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Fauji Fertilizer Company Limited (FFC): Re-Initiating Coverage with PT of PKR 109/share; BUY – By Elixir Research

  • By: Elixir Securities Pakistan (Private) Limited

  • - Published: Friday, 14 July 2017
fauji fertilizer.jpg
<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We re-initiate coverage on Fauji Fertilizer Company Limited (FFC) with Jun-18 PT of PKR 109/share offering a massive capital upside of 34% along-with dividend yield of 10%.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Investors&rsquo; disappointment over exclusion of FFC from MSCI EM led to an underperformance of 11% against KSE-100 benchmark index - opening up valuations for investors to rebuild position in the stock.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Despite oversupply situation, the company has sustained its market share of ~43%; going forward we believe with extensive dealership network the company will sustain its market leadership with market share ho...

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