Pakistan Cement_dispatches increase by 16%YoY for Jan’21, (AKD Daily, Feb 03, 2021)
AKD Daily
Pakistan Cement: dispatches increase by 16%YoY for Jan’21
- Local cement dispatches extended their outstanding run with an increase of 24%YoY to 4.0mn tons for Jan’21 where South fared better among the two regions, witnessing an increase of 25%YoY while North posted an increase of 23%YoY.
- Low base has led to sequential growth in exports of 10% however on YoY basis, exports declined by 14% where number of factors are at play including logistical issues and seasonality while local players are also shifting their sales mix towards local market to take advantage of higher retention prices at offer.
- With LUCK and ACPL formally announcing their expansion, we believe this to be a start of another expansion cycle where other players are expected to follow soon with utilization expected to reach 85% by FY23 while SBP is also proving concessionary financing under TERF.
- We continue to like MLCF (TP: PkR57.6/sh) and LUCK (TP: PkR868.5/sh) from the AKD cement universe with the former being one of the lowest cost producers implying lower sensitivity to retail price variations, while latter’s cost efficiencies coupled with diversified investments make it a safe play.
AKD Research
Maple Leaf Cement Factory is engaged in the production and sale of white cement, grey cement and clinker. Co. is a subsidiary of Kohinoor Textile Mills Limited.
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