<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We down grade our stance on Pakistan Petroleum Limited (PPL)
from 'Buy' to 'Hold'. The stock out performed KSE-100 index by 25% in last two
months as PPL share price rose by 21% during this period versus 4% decline
posted by benchmark index.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Upward revision in Sui/TAL fields gas pricing and
incremental flows from Kandhkot gas field remained the major stock price
triggers as these factors may lift future earnings. However, we believe that
the earnings impact is already priced in. </span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Trading at premium to other E&Ps, PPL is available at
FY18 PE and P/BV of 9.6x and 1.7x, respecti...
