· Sitara Petroleum Service Ltd (SPSL) is a downstream petroleum dealer and logistics operator, serving as the dealer of Gas & Oil Pakistan Ltd (GOPL).
· SPSL plans to scale its retail footprint from 61 to ~119 stations by FY30, supported by the 30k MT Faisalabad storage terminal by FY28.
· We recommend ‘Subscribe till PkR 17.0/sh’, led by i) addition of 50+ retail pumps, ii) ~PkR3/litre supplier discount, iii) dealer margin PkR0.8/litre above OMC margin, iv) lower working capital requirements and immunity to FX fluctuations.
Full Report
https://research.akdsl.com/639131708722196195.pdf
Courtesy – AKD Research
