Engro Polymer and Chemicals EPCL Accounts/Stock Review

Introduction:

Engro Polymer and Chemicals Limited is incorporated in Pakistan and is listed on Pakistan Stock Exchange. The Company is a subsidiary of Engro Corporation Limited. The address of its registered office is 16th Floor, The Harbor Front Building, Marine Drive, Clifton, Karachi. The Company’s principal activity is to manufacture, market and sell Poly Vinyl Chloride (PVC), PVC compounds, Caustic soda and other related chemicals. The Company is also engaged in supply of surplus power generated from its power plants to Engro Fertilizers Limited.

Website:

http://www.engropolymer.com

Strategic Investments:

The company has in-house power generating units

Income Profile:

Annual Income and Distribution:

Year Ending: DEC        KSE Symbol: EPCL Engro Polymer and Chemicals
	2012	2013	2014	2015
EPS	0.07	1.08	-1.53	-0.98
No of Shares	66.3 CRORE	66.3  CRORE	66.3 CRORE	66.34 CRORE
Benefits	NIL	NIL	NIL	NIL

Future outlook:

Global hydro-carbon chain is taking structural changes and its markets are highly volatile these days.

[Directors View] 

Domestic market for PVC is expected to continue its robust performance on account of favorable construction sector outlook, improving economic sentiment and decline in interest rates, while Caustic Soda market is expected to remain stable. Improvement in PVC-Ethylene core delta, due to decline in Ethylene prices and reduction in import duty, is expected to provide support to PVC margins in the upcoming quarter. 

Stock Price View:

EPCL	Time Period	Maximum	Minimum	Average
Stock Price	Jan 2013-Jan 2016	16.9	8.42	12.06

Crescent Steel and Alied Products Accounts/Stock Review

Introduction:

Crescent Steel and Allied Products Limited was incorporated as a public limited company in Pakistan and is quoted on Pakistan Stock Exchange. The registered office of the Company is located at BOP Tower Main Boulevard, Gulberg-III, Lahore.  The Company’s steel segment is one of the downstream industries of Pakistan Steel Mills, manufacturing large diameter spiral arc welded steel line pipes at Nooriabad (District Dadu). The Company has a coating facility capable of applying three layer high density polyethylene coating on steel line pipes. Crescent textile mills ltd is a major shareholder with 11% shareholding of outstanding shares of the company.

Website:

http://www.crescent.com.pk/

Strategic Investments:

 

	Marketability	No of shares	Equity held (%)	ExpFair-value
Shakarganj Energy (Private) Limited	Unquoted	8.5 Crore	100
CS Capital (Private) Limited	Unquoted	4.7 Crore	100
Crescent Hadeed (Private) Limited	Unquoted	6 Crore	100
Altern Energy Limited	Quoted	6 Crore	16.64
Shakarganj Limited	Quoted	1.5 Crore	21.93

Income Profile:

Quarterly Income:

Crescent Steel and Allied Products
	Total No of Shares: 6.2 crore                               KSE Symbol: CSAP
	2016				2017
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
EPS StandAlone	1.88	3.25
Eps StandAlone cumulative		5.13
EPS Consolidated	2.67	4.22
EPS Con Cumulative		6.89
Benefits	NIL	DIV 1.5 RS

Annual Income and Distribution:

 

Year Ending: JUN                                                                                                           KSE Symbol: CSAP
	2012	2013	2014	2015
EPS STANDALONE	6.05	13.14	5.80	1.71
EPS
No of Shares				6.2 CRORE
Benefits	DIV 2 RS	DIV 3.5 RS BONUS 10%	DIV 2.5 RS	DIV 0.7 RS RIGHTS 25%

Work-in-Progress:

 

The outlook remains promising for the rest of the financial year as significant projects have been awarded to the Company by gas transmission companies. Further, in order to cater to the current orders in hand and expected increase in demand of large diameter steel pipes owing to infrastructure developments projects announced by the Government, the Company has decided to augment its capacity for line pipe production by adding another SP Line, Coating Systems and other ancillary machinery at existing site of steel division at Nooriabad Industrial Area.

Stock Price View:

	Time Period	Maximum	Minimum	Average
Stock Price	JAN 13-JAN 16	132.1	31.38	58.11