External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Cross Asset Strategy

<ul><li>KSE index companies recorded highest ever quarterly earnings (PAT) of Rs417bn up 52% YoY (+16% YoY in US$) in 1QFY24, which is higher than 10-years average growth of 13%.</li><li>Pre-tax earnings of KSE index companies also up 58% YoY to Rs729bn (+22% YoY in US$) in 1QFY24.</li><li>Economic recovery, easing of LC issues, slowdown in inflation, and stable currency were the prime reasons of significant jump in corporate profitability.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

KSE index companies recorded highest ever quarterly earnings (PAT) of Rs417bn up 52% YoY (+16% YoY in US$) in 1QFY24, which is higher than 10-years average growth of 13%.Pre-tax earnings of KSE index companies also up 58% YoY to Rs729bn (+22% YoY in US$) in 1QFY24.Economic recovery, easing of LC issues, slowdown in inflation, and stable currency were the prime reasons of significant jump in corporate profitability.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Strategy: Record Corporate Profitability in 1QFY24

Equity Bottom-Up

<ul><li>Hub Power Company (HUBC) announced its 1QFY24 result wherein company reported profit to equity owners of Rs17bn (EPS of Rs13.17) up 88% YoY while down 29% QoQ.</li><li>Along with the result, company announced interim cash dividend of Rs5/share, which came in line with our expectations.</li><li>1QFY24 result came slightly higher than industry expectations due to higher share of profit from associates and JV.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC) announced its 1QFY24 result wherein company reported profit to equity owners of Rs17bn (EPS of Rs13.17) up 88% YoY while down 29% QoQ.Along with the result, company announced interim cash dividend of Rs5/share, which came in line with our expectations.1QFY24 result came slightly higher than industry expectations due to higher share of profit from associates and JV.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC): Earnings Higher than Industry Expectations

<ul><li>Hub Power Company (HUBC) held its corporate briefing today to discuss FY23 financial result and future outlook.</li><li>To recall, FY23 result came higher than industry expectations due to higher share of profit from associates and JV.</li><li>Management highlighted that higher profit is due to (1) higher share of profit from CPHGC due to low base, (2) impact of rupee devaluation and (3) insurance claim.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC) held its corporate briefing today to discuss FY23 financial result and future outlook.To recall, FY23 result came higher than industry expectations due to higher share of profit from associates and JV.Management highlighted that higher profit is due to (1) higher share of profit from CPHGC due to low base, (2) impact of rupee devaluation and (3) insurance claim.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Topline Flash Note: Hub Power Company (HUBC): Corporate Briefing Key Takeaways

Macroeconomics

<ul><li>Hub Power Company (HUBC) announced its 4QFY23 result today wherein company reported profit to equity owners of Rs23.9bn (EPS of Rs18.4) up 241% YoY.</li><li>This takes full-year earnings to Rs57.6bn (EPS of Rs44.4) for FY23, which is the highest ever in its history.</li><li>Along with the result, company announced final cash dividend of Rs6/share, taking total FY23 dividend to Rs30/share which is also highest ever dividend in its history.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC) announced its 4QFY23 result today wherein company reported profit to equity owners of Rs23.9bn (EPS of Rs18.4) up 241% YoY.This takes full-year earnings to Rs57.6bn (EPS of Rs44.4) for FY23, which is the highest ever in its history.Along with the result, company announced final cash dividend of Rs6/share, taking total FY23 dividend to Rs30/share which is also highest ever dividend in its history.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hub Power Company (HUBC): HUBC recorded highest ever profit and dividend in FY23

Thematic (Sector/Industry)

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<li>Economic Coordination Committee (ECC) of the cabinet has allowed gas companies to recover Rs18bn worth of UFG losses on retrospective implementation of increased UFG benchmark of 7.6%.</li>
<li>To recall, OGRA had approved a revised UFG benchmark study that allowed gas companies to increase benchmark from 4.5% to 7.6% on prospective basis that was to be applicable from FY18 (SNGP already incorporated this new benchmark in 9MFY18 accounts). In this latest development, ECC has also allowed gas companies to…</li>
</ul>


Economic Coordination Committee (ECC) of the cabinet has allowed gas companies to recover Rs18bn worth of UFG losses on retrospective implementation of increased UFG benchmark of 7.6%.
To recall, OGRA had approved a revised UFG benchmark study that allowed gas companies to increase benchmark from 4.5% to 7.6% on prospective basis that was to be applicable from FY18 (SNGP already incorporated this new benchmark in 9MFY18 accounts). In this latest development, ECC has also allowed gas companies to…


Flash Note: Pakistan Gas Marketing: ECC Allows Recovery of Rs18bn UFG Losses for Gas Companies

Pakistan

The Hub Power Company Limited owns, operates and maintains an oil fired power station in Pakistan.  The Company delivers electricity for distribution to industrial, commerce, agricultural, and domestic customers.  Hub's clients include The Water and Power Development Authority.

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Hub Power Company (HUBC PA)

Pakistan Strategy: Record Corporate Profitability in 1QFY24

KSE index companies recorded highest ever quarterly earnings (PAT) of Rs417bn up 52% YoY (+16% YoY in US$) in 1QFY24, which is higher than...

Topline Securities

Hub Power Company (HUBC): Earnings Higher than Industry Expectations

Hub Power Company (HUBC) announced its 1QFY24 result wherein company reported profit to equity owners of Rs17bn (EPS of Rs13.17) up 88% YoY while...

Topline Securities

Topline Flash Note: Hub Power Company (HUBC): Corporate Briefing Key Takeaways

Hub Power Company (HUBC) held its corporate briefing today to discuss FY23 financial result and future outlook. To recall, FY23 result came higher...

Topline Securities

Hub Power Company (HUBC): HUBC recorded highest ever profit and dividend in FY23

Hub Power Company (HUBC) announced its 4QFY23 result today wherein company reported profit to equity owners of Rs23.9bn (EPS of Rs18.4) up 241%...

Topline Securities

Flash Note: Pakistan Gas Marketing: ECC Allows Recovery of Rs18bn UFG Losses for Gas Companies

Economic Coordination Committee (ECC) of the cabinet has allowed gas companies to recover Rs18bn worth of UFG losses on retrospective...

Topline Securities

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