Fauji Cement

Fauji Cement is engaged in the manufacturing and marketing of cement.
  • TickerFCCL
  • ISINPK0074501013
  • ExchangePakistan Stock Exchange
  • SectorConstruction & Materials
  • CountryPakistan
Rahul Hans

Pakistan Cement: New Competition Commission leadership may imply price scrutiny

Rahat Kaunain has been appointed the Chairperson of the Competition Commission of Pakistan (CCP). She has served in this position before in 2010-2013. The appointment can be important for some sectors, as the CCP was relatively active during her previous term. Some of the penalties/charges levied by the CCP in 2010-13 include: * Alleged cartelisation in the Cement industry * Excessive increase in prices by the Fertilizer industry * Alleged cartelisation and exclusionary conduct by ...

Rahul Hans

Pakistan Cements: More cost reliefs raise estimates

We have upgraded our Cement Universe estimates with c.13% higher TPs on average, in light of the reduction in FED in FY21 Budget, much lower coal prices, and the 100bps cut in interest rates in June. We think that cement demand and prices will rebound strongly 2HFY21 onwards, on the back of potentially higher public infrastructure spending – the low-cost housing scheme will likely gain pace – and softer macros leading to greater private construction activity as well. We have an Overweight sta...

Rahul Hans

Pakistan Cement: Upgrade estimates on significantly weaker cost pressures

Despite a slow demand outlook, the cement sector’s profitability is expected to re-surge in FY 21/22f due to significant cost savings, which back an average 6ppts expected increase in the sector’s gross margins. Key supporting factors are lower international oil and coal prices (energy cost savings) and steep decline in interest rates. We think cement demand and prices will rebound strongly 2HFY21 onwards when the Covid-19 pandemic will likely be more manageable and the government would likel...

Luis Arredondo

FCC: 1Q’20 RESULTS AND CHANGE OF T.P. TO UNDER REVISION (ANÁLISIS BANCO SABADELL)

Has released 1Q'20 vs 1Q'19 Results Sales: € 1.485 Bn (+3.3% vs. +3.5% BS(e)); EBITDA: € 218.5 M (+5.1% vs. +9.5% BS(e)); EBIT: € 94.5 M (-4.4% vs. +4.7% BS(e)); Net Profit: € 28.1 M (-61.2% vs. -59.8% BS(e)); The 1Q’20 results came in below expectations on the operating level incl. the provisions made for Covid-19 and above excl. them. EBITDA on the quarter increased less than expected (+5.1% vs. +9.5% BS(e) despite sales being in line (+3.3% vs. +3.5% BS(e9) due to a € 20 M provision (~2% of EBITDA’20e) for Covid-19 (with no impact on cash). Excluding this effect, EBITDA would have come in ...

Research Department

INFORME DIARIO 29 ABRIL (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, BANKIA, DIA, AENA, ENCE, IAG, IBERDROLA, NH HOTELES, REPSOL, TELEFÓNICA, SECTOR TURÍSTICO EUROPA: AIRBUS, DAIMLER Consolidando niveles Nueva jornada de mercados al alza a ambos lados del Atlántico. En el Euro STOXX todos los sectores menos Farma y Telecom cerraron en positivo con Bancos y Seguros liderando las subidas. Por el lado macro, en España la tasa de desempleo subió menos de lo esperado hasta el 14,4% con 579.000 personas afectadas por ERTEs de la crisis del Covid-19. Mientras, P. Sanchez anunció u plan de confinamiento asimétrico po...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Rahul Hans

Pakistan Cement: New Competition Commission leadership may imply price scrutiny

Rahat Kaunain has been appointed the Chairperson of the Competition Commission of Pakistan (CCP). She has served in this position before in 2010-2013. The appointment can be important for some sectors, as the CCP was relatively active during her previous term. Some of the penalties/charges levied by the CCP in 2010-13 include: * Alleged cartelisation in the Cement industry * Excessive increase in prices by the Fertilizer industry * Alleged cartelisation and exclusionary conduct by ...

Rahul Hans

Pakistan Cements: More cost reliefs raise estimates

We have upgraded our Cement Universe estimates with c.13% higher TPs on average, in light of the reduction in FED in FY21 Budget, much lower coal prices, and the 100bps cut in interest rates in June. We think that cement demand and prices will rebound strongly 2HFY21 onwards, on the back of potentially higher public infrastructure spending – the low-cost housing scheme will likely gain pace – and softer macros leading to greater private construction activity as well. We have an Overweight sta...

Rahul Hans

Pakistan Cement: Upgrade estimates on significantly weaker cost pressures

Despite a slow demand outlook, the cement sector’s profitability is expected to re-surge in FY 21/22f due to significant cost savings, which back an average 6ppts expected increase in the sector’s gross margins. Key supporting factors are lower international oil and coal prices (energy cost savings) and steep decline in interest rates. We think cement demand and prices will rebound strongly 2HFY21 onwards when the Covid-19 pandemic will likely be more manageable and the government would likel...

Luis Arredondo

FCC: 1Q’20 RESULTS AND CHANGE OF T.P. TO UNDER REVISION (ANÁLISIS BANCO SABADELL)

Has released 1Q'20 vs 1Q'19 Results Sales: € 1.485 Bn (+3.3% vs. +3.5% BS(e)); EBITDA: € 218.5 M (+5.1% vs. +9.5% BS(e)); EBIT: € 94.5 M (-4.4% vs. +4.7% BS(e)); Net Profit: € 28.1 M (-61.2% vs. -59.8% BS(e)); The 1Q’20 results came in below expectations on the operating level incl. the provisions made for Covid-19 and above excl. them. EBITDA on the quarter increased less than expected (+5.1% vs. +9.5% BS(e) despite sales being in line (+3.3% vs. +3.5% BS(e9) due to a € 20 M provision (~2% of EBITDA’20e) for Covid-19 (with no impact on cash). Excluding this effect, EBITDA would have come in ...

Research Department

INFORME DIARIO 29 ABRIL (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, BANKIA, DIA, AENA, ENCE, IAG, IBERDROLA, NH HOTELES, REPSOL, TELEFÓNICA, SECTOR TURÍSTICO EUROPA: AIRBUS, DAIMLER Consolidando niveles Nueva jornada de mercados al alza a ambos lados del Atlántico. En el Euro STOXX todos los sectores menos Farma y Telecom cerraron en positivo con Bancos y Seguros liderando las subidas. Por el lado macro, en España la tasa de desempleo subió menos de lo esperado hasta el 14,4% con 579.000 personas afectadas por ERTEs de la crisis del Covid-19. Mientras, P. Sanchez anunció u plan de confinamiento asimétrico po...

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