External broker reports(aggregated public sources), Topline Securities

Topline Securities

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

Pakistan International Bulk Terminal / Equity Bottom-Up

Pakistan International Bulk Terminal (PIBTL PA)

<p>We initiate coverage on Pakistan’s first dedicated dirty cargo terminal (operations to start in 2Q2017) with a ‘Buy’ stance. The stock offers an upside potential of 34%, based on our DCF valuation. Our liking for PIBTL stems from:</p><ol><li>increased operational efficiencies, which will transform existing dirty cargo handling procedures in the country</li><li>potential to capitalize on increasing coal imports due to commissioning of imported coal fired power plants, and</li><li>capacity expansions in the local cement industry, that will further add impetus to coal imports in the country.</li></ol><p>PIBTL is well positioned to capitalize on the country’s need to have a dedicated bulk coal, cement and clinker terminal as prevailing facilities face congestion and continue to operate under below par conditions. PIBTL, being a member of the Marine Group of companies, will be run by a management having vast experience in cargo handling and terminal business where adherence to international standards will provide value added services, mitigating the supply chain issues currently being faced.</p>

We initiate coverage on Pakistan’s first dedicated dirty cargo terminal (operations to start in 2Q2017) with a ‘Buy’ stance. The stock offers an upside potential of 34%, based on our DCF valuation. Our liking for PIBTL stems from:increased operational efficiencies, which will transform existing dirty cargo handling procedures in the countrypotential to capitalize on increasing coal imports due to commissioning of imported coal fired power plants, andcapacity expansions in the local cement industry, that will further add impetus to coal imports in the country.PIBTL is well positioned to capitalize on the country’s need to have a dedicated bulk coal, cement and clinker terminal as prevailing facilities face congestion and continue to operate under below par conditions. PIBTL, being a member of the Marine Group of companies, will be run by a management having vast experience in cargo handling and terminal business where adherence to international standards will provide value added services, mitigating the supply chain issues currently being faced.

Pakistan International Bulk Terminal (PIBTL): Enabling Trade Through Increased Efficiencies