External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Pak Elektron Limited (Pael) / Equity Bottom-Up

<ul>
<li>We reiterate our ‘Buy’ stance on Pak Elektron (PAEL), Pakistan's one of the biggest home appliance and power equipment manufacturers, despite its weak performance in 1Q2018 (owing to strategic reasons to some extent while increasing competition also affected sales).</li>
<li>After incorporating 1Q result, we tweak our assumptions for PAEL and tone down its EPS estimates by 15/22/32% to Rs5.3/6.0/6.3 in FY18E/FY19F/FY20F.</li>
<li>However, since the stock has come down 18/65% in 2018/FY18YTD and has underperformed…</li>
</ul>


We reiterate our ‘Buy’ stance on Pak Elektron (PAEL), Pakistan's one of the biggest home appliance and power equipment manufacturers, despite its weak performance in 1Q2018 (owing to strategic reasons to some extent while increasing competition also affected sales).
After incorporating 1Q result, we tweak our assumptions for PAEL and tone down its EPS estimates by 15/22/32% to Rs5.3/6.0/6.3 in FY18E/FY19F/FY20F.
However, since the stock has come down 18/65% in 2018/FY18YTD and has underperformed…


Pak Elektron Limited (Pael)

Pak Elektron (PAEL) : Reiterate Buy