AKBL reported a huge
misfortune of PKR 5.76/share for its 2QCY 2013 headed by a robust procurement
of more than PKR = 6 billion (23x higher YoY) in what appeared as a book
cleaning practice although a duty inversion of PKR = 2.4 billion weakened its
effect. Besides it additionally declared a rights issue of 55% at standard so
as to meet its administrative least capital necessity (MCR). With this
misfortune AKBL's book quality is required to weaken to PKR = 18.45 / share and
issuance of right imparts later in the year will expedite further weakening,
which according to our gauges could decrease to PKR = 16.25 / Share by the year
close. In light of yesterday's shutting cost of PKR = 14.82 we feel the scrip
exchanges at a markdown of 9% to the bank's changed book quality of PKR = 16.25
No comments:
Post a Comment