The board meeting of OGDCL will be held on August
06, 2013 to announce financial result for FY13. We expect PAT for the final
quarter to clock in at PKR = 26,867mn (EPS: PKR = 6.25) against PKR = 27,661mn
(EPS: PKR6.43) during the same period in the preceding year. Cumulative
earnings for FY-13 is expected to surge by 6% YoY to a PAT of PKR = 102,527mn (EPS:
PKR = 23.84). Earnings accretion during FY-13 is underpinned by improvement in
revenue (↑15%) along with magnified interest income (↑54%). However two-fold
increase in exploration cost is expected to limit the rise in profitability. We
expect the board to declare final cash payout of PKR = 3.50/share, taking the
cumulative for the year to PKR = 8.75/share. I gave BUY call of OGDC on current levels.
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