name of company country of origin/ sector stock price ... · engro corporation limited is a...
TRANSCRIPT
COMPANY PROFILE Engro Corp Ltd is a fertilizer company engaged in manufacturing and marketing fertilizers.
Engro Corporation Limited is a Fertilizer company engaged in manufacturing and
marketing fertilizers. Its portfolio consists of various businesses which includes fertilizers,
foods, chemical storage and handling, trading, energy and petrochemicals. Business
activity of the group is primarily functioned through Pakistan.
Target Price
PKR370.68
Stock Price
PKR320.53
Sector
Basic Materials -
Agriculture - Agricultural
Inputs
@ 11 Mar 2019
Name of Company Country of Origin/
Exchange Traded
ENGRO CORP LTD Pakistan/
KAR
Stock Code
Annual Dividend Yield 6.8%
Market Capitalization PKR167.89 billion
ENGRO
0%
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40%
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60%
70%
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90%
100%
% %
2016 2017
Breakdown of revenue by
product
Fertilizer Food Polymer Other Power
0%
10%
20%
30%
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60%
70%
80%
90%
100%
% %
2016 2017
Breakdown of revenue by
region
Pakistan
Stock Report from ProThinker Page 1 of 32
Financial Condition
The company's operational efficiency is moderately high. Operational Efficiency
The company's financial condition is quite weak.
EBIT Growth for the company is moderately positive.
The quality of the company's earnings is very high.
Based on the Composite Valuation Indicator, the stock has a Target Price of PKR370.68
within a 12-month period. Our Target Price represents upside of 15.6% based on stock
price of PKR320.53 as at 11 Mar 2019.
Quality of Earnings
SUMMARY
Valuation
Growth
Analyst Revision The analyst revision score, which considers EPS revision, stock target price revision and
consensus recommendation revision, is mildly negative.
-
25
50
75
100Valuation
Growth
Financial Condition
Quality of Earnings
Operational Efficiency
Analysts Opinion
Stock Report from ProThinker Page 2 of 32
Valuation
At the price of PKR320.53 as at 11 Mar 2019, Engro Corp Ltd is trading at a Price to EBIT Ratio of 4.2 times last 12
months earnings. This is a 17.6% premium to its current fair Price to EBIT Ratio of 3.6 times. (Price based on the fair
Price to EBIT Ratio of the company is indicated by the red line.)
While it is important to value stocks based on multiple indicators, they sometimes lead to differing views on
valuation. One indicator may tell you a stock is overvalued while the other tells you it is undervalued. That is why we
use our proprietary Composite Valuation Indicator whenever possible as it gives you one conclusion based on the
best combination of the different indicators, to tell you whether a stock is under or overvalued. The graphical
format allows you to determine whether or not the composite valuation accurately values the stock and gives you
confidence to act on the decision.
We believe in studying various valuation indicators for a stock. This is because while each valuation indicator has its
benefits, it also has its shortcomings. Price to Earnings and Price to Cash Flow Ratios are meaningless when the
company has negative earnings or cash flows. Price to Sales Ratio is more stable because sales are never negative.
However, this does not tell us whether the company is able to sell profitably. Price to Book Ratio gives us an
indication as to how much we are paying for the company's assets but assets are not directly related to a company's
profitability.
The Price Earnings (PE) Ratio is the most frequently used valuation indicator for a stock. However, there are times
when this ratio cannot be used e.g. when the company reports a loss or profit is so minimal that it results in an
abnormally high PE Ratio. Or Net Profit After Tax may be volatile and it is better to use Earnings Before Interest and
Tax (EBIT) to value the company. We use the PE Band or Price to EBIT Band to show whether a stock is overvalued
or undervalued based on its historical valuation.
In addition, we analyze a long history (typically more than 10 years) so that we can take into account the boom and
bust cycles in order to determine the "normal" valuation of the company.
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8
Log
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thm
ic S
cale
Price to EBIT Ratio Stock Price (Price as
at 11 Mar 2019 was
PKR320.53)
Stock prices at 0.5x
fair Price/EBIT ratios
Stock prices at fair
Price/EBIT ratios
Stock prices at 1.5x
fair Price/EBIT ratios
Fair ratios take into account historical
average valuation, profit growth, financial
condition & quality of earnings.
Stock Report from ProThinker Page 3 of 32
The Price to Sales Ratio is another commonly used valuation indicator for a stock. It overcomes some of the
limitations of the Price Earnings Ratio in that it can be used even when the company is not making a profit or only
making minimal profits. However, it should not be used by itself because a company may be achieving sales but not
profits.
At the price of PKR320.53 as at 11 Mar 2019, Engro Corp Ltd is trading at a Price to Sales Ratio of 1.0 times last 12
months sales. This is a 10.0% premium to current fair Price to Sales Ratio of 0.9 times.
Price to Cash Flow is an alternative method to value shares. This is because accounting profits can be subject to
manipulation. Therefore, some investors prefer to value a company based on cash flows generated by the operating
activities of the company. It also acts as a reality check to valuation measures such as Price to Earnings and Price to
Sales. If a company generates high profits and sales but not operating cash flows, it could be heading for trouble
because it is cash that pays the operating expenses. However, the Price to Cash Flow ratio of most firms are volatile
and should not be used in isolation to determine the valuation of the stock. Cash Flow is not relevant for financial
institutions.
At the price of PKR320.53 as at 11 Mar 2019, Engro Corp Ltd is trading at a Price to Cash Flow Ratio of 7.4 times last
12 months cash flow. This is a 25.1% discount to current fair Price to Cash Flow Ratio of 9.9 times.
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Log
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Price to Sales Ratio Stock Price (Price as
at 11 Mar 2019 was
PKR320.53)
Stock prices at 0.5x
fair Price to Sales
ratios
Stock prices at fair
Price to Sales ratios
Stock prices at 1.5x
fair Price to Sales
ratiosFair Price to Sales ratios take into account
historical average valuation, revenue
growth, profit margins and financial
condition.
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Log
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Price to Cash Flow Stock Price (Price as
at 11 Mar 2019 was
PKR320.53)
Stock prices at 0.5x
fair PCF ratios
Stock prices at fair
PCF ratios
Stock prices at 1.5x
fair PCF ratios
Fair PCF ratios take into account historical
average valuation, cash flow growth and
financial condition.
Stock Report from ProThinker Page 4 of 32
At the price of PKR320.53 as at 11 Mar 2019, Engro Corp Ltd is trading at a Price to Book Ratio of 1.1 times current
book value. This is a 13.0% discount to current fair Price to Book Ratio of 1.3 times.
For stocks that have a history of paying meaningful dividends, the stock price is often dependent on how much
dividend the company pays.
Price to Earnings, Price to Sales and Price to Cash Flow ratios all value a company based on what it is generating (i.e.
profits, sales or cash flow). Price to Book ratio is different in that it values a company based on what it owns (i.e. its
net assets). This is usually a suitable valuation indicator for a financial institution, which frequently revalues its
assets and liabilities, or a company with huge asset base e.g. utilities company.
At the price of PKR320.53 as at 11 Mar 2019, Engro Corp Ltd is trading at a Dividend Yield of 6.8%. This is a 7.4%
premium to its historical average Dividend Yield of 7.3%. (Note: The lower/higher the dividend yield, the more
expensive/cheaper the stock is.)
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Log
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Dividend Yield Stock Price (Price as
at 11 Mar 2019 was
PKR320.53)
Stock prices at 150%
of Average Dividend
Yield
Stock Prices at
Average Dividend
Yield of 7.3%
Stock prices at 75% of
Average Dividend
Yield
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Log
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Price to Book Ratio Stock Price (Price as
at 11 Mar 2019 was
PKR320.53)
Stock prices at 0.5x
fair Price to Book
ratios
Stock prices at fair
Price to Book ratios
Stock prices at 1.5x
fair Price to Book
ratios
Fair Price to Book ratios take into account
historical average valuation, growth in book
value, ROE and financial condition.
Stock Report from ProThinker Page 5 of 32
Based on the Composite Valuation Indicator, the stock has a Target Price of PKR370.68 within a 12-month period.
Our Target Price represents upside of 15.6% based on stock price of PKR320.53 as at 11 Mar 2019.
The Composite Valuation Indicator is derived after finding the combination of valuation indicators that best explains
the stock price. It recognizes that looking at a single indicator is dangerous and inadequate. It also overcomes the
difficulty of different indicators pointing giving different signals and difficult to act upon if you do not have a
composite valuation. Please note, however, that the Composite Valuation Indicator does not account for situations
when the market is willing to pay a much higher price for the stock because of an anticipated takeover or some
other special event. It is also possible that investors are attributing a lower valuation to the stock than warranted by
the near-term outlook because the stock or sector's long-term prospects are poor.
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Log
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Composite Valuation Indicator Stock Price (Price as
at 11 Mar 2019 was
PKR320.53)
Low Valuation
Fair Valuation
High Valuation
Target Price of
PKR370.68 (based on
Composite Valuation
Indicator) Analysts Target Price
of PKR357.00
Stock Report from ProThinker Page 6 of 32
Performance vs. Market
It is not enough to determine whether a stock will appreciate in value. We also want to know whether the
stock will perform better than other stocks in the same market.
In the graph above, the performance of the stock vs. the market is indicated by the blue line. When the blue
line slopes up, it means the stock has outperformed the market. The earnings growth of the stock vs. the
market is indicated by the red line. When the red line slopes up, it means that the stock's earnings growth is
faster than that of the market.
In order for the stock to outperform the market, either the red line has to slope upwards (i.e. superior earnings
growth) or the PE discount narrows/PE premium widens (i.e. blue line moves from below the red line to above
it).
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Performance of stock
vs. market
Performance of stock
vs. market assuming
PE discount of 56.6%
compared to market
Performance of stock
vs. market assuming
PE discount of 13.2%
compared to market
Performance of stock
vs. market assuming
PE premium of 30.2%
compared to market
Ind
ex
of
rela
tiv
e p
erf
orm
an
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Stock Report from ProThinker Page 7 of 32
Performance vs. Sector
Some portfolios are managed with reference to a global sector benchmark rather than to a country
benchmark. Therefore, it is useful to determine how this stock has performed vs. its sector and what its
performance relative to the sector is expected to be.
In the graph above, the performance of the stock vs. the global sector is indicated by the blue line. When the
blue line slopes up, it means the stock has outperformed the global sector. The earnings growth of the stock
vs. the global sector is indicated by the red line. When the red line slopes up, it means that the stock's earnings
growth is faster than that of the global sector.
In order for the stock to outperform the global sector, either the red line has to slope upwards (i.e. superior
earnings growth) or the PE discount narrows/PE premium widens (i.e. blue line moves from below the red line
to above it).
Comparing a stock's Return on Equity (ROE), Return on Asset (ROA), Net Profit Margin, etc. with the country
index is usually not very helpful as different industries differ widely on those measures. Comparing with other
companies in a broad sector may also not be as useful as some sectors are very broad and contains sub-groups
that have different fundamentals. To make comparison more useful, we compare the stock's fundamentals
with the industry group. These contain stocks that are roughly in the same business as the company.
Comparing the company with these stocks often gives useful insights as to whether the company is well or
badly run.
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Performance of Stock
vs. Basic Materials
Sector
Performance of stock
vs. Sector assuming PE
discount of 81.6%
compared to market
Performance of stock
vs. Sector assuming PE
discount of 63.2%
compared to market
Performance of stock
vs. Sector assuming PE
discount of 44.7%
compared to market
Ind
ex
of
rela
tiv
e p
erf
orm
an
ce
Stock Report from ProThinker Page 8 of 32
The company's ROA is usually lower than that of the industry.
The company's ROE is sometimes higher and sometimes lower than that of the industry.
-30.0%
-20.0%
-10.0%
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Ap
r 1
99
9
Jun
19
98
Return on Equity (ROE)
Agriculture
Company
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%D
ec
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Ap
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99
9
Jun
19
98
Return on Asset (ROA)
Agriculture
Company
Stock Report from ProThinker Page 9 of 32
The company's financial condition is always weaker than that of the industry.
The company's Net Profit Margin is usually lower than that of the industry.
In order to determine the financial condition of the company, we usually use the Z score, which was introduced by
Edward Altman, a Professor of Finance at New York University. This score is a composite measure of a firm's
financial condition and has been proven to be able to predict with high accuracy whether a firm will go into
bankruptcy within the next two years.
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
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Ap
r 1
99
9
Jun
19
98
Net Profit Margin
Agriculture
Company
0.0
1.0
2.0
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5.0
6.0
7.0
8.0
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5
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2
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Ap
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Jun
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08
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g 2
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7
Oct
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5
Fe
b 2
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5
Ap
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4
Jun
20
03
Au
g 2
00
2
Oct
20
01
De
c 2
00
0
Fe
b 2
00
0
Ap
r 1
99
9
Jun
19
98
Altman Z-Score
Agriculture
Company
Below this
Distress Zone
Above this Safe
Zone
Stock Report from ProThinker Page 10 of 32
Growth
YoY growth
2018 thousands of PKR 33.4%2019 thousands of PKR -10.8%2020 thousands of PKR 25.7%
YoY growth
2018 PKR 35.3%
2019 PKR 51.0%
2020 PKR 28.3%
36.70
171,568,000 153,117,000
Earnings per Share
47.10
Earnings per Share has been erratic. Below are analysts' forecasts of the growth in EPS for the next few years.
Earnings trend can also be seen from the Price to Earnings or Price to EBIT Ratio graphs above.
192,432,000
24.30
Total Revenue
Revenue has been on a downtrend since 2015. Revenue growth has been erratic. Below are analysts' forecasts of
revenue for the next few years.
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In t
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usa
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f P
KR
Revenue
Revenue
(historical)
RHS
Revenue
(forecasted)
RHS
YoY %
(historical)
LHS
YoY %
(forecasted)
LHS
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Earnings per Share
Earnings per
Share
(historical)
Earnings per
Share
(forecasted)
Stock Report from ProThinker Page 11 of 32
The first two ways are healthy ways to grow its ROE but it may be undesirable for a company to grow its ROE by
borrowing more if the company's financial condition is already weak. This is why it is so important to beyond
determining whether a company's ROE is improving to determining what the company did to improve its ROE. If the
company grew its ROE by borrowing more, it is important to gauge the company's financial condition to see if it is
still healthy.
The ROE of the company has been erratic. The latest ROE of the company is 7.2% for financial year ending Dec 2017.
When analyzing ROE trends, it is important to know why ROE is going up or down. There are three main ways ROE
can improve.
1. If the company is able to generate more sales per dollar of assets (what we call Asset Turnover)
2. When the company is able to improve its Net Profit Margin
3. When the company borrows more (what we call Equity Multiplier)
Return on Equity (ROE) measures the amount of profit a company makes with the money that shareholders have
invested. A rising ROE is an indication of improving management efficiency. It is also an indication of how fast the
company can grow in future through profits that are retained and not distributed as dividends.
0.0%
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50.0%
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Return on Equity (ROE)
Return on
Equity - ROE
(historical)
Return on
Equity - ROE
(forecasted)
Stock Report from ProThinker Page 12 of 32
Asset Turnover measures the amount of
revenue a company is generating from its
assets. Uptrend/downtrend indicates that
the company is becoming more/less efficient
in the use of its assets.
The company's Asset Turnover has been
deteriorating since 2015. The latest Asset
Turnover of the company is 39.7% for 12
months ending Dec 2017.
On the other hand, companies may choose to
reduce their leverage and have lower ROE.
The company's Earnings Multiplier has been
on a downtrend since 2012, which means the
company is borrowing less. The latest Equity
Multiplier of the company is 246.4% for 12
months ending Dec 2017.
Equity Multiplier measures the extend of
borrowings the company has vs. its assets.
Uptrend/downtrend indicates that the
company is borrowing more/less. Companies
borrow more to help them to leverage their
operations and improve ROE.
Net Profit Margin measures the amount of
money the company makes after it deducts
all expenses. Uptrend/downtrend indicates
that the company is more/less profitable.
The company's Net Profit Margin has been
on an uptrend since 2012
A company may be growing at a fast rate historically but how do I know this rapid growth rate is sustainable? Is the
company inflating its earnings through suspicious accounting practices. These questions requires that we look in
greater detail at the Quality of Earnings.
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20
08
Asset Turnover (Revenue/Assets)
0%
100%
200%
300%
400%
500%
600%
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Equity Multiplier (Asset/Equity)
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Net Profit Margin (Net
Income/Revenue)
Stock Report from ProThinker Page 13 of 32
Quality of Earnings
A score of less than -2.22 suggests that the company is not a profit manipulator and a score above -2.22 suggests
that the company might be manipulating its profits. The company's M-Score has been erratic. However, the latest M-
Score of the company as at Dec 2017 was -2.87, which suggests that the company has not been been manipulating
its profits.
A company's earnings should not be taken at face value. By that we mean that we should look deep into the
accounts to gauge the probability that the company may be relying on account techniques to boost earnings. A
company that has been showing strong profit growth or is expected to do so usually trades at a high valuation. This
may put tremendous pressure on management to announce good growth to the extent of resorting to accounting
techniques to do so. On the other hand, a company that is struggling to report growth in its business may also rely
on accounting techiques to boost earnings. These methods will catch up with the company one day and when that
happens there is usually a large negative earnings surprise and share price decline.
To detect the likelihood of earnings manipulation, two commonly used methods are the Beneish M-Score and the
Sloan Accrual Ratio. Since it is difficult for one ratio to catch all occurences of profit manipulation, we put the two
scores into a composite to have a better chance to spot earnings manipulation.
The Beneish M-score is a measure the likelihood of a company manipulating its earnings. Based on this formula, a
company is more likely to manipulate earnings if:
* Sales is not translating to cash and receivables are growing
* Gross profit margin is declining giving the company pressure to manipulate earnings
* The company is growing its non-tangible assets which may be used to manipulate earnings
* High sales growth puts pressure on the company to continue to report high growth by manipulating earnings
* A lower rate of depreciation may be a sign that the company wants to boost its earnings
* Lower selling and admin expenses as a percentage of sales may point to the fact that some sales may not be real
(4.0)
(3.5)
(3.0)
(2.5)
(2.0)
(1.5)
(1.0)
(0.5)
-
0.5
1.0
1.5
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Beneish M-Score
M-Score
Below this
line suggests
company is
not profit
manipulator
Stock Report from ProThinker Page 14 of 32
The latest Sloan Accrual Ratio is neutral.
The quality of the company's earnings is very high.
Since it is not possible for one indicator to capture all instances of earnings manipulation, whenever possible,
ProThinker employs both methods to arrive at a Composite Score of the company's earnings quality. A score of 25
and below (the red line) indicates a higher probability that earnings may have been manipulated.
The Sloan Accrual Ratio measures the extent to which a firm's earnings comprise of accrual (i.e. non-cash) items. In
other words, the company makes profit but they do not translate to cash because of some of these reasons:
* Sales are made on credit to customers and not yet paid
* Money is spent on buying more inventory
* Increased earnings comes from reducing depreciation expense, which is non-cash
Earnings with high accrual (or non-cash) component are more likely to be reversed in future resulting in earnings
disappointment and share price falls.
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Sloan Accrual Ratio
Sloan Ratio
If it goes near or above the
red line, quality of earnings
not as good
0
20
40
60
80
100
120
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Composite Quality of Earnings Index
Quality of
Earnings Score
Below this
point low
quality
earnings
Stock Report from ProThinker Page 15 of 32
Dividends
2018 -8.7%
2019 16.7%
2020 10.2%
Dividend per share has been on a downtrend since 2016.
Forecasted future dividend per share growth are as follows:
The company usually pays less dividends than its free cash flow, which is good.
We should not only be concerned about the amount of dividends, we should determine if the dividends paid out by
the company are sustainable. One way to do that is to compare dividends paid out to the cash flows that the
company is generating.
0.00
5.00
10.00
15.00
20.00
25.00
30.00
20
20
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Dividend per Share
Dividend per Share
(historical)
Dividend per Share
(forecasted)
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
20
20
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
In t
ho
usa
nd
s o
f P
KR
Dividends vs. Free Cash Flows
Total
dividends
(historical)
Free Cash
Flows
Stock Report from ProThinker Page 16 of 32
Operational Efficiency
The Piotroski Score measures the operational efficiency of a company. It is a well-rounded indicator that measures
profitability, quality of earnings, financial condition and operating efficiency. Research has show that companies
with high Piotroski scores outperform those with low scores. Piotroski scores range from a low of zero to a high of
nine based on whether the company passes or fails certain criteria. This measure is not used to evaluate financial
institutions as some of the components of the formula are not relevant.
Dividend Yield has been erratic. The company did not buy back its shares during this period.
Dividend is not the only way that a company returns money back to shareholders. Another way it could do so is via
share buybacks.
-
1
2
3
4
5
6
7
8
9
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
Piotroski Score
Piotroski
Score
Above this
line, quality
of company
is strong
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
20
20
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Dividends & Share Buybacks
Dividend
Yield
Buyback
Yield
Stock Report from ProThinker Page 17 of 32
Criteria Score
1
-
1
1
1
-
1
1
-
6
The company's Piotroski score has been erratic. The latest Piotroski score is 6, which is in the moderate zone.
Return on Asset (Net Income / Asset) is positive
Cash Flow Return on Asset (Cash from Operations / Asset) is
Change in Return on Asset is positive over previous year
Cash Flow Return on Asset higher than Return on Asset
Return on Asset measures a company's ability to generate profits from the
use of its assets.
Cash Flow Return on Assets goes one step further to ensure that it is not
just paper profits but cash flow that the company is generating.
Current Ratio is a measure of a company's liquidity position and
determines whether it has sufficient liquid assets to meet short-term
liabilities.
The number of shares is compared with the previous year as a company
that is not generating healthy cash flow may end up raising new equity
and this is indicative of the health of the company.
Gross Profit Margin is a measure of whether the company is selling its
products/services at a high enough margin to cover its operating
expenses.
Asset Turnover is a measure of how well a company uses its assets to
generate sales.
Change in Current Ratio (Current Assets / Current Liabilities) is
Change in long-term debt / Asset is positive (i.e. borrowing less)
Number of shares this year less than last year
Change in Gross Profit Margin is positive
Change in Asset Turnover (Sales / Assets) is positive
Total (Piotroski Score)
Stock Report from ProThinker Page 18 of 32
Financial Condition
The more profits are retained within the firm,
the greater the buffer of reserves for the
company to weather difficult times.
The level of retained earnings relative to
assets has been on an uptrend since 2012.
Currently, retained earnings are at 33.5% of
total assets.
In order to determine the financial condition of the company, we usually use the Z score, which was introduced by
Edward Altman, a Professor of Finance at New York University. This score is a composite measure of a firm's
financial condition and has been proven to be able to predict with high accuracy whether a firm will go into
bankruptcy within the next two years.
It is important to analyze the financial condition of the company you want to invest in because if a company goes
bankrupt, the chances are high that you will lose all your investment. Even if the company does not go bankrupt, the
deterioration in financial condition will cause more and more investors to avoid the company and valuation will
drop. Weak financial condition also limits the opportunities that a company has to grow its business.
The various components that go into the Z-Score are shown below:
Altman Z-Score has been erratic. The main
reasons for this are:
* higher working capital
* higher retained earnings as a proportion of
total assets
* higher EBIT as a proportion of total assets
* lower level of borrowings
The latest Z-Score of the company as at Dec
2017 was 2.0, which is near the distressed zone.
This is the Revenue Turnover ratio and it
reflects the amount of revenue the company
is able to generate from the use of its assets.
Companies that have difficulty generating
revenue cannot generate consistent cash
flow to pay its bills.
The amount of revenue generated from
assets has been on a downtrend since 2015.
0.10
1.00
10.00
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Altman Z-Score
Altman Z-
Score
Below this
Distress Zone
Above this
Safe Zone
0%
10%
20%
30%
40%
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Retained Earnings/Total
Assets
0%
20%
40%
60%
80%
100%
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Revenue/Total Assets
Stock Report from ProThinker Page 19 of 32
This measures the ability of the company to
generate EBIT (earnings before interest and
taxes) from its assets.
EBIT as a % of assets has been erratic.
Currently, EBIT is at 9.8% of total assets.
This is an indication of the level of borrowings
of the firm. A high level of borrowings will
affect survivability as it may not have enough
cash flows to meet its debt obligations.
The level of borrowings of the company has
been erratic.
Working capital is essential to the operations of the company and a low level of working capital may
result in liquidity problems. Working capital relative to total assets has been on an uptrend since
2014.
0%
5%
10%
15%
20%
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Return on Asset
0%
20%
40%
60%
80%
100%
120%
140%
160%
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Market Cap/Total Liabilities
Plo
tte
d i
n r
ev
ers
e s
cale
0%
20%
40%
60%
80%
100%
120%
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Working Capital/Total Assets
Stock Report from ProThinker Page 20 of 32
Cash Flow Analysis
In a healthy situation, a company should get most of its Cash from Operations by increasing its Funds from
Operations (i.e. Net Income plus Non-cash expenses). When a business grows, part of the profits may be tied up in
working capital (as receivables and inventory increases) but this should not consume a significant portion of Cash
from Operations.
Cash is the lifeline of a business. The company needs cash, not profits to pay salaries, suppliers etc. Profits may not
translate to cash if a company is not efficient in managing its Cash Conversion Cycle (more of that below). For
example, when a company sells a product at a price higher than costs, it makes a profit. But until he collects
payment from the customer, the profit does not translate into cash. Cash Flow Analysis is about analyzing whether a
company is able to generate healthy cash flows, which are essential not only to grow the business but also to
remain in business.
From 2013 to 2017, the company's cash increased cash by PKR38,451,780 million. Cash from Operations increased
cash by PKR91,822,360 million, Cash from Investing Activities decreased cash by PKR37,621,870 million while Cash
from Financing Activities decreased cash by PKR15,748,700 million. The most important contributor to cash is Cash
from Operations, which is a healthy sign.
(50,000,000)
(40,000,000)
(30,000,000)
(20,000,000)
(10,000,000)
-
10,000,000
20,000,000
30,000,000
40,000,000
2013 2014 2015 2016 2017
Cash Flow AnalysisCash Flow from
Operations
Cash Flow from
Financing
Cash Flow from
Investing
Net Change in Cash
(30,000,000.00)
(20,000,000.00)
(10,000,000.00)
-
10,000,000.00
20,000,000.00
30,000,000.00
40,000,000.00
2013 2014 2015 2016 2017
Cash from Operations Funds from Operations
(i.e. Net Income plus
Non-cash expenses)
Change in working
capital
Cash Flow from
Discontinued
Operations
Cash Flow from Other
Operating Activities
Stock Report from ProThinker Page 21 of 32
The company financed its dividend payments and/or share buybacks partially with increased borrowings.
From 2013 to 2017, the company's Cash from Financing Activities decreased cash by PKR15,748,700 million. The
biggest item affecting Cash from Financing Activities is Cash Flow from Dividends, which decreased cash by
PKR45,703,840 million. This is followed by Other Financing, which increased cash by PKR26,049,250 million. This
means that the company borrowed more from other sources.
From 2013 to 2017, the company's Cash from Operations increased cash by PKR91,822,360 million. The biggest item
affecting Cash from Operations is Funds from Operations (i.e. Net Income plus Non-cash expenses), which increased
cash by PKR132,496,180 million. This is a healthy sign. This is followed by Cash Flow from Other Operating Activities,
which decreased cash by PKR30,065,130 million.
From 2013 to2017, the company's Cash from Investing Activities decreased cash by PKR37,621,870 million. The
biggest item affecting this is (Purchase)/Sale Of Property, Plant, Equipment, which decreased cash by
PKR80,486,140 million. This is followed by (Purchase)/Sale Of Business, which increased cash by PKR50,705,180
million.
A growing company may continuously need to raise funds via issuance of stock and debt. However, if this is done
excessive, it will lead to an unhealthy situation. Too much new issue of stocks will dilute Earnings per Share and too
much debt will cause the company's financial condition to weaken. Payment of Dividends or share buybacks are
good if the company is profitable and generating healthy Cash from Operations. However, a company should not be
issuing new debt in order to do these.
Cash Flow from Investing Activities refers to whether the company is spending money to purchase assets or
businesses or raising cash by selling assets or businesses. This analysis goes hand-in-hand with the analysis of Free
Cash Flows above. We want to ensure that a company is generating enough cash flow from its businesses even after
making the necessary investments. Unless investment is a core component of a company's business e.g. financial
institution, it should not be spending a large amount of cash to make investments.
(40,000,000)
(30,000,000)
(20,000,000)
(10,000,000)
-
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
2013 2014 2015 2016 2017
Cash from Financing Activities
Cash Flow for Dividends
Net Issuance of Stock
Net Issuance of Debt
Other Financing
(80,000,000)
(60,000,000)
(40,000,000)
(20,000,000)
-
20,000,000
40,000,000
60,000,000
2013 2014 2015 2016 2017
Cash from Investing ActivitiesNet Sale/(Purchase) of
Property, Plant,
Equipment
Net Sale/(Purchase) of
Business
Net Sale/(Purchase) of
Investment
Cash Flow from
Investing Activities
Stock Report from ProThinker Page 22 of 32
A company typically goes through this cycle: purchase inventory, work on the product, sell on credit and collect
from customers. The period taken from the time it pays for the inventory in cash to the time it collects back cash
from its customers is called the Cash Conversion Cycle.
Cash Conversion Cycle has been lengthening (deteriorating) since 2014. The latest Cash Conversion Cycle of the
company as at Dec 2017 was 43.2 days.
During this period…
* Inventory Days contributed negatively to the Cash Conversion Cycle.
* Receivables Days contributed negatively to the Cash Conversion Cycle.
* Payables Days contributed negatively to the Cash Conversion Cycle.
The Cash Conversion Cycle comprises the time inventory remains in the factory (production and selling cycle) and
the time it takes for your customers to pay you (customer credit period), less the time you take to pay your
suppliers (supplier credit period). The company's Cash Conversion Cycle is depicted graphically below. Generally, the
shorter the cash conversion cycle the better.
Cash Conversion Cycle
(200.0)
(150.0)
(100.0)
(50.0)
-
50.0
100.0
150.0
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
Cash Conversion Cycle
Inventory Days Receivables Days Payables Days Cash Conversion Cycle
Stock Report from ProThinker Page 23 of 32
Inventory Days refers to the average number
of days inventory stays in the company
before being sold. Lengthening Inventory
Days could be due to prolonged production
or sales cycle. A service company does not
have any inventory cycle.
Inventory Days has been lengthening
(deteriorating) since 2014. The latest
Inventory Days as at Dec 2017 was 80.7 days.
Receivables Days reflect the average time it
takes for the company to collect cash from its
customers. If the company is increasingly
collecting cash later than its credit terms, this
may be an indication of potential bad debts.
Receivables Days has been lengthening
(deteriorating) since 2013. The latest
Receivables Days as at Dec 2017 was 39.3
days.
This measures the average length of time
company takes to pay supplers. A
lengtheneing period could mean company is
able to extend credit term from suppliers but
may also be symptomatic of payment
problems.
Payables Days has been shorterning since
2014. The latest Payables Days as at Dec
2017 was 76.7 days.
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Receivables Days
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Payables Days
-
20.0
40.0
60.0
80.0
100.0
120.0
20
19
20
18
20
17
20
16
20
15
20
14
20
13
20
12
20
11
20
10
20
09
20
08
Inventory Days
Stock Report from ProThinker Page 24 of 32
Analyst Estimates and Recommendations
Analysts estimates for 12-month forward EPS has been on an uptrend since Dec 2017.
Analysts estimates for 12-month forward Sales has been on an uptrend since Dec 2017.
The blue line represents the 12-month forward EPS estimates of analysts, which is derived from estimates for the
next two years.
The blue line represents the 12-month forward sales estimates of analysts, which is derived from estimates for the
next two years.
De
c…
Oct
…
Au
g…
Jun
…
Ap
r…
Fe
b…
De
c…
Oct
…
Au
g…
Jun
…
Ap
r…
Fe
b…
De
c…
Oct
…
Au
g…
Jun
…
Ap
r…
Fe
b…
De
c…
-
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
-
1.00
2.00
3.00
4.00
5.00
6.00
De
c 2
01
9
Oct
20
19
Au
g 2
01
9
Jun
20
19
Ap
r 2
01
9
Fe
b 2
01
9
De
c 2
01
8
Oct
20
18
Au
g 2
01
8
Jun
20
18
Ap
r 2
01
8
Fe
b 2
01
8
De
c 2
01
7
Oct
20
17
Au
g 2
01
7
Jun
20
17
Ap
r 2
01
7
Fe
b 2
01
7
De
c 2
01
6Analyst estimates for 12-month forward EPS
12-MTH
FORWARD
EPS
UPGRADES
(inner scale)
12-MTH
FORWARD
EPS
UNCHANGED
(inner scale)
12-MTH
FORWARD
EPS
DOWNGRADE
S (inner scale)
De
c…
Oct
…
Au
g…
Jun
…
Ap
r…
Fe
b…
De
c…
Oct
…
Au
g…
Jun
…
Ap
r…
Fe
b…
De
c…
Oct
…
Au
g…
Jun
…
Ap
r…
Fe
b…
De
c…
120,000.0
125,000.0
130,000.0
135,000.0
140,000.0
145,000.0
150,000.0
155,000.0
160,000.0
165,000.0
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
De
c 2
01
9
Oct
20
19
Au
g 2
01
9
Jun
20
19
Ap
r 2
01
9
Fe
b 2
01
9
De
c 2
01
8
Oct
20
18
Au
g 2
01
8
Jun
20
18
Ap
r 2
01
8
Fe
b 2
01
8
De
c 2
01
7
Oct
20
17
Au
g 2
01
7
Jun
20
17
Ap
r 2
01
7
Fe
b 2
01
7
De
c 2
01
6
Analyst estimates for 12-month forward Sales 12-MTH
FORWARD
Sales
UPGRADES
(inner scale) 12-MTH
FORWARD
Sales
UNCHANGED
(inner scale) 12-MTH
FORWARD
Sales
DOWNGRADE
S (inner scale) 12-MTH
FORWARD
Sales (outer
scale)
Stock Report from ProThinker Page 25 of 32
Besides coming up with target prices for the stock, analysts also issue recommendations on what to do with the
stock. They fall into five categories with Buy being the most positive and Sell being the most negative. The
Consensus Score is a weighted score of these recommendations. If all analysts call for a Buy, the stock will have a
Consensus Score of 1 and if all call for a sell it would have a Consensus Score of 5. Therefore, the smaller the
number the better and any score less than 3 is positive.
Consensus recommendation for the stock has been on a deteriorating trend since Jan 2018.
135791113151719212325272931333537
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0 -
2
4
6
8
10
12
De
c 2
01
9
Oct
20
19
Au
g 2
01
9
Jun
20
19
Ap
r 2
01
9
Fe
b 2
01
9
De
c 2
01
8
Oct
20
18
Au
g 2
01
8
Jun
20
18
Ap
r 2
01
8
Fe
b 2
01
8
De
c 2
01
7
Oct
20
17
Au
g 2
01
7
Jun
20
17
Ap
r 2
01
7
Fe
b 2
01
7
De
c 2
01
6
Analyst Recommendations Buy (inner scale)
Outperform
Hold
Underperform
Sell
Consensus Score
(outer scale)
Above this line
analysts positive
about stock
Plo
tte
d i
n r
eve
rse
sca
le
Stock Report from ProThinker Page 26 of 32
When analysts are optimistic about the market or sector, most stocks will get a Buy/Outperform rating leading to
good consensus scores and vice versa. In order to make a decision on a stock, it is not enough to know its consensus
score but also to see where it stands vs. the other stocks in the country or sector.
The stock has a consensus score that is the same as the majority score in Pakistan.
The stock has a consensus score that is the same as the majority score in the Basic Materials Sector.
0%
5%
10%
15%
20%
25%
30%
35%
40% >
1.0
0
> 1
.25
> 1
.50
> 1
.75
> 2
.00
> 2
.25
> 2
.50
> 2
.75
> 3
.00
> 3
.25
> 3
.50
> 3
.75
> 4
.00
> 4
.25
> 4
.50
> 4
.75
% o
f C
om
pa
nie
s
Distribution of consensus scores in Pakistan
Pakistan Stock
The lower the score,
the better.
0%
5%
10%
15%
20%
25%
30%
> 1
.00
> 1
.25
> 1
.50
> 1
.75
> 2
.00
> 2
.25
> 2
.50
> 2
.75
> 3
.00
> 3
.25
> 3
.50
> 3
.75
> 4
.00
> 4
.25
> 4
.50
> 4
.75
% o
f C
om
pa
nie
s
Distribution of consensus scores in Basic Materials
Sector
Basic Materials Sector Stock
The lower the score,
the better.
Stock Report from ProThinker Page 27 of 32
The stock is currently trading at a discount of 10.2% compared to a historical discount of 11.7%.
This chart shows the high, low and median target price of the stock by analysts. The columns indicate how many
analysts are upgrading, downgrading or keeping their target price constant for the past few months.
Analysts set target prices for stocks, which influence the actual price of the stock. However, stocks do not always
trade at the mean analyst target price and may trade at premium or discount to it. Some stocks usually trade at a
certain average premium or discount and deviation from this may indicate trading opportunities.
Analysts' target price for the stock has been erratic. The ratio of upgrades to downgrades has been improving since
Oct 2018.
Nov
2018
Sep
2018
Jul
2018
May
2018
Mar
2018
Jan
2018
Nov
2017
Sep
2017
Jul
2017
May
2017
Mar
2017
Jan
2017
Nov
2016
-
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
-
1
2
3
4
5
6
7
8
9
No
v 2
01
8O
ct 2
01
8S
ep
20
18
Au
g 2
01
8Ju
l 2
01
8Ju
n 2
01
8M
ay 2
01
8A
pr
20
18
Ma
r 2
01
8F
eb
20
18
Jan
20
18
De
c 2
01
7N
ov 2
01
7O
ct 2
01
7S
ep
20
17
Au
g 2
01
7Ju
l 2
01
7Ju
n 2
01
7M
ay 2
01
7A
pr
20
17
Ma
r 2
01
7F
eb
20
17
Jan
20
17
De
c 2
01
6N
ov 2
01
6
Analyst Target Price
Upgrading
(inner scale)
Stable
Downgrading
Mean Target
Price (outer
scale)
-
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
No
v 2
01
8O
ct 2
01
8S
ep
20
18
Au
g 2
01
8Ju
l 2
01
8Ju
n 2
01
8M
ay 2
01
8A
pr
20
18
Ma
r 2
01
8F
eb
20
18
Jan
20
18
De
c 2
01
7N
ov 2
01
7O
ct 2
01
7S
ep
20
17
Au
g 2
01
7Ju
l 2
01
7Ju
n 2
01
7M
ay 2
01
7A
pr
20
17
Ma
r 2
01
7F
eb
20
17
Jan
20
17
De
c 2
01
6N
ov 2
01
6
Analyst Target Price vs. Actual Price
Analyst
Target Price
Actual Stock
Price
-20.0%
-18.0%
-16.0%
-14.0%
-12.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
No
v 2
01
8O
ct 2
01
8S
ep
20
18
Au
g 2
01
8Ju
l 2
01
8Ju
n 2
01
8M
ay 2
01
8A
pr
20
18
Ma
r 2
01
8F
eb
20
18
Jan
20
18
De
c 2
01
7N
ov 2
01
7O
ct 2
01
7S
ep
20
17
Au
g 2
01
7Ju
l 2
01
7Ju
n 2
01
7M
ay 2
01
7A
pr
20
17
Ma
r 2
01
7F
eb
20
17
Jan
20
17
De
c 2
01
6N
ov 2
01
6
Premium /
(Discount) of
Actual vs. Analyst
Target Price
Average Premium
/ (Discount)
Stock Report from ProThinker Page 28 of 32
Stock Price & Technical Indicators
The 50-day moving average line crossed the 200-day moving average line from the bottom in Feb 2018, which is a
bullish sign.
If the standard deviation of stock prices (as represented by the red bars) get higher (lower), it means that stock
prices have become more (less) volatile.
-
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
De
c 2
01
9
Jul
20
19
Fe
b 2
01
9
Se
p 2
01
8
Ap
r 2
01
8
No
v 2
01
7
Jun
20
17
Jan
20
17
Au
g 2
01
6
Ma
r 2
01
6
Oct
20
15
Ma
y 2
01
5
De
c 2
01
4
Jul
20
14
Fe
b 2
01
4
Se
p 2
01
3
Ap
r 2
01
3
No
v 2
01
2
Jun
20
12
Jan
20
12
Stock Price & Volatility
Right Axis - 3-
month rolling
standard
deviation
Left Axis -
Stock Price
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
24
Ap
r 2
01
5
24
Ju
n 2
01
5
24
Au
g 2
01
5
24
Oct
20
15
24
De
c 2
01
5
24
Fe
b 2
01
6
24
Ap
r 2
01
6
24
Ju
n 2
01
6
24
Au
g 2
01
6
24
Oct
20
16
24
De
c 2
01
6
24
Fe
b 2
01
7
24
Ap
r 2
01
7
24
Ju
n 2
01
7
24
Au
g 2
01
7
24
Oct
20
17
24
De
c 2
01
7
24
Fe
b 2
01
8
Stock Prices & Moving Averages
Stock Price
50-day/7-week
Moving Average
200-day/29-week
Moving Average
Stock Report from ProThinker Page 29 of 32
The Relative Strength Index is a momentum indicator that measures the speed and magnitude of price changes to
detect whether the stock has reached overbought or oversold levels.
Based on the 14-week Relative Strength Index, the stock is in the overbought territory since 6 Apr 2018.
This Bollinger Band is a plot of two standard deviations (a measure of stock volatility) above and under the stock
price. Based on this technical indicator, the closer the stock price is to the upper band, the more overvalued it is and
the closer it is to the lower band, the more undervalued.
As at 6 Apr 2018, the stock is nearer to the upper band, which is an overbought situation.
-
200.00
400.00
600.00Relative Strength Index
Stock Price
-
20
40
60
80
100
24
Ap
r 2
01
5
24
Ju
n 2
01
5
24
Au
g 2
01
5
24
Oct
20
15
24
De
c 2
01
5
24
Fe
b 2
01
6
24
Ap
r 2
01
6
24
Ju
n 2
01
6
24
Au
g 2
01
6
24
Oct
20
16
24
De
c 2
01
6
24
Fe
b 2
01
7
24
Ap
r 2
01
7
24
Ju
n 2
01
7
24
Au
g 2
01
7
24
Oct
20
17
24
De
c 2
01
7
24
Fe
b 2
01
8
Relative Strength
Index (14 weeks)
Below this RSI
oversold level
Above this RSI
overbought level
-
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
24
Ap
r 2
01
5
24
Ju
n 2
01
5
24
Au
g 2
01
5
24
Oct
20
15
24
De
c 2
01
5
24
Fe
b 2
01
6
24
Ap
r 2
01
6
24
Ju
n 2
01
6
24
Au
g 2
01
6
24
Oct
20
16
24
De
c 2
01
6
24
Fe
b 2
01
7
24
Ap
r 2
01
7
24
Ju
n 2
01
7
24
Au
g 2
01
7
24
Oct
20
17
24
De
c 2
01
7
24
Fe
b 2
01
8Bollinger Bands
Stock Price
Upper Bollinger
Band
Lower Bollinger
Band
Stock Report from ProThinker Page 30 of 32
The MACD is a momentum indicator that shows the difference between two moving averages of stock prices, a
longer one for 26 periods and a shorter one for 12 periods. This "difference" is then smoothened out to trigger buy
and sell signals as indicated by the histograms. If the histogram turns positive, it is a bullish signal and if it turns
negative it is a bearish indicator.
As at 20 Oct 2017, the histogram has turned positive, which is a bullish indicator.
-
100.00
200.00
300.00
400.00
500.00
Moving Average Convergence/Divergence
(MACD)Fast EMA
Slow EMA
Stock Price
(40.00)
(20.00)
-
20.00
40.00
60.00
13
Ap
r 2
01
8
16
Ma
r 2
01
8
16
Fe
b 2
01
8
19
Ja
n 2
01
8
22
De
c 2
01
7
24
No
v 2
01
7
27
Oct
20
17
29
Se
p 2
01
7
1 S
ep
20
17
4 A
ug
20
17
7 J
ul
20
17
9 J
un
20
17
12
Ma
y 2
01
7
14
Ap
r 2
01
7
17
Ma
r 2
01
7
17
Fe
b 2
01
7
20
Ja
n 2
01
7
23
De
c 2
01
6
25
No
v 2
01
6
28
Oct
20
16
30
Se
p 2
01
6
2 S
ep
20
16
5 A
ug
20
16
8 J
ul
20
16
10
Ju
n 2
01
6
13
Ma
y 2
01
6
15
Ap
r 2
01
6
Histogram
MACD
Signal
Stock Report from ProThinker Page 31 of 32
Source of Data
Disclaimer
Terms of Use
Unless this report is posted by ProThinker in social media or the public domain, it is for use by the subscribing entity
only. No portion of this report may be copied or redistributed without the prior written consent of ProThinker.
This report is for information purposes only and should not be considered a solicitation to buy or sell any security.
Neither ProThinker nor any other party guarantees its accuracy or makes warranties regarding results from its
usage.
This is a technical indicator whereby a stock that is trading near its 52-week high is bought and a stock that is trading
near its 52-week low is sold.
Company description, historical financial statements data and price data are from gurufocus.com. Estimates are
from marketscreener.com - Thomson Reuters.
The stock, which is trading at PKR320.53 as at 11 Mar 2019, is nearer to its 52-week low, which is a bearish
indicator.
-
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
De
c 2
01
4
Fe
b 2
01
5
Ap
r 2
01
5
Jun
20
15
Au
g 2
01
5
Oct
20
15
De
c 2
01
5
Fe
b 2
01
6
Ap
r 2
01
6
Jun
20
16
Au
g 2
01
6
Oct
20
16
De
c 2
01
6
Fe
b 2
01
7
Ap
r 2
01
7
Jun
20
17
Au
g 2
01
7
Oct
20
17
De
c 2
01
7
Fe
b 2
01
8
Stock Price vs. 52-week high and low
Stock Price
52-week high
52-week low
Stock Report from ProThinker Page 32 of 32