kel final report ver1 - arif habib...
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For important disclosure and analyst certification, kindly refer to end of the report
Company Report May 15, 2014
K-Electric Limited Electricity The tide is turning
We are initiating our coverage on Karachi Electric Limited (KEL) with a DCF based
Dec-14 target price of PKR 10.82/share, offering an upside of 64% from last closing
price of PKR 6.67/share. Our investment case is primarily based on company’s
investment in power generation through rehabilitation and capacities additions
leading to improve fleet efficiency and declining T&D losses. KEL earnings are
expected to grow at 49% CAGR in next 5-years (FY13-17). We expect the company
to post EPS of PKR 0.32 in FY14, a rise of 31% YoY.
Increase in fleet efficiency to bolster profitability The company is in the process of converting its 3 plants from open cycle to combined
cycle which would enhance capacity by 47.5 MW by FY15. This would further
enhance efficiency of these plants. We expect the overall fleet efficiency of the
company is likely to jump by 3% to 41% in FY16. Moreover, the company is
converting its two units of 210MW each at Bin Qasim Power Station 1 (BQPS1) from
furnace oil to coal fired plant. The project is expected to be completed by the end of
FY17.
Adding-value through, subsequent reduction in company’s T&D losses The company has managed to control its Transmission & Distribution (T&D) losses,
trimming it down from 36% in FY09 to 25% in 9MFY14. This was achieved through 1)
Introduction of Ariel bundled (Temper proof) cables with primary focus on high loss
areas 3) Managing load shedding, with high loss areas facing more blackouts. Going
forward we have assumed 1% annual reduction till FY17.
Unbundling to unlock hidden potential K-Electric has decided to un-bundle the company’s current business divisions into
separate entities for electricity generation and transmission & distribution. We believe
this could unlock value in the company as under current tariff regime, there is no
inbuilt return for generation, only efficiency gains and reduction in T&D augments the
profitability. We expect this unbundling to be completed by end of FY16 as company
is in the process of engaging legal and tax consultants.
Financial Highlights FY13A FY14E FY15F FY16F FY17FNet Sales 188,999 189,423 203,094 211,546 229,306 Cost of sales 160,177 164,549 168,530 172,357 176,142 Net income 6,729 8,848 15,096 19,361 33,392 EPS 0.24 0.32 0.55 0.70 1.21 P/E (x) 27.26 20.73 12.15 9.48 5.49 P/B (x) 3.39 2.91 2.35 1.88 1.40 ROE 14% 15% 21% 22% 29%ROA 2% 3% 5% 6% 10%Source: Company accounts and AHL Research
Target Price 10.82 Last Closing 6.6 UpsideKSE CodeBloomberg Code
Market Cap (US$ m)Outstanding Shares (m)12M Avg. Daily Turnover (m)12M High/Low (PKR)Major Shareholders
AnalystTahir [email protected]+92 -21-32462589
Share Holding Pattern
Stock Performance
www.arifhabibltd.com
Buy
63.9%KEL
KEL PA
Shares
KSE Pow er LtdGovernment of Pakistan
1,822.6 27,615.2
6.0 7.98 / 4.99
69%
24%
1% 2% 3% KES Power Limited
Govt of Pakistan
General Public
IFC
ADB
70%
100%
130%
160%
190%
Apr-1
3M
ay-1
3Ju
n-13
Jul-1
3Au
g-13
Sep-
13O
ct-1
3N
ov-1
3D
ec-1
3Ja
n-14
Feb-
14M
ar-1
4Ap
r-14
KEL KSE100
2
K-Electric Limited
Recommendation – massive 64% upside potential – BUY! We initiate our coverage for KEL with DCF based Dec-14 price objective of PKR
10.82/share which implies a massive upside potential of 64% from current levels. Our
valuation is based on the cost of equity 17.3% and 11.7% cost of debt translating into
a WACC of 14.0%. The stock is currently trading at FY15F P/E of 12.15x and P/B of
2.35x. We thus recommend strong ‘BUY’ for the stock.
Discounted Cash Flow ValuationPKR mn FY14 FY15 FY16 FY17 FY18 Terminal
Free Cash Flow 16,529 18,659 20,534 33,513 53,753 417,545
WACC 14.0%
Present Value 17,658 17,485 16,872 24,155 33,985 263,988
Terminal Grow th Rate 1.00%
PV of FCFF 110,154
PV of Terminal Value 263,988
Total PV 374,142
Less: Net Debt (76,684)
Equity Value 297,458
No. of Shares (mn) 27,503
Target price (PKR) - Dec-14 10.82
Source: AHL Research
Key risks
T&D losses
Our sensitivity analysis suggest that for every 1% decrease (increase) in T&D losses
would lead towards positive (negative) impact of PKR 0.07/share (13% of FY15
earnings) on the bottom-line citrus peribus,
Fuel price risk
Any adverse movement in fuel prices would be negative for the company as the
burden of T&D will eventually amplify negative impact on earnings. Our sensitivity
with respect to fuel price increase suggest that for every 1% increase over our base
assumption (3% annually) would decrease our target price by 1.5% (EPS impact PKR
0.01/share)
Fuel mix risk
For every 1% variation in gas proportion of the fuel mix our target price would move
by 1.8% and would have negative bottom line impact of PKR 0.02/share. However, as
per the latest agreement with the SSGC for the secure supply of gas (230 mmcfd in
summers and 130 mmcfd in winters), the proportion of gas is expected to increase
going forward in our view.
WACC ParametersRisk Free Rate 10.0%Market Return 17.0%Beta 1.0 Cost of Equity 17.3%Cost of Debt 11.7%WACC 14.0%Source: AHL Research
3
K-Electric Limited
Karachi Electric Limited – The tide is turning
Karachi Electric Limited (KEL) is back on track under the supervision of Abraaj
management with key focus on efficiency increase, capacity enhancement and T&D
losses reduction. The company moved out of the red zone in FY12 after 7 years of
underperformance. The primary reason for this turnaround was equity injection of
USD 361mn by Abraaj capital and USD 122mn by Government of Pakistan, which
was utilized to enhance capacity by 1010MW (since 2009) and reduced T&D losses
to 25.1% in 9MFY14 (35.9% in FY09)
We believe that company will carry on with the same momentum primarily focusing on
capacities addition and further reduction in T&D losses. To recall KEL operates under
a multiyear tariff which allows the company to have efficiency gains by increasing
capacities and reduction in T&D losses.
Tariff driven through improving efficiency and declining T&D losses
KEL is the only integrated power company in Pakistan with Generation, Transmission
and Distribution operations. Since its privatization, KEL operates under an efficiency
based tariff structure which requires efficiency improvement from Generation side and
reduction in T&D losses. This tariff is determined under Multi Year Tariff mechanism
by NEPRA, which had set tariffs for KEL in FY09, however next reset of tariff is due in
FY16.
The tariff is structured in a way that it has not built-in return while company will make
profits by improving efficiencies of the plant to earn fuel efficiency gains. In addition to
this, reduction in the T&D losses would further bolster the profitability of the company.
Exhibit: Demand and Supply Exhibit: Own generation and Power purchases
Sources: Company Financials and AHL Research
-
500
1,000
1,500
2,000
2,500
3,000
FY12A FY13A FY14E FY15F FY16F
Maximum Demand SupplyMW
-
200
400
600
800
1,000
1,200
FY12A FY13A FY14E FY15F FY16F
Units Generated Total Power PurchaseMW
4
K-Electric Limited
The story behind this turnaround
Since the management control of Abraaj, the company’s focus remained on improving
efficiency by increasing generation capacity and rehabilitation of existing plants. The
company has added 1,010MW in its generation capacity by completing 4 of its major
project including BQPS-2 (560 MW), CCPP Korangi (220 MW) and GEJB Site and
Korangi (180 MW) and rehabilitation of BQPS-1 (50 MW) in the last 5 years. These
developments have improved fleet efficiency to 37.8% in 2013 from 30.7% five years
back.
Exhibit: Fleet Efficiency (Jan-Jun) Exhibit: Capital Expenditure FY09 to Date (USD mn)
Sources: Company Financials and AHL Research
The quest for efficiency goes on
The company is in process of converting its 3 plants (CCPP Korangi, GEJB Site and
GEJB Korangi) from open cycle to combined cycle which would enhance capacity by
47.5 MW till 2015. The CCPP Korangi capacity would increase by 27.5 MW resulting
in plant efficiency to improve to 45% (from 42.5%) by June 2014. While GEJB Site
and GEJB Korangi plants efficiency will improve from 37% to 42% by end of FY15,
with the addition of 10MW to each plant. Resultantly the overall fleet efficiency of the
company is likely to jump by 3% to 41% in FY16.
.
30.7%30.7%33.8%33.9%
35.6%37.8%39.3%40.3%41.3%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
2008
A
2009
A
2010
A
2011
A
2012
A
2013
A
2014
E
2015
F
2016
F
Fleet Efficiency (Jan-Jun)
18
104
140
726
- 200 400 600 800
Others
Tranmission
Distribution
Generation
(USD mn)
5
K-Electric Limited
T&D reduction to remain the primary focus
The company has smartly tackled its transmission and distribution losses by
implementing measures like 1) Replacement of old electro mechanical type meters
with Electro static meter 2) Introduction of Ariel bundled (Temper proof) cables with
primary focus on high loss areas 3) Managing load shedding, at high loss areas
facing more blackouts and 4) Implementation of smart grid project. These
developments have already start bearing fruits which is evident from a massive
10.8% drop in T&D losses to 25.1% in 9MFY14 compared to 35.9% back in FY09.
This effectively has resulted in no load shed for 54% customers and T&D losses of
16% from 69% of the power distributed compared to average 25.1%. Management
foresees T&D losses going down by 2% annually whereas being on conservative side
we have assumed 1% annual reduction arriving at 22% in FY17. Our sensitivity
analysis suggest that for every 1% decrease in T&D losses would lead towards
incremental impact of PKR 0.07/share (13% of FY15 earnings) on the bottom-line,
citrus peribus.
Exhibit: Transmission and Distribution Losses Exhibit: Segment wise Losses
Sources: Company Financials and AHL Research
Improving cash recoveries; while public entities remain challenging
In addition to significant decrease in T&D losses, KEL is also striving hard for its cash
recoveries with Public Sector Entities (PSEs) which remains the most challenging
segment with recovery ratio of below 63% (FY13). On the other hand, 17 out of 28
Integrated Business Centre (IBCs) have recovery ratio of ~97% and Industrial
consumers have recovery ratio of ~99%. KE is managing its cash recovery systems
through various initiatives including Distribution Service Providers (DSPs) in high
losses area coupled with easy installment payment solutions.
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
-
400
800
1,200
1,600
2,000
FY12A FY13A FY14E FY15F FY16F
Total Units AvailableT&D LossesT&D Losses, % (RHS)MW
53.2% 50.5%
46.4%
28.8% 26.8% 26.2%
14.9% 13.7% 13.2%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Jun'11 Jun'12 Jun'13
High Loss Medium Loss Low Loss
6
K-Electric Limited
Aggressive capacity addition ahead
KEL is in the process of converting its two units of 210MW each at Bin Qasim Power
Station 1(BQPS1) from furnace oil to coal fired plant. These units would be leased out
to ‘K-Energy’ (a proposed IPP) and the total amount of investment for the
aforementioned project is USD 350mn. NEPRA has already approved the Licensee
Proposed Modification (LSM) for the coal project and it is expected to be completed
by the end of Jan’17.
KEL also intends to install 660MW Green Field Coal Power Plant on Build, Operate
and Transfer (BOT) basis at one of its sites in Korangi and has already engaged
potential EPC contractor. The project is expected to come online by 2018. Company
is also considering 1,200MW coal fired projects at Thar Coal site. KEL has singed
Joint Development Agreement with Oracle Coal Fields for 600MW and pre-feasibility
study for 300MW has already been completed. Another 600MW mine-mouth coal
based power plant with Sindh Engro Coal Mining Company (SECMC) at Thar Block II
is also on cards.
Transmission additions to further enhance system reliability
The company is focusing on improving its transmission network to minimize losses
and increase reliability of its Extra High Tension (EHT) network. Under the umbrella of
Abraaj management, 10 new grid stations and 249 new 11 KVA feeders have been
installed till FY13. In addition, 19 new high tension transmission circuits have been
deployed and 62 km of new transmission lines have been laid down. These measures
led towards significant decrease in transmission losses from 4.2% in FY09 to 1.5% in
FY13.
The company has started a project worth ~USD 400mn which is to be completed in 4
phases during five years. The first phase would require capital expenditure of ~USD
200-220mn and is expected to be completed in 2 years. The key highlights of first
phase include four new 132 KV Grid stations and 132 KV one double circuit and one
single circuit.
Exhibit: Capacity additions in the pipeline Exhibit: Transmission losses on declining trend
Sources: Company Financials and AHL Research
27 20
420
660
1200
0
200
400
600
800
1000
1200
1400
CCPP Korangi
GEJB Korangi and
SITE
BQPS -1 Coal
Coal Coal
MW
0.0%
1.0%
2.0%
3.0%
4.0%
FY09 FY10 FY11 FY12 FY13
7
K-Electric Limited
Claw back mechanism
The return of KEL is capped due to claw back mechanism (CBM), which was
implemented with the introduction of Multiyear tariff (MYT) in 2002. The mechanism
stipulates that when company’s return on Regulatory Asset base (EBIT to Total
regulatory Assets) exceeds the specified limit, surplus return shall be shared with
consumers through tariff reduction.
The government introduced CBM for K-electric as it was being privatized. Since other
distribution companies are also in process of privatization by the government, any
change or non-implementation of CBM by them would open an opportunity to revisit
the same for K-electric. We have assumed the same level of cap on profitability post
FY16 but the upward revision in the cap limit (>12%) cannot be ruled out. The
management wants to utilize claw back amount to invest in capital projects instead of
reduction in tariffs.
Exhibit: Subsidy to consumers through claw back Exhibit: Notified tariff and subsidy
Sources: Company Financials and AHL Research
Stable gas supply to support economical generation
The company has signed an agreement with Sui Southern Gas Company (SSGC) in
April 2014 for ensuring stable gas supply and payments of outstanding dues. As per
the agreement, SSGC will provide at least 210 mmcfd of gas during summer and 130
mmcfd during winter to KEL. Company is currently receiving ~230mmcfd of gas from
SSGC. We expect the company to receive ~195 mmcfd of gas in FY15 as compared
to average of 162mmcfd in last 3 years. We believe, with this agreement, fuel usage
would further tilt toward gas to 82% from 73% last year. Our estimates suggest that,
-
5.0
10.0
15.0
20.0
25.0
2014 2015 2016 2017 2018
PKR bn
0.02.04.06.08.0
10.012.014.016.018.0
FY09A FY10A FY11A FY12A FY13A
Tariff- Subsidy Tariff- NotifiedPKR
Return on regulatory assets Additional Profit Sharing
Consumers KEL Below 12% 0% 100% 12% and below 15% 25% 75% 15% and below 18% 50% 50% More than 18% 75% 25%
Source: Nepra
8
K-Electric Limited
for every 1% reduction in gas proportion of the fuel mix our price objective would
move by -1.8% and would have negative bottom line impact of PKR 0.02/share.
Exhibit: Consumption of Energy Exhibit: Gas Supply Trend
Sources: Company Financials and AHL Research
Un-bundling could unlock value
K-Electric has decided to un-bundle the company’s current business divisions into
separate entities for electricity generation, transmission and distribution. We believe
this could unlock value in the company as under current tariff regime, there is no
inbuilt return for generation, only efficiency gains and reduction in T&D augment the
profitability. The company with separate power generation entity will likely be eyeing
an IPP based return regime, which could enhance profitability as KEL is investing
substantially in new power projects and rehabilitations of existing plants to increase
efficiency. Whereas for transmission & distribution segment, multi-year tariff regime
could continue as it is likely to be implemented for other distribution companies post
privatization. The company’s next tariff revision under Multi-year tariff is due in FY16.
We expect this unbundling to be completed by end of FY16 as company is in process
of engaging legal and tax consultants.
30
35
40
45
50
55
60
65
70
20%
30%
40%
50%
60%
70%
80%
FY09 FY10 FY11 FY12 FY13
Natural GasFurance & Other oilsTotal (RHS)
PKR bn
100.0
125.0
150.0
175.0
200.0
225.0
250.0
FY11A FY12A FY13A FY14E FY15F FY16F
mmcfd
9
K-Electric Limited
About the Company
K- Electric (KEL) incorporated in 1913, is a listed vertically integrated power utility
company holding exclusive rights for the city of Karachi and its adjourning areas
(approx. 6,500 sq. km). Its principle activities include generation, transmission and
distribution of electricity. It has a consumer base of ~2.5mn customers composed of
Residential (72.8%), Commercial (24.3%), Industrial (2.4%) & Public Sector (0.5%).
The Government of Pakistan (GoP) back in Nov’05 privatized the entity with 73%
transfer of ownership to a consortium comprising of Al Jomaih Group of Saudi Arabia
and National Industries of Kuwait. Further change of ownership in the entity occurred
in Sept’08, when Abraaj Capital (one of the world’s largest private equity player)
acquired a majority stake (69%) alongside complete management control. As of
FY13, Abraaj Capital has invested USD 361mn in KEL’s capital. Also in FY13,
International Finance Corporation (IFC) and Asian Development Bank (ADB)
converted its USD 25mn lent loan into equity resultantly in approximately 5% holding
in the company.
KEL has an installed power generation capacity of 2,341 MW (420 MWs is dedicated
for coal conversion) which includes a 49% capacity enhancement of 1,010 MW in the
past 5 years. Along with its own generation, the company has undertaken long-term
power purchase agreements with IPPs and WAPDA for 365 MW and 650 MW,
respectively.
Exhibit: Consumer Types Exhibit: Purchases of Energy
Sources: Company Financials and AHL Research
40
50
60
70
80
90
100
110
120
0%5%
10%15%20%25%30%35%40%45%50%
FY09 FY10 FY11 FY12 FY13
Residential Commerical Industrial OtherTotal (RHS)
PKR bn
40 45
50 55
60 65
70 75
80 85
0%
10%
20%
30%
40%
50%
60%
70%
FY09 FY10 FY11 FY12 FY13
NTDC IPPsKANUPP PSMICTotal (RHS)
PKR bn
10
K-Electric Limited
Financial Highlights PKR mn
Income Statement FY12A FY13A FY14E FY15F FY16F FY17FTotal Revenue from Energy Sales 92,570 112,166 135,815 153,607 161,977 183,914 Tarif f Adjusments 70,029 76,615 53,391 49,269 49,352 45,175 Net Revenue from Energy Sales 162,816 188,999 189,423 203,094 211,546 229,306 Total expenditure 133,255 146,179 149,763 152,519 155,095 158,449 Other expenditure 13,301 13,998 14,786 16,011 17,262 17,693 Gross profit 16,260 28,821 24,874 34,563 39,190 53,163 Admin expenses 12,218 15,400 12,899 13,456 14,892 15,117 Other expenses 911 647 807 775 897 1,241 Other income 7,140 5,090 5,704 5,978 5,591 5,757 Operating prof it 10,271 17,865 18,485 27,860 30,785 45,045 Financial charges 7,702 13,960 11,292 14,214 12,924 11,652 PBT 2,569 3,904 7,193 13,646 17,861 33,392 PAT 2,620 6,729 8,848 15,096 19,361 33,392 EPS 0.10 0.24 0.32 0.55 0.70 1.21
Balance Sheet FY12A FY13A FY14E FY15F FY16F FY17FTotal Shareholders' Equity 42,458 54,122 62,969 78,065 97,426 130,819 Non Current Liabilities 83,789 64,451 70,156 59,004 69,496 53,768 Current Liabilities 146,329 160,660 147,608 163,103 159,468 155,520 Total Liabilities and Equity 272,576 279,233 280,733 300,173 326,391 340,106 Non Current Assets 169,218 163,662 165,336 174,991 179,576 184,510 Current Assets 103,358 115,571 115,396 125,182 146,815 155,595 Total Assets 272,576 279,233 280,733 300,173 326,391 340,106
Cash Flow Statement FY12A FY13A FY14E FY15F FY16F FY17FEBIT 10,271 17,865 18,485 27,860 30,785 45,045 Income Tax 52 2,824 1,655 1,450 1,500 - Depreciation and Amortization 7,105 8,885 8,488 9,336 10,186 10,192 EBITDA after Tax 17,428 29,574 28,628 38,646 42,471 55,237 Capex (8,641) (3,351) (10,162) (18,990) (14,771) (15,127) Changes in Working Capital (35,343) 5,376 (1,937) (997) (7,166) (6,597) Free Cash Flow to Firm (26,556) 31,599 16,529 18,659 20,534 33,513 Interest and Bank Charges (8,076) (14,028) (11,292) (14,214) (12,924) (11,652) Long Term Loans 36,385 (10,547) (4,245) 1,223 11,710 (20,620) Free Cash Flow to Equity (85) 5,606 40 4,783 18,497 476 Preference Shares - (6,000) - - - - Opening Cash Balance 1,269 1,184 790 830 5,614 24,110 Closing Cash Balance 1,184 790 830 5,614 24,110 24,586 Source: Company accounts and AHL Research
11
K-Electric Limited
Key ratios
Analysis per share FY12A FY13A FY14E FY15F FY16F FY17FEPS 0.10 0.24 0.32 0.55 0.70 1.21 DPS - - - - - - BVPS 1.54 1.97 2.29 2.84 3.54 4.76 Profitability ratios FY12A FY13A FY14E FY15F FY16F FY17FGross margins 10% 15% 13% 17% 19% 23%Net margins 2% 4% 5% 7% 9% 15%Coverage ratio 1.33 1.28 1.64 1.96 2.38 3.87 P/E (x) 70.01 27.26 20.73 12.15 9.48 5.49 P/B (x) 4.32 3.39 2.91 2.35 1.88 1.40 Div yield 0% 0% 0% 0% 0% 0%Debt to equity 1.90 1.43 1.22 0.93 0.84 0.45 Debt to assets 0.30 0.28 0.27 0.24 0.25 0.17 Return on capital FY12A FY13A FY14E FY15F FY16F FY17FROA 1% 2% 3% 5% 6% 10%ROE 6% 14% 15% 21% 22% 29%Source: Company accounts and AHL Research
12
K-Electric Limited
Disclaimer and related information
Analyst certification
The analyst for this report certifies that all of the views expressed in this report accurately reflect his personal views about the subject companies and their securities, and no part of the analysts’ compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.
Disclosures and disclaimer
This document has been prepared by investment analyst at Arif Habib Limited (AHL). AHL investment analysts occasionally provide research input to the company’s Corporate Finance and Advisory Department.
This document does not constitute an offer or solicitation for the purchase or sale of any security. This publication is intended only for distribution to current and potential clients of the Company who are assumed to be reasonably sophisticated investors that understand the risks involved in investing in equity securities.
The information contained herein is based upon publicly available data and sources believed to be reliable. While every care was taken to ensure accuracy and objectivity, AHL does not represent that it is accurate or complete and it should not be relied on as such. In particular, the report takes no account of the investment objectives, financial situation and particular needs of investors. The information given in this document is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. AHL reserves the right to make modifications and alterations to this statement as may be required from time to time. However, AHL is under no obligation to update or keep the information current. AHL is committed to providing independent and transparent recommendation to its client and would be happy to provide any information in response to specific client queries.
Past performance is not necessarily a guide to future performance. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for any investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his or her own advisors to determine the merits and risks of such investment. AHL or any of its affiliates shall not be in any way responsible for any loss or damage that may be arise to any person from any inadvertent error in the information contained in this report.
We and our affiliates, officers, directors, and employees may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, company (is) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as advisor to such company (is) or have other potential conflict or interest with respect to any recommendation and related information and opinions. The disclosures of interest statements incorporated in this document are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. AHL generally prohibits it analysis, persons reporting to analysts and their family members from maintaining a financial interest in the securities that the analyst covers.
© 2014 Arif Habib Limited, Corporate Member of the Karachi, Lahore and Islamabad Stock Exchanges and Pakistan Merchentile Exchange. No part of this publication may be copied, reproduced, stored or disseminated in any form or by any means without the prior written consent of Arif Habib Limited.
13
K-Electric Limited
Contact Information Management Designation Email Telephone Shahid Ali Habib Chief Executive Officer [email protected] +92 -21-3240-1930
Equities Research Designation Email Telephone Syed Abid Ali Assistant Vice President [email protected] +92-21-3246-2589 Saad Khan Assistant Vice President [email protected] +92-21-3246-1106 Tahir Abbas Analyst [email protected] +92-21-3246-2589 Numair Ahmed Analyst [email protected] +92-21-3246-1106 Rashmina Lalani Analyst [email protected] +92-21-3246-0742 Rao Aamir Ali Manager Database [email protected] +92-21-3246-1106
Ovais Shakir Database Officer [email protected] +92-21-3246-1106
Equity Sales Designation Email Telephone Atif Raza Head of Marketing [email protected] +92-21-3246-2596 M. Yousuf Ahmed Senior Vice President [email protected] +92-21-3242-7050 Farhan Mansoori Vice President [email protected] +92-21-3242-9644 Syed Farhan Karim Vice President [email protected] +92-21-3244-6255 Afshan Aamir Vice President [email protected] +92-21-3244-6256 Faraz Naqvi Assistant Vice President [email protected] +92-21-3244-6254 Furqan Aslam Assistant Vice President [email protected] +92-21-3240-1932 Arsalan Khan Assistant Vice President [email protected] +92-21-3246-8285 Azhar Javaid Assistant Vice President [email protected] +92-21-3246-8312
Corporate Finance and advisory Designation Email Telephone M. Rafique Bhundi Senior Vice President [email protected] +92-21-3246-0741
Mahmood Kamal Vice President [email protected] +92-21-3246-2597
Syed Saquib Ali Assistant Vice President [email protected] +92-21-3246-2579
Product & Business Development Designation Email Telephone Faisal Khan Head of Business Development [email protected] +92-21-3246-6076
Money Market & FX Designation Email Telephone Zilley Askari Head of Inter Bank Brokerage [email protected] +92-21-3240-0223