MLCF/GWLC/CHCC/PIOC_3QFY17 & FFC_1QCY17 Result Previews
​MLCF: 3QFY17 Result Preview
MLCF is scheduled to announce its 3QFY17 result today (Apr 25'17) where it is expected to post earnings of PkR1.13bn (EPS: PkR2.15), down 2%YoY. Lower earnings are expected to arise from 1) 5%YoY decrease in topline (7%YoY decline in total cement dispatches) and 2) expected 4.6pptYoY decline in GM to 38.2% (coal prices up 65%YoY in 3QFY17). On a cumulative basis, 9MFY17 earnings are expected to rise by 9%YoY to PkR3.83bn (EPS: PkR7.26). Having lost 0.3%CYTD, the stock currently trades at FY17F/FY18F PE of 11.5x where our Dec'17 TP of PkR151/sh offers an upside of 18.7% from current price level. Accumulate!
GWLC: 3QFY17 Result Preview
GWLC is scheduled to announce its 3QFY17 result today (Apr 25'17) where it is expected to post earnings of PkR583mn (EPS: PkR1.46), up 4%YoY. Higher earnings are expected to arise from 25%YoY increase in topline (21%YoY growth in total cement dispatches coupled with 6%YoY improvement in cement prices) despite expected 8.1pptYoY decline in GM to 31.9% (coal prices up 65%YoY in 3QFY17). On a cumulative basis, 9MFY17 earnings are expected to rise by 7%YoY to PkR1.69bn (EPS: PkR4.23). Having gained 24.1%CYTD, the stock currently trades at FY17F/FY18F PE of 9.5x/7.2x where our Dec'17 TP of PkR104/sh offers an upside of 67.9% from current price level. Buy!
CHCC: 3QFY17 Result Preview
CHCC is scheduled to announce its 3QFY17 result tomorrow (Apr 26'17) where it is expected to post earnings of PkR660mn (EPS: PkR3.75), up 80%YoY. Higher earnings are expected to arise from 69%YoY increase in topline to PkR2.92bn (57%YoY robust growth in total cement dispatches coupled with 5%YoY improvement in cement prices) despite expected 1pptYoY decline in GM to 38.3%. On a cumulative basis, 9MFY17 earnings are expected to rise by 62%YoY to PkR1.68bn (EPS: PkR9.55).
PIOC: 3QFY17 Result Preview
PIOC is scheduled to announce its 3QFY17 result tomorrow (Apr 26'17) where it is expected to post earnings of PkR742mn (EPS: PkR3.27), down 2%YoY. Lower earnings are expected to arise from 6.3pptYoY decline in GM to 36.6% (coal prices up 65%YoY in 3QFY17), diluting the impact of 25%YoY increase in topline to PkR3.08bn. (39%YoY robust growth in total cement dispatches). On a cumulative basis, 9MFY17 earnings are expected to rise by 29%YoY to PkR2.24bn (EPS: PkR9.88).
FFC: 1QCY17 Result Preview
FFC is expected to announce earnings for 1QCY17 tomorrow (26 Apr'17), where we expect the company to post unconsolidated NPAT of PkR2.01bn (EPS: PkR1.58) vs. NPAT of PkR2.73bn (EPS: PkR2.14) in 1QCY16, depicting a decrease of 26%YoY. The decline in earnings is expected on the back of 9%YoY decrease in topline to PkR10.61bn reflecting 6%YoY expected slowdown in Urea offtake coupled with low urea prices. However, 4.2ptsYoY improvement in GM to 31.3% (including subsidy) in 1QCY17 due to low feed gas prices (down 39%YoY) restricting earning decline. Alongwith the result we also expect an interim cash dividend of PkR1.40/sh. Having lost 2%CYTD, the stock currently trades at CY17F PE of 10.1x where our Dec'17 TP of PkR120.1/sh offers an upside of 17.4% from current price level. Accumulate!
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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