Auto Projections Bringing Back Hope
During the past few sessions, companies in different sectors have started releasing their budget for the next FY ending 19 March 2018, among which Saipa Group in the Automotive industry has registered significant adjustments. In the Automotive industry, all companies, except from Saze Pouyesh in the spare part mfg. area have uploaded their projections on the Codal.ir system. Among them, Zamyad has posted the highest positive adjustment of 600% followed by Pars Khodro, Saipa Azin and Charkheshgar.
The following companies, as subsidiaries to Saipa Group, have managed to turn their loss into profit, with the highest profitability belonging to Saipa Diesel, turning its IRR 754 loss per share to IRR 52 EPS.
While Saipa Group itself released its budget financial report with 33% positive adjustment, Iran Khodro reported a 14% negative adjustment to the surprise of market practitioners; this was followed by negative estimates by Iran Khodro’s subsidiaries.
Being able to turn loss into profit, market practitioners believe that the while Automotive industry is still capable of becoming the market leader. Therefore, investors are awaiting news on the signed agreements in this industry to be officially published from formal sources.
Following the CBI attempts in the interbank arena in the past three years, an official in this organization announced that the interbank rate hovers around 17-24% and its stood at 18.9% in the current month; this has been stated as an answer to the rumors on this rate standing at 26%. As this official has said, banks might offer different rates for each party.
Holding IRR 13,800,000 mn in capital, Bandar Abbas Oil Refining has released its unaudited estimates for the FY ending 20 March 2017; the company has estimated to realize IRR 505 EPS, posting a 106% increase compared to that of the prior year of IRR 245. It has also managed to cover 81% of its current projections, equal to IRR 408 EPS.
In the Market
The rumor has it that petrochemical companies in the Chemicals industry will soon release their positive adjustments; this pushed some, including Parsian Oil and Gas Development and Saina Hygienic Industries towards facing buy queues in the first hour. Rejecting rumors on the company capital raise plan, the CEO of Paxan (-0.15%) announced the expansion of the company’s operating activities. In addition, the CEO of Iranian Petrochemical Investment Group announced the 60% development in Lordegan Petrochemical and the 82% development in Ilam Petrochemical and stated that impediments ahead opening LC for Lordegan have been removed and a 502 mn euro worth credit line for doing purchases for projects has been activated.
Most symbols in the Food and Beverages ended beneath their flat lines, except for Mahram which finished in the +4% zone. It seems that the names have entered into the correction phase after a while.
Tickers in the Automotive group, especially those in the spare part mfg. area also witnessed positive trades with Charkheshgar and Mehvar Khodro Mfg. closing with buy queues. Today, it was heard that a French delegation has paid a visit to some spare part mfg. companies. 58 mn shares of Saipa Group (-0.16%) were also traded in the retail market.
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