Pakistan Cements_1QFY18 Result Preview
MLCF is scheduled to announce its 1QFY18 result tomorrow (Oct 24'17) where it is expected to post earnings of PkR811mn (EPS: PkR1.35), down 34%YoY. Lower earnings are expected to arise from, 1) flattish topline of PkR5.52bn (down 1%YoY) owing to lower cement prices down 3%YoY, downplaying the impact of 2.4%YoY increase in total cement dispatches to 811k tons and 2) 9.9pptsYoY decline in GM to 33% (avg. coal prices up 54%YoY in 4QFY17). On a sequential basis, 1QFY18 earnings are expected to rise by 12%QoQ mainly on account of lower effective tax rate of 29% in 1QFY18F vs. 38% in 4QFY17.
LUCK is scheduled to announce its 1QFY18 result on Saturday (Oct 28'17) where it is expected to post earnings of PkR2.72bn (EPS: PkR8.40), down 16%YoY. Lower earnings are expected to arise from, 1) flattish topline of PkR10.62bn (up 1%YoY) owing to lower cement prices down 3%YoY, downplaying the impact of 8.7%YoY increase in local cement dispatches to 1.46mn tons and 2) 11pptsYoY decline in GM to 39.6% (avg. coal prices up 54%YoY in 4QFY17). On a sequential basis, 1QFY18 earnings are expected to decline by 17%QoQ mainly on account of 2pptsYoY decline in GM to 39.6%.
FCCL is scheduled to announce its 1QFY18 result on Monday (Oct 30'17) where it is expected to post earnings of PkR478mn (EPS: PkR0.35), down 21%YoY. Lower earnings are expected to arise from 5.7pptsYoY decline in GM to 18.2% (avg. coal prices up 54%YoY in 4QFY17), despite 6%YoY growth in topline to PkR4.64bn (15%YoY increase in total cement dispatches to 712k tons). On a sequential basis, 1QFY18 earnings are expected to decline by 25%QoQ mainly on account of 2.7pptsQoQ decrease in GM to 18.2% and flattish topline growth.
CHCC is scheduled to announce its 1QFY18 result on Monday (Oct 30'17) where it is expected to post earnings of PkR415mn (EPS: PkR2.35), up 15%YoY. Higher earnings are expected to arise from 91%YoY increase in topline to PkR3.55bn (77%YoY robust growth in total cement dispatches to 473k tons post expansion) despite expected 17.6pptYoY decline in GM to 23.3% owing to 54%YoY increase in avg. coal prices in 4QFY17 and higher proportion of low margin clinker sales in total sales mix. On a sequential basis, 1QFY18 earnings are expected to rise by 7%QoQ mainly on account of 21%QoQ growth in topline growth.
Lucky Cement is a cement manufacturing and distribution company which is based in Pakistan. Co. is engaged in the manufacture and sale of Ordinary Portland, Sulphate Resistant, and Slag Cement. Co.'s brand names included Lucky Cement, Lucky Star, Lucky Gold, Chairman, and Lucky Sulphate Resistant Cement. Co. maintains production facilities in Pezu (Production capacity: 13,000 tons per day) as well as in Karachi (Production capacity: 8,000 tons per day). In addition, Co. is engaged in developing export markets for bulk loose cement from Pakistan to the Gulf Countries, African Markets, and Far East Region including Nepal & Sri Lanka.
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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