JS GLOBAL CAPITAL LIMITED JS Global Capital Ltd Corporate Briefing 2023
Company Profile
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JS Global | Introduction
JS Global Capital Limited (JSGCL) is one of Pakistan's largest and longest serving Brokerage and Investment Banking firms with a
continued leadership position in the domestic capital markets.
Main Sponsor | Geographical Presence | Key Financial Information* | ||
Geographically diverse client base via a nationwide branch network.
Services
Equity Brokerage Investment Banking
Research | Fixed Income |
FXCommodities
*Financial Information as at Sep-2023; Liquid Capital as per June-2023(reviewed); ^ based on closing price of Nov 30, 2023
Assets | Market Cap. ^ |
PKR 5.49 bn | PKR 4.80 bn |
Equity | Liquid Capital | |
PKR 2.35 bn | PKR 0.97 bn | |
Top Ratings | ||
Long | Short | Management |
Term | Term | Rating |
AA | A1+ | BMR-1 |
These ratings reflect our strong position in equity broking emanating from market share, established brand, and strong financial profile. These ratings recognize our association with JS Group, with extensive experience in local capital markets. An added edge comes from the absence of any proprietary book of JSGCL.
3
Ownership and Relationship with Group Companies
JS Global Capital Limited(JSGCL) does not have any subsidiaries. It is part of the prestigious JS Group. JS Bank (JSBL) owns 92.90% stake in JSGCL and 84.56% of JS Investments (JSIL). 75.02% of JSBL is owned by the ultimate parent, Jahangir Siddiqui & Co Limited (JSCL).
Jahangir
Siddiqui &
Co
Limited
(JSCL)
JS Bank Limited (75.02%)
JS Global
Capital Limited (92.90%)
JS
Investments
Limited
(84.56%)
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No. 1 in Corporate Access, Roadshows & Investor Conferences
JS Global has showcased Pakistan's investment opportunities abroad, giving foreign institutional investors the opportunity to see first-hand the quality and outstanding performance of professional management in Pakistan. Following is a summary of the road-shows held during the last five years:
Ministry of Finance
Government of
Pakistan
- Pakistan Investment Conference in Washington and New York in June 2019
- Participated by Top Pakistani corporates
- Hub Power Company Roadshow in London in May 2017
- National Foods Roadshow in London in December 2016
Ministry of Finance
Government of
Pakistan
- Pakistan Investment Conference in Washington and New York in June 2018
- Participated by Top Pakistani corporates
Ministry of Finance
Government of
Pakistan
- Pakistan Investment Conference, held in London in May 2016
- Objective to help Pakistan re-enter the MSCI Emerging Markets category successfully achieved
Ministry of Finance
Government of
Pakistan
- Pakistan Investment Conference in New York, Boston, Chicago and Washington in November 2017
- Attended by Top US investors and local corporates
Ministry of Finance
Government of
Pakistan
- JS Global partnered with CIMB in March 2015 for a roadshow in London for the largest Asian frontiers follow-on offering i.e. HBL, for over USD 1.0 billion
- Roadshow for the IPO of AGP Limited held in London, Stockholm in October 2017
- Attended by leading global institutional investors
- In July 2014, JS Global, along with CIMB, showcased Pakistan's investment case to investors in London
- The meeting was attended by renowned foreign investors and top corporates from Pakistan
- In order to showcase the investment potential in Pakistan, JS Global, in 2013, held an investor conference in London in which 17 top Pakistan corporates participated
- JS Global, in collaboration with Bloomberg and PSX, arranged one of the largest investment roadshows in New York in June 2013, which was attended by over 100 investors and 10 top Pakistan corporates
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Business Overview: Investor sentiments return
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Steps towards the right direction brings back investor confidence
- The fresh IMF package in June end, addressing concerns of some quarters of a potential default, for at least the near-term, bringing back investor confidence which is reflected in a change in fortunes for PSX post June-2023.
- A rollercoaster ride in PKR value has turned stable post the IMF programs, while unchanged Policy Rate and expectations of monetary easing commencing soon, in addition to other administrative measures, have further boosted investor sentiments.
- Volumes have also picked up of lately, but drag from 1H has kept YoY volume growth still relatively contained (graph alongside and details ahead)
- An ongoing correction had led to PSX to slide below the 60,000 level before rebounding again. Moreover, investors still remain watchful of potential funding of the country's Balance of Payments for the remainder year. Any delay in IMF reviews, sharp depreciation in PKR against US$ and unfavourable development on the political landscape could have negatively impact investor participation.
- From PSX perspective, corporate profits continued on an upward trajectory, where higher payouts were also appreciated by investors, further supporting cheap values.
KSE All Shares: Daily avg
turnover | |||||||||
mn shares | Rs mn | ||||||||
700 | 25,000 | ||||||||
600 | 20,000 | ||||||||
500 | |||||||||
15,000 | |||||||||
400 | |||||||||
300 | 10,000 | ||||||||
200 | 5,000 | ||||||||
100 | |||||||||
0 | Feb-23 | Mar-23Apr-23 | Jun-23Jul-23 | Aug-23 | Sep-23 | Oct-23 | 0 | ||
Jan-23 | May-23 | Nov-23 | |||||||
310 | PKR/US$ | ||||||||
290 | |||||||||
270 | |||||||||
250 | |||||||||
230 | |||||||||
210 | Feb-23 | Mar-23 | Apr-23 | Jun-23 | Jul-23 | Aug-23 | Sep-23 | ||
Jan-23 | May-23 |
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Ready market - volume and value analysis
Million Shares | Volume | Value |
2,500
2,000
1,500
1,000
500
-
Jan-20 | Mar-20 | May-20 | Jul-20 | Sep-20 | Nov-20 | Jan-21 | Mar-21 | May-21 | Jul-21 | Sep-21 | Nov-21 | Jan-22 | Mar-22 | May-22 | Jul-22 | Sep-22 | Nov-22 | Jan-23 | Mar-23 | May-23 | Jul-23 | Sep-23 | Nov-23 |
Ready
PKR Million 50,000 40,000 30,000 20,000 10,000
-
Million shares | 2021 | 2022 | 11M2023 | Change |
Total Market Volume | 117,114 | 57,019 | 58,871 | |
Average Daily Market Volume | 474 | 230 | 260 | 13% |
PKR in Million | 2021 | 2022 | 11M2023 | Change |
Total Market Value | 4,181,776 | 1,723,758 | 1,959,195 | |
Average Daily Market Value | 16,930 | 6,951 | 8,669 | 25% |
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Future market - volume and value analysis
Million Shares | Volume | Value | PKR Million | ||||||||||||||||||||
600 | 30,000 | ||||||||||||||||||||||
500 | 25,000 | ||||||||||||||||||||||
400 | 20,000 | ||||||||||||||||||||||
300 | 15,000 | ||||||||||||||||||||||
200 | 10,000 | ||||||||||||||||||||||
100 | 5,000 | ||||||||||||||||||||||
- | May-20 | Sep-20 | May-21 | Sep-21 | Mar-22 | May-22 | Sep-22 | May-23 | Sep-23 | - | |||||||||||||
Jan-20 | Mar-20 | Jul-20 | Nov-20 | Jan-21 | Mar-21 | Jul-21 | Nov-21 | Jan-22 | Jul-22 | Nov-22 | Jan-23 | Mar-23 | Jul-23 | Nov-23 | |||||||||
Futures | |||||||||||||||||||||||
Million shares | 2021 | 2022 | 11M2023 | Change | |||||||||||||||||||
Total Market Volume | 35,572 | 23,719 | 22,192 | ||||||||||||||||||||
Average Daily Market Volume | 144 | 96 | 98 | 2% | |||||||||||||||||||
PKR in Million | 2021 | 2022 | 11M2023 | Change | |||||||||||||||||||
Total Market Value | 2,067,741 | 897,984 | 929,199 | ||||||||||||||||||||
Average Daily Market Value | 8,371 | 3,621 | 4,112 | 14% |
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Profit & Loss Statement
Income Statement(PKR) | Sep-23 | Sep-22 | YoY | |
Market Volume Per Day | 306,870,340 | 346,829,728 | -12% | |
Operating revenue | 476,219,963 | 313,863,608 | 52% | |
Other Treasury Income | 348,072,144 | 384,806,009 | -10% | |
Total Income | 824,292,107 | 698,669,617 | 18% | |
Administrative and operating expenses | -612,771,521 | -512,563,334 | 20% | |
Financial charges | -87,469,332 | -118,441,552 | -26% | |
Provision for SWWF | -2,481,026 | -1,384,448 | 79% | |
Profit before taxation | 121,570,228 | 66,280,283 | 83% | |
Taxation | - current | -30,909,286 | -20,234,759 | 53% |
- prior | - | -21,871,859 | -100% | |
- deferred | -2,234,244 | 1,441,962 | -255% | |
-33,143,530 | -40,664,656 | -18% | ||
Profit after taxation | 88,426,698 | 25,615,627 | 245% | |
Earnings per share - basic and diluted | 3.22 | 0.93 | 246% | |
Market participation remains depressed during 1HCY23, resulting in decline in overall average market volume per day.
Other treasury income decreased due to repayment of long term and short term borrowings.
A raise in admin expenses is primarily driven by the impact of inflation.
Finance charges decreased despite of increase in interest rates, mainly due to retirement of commercial paper in FY22 and repayment of tranches of long term loans.
Increase in last year tax was attributed to retrospective implementation of super tax.
EPS for the 9M clocked in at Rs 3.22.
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Disclaimer
JS Global Capital Ltd. published this content on 28 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 December 2023 10:36:40 UTC.
