External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We reiterate our ‘Buy’ stance on Engro Corporation (ENGRO) with a Dec-2024 Target Price (TP) of Rs490/share, offering a potential upside of 63%.</li><li>Our liking for ENGRO primarily stems from (1) anticipation of potential special dividend through the sale of its Thermal Energy portfolio, (2) likely implementation of Weighted Average Cost of Gas (WACOG) to benefit EFERT, (3) expanding Enfrashare (Tower) business along with declining interest rates to enhance profitability, and (4) anticipated resurgence of construction activities leading to an increase in EPCL earnings.</li><li>Potential one time special dividend: ENGRO has entered into discussions with Liberty Power to reduce its exposure in thermal energy assets which includes Engro Powergen Qadirpur (EPQL), Engro Powergen Thar Limited (EPTL), and Sindh Engro Coal Mining Company (SECMC).</li></ul><p><em>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.</em></p>

We reiterate our ‘Buy’ stance on Engro Corporation (ENGRO) with a Dec-2024 Target Price (TP) of Rs490/share, offering a potential upside of 63%.Our liking for ENGRO primarily stems from (1) anticipation of potential special dividend through the sale of its Thermal Energy portfolio, (2) likely implementation of Weighted Average Cost of Gas (WACOG) to benefit EFERT, (3) expanding Enfrashare (Tower) business along with declining interest rates to enhance profitability, and (4) anticipated resurgence of construction activities leading to an increase in EPCL earnings.Potential one time special dividend: ENGRO has entered into discussions with Liberty Power to reduce its exposure in thermal energy assets which includes Engro Powergen Qadirpur (EPQL), Engro Powergen Thar Limited (EPTL), and Sindh Engro Coal Mining Company (SECMC).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.

Engro Corporation Limited (ENGRO) - “Buy”; Selling Thermal Assets to Unlock Value