Pakistan Petroleum Limited (PPL): Neutral Stance on PPL’s Share Price – By WE Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We initiated our coverage with &ldquo;Hold&rdquo; stance on Pakistan Petroleum Ltd by incorporating latest financial results and industry dynamics.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Our discounted cash flow (DCF) yields a target price of PKR 201/ Share for june-2019, offering an upside potential of 9% from current price with expected earning of PKR 26.37/share for FY19E and dividend yield of 4% in FY19E.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The significant 9% surge in tp is attributed to widening USD-PKR parity and recovery in oil prices. Moreover, new reservoir in Kandhkot (SUL west Dome) adding 44 MMscfd in gas capacity.</span></l...