Riding the crest of its unique business model via i) Direct-to-Retail (DTR) relationship and ii) strong outsourcing capability, Amtex Ltd. has witnessed exponential growth in margins over the last four years. The distinctive retail model carving out the middleman has manifested into higher gross margins (GM) (24% on average) for Amtex relative to GM of 17% on average for domestic peer group. Predominantly export-oriented (90%+ of sales), the company has been able to post 4-year Revenue and Earnings CAGR of 27% and 38%, respectively. Reward-to-Risk profile is further boosted by a strategic FX advantage in the form of a weaker PkR which is expected to ultimately benefit volumetric growth. 3-year projected earnings CAGR of 35% (FY09-FY12F) and a forward PER of just 1.8x (at PkR13) creates a compelling investment case, in our view.