PIOC reports 54% YoY lower earnings for 3QFY18
Pioneer Cement Limited (PIOC) announced earnings of PKR 411.6m (EPS: PKR 1.81) in 3QFY18, reporting a significant decline of 54% YoY, despite an increase in total dispatches. The decline in earnings was mainly because of low cement price during the quarter along with higher coal price. During the quarter, finance cost of the company increased to almost 9 times that reported in the corresponding period last year. Further, the company has booked a negative other expense of PKR 77m in 3QFY18 against a PKR 92m expense in the corresponding period last year. We have increased our December-18 target price to PKR 79/share from our previous target price of 71/share as we now expect the company to pass on the impact of proposed increase in FED. Our new target price offers an upside of 45%; hence, we are maintaining positive stance on the scrip.
Co. is engaged in the manufacture and sale of cement and clinker.
Ismail Iqbal Securities (Private) Limited (IISPL) is a TREC holder of the Pakistan Stock Exchange, as well as an SECP registered Underwriter and Book Runner. IISPL provides comprehensive financial services including Equity Sales, Research on Equities and the Macro-Economy, Investment Advisory, Portfolio Management, Corporate Finance, and extensive services for Private Equity investors. IISPL services a diversified client base, from Institutional to Retail Investors including High Net worth Individuals.
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