Elixir Securities - Pioneer Cement Ltd. (PIOC) Flash Note: Pioneer Cement Limited - Bottomline Buoyed by Likely One-off Adjustment in Deferred Tax Liability

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Elixir Securities

Farheen Irfan

EUR 4.27 For Business Accounts Only

Flash Note: Pioneer Cement Limited - Bottomline Buoyed by Likely One-off Adjustment in Deferred Tax Liability

Pioneer Cement Limited (PIOC) announced its 4QFY18 financial result where it posted pre-tax earnings of PKR558mn (down 38%YoY and 2%QoQ) due to decline in GMs to 29% (down 14pptsYoY and 7pptsQoQ), marginally higher than our estimate of PKR509mn.
Net Earnings however declined only marginally on YoY basis (4%) and jumped by 20%QoQ to PKR495mn (EPS: PKR2.18) on the back of likely adjustments in Deferred Tax Liability (due to announced change in Corporate Tax Rates). Resultantly, the company reported net earnings for FY18 at PKR1.6bn (EPS: 7.24), down 44%.
Normalizing the Tax Rate to our assumed 42% would have propelled the 4QFY18 tax expense to PKR235mn (vs reported PKR63mn) – this would have brought down the EPS for the quarter to PKR1.42 (vs reported PKR2.18).

27/09/2018 1 EN

Underlying

Pioneer Cement Ltd.

Co. is engaged in the manufacture and sale of cement and clinker.

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PK0056201012 Pakistan Stock Exchange Pakistan

Provider

Elixir Securities

Elixir Securities Pakistan is a Corporate Member of the Pakistan Stock Exchange & Pakistan Mercantile Exchange and is one of the leading securities brokerage & investment banking firms in Pakistan, established since 1994. Our principal business activities include all aspects of Pakistan’s Capital Markets covering Securities Brokerage (Equities, Fixed Income and Commodities), Corporate Finance & Capital Markets Advisory (M&A, ECM, DCM) and Investment Research (Economics & Securities). We are one of the most active & aggressive Broker-Dealers in Pakistan executing trades for most of the Top 20 Global Brokers with unmatched corporate access credentials and have successfully advised and closed on some landmark ECM transactions in the history of Pakistan including the largest deal in frontier Asia (USD 1.02 billion). Our Clients include foreign and domestic financial institutions (Banks, Asset Managers, Insurance Companies, Pension Funds) corporates, HNWI’s and retail investors. This is supported by a very strong and independent research capability, which is quoted regularly in both local and international media.

Elixir Securities Pakistan is the proud recipient of many awards & recognitions including AsiaMoney’s Brokers Poll 2017, FinanceAsia’s Pakistan Best Investment Bank and Best Broker 2017, The Asset’s Best Brokerage House in Pakistan 2016, Asiamoney’s “Best Domestic Equity House 2015 in Pakistan”, The Asset Triple A Country Awards 2015 - Pakistan “Deal of the Year” and “Deal of the Year-Highly Commended”, CFA Society of Pakistan Awards for Year 2015 “Best Research Analyst (1^st Rank), CFA Society of Pakistan Awards for Year 2014 “Best Research Analyst (1^st Rank)”, “Best Trader” 2nd Runner-up (3rd Rank), The Asset Triple A Country Awards 2014’s “Best Deal in Pakistan” and Capital Finance International’s nomination for “Best Equity Research in Pakistan 2010”.

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Analysts

Farheen Irfan

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Flash Note: Pioneer Cement Limited - Bottomline Buoyed by Likely One-off Adjustment in Deferred Tax Liability

Pioneer Cement: 3QFY23 Review - Lower offtake reduced profits; in line

Pioneer Cement: 2QFY23 Review - Higher-than-expected margins lead to earnings beat

Pioneer Cement: 1QFY23 Review - Topline beat and flattish margins

Open End Mutual Funds Industry - Ad Oculos

Pakistan Equity Market: Weekly Review - Index Closes Above 41k Mark on Foreign Buying

Elixir Grid - KSE100: Make or Break?

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