NML by Foundation

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Foundation ResearchEquities

17 January 2011

Inside

Introduction 2Exports make up a significant chunk 3Key benificiary of concession 4Cotton prices 5Investment portfolio 6Comparision to Peers 8Valuations 10

Key risk 12Financial summary 13

Analyst

Mansoor Khanani

92 21 5612290-9 Ext 345 [email protected]

Nishat Mills Limited

Portfolio value & export play! We are initiating coverage on Nishat Mills Limited (NML) with an Outperform ratingand SOTP based June11 target price of PKR82.70/share, offering an upside of16.8% from its current price. We expect NMLs bottom line to grow by 51% YoY toPKR4,052mn (EPS: PKR11.53/share) in FY11. Almost 50% of the balance sheetvalue of NML comprises of its investments in other companies, majority of which aregroup crossholdings providing a cushion against expected slowdown in coreearnings beyond FY11. We have valued companys core operations atPKR31.10/share using DCF valuation method, whereas the value of its portfolioinvestments is calculated at PKR51.6/share taking a discount of 25% to marketprices. With the scrip trading at FY11 P/E and PBV of 6.1x and 0.63x respectively,NMLs valuations look appealing.

Reasons for our Outperform rating

Core earnings to remain healthy despite expected dip beyond FY11

During the last two years, NMLs core earnings have shown stratospheric growth(expected CAGR 79.4%), driven by a significant improvement in gross margins dueto early procurement of raw cotton at lower rates and continuous increase in pricesalong the cotton chain. Though we expect core earnings to remain restrained duringFY12-13 as margins normalize to historical 16-17% from 21% at present, underlyingprofits would still be very healthy vis--vis current multiples.

Strong dividend income to support companys bottom-line

NML has a sizable portfolio investment in its group companies with a current value ofPKR24bn (PKR68/share). Dividend income from investment portfolio has alwaysprovided a cushion against volatile gross margins of textile business. However, withrecent investments in low risk high yielding IPP business (NPL and AES acquisitions)starting to bear fruit, dividend income should show strong growth from FY11onwards. The above will result in further stability and diversification in income.

Key beneficiary of any future policy incentives/trade concessions

Though Textile Policy announced last year with much fanfare did not lift off theground due to governments fiscal constraints and proposed post-flood EU tradeconcessions were rejected by WTO, we believe all is not lost for the textile sector,given its importance to the economy and overwhelming contribution to countrys

exports. With the government still negotiating trade concessions with EU (e.g. GSPPlus status) and US (extension of ROZs etc.) and committed to implementing thetextile package in phases, NML, being the largest textile composite unit in Pakistan,will be a key beneficiary of any future policy incentives/trade concessions.

Target Price

June-11 price target: PKR82.70/share (PKR31.10/share core & PKR51.60/shareportfolio) based on sum of parts valuation.

Action and recommendation

Given its decent medium-term earnings growth potential and attractive currentvaluations, we recommend Outperform rating on the stock. Trading at attractive

FY11 P/E and P/BV multiples of 6.1x and 0.72x respectively, the share offers 16.8%upside to our June 2011 target price of PKR82.7.

PAKISTAN


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Nishat Mills Limited - Report January 17, 2011

2 Foundation Securities (Pvt) Limited

34%

35%

19%

11%

Sponsors FI/NDFI Individuals Others

Segment No of m/c Capacity % utilization

Spindles Spinning 200k 61mn Kg 90%

Looms- Sulzar Weaving 64 216mn mtrs 94%

Looms- Air-jet Weaving 619 42mn mtrs 88%

Dyeing m/c Processing 5 - -Printing m/c Processing 3 - -

Power plant Power-Gen - 84.46 MW 76%

17 January 2011

NML PA Outperform

Stock price as of 14 Jan Rs 70.8June 2011 target Rs 82.7

Upside/downside % 16.8Valuation Rs 82.7- DCF based

Cement Sector

Market cap Rs bn 24.930-day avg turnover US$m 1.5Market cap US$m 291

Number shares on issue m 352

Investment fundamentalsYear end 30 Jun 2010A 2011E 2012E 2013E

Total revenue m 39,111 43,455 47,909 52,655

EBIT m 5,740 5,782 6,257 6,839

EBIT Growth % 30.1 0.7 8.2 9.3

Recurring profit m 4,052 3,976 4,441 5,059Reported profit m 4,052 3,976 4,441 5,059

EPS rep Rs 8.29 11.53 11.31 12.63

EPS rep growth % 129.9 39.0 (1.9) 11.7

PE rep x 8.5 6.1 6.3 5.6

Total DPS Rs 2.50 3.00 3.00 3.00

Total div yiel % 3.5 4.2 4.2 4.2

ROA % 8.0 7.3 7.6 8.1

ROE % 11.7 10.6 10.9 11.3

EV/EBITDA x 5.0 4.9 4.5 4.1Net debt/equity % 44 45 44 44

Price/book x 0.7 0.7 0.6 0.6

NML PA rel KSE100 performance

Source: Bloomberg, Foundation Research, Jan 2011

(all figures in PKR unless noted)

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Nishat Mills Limited - IntroductionNishat Mills Limited was established in 1951 under the flagship of then fledglingNishat Group. Over time, Nishat Group has evolved from a cotton export house into

one of the largest business groups of Pakistan with 6 listed companies,concentrating on 4 core businesses i.e. Textiles, Cement, Banking and PowerGeneration. Today NML is the largest textile composite unit in Pakistan, with 2.7%share (USD278mn) in countrys textile exports. NML has also installed its own powergeneration plants in order to obtain reliable and cheap power. Shares of NML arelisted on all three exchanges of Pakistan.

Fig 01- Segment wise production capacity

Nishat Mills Spinning Division has more than 199,500 spindles, which areoperationally organized into 8 spinning units. Nishat Mills Weaving Division has 619modern air jet and projectile looms which produce approximate 7.4mn meters offabric/month making it the largest weaving facility of Pakistan catering to hometextile and apparel fabrics. There are two weaving units of NML. The unit at Lahorehas 182 looms with production capacity of approximately 2.6mn meters/month andunit at Sheikhupura has 447 looms with production capacity of 4.8mn meters/month.With 600 modern new generation machines, the stitching department has anaverage capacity to process up to 2mn meters of fabric/month.

Fig 02 - Pattern of shareholding

Source: Company accounts, FS research, Jan 2011

Source: Company accounts, FS research, Jan 2011


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Exports Local

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Spinning Weaving Processing Garments

FY09 FY10

Exports make up a significant chunk of revenue mix

As per last audited financial statements, export sales accounted for 76% of companys revenuesin FY10, with products ranging from value added home textiles to cotton yarn and grey fabrics.With countrys textile exports expected to post 20% growth in FY11 due to recent upturn in the

cotton cycle, NMLs export sales are likely to remain robust in the current year. Local sales havealso remained strong, growing at 39% CAGR during the last three years. Initially, local salesconsisted of only yarn and grey cloth. However, with companys increasing focus on launchingretail outlets to benefit from changing lifestyles of the people, high-end finished products are alsocontributing to local sales now.

NMLs operations are divided into four segments Spinning, Weaving, Processing and Finishing.Spinning segment contributes approximately 34% to the total revenue. This is followed byprocessing and home textiles 33% while weaving and garments contributes around 33% oncombined basis. However, margins from these segments vary from time to time due to changesin business dynamics of these segments.

Core earnings to remain healthy despite expected dip beyond FY11

In FY10, NML witnessed a stratospheric growth of 178%YoY in its core profits to PKR2,032mn(PKR5.78/share). Spinning and garments sector remained the star performers with growth of51% YoY and 100% YoY in revenues to PKR8,802mn and PKR2,479mn respectively. Thegrowth in spinning sector was mainly due to purchase of cotton at lower prices from the localmarkets and subsequent sale of yarn at significantly higher rates due to increase in internationalmarket prices. Whereas revenue from garments segment increased on the back of improved endproduct prices driven by higher raw material prices. During 1QFY11, higher prices along thecotton chain continued to favor sectors profitability. We expect the trend to continue in theremaining FY11, leading to further improvement in companys core profitability. For FY11, weexpect core earnings to improve by 38%YoY to PKR2,820mn (PKR8.02/share).

However, being conservative, we have assumed that companys margins will revert to theirhistorical average during FY12-14.Thus, we expect core earnings to remain restrained duringFY12-13 as margins normalize to historical 16-17% from 21% at present. For FY12, we expect

NMLs core earnings to decline by 20%YoY to PKR6.4/share before recovering by 12% toPKR7.1/share in FY13. Nonetheless, underlying profits would still be very healthy vis--viscurrent multiples.

Rising prices ofcotton and yarn will

continue to boost

sectors profitability

in FY11

Fig 03 - Breakup of sales ratio

Source: Company accounts, FS Research, January 2011

Fig 04 - Sales ratio by segment


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FY09A FY10A FY11E FY12E FY13E

Core Dividend

Fig 05 - NMLs earnings breakup (PKR/share)

Key beneficiary of any future policy incentives/trade concessions

Last year, the government announced countrys first textile policy with much fanfare. With theobjective to increase countrys textile exports to USD25bn over a five year period, the incentivesannounced under aforesaid policy included concessional financing for both working capital andlong-term investments, exemption from gas and electricity load shedding, enhanced drawback

rates, insurance coverage, R & D support, zero-rated machinery imports etc. However, the textilepolicy has not been fully implemented as yet due to governments fiscal constraints. Further,proposed post-flood EU trade concessions have also been rejected by WTO. Yet, we believe allis not lost for the textile sector, given its importance to the economy and overwhelmingcontribution to countrys exports. The governments still negotiating trade concessions with EU(e.g. GSP Plus status) and US (duty concessions, extension of ROZs etc.) and is committed toimplement the textile package in phases (1st tranche of Rs4.8bn likely to be disbursed soon).NML, being the largest textile composite unit in Pakistan, will be a key beneficiary of any futurepolicy incentives/trade concessions.

Decreasing leverage to offset rising ERF rates

Being major exporter of Pakistan, NML significantly benefits from concessional financing offeredby SBP. However, under an agreement with IMF, the central bank is gradually phasing outsubsidized credit. Through a recent circular, the financing rate has been increased to 11.0%(concessional rate of 10% + 1% spread charged by the commercial bank). The above shouldresult in higher financing cost for the company. However, as the company retains a major portionof its profits (average pay-out ratio during last 5 years 18%) and no significant expansions havebeen undertaken, debt ratios of the company are improving. For instance, Debt to Equity ratiohas improved to 34% in FY10, as against 52% in FY09. Going forward, we expect companysdebt ratio to improve further to 32% and 30% in FY11 and FY12 respectively, as the company isretiring its high cost debt with the profit retained. Due to falling debt levels, financial charges ofthe company are projected to rise by a manageable 9.8%YoY and 10.2%YoY to PKR1,237mnand PKR1,363mn in FY11 and FY12, respectively.



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New york cotton Local prices

$/Maund $/Maund

Cotton prices significantly up since July10

According to flood-related crop damage assessment, cotton crop would be lower by 15-20% frominitial expectations of 13.5-14.0bn bales for FY11. We expect that total cotton production forFY11 should be around 11.5mn bales owing to heavy rains and flash floods that have ravaged

the rural areas of the country. The expected shortfall of around 2.5mn bales would likely be metthrough imports from international market.

Since July10 cotton prices have surged by around 38% and 40% in the international and localmarket respectively, because of slumping inventories owing to lower production in China andPakistan due to vagaries of weather. Further, domestic and international cotton prices bothincreased by sizeable 9% during last 15 trading days to PKR9,800/maund and US$110/maundrespectively due to speculative buying and short supply of f iber. We expect cotton prices toremain strong going forward as global stockpiles to usage ratio is forecasted to decline to thelowest level since 1994 by the US. Department of Agriculture.

Fig 06 - International cotton prices Vs Local prices



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Portfolio Dividends (PKR/share) FY10A FY11E FY12E FY13E

MCB Bank 1.65 1.65 1.79 1.79

Nishat Power - - 1.14 1.43

D.G. Khan Cement - 0.16 0.16 0.33

AES Lal Pir - 0.63 0.79 0.82

AES Pak Gen - 1.02 1.07 1.12

Total Dividends (PKR/share) 1.65 3.45 4.96 5.50

Investment portfolio worth NMLs market cap,get core business for freeNML currently holds an investment portfolio (mainly comprises of equity investment in itsassociates) worth its own market capitalization. After taking discount of 25% on market pricesand valuing MCB at our target price of PKR169, the portfolio value comes to PKR18.1bn(PKR51.6/share). NML mainly holds shares of MCB Bank Limited, D. G. Khan Cement CompanyLimited, Nishat Power Ltd. and AES power plants in its equity portfolio.

The nature of these investments seems long term, as NML has not realized any capital gains onthese investments even during high interest rate environment, when the company required cashto refinance its acquisition of power plants. Therefore, we expect NML will not realize capitalgains in the medium term and company will hold these investments regardless of the marketprice. Consequently, only actual cash flows that are received from these investments are thedividend income. Dividend income from investment portfolio has always provided a cushionagainst volatile margins of textile business. However, with recent investments in low risk highyielding IPP business (NPL and AES acquisitions) starting to bear fruit, dividend income should

show strong growth from FY11 onwards. The above will result in further stability anddiversification in income.

Fig 07 - Portfolio dividends (PKR/share of NML)

Nishat Power Limited

Nishat Power Limited is a subsidiary of Nishat Mills. The principal activity of the company is toown, operate and maintain a fuel fired power station having a gross capacity of 200MW in districtKasur, Punjab. NPL was expected to start commercial production by Sep09 and according toPPA the required COD was on Dec09. However, due to technical problems encountered by theplant, NPLs COD took place on June 09, 2010.

NML holds 201mn shares (57%) of Nishat Power Limited with current market value ofPKR3,635mn (PKR10.33/share of NML). Dividends from NPL are expected to provide stability tothe earnings of NML. According to our dividend stream from NPL, NML is expected to receivePKR403mn (PKR 1.14/share) and PKR504mn (PKR 1.43/share) during FY12 and FY13respectively.

AES Pakistan

AES Lal Pir and AES Pak Gen are Furnace Oil fired thermal IPPs with gross capacities of362MW and 365MW respectively. The projects were commissioned in 1997/98 with a powerpurchase agreement term of 30 years with WAPDA.

Nishat Mills Limited has recently acquired 32% shareholding in each power plant of AESPakistan. According to company notices, the transaction has occurred at a substantial discount of44% (Lalpir) and 56% (Pak Gen) to book value. Acquisition value of each IPP is aroundUSD65mn, translating into a per MW cost of USD0.18mn, a substantial discount of more than80% to the prevailing plant setup cost in excess of USD1mn/MW. As per our estimates theseinvestments are expected to provide dividends of PKR578mn (PKR1.64/share) to the otherincome of NML in FY11.

Source: Company accounts, FS research, January 2011


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Stock Shares (Mn) Mkt Price Mkt value (PKR Mn)

MCB Bank 53 169* 8,913Nishat Power 201 18 3,635

D.G. Khan Cement 115 31 3,585

AES Pak Gen 119 14** 1,652

AES Lal Pir 110 15** 1,648

Nishat Chunian 23 24 563

Others 135

Total 20,131

Discount (25%) 18,152

Portfolio value (PKR/share) 51.6

Investment reported at cost PKR mn 1,652

No of shares to be divested mn shares 12

Capital gain @ PKR19/share- after tax PKR mn 55

Per share impact on EPS PKR/share 0.16

MCB Bank Limited

Apart from power plants, NML also has 6.92% (52.59mn shares) stake in MCB bank, which has acurrent market value of PKR12,808mn (PKR36/share of NML). Dividend income received fromMCB bank is a major source of other income (54% to the bottom line in FY10). We expect

dividend income from MCB to contribute PKR579mn to the other income in FY11.

Other Investments

The company also holds 31.4% and 14.2% shares of D. G. Khan cement and Nishat ChunianLimited with a current market value of PKR3,585mn and PKR563mn respectively, along with15% stake in Security General Insurance and a very small holding of less than 1% in AdamjeeInsurance. DGKC is expected to pay PKR100mn in the form of dividend income during FY11.

Fig 08 - NML Portfolio

Divestment from AES Pak-gen to yield one time profit

NML has recently announced its intention to off load 10% of its stake in AES Pak-gen, recorded atits discounted acquisition cost of Rs13.87/share in the books, through an IPO. Given the fairvalue of AES Pak-gen investment comes to PKR19 (as calculated by an independent verifier),the company will book a capital gain of PKR55mn (PKR0.16/share) on divestment of the above.

Fig 09 - AES Pak-gen divestment at Rs19/share


* Fair value estimated b FS research


* * Not listed reported on acquisition cost


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Debt to Equity Debt to Asset

Comparison to peers for 1QFY11

Fig 10 - 1QFY11 Return on assets Fig 11 - 1QFY11 - Return on equity

Fig 12 - 1QFY11 Interest coverage ratio



Fig 13 - 1QFY11 Debt to equity & asset ratio


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Fig 16 - 1QFY11 Earning per share Fig 17 - 1QFY11 Book value per share



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(PKR mn) FY11E FY12E FY13E FY14E

EBITDA 5,579 5,171 5,560 6,182

Less: Tax 450 442 493 562

Less: Change in Working capital 1,434 1,740 1,804 1,609

Less: Capex 1,487 1,804 2,184 2,640

Free Cash Flow 2,208 1,185 1,078 1,371

Discounted Free Cash Flow 2,208 1,013 790 865

(PKR mn)

WACC (%) 16.73

Terminal Value 28,249

PV of Terminal Value 16,811

FCFF 21,686

Net Debt 10,759

Equity Value 10,928

Target price of Core operations (PKR) 31.1

Portfolio value (PKR/share @ 25% Discount) 51.6

Sum of Parts Target Price (PKR) 82.7

Valuation: Target PKR82.7We have valued NML using sum of parts valuation. Our DCF based valuation of the coreoperation evaluates at PKR31.1/share, using free cash flow from core operations. We have useda risk free rate of 14% and equity risk premium of 6%, leading to discount rate of 20% in ourmodel. Apart from core operations we have separately accounted for the value of investmentportfolio as follows, 1) MCB Bank at our target price of PKR169/share 2) AES Lalpir and AESPak-gen at their acquisition costs 3) other investments at 25% discount to their market values.The portfolio value comes to PKR18,151mn (PKR51.6/share).

Fig 18 Value of PKR82.7/share based on sum of parts valuation

Source: FS Research, January 2011


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Fig - 19 PER

Fig - 20 P/BV




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Key risks

Volatility in cotton prices: Profitability of NML is highly correlated with volatility in raw materialprices. Therefore, any increase or decrease in cotton prices against our estimates may affectcost of sales of the company.

Local and international duty irregularities: NML is basically an export oriented textilecomposite unit with 76% of the companys sales revenue coming from the export sales.Consequently, imposition of any regulatory duty on exports may hurt companys profitability.Moreover on the flip side, expected removal of import duty on high end products (including knitwear and bed linen) will boost NMLs export volumes.

Increase/decrease in dividend payouts from associates: Dividend income from associatedcompanies is a major source of income for NML. Therefore, any decrease in the estimateddividend payouts by the group companies will hit NMLs profitability.

Shortage of raw material: Availability of raw material is the most important variable for thesmooth functioning of textile unit. In case of unavailability of raw material in the local market, thecompany has to import it from the international market at higher rates. This will increase the costof production and have an adverse effect on the profitability of the company.


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Nishat Mills Limited (NML PA, Outperform, Target price PKR82.70)

Balance Sheet 2010A 2011E 2012E 2013E Profit & Loss 2010A 2011E 2012E 2013E

Property Plant and Equipment m 11,842 12,205 12,799 13,671 Local Sales m 7,502 9,003 10,083 11,091

Long term Investments m 22,092 23,197 24,936 26,183 Export Sales m 24,034 30,109 33,373 36,818

Long term Loans m 499 524 550 577 Net Sales m 31,536 39,111 43,455 47,909

Other Assets m 11,750 14,673 16,087 17,684 Cost of Sales m 25,555 31,823 36,251 39,951

Total Assets m 46,182 50,599 54,372 58,116 Gross Profit m 5,980 7,288 7,204 7,958

Long term Financing m 2,981 2,839 2,221 1,936 Distribution Cost m 1,715 1,972 2,270 2,612

Total Non Current Liabilities m 4,238 4,221 3,742 3,609 Administration Cost m 545 627 721 829

Trade Payables m 2,139 2,691 3,096 3,447 Operating Profit m 3,720 4,689 4,214 4,517

Short tem Finance m 6,649 8,312 8,727 9,164

Total Liabilities m 14,806 16,050 16,901 17,258 Other Operating Income m 982 1,369 1,918 2,125

Common Equity m 3,516 3,516 3,516 3,516 Other Operating Expense 289 318 350 385

Reserves m 27,860 31,034 33,955 37,341

Total S/H's Funds m 31,376 34,550 37,471 40,857 EBIT m 4,413 5,740 5,781 6,257Financial charges m 1,127 1,237 1,363 1,323

Cashflow Analysis 2010A 2011E 2012E 2013E

Pre-Tax Profit m 3,286 4,502 4,418 4,934

EBITDA m 5,513 6,948 7,089 7,685 -Taxation m 371 450 442 493

Tax Paid m (371) (450) (442) (493) Net Profit After Tax m 2,915 4,052 3,976 4,441

Chgs in Working Cap m (2,335) (1,434) (1,740) (1,804)

Net Interest Paid m (1,127) (1,237) (1,363) (1,323) EPS (rep) 8.29 11.53 11.31 12.63

Other m - - - - EPS growth yoy (rep) % 129.9 39.0 (1.9) 11.7

Operating Cashflow m 1,680 3,826 3,543 4,064 EPS (adj) 8.29 11.53 11.31 12.63

Capex m (1,206) (1,487) (1,804) (2,184) EPS growth yoy (adj) % 129.9 39.0 (1.9) 11.7

Others m - - - DPS 2.50 2.50 3.00 3.00

Investing Cashflow m (1,206) (1,487) (1,804) (2,184) Payout ratio % 30.1 21.7 26.5 23.8

Dividend m 879 879 1,055 1,055 Book value 89.24 98.26 106.57 116.20

Equity Raised m 1,091 - - -

Debt Movement m 648 534 274 (181)

Others m - - - -

Financing Cashflow m 2,619 1,413 1,328 874

Net Chg in Cash/Debt m 3,093 3,752 3,068 2,754

Quarterly performance 2QFY10 3QFY10 4QFY10 1QFY11 Key ratios 2010A 2011E 2012E 2013E

Net Sales m 7,757 8,176 9,207 9,961 Current Ratio % 1.1 1.2 1.2 1.3

Cost of Sales m 6,449 6,590 7,303 7,822 Quick Ratio % 0.5 0.6 0.5 0.4

Gross Profit m 1,308 1,587 1,904 2,138 Cash Ratio % 0.0 0.1 (0.0) (0.1)

Distribution Cost m 401 428 543 433 Debt to total assets % 0.2 0.2 0.2 0.2

Administration Cost m 135 143 141 151 Total debt to Equity x 0.3 0.3 0.3 0.3Operating Profit m 771 1,016 1,220 1,554 Debt % equity % 34.3% 32.7% 30.9% 27.9%

EBIT m 841 1,167 1,554 1,792 Long term debt to equity x 0.1 0.1 0.1 0.0

Financial charges m 288 262 318 315 Long term debt % equity % 9.5% 8.2% 5.9% 4.7%

m Earnings yield % 12.8% 17.7% 17.4% 19.4%

Pre-Tax Profit m 553 905 1,235 1,478 Dividend Yield % 3.8% 3.8% 4.6% 4.6%

Net Profit After Tax m 497 800 1,105 1,350 Return on Equity % 9.3% 11.7% 10.6% 10.9%

EPS 1.41 2.28 3.14 3.84 Return on Assets % 6.3% 8.0% 7.3% 7.6%

Return on Fixed Assets % 8.5% 11.3% 10.4% 11.0%

All figures in PKR unless noted

Source: Company data, FSL Research, January 2011


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Karachi Islamabad Lahore

Ground Floor, Bahria Complex II 2nd Floor, Block 11 1st Floor, 86 Y, Commercial Area

MT Khan Road School Road, F-6 Markaz Phase 3, DHA

Karachi Islamabad Lahore

UAN: 111 000 375 UAN: 111 000 375

PABX: +9221 35612290-94 PABX: +9251 2879460-66 PABX: +9242 35692781-90

Facsimile: +9221 35612262 Facsimile: +9251 2879469 Facsimile: +9242 35781575

Analyst Sectors PABX Email

Syed Suleman Akhtar, CFA Economy, Banking +92 21 3561 2290-94 x 338 [email protected]

Asim Wahab Khan, CFA E&P, Refineries, Oil Marketing +92 21 3561 2290-94 x 335 [email protected]

Taha Khan Javed Fertilizers, Power, Chemicals +92 21 3561 2290-94 x 313 [email protected]

Naukhaiz Saleem, ACCA Telecom, FMCGs, Gas Marketing +92 21 3561 2290-94 x 339 [email protected]

Mansoor Khanani Cements, Autos, Textiles +92 21 3561 2290-94 x 345 [email protected]

Hassan Raza +92 21 3561 2290-94 x 311 [email protected]

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