AKD Securities Limited - AKD Research.
Karachi -- June 11, 2021 (PPI-OT)
Tariq Glass Industries Limited
With Construction sector continuously in the limelight, attention has also been placed on Construction Allied where Tariq Glass Ltd. (TGL) has performed 120%FYTD owing to strong 9MFY21 results. Our conversation with Management indicates TGL has been operating close to capacity with consequent results likely to provide further upsides.
Owing to continued strong demand, the company has recently doubled its float glass manufacturing facility where float glass Plant II with a nameplate capacity of 550tpd commenced operation in Apr'21. 4Q earnings consequent to Plant II operations are therefore expected to clock in at PkR6.39/sh, compared to PkR4.59/sh in 3QFY21, an increase of 39%QoQ.
That said, management has indicated likelihood of float glass plant I (capacity: 550tpd) to undergo maintenance in Dec'21 where we have...
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