<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We expect the company to payout PKR 5.00, 5.00 and 6.00 in
FY18E, FY19E and FY20E, respectively. The company, as of now, has zero short
term borrowings and has the option to obtain short term borrowings in order to
pay higher dividends and maintain cash for working capital. Moreover, the
company has approximately PKR 1.02bn or PKR 2.8/share (adjusted with ALTN’s
stake) as noncash expense in the form of depreciation every year, which further
strengthens our conviction over the company’s ability to maintain strong
dividend payouts in future.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We reiterate our Overweight stance on Altern Energy Ltd.
(ALTN) with a target price of PKR 62/share. Our target pri...
