover kis time tak hoo saktii haa ... any idea...?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on August 14, 2011, 07:52:13 AM
After October I hope
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on August 14, 2011, 10:28:18 PM
After October I hope

poker bhai if it is expected to recover after oct then we need not to worry too much .. and important thing is that how much sales would be recoverd ... ?
will it be able to achieve the level of sales it had .... ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on August 14, 2011, 10:36:41 PM
Jawad bhai I hope ke you won't get heavy losses in terms of value of share and it may remain within 180-230 range for CY 12 and you will get dividend income.
But your money will be stuck for 6-12 months in a company where there is 'reasonable certainty' that it will not be able to show growth of 10% or more and hence lesser chance of appreciation in stock price. What you say?
On the other hand, next 6 months are going to be robust for FFC/FFBL and again there is 'reasonable certainty' of this happening. So why not enjoy the ride and then come back to it after some time? NML/NCL are also deeply discounted. We have to employ capital to maximize value of our portfolio!
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on August 14, 2011, 10:50:20 PM
Jawad bhai I hope ke you won't get heavy losses in terms of value of share and it may remain within 180-230 range for CY 12 and you will get dividend income.
But your money will be stuck for 6-12 months in a company where there is 'reasonable certainty' that it will not be able to show growth of 10% or more and hence lesser chance of appreciation in stock price. What you say?
On the other hand, next 6 months are going to be robust for FFC/FFBL and again there is 'reasonable certainty' of this happening. So why not enjoy the ride and then come back to it after some time? NML/NCL are also deeply discounted. We have to employ capital to maximize value of our portfolio!
poker bhai what will happen to ffc and ffbl if gov increase gas prices ... ?  how much will they be hurt .... ?
and if we consider extreme condition that goverment increses gas prices by 100% then how much growth will be remained with ffc and ffbl ... !!!
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on August 17, 2011, 08:09:34 AM
m expecting its eps for this quater around Rs 8/- and for six months Rs.22.47/-
lets c ... the result ....
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on August 17, 2011, 08:10:41 AM
comments from seniors would be appreciated ....!
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on August 18, 2011, 11:39:04 AM

AKD Daily

AGTL: 1HCY11 Result Preview

The Board of Directors of Al-Ghazi Tractors (AGTL) is scheduled to consider the company's 1HCY11 financial results today. We expect AGTL to report NPAT of PkR1,140mn (EPS: PkR26.54) in 1HCY11 against NPAT of PkR998mn (EPS: PkR23.24) in 1HCY10, translating into a growth of 14%YoY. Growth is expected to stem from higher prices (up 6%YoY) and higher 'other income' on the back of increase in cash balance (receipt on sales tax dues from the government) coupled with higher interest rates (average 6M KIBOR up 140bpsYoY to 13.73% in 1HCY11). Despite higher tractor prices however, 1HCY11 Gross Margin is expected to remain flat at 19.4%. On a sequential basis, earnings are expected to decline by 17%QoQ to stand at PkR518mn (EPS: PkR12.07) in 2QCY11. Decline is expected to come mainly from a 26%QoQ contraction in the topline due to sequentially lower volumes (down 26%QoQ), as tractor demand deteriorated post GST Levy and erosion in farmer economics (higher fertilizer prices, lower cotton prices). To add to tractor manufacturers' woes, news reports indicate a potential government decision to allow duty free import of reconditioned tractors. While we have a Buy stance on AGTL (CY11F PER: 3.86x) based on our target price of PkR313.5/share (upside: 59%), we caution investors to remain sidelined in tractor scrips in the near-term, particularly as 2HCY11 has commenced inauspiciously (89%YoY decline in Jul'11 volumes).
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: zahidinam on August 19, 2011, 01:30:32 AM
bm 18 ko the mgr result nahi ayea
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ambitious.invstor on August 19, 2011, 09:14:06 AM
EPS 11.89 no payout :bangin:
ye b gya
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ambitious.invstor on August 19, 2011, 09:25:37 AM
HY EPS 26.36
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on August 19, 2011, 01:11:17 PM
EPS 11.89 no payout :bangin:
ye b gya

No sir, it actually gained and generated some volumes.  ::)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on August 19, 2011, 03:40:00 PM
hmm will it gain some more points or remain stable here ... ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on August 19, 2011, 06:00:31 PM
Already trading at 50% discount. Today's result could not have done any bad impact because there is always a stage when investor feels it is better to hold the scrip rather than sell it at such a discounted rate. Although in the current overall market scenario and especially negative sentiments associated with tractor industry and no payout with HY result provide little room for further upside, yet not many people are willing to sell either.

STANCE: Any upward move towards 220 should be considered an opportunity to exit.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: zahidinam on August 19, 2011, 10:48:52 PM
Already trading at 50% discount. Today's result could not have done any bad impact because there is always a stage when investor feels it is better to hold the scrip rather than sell it at such a discounted rate. Although in the current overall market scenario and especially negative sentiments associated with tractor industry and no payout with HY result provide little room for further upside, yet not many people are willing to sell either.

STANCE: Any upward move towards 220 should be considered an opportunity to exit.
poker bhai 238 waley kia karen any hope?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on August 20, 2011, 12:06:38 AM
Kya keh sakte hain, sabr karo next rally ka. Lekin rally mein chalega is ki bhi koi guarantee nahi. Basically it is a long term kind of scrip. 2011 may be a little tough but things may get better by 1st half of 2012.
There are 2 major plus points of this scrip
1. Almost zero debt
2. High Cash

Is wajah se don't expect ke is ka engro wala haal hoga.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: zahidinam on August 20, 2011, 12:36:36 AM
jazakallah,pokker bro for ur comments
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on September 13, 2011, 08:26:50 PM
Fiat tractor production to remain suspendedBy Aamir Shafaat Khan | From the Newspaper(17 hours
) TodayKARACHI, Sept 12: Production of Fiat tractors by Al Ghazi Tractors Limited has come to a halt in August and the company will keep the production suspended till Sept 16 due to unsold units at the factory and country-wide dealership network.

Another producer Massey Ferguson has also slowed down its production for the last two months. The tractor industry was severely hit by the imposition of 16 per cent General Sales Tax (GST) in March, thus making growers and farmers reluctant to pay additional price.

General Manager Sales Balochistan Wheels Shaikh Mohammad Iqbal said many small vendors, solely relying on tractor industry orders, had closed down while big vendors fear negative figures in their upcoming financial results.

He said farmers/growers have also been confused over reports that the government is considering reduction in GST to five to eight per cent or abolishing the GST, but so far nothing concrete had come out. As a result, farmers and growers had adopted wait and see attitude.

Tractor price had jumped by Rs100,000 (50HP) to Rs200,000 (85HP) after GST imposition.

He urged the government to clear the position whether the GST will be removed or lowered so that farmers could resume tractor buying.

An adjournment motion on the closure of a tractor industry due to GST imposition was moved by Raja Mohammad Asad Khan and four other MNAs on Aug 17 in the 34th session of the National Assembly. Figures released by Pakistan Automotive Manufacturers Association (PAMA) on Monday revealed ‘zero’ production of Fiat tractors in August while in July 2011 only 635 units were produced. In July and August 2010, Al Ghazi produced 2,822 and 1,056 units.

An executive in Al-Ghazi Tractors told Dawn that the company had actually suspended production from second week of July when it hat 2,000 unsold tractors parked at the plant. Now unsold inventory stands at 1,400 and one can gauge its worth depending on the price of at least Rs600,000 each.

According to PAMA figures, sales of Fiat tractors in July and August 2011 stood at 309 and 306 units as compared to 2,816 and 537 units in the same months of last year.

He said thousands of tractors are still awaiting buyers’ turn at the company’s country-wide dealership networks while the company had still got parts inventory of Rs3 billion in hand.

The official said that in case sales of half of unsold stocks clear from the factory and dealership network, then the company would definitely open the factory from Sept 19, 2011.

He added that so far no employees either working on any nature of jobs had been offloaded, but the company had sent them on leave till the factory is closed.

The official said the tractor industry is highly dependent on response from growers and farmers as most of the buying is being made on cash basis since the Zarai Tariqati Bank had suspended tractor loaning from July 2010. Prior to July 2010, the share of tractor sale through bank loaning was 60 per cent.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on September 13, 2011, 11:01:27 PM
The ongoing quarter will get severe hit on earnings of the company.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on September 14, 2011, 09:56:43 AM
qadir bhai what would be the earning in ongoing quarter
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ally on September 14, 2011, 11:43:04 PM
with sales of only 625 units in two month of the quarter and third alos not looking very bright we shouldnt expect much....

The company has huge reserves of cash and bank and other income might give some support...par kitni......
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on September 20, 2011, 01:52:53 PM
my expectation is that they will post around between -2 and 5 for the third quarter

on the other hand i have also sold my two year old position in it hoping that a bad quarter will yield a better price to re-enter in the near future after the result - the only downside risk that i see to this is that someone is supporting the price at around 200.

comments?

PS. since im out of this would anyone have a similar earnings prediction/buy price for MTL?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on September 24, 2011, 07:32:41 PM
Tractor dilemma continues: Tractor manufacturers have recommended the government to revoke 16% GST and impose the same in stages, but the response from GoP has been very slow. Moreover, with the increased documentation requirement for export to Afghanistan, tractor exports should decline by another 10k-12k a year. While absence of subsidy schemes prevails, severe floods in Sindh and the start of another downtrend in cotton prices have further added to the tough operating environment for tractor manufacturers. Accordingly, even as MTL and AGTL has shed 18.5%CYTD and 12.4% CYTD, respectively, we advise investors to remain sidelined from tractor scrips in the near to medium term.

AKD Weekly
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on October 17, 2011, 12:33:39 PM
AGTL: 9MCY11 Result Preview

Al-Ghazi Tractors Limited (AGTL) is scheduled to finalize its 9MCY11 financial results tomorrow (results may be announced day after tomorrow as BoD meeting takes place at 3pm). We expect the company to report NPAT of PkR1.25bn in 9MCY11E against NPAT of PkR1.34bn in 9MCY10, translating into a decline of 7%YoY. The result translates into an EPS of PkR29.11 in 9MCY11E against an EPS of PkR31.31 in the same period last year. Decline in earnings is expected to stem mainly from lower volumes (down 27%YoY to stand at 15,904 units in 9MCY11), as the tractor industry faced severe fallout on volumes, particularly in 3QCY11 (down 85%QoQ). However, as retention prices have remained constant, AGTL’s Gross Margin should remain flat at 19.4% in the review period. Consequently, Operating Margin should also remain constant at 17.9% in 9MCY11. Going forward, considering that the GoP has yet to address the tractor industry’s demands (particularly rationalization of GST) while rural income dynamics remain under pressure (fertilizer prices on a steep upward trajectory, cotton prices on the lower side), we advise investors to remain sidelined in tractor scrips, at least in the near-term. That said, we will look to revisit our investment case on AGTL post release of detailed 9MCY11 results

akd
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on October 19, 2011, 10:54:03 AM
AGTL: 9MCY11 Result Preview

Al-Ghazi Tractors Limited (AGTL) is scheduled to finalize its 9MCY11 financial results tomorrow (results may be announced day after tomorrow as BoD meeting takes place at 3pm). We expect the company to report NPAT of PkR1.25bn in 9MCY11E against NPAT of PkR1.34bn in 9MCY10, translating into a decline of 7%YoY. The result translates into an EPS of PkR29.11 in 9MCY11E against an EPS of PkR31.31 in the same period last year. Decline in earnings is expected to stem mainly from lower volumes (down 27%YoY to stand at 15,904 units in 9MCY11), as the tractor industry faced severe fallout on volumes, particularly in 3QCY11 (down 85%QoQ). However, as retention prices have remained constant, AGTL’s Gross Margin should remain flat at 19.4% in the review period. Consequently, Operating Margin should also remain constant at 17.9% in 9MCY11. Going forward, considering that the GoP has yet to address the tractor industry’s demands (particularly rationalization of GST) while rural income dynamics remain under pressure (fertilizer prices on a steep upward trajectory, cotton prices on the lower side), we advise investors to remain sidelined in tractor scrips, at least in the near-term. That said, we will look to revisit our investment case on AGTL post release of detailed 9MCY11 results

akd

9meps 28.72
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: M&M on October 19, 2011, 11:28:38 AM
(http://www.kse.com.pk/newsimage/028338-1.gif)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ihashishin on October 19, 2011, 12:24:21 PM
my expectation is that they will post around between -2 and 5 for the third quarter

on the other hand i have also sold my two year old position in it hoping that a bad quarter will yield a better price to re-enter in the near future after the result - the only downside risk that i see to this is that someone is supporting the price at around 200.

comments?

PS. since im out of this would anyone have a similar earnings prediction/buy price for MTL?

my expectation is that they will post around between -2 and 5 for the third quarter

on the other hand i have also sold my two year old position in it hoping that a bad quarter will yield a better price to re-enter in the near future after the result - the only downside risk that i see to this is that someone is supporting the price at around 200.

comments?

PS. since im out of this would anyone have a similar earnings prediction/buy price for MTL?

nice result - ab iski buy kub banti hai?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on October 22, 2011, 01:17:12 PM
Sales of tractors pick up 50 percent in October

 October 22, 2011
M RAFIQUE GORAYA

 The sales of locally manufactured tractors have picked up by 50 percent in the month of October as months of October and November are the peak season for tractor sales.

Farmers purchase new tractors after harvesting the Kharif crops, rice, cotton and sugar cane for preparing fields for sowing the Rabi crops wheat, grams, oil seeds, sunflower, vegetables, maize and fodder.


A senior executive of Millat Tractors Ltd told Business Recorder here on Friday that following the imposition of 16 percent GST in March 2011, tractors sales had gone down to such an extent that two leading tractor manufacturers, M/s Millat Tractors Limited and M/s Al-Ghazi Tractors Limited had to close down their plants and lay off their skilled workers.

He said that months of October and November are the peak season for the sales of tractors as the farmers have ready cash to buy essential agriculture implements from the shelf and make long-term investments in their business.

However, he said that the present quantum and pace of sales is only 50 percent as compared to past years which is not sufficient to support the vibrant and flourishing domestic tractor industry.

He said the tractor industry had contributed significantly in the farm mechanisation and agricultural growth of the country by supplying 75,000 tractors every year with a turn over of Rs 45 billion on account of supportive policies of the government towards agricultural growth in the past.

However, figures released by Pakistan Automotive Manufacturers Association (Pama) revealed that tractor sales plunged by 81 percent in the month of July 2011 as tractor production dropped to only 1,732 units from 5,468 units in July 2010.

Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) sources told this scribe that the government has not taken corrective measures to revive the tractor industry aided by 300 vending units, specialist of automotive parts and accessories, with an employment of 100,000 workers who are at the verge of loosing their livelihood.

"Their representatives have had several meetings with the senior officials of the Ministry of Industry for the withdrawal of 16 percent tax on the tractors but failed to achieve results," they added.

They said, in fact, 90 percent of automotive parts industry constitutes Small and Medium size Enterprises (SMEs), out of which about 95 percent are self-financed generating employment for about 500,000 skilled labour force.

A former PAAPAM President M.

Aslam Malik said that the price of the Pakistan-made tractor was the lowest in the region and the vending industry was saving millions of dollars in the foreign exchange by providing highest quality auto parts to 0.5 million cars, trucks, tractors, etc, per annum.

Malik said industrialists had invested billions of rupees in over 800 vending units to make Pakistan self-sufficient and exporter of tractors, cars and trucks, but the 16 percent GST on zero-rated tractor industry has plunged the manufacturers and their vendors in turmoil and financial crunch.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Poker Face on December 02, 2011, 03:45:48 PM
AGTL announced interim cash dividend of Rs. 10/- per share. The company skipped dividend with HY result and now they have announced it.
Last date of SPOT expected Dec 21, 2011.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ally on December 02, 2011, 04:29:41 PM
year end par be kuch na kuch dan gy...shaed Rs5/share.....
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: AGz on December 02, 2011, 04:48:15 PM
AGTL closed today at Rs.165.74 with increase of Rs.7.36
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: AGz on December 15, 2011, 10:21:34 AM
Al-Ghazi Tractors Ltd. Dividends Dispatched

Earlier AGTL announced an interim dividend of 200% i.e. Rs. 10 per share for the year ending December 2011. The dividend has been dispatched to the members whose names appeared in the books as on close of business on December 22, 2011.

Registrar: FAMCO Associates
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on December 23, 2011, 03:29:02 PM
AKD Daily

 

Sindh Tractor Scheme and impact on AGTL’s earnings

While tractor industry's woes remain unaddressed at the Federal level, the Government of Sindh has decided to announce the subsidized tractor scheme which will sell 5,000 tractors to growers at subsidized rates. Recall that subsidized tractor schemes were one of the main reasons for the uplift of tractor industry in the previous two years and market heresay had earlier indicated shelving of these schemes for the current fiscal year. Re-launch of subsidized tractor scheme in Sindh should stir up diminishing tractor sales, especially for AGTL, which has a majority market share in the Sindh province. That said, as per recent company notices, AGTL and MTL have closed down their plants on the back of low bookings. As news reports indicate the ECC's consideration of the GST issue, we have kept our recommendation over AGTL on hold, while MTL (trades at FY12F PER of 13.2x) offers a downside of 12% to our target price of PkR320/share. Reduce! 

Relaunch of Sindh Tractor Scheme and AGTL: According to news reports, the Sindh Agriculture Department has submitted the Subsidized Tractor Scheme to distribute 5k tractors to farmers at subsidized rates. Given the scheme is launched, it should provide some uplift to the diminishing tractor sales (due to the GST issue). It should be beneficial for AGTL in particular, given its majority market share in the Sindh province. While our current sales volume estimates for AGTL for CY12F, at 21,420 units, lead to a CY12F EPS of PkR37.08, the launch of this scheme can lead to additional CY12F EPS of PkR15.51-PkR23.27. Moreover, in case other schemes (Green Tractor Scheme & Benazir Tractor Scheme) follow suit (prospects remain grim), tractor sales may be able to shakeoff the GST effect.

Closure of tractor plants: As per company notices, both tractor manufacturers (MTL & AGTL) have closed down their manufacturing plants due to low bookings. While MTL has notified the closure to remain till Dec 31,'11, AGTL has stated that the plant will remain closed, till any notification by the government on the GST issue. Note that both the companies have collectively produced only 11,733 units (MTL: 8,797 units, AGTL: 2,936 units) in the period Jul'11-Nov'11 against 24,907 units produced in the same period last year, a decline of 53%YoY.

Investment Perspective: The Pakistan tractor industry has recently seen major negatives (GST imposition, adverse rural economy) since the start of the current fiscal year where absence of subsidized tractor schemes added impetus to the downside. Re-launch of these schemes should come as a respite for the tractor industry's problems as news flow also indicates ECC's consideration on the GST issue. While AGTL remains under review (until clarity on GST issue emerges), we have a Reduce stance on MTL based on our target price of PkR320/share.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: kamal on December 29, 2011, 11:40:21 AM
Yaar Any one following AGTL.

I bot at 190 on spot. for 20Rs. Div. sold yesterday at 185-186

I just came to know kai iskai Dec Year end hai and has history of 40Rs. Div / share on annual basis.

So remaining 20Rs. kai liay 180 ki buy sahee hai ya wait for dip. Comments?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dhillon on December 29, 2011, 11:44:24 AM
I think AGTL is DEC closing
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dhillon on December 29, 2011, 11:46:12 AM
Yaar Any one following AGTL.

I bot at 190 on spot. for 20Rs. Div. sold yesterday at 185-186

I just came to know kai iskai Dec Year end hai and has history of 40Rs. Div / share on annual basis.

So remaining 20Rs. kai liay 180 ki buy sahee hai ya wait for dip. Comments?

Face velue of the Share is Rs.5
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: kamal on December 29, 2011, 11:47:11 AM
Yaar Any one following AGTL.

I bot at 190 on spot. for 20Rs. Div. sold yesterday at 185-186

I just came to know kai iskai Dec Year end hai and has history of 40Rs. Div / share on annual basis.

So remaining 20Rs. kai liay 180 ki buy sahee hai ya wait for dip. Comments?

Face velue of the Share is Rs.5

Oh ... means 20 rs annual dividend. thnx.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: AGz on December 29, 2011, 12:08:53 PM
Yaar Any one following AGTL.

I bot at 190 on spot. for 20Rs. Div. sold yesterday at 185-186

I just came to know kai iskai Dec Year end hai and has history of 40Rs. Div / share on annual basis.

So remaining 20Rs. kai liay 180 ki buy sahee hai ya wait for dip. Comments?

Face velue of the Share is Rs.5

Oh ... means 20 rs annual dividend. thnx.

@Kamal: I used to follow AGTL and MTL closely .. In current scenario AGTL seems more feasible than MTL .. Although I would suggest you to wait a little to see some downslide .. But remember the annual meeting of AGTL if generally at around 15th of February every year .. So now you know how much time is left .. The company production will play a vital role along with sales volume .. Do tell me what you think
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: kamal on December 29, 2011, 12:24:25 PM
Yaar Any one following AGTL.

I bot at 190 on spot. for 20Rs. Div. sold yesterday at 185-186

I just came to know kai iskai Dec Year end hai and has history of 40Rs. Div / share on annual basis.

So remaining 20Rs. kai liay 180 ki buy sahee hai ya wait for dip. Comments?

Face velue of the Share is Rs.5

Oh ... means 20 rs annual dividend. thnx.

@Kamal: I used to follow AGTL and MTL closely .. In current scenario AGTL seems more feasible than MTL .. Although I would suggest you to wait a little to see some downslide .. But remember the annual meeting of AGTL if generally at around 15th of February every year .. So now you know how much time is left .. The company production will play a vital role along with sales volume .. Do tell me what you think

MTL sai behtar hai AGTL. But face value nai mood down kardia.

Yes i agree .. wait and c approach.

Abhee PAKRI pakarnay main laga hua huun. ;)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ally on December 29, 2011, 12:38:53 PM
Cosnidering payout ratio of 50% to 60% Rs 20/share dividend looks achievable.....might go upto 25, if comany decids to go generous....
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: kamal on December 29, 2011, 01:01:35 PM
Cosnidering payout ratio of 50% to 60% Rs 20/share dividend looks achievable.....might go upto 25, if comany decids to go generous....

I have questions regarding generosity. In these testing times.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: AGz on December 30, 2011, 10:14:45 AM
Cosnidering payout ratio of 50% to 60% Rs 20/share dividend looks achievable.....might go upto 25, if comany decids to go generous....

I have questions regarding generosity. In these testing times.

Its better to save your tail on fire by ruining the pool, rather saving it sacrificing a part of yours.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on January 02, 2012, 01:17:57 PM
- A Primer
 


•The tractor industry’s fortunes have followed a topsy turvy path in 2011 with tractors manufacturers clocking in substantial sales growth prior to the imposition of GST in Mar11. Imposition of GST (Incremental Tractor prices increased by PKR 100k-140k) along with declining commodity prices and GoP’s dithering response where they constituted committees for reducing/ taking back GST all combined to reduce tractor demand.
 
•We expect AGTL to report CY11 PAT of PKR 1.48bn (EPS:  PKR 34) as against PAT of 1.9bn (EPS: PKR 44) in CY10, translating into an earnings decline of 23%. AGTL’s tractor sales are expected to decline to 19,767 units in CY11 from 29,164 units in CY10, a reduction of 32%. The company is expected to post topline of PKR 10.9bn in CY11 down 26%.
 
•We expect AGTL’s gross margins to shrink to 17.2% down 20 bps YoY. We believe the company was able to control its costs which resulted in gross margins staying flat while MTL, its biggest competitor, witnessed a small reduction in margins.
 
•At its last close of PKR 192.8, AGTL was trading at a trailing PE of 5.7 and a dividend yield of 10.3%. We have placed the company “Under Review” and would be initiating coverage once the ECC comes up with a final decision on GST imposition on Tractors.
 
 IGI Research
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dhillon on February 07, 2012, 01:07:04 PM
Board Meeting 14 Feb 2012  at 1500 hrs
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on February 11, 2012, 09:45:02 PM
Al-Ghazi Tractors –CY11E Preview
AGTL is scheduled to announce its CY11 results on February 14th,2012 with
an expected PAT of PKR 1,426m (EPS PKR 33.20) as compared to PKR
1,908m (EPS PKR: 44.45) in FY10, declining by 25%. The turnover is projected
to be at PKR 10,571m as compared to 14,936m during CY10, decreasing
by 29%. We are expecting the company to announce a final dividend
of PKR 5, taking the cumulative dividend to PKR 15 for CY11.

taurus
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on February 14, 2012, 12:36:19 PM


AGTL: CY11 Result Preview

Al Ghazi Tractors Limited (AGTL) is scheduled to finalize its full-year CY11 financial results later today. We expect the company to report NPAT of PkR1,377mn in the review period against NPAT of PkR1,909mn in the previous year, a decline of 28%YoY. The result translates into EPS of PkR32.07 in CY11E against EPS of PkR44.46 in CY10. The decline is expected to result from a 37%YoY decline to 18,254 units in tractor volumes, which should result in a topline decline of 31%YoY. Furtermore, high steel cost and PkR depreciation should lead to a gross margin of 18% in CY11, down 170bpsYoY. Consequently, the operating margin should also decrease to 16% in the review period (from 18.3% in CY10). While the imposition of GST practically wiped out tractor sales in 2HCY11, the beginning of CY12 has brought good news for tractor manufacturers with reduction in GST to 5% (from 16% imposed in the FY12 budget). Tractor sales have, however, remained low marking the growing of Rabi crop. We expect tractor volumes to revive in 2QCY12, as the harvest of Rabi crops begins. Our financial model for AGTL remains under review at present, where we shall update it post the release of detailed CY11 accounts.

akd
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ally on February 14, 2012, 08:13:53 PM
anyone has update on AGTL result?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on February 15, 2012, 09:57:12 AM
dps of rs 10 with eps of around 31
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ally on April 06, 2012, 12:47:42 AM
Poker Bahi, not much movement despite good sales number for feb.

Any idea how was mar'12.....how if some quantity is bought below 180?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ally on April 18, 2012, 01:42:38 AM
DESCRIPTION   Q1'12   Q1'11
Sales (Tractor price PKR580k including sales tax)   3,482    4,623
COGS (assuming margin of 17%)   (2,890)   (3,728)
Gross Profit   592    895
      
Distrribution Cost - 15% escalation to Q1'2011   (25)   (21)
Administrattive expenses - 15% escalation to Q1'2011   (42)   (37)
      
Other Operating income - Bank balance 0.6b lower than at the end of 2010   125    160
Other Operating expenses- same as last year   (69)   (69)
Finance cost   (0)   (0)
Profit Before Tax   581    928
Tax   (204)   (306)
Profit after Tax   378    622
      
EPS   8.8    14.47

i have made above P&L for Q1'2012 with lots of assumptions, most important one is the price.
> couldnt get selling price of AGTL, price used for the P&L is rough estimate (can you please guide for future)
> Unit sold from PAMA site

Seniors, could you please review.
Poker Bahi, agar apky pass time ho to nazar mar lan, ap is share par nazar rakhty thi...bhali waqton man ab k pata nah....
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dr. Economist on April 18, 2012, 09:59:34 AM
1Q EPS 9.88
previous 14.47
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: soulpower on April 18, 2012, 09:22:23 PM
The result is good,keeping in mind that gst was removed in february.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: saifullahkhan7 on August 11, 2012, 06:18:48 PM
AoA


Any expectations of dividends from AGTL in the coming results?
 
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on August 17, 2012, 12:43:01 PM
q2 2012 eps 13.88 v 11.89 in 2011
dps 7.5
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on August 17, 2012, 12:46:57 PM
Dear all,
AGTL's ordinary shares have a paid up value of 5 rupees not 10 rupees. Please keep in mind while calculating dividend yields. For instance, the dividend announced for 1st half 2012 as 150% is 7.5 rupees NOT 15 rupees.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on August 17, 2012, 12:48:16 PM
 

Al-Ghazi: Plowing ahead

August 17, 2012 BR RESEARCH 0 Comments
 A subsidiary of the Al-Futtaim group of Dubai, Al-Ghazi Tractors Limited is a manufacturer of New Holland (Fiat) tractors in technical co-operation with Case New Holland, the foremost manufacturer of agricultural tractors in the world. Being a household name amongst the farming community, AGTL has a widespread presence across Pakistan, with as many as 82 dealers and 3,000 mechanical workshops spread all over the country.

Following the fiasco that was last year, AGTLs half yearly records show that the company is on a much firmer ground this time around. While 2011 started out on a great note -with Al-Ghazi managing to post a record profit of Rs972.8 million during 1QFY11, which was incidentally the highest since its inception- the following quarters saw a crash in the market following the sudden imposition of a 16 percent sales tax on agricultural equipment. In the months to follow, AGTL, along with other tractor manufacturers, witnessed tractor sales plummet dangerously and had to suffer long stretches of plant closure.

Fast forward nearly a year, and the second quarter ended sales of nearly Rs4.6 billion- jumping 29 percent from the same period last year - are testament of the fact that the company is back on track following its previous trajectory of success.

Whereas a comparison with sales figures from the same period last year reveal unnaturally flattering growth statistics due to the low-base effect, a comparison of sales against the same period in 2010 reveals a healthy increase of 4 percent during the 2QFY12. However a similar comparison between FY11 and FY12 at half year draws negatives for 2012, mainly because of the exceptional first quarter that AGTL had in FY11 which saw them selling 8,602 tractors as compared to 6,004 that were delivered during the first quarter of FY12.

Following the companys initiative to engage pro-actively with farmers and introduce newer version of agricultural implements, sales have gone up to Rs 7.9 billion at the half year-mark and the pent up demand from last year means that they are likely to go up higher in the coming quarters. With profit after taxation going up to Rs596 million versus Rs510 million that was recorded during the second quarter, earnings have climbed up to Rs13.88 per share as compared to an EPS of Rs 11.89 per share recorded at the close of 2QFY11.

Looking forward, production and demand for the locally manufactured agricultural implements are likely to remain strong. During the first quarter, AGTL recorded bookings for 9,234 tractors, out of which it could produce only 4,350 units.

Similarly, the Sindh government has also announced the launch of the 3rd leg of its rural incentive scheme which will see the distribution of 6,000 tractors among farmers at a subsidized rate. Subsequently, the backlog of orders and demand glut for tractors is therefore likely to keep the industry steady on its feet and AGTL thriving in the coming months.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Dhillon on September 12, 2012, 09:25:04 PM
Tractors: A 190% YoY enormous increase in sales

Tractor sales increased immensely by 190% YoY to 2,855 units in comparison with the sale of 957 units in the same period last year. However Aug-12 sales (2,855 units) remain more or like same as of July-12 sales (2,828 units).

Al-Ghazi tractors

registered a sales growth of 300% YoY but sales decline of 28 % MoM to 1,216
units.
Millat tractors  

While Millat tractors sales boosted by 151% YoY and 44% MoM to 1,639
units.

AHL

Last year AGTL total Sale( July 11& Aug 11 ) was 615  and now ( July 12 & Aug 12) 2905  
                                                                   

Last year  MTL total Sale( July 11& Aug 11 ) was 1378  and now ( July 12 & Aug 12) 2778        
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: bilalmoti on October 14, 2012, 11:53:46 AM
Has anyone received dividend of AGTL yet?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on October 15, 2012, 10:16:51 AM
no
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on November 18, 2012, 01:02:27 AM
Buy call for agtl between 215-220 range target 250 Insha ALLAH
for medium term
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on December 06, 2012, 03:09:08 PM
Buy call for agtl between 215-220 range target 250 Insha ALLAH
for medium term


 :clap1: :clap1: :clap1: :clap1: :clap1: :clap1: :clap1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on December 13, 2012, 11:38:10 AM
Buy call for agtl between 215-220 range target 250 Insha ALLAH
for medium term


 :clap1: :clap1: :clap1: :clap1: :clap1: :clap1: :clap1:


 :clap1: :clap1: :clap1: :clap1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on December 13, 2012, 04:47:11 PM
Buy call for agtl between 215-220 range target 250 Insha ALLAH
for medium term


Masha ALLAH Closed near to Target Price...
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: phdmaker on December 13, 2012, 04:56:36 PM
Dear all,
AGTL's ordinary shares have a paid up value of 5 rupees not 10 rupees. Please keep in mind while calculating dividend yields. For instance, the dividend announced for 1st half 2012 as 150% is 7.5 rupees NOT 15 rupees.

JazakAllah
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: phdmaker on December 13, 2012, 04:57:29 PM
Buy call for agtl between 215-220 range target 250 Insha ALLAH
for medium term


Masha ALLAH Closed near to Target Price...

Yes great indeed.

What about SHEL? holding it too from 135 after your buy call.  ;)

Best regards,
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on December 13, 2012, 11:56:49 PM
Buy call for agtl between 215-220 range target 250 Insha ALLAH
for medium term


Masha ALLAH Closed near to Target Price...

Yes great indeed.

What about SHEL? holding it too from 135 after your buy call.  ;)

Best regards,

Hold tightly if you have capacity buy more.It wont disappoint Insha ALLAH.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: engrusama on December 14, 2012, 12:04:09 AM
Buy call for agtl between 215-220 range target 250 Insha ALLAH
for medium term


Masha ALLAH Closed near to Target Price...

Sold 2/3rd @ 248.5 in closing minutes. MashaAllah
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: soulpower on December 14, 2012, 12:52:13 AM
Sold half at upper lock.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on December 14, 2012, 10:20:24 AM
LAOOOOOOOOOOOOOOOOO... ;)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: engrusama on December 14, 2012, 04:52:31 PM
Buy call for agtl between 215-220 range target 250 Insha ALLAH
for medium term


Masha ALLAH Closed near to Target Price...

Sold 2/3rd @ 248.5 in closing minutes. MashaAllah

closed complete position. MashaAllah. buying average 221.

thanks Qadir bro. had replaced MTL with AGTL on your advice.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: asim.786 on December 16, 2012, 02:44:38 AM
http://www.dailytimes.com.pk/default.asp?page=2012\12\16\story_16-12-2012_pg5_8
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on December 16, 2012, 12:43:10 PM
http://www.dailytimes.com.pk/default.asp?page=2012\12\16\story_16-12-2012_pg5_8
Badmashi hai  manufacturers ki' they can partly absorb the gst  if they were so concerned about their venders and sales etc. They just want their good margins, and that's why I am invested in this industry  ;)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on January 22, 2013, 09:25:39 PM
Still trading at cheap levels
Just buy below 230
Target 275 Insha ALLAH.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on January 23, 2013, 12:22:29 AM
Sales almost doubled as compared to previous quarter.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on January 23, 2013, 12:26:24 AM
Sales almost doubled as compared to previous quarter, expecting 15-16 EPS for the dec 2012 quarter.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: pax on February 11, 2013, 03:40:28 PM
Thanks Qadir bhai. Bought a HUGE chunk today.  Expecting it to shoot up.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: pax on February 13, 2013, 12:25:34 PM
Still trading in low 230's. BM later today. Seems like a good buy.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: pax on February 14, 2013, 09:55:17 AM
EPS of 45.
End of year dividend at 15 per share.

Oddly enough, not much activity after the results announcement.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on February 14, 2013, 10:42:54 AM
Payout below expectation although still expecting it to trade above 275 soon Insha ALLAH.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: pax on February 14, 2013, 05:29:17 PM
It will rise before the spot date?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on February 15, 2013, 03:38:48 PM
Payout below expectation although still expecting it to trade above 275 soon Insha ALLAH.

Laooooooooo
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: znadeem on February 15, 2013, 03:44:38 PM
Qadir Bhai,
Should I buy at this level? what could be the selling level? plz reply
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Abdul Qadir on February 15, 2013, 05:22:25 PM
Qadir Bhai,
Should I buy at this level? what could be the selling level? plz reply

According to my valuation agtl should be atleast 275-280
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: pax on February 18, 2013, 03:22:55 PM
What's up with the see saw movement in the last few sessions? :skeptic:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: mshakilsadiq on February 18, 2013, 10:25:06 PM

http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/18-Feb-2013/al-ghazi-tractors-sales-decline-81pc-millat-s-77pc

Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: pax on February 25, 2013, 11:48:35 AM
Qadir Bhai,
Should I buy at this level? what could be the selling level? plz reply

According to my valuation agtl should be atleast 275-280

Qadir bhai, in light of this news, what should be the revised position regarding agtl :)?


http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/18-Feb-2013/al-ghazi-tractors-sales-decline-81pc-millat-s-77pc
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 11, 2013, 10:23:36 AM
any one received its dividend ....?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: alij on April 11, 2013, 10:34:49 AM
any one received its dividend ....?

Received warrants yesterday. Yet to see a transfer in my account.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 11, 2013, 11:19:29 AM
any one received its dividend ....?

Received warrants yesterday. Yet to see a transfer in my account.

kindly confirm the transfer
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: alij on April 11, 2013, 02:37:30 PM
any one received its dividend ....?

Received warrants yesterday. Yet to see a transfer in my account.

kindly confirm the transfer

I just checked and I can confirm that the transaction occurred today.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 11, 2013, 07:51:19 PM
any one received its dividend ....?

Received warrants yesterday. Yet to see a transfer in my account.

kindly confirm the transfer

I just checked and I can confirm that the transaction occurred today.

thanx alot
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: MZ on December 10, 2013, 08:19:57 AM
Increase in GST on tractor from 10% to 17% from new year

Govt urged to withdraw decision from agri sector

http://www.dailytimes.com.pk/default.asp?page=2013\12\10\story_10-12-2013_pg5_7
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Irfankhan on December 27, 2013, 06:28:13 AM
Seniors please advise should we buy this item? it seems very slow for longtime.
 ::)  :thanks:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on February 11, 2014, 09:42:34 AM
(http://www.kse.com.pk/newsimage/50619-1.gif)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Munda_Lahori on March 07, 2014, 09:23:07 PM
Salaam,
What is causing the rally?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: saadqureshi on March 07, 2014, 09:45:40 PM
Salaam,
What is causing the rally?

AGTL has announced 15 RS dividend and 35% bonus shares. Book closing date is 18th march so people are accumulating.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on April 19, 2014, 07:39:09 PM
Salaam,
What is causing the rally?

Had any one received it's dividend. ...?

AGTL has announced 15 RS dividend and 35% bonus shares. Book closing date is 18th march so people are accumulating.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: hasnain0099 on May 22, 2014, 01:19:36 PM
Ajj isko upper lock kis chakkar main laga hua hay...Tractors business ke forecast to buri the. :dunno:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: saadqureshi on May 22, 2014, 01:33:34 PM
Ajj isko upper lock kis chakkar main laga hua hay...Tractors business ke forecast to buri the. :dunno:

There is news of sales tax cut on tractors in budget.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: JAWAD on May 22, 2014, 02:02:40 PM
Ajj isko upper lock kis chakkar main laga hua hay...Tractors business ke forecast to buri the. :dunno:

There is news of sales tax cut on tractors in budget.

I sold it and it got cap..... :(
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Sharoze123 on June 06, 2014, 05:52:47 PM
From 200 to 275, where's the love guys?? :laugh:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on July 28, 2014, 09:31:14 AM
http://www.kse.com.pk/newsattachment/056133.pdf

q2 eps  6.58
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: misterjaved on November 12, 2014, 03:35:07 PM
can any one advise about AGTL ?

can we enter from current level ? and what should be target till dec ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Afzal on November 14, 2014, 02:31:40 PM
some expert told me it may touch 500... coz its year ends in December and there are only two players of industry...MTL and AGTL ... it paid 20% div (Rs. 10) in 3rd quarter also and after XD... it recovered within two sessions... looks strong ... rest your luck and pl also consult some senior like Asim bhai, MZ, Farzooq bahi etc
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: misterjaved on November 14, 2014, 04:15:34 PM
some expert told me it may touch 500... coz its year ends in December and there are only two players of industry...MTL and AGTL ... it paid 20% div (Rs. 10) in 3rd quarter also and after XD... it recovered within two sessions... looks strong ... rest your luck and pl also consult some senior like Asim bhai, MZ, Farzooq bahi etc

thanks
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Loto or Photo on January 08, 2015, 12:45:46 PM
can any one advise about AGTL ?

can we enter from current level ? and what should be target till dec ?

400 is a good buying price . Annual Result is around 10th Feb. Last year gave 35% bonus. This year govt reduce sales tax from 16% to 10%..........sales are significantly increased. Chances this year will again give bonus........500 to kahian nahi gia INSHALLAH till Feb........... Buy call for AGTL

Dec Auto sale ka data bi anay wal hay
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Thelma on March 03, 2015, 11:04:01 AM
 :$:estimates can go drastically wrong .Agtl has rocked quite a few boats!!
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: HasanZaheer on April 18, 2015, 03:50:12 PM
Al-Ghazi Tractors Limited (AGTL): 1QCY15 Earnings Preview: Al Ghazi Tractors is scheduled to hold its board meeting on Apr 22’15 where we expect the company to post earnings of PKR603mn (EPS: PKR10.4) in 1QCY15 compared to PKR235mn (EPS: PKR4.1) in 1QCY14, representing a growth of 2.5xYoY. The substantial growth in earnings can be attributed to 2.7x growth in tractor sales primarily due to reversal of GST from 16% to 10%. On a QoQ basis, earnings are expected to post a growth of 7% primarily on the back of 7%QoQ growth in tractor deliveries.  At our target price of PKR521/sh, we have a ‘BUY’ stance on the scrip offering a total return of 61% (50% capital gain + 11% dividend yield).

Millat Tractors Limited (MTL): 9MFY15 Earnings Preview: Millat Tractors will hold their board meeting dated Apr 22’15 to announce results for 3QFY15. We expect the company to post earnings of PKR687mn (EPS: PKR15.5), posting a substantial growth of 4.8x on a YoY basis compared to PKR141mn (EPS: PKR3.2) presented in 3QFY14. The expected growth in earnings will primarily be on the back of increased tractor sales, in line with the industry, in response to the reversal of GST. On a QoQ basis, earnings are expected to remain flat despite a 6%QoQ growth in sales as decline in other income is expected to cap the growth in earnings. At our target price of PKR677/sh, the stock offers a total return of 22%.

BMA
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: genious.genio on April 22, 2015, 11:43:27 AM
anyone buying this item?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Arsalan01 on April 23, 2015, 01:42:12 AM
Any news on the results announced yesterday ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: genious.genio on April 23, 2015, 10:23:30 AM
good reslt....  :dance :dance :dance
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on April 23, 2015, 11:55:36 AM
Any news on the results announced yesterday ?

(http://puu.sh/hnMaL/dd0ab0b548.jpg)

http://www.kse.com.pk/newsattachment/065337.pdf
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: DEVDAS on April 26, 2015, 11:52:56 PM
Came down even after good result. What is the game in it. Does any one have idea?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Arsalan01 on May 29, 2015, 07:07:05 PM
Pakistan Tractor Industry: What to expect from Budget FY16?


The upcoming Budget for FY16 is expected to roll out the Punjab tractor scheme to the tune of 10,000 tractors as indicated by the Chief Minister Punjab on the event of wheat harvest inauguration ceremony. If implemented, this could provide the tractor industry (MTL and AGTL) a volumetric jump of 22%. In the last tractor scheme, announced in the Budget FY13, MTL and AGTL had market shares of 56% and 44%, respectively. Assuming the same market share, the potential development is expected to pull earnings up by PKR12.0/sh for MTL and PKR10.7/sh for AGTL on an annualized basis. On the flip side, the FBR is considering to withdraw the concessionary sales tax regime provided to the local tractor manufacturers under which the sales tax applicable on the industry is 10% compared to GST of 17%. Another development in the tractor industry is that both the tractor manufacturers are expected to increase tractor prices in the upcoming month. The indicative price increases are ~1.2% for MTL’s products and ~1.8% for AGTL. At our target price of PKR596/sh, AGTL is our top pick amongst the two offering a total return of 66%.

BMA Capital Management Ltd.

 :dance :dance :dance :clap1: :clap1: :clap1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Omer The Researcher on August 03, 2015, 02:08:43 PM
around 10.50 eps expected tomorrow
Lao 550 + Insha Allah
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: genious.genio on August 03, 2015, 02:50:33 PM
around 10.50 eps expected tomorrow
Lao 550 + Insha Allah

r u sure abut eps??  :rtfm:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: zelmc on August 03, 2015, 03:38:17 PM
2nd qtr eps is expected to be lower than the 1st qtr. Below 10 eps.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Omer The Researcher on August 03, 2015, 03:48:32 PM
Al Ghazi Tractors Limited (AGTL) is scheduled to hold its board meeting on Aug 04’15 to
announce the financial results for the period ended 1HCY15. The company is expected to
post earnings of PKR1,221mn (EPS: PKR21.07) in 1HCY15 as against PKR616mn (EPS:
PKR10.63) reported in the same period last year, representing a growth of 98%YoY. The
prime reason for the growth in earnings was recovery in sales volumes (up 99%YoY)
while slight expansion in margins is also expected to play its part in the earnings growth.
On a quarterly basis, earnings are expected to clock in at PKR606mn (EPS: PKR10.46) in
2QCY15 compared to last quarter’s PKR615mn (EPS: PKR10.6) remaining largely flat.
Decline in QoQ volumes by 8% to 4,498 units from 4,867 units due to high base and
deferred purchases following the announcements of tractor schemes by both Sindh and
Punjab are expected to be the main reasons for a QoQ decline in earnings. The results are
also expected to accompany an interim cash dividend of PKR10/sh. At current levels we
maintain our liking for AGTL with a target price of PKR596/sh, offering a total return of
29% (22% capital gain + 7% dividend yield), indicating our BUY stance on the scrip.
Significant growth in profitability, driven by volumes: AGTL’s expected 98%YoY growth in
1HCY15 earnings will be primarily driven by 99% growth in volumes. Volumes showed
remarkable performance as the govt. reversed the GST applicable on the tractors from 17%
to 10% under Budget FY15. Going forward, the company is expected to experience another
leg of growth driven by the deliveries under the provincial tractor schemes expected to
begin from Nov’15.
Margins gaining traction: The international steel prices have declined substantially since
the start of the year by ~ 25%?30%. Given the tractor industry’s large buying power, they
stand to benefit from favorable cost movements. Furthermore, the industry’s significant
localization levels (above 85%) assist them to take the maximum benefit out of it. Thus we
expect AGTL’s margins to start gaining traction from 2QCY15 and onwards on the back of
the developments. 
Investment perspective: At current levels we maintain our liking for AGTL with a target
price of PKR596/sh, offering a total return of 29%. However, we recommend investors to
keep a close eye on monthly tractor numbers as they might experience a dip due to
deferred purchases by consumers in anticipation realizing them at subsidized rates under
the tractor schemes. Furthermore, heavy rainfalls across the country and flood situation
might also depress sales in the upcoming two months. However, any dip should be
considered as an opportunity for investor’s to build positions to capitalize on the deliveries
under the provincial tractor schemes.

Financial Summary
 
   2QCY15 1QCY15 QoQ   2QCY14 YoY
Sales (Volume)           4,498          4,867  ?8%          2,913 67%
Sales (PKRmn)           3,238          3,443  ?6%          2,064 67%
Gross Profit              907             900 1%             559 61%
Margins   28% 26% 1.9% 27% 1.0%
PBT              905             900 1%             539 67%
PAT              606             615  ?1%             381 61%
EPS   10.46 10.6  ?1% 6.58 61%
Source: BMA Research
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Omer The Researcher on August 03, 2015, 03:54:26 PM
jinhen bohat dar lagay woh result se pehle nikal jayen around 540 profit itnay mein b aa he raha hai...... aur jo himat walay hain aur agar loss hota hai wo royen gay nahi  :D tou they should hold as auto sector result expectations are positive
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: farhan on August 03, 2015, 04:04:43 PM
jinhen bohat dar lagay woh result se pehle nikal jayen around 540 profit itnay mein b aa he raha hai...... aur jo himat walay hain aur agar loss hota hai wo royen gay nahi  :D tou they should hold as auto sector result expectations are positive

What are the expectations?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Omer The Researcher on August 03, 2015, 04:09:56 PM
jinhen bohat dar lagay woh result se pehle nikal jayen around 540 profit itnay mein b aa he raha hai...... aur jo himat walay hain aur agar loss hota hai wo royen gay nahi  :D tou they should hold as auto sector result expectations are positive

What are the expectations?

Farhan bhai read BMA report which I have posted above
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Arsalan01 on August 03, 2015, 06:09:35 PM
Any news on the results?  uuu
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: MZ on August 03, 2015, 09:23:59 PM
Al Ghazi Tractors Ltd (AGTL) is scheduled to hold its board meeting on Aug 04’15 to announce the financial results for the period ended 1HCY15. The company is expected to post earnings of PKR1,221mn (EPS: PKR21.07) in 1HCY15 as against PKR616mn (EPS: PKR10.63) reported in the same period last year, representing a growth of 98%YoY.

The prime reason for the growth in earnings was recovery in sales volumes (up 99%YoY) while slight expansion in margins is also expected to play its part in the earnings growth. On a quarterly basis, earnings are expected to clock in at PKR606mn (EPS: PKR10.46) in 2QCY15 compared to last quarter’s PKR615mn (EPS: PKR10.6) remaining largely flat.

Decline in QoQ volumes by 8% to 4,498 units from 4,867 units due to high base and deferred purchases following the announcements of tractor schemes by both Sindh and Punjab are expected to be the main reasons for a QoQ decline in earnings. The results are also expected to accompany an interim cash dividend of PKR10/sh. At current levels we maintain our liking for AGTL with a target price of PKR596/sh, offering a total return of 29% (22% capital gain + 7% dividend yield), indicating our BUY stance on the scrip.

Significant Growth In Profitability, Driven By Volumes:

AGTL’s expected 98%YoY growth in 1HCY15 earnings will be primarily driven by 99% growth in volumes. Volumes showed remarkable performance as the govt. reversed the GST applicable on the tractors from 17% to 10% under Budget FY15. Going forward, the company is expected to experience another leg of growth driven by the deliveries under the provincial tractor schemes expected to begin from Nov’15.

Margins gaining traction:

The international steel prices have declined substantially since the start of the year by ~ 25%?30%. Given the tractor industry’s large buying power, they stand to benefit from favorable cost movements. Furthermore, the industry’s significant localization levels (above 85%) assist them to take the maximum benefit out of it. Thus we expect AGTL’s margins to start gaining traction from 2QCY15 and onwards on the back of the developments.

Investment perspective:

At current levels we maintain our liking for AGTL with a target price of PKR596/sh, offering a total return of 29%. However, we recommend investors to keep a close eye on monthly tractor numbers as they might experience a dip due to deferred purchases by consumers in anticipation realizing them at subsidized rates under the tractor schemes. Furthermore, heavy rainfalls across the country and flood situation might also depress sales in the upcoming two months. However, any dip should be Consider d as an opportunity for investor’s to build positions to capitalize on the deliveries under the provincial tractor schemes.

BMA
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on August 05, 2015, 11:50:28 AM
http://www.kse.com.pk/newsattachment/068083.pdf

half year eps 19.21 dps 30
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: MZ on August 05, 2015, 10:29:45 PM
AL-Ghazi Tractors (AGTL): 1H2015 EPS Rs11.5 (In-line with expectations)
Al Ghazi Tractors (AGTL) announced 1H2015 earnings of Rs1.1bn (EPS Rs19.2) against Rs0.6bn (EPS Rs10.6) in the same period of last year. This result was in line with market consensus estimates.
However, first interim cash dividend of Rs30/share was above market expectations.
Key takeaways
Revenue of the company posted a growth of 102% YoY to Rs6.7bn owing to 99% YoY volumetric growth. Company sold 9,365 units in 1H2015 compared to 4,705 units in the corresponding period of last year.
Sales in 1H2015 surged mainly due to Govt. decision to slash GST by 7% to 10% in FY15.
Although gross margins of the company decline slightly to 25.8% in 1H2015 versus 26.3% in the same quarter last year, gross profit increased by 98% to Rs1.7bn in 1H2015 compared to Rs0.9bn in 1H2014.
On quarter-on-quarter basis, revenue of the company witnessed a decline of 5% to Rs3.2bn as volumetric sales declined by 8% to 4,498units in 2Q2015. This was on the back of Govt. of Punjab announcement to provide subsidy in Budget FY16, announced in Jun 2015.
Bottom-line earnings of the company declined by 19% QoQ to Rs498mn mainly due to increase in effective tax rate to 37.9%, up 640bps QoQ, owing to imposition of super tax of 3% in Budget FY16 and provisioning of deferred tax.
Currently, the scrip trades at 2015E and 2016F PE of 13.3x and 11.2x, respectively.

Topline
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: MZ on August 06, 2015, 12:23:37 AM
Earnings reported a growth of 30% YoY in 2QCY15, with a DPS of PKR30/sh
§ AGTL reported earnings of PKR497mn (EPS: PKR8.58) in 2QCY15 compared to PKR381mn (EPS: PKR6.58) reported in the same quarter last year. The result was below expectation due to lower than expected margins and higher tax rate of 38% on account of super tax.
§ On a QoQ basis, earnings reported a decline of 19% due to slowdown in sales by 5% and 70bps margin contraction. Furthermore, increased tax rate to 38% also contributed to the earnings decline.
§ Surprisingly the company has announced a cash dividend of PKR30/sh in 1HCY15 compared to PKR10/sh announced in the same period last year.
§ At our target price of PKR596/sh, AGTL offers a total return of 20%. - ‘BUY’

BMA
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: hasanali on August 06, 2015, 10:16:44 AM
mz, can u guide about mtl  :thanks:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: lonely_prince001 on December 22, 2015, 01:12:00 PM
has any one received its dividend yet ??? kab tak ayegi any idea ??
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: dr.muhammad zia on January 07, 2016, 06:50:07 PM
Despite the period of volatility for its top line, Millat managed to maintain its profitability reasonably well over the period; in fact, gross margins were actually on a slight uptrend over the period. However, the company's profitability pales in comparison to its archrival in the tractor duopoly, Al-Ghazi Tractors.

Over the same five-year period, Al-Ghazi's gross margins went from 20 percent in CY10 to an impressive 26 percent in CY14. As for net margins, Al-Ghazi enjoys an even more comfortable lead, having 18 percent net margins in CY14 - exactly twice of Millat's that year! So, while Millat still enjoys the market leadership position, it seems there is room for improvement in profitability.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: rsuleman on January 07, 2016, 10:16:48 PM
Earnings reported a growth of 30% YoY in 2QCY15, with a DPS of PKR30/sh
§ AGTL reported earnings of PKR497mn (EPS: PKR8.58) in 2QCY15 compared to PKR381mn (EPS: PKR6.58) reported in the same quarter last year. The result was below expectation due to lower than expected margins and higher tax rate of 38% on account of super tax.
§ On a QoQ basis, earnings reported a decline of 19% due to slowdown in sales by 5% and 70bps margin contraction. Furthermore, increased tax rate to 38% also contributed to the earnings decline.
§ Surprisingly the company has announced a cash dividend of PKR30/sh in 1HCY15 compared to PKR10/sh announced in the same period last year.
§ At our target price of PKR596/sh, AGTL offers a total return of 20%. - ‘BUY’

BMA
the report is old, however it brings in light a very vital piece of information.
600% dividend was announced in 1HCY15. It shows that company does not see any opportunity for growth in near or midterm future. Is it not a bad signal for future? Any comments?
 ,
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on January 07, 2016, 11:06:34 PM
Earnings reported a growth of 30% YoY in 2QCY15, with a DPS of PKR30/sh
§ AGTL reported earnings of PKR497mn (EPS: PKR8.58) in 2QCY15 compared to PKR381mn (EPS: PKR6.58) reported in the same quarter last year. The result was below expectation due to lower than expected margins and higher tax rate of 38% on account of super tax.
§ On a QoQ basis, earnings reported a decline of 19% due to slowdown in sales by 5% and 70bps margin contraction. Furthermore, increased tax rate to 38% also contributed to the earnings decline.
§ Surprisingly the company has announced a cash dividend of PKR30/sh in 1HCY15 compared to PKR10/sh announced in the same period last year.
§ At our target price of PKR596/sh, AGTL offers a total return of 20%. - ‘BUY’

BMA
the report is old, however it brings in light a very vital piece of information.
600% dividend was announced in 1HCY15. It shows that company does not see any opportunity for growth in near or midterm future. Is it not a bad signal for future? Any comments?
 ,

they had a low payout ratio for  very long time ...  were accumulating cash to enter new businesses in the agriculture sector but then sometime last year i think they changed their mind and since then it has been  a windfall for holders
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on February 10, 2016, 11:23:48 AM
Al-Ghazi Tractors Limited (AGTL): CY15 Earnings Preview

The board meeting of Al-Ghazi Tractors Limited (AGTL) is scheduled on 11th Feb’16 to review the financial results of CY15. We expect the company to post full year earnings of PKR1,568mn (EPS: PKR27.04) for CY15, remaining flattish on YoY basis compared to PKR1,575mn (EPS: PKR27.17) during CY14 period. For 4QCY15, earnings are expected to clock in at PKR224mn (EPS: PKR3.87), down by a massive 60%YoY and 2%QoQ from PKR563mn (EPS: PKR9.72) and PKR230mn (EPS: PKR3.96) in 4QCY14 and 3QCY15, respectively. The company witnessed a volumetric decline of 11%QoQ/58%YoY during the 4QCY15 period. We believe the delay in implementation and apparent shelving of provincial tractor scheme eventually led the buyer to withhold purchases and dampened overall industry sales. The situation was further aggravated by depressed commodity prices adversely affecting rural incomes. The result announcement is also expected to accompany a final cash dividend of PKR15/sh, taking full year payout to PKR75/sh (up 3xYoY from PKR25/sh for CY14). The scrip offers a total return of 26% on our target price of PKR486/sh at current price levels.

bma
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Koolfire on February 12, 2016, 10:48:58 PM
eps 27.47 vs 27.17

dps 25

http://www.psx.com.pk/newsattachment/076732.pdf
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Omer The Researcher on March 30, 2016, 01:53:44 PM
Moving towards upper lock
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: The_Dot on March 30, 2016, 02:38:37 PM
MTL also crossed 500... any particular reason? MTL ne bahut dukh diya hain, among the tractors ...
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: aftab ahmed on March 30, 2016, 03:46:06 PM
Dukh K Baad Ap Ko Ab Rahat Milay Gee = INSHA ALLAH
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Omer The Researcher on March 31, 2016, 01:43:05 PM
Moving towards upper lock

Alhamdulilah
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Thelma on March 31, 2016, 05:08:27 PM
What is the reason for this upward movement and what should. Be the exit point.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: The_Dot on March 31, 2016, 05:11:41 PM
Dear all,
AGTL's ordinary shares have a paid up value of 5 rupees not 10 rupees. Please keep in mind while calculating dividend yields. For instance, the dividend announced for 1st half 2012 as 150% is 7.5 rupees NOT 15 rupees.

Damn, yani k its value is higher than MTL actually. Had it been 10 Rs paid up value, it would be in 800 ...
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Thelma on April 01, 2016, 07:05:53 AM
Anyone has any advise for Agtl
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Thelma on April 08, 2016, 03:52:50 PM
Should hold for divident ,where do u see its X price.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Farzooq on April 21, 2016, 11:25:36 AM
AGTL: 1QCY16 EPS estimated at PKR7.9, up 85%QoQ
 
The board meeting of Al Ghazi Tractors Limited (AGTL) is scheduled today to declare its 1QCY16 financial result. We expect the company to post earnings of PKR460mn (EPS: PKR7.9) in 1QCY16 compared to PKR616mn (EPS: PKR10.6) in 1QCY15, depicting a decline of 25%YoY. The notable decline in earnings can primarily be attributed to an expected 17%YoY decline in topline on account of 19%YoY decline in tractor sales volumes. On a sequential basis, however, company earnings are expected to grow by a massive 85%QoQ owing to the 2.1xQoQ increase in tractor volumetric sales. Profit before tax (PBT) is also expected to increase by 2.1xQoQ, whereas, the lower effective tax rate during 4QCY15 (at 22% instead of 32%) will somewhat limit the QoQ earnings growth. With our TP of PKR486/sh, the scrip offers a total return of 27% (upside 20%, D/Y 7%) from the last closing – Overweight!

bma
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: alicima on April 22, 2016, 11:07:01 AM
(http://i65.tinypic.com/68yibm.jpg)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: dr.muhammad zia on April 23, 2016, 02:23:37 PM
Buy around 370_380
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Thelma on April 23, 2016, 08:09:32 PM
Buy around 370_380
You mean with another 25 RS divident it ll go down to 370-380! How and when
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: kahaf on May 03, 2016, 05:53:22 PM
Anyone has any advise for Agtl
tp 1300 till dec 17
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Zar Ameen on May 03, 2016, 06:14:59 PM
How? what is your calculation pls. ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Alpha on May 03, 2016, 06:33:34 PM
Anyone has any advise for Agtl
tp 1300 till dec 17

No tp 13000 dec 37
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Thelma on May 03, 2016, 11:25:47 PM
Anyone has any advise for Agtl
tp 1300 till dec 17

No tp 13000 dec 37
  uuu Kya mazak hai
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: atombum on May 04, 2016, 06:58:01 AM
Anyone has any advise for Agtl
tp 1300 till dec 17
my tp is 1000 till dec 2016                                                                                  :clap1: :clap1: :dance :thumbsup_anim:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: aftab ahmed on May 04, 2016, 09:04:40 AM
what about mtl
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: kahaf on May 04, 2016, 10:36:55 AM
Anyone has any advise for Agtl
tp 1300 till dec 17

No tp 13000 dec 37
if pakt go to 1300 to 1400  , to agtl keyon nahe ja sakta
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: AAMIR RAZA on June 19, 2016, 10:26:23 PM


           Will Boom Tommorrrow watch it. :fingerscrossed1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: lancer26 on August 04, 2016, 08:00:50 PM
seniors, please guide about AGTL , shold hold or sell?
BOD is announced on 11th august.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: farhan on August 10, 2016, 05:01:46 PM
seniors, please guide about AGTL , shold hold or sell?
BOD is announced on 11th august.

Why the sudden jump? Any expectation for tomorrow's meeting?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: alicima on August 11, 2016, 04:07:18 PM
(http://i68.tinypic.com/avq1xg.jpg)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: J on August 11, 2016, 04:31:58 PM
quarterly result is better than the half year...however next quarter result will be better owing to agri package and sowing season coming up.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: alicima on October 24, 2016, 03:55:14 PM
(http://i63.tinypic.com/2iaan2v.jpg)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: sAr on October 24, 2016, 05:13:40 PM
(http://i63.tinypic.com/2iaan2v.jpg)

Anyone having any idea why they are paying much above the earnings?

EPS 21 and 50/share dividend. Same phenomenon witnessed last year. They liquidated their investments to give huge dividend.

What are they upto? Major shareholders going to Sell off their Stake?  :skeptic: :skeptic:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: sumbul on October 24, 2016, 05:17:19 PM
(http://i63.tinypic.com/2iaan2v.jpg)

Anyone having any idea why they are paying much above the earnings?

EPS 21 and 50/share dividend. Same phenomenon witnessed last year. They liquidated their investments to give huge dividend.

What are they upto? Major shareholders going to Sell off their Stake?  :skeptic: :skeptic:

Maybe the sponsors are extremely generous and GOD fearing  :confused1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on October 25, 2016, 12:47:56 AM
(http://i63.tinypic.com/2iaan2v.jpg)

Anyone having any idea why they are paying much above the earnings?

EPS 21 and 50/share dividend. Same phenomenon witnessed last year. They liquidated their investments to give huge dividend.

What are they upto? Major shareholders going to Sell off their Stake?  :skeptic: :skeptic:

Maybe the sponsors are extremely generous and GOD fearing  :confused1:


 uuu

kia hua bhai
its the company's money
apni jaib say thori koi sponsor dey raha hai
They had built up large cash reserves because they wanted to enter new businesses in pakistan but they have shelved those plans are returning cash
in fact, i think they might be be even levering up the company a bit
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: sumbul on October 25, 2016, 09:25:20 AM
(http://i63.tinypic.com/2iaan2v.jpg)

Anyone having any idea why they are paying much above the earnings?

EPS 21 and 50/share dividend. Same phenomenon witnessed last year. They liquidated their investments to give huge dividend.

What are they upto? Major shareholders going to Sell off their Stake?  :skeptic: :skeptic:

Maybe the sponsors are extremely generous and GOD fearing  :confused1:


 uuu

kia hua bhai
its the company's money
apni jaib say thori koi sponsor dey raha hai
They had built up large cash reserves because they wanted to enter new businesses in pakistan but they have shelved those plans are returning cash
in fact, i think they might be be even levering up the company a bit

I think it would be naive to think that such generous dividends can be declared without sponsor's nod  :rtfm:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: sAr on October 25, 2016, 10:09:48 AM
(http://i63.tinypic.com/2iaan2v.jpg)

Anyone having any idea why they are paying much above the earnings?

EPS 21 and 50/share dividend. Same phenomenon witnessed last year. They liquidated their investments to give huge dividend.

What are they upto? Major shareholders going to Sell off their Stake?  :skeptic: :skeptic:

Maybe the sponsors are extremely generous and GOD fearing  :confused1:


 uuu

kia hua bhai
its the company's money
apni jaib say thori koi sponsor dey raha hai
They had built up large cash reserves because they wanted to enter new businesses in pakistan but they have shelved those plans are returning cash
in fact, i think they might be be even levering up the company a bit

Book Value ki MCBC ho gai hai. This imply not much growth ahead beyond their capacity :(
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on October 25, 2016, 06:43:09 PM
(http://i63.tinypic.com/2iaan2v.jpg)

Anyone having any idea why they are paying much above the earnings?

EPS 21 and 50/share dividend. Same phenomenon witnessed last year. They liquidated their investments to give huge dividend.

What are they upto? Major shareholders going to Sell off their Stake?  :skeptic: :skeptic:

Maybe the sponsors are extremely generous and GOD fearing  :confused1:


 uuu

kia hua bhai
its the company's money
apni jaib say thori koi sponsor dey raha hai
They had built up large cash reserves because they wanted to enter new businesses in pakistan but they have shelved those plans are returning cash
in fact, i think they might be be even levering up the company a bit

Book Value ki MCBC ho gai hai. This imply not much growth ahead beyond their capacity :(

there is already over capacity in the industry ...
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: invincible on November 02, 2016, 12:04:51 PM
Stance wid tp, experts?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: rizanam on November 12, 2016, 06:41:42 PM
ye bhi nikal gaya haath se  :(
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: OMAIR on November 12, 2016, 10:55:41 PM
HAVE U NOTICED PAMA NUMBERS . One of the best numbers by ALGHAZI TRACTORS . EPS WOULD BE GREAT DUE TO TRACTORS BUMPER SALES. This is great that it has the production capacity to make such tractors in one month . This is a gem .ANOTHER 1000 RATE ITEM .ITS SEEMS THAT OUR MARKET IS MAKING SOME ITEMS AS 1000 RATE SHARE. THAT IS OUR ASAIN BEST MARKET. IT SEEMS THAT IT WILL CROSS MILLAT TRACTOR RATE.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Shakir123 on November 13, 2016, 12:24:12 AM
Millat tractors numbers 1000 if possible
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: invincible on November 15, 2016, 03:00:49 PM
Seems attractive at current level  :good
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Zar Ameen on November 15, 2016, 04:03:56 PM
Yes very attractive.  with revival of sales, it may post EPS of 15 per share in final quarter with bumper final cash dividend
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: invincible on November 16, 2016, 09:52:08 AM
Seems attractive at current level  :good



Capp,  :good

Thanks to Almighty Allah.   



Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: HaroonAshraf on November 20, 2016, 07:36:49 PM
Seniors, is it a good time to enter AGTL?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Ain on November 29, 2016, 01:11:44 PM
Is this stock undervalued? Whats its tp?
Thnx
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: invincible on November 29, 2016, 07:06:07 PM
800 till feb
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Ain on November 30, 2016, 09:10:34 AM
800 till feb
Y is its price increasing?
Thanx
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: invincible on November 30, 2016, 09:13:25 AM
800 till feb
Y is its price increasing?
Thanx


Due to non-stop growing Sales.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stocksfm on November 30, 2016, 11:03:13 PM
Sell this  Nov-2016 indicates a downside of 44% along with a dividend yield of 8.8% - more information here: http://bit.ly/2fM0cin
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: sAr on December 02, 2016, 03:10:00 PM
By: Aba Ali Habib Securities (Private) Limited

We initiate coverage on Al-Ghazi Tractors Limited with a SELL recommendation and a Jun-17 price target (PT) of PKR 373/share.
EPS growth is expected at a CAGR of 11.3% while Tractor sales volume growth is expected at a CAGR of 6.6% during CY17-21 because of improved farm productivity.
Our estimated price target (PT) at Nov-2016 indicates a downside of 44% along with a dividend yield of 8.8%.


 :crying_anim02: :crying_anim02:

They might be on weed
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: sAr on December 02, 2016, 03:10:45 PM
By: Intermarket Securities Limited

We downgrade AGTL from Neutral to Sell despite assuming a bull-case sales scenario and lifting our Dec’17 TP by 10% to PkR492/sh (from PkR448/sh earlier). We believe that the market has overestimated the recent momentum in sales and payout ability of the company. The stock offers a a total return of -19%.
Our new EPS estimates for CY17/18F are PkR44.0/49.3 (up 9%/8.5%) which incorporate the above-expected growth in sales as a result of reduction in GST in FY17 budget. While in isolation AGTL’s sales may seem phenomenal (up 48% YoY to 4627units during Jul-Oct) its market share has remained flat at 38%.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: invincible on December 06, 2016, 10:47:36 AM
670 soon  :good
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Zar Ameen on December 08, 2016, 03:05:35 PM
After posting strong sales in Oct 2201 tractors, Nov sales are 2200 tractors as per JS channel checks.  700 in sight  :good 
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: hamzaaliwala on December 08, 2016, 03:15:02 PM
There is no doubt that 4 Japanese companies dominate the car industry: these include Pak Suzuki Motors, Indus Motor Company, Honda Atlas Cars and Ghandara Nissan. In the Auto and Allied sector, out of the 12 firms that are listed on the stock exchange, these few dominate the market.

However, November might not have been a favorable month for some auto-companies, here’s why:
Market channel checks suggests sales car sales are likely to decline by 6% YoY to ~17.9k units.
Reason: decline in sales is largely due to 22% YoY fall in sales of Pak Suzuki ($PSMC) due to the absence of the Punjab government’s concessionary cab scheme.
 Indus Motor (INDU) is expected to witness a 2% YoY decline because of the phasing-out of the previous models of Hilux and Fortuner.
Tractor companies in the market which include, Millat Tractors ($MTL) and Al-Ghazi Tractors ($AGTL) may benefit from the reduced GST as their sales are expected to rise by 97% YoY and 196% YoY, respectively.
There was some good news for banks and leasing companies as loans stood at Rs127.9bn at close of Oct-16, the highest ever position, while also recording the highest ever MoM increase of 8.7%.

source:fintext (http://fintext.stocksfm.com/are-we-going-to-see-dip-in-auto-sales/)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Zar Ameen on December 14, 2016, 12:12:42 AM
During (Oct/Nov) of current quarter, AGTL sold 4341 units vs 1745 same period last year  - MTL sold 5409 units vs 2750 in the same period last year.  AGTL exhibited sales growth of 149% vs MTL 97% YOY 

AGTL reported gross margins of 28% vs MTL 21% in the preceeding quarter.

Due to superior sales growth and gross margins.  AGTL is set to report higher EPS growth vs MTL for the quarter ending Dec 31 2016 compared to preceeding quarter as well as the same quarter last year. :good
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Zar Ameen on December 14, 2016, 11:43:35 AM
 AGTL to catch up MTL rally :good
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: J on December 14, 2016, 12:06:42 PM
AGTL to catch up MTL rally :good

Aap ki Bharpoor sifarish par 123 par entry daal dee... :D :D
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on December 14, 2016, 12:14:24 PM
AGTL to catch up MTL rally :good

Dear, there is no comparison between AGTL and MTL. AGTL will not catch MTL rally, it should not..... MTL is in exports and earns double margin on exporting a tractor as compared to the local market (in which AGTL works). So the EPS of MTL will be way more than AGTL. Make an exit strategy from AGTL - in my view and better to enter MTL. Thats what I did. Exited AGTL from 670-715 and accumulated MTL. Still accumulating...... Again, you should do your own research but in my view, MTL is a way better script than AGTL. My target for MTL - 1200 by Feb IA. AGTL - 580 pe buy banta hai.....
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: J on December 14, 2016, 12:30:08 PM
AGTL to catch up MTL rally :good

Dear, there is no comparison between AGTL and MTL. AGTL will not catch MTL rally, it should not..... MTL is in exports and earns double margin on exporting a tractor as compared to the local market (in which AGTL works). So the EPS of MTL will be way more than AGTL. Make an exit strategy from AGTL - in my view and better to enter MTL. Thats what I did. Exited AGTL from 670-715 and accumulated MTL. Still accumulating...... Again, you should do your own research but in my view, MTL is a way better script than AGTL. My target for MTL - 1200 by Feb IA. AGTL - 580 pe buy banta hai.....
noted and compliance will be made...tnx... :confused1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Zar Ameen on December 14, 2016, 12:42:18 PM
AGTL to catch up MTL rally :good

Dear, there is no comparison between AGTL and MTL. AGTL will not catch MTL rally, it should not..... MTL is in exports and earns double margin on exporting a tractor as compared to the local market (in which AGTL works). So the EPS of MTL will be way more than AGTL. Make an exit strategy from AGTL - in my view and better to enter MTL. Thats what I did. Exited AGTL from 670-715 and accumulated MTL. Still accumulating...... Again, you should do your own research but in my view, MTL is a way better script than AGTL. My target for MTL - 1200 by Feb IA. AGTL - 580 pe buy banta hai.....
noted and compliance will be made...tnx... :confused1:
What is % of export business to total sales sales for MTL ?
Why AGTL gross margins are higher although it does not export
under the current growth trend AGTL may report 15 per share vs MTL 20 per share.   What is Target price for AGTL by Feb 2017 if MTL reaches 1200 because both are having sales growth ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: J on December 14, 2016, 01:14:37 PM
Agtl gives super dividend and dividend yield is one of the highest at 13%. Agri policy will bear fruit in the coming year hopefully and if continued through the next budget which seems probable looking at the dismal cotton crop forecast again less than 11 million bales. Government will be forced to give further concessions owing to low agriculture growth again. MTL will be earning from its sale of tractors to South Africa i presume in addition to inland sales...Lets hope for the best. Best would be to keep both scrips in the portfolio at present.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on December 14, 2016, 01:17:12 PM
AGTL to catch up MTL rally :good

Dear, there is no comparison between AGTL and MTL. AGTL will not catch MTL rally, it should not..... MTL is in exports and earns double margin on exporting a tractor as compared to the local market (in which AGTL works). So the EPS of MTL will be way more than AGTL. Make an exit strategy from AGTL - in my view and better to enter MTL. Thats what I did. Exited AGTL from 670-715 and accumulated MTL. Still accumulating...... Again, you should do your own research but in my view, MTL is a way better script than AGTL. My target for MTL - 1200 by Feb IA. AGTL - 580 pe buy banta hai.....
noted and compliance will be made...tnx... :confused1:
What is % of export business to local sales ?
Why AGTL gross margins are higher although it does not export
What is Target price for AGTL by Feb 2017 if MTL reaches 1200 ?

2.5%
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Zar Ameen on December 14, 2016, 01:27:50 PM
Just 2.5 % export in the sales mix is not material enough to affect valuation and market price. 

Rally is based on local sales.  AGTL is trading cheaper comparatively
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on December 14, 2016, 01:31:44 PM
Just 2.5 % export in the sales mix is not material enough to affect valuation and market price. 

Rally is based on local sales.  AGTL is trading cheaper comparatively

export may grow  as they have teamed up with agco to enter african market
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: zelmc on December 14, 2016, 02:23:57 PM
EPS for the last quarter would be around 12-13 at least, if they sell 1500-2000 tractors in the month of December. If the present sales momentum is continued for the next year, then 2017E EPS of around 50 is possible which with a P/E multiple of 15 ( most of the auto sector is trading at higher multiples) gives us a price of 750.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Zar Ameen on December 14, 2016, 02:52:09 PM
It will be higher than 50 under current momentum because IMS projected EPS 44 per share CY17 on sales estimate of just 18,700 units

Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Zar Ameen on December 14, 2016, 02:54:15 PM
Just 2.5 % export in the sales mix is not material enough to affect valuation and market price. 

Rally is based on local sales.  AGTL is trading cheaper comparatively

export may grow  as they have teamed up with agco to enter african market
Any idea on gross margins of export sales ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: SBM on December 14, 2016, 10:02:34 PM
Just 2.5 % export in the sales mix is not material enough to affect valuation and market price. 

Rally is based on local sales.  AGTL is trading cheaper comparatively

export may grow  as they have teamed up with agco to enter african market
Any idea on gross margins of export sales ?
No
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: J on December 15, 2016, 03:37:47 PM
AGTL to catch up MTL rally :good

 :crying_anim02:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on December 15, 2016, 03:38:00 PM
580 will be in reach tomorrow...... I may start accumulating some..... but lets see. Still feel MTL is much better. AGTL seems to be over valued. but 580 is a good price in my opinion. Before next data is in the market, AGTL may touch 650 again..... so its a healthy 50-70 rupee gain. December I have heard is usually dry in terms of tractor sales. Can anyone confirm?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: invincible on December 15, 2016, 10:29:56 PM
580 will be in reach tomorrow...... I may start accumulating some..... but lets see. Still feel MTL is much better. AGTL seems to be over valued. but 580 is a good price in my opinion. Before next data is in the market, AGTL may touch 650 again..... so its a healthy 50-70 rupee gain. December I have heard is usually dry in terms of tractor sales. Can anyone confirm?

What makes it overvalued?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on December 28, 2016, 05:27:50 PM
I am sorry. Market experts asks to stay away from AGTL till 500!!!!

Lets get into MTL instead - extremely attractive at current rates... Searl ATRL also looks good! :dance :dance :dance :dance
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: aftab iqbal on December 30, 2016, 10:27:55 AM
strong buy
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Zar Ameen on December 30, 2016, 11:20:18 PM
What is the latest development in support of this strong buy call ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: aftab iqbal on January 02, 2017, 11:42:03 AM
increasing number of tractor sell from overall cathce of sector
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: aftab iqbal on January 02, 2017, 11:42:39 AM
Rs 75 -100 upside
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Zar Ameen on January 02, 2017, 11:46:36 AM
any news about Dec sales data ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on January 04, 2017, 05:48:00 PM
Be careful in AGTL. I have been saying it since long. 500 pe entry lena wo bhi sooch samajh kar. MTL is extremely bullish. 870 pe I said buy MTL for 1200 in Feb. It touched 965 today - 95 rupees up. Still there is alot of room. 2500+ tractors expected to be reported for MTL this December. For MTL - Even if export number for the Q2 is zero, we are looking at an EPS of PKR 17, making it 28.6 for H1 2017. EPS will cross 30 easily if 600 tractors are reported in export sales.. sector PE is 17.2, do the maths....

MTL MTL MTL  :clap1: :clap1: :clap1: :clap1: :clap1: :clap1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: bilalghani86 on January 04, 2017, 06:23:31 PM
Be careful in AGTL. I have been saying it since long. 500 pe entry lena wo bhi sooch samajh kar. MTL is extremely bullish. 870 pe I said buy MTL for 1200 in Feb. It touched 965 today - 95 rupees up. Still there is alot of room. 2500+ tractors expected to be reported for MTL this December. For MTL - Even if export number for the Q2 is zero, we are looking at an EPS of PKR 17, making it 28.6 for H1 2017. EPS will cross 30 easily if 600 tractors are reported in export sales.. sector PE is 17.2, do the maths....

MTL MTL MTL  :clap1: :clap1: :clap1: :clap1: :clap1: :clap1:

When we have dec figures ?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on January 05, 2017, 09:56:51 AM
Will get the December figures on 10th January after market hours IA.  :fingerscrossed1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: invincible on January 05, 2017, 07:38:17 PM
Avoid Agtl. If you r holding it swap it wid MTL.

 :good
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on January 11, 2017, 12:36:37 AM
Poor numbers of AGTL. 500 on cards now. Lower lock expected tomorrow  huhu
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: aftab iqbal on January 11, 2017, 09:17:26 AM
lets see how it goes  :thumbsup_anim:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: aftab iqbal on January 11, 2017, 12:59:09 PM
strong buy
injoy :dance :dance
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on January 11, 2017, 03:08:04 PM
Itney burey numbers pe upper lock :) Great for the holders
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: aftab iqbal on January 12, 2017, 10:38:32 AM
i sold at 598
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on January 12, 2017, 12:35:50 PM
Well.. I feel some satta going on here. MTL is much better share than AGTL. Lets see how it goes from here. BTW, I bought it at 504 and sold at 670. I am not comfortable in this now thats why staying away.....
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: AAMIR RAZA on January 22, 2017, 10:12:36 PM
 
Looking Good above 600 for Target 700+ inshallah. :biggthumpup:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: 007 on January 23, 2017, 02:29:52 AM
I am sorry. Market experts asks to stay away from AGTL till 500!!!!

Lets get into MTL instead - extremely attractive at current rates... Searl ATRL also looks good! :dance :dance :dance :dance

:laugh
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on January 23, 2017, 10:37:56 AM
AGTL is a good share but nothing as compared to MTL yaar. AGTL went up from 560-610 today and MTL went up from 870-1165 today.

I still believe MTL is a far better option......

 :good
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: mapk12 on February 13, 2017, 11:07:41 AM
What we can expect form the result today?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Salman Aslam on February 13, 2017, 12:00:29 PM
600 Rs main kisi kay pass bohat shares hain dainay kay lyay... uper jaanay hi nahi day raha
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: fastfriend on February 14, 2017, 10:23:13 AM
@Seniors
What should be the entry rate.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: alicima on February 14, 2017, 10:31:09 AM
(http://i67.tinypic.com/ay0arn.jpg)
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: farhan on May 29, 2017, 10:39:28 AM
Any news about AGTL? Upper locked last session and again nearing lock today.  :skeptic:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: bilalghani86 on May 29, 2017, 02:32:16 PM
Export sales to Afghanistan. Game ON lagti hae
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on May 29, 2017, 03:40:55 PM
1000 ki tp aayi hai. Waheen se jahan se MTL ki call aayi thi 1200 ki when it was at 700-800 ;) I am holding some quantity of AGTL.  :clap1: :clap1: :clap1: :clap1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: bilalghani86 on May 29, 2017, 03:52:25 PM
1000 ki tp aayi hai. Waheen se jahan se MTL ki call aayi thi 1200 ki when it was at 700-800 ;) I am holding some quantity of AGTL.  :clap1: :clap1: :clap1: :clap1:


 :clap1: :clap1: :shoaby: :good :good :thumbsup_anim:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: bilalghani86 on May 29, 2017, 04:01:23 PM
Recently agreement renewed with Hollandi for 10 years, export sales started to Afghanistan....lao 1,000 insha'Allah.... :shoaby:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: bilalghani86 on June 06, 2017, 02:13:39 PM
 :shoaby: :shoaby:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on June 06, 2017, 03:16:47 PM
Laoooo maaaaallll MTL AGTL

2bn Rupees subsidy marked for Tractor Purchase.

https://epaper.tribune.com.pk/DisplayDetails.aspx?ENI_ID=11201706060300&EN_ID=11201706060117&EMID=11201706060049
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: MZ on August 12, 2017, 11:11:07 AM
Al-Ghazi Tractors Ltd (AGTL): 2QCY17 EPS of PRs11.64/sh, DPS of PRs25.0/sh

Friday, 11 August 2017

By: Intermarket Securities Limited
Al-Ghazi Tractors Ltd (AGTL) reported 2QCY17 NPAT of PRs675mn (EPS: PRs11.64), up 30%YoY while lower 27%QoQ. This consequently takes 1HCY17 NPAT to PRs1.6bn (EPS: PRs27.51) up 41%YoY. Result were in-line with street consensus. They were accompanied with interim cash dividend of PRs25/sh (i.e. 500%).
Jump in 2QCY17 earnings (up 30%YoY) was led by higher volumetric sales (2QCY17: 5,907 up 23%YoY) on (i) lower GST, (ii) improvement in crop yield owing to the Punjab government’s Kissan Package, and (iii) continuation of fertilizer subsidy. However, 2Q EPS was down 8%QoQ. Gross margins depicted a 0.9pptYoY increase to 28.1%.
Other key takeaways include:
increase in administrative expenses to PRs72mn, up by 20%YoY, and
increase in distribution expenses to PRs63mn vs PRs46mn in SPLY in tandem with increase in sales.
AGTL currently trades at CY17F P/E of 12.4x, where we await management guidance before revising our estimates.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: MZ on October 25, 2017, 02:49:35 PM
Al-Ghazi Tractors Ltd (AGTL): 3QCY17 Result – Stunning payouts continue

Wednesday, 25 October 2017

By: Intermarket Securities Limited
Al-Ghazi Tractors Ltd (AGTL) has reported NPAT of PRs4.41bn (EPS: PRs11.97) in 3QCY17, up 149%YoY/3%QoQ. This took 9MCY17 NPAT to PRs13.92bn (EPS: PRs39.47), up 81%YoY.
The company also announced an interim DPS of PRs25.00 taking 9MCY17 dividend to PRs62.50/sh. AGTL has shown stupendous YoY growth backed by 134% increase in tractor sales (amid lower GST and recovery in farmer income)
In 3QCY17, tractor sales were down by 3%QoQ to 5,672 units while margins stood at 26% (2QCY17: 28%). However, EPS is up by 3%QoQ due to impact of super tax in the previous quarte
Other key takeaways for 3QCY17 include: (i) increase in distribution expenses to PRs65mn from PRs63mn in 2QCY16, in line with sales and (ii) other income declined to PRs25mn from PRs44mn sequentially
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: momin234 on November 14, 2017, 10:21:11 AM
good numbers oct-17

a gem of an item  :fingerscrossed1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ZafarAAA on December 20, 2017, 09:19:22 AM
It has very higher dividend yield
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: silentvoice on February 13, 2018, 10:41:05 AM
good number in jan 18   2715 vs 1772 jan 17.

May be show Rs. 50 or 52 Full year EPS. Vs. 33.24 Last year

Good result awaited

 Insha Allah.

:thumbsup_anim: :thumbsup_anim:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stuka on February 20, 2018, 09:56:06 AM
earning 50s mai or dividend 80s mai
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Koolfire on February 20, 2018, 08:14:11 PM
Dps 25

https://www.psx.com.pk/newsattachment/110329.pdf
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stuka on March 13, 2018, 01:43:57 PM
20+ eps expected for ist qtr. tp 800+
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on March 14, 2018, 06:40:55 PM
20+ eps expected for ist qtr. tp 800+

So you prefer AGTL over MTL? If you are projecting AGTL to be 800 then MTL should be projected at 1800-2000.... Its data is almost double that of AGTL plus the exports of MTL even if they stand at 2% are more than AGTL....
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stuka on March 15, 2018, 09:37:32 AM
check sales data for this last 2 months. and dividend yield that it offers. AGTL dont export.
currently AGTL looks better to me.

you may have your own opinion
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on March 15, 2018, 11:12:28 AM
check sales data for this last 2 months. and dividend yield that it offers. AGTL dont export.
currently AGTL looks better to me.

you may have your own opinion

Boss AGTL export karta hai to Afghanistan. Please see more details here: https://web.facebook.com/groups/ZafarSecurities/permalink/1347270528675337/?_rdc=1&_rdr

Details were also updated on PSX website. You may check the data portal too. Decision apni jaga but Dividend yeild of MTL is more than 95% too Annual yield that is.....
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stuka on March 15, 2018, 12:22:48 PM
95% dividend yield  :bangin: :bangin: huhu huhu
bro how do you calculate this????

Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on March 15, 2018, 04:43:11 PM
95% dividend yield  :bangin: :bangin: huhu huhu
bro how do you calculate this????

My apologies. I just read its the ratio of Dividend per share and share price. I thought its between Dividend per share and EPS.....

MTL dividend yield for last year would be 95/1100 = 8.6%
AGTL dividend yield for last year would be 87.5/680 = 12.86%

Yes you are right if I have done the above calculations above right....

Dividend yield of AGTL looks very good. Gives dividend every Q.... I just noticed that.

Ab tu mujhey bhi AGTL ziaada accha lag raha hai  :thumbsup_anim: :thumbsup_anim: :thumbsup_anim:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ZafarAAA on March 16, 2018, 09:39:00 AM
95% dividend yield  :bangin: :bangin: huhu huhu
bro how do you calculate this????

My apologies. I just read its the ratio of Dividend per share and share price. I thought its between Dividend per share and EPS.....

MTL dividend yield for last year would be 95/1100 = 8.6%
AGTL dividend yield for last year would be 87.5/680 = 12.86%

Yes you are right if I have done the above calculations above right....

Dividend yield of AGTL looks very good. Gives dividend every Q.... I just noticed that.

Ab tu mujhey bhi AGTL ziaada accha lag raha hai  :thumbsup_anim: :thumbsup_anim: :thumbsup_anim:

95% dividend yield  :bangin: :bangin: huhu huhu
bro how do you calculate this????

My apologies. I just read its the ratio of Dividend per share and share price. I thought its between Dividend per share and EPS.....

MTL dividend yield for last year would be 95/1100 = 8.6%
AGTL dividend yield for last year would be 87.5/680 = 12.86%

Yes you are right if I have done the above calculations above right....

Dividend yield of AGTL looks very good. Gives dividend every Q.... I just noticed that.

Ab tu mujhey bhi AGTL ziaada accha lag raha hai  :thumbsup_anim: :thumbsup_anim: :thumbsup_anim:

Please see comparison of EPS, DPS and cash/investment balance of last three years
YEAR   EPS   DPS    CASH & INVESTMENTS   
2014  27.00  25       5.8 billions
2015  27.47  85       2.4 billions
2016  33.24  62       1.3 billion
2017  53.88  87.5     ?   to be checked in annual report.

It was paying higher dividend by using previous cash and investments balance. Now it can not afford to pay higher dividend because of shortage of previous balance funds, so don't expect same dividend ratio in current/future years.                                                     
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stuka on March 16, 2018, 09:51:56 AM
95% dividend yield  :bangin: :bangin: huhu huhu
bro how do you calculate this????

My apologies. I just read its the ratio of Dividend per share and share price. I thought its between Dividend per share and EPS.....

MTL dividend yield for last year would be 95/1100 = 8.6%
AGTL dividend yield for last year would be 87.5/680 = 12.86%

Yes you are right if I have done the above calculations above right....

Dividend yield of AGTL looks very good. Gives dividend every Q.... I just noticed that.

Ab tu mujhey bhi AGTL ziaada accha lag raha hai  :thumbsup_anim: :thumbsup_anim: :thumbsup_anim:

its strange that its price is not moving.

if they pay 500% with ist qtr (chances are high) than it will become rocket  :thumbsup_anim:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stuka on March 16, 2018, 10:27:11 AM
they can still continue to pay higher dividend as they have healthy cash generation
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on March 19, 2018, 04:59:31 PM
Yaar Stuka, can you provide me comparison between MTL & AGTL in terms of available cash flows if you have some time
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: StarWolf on April 03, 2018, 03:46:26 PM
Good going today  :clap1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stuka on April 11, 2018, 03:53:43 PM
20+ eps expected for ist qtr. tp 800+

moving towards 800  :clap1: :clap1:
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stuka on April 12, 2018, 09:23:19 AM
3202 lao maal 1000+ krao to mza ajaye
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stuka on April 12, 2018, 09:32:00 AM
qtr on qtr 30 growth in volumes whereas mtl sale data qtr on qtr is stagnant. agtl should be re rated. 1000 pretty much achievable if dividend 500% ata ha to.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stuka on April 12, 2018, 03:34:19 PM
lao AGTL
MTL farig hogya aj AGTL k agy
 uuu :dance
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stuka on April 19, 2018, 04:31:31 PM
https://fp.brecorder.com/2018/04/20180419362705/
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Thelma on April 23, 2018, 04:15:26 PM
Valuation & Recommendation Basis  Valuation Basis Our PT for Al-Ghazi Tractors Limited (AGTL) has been computed using Free cash flow to equity (FCFE) method.
We have used a risk free rate of 10.0%, beta of 1.0 & market risk premium of 6% to arrive at cost of equity of 16.0%. Investment Thesis We have a ‘SELL’ recommendation on the stock based on our Dec-18 PT of PKR 661/share which result in a downside of 14.7% along with a dividend yield of 9.2%. Our investment case on AGTL is based on (1) strong expected growth in tractor sales during CY18 due to higher local demand (2) margins to trim from CY19 onwards due to subdued growth in sales (3) dividend payout to fall in CY18 owing to depleting reserves. Risks Key downside risks to our investments thesis are: 1) lower than anticipated growth in tractor sales, 2) increase in sales tax rate on tractor.     
 Munir Khanani securities     
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stuka on April 24, 2018, 10:22:37 AM
Valuation & Recommendation Basis  Valuation Basis Our PT for Al-Ghazi Tractors Limited (AGTL) has been computed using Free cash flow to equity (FCFE) method.
We have used a risk free rate of 10.0%, beta of 1.0 & market risk premium of 6% to arrive at cost of equity of 16.0%. Investment Thesis We have a ‘SELL’ recommendation on the stock based on our Dec-18 PT of PKR 661/share which result in a downside of 14.7% along with a dividend yield of 9.2%. Our investment case on AGTL is based on (1) strong expected growth in tractor sales during CY18 due to higher local demand (2) margins to trim from CY19 onwards due to subdued growth in sales (3) dividend payout to fall in CY18 owing to depleting reserves. Risks Key downside risks to our investments thesis are: 1) lower than anticipated growth in tractor sales, 2) increase in sales tax rate on tractor.     
 Munir Khanani securities     

farig report ha. sales growth will continue due to subsidy for farmers due to election year and improving income. sales tax proposal is of reduction, agr na b further reduce ho to they will continue same level of taxes. cy19 se kya magic hoga jo sales kum ho jayain gi? sales will depend on tax reduction. agr aj tax cut khtm kr dain to aj se he sales down.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Az on April 25, 2018, 04:16:10 PM
By: BIPL Securities Limited

Al-Ghazi Tractors Limited (AGTL) is scheduled to announce its 1QCY18 financial result on Apr 25, 2018. We expect the company to post NPAT of PKR1.2bn (EPS: PKR21.3) as compared to PKR900mn (EPS: PKR15.9) during the same period last year, up 34%YoY. The increase can be accredited to hefty volumetric growth of 37%YoY during the quarter


Millat Tractor Limited (MTL) is set to announce its 3QFY18 result on Apr 26, 2018, where we expect the company to post NPAT of PKR1.7bn (EPS: PKR37.7) as compared to PKR1.5bn (EPS: PKR33.0) same period last year, up 15%YoY.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: StarWolf on April 26, 2018, 09:34:45 AM
https://www.psx.com.pk/newsattachment/113626.pdf
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Thelma on April 26, 2018, 12:15:13 PM
No divident??
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: Az on April 26, 2018, 01:56:03 PM
No, but the result is good.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: akbar.aqil on April 26, 2018, 05:21:47 PM
Dear all,
AGTL's ordinary shares have a paid up value of 5 rupees not 10 rupees. Please keep in mind while calculating dividend yields. For instance, the dividend announced for 1st half 2012 as 150% is 7.5 rupees NOT 15 rupees.

I think I calculated the Dividend yield wrongly..... Is it?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: StarWolf on April 26, 2018, 05:40:13 PM
No divident??

result is good and same goes for the script if considering for long term.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: StarWolf on May 11, 2018, 09:39:44 AM
Dividend received yesterday.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: stuka on May 11, 2018, 11:03:24 AM
not received.
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ABNEIQBAL on July 31, 2018, 12:05:29 AM
AGTL   Al-Ghazi Tractors Limited   Half Year   Jul 31st, 2018 04:00 PM
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: ZafarAAA on August 01, 2018, 10:44:09 AM
eps is reduced to 12.39 in Jun-18 quarter from eps of 19.6 in Mar-18 quarter
https://www.psx.com.pk/newsattachment/116520.pdf
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: farhan on August 29, 2018, 06:51:05 AM
How do you see the future of this script?
Title: Re: AGTL -- Al Ghazi Tractors Limited
Post by: aatradekhi on February 12, 2019, 10:13:08 AM
Financial Announcements
Al-Ghazi Tractors Limited. Final Quarter Results Dec 2018
EPS 4Q = Rs 6.91
EPS Full Year= Rs 43.31
Final Dividend = Rs 9.00
Bonus Shares = Nil
Last Year EPS = Rs 53.88
The Share Transfer Books of the Company will be Closed
form 19/4/2019 To 25/4/2019