RATINGS GUIDE

Ratings as of JUL 4, 2009
Stock
Target Price
Price
Rating
EPS(Rs)
DPS(Rs)
BVPS(Rs)
P/E x
Div Yld(%)
P/BV x
Beta
Sh. Out. (m)
Year end
(LT)
(LT)
FY08A
FY09F
FY10F
FY08A
FY09F
FY10F
FY08A
FY09F
FY10F
Allied Bank
47.7
39.91
Accumulate
6.4
7.1
8.8
2.5
2.5
3.1
34.6
57.8
64.6
5.6
6%
0.7
1.05
646
Dec
Habib Bank
75.3
95.53
Sell
11.0
12.4
14.9
5.5
5.0
5.0
71.4
79.4
89.3
7.7
5%
1.2
1.16
911
Dec
MCB Bank
156.8
162.00
Reduce
22.3
26.0
28.4
11.5
9.5
10.0
84.6
106.0
124.0
6.2
6%
1.5
1.27
691
Dec
National Bank
98.8
71.35
Buy
17.2
18.9
20.0
6.5
6.0
6.5
114.2
116.2
118.1
3.8
8%
0.6
1.23
897
Dec
United Bank
67.3
40.51
Strong Buy
7.5
10.1
11.3
2.5
2.5
2.8
39.4
50.5
59.5
4.0
6%
0.8
1.05
1,113
Dec
Attock Cement
66.5
76.20
Sell
6.0
18.9
16.2
1.5
4.5
4.0
48.9
66.0
74.6
4.0
6%
1.2
0.85
72
Jun
Cherat Cement
10.2
13.90
Sell
0.1
1.7
4.3
NIL
NIL
1.0
22.6
24.3
27.5
8.2
NIL
0.6
0.71
96
Jun
D.G. Khan Cement
28.2
29.58
Reduce
-0.2
1.3
5.2
NIL
NIL
NIL
118.6
59.2
63.2
22.8
NIL
0.5
1.25
254
Jun
Fauji Cement
4.9
6.94
Sell
0.6
1.4
-0.2
NIL
NIL
NIL
13.4
14.6
14.3
5.1
NIL
0.5
1.23
693
Jun
Lafarge Pakistan Cem
3.1
2.70
Accumulate
-1.1
0.2
0.3
NIL
NIL
NIL
9.7
8.6
8.9
14.2
NIL
0.3
1.12
1,135
Dec
Lucky Cement
71.2
64.03
Accumulate
8.3
12.9
13.4
NIL
NIL
2.0
57.7
70.6
84.0
4.9
NIL
0.9
1.25
323
Jun
M.Leaf Cement
4.8
4.43
Hold
-1.8
-2.1
-0.1
NIL
NIL
NIL
22.5
18.9
18.8
N/A
NIL
0.2
1.05
372
Jun
National Refinery
223.3
227.00
No Rating
75.1
9.7
19.2
20.0
3.0
6.0
211.6
224.5
237.7
23.5
1%
1.0
0.92
80
Jun
Pakistan Refinery
168.6
104.00
No Rating
60.3
-4.5
2.1
1.4
NIL
NIL
194.5
223.4
225.8
N/A
NIL
0.5
0.88
35
Jun
Hub Power
32.1
28.70
Accumulate
2.3
2.6
3.7
2.2
2.9
3.3
24.6
24.3
27.8
11.2
10%
1.2
0.74
1,157
Jun
KAPCO
46.0
45.01
Hold
9.1
6.7
5.5
5.5
7.3
6.0
24.2
23.6
23.0
6.7
16%
1.9
0.43
880
Jun
Attock Petroleum
330.0
336.10
Reduce
45.9
50.6
54.3
16.7
18.0
20.0
96.1
124.6
165.2
6.6
5%
2.7
0.92
58
Jun
P.S.O
312.3
227.00
Buy
81.9
31.3
36.3
23.5
15.6
28.3
180.5
191.5
205.8
7.3
7%
1.2
1.05
172
Jun
Shell Pakistan
272.3
227.20
Accumulate
75.0
14.6
25.4
40.0
13.0
23.0
91.3
90.0
87.4
15.6
6%
2.5
0.61
68
Jun
Sui North Gas
54.7
31.82
Strong Buy
4.6
4.4
5.9
NIL
4.4
3.0
31.2
34.3
37.2
7.3
14%
0.9
1.08
549
Jun
Sui South Gas
14.4
14.01
Hold
1.5
2.5
3.2
NIL
2.2
2.9
15.4
16.9
17.9
5.6
16%
0.8
0.97
671
Jun
Oil & Gas Dev.
120.2
83.91
Strong Buy
11.5
14.0
13.4
9.5
11.0
11.0
25.4
39.4
41.8
6.0
13%
2.1
1.17
4,301
Jun
Pakistan Oilfields
217.7
155.50
Buy
36.4
26.8
29.9
13.3
13.0
13.0
107.2
121.0
137.9
5.8
8%
1.3
1.03
237
Jun
Pakistan Petroleum
204.4
194.80
Hold
23.8
33.6
33.2
9.5
17.6
19.8
52.6
69.3
84.6
5.8
9%
2.8
1.10
830
Jun
Honda Atlas Cars
14.0
13.06
Hold
0.5
-2.8
0.6
NIL
NIL
NIL
22.6
20.0
20.6
N/A
NIL
0.7
0.75
143
Mar
Indus Motors
121.7
108.00
Accumulate
29.2
10.0
11.5
10.5
3.0
4.0
120.1
127.1
134.6
10.8
3%
0.8
0.57
79
Jun
Pak Suzuki
91.2
70.09
Buy
7.6
4.5
6.0
NIL
NIL
1.0
172.0
175.0
180.0
15.6
NIL
0.4
0.71
82
Dec
P.I.C.T.
74.6
52.88
Strong Buy
5.8
6.7
7.0
3.0
2.0
2.0
25.7
32.2
39.2
7.9
4%
1.6
0.89
91
Jun
P.T.C.L.
27.8
17.44
Strong Buy
-0.6
3.1
3.7
NIL
2.0
2.5
19.2
27.1
28.3
5.6
11%
0.6
1.10
5,100
Jun
Engro Chemical
213.0
134.70
Strong Buy
14.2
22.1
21.2
5.9
7.0
7.5
77.5
80.6
84.0
6.1
5%
1.7
0.83
298
Dec
Fauji Fert. Bin
18.3
18.07
Hold
3.1
2.8
2.9
0.6
2.5
2.6
11.2
11.5
11.5
6.5
14%
1.6
1.10
934
Dec
Fauji Fertilizer
104.2
92.68
Accumulate
10.6
13.0
11.0
11.0
11.5
12.5
19.9
20.4
21.4
7.1
12%
4.5
0.73
617
Dec
ICI Pakistan
157.3
137.70
Accumulate
14.9
17.7
22.0
6.5
6.5
6.8
91.4
112.4
122.9
7.8
5%
1.2
0.90
139
Dec
Tri-Pack Films
164.5
102.90
Strong Buy
16.0
13.9
16.0
14.0
11.0
12.0
43.7
46.6
50.7
7.4
11%
2.2
0.81
30
Dec

 

 


  • Long term (LT) ratings based on current price differential over our long-term (over 1 year) fair value of the stock based on Discounted Cash Flow projections.
  • P/Ex, dividend yield and P/BVx are calculated on forecasted EPS, DPS and BVPS respectively.
  • * Actual EPS, DPS and BVPS for FY08. Balance sheet figures are estimated until issuance of published statements. More >>