<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We initiate our coverage on ICI Pakistan Ltd (ICI) with a
“Buy” call and a Dec’21 PT of PKR 851/share, indicating a 17% upside, along
with a dividend yield of 3.4%. We expect a 3yr EPS CAGR of 31% led by a growth
from Soda Ash Division, followed by improved company’s venture in Infant Milk
segment, higher contribution from Pharma, Animal Health and chemical divisions.
The earnings growth will also be supported by healthy cash flows from its Soda
Ash business and improved profitability from PSF segment.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">PSF segment’s higher primary margins a likely to further
augment due to PKR’s depreciation against USD over the longer term.</span...
