Thal Limited (THALL): Progress on energy sector projects is key near term catalyst – By BMA Research
<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We revise down our earnings estimates of Thal Limited
(THALL) by 8-20% over FY18- FY22E incorporating (i) lower earnings for INDU,
(ii) actual corolla sales in FY18TD, and (iii) drop in auto sales in FY19 due
to budgetary measure by govt. Consequently, we arrive at a SoTP-based TP of
PKR653/sh.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Despite earnings estimates cut, we maintain our liking and
Buy recommendation on the stock. Growing product portfolio in engineering,
impressive sales in building & allied materials segment, near-term triggers
in power segment underpin our liking.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">THALL is all set to offer complete aut...
