Nishat Chunian Power Limited (NCPL): Target Price Revised upward by 1.6%, “BUY” Intact – By AHL Research

<ul><li><span style="font-size:medium;line-height:107%;font-family:Arial, Helvetica, sans-serif;color:#222222;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-attachment:initial;background-origin:initial;background-clip:initial;">We revise upwards our Jun&amp;rsquo;18 target price for Nishat Chunian Power Limited (NCPL) to PKR 51.7/share from 50.9/share (revised upward by 1.6%). Our reviewed investment thesis is premised on i) higher payout from FY18 onwards, ii) fuel savings on the back of higher oil prices, and iii) expectation of timely payment by CPPA. Moreover, we expect the company to post earnings of</span><span style="font-size:medium;line-height:107%;font-family:Arial, Helvetica, sans-serif;background-image:initial;background-position:initial;background-size:initial...