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

We reiterate our ‘Buy’ call on PAEL, as the stock offers best exposure to Pakistan’s appliances and power sector with an upside potential of 48%. Our liking for the stock stems from:<ol><li>strong growth in appliances segment due to improved energy situation, rising income levels and company’s expansion plans;</li><li>power division placed to gain from improving power generation to bridge 4,000-5,000MW energy shortfall through projects under flagship China Pakistan Economic Corridor (CPEC) implementation; and</li><li>attractive valuation.</li></ol>

We reiterate our ‘Buy’ call on PAEL, as the stock offers best exposure to Pakistan’s appliances and power sector with an upside potential of 48%. Our liking for the stock stems from:strong growth in appliances segment due to improved energy situation, rising income levels and company’s expansion plans;power division placed to gain from improving power generation to bridge 4,000-5,000MW energy shortfall through projects under flagship China Pakistan Economic Corridor (CPEC) implementation; andattractive valuation.

Pak Elektron (PAEL): Well Positioned Business Mix to Benefit