reports
- Team AKD Research
CHCC_4QFY23 Result Review ? Higher taxation hit earnings, (AKD Off the...
Cherat Cement Company Limited (CHCC) announced their 4QFY23 result where the company posted PAT of PkR93mn (EPS: PkR0.5), a decline of 93%/91% QoQ/YoY. The decline is majorly on the back of declining margins and higher taxation. Net Sales clocked in at PkR8.6bn for 4QFY23, down by 7%/9% QoQ/YoY because of decline in the company offtakes (↓ 8%QoQ). Overall, for the full year, topline increased by 17%YoY, driven by a 42%YoY increase in retention prices, which offset a 19% annual decline in s...
- Rahul Hans
Cherat Cement: 3QFY23 Review: Low volumes and margins hurt profit
Cherat Cement (CHCC) has posted 3QFY23 NPAT of PKR1.3bn (EPS: PKR6.55), up 19% YoY but down 18% QoQ. The result came in lower than our expected earnings of PKR1.6bn (EPS: PKR8.17), majorly due to lower than expected GMs. The company has announced interim cash dividend of PKR1.50/sh. This takes 9MFY23 NPAT to PKR4.3bn (EPS: PKR22.19), reflecting a growth of 25% YoY. KEY HIGHLIGHTS OF 3QFY23 RESULT: * Net revenues have increased to PKR9.3bn, up 19% YoY but down 11% QoQ. Despite the reduction i...
- Rahul Hans
Fauji Cement: 3QFY23 Review - Higher finance cost lead to slight earni...
Fauji Cement Company Ltd (FCCL) has posted NPAT of PKR1.6bn in 3QFY23 (EPS: PKR0.77), down 32% QoQ but up 21% YoY. The result came slightly lower than our expected EPS of PKR0.84, where deviation stemmed from higher-than-expected finance cost. KEY RESULT HIGHLIGHTS FOR 3QFY23: * Net Sales were up 40% YoY but down 4% QoQ to PKR18.2bn. The sequential decline in revenue is majorly contributed by 22% decline in sales volumes, offset to a great extent by the increase in local cement prices. We ex...
- Rahul Hans
DG Khan Cement: 3QFY23 Review - Higher other income leads to earnings ...
DG Khan Cement (DGKC) has posted unconsolidated NPAT of PKR1.2bn (EPS: PKR2.69) in 3QFY23, up 118% QoQ but down 18% YoY. The result came higher than our expected EPS of PKR2.17, where elevated other income led to the major deviation. This takes 9MFY23 NPAT to PKR2.1bn (EPS: PKR4.82), down 42% YoY. KEY HIGHLIGHTS OF 3QFY23 RESULT: * Net sales have increased by 13% QoQ and 15% YoY to PKR18.3bn. The sequential increase in sales is contributed by both increase in exports and a surge in local cem...
- Rahul Hans
DG Khan Cement: 2QFY23 Review - Higher COGS and finance cost reduced p...
DG Khan Cement (DGKC) has posted an unconsolidated NPAT of PKR543mn (EPS: PKR1.24) in 2QFY23, down 57% YoY but up 40% QoQ. The result came broadly in line with our estimated EPS of PKR1.13. The takes 1HFY23 NPAT to PKR932mn (EPS: PKR2.13), down 57% YoY. KEY HIGHLIGHTS OF 2QFY23 RESULT: * Net sales have increased by 19% QoQ, but down 1% YoY to PKR16.2bn. The sequential increase in sales is contributed by both increase in local sales and a surge in local cement prices. We expected topline of P...
- Rahul Hans
Cherat Cement: 2QFY23 Review: Elevated topline lead to earnings beat
Cherat Cement (CHCC) has posted 2QFY23 NPAT of PKR1.6bn (EPS: PKR8.01), up 32% YoY and 5% QoQ. The result came in higher than our expected earnings of PKR1.2bn (EPS: PKR6.15). Higher-than-expected revenue was the major deviation. This takes 1HFY23 NPAT to PKR3.0bn (EPS: PKR15.64), depicting a growth of 28% YoY. Key highlights of 2QFY23 result: * Net revenues has increased to PKR10.4bn, up 37% YoY and 15% QoQ, this is due to a large jump in local cement prices. We expected a topline of PKR8.6...
- Rahul Hans
Fauji Cement: 2QFY23 Review - Better volumes lead to higher earnings; ...
Fauji Cement Company Ltd (FCCL) has posted a NPAT of PKR2.8bn for 2QFY23 (EPS: PKR1.13), up 64%YoY and 19%QoQ, in 2QFY23. The result has come in line with our expected EPS of PKR1.08. This takes 1HFY23 EPS to PKR2.07, up 34%YoY. KEY RESULT HIGHLIGHTS FOR 2QFY23: * Net Sales up 38%YoY and 29%QoQ to PKR19.0bn. The increase in revenue is majorly contributed by higher cement prices and volumes. We expected topline of PKR19.3bn in 2Q. * Gross margins have reduced by 0.4ppt YoY and 1.7ppt QoQ...
- Rahul Hans
Pakistan Cement – Better prices and offtake to expand profitability
IMS Cement Universe cumulative profitability is expected to increase by 5% QoQ and 15% YoY to PKR15.2bn in 2QFY23, driven by demand resumption post floods and monsoon season. However, sector gross margins are expected to slip by 3ppt QoQ / 1ppt YoY to 24% in 2QFY23. The anticipated reduction in gross margins is due to the increase in inflation, as well as coal and other energy prices during 2QFY23. During the quarter, the IMS Cement cluster underperformed the KSE-100 by 10.1ppt. This may be d...
- Rahul Hans
Cherat Cement: 1QFY23 Review - Massive jump in margins
Cherat Cement (CHCC) has posted 1QFY23 NPAT of PKR1.5bn (EPS: PKR7.63), up 24% YoY and 45% QoQ. The result came in much higher than our expected earnings of PKR834mn (EPS: PKR4.29). A massive surge in gross margins lead to the major deviation. KEY OBSERVATIONS * Net revenue has clocked in at PKR9.0bn, up 26% YoY but down 5% QoQ. The YoY jump in sales is majorly attributed to swift increase in local cement prices, which had more than offset the reduction in volumes in 1QFY23. That said, reven...
- Rahul Hans
DG Khan Cement: 1QFY23 Review - Lower-than-expected margins lead to ea...
DG Khan Cement (DGKC) has posted an unconsolidated profit of PKR389mn (EPS: PKR0.89) in 1QFY23, down 57% YoY. This came in lower than our expected EPS of PKR1.44, where the major deviation stemmed from lower-than-expected GMs. Key observations * Net sales have increased by 22% YoY and down 8% QoQ to PKR13.6bn. The sequential decline in topline is majorly due to 22% QoQ reduction in local sales. However, the increase in local cement prices have cushioned the topline. Revenue came in line with...
- Rahul Hans
Fauji Cement: 1QFY23 Review - Higher margins lead to earnings beat
Fauji Cement Company Ltd (FCCL) has posted NPAT of PKR2.3bn for 1QFY23 (EPS: PKR0.94), up 70% YoY but down 24% QoQ. The result came in much higher than our estimated NPAT of PKR1.7bn (EPS: PKR0.68), majorly due to higher than expected GMs of 28.7% KEY OBSERVATIONS * Net sales have increased 112% YoY (down 53% QoQ) to PKR14.7bn in 1QFY23. The sequential decline in QoQ revenue is majorly due to the booking of Askari Cement’s full year sales in the last quarter, post amalgamation. * Gross ...
- Rahul Hans
1QFY23 Previews - Profitability to remain firm despite sluggish demand
* IMS Cement Universe’s cumulative profitability is expected to increase by 4% QoQ to PKR12.7bn in 1QFY23. However, it is expected to decline by 1% YoY. * Sector gross margins are expected to slump by 4ppt YoY / 5ppt QoQ to 22% in 1QFY23. The reduction in gross margins is due to the drop in cement offtake by 23% YoY / 21% QoQ to 9.6mn tons and elevated coal prices (sea-based and from Afghanistan). * During the quarter, the IMS Cement cluster outperformed the KSE-100 by c.10ppt. Rea...
- Rahul Hans
Fauji Cement: 4QFY22 Review – Askari Cement amalgamation led to earnin...
Fauji Cement Company Ltd (FCCL) has posted NPAT of PKR3.1bn for 4QFY22 (EPS: PKR1.40), up 249% YoY and 147% QoQ, reporting amalgamated accounts upon acquisition of Askari Cement. This takes FY22 net profit to PKR7.1bn (EPS: PKR3.26), up 105% YoY. The company also announced a share payout of 12.5%. KEY OBSERVATIONS * Net sales have increased 153% YoY, to PKR31.3bn as compared to our estimated revenue of PKR9.5bn. We estimate that the company has booked Askari Cement full-year sales of PKR21.7...
- Rahul Hans
DG Khan Cement: 4QFY22 Review - Higher tax rate and other expenses led...
DG Khan Cement (DGKC) has posted unconsolidated loss of PKR0.65bn (LPS: PKR1.48) in 4QFY22, from a NPAT of PKR0.87bn (EPS: PKR1.99) in SPLY. Whereas, we expected an EPS of PKR1.14, with the major deviation largely stemmed from higher-than-expected effective tax rate and other expenses. The result takes FY22 NPAT to PKR3.0bn (EPS: PKR6.78), down 18% YoY. The result was accompanied with a final cash dividend of PKR1.0/sh against our expectations of no payout for FY22. KEY OBSERVATIONS * Net sa...
- Rahul Hans
Cherat Cement: 4QFY22 review – Surprise payout led by decent earnings ...
Cherat Cement (CHCC) has posted 4QFY22 NPAT of PKR1.0bn (EPS: PKR5.25), up 4% YoY, but down 4% QoQ. The result came in higher than our expected earnings of PKR899mn (EPS: PKR4.63). Lower than expected effective tax rate majorly led to the deviation. This takes FY22 NPAT to PKR4.46bn (EPS: PKR22.93), reflecting a growth of 39% YoY. The company has announced final cash surprise payout of PKR3.0/sh, despite undertaking greenfield expansion. KEY RESULT HIGHLIGHTS: * Net revenues have increased ...
- Rahul Hans
Pakistan Cement: 4QFY22 preview – Higher tax and interest will chop ea...
IMS Cement Universe cumulative profitability are expected to decline sharply by 29% QoQ to PKR10.3bn in 4QFY22. However, it is expected to increase by 4% YoY. Despite elevated coal prices (imported and Afghani) and reduced total dispatches, sector gross margin is likely to increase by 1.1ppt to 25% in 4Q. However, 10% one-off super tax will reduce earnings on a QoQ basis. During the quarter, IMS Cement cluster declined by 26%, underperforming KSE-100 by c.18.5ppt. Reasons behind this were i) ...
D.G.Khan Cement Co: 1 director
A director at D.G.Khan Cement Co bought 100,000 shares at 56.520PKR and the significance rating of the trade was 65/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
- Team AKD Research
KSE-100_Approaches near an important support,(AKD Technical Daily Jun ...
AKD Daily Technicals KSE-100: Approaches near an important support The index opened on a negative note and remained bearish throughout the last trading session. The local bourse posted an intraday high of 67pts, a low of 623pts and concluded with a loss of 518pts to settle at 42,238pts level. The volumes witnessed in the last trading session were slightly better than the previous trading session. The local bourse is currently trading below short term moving averages on daily chart. Trend fo...
- Team AKD Research
Stock Smart Weekly (May 20, 2022)
StockSmart Weekly Review Week started on a bad note with the market declining by 1.9% on the first trading day as lack of economic direction weighed heavily. Even though market recovered in later trading sessions, but overall market remained choppy, lacking clear direction throughout the week. KSE-100 closed the week at 43,101pts, down 0.89%WoW while average volume for the week stood at 220.8mn against 274.04mn for last week. Overall, po...
- Team AKD Research
KSE-100_Inches down amidst low volumes ,(AKD Technical Daily May 20, 2...
AKD Daily Technicals KSE-100: Inches down amidst low volumes The index opened on a slightly negative note and remained volatile throughout the last trading session. The local bourse posted an intraday high of 232pts, a low of 88pts and concluded with a loss of 43pts to settle at 42,983pts level. A lackluster activity witnessed amidst low volumes in comparison of previous trading session. The Index is currently trading below short term moving averages on daily chart. The volume indicators ref...
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