$PIBTL Pakistan International Bulk Terminal (PIBTL): Initiating Coverage with a ‘BUY’ – By Taurus Research
$PIBTL
Pakistan International Bulk Terminal
Rs. 16.74
-0.42%
- We initiate coverage on Pakistan International Bulk Terminal (PIBTL) with a ‘BUY’ rating based on a Dec’26 target price of PKR 33/sh., reflecting an upside of 50% over the LDCP.
- Our investment thesis is primarily based upon: i) A strong sponsor i.e. PIBTL is Marine Group of Companies’ second port based BOT project, the first one being Pakistan International Container Terminal (PICT) which was successfully handed over to the Karachi Port Trust (KPT); ii) PIBTL’s position as the sole handler of seaborne coal in Pakistan after the Supreme Court’s ban on coal handling at KPT; iii) Favorable commodity dynamics because of the price and quality of imported coal; iv) Reliance of key sectors on imported coal i.e. 80% of the coal handled by PIBTL goes to the Power, Cement, and Commercial sectors— critical for economic growth; and v) Strengthening balance sheet and earnings outlook on the back of repayment of USD denominated debt and most of the other long-term loans by FY26 end.